On September 28, 2016, the Securities and Exchange Commission sent the following letter to Fed Ex:

Based on information included in the letter, items discussed in class, and any other information you may find related to the case, please address the following questions:

A. (7) With regard to Items # 1 & 2, how might the items mentioned by the SEC impact

investors assessment of the Non-GAAP Measures reported by FedEx?

B. (8) With regard to Item # 3, how might the item mentioned by the SEC impact an

investors valuation of FedEx, assuming that investor draws upon the Non-GAAP

Measures?

C. (5) Based on any evidence you may be able to find, does it appear that FedEx is willing

to comply with the requests of the SEC?

D. (5) In your opinion, is the Securities and Exchange Commission being unduly strict

with regard to FedEx? BRIEFLY (i.e. no more than, say, a half page) support

your answer.