FEDEX CORP. VERSUS UNITED PARCEL SERVICE OF NORTH AMERICA, INC.

Exhibit 1
FedEx Financial and Operating Summary

2000 2001 2002 2003 2004 2005

Activity Analysis
Average days outstanding
Working capital turnover
Fixed assets turnover
Total asset turnover

Liquidity Analysis
Current ratio 1.14 1.06 1.25 1.18 1.05 1.11
Cash ratio 0.02 0.04 0.11 0.16 0.22 0.22

Leverage
Debt/equity ratio 0.54
Leverage
Times interest earned
Fixed-charge coverage ratio

Growth 1999-2000 2000-01 2001-02 2002-03 2003-04 2004-05

Sales 8.84%
Book assets 8.25%
Net income 9.03%
EBIT 4.99%

Profitability
Return on Assets use Ne
Return on Equity
Profit Margin

Selected Income Statement Data (in millions of dollars)

Sales—net 18,257 19,629 20,607 22,487 24,710 29,363
Rental expense 1,539 1,650 1,780 1,629 1,703 2,028
EBIT 1,221 1,195 1,193 1,471 1,440 2,471
Interest expense 156 182 171 140 147 182
Net income (loss) 688 584 710 830 838 1,449

Selected Balance Sheet Data (in millions of dollars)

Cash and marketable securities 68 121 331 538 1,046 1,039
Receivables 2,547 2,506 2,491 2,627 3,027 3,297
Current assets 3,285 3,449 3,665 3,941 4,970 5,269
Current liabilities 2,891 3,250 2,942 3,335 4,732 4,734
Fixed assets (PP&E) 7,084 8,100 8,302 8,700 9,037 9,643
Debt 1,783 2,122 1,806 2,017 3,587 2,796
Stockholders' equity 4,785 5,900 6,545 7,288 8,036 9,588
Total assets 11,527 13,340 13,812 15,385 19,134 20,404

Data source: Datastream (Thomson Financial).

 Exhibit 2
FEDEX CORP. VERSUS UNITED PARCEL SERVICE OF AMERICA, INC.
UPS Financial and Operating Summary

2000 2001 2002 2003 2004 2005

Activity Analysis
Average days outstanding
Working capital turnover
Fixed assets turnover
Total asset turnover

Liquidity Analysis
Current ratio
Cash ratio

Leverage
Debt/equity ratio
Leverage
Times interest earned
Fixed-charge coverage ratio

Growth 1999-2000 2000-01 2001-02 2002-03 2003-04 2004-05

Sales 10.05%
Book assets (5.99%)
Net income 232.28%
EBIT 13.39%

Profitability
Return on assets use N
Return on equity
Profit margin

Selected Income Statement Data (in millions of dollars)

Sales—net 29,771 30,646 31,272 33,485 36,582 42,581
Rental expense 578 603 643 678 693 742
EBIT 4,522 3,888 4,005 4,406 4,989 6,143
Interest expense 231 231 173 121 149 172
Net income (Loss) 2,934 2,399 3,182 2,898 3,333 3,870

Selected Balance Sheet Data (in millions of dollars)

Cash and marketable securities 1,952 1,616 3,014 3,952 5,197 3,041
Receivables 4,140 4,786 4,624 4,844 5,156 5,743
Current assets 7,124 7,597 8,738 9,853 12,605 10,728
Current liabilities 4,501 4,629 5,555 5,518 6,483 6,518
Fixed assets (PF&E) 12,329 13,438 13,612 13,908 13,973 15,289
Debt 3,604 5,166 4,602 3,823 4,448 3,980
Stockholders' equity 9,735 10,248 12,455 14,852 16,378 16,884
Total assets 21,662 24,636 26,357 28,909 33,026 34,947

Source: Datastream (Thomson Financial).

 Billions

$10.0
$15.0
$20.0
$25.0
$30.0

$0.0
$5.0
1992

1993

1994

1995
FedEx

1996

1997

1998

1999
UPS

2000

2001

2002

2003

2004

2005
 Exhibit 4
FEDEX CORP. VERSUS UNITED PARCEL SERVICE OF AMERICA, INC.
Geographic Segment Information(a)
(in millions of dollars)

FedEx 2000 2001 2002 2003

U.S. domestic
Revenue 13,805 14,858 15,968 17,277
Identifiable assets 7,224 8,637 8,627 9,908

International
Revenue 4,452 4,771 4,639 5,210
Identifiable assets 1,018 1,254 1,520 1,536

Consolidated
Revenue
Identifiable assets

UPS 2000 2001 2002 2003

U.S. domestic
Revenue 26,325 26,163 26,284 26,968
Identifiable assets 12,477 13,717 14,129 14,915

International
Revenue 3,446 4,158 4,988 6,517
Identifiable assets 2,061 3,050 2,874 3,567

Consolidated
Revenue
Identifiable assets
Source: FedEx and UPS 10-K reports.

(a) FASB Statement No. 131 ("Disclosures about Segments of an Enterprise and Related Information") established
the standard to be used by enterprises to identify and report information about operating segments and for related
disclosures about products and services, geographic areas and major customers.
F AMERICA, INC.

2004 2005

18,643 22,146
12,644 13,020

6,067 7,217
1,520 2,115

2004 2005

28,035 31,871
15,971 19,704

8,547 10,710
3,975 4,044
 Index (June 18, 2003 = 1.00)

0.90
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
FedEx and UPS Price Patterns

Mar-05
Apr-05
May-05
June 18, 2003, through April 28, 2006

Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
FedEx

UPS

Feb-06
S&P 500

Mar-06
Apr-06
 Exhibit 6
FEDEX CORP. VERSUS UNITED PARCEL SERVICE OF AMERICA, INC.
Stock Prices and Profitability

FedEx 2000 2001 2002 2003 2004 2005

Stock price, December 31 $35.50 $40.00 $53.95 $63.98 $98.49 $103.39
Dividends per share $0.00 $0.00 $0.10 $0.20 $0.26 $0.30
EPS, basic incl. extra items $2.36 $2.02 $2.38 $2.79 $2.80 $4.81
Shares outstanding (millions) 284 297 298 299 292 302
Market capitalization (millions)

Price-to-earnings
Market-to-book

Annual return including dividend 12.68% 35.13% 18.96% 54.35% 5.28%

Cumul. compound annual return including dividend 12.68% 52.25% 81.13% 179.37% 194.40%

UPS 2000 2001 2002 2003 2004 2005

Stock price, December 31 $58.75 $54.50 $63.08 $74.55 $85.46 $75.15
Dividends per share $0.68 $0.76 $0.76 $0.86 $1.09 $1.27
EPS, basic incl. extra items $2.54 $2.13 $2.84 $2.57 $2.95 $3.48
Shares outstanding (millions) 1,135 1,121 1,123 1,129 1,130 1,112
Market capitalization (millions)

Price-to-earnings
Market-to-book

Annual return including dividend (5.94%) 17.14% 19.55% 16.10% (10.58%)

Cumul. compound annual return including dividend (5.94%) 10.02% 31.33% 52.32% 36.94%

Standard & Poor’s 500 Index 2000 2001 2002 2003 2004 2005
Index level 1,320.28 1,148.08 879.82 1,111.92 1,211.92 1,248.29
Annual return (13.04%) (23.37%) 26.38% 8.99% 3.00%
Cumul. compound annual return (13.04%) (33.36%) (15.78%) (8.21%) (5.45%)

Cumul. Market-Adjusted Returns 2000 2001 2002 2003 2004 2005

FedEx 25.72% 85.61% 96.91% 187.58% 199.85%
UPS 7.10% 43.38% 47.11% 60.52% 42.39%

Data sources: Research Insight (Compustat); FedEx and UPS 2000–05 annual reports.