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SUMMARY PLAN DESCRIPTION for the FedEx Pilots Post-Medicare Retiree Premium Reimbursement Plan (PRP) Effective January 1, 2008 Restated Effective January 1, 2014

Introduction The purpose of this Plan is to provide a tax-exempt premium reimbursement to eligible FedEx pilot retirees their eligible spouse, eligible domestic partners and eligible disabled children who incur premium or enrollment charges for health plans that supplement Medicare benefits. This Summary Plan Description summarizes the provisions of the FedEx Pilots Post- Medicare Premium Reimbursement Plan (the Plan). The Plan document is the sole document used in determining benefits available under the Plan and controls in the event of any inconsistency which exists with this Summary Plan Description or any other document determining benefits available under the Plan. Definitions Active Employee Health Plan means the Federal Express Corporation Group Health Plan for Pilots effective as of January 1, 2008, as such plan may be amended from time to time, the Federal Express Corporation Group Health Plan as such plan may be amended from time to time, or any other group health plan sponsored by the Company that provides comprehensive medical benefits for active employees of the Company. Administrator means the person(s) appointed by the Administrative Board to manage and direct the day-to-day administration of the Plan. Administrative Board means the committee appointed to administer the Plan. Association means the Air Line Pilots Association, International. Bargaining Agreement means the collective bargaining agreement between the Company and the Association. Claim Administrator means the vendor(s) engaged by the Administrative Board to perform the enrollment and claims adjudication of the Plan. COBRA Continuation Coverage means the health coverage required to be provided by Code section 4980B(f)(2). Company means Federal Express Corporation. Dependent means a Pilot s Spouse, Domestic Partner or Disabled Child, on or after the date on which the Pilot has provided all such information and/or documentation regarding the Spouse, Domestic Partner or Disabled Child as is required by the Administrative Board, excluding in any case the following: (1) A person after that person has ceased to be a Spouse or Domestic Partner or Disabled Child;

(2) A Spouse or Domestic Partner in the service of the armed forces of any country, (3) A Spouse or Domestic Partner who is a Pilot under the Plan or covered as an employee under the Federal Express Corporation Group Health Plan; or (4) Any Spouse or Domestic Partner who is acquired by a Pilot after the date on which such Pilot first becomes covered under the Plan. Disabled Child means a person who was covered as a Child of a Pilot under the Active Employee Health Plan or Retiree Health Plan immediately prior to such person becoming Medicare Eligible. Domestic Partner means a person who was covered as a Domestic Partner of a Pilot under the Active Employee Health Plan or the Retiree Health Plan immediately prior to such person becoming Medicare Eligible. Eligible Pilot means a Pilot who has satisfied the age and service requirements for participation in the Retiree Health Plan. ERISA means the Employee Retirement Income Security Act of 1974, as amended. FDX MEC means the Federal Express Master Executive Council of the Association. Medicare Eligible means a person is age-eligible to receive Medicare Part A and to elect Medicare Part B benefits pursuant to 42 U.S.C. Section 426. Currently this is age 65. Participant means an individual who has met the eligibility and enrollment requirements for participation in the Plan. Pilot means any individual who retired from the Company as a pilot, and who was covered by the Bargaining Agreement. Plan means the FedEx Pilots Post-Medicare Retiree Premium Reimbursement Plan, as adopted by the Association and as such plan may be amended from time to time. The Plan is also referred to as the Premium Reimbursement Plan or PRP. Historical Note: Prior to January 1, 2014 the Plan was named the FedEx Pilots Post-Medicare Retiree Health Plan. Plan Year means the calendar year. Premium Reimbursement Maximum means the maximum premium reimbursement for each Participant for each Plan Year. The Premium Reimbursement Maximum will be determined annually prior to the beginning of each Plan Year by the Administrative Board after meeting with the Plan actuary.

Qualifying Health Coverage means a Medicare Supplement Policy, a Medicare Advantage plan, Medicare Part D coverage and/or Tricare for Life. Qualifying Health Coverage includes dental, vision and ancillary benefits that are included in a Medicare Supplement Policy, Medicare Advantage Plan and/or Tricare for Life if the Qualifying Health Coverage Premium is paid to the same provider that is providing health coverage to the Participant and is not considered an optional add-on with additional premium. Qualifying Health Coverage does not include dental, vision or ancillary benefits covered under a separate policy. Qualifying Health Coverage Premium means any premium or enrollment fee a Participant is required to pay for Qualifying Health Coverage that is in excess of the Medicare Part B premium (including any premium or enrollment fee a Participant is required to pay for Tricare for Life that is in excess of the Medicare Part B premium). Retiree Health Plan means the Federal Express Corporation Group Retiree Health Plan for Pilots effective as of January 1, 2008, or the plan sponsored by the Company for retired Pilots after January 1, 2008. Spouse means a person who was covered as a Spouse of a Pilot under the Active Pilot Health Plan or Retiree Health Plan immediately prior to such person becoming Medicare Eligible.. Eligibility to Participate General - You will be eligible to participate in this Plan if you are an Eligible Pilot, Spouse of an Eligible Pilot, Domestic Partner of an Eligible Pilot or Disabled Child of an Eligible Pilot covered under either the Active Pilot Health Plan or the Retiree Health Plan through the last day of the month prior to the month in which you attain Medicare Eligibility, and if you satisfy the requirements of one of the following: Pilot - you must meet the age and service requirements to participate in the Federal Express Corporation Group Retiree Health Plan for Pilots effective as of January 1, 2008 or the plan sponsored by the Company for retired Pilots after January 1, 2008, and you must be Medicare Eligible and you must have retired on or after February 4, 1999. Spouse or Domestic Partner - you must be Medicare Eligible and you must be married to, or in a recognized Domestic Partnership with, an Eligible Pilot who retired on or after February 4, 1999. - If you are Medicare Eligible prior to an active Eligible Pilot becoming Medicare Eligible you will not be eligible for the PRP until the Pilot retires. - If you are Medicare Eligible prior to a retired Pilot becoming Medicare Eligible, you will be eligible to participate upon becoming Medicare Eligible. - If you are not yet Medicare Eligible when the Pilot becomes Medicare Eligible - if you remain covered under the Retiree Health Plan until you become Medicare Eligible, you will be eligible to participate upon becoming Medicare Eligible.

Disabled Child you must be Medicare Eligible and a Dependent of an Eligible Pilot. Surviving Spouse or Surviving Domestic Partner - you must be Medicare Eligible and the surviving Spouse or surviving Domestic Partner of an Eligible Pilot who died on or after October 30, 2006, while on the seniority list. - A surviving Spouse or surviving Domestic Partner of an Eligible Pilot who retired on or after February 4, 1999, will be eligible to participate in the Plan upon becoming Medicare Eligible. - A surviving Spouse or surviving Domestic Partner who is a Participant in this Plan upon the Eligible Pilot s death will continue to participate in this plan upon the Eligible Pilot s Death. Surviving Disabled Child you must be Medicare Eligible and the surviving Disabled Child of an Eligible Pilot who died on or after October 30, 2006, while on the seniority list. - A surviving Disabled Child who was a Participant in the Plan receiving coverage upon the Pilot s death will continue to be a Participant upon the Pilot s death. - A surviving Disabled Child of an Eligible Pilot who retired on or after February 4, 1999, will be eligible to participate in the Plan upon becoming Medicare Eligible. Participation You and/or your Spouse, Domestic Partner or Disabled Child may participate in the Plan upon becoming Medicare Eligible by verifying participation by completing, signing and returning a Participant Verification Form within the time required as specified on the Participant Verification Form. If the Participation Verification Form is not completed and returned within the time required as specified on the form, coverage will default to optout with no option to participate in the Plan in the future. Deferred participation as outlined below will not be considered an opt-out. Deferred Participation If you, and/or your Spouse, Domestic Partner or Disabled Child are Medicare Eligible and covered by a the Active Employee Health Plan or the Retiree Health Plan, eligibility for participation in this plan will automatically be deferred until such time that coverage under the Active Employee Health Plan or Retiree Health Plan is terminated.

Inactive Participation While participating in Tricare for Life Effective August 1, 2011, if you and/or your Spouse, Domestic Partner or Disabled Child are covered under Tricare for Life, and not required to pay premium or enrollment fees under Tricare for Life, inactive Participant status may be elected on the Participant Verification Form. This status will maintain eligibility to become an active Participant and file claims for premium/enrollment fee reimbursement in the event Tricare for Life begins charging premium/enrollment fees or is terminated in the future. You must notify the Administrator and submit required documentation within 120 days of when Tricare for Life coverage ends, or premium/fees begin for Tricare for Life. While maintaining coverage under a Spouse s or Domestic Partner s Employer- Sponsored Plan or COBRA. If you, and/or your Spouse, Domestic Partner or Disabled Child are covered under an employer-sponsored health plan or COBRA continuation, inactive Participant status may be elected on the Participant Verification Form. This status will maintain eligibility to become an active Participant and file claims when such other coverage terminates and the Participant enrolls in Qualifying Health Coverage. You must notify the Administrator and submit required documentation within 120 days of the date such other coverage ends. Termination of Participation Your participation in the Plan will terminate at the earlier occurrence to occur of the following events: (i) your death, (ii) you opt-out of coverage. Your Spouse s or Domestic Partner s coverage in the Plan will terminate at the earliest to occur of the following events:,(i) your Spouse s or Domestic Partner s death, (ii) they opt-out of coverage, or (ii) divorce from the Pilot, or (iv) termination of the Domestic Partner s domestic partnership. (Deferred participation will not be considered an optout.) Your Disabled Child s coverage in the Plan will terminate at the earlier to occur of the following events: (i) the Disabled Child s death, (ii) the Disabled Child opts-out of coverage. Qualifying Health Coverage Premium Reimbursements under the Plan The Plan will reimburse covered Participants their premium expense up to the Premium Reimbursement Maximum for premiums paid in excess of the Medicare Part B for premium paid for the following Qualifying Health Coverage: - Medicare Advantage Plans, - Medicare Supplement Policies (also known as Medigap Policies), - Medicare Part D (Prescription Drug Policies), - Tricare for Life premium or enrollment fees.

The Premium Reimbursement Maximum amount will be determined annually prior to the beginning of each Plan Year by the Plan s Administrative Board and will be communicated to the Participants annually prior to the beginning of the Plan Year. The Plan will reimburse Qualifying Health Coverage Premium on a monthly basis in increments of up to one-twelfth (1/12) of the annual maximum benefit. You must submit your claim by March 31 of the year following the year the claim was incurred in order to receive reimbursement for that year. If you participate in the Plan for a portion of the year, your annual per participant reimbursement will be pro-rated by the number of months in which you participate in the Plan for the year. The reimbursement rate is reviewed annually by the Administrative Board and is subject to change in future years. The Plan will not reimburse premium for separate policies for dental, vision or other ancillary benefits. However, if your Medicare Advantage Plan or Medicare Supplement Policy includes dental, vision or other ancillary benefits as part of the plan of benefits, such premium may be reimbursable, up to the maximum benefit, if the premium is paid to the same provider that is providing your health coverage. The Plan will not reimburse any premium paid for Medicare Part B coverage, including any premium for Medicare Part B that is included as part of Medicare Advantage coverage. Funding of the Plan The Company made an initial lump sum contribution to establish the Trust. The Company also makes ongoing monthly contributions to the Trust. Recoupment of Erroneous Payments and Overpayments In the event of an erroneous payment or overpayment by the Plan, the Participant must return to the Plan the erroneous or excess amount. Failure to do so may result in the withholding of future reimbursements from the Plan until the overpayment has been satisfied in the time and manner with interest at a rate determined by the Administrative Board. The Plan may to the maximum extent permitted by law, apply the remedies of set off, garnishment, and other collection remedies to receive the overpayment ore erroneous payment plus any interest.

How to File a Claim When you become eligible to participate in the Plan, the Claim Administrator will provide a welcome packet that will contain claim forms and detailed information on how to file a claim. Whether you submit claims and documentation by mail, fax or email, it is important that you make sure that the documentation you submit is legible. Claim documentation can be an invoice or a premium statement for your Medicare Supplement, Medicare Advantage, and/or your Medicare Part D premium and must clearly identify: 1) The type of policy (Medicare Supplement, Medicare Advantage or Medicare Part D). 2) The name of the policy owner (you). 3) The amount of premium. 4) The period of coverage. How to Appeal the Denial of Claims Premium Reimbursement Claims. The Administrative Board will hire a vendor or vendors to serve as the Claim Administrator responsible for deciding individual premium reimbursement claims under the Plan and performing other administrative services under the Plan. Each Participant ( Claimant ) must file his or her individual premium reimbursement claims under the Plan with the Claim Administrator, within the time period specified by the Claim Administrator and pursuant to the Claim Administrator s standard procedures. The Claim Administrator will decide such claims pursuant to the Claim Administrator s standard procedures. A Claimant who disagrees with a decision of the Claim Administrator may file an appeal with the Administrative Board, within 60 days from the date of the Claim Administrator s decision. Other Claims. If a Participant has a claim under the Plan that is not a premium reimbursement claim, including a claim that involves the application, interpretation or administration of the Plan, the Participant ( Claimant ) shall file the claim with the Administrative Board within 60 days of the date the claim arose, and the Administrative Board will determine the claim. Disposition of Claims before the Administrative Board. Whenever a claim filed by a Participant ( Claimant ) is denied, whether in whole or in part, the claim administrator will transmit a written notice of such decision to the Claimant within 90 days of the date the claim was filed or, if special circumstances require an extension, within 180 days of such date, which notice will be written in a manner calculated to be understood by the Claimant and will contain a statement of: (i) the specific reasons for denial of the claim; (ii) specific references to pertinent Plan provisions or rules on which the denial is based; and (iii) a description of any additional material or information necessary for the Claimant to perfect the claim, (iv) an explanation of why such material or information is

necessary, and (v) a statement advising the Claimant that, within 60 days of the date on which he/she receives such notice, he/she may appeal such decision pursuant to the following paragraphs. The Administrative Board shall have the full discretionary authority to decide these claims under the Plan, and the Administrative Board s decision on these claims shall be final and binding on all parties (subject to review upon appeal, pursuant to the following paragraphs). Disposition of Appeals before the Administrative Board. Within the 60-day period outlined above, the Claimant or the Claimant s authorized representative may request that the claim denial be reviewed by filing an appeal with the Administrative Board, which appeal will contain the following information: (i) the specific portions of the denial of the Claimant s claim which the Claimant requests the Administrative Board to review; (ii) a statement by the Claimant setting forth the basis upon which he/she believes the Administrative Board should reverse the previous denial and accept his/her claim as made; and (iii) any written material (offered as exhibits) which the Claimant desires the Administrative Board to examine in its consideration of his/her position as stated. Within 60 days of the date on which the Claimant s appeal was filed with the Administrative Board, the Administrative Board will conduct a full and fair review of the decision denying the Claimant s claim and will furnish its written decision on the appeal to the Claimant. The Administrative Board will have the full discretionary authority to decide all appeals under the Plan, and the Administrative Board s decision on all appeals will be final and binding on all parties. Written notice to the Administrative Board must be made to: FedEx Pilots Post-Medicare Retiree Health Premium Reimbursement Plan Administrative Board c/o Steven Hodgson, Manager - Retirement & Insurance Air Line Pilots Association, International Retirement & Insurance Department 535 Herndon Parkway Herndon, VA 20170 Amendment of Plan The Plan may be amended at any time by the Association, in writing, upon recommendation of the Administrative Board, provided that no amendment will be effective unless the Plan, as so amended, will be for the exclusive benefit of Participants, and provided further that no amendment will conflict with the Collective Bargaining Agreement or increase the Company s obligations under the Collective Bargaining Agreement without the Company s consent

Termination of Plan The Association may, upon recommendation of the FedEx MEC, terminate the Plan at any time. In the event of Plan termination, any assets remaining in the Plan will be distributed to Participants and active pilots as provided in the Plan. Assignment The benefits payable are provided exclusively for the benefit of Participants. No benefit payable at any time under the Plan will be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or encumbrance of any kind. Certain Events Affecting the Association In the event the Association should dissolve or otherwise cease to do business, the Association will determine whether this Plan should terminate or whether it should be continued. Inability to Locate Payee If the Administrator is unable to make payment to any Participant or other person to whom a payment is due under the Plan because it cannot ascertain the identity or whereabouts of such Participant or other person after reasonable efforts have been made to identify or locate such person, such payment and all subsequent payments otherwise due to such person shall be forfeited after a reasonable time following the date any such payment first became due. Governing Law Except as preempted by ERISA, the validity of the Plan will be determined and the Plan will be construed and interpreted in accordance with Virginia law.

Your Rights Under ERISA As a participant in the PRP, you are entitled to certain rights and protections under ERISA. ERISA provides that all plan participants shall be entitled to: Examine, without charge, at the plan administrator s office and at other specified locations, such as worksites and union halls, all documents governing the plan, including insurance contracts and collective bargaining agreements and a copy of the latest annual report (Form 5500 Series) filed by the plan, with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration. Obtain, upon written request to the plan administrator, copies of documents governing the operation of the plan, including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The administrator may make a reasonable charge for the copies. Receive a summary of the plan s annual financial report. The plan administrator is required by law to furnish each participant with a copy of this summary annual report. In addition to creating rights for plan participants ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called fiduciaries of the plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay theses costs and fees, for example, if it finds your claim is frivolous. If you have any questions about your plan, you should contact the plan administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the plan administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Ave. N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

General Information Name of Plan: Reimbursement Plan FedEx Pilots Post-Medicare Retiree Health Premium (PRP) Plan Number: 530 Plan Year: January 1 December 31 Taxpayer ID Number: 65-1297729 Employer ID Number: 36-0710830 Type of Plan: Funding: Plan Administrator: and Plan Sponsor Retiree Health Premium Reimbursement Plan Self-funded through Voluntary Employees Beneficiary Association (VEBA) established under IRC 501(c)(9). Air Line Pilots Association, International 535 Herndon Parkway Herndon, VA 20170 703-689-4220 Claims are administered by a third party administrator. Agent for Legal Service: Air Line Pilots Association, International 535 Herndon Parkway Herndon, VA 20170 703-689-4220 Sources of Contributions: Contributions are made by the Company pursuant to the Collective Bargaining Agreement. Trustee: Collectively Bargained: The Northern Trust Company 50 South LaSalle Street Chicago, IL 60675 The Plan is maintained pursuant to the Collective Bargaining Agreement between the Air Line Pilots Association, International and Federal Express Corporation. A copy of such agreement may be obtained upon written request to the plan administrator.