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's activity report 2022

The main activity of FedEx Express Estonia AS (FedEx Estonia) is the provision of international express courier and transportation services. During the financial year, FedEx Estonia was 100% owned by the holding company FedEx Express International B.V. based in the Netherlands.

FedEx Express is the world's largest express courier company, offering time-definite delivery to more than 220 destination countries and regions. FedEx connects economies that generate more than 99% of the world's GDP.

FedEx's fast, extensive, and Europe-wide road transport network enables the provision of various shipping services to help companies fulfill promises to customers and expand their reach. The connection with Europe is ensured by more than 55,000 car trips every week. FedEx's road network is connected to FedEx's international air network. We offer an international door-to-door network in more than 200 countries, enabling customers to make their businesses faster and more cost-effective worldwide.

The takeover of TNT Estonia by FedEx has begun and the merger process of the companies is currently underway. FedEx and TNT in Estonia continued their operations as two separate companies until September 2023. The business name of FedEx Express Estonia AS until September 1, 2023, was TNT Express Worldwide Estonia AS.

As part of the aforementioned merger process, all business activities of the Federal Express Corporation's Estonian branch, including its operations and all its assets and liabilities, were transferred to TNT Express Worldwide Estonia AS and merged with it on September 1, 2023, and TNT Express Worldwide Estonia AS changed its name to FedEx Express Estonia AS. As of the end of the financial year, the company's business name was TNT Express Worldwide Estonia AS.

As a result of changes in the corporate structure, the product and service portfolios of TNT Estonia and FedEx Estonia initially remained unchanged.

The mission of FedEx employees is to help develop the client's business by delivering the client's documents, parcels, and cargo shipments where they need to be, overcoming obstacles such as borders, distance, cultures, language, and currencies. FedEx's mission is to connect people and their businesses worldwide, helping them and developing their businesses.

At FedEx, we understand that the quality of the customer relationship is as important as the promised delivery of the shipment. We all have customers, but at FedEx, we interact with people who work for customers. These are people who appreciate special attention and genuine care and respect. This creates a quality relationship and reliability that pleases everyone and is good for business. And we like to operate that way.

The macroeconomic environment and external factors have provided companies with new opportunities and challenges. Intense competition, the consequences of Covid, the situation in Ukraine, and significant changes in many other macroeconomic indicators have affected companies operating in Estonia. FedEx

Estonia has successfully adapted to these influences. FedEx continues its strategy to offer its customers the best services, using the strengths of FedEx and TNT.

The turnover for the 2022/2023 financial year was 9.44 million euros (2021/2022: 11.95 million euros), during the year the company invested approximately 234 thousand euros in sorting and cargo handling equipment and software (total investments in the previous financial year 89 thousand euros).

No significant investments are planned for the next year.

The last few years have been quite unusual for both the world and Estonia. The spread of the Covid-19 virus worldwide has caused significant economic problems in both Estonian and global markets. Despite the foregoing, we do not foresee significant impacts on our business. FedEx Estonia continues to operate.

Globally, large corporate investments are planned to merge and improve FedEx and TNT transport networks and to renew existing equipment and vehicle fleets. For more information on expansion and investment, see the FedEx annual report and Frederik Smith's report to shareholders, which can be found at https://investors.fedex.com/financial-information/annual-reports/. No significant investments are planned for FedEx in Estonia in the near future. In the longer term, larger merger-related investments are planned.

For an overview of environmental and social impacts, see FedEx's responsible and sustainable investment report at https://www.fedex.com/content/dam/fedex/us-united-states/sustainability/gcrs/FedEx_2023_ESG_Report.pdf

FedEx Estonia has not used the Estonian Unemployment Insurance Fund compensation and there have been no layoffs due to Covid-19 during the financial year and the previous year. FedEx Estonia uses comprehensive quality management principles to develop its management system. These principles are also supported by the following certified management systems: ISO 9001, ISO14001, OHSAS 18001. External audits of management systems conducted in 2019 were successfully completed.

Main financial indicators and ratios: 01.06.2022 -31.05.2023 01.06.2021 -31.05.2022

Sales revenue 9 436 843 11 993 068

Operating profit (-loss) 328 520 695 142

Net profit (-loss) 331 236 693 429