FEDEX CORP — Director's Dealing 2011

May 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FEDEX CORP (FDX)
CIK: 0001048911
Period of Report: 2011-05-10

Reporting Person: WALSH PAUL S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-10	Common Stock	M	4000	$35.885	Acquired	12500	Direct
2011-05-10	Common Stock	S	100	$95.79	Disposed	12400	Direct
2011-05-10	Common Stock	S	700	$95.80	Disposed	11700	Direct
2011-05-10	Common Stock	S	100	$95.83	Disposed	11600	Direct
2011-05-10	Common Stock	S	3100	$95.7819	Disposed	8500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-10	Stock Option (Right to Buy)	$35.885	M	4000	Disposed	2011-09-24	Common Stock (4000)	Direct

Footnotes

F1: These options first exercisable one year from date of grant.