EXPEDITORS INTERNATIONAL OF WASHINGTON INC

Previous wording

In November 2001, Expeditors' Board of Directors authorized a Discretionary Stock Repurchase Plan for the purpose of repurchasing our common stock in the open market to reduce the issued and outstanding stock down to 200 million outstanding shares. Subsequently, the Board of Directors has from time to time increased the amount of our common stock that may be repurchased. The Board of Directors last authorized repurchases from 140 million shares of common stock down to 130 million on February 19, 2024. The maximum number of shares available for repurchase under this plan will increase as the total number of outstanding shares increases. This authorization has no expiration date. On February 23, 2026, the Board of Directors authorized a new share repurchase program that permits the repurchase of up to $3 billion of the Company's common stock, effective upon the expiration of the current program, which will occur when the outstanding shares of common stock reach 130 million. This plan has no expiration date and may be terminated at any time.

Current wording

Expeditors maintains a discretionary share repurchase program originally authorized by the Board of Directors in 2001 and subsequently amended from time to time. The most recent amendment in effect was approved on February 19, 2024, which authorized share repurchases sufficient to reduce outstanding common shares from 140 million to 130 million. The program's expiry would occur when outstanding common shares reached 130 million, which occurred subsequent to the second quarter on July 1, 2026. Pursuant to Board authorization on February 23, 2026, a new share repurchase program became effective upon expiration of the prior program and permits the repurchase of up to $3.0 billion of the Company's common stock. The new program has no set expiration date and may be terminated by the Board at any time.