Federal Express Corporation

“Description of management arrangement the federal express corporation welfare benefits trust (the "trust") operates for the exclusive purpose of providing a long-term disability program for eligible employees. The trust does not operate independently with respect to conducting business and, as such, does not hold board meetings. Overall responsibility for all administrative activities involved with respect to the trust resides with the fedex corporation retirement plan investment board. The investment board has delegated responsibility for day-to-day administrative activities and vendor management to the benefit planning and analysis/disability group of fedex corporation. State street, as trustee, has been granted authority to make payments from the plan assets as directed by the retirement plans investment board. ________”

“Trustee mailing address state street global services serves as trustee and is located at its home office, whose address is: state street global services 1200 crown colony drive quincy, ma 02169 _______”

“Review of form 990 the governing body has authorized fedex staff and/or the trustee to perform the review of the form 990. ________”

“Governance policies the trust is a voluntary employee benefit association pursuant to irc section 501(c)(9). Its trustee, state street, has a fiduciary duty to manage investments in the best interest of the beneficiaries and operate pursuant to a stringent code of conduct. Since the trust does not maintain employees, there are no processses in place related to employees compensation. Federal express corporation, the plan sponsor, has written governance policies relating to conflicts of interest, records retention and a "whistleblower" policy that apply to members of the governing body." ________”

“Governing documents all documents are available upon request. ________”

“Compensation information members of the governing body are employees of federal express corporation. They receive compensation from federal express corporation. They do not receive any compensation from this veba trust. They are not officers of the trust and, therefore, are not reported here. ________”

“Indirect compensation state street receives additional indirect compensation for its services as trustee. State street has provided all the required disclosures pursuant to erisa section 408(b)(2). ________”

“Average hours information state street company provides various administrative services to the trust, such as acting as its investment manager. These services require the involvement of numerous individual bank employees in the activities of the organization and thus can not be quantified on an hourly basis, but instead are calculated based upon factors such as the market value of the account and in accordance with state street's agreement with fedex corporation.”

“Detail of audited financial statements the trust is comprised of the assets of one welfare benefit plan. This plan was audited. The audit includes the trust assets. ________”

“Inappicability of schedule n schedule n is not applicable since the current year reduction in net assets was due to the sale of the organization's securities on the open market in order to pay for plan expenses under the terms of the plan document. Pursuant to the form 990 instructions, such activity is not considered a significant disposition of net assets for purposes of form 990, schedule n, part ii.”

“Committee that assumes responsibility for oversight of the audit the retirement plan investment board serves as the committee that holds the responsibility for oversight of the audit of the benefit plans' financial statements. There is only one plan's assets currently held in this trust, so the plan audit essentially covers all the assets in this trust.”