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EXHIBIT 10.1

EXECUTION COPY

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TWENTY-THIRD SUPPLEMENTAL LEASE AGREEMENT

by and between

MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY

and

FEDERAL EXPRESS CORPORATION

Dated as of March 1, 2002

AMENDING THE CONSOLIDATED AND RESTATED LEASE AGREEMENT DATED AS OF AUGUST 1,
1979 BETWEEN THE MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY AND FEDERAL EXPRESS
CORPORATION.

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TABLE OF CONTENTS

Section

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  Page

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1   Definitions   4
2
 
Granting Leasehold
 
4
3
 
Term; Delivery and Acceptance of Possession
 
4
4
 
Rental
 
5
5
 
Hazardous Substances/Waste
 
6
6
 
Lease Agreement Still in Effect; Provisions Thereof Applicable to this
Twenty-Second Supplemental Lease Agreement
 
7
7
 
Descriptive Headings
 
7
8
 
Effectiveness of this Twenty-Second Lease Agreement
 
8
9
 
Execution of Counterparts
 
8
10
 
Summaries
 
8
 
 
Notary
 
10
 
 
Leased Parcel Summary
 
11
 
 
Rental Summary
 
13

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TWENTY-THIRD SUPPLEMENTAL LEASE AGREEMENT

        THIS TWENTY-THIRD SUPPLEMENTAL LEASE AGREEMENT, made and entered into as
of the 1ST of March 2002, by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY
(herein sometimes referred to as "Authority"), a public and governmental body
politic and corporate of the State of Tennessee, and FEDERAL EXPRESS CORPORATION
(herein sometimes referred to as "Tenant"), a corporation duly organized and
existing under the laws of the State of Delaware and qualified to do business in
the State of Tennessee.

W I T N E S S E T H:

        WHEREAS, Authority and Tenant on October 3, 1979 entered into a
Consolidated and Restated Lease Agreement dated as of August 1, 1979; and

        WHEREAS, Authority and Tenant between April 1, 1981 and March 15, 2001,
have entered into Twenty Two Supplemental Lease Agreements amending the 1979
Consolidated and Restated Lease Agreement; and

        WHEREAS, the said Consolidated and Restated Lease Agreement dated as of
August 1, 1979, together with the First through the Twenty-Second Supplemental
Lease Agreements is herein referred to as the "Lease Agreement"; and

        WHEREAS, Authority and Tenant have agreed to further supplement the
Lease Agreement so as to lease to Tenant certain additional land under this
Twenty-Third Supplemental Lease Agreement.

        NOW THEREFORE, for and in consideration of the mutual promises,
covenants and agreements hereinafter contained to be kept and performed by the
parties hereto and upon the

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provisions and conditions hereinafter set forth, Authority and Tenant do hereby
covenant and agree, and each for itself does hereby covenant and agree, as
follows:

        SECTION 1.    Definitions.    Except as otherwise provided herein, and
unless the context shall clearly require otherwise, all words and terms used in
this Twenty-Third Supplemental Lease Agreement which are defined in the Lease
Agreement, shall, for all purposes of this Twenty-Third Supplemental Lease
Agreement, have the respective meanings given to them in the Lease Agreement.

        SECTION 2.    Granting of Leasehold.    In addition to the lease and
demise to Tenant of the land in the Lease Agreement, the Authority hereby leases
and demises to Tenant, and Tenant hereby takes and hires from Authority, subject
to the provisions and conditions set forth in the Lease Agreement and this
Twenty-Third Supplemental Lease Agreement, the additional land containing
approximately 6 acres located on the Graber parcel, approximately 19.6 acres
located on the 12/02 West Ramp expansion and approximately 44 acres on the A380
Ramp area.

        SECTION 3.    Term; Delivery and Acceptance of Possession.    The term
of this Twenty-Third Supplemental Lease Agreement shall commence at 12:01 A.M.
on March 1, 2002, for the land described in Exhibit "A" and shall expire at such
time as the Lease Agreement shall expire, to-wit: August 31, 2012 or upon such
earlier termination, extension or otherwise as provided therein. Authority
shall, however, deliver to Tenant sole and exclusive possession of the land
leased hereby, as of the effective date of this Twenty-Third Supplemental Lease
Agreement for the purpose of constructing improvements required for Tenant's
intended use of the land leased hereby, subject however, to Authority's
right-of-entry set forth in Section 21 of the Lease Agreement.

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        SECTION 4.    Rental.    In addition and supplemental to the rentals
required to be paid to the Authority pursuant to Section 5 of the Lease
Agreement (including all prior Supplemental Lease Agreements), during the term
of this Twenty-Third Supplemental Lease Agreement, Tenant shall pay to the
Authority in advance on the first business day of each month $1,793.18 in equal
installments beginning March 1, 2002 or date of beneficial occupancy of Parcel
23 (Graber), whichever occurs first, a total rental payment of $21,518.17 per
year, which the parties hereto agree is based upon an aggregate of 261,460.18
square feet of area at an annual rental rate of ($0.0823) per square foot.
Tenant will begin rental payments for Parcel 12/02 West Ramp Expansion to the
Authority in advance on the first day of each month in the amount of $8,708.04
in equal installments beginning December 1, 2002 or date of beneficial
occupancy, whichever occurs first, a total of rental payments of $104,496.54 per
year, which the parties hereto agree is based upon an aggregate of 856,529
square feet of the area at an annual rental rate of ($0.1220) per square foot.

        Tenant will begin rental payments for Parcel A380 Ramp to the Authority
in advance of the first day of each month in the amount of $19,316.73 in equal
installments beginning December 31, 2006 or date of beneficial occupancy
whichever occurs first, at total rental payment of $231,800.73 per year, which
the parties hereto agree is based upon an aggregate of 1,900,006 square feet of
the area at an annual rental rate of ($0.1220) per square feet.

        The rental rate for all parcels will increase subject to terms and
conditions of the consolidated and restated lease agreement dated August 1,
1979.

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        SECTION 5.    Hazardous Substances/Waste.    Tenant agrees to take the
Graber parcel in an "as is" condition as it relates to Hazardous
Substances/Waste material that may be located at the site.

        Tenant, at its own expense, may arrange for a Phase I Environmental
Survey on the land described herein by a reputable environmental consultant to
determine the existence of "Hazardous Substances", as such term is defined in
this Agreement. In the event that "Hazardous Substances" are discovered during
excavation for construction on the property described in Exhibit "A", as the
12/02 West Ramp Expansion and A380 Ramp, and such "Hazardous Substances" require
special handling, removal or disposal ("Remediation"), then Tenant shall
immediately notify Authority. The Tenant and Authority will confer and jointly
determine the method of handling, removing or disposing of the "Hazardous
Substances" within 14 days after Tenant provides the Authority, in writing, its
plan for Remediation. The form of Remediation agreed to by the parties must
comply with "Environmental Laws", as such term is defined below. In the event
that Tenant and Authority are unable to agree on a method for handling, removing
or disposing of the "Hazardous Substances" due to differing interpretations of
the requirements for Remediation as set forth in the applicable "Environmental
Laws", then the form of Remediation will be determined by the appropriate
federal, state or local agency with relevant regulatory and enforcement
jurisdiction over the subject site. Authority will grant to Tenant a rent credit
equal to the reasonable documented costs paid by Tenant for the Remediation of
such "Hazardous Substances" associated with the property described in
Exhibit "A".

        The term "Hazardous Substances", as used in this Twenty-Third
Supplemental Lease Agreement, shall mean any hazardous or toxic substances,
materials or wastes, including, but not

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limited to, those substances, materials, and wastes (i) listed in the United
States Department of Transportation Hazardous Materials Table (49 CFR § 172.101)
or by the Environmental Protection Agency as hazardous substances (40 CFR
Part 302) and amendments thereto, (ii) designated as a "Hazardous Substance"
pursuant to Section 311 of the Clean Water Act, 33 U.S.C. § 1251 et seq.
(33 U.S.C. § 1321) or listed pursuant to Section 307 of the Clean Water Act
(33 U.S.C. § 1317, (iii) defined as a "Hazardous Waste" pursuant to Section 1004
of the Resource Conservation and Recovery Act, 42 U.S.C. § 6901, et seq.
(42 U.S.C. § 6903), or (iv) defined as "Hazardous Substance" pursuant to
Section 101 of the Comprehensive Environmental Response, Compensation and
Liability Act, 42 U.S.C.§ 9601, et seq. 42 U.S.C. § 9601) or any other
substances, (including, without limitation, asbestos and raw materials which
include hazardous constituents), the general, discharge or removal of which or
the use of which is restricted, prohibited or penalized by any "Environmental
Law", which term shall mean any Federal, State or local law, regulation, or
ordinance relating to pollution or protection of the environment.

        SECTION 6.    Lease Agreement Still in Effect; Provisions Therefore
Applicable to this Supplemental Lease Agreement.    All of the terms,
provisions, conditions, covenants and agreements of the Lease Agreement, as
supplemented, shall continue in full force and effect as supplemented hereby,
and shall be applicable to each of the provisions of this Twenty-Third
Supplemental Lease Agreement during the term hereof with the same force and
effect as though the provisions hereof were set forth in the Lease Agreement.

        SECTION 7.    Descriptive Headings.    The descriptive headings of the
sections of this Twenty-Third Supplemental Lease Agreement are inserted for
convenience of reference only and do not constitute a part of this Twenty-Third
Supplemental Lease Agreement and shall not affect the

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meaning, construction, interpretation or effect of this Twenty-Third
Supplemental Lease Agreement.

        SECTION 8.    Effectiveness of this Supplemental Lease
Agreement.    This Twenty-Third Supplemental Lease Agreement shall become
effective at 12:01 a.m. on March 1, 2002.

        SECTION 9.    Execution of Counterparts.    This Twenty-Third
Supplemental Lease Agreement may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

        SECTION 10.    Summaries.    For the convenience of both parties a
Leased Parcel Summary and a Rental Summary are attached to this Lease Agreement.

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        IN WITNESS WHEREOF, THE MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY AND
FEDERAL EXPRESS CORPORATION have caused this Twenty-Third Supplemental Lease
Agreement to be duly executed in their respective behalfs, as of the day and
year first above written.

WITNESS:   MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY
/s/  PAT STANFILL      

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BY:
/s/  LARRY D. COX      

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TITLE: Executive Assistant   TITLE: President and CEO
Approved as to Form and Legality:
 
 
 
/s/  R. GRATTAN BROWN, JR.      

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R. Grattan Brown, Jr., Attorney
 
 
 
WITNESS:
 
FEDERAL EXPRESS CORPORATION
A DELAWARE CORPORATION
/s/  GLORIA E. OWENS      

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BY:
/s/  GRAHAM R. SMITH      

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TITLE: Project Coordinator   TITLE: Vice President

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(STATE OF TENNESSEE   )     (COUNTY OF SHELBY   )    

        On this 10th day of October, 2001, before me appeared Larry D. Cox, to
me personally known, who, being by me duly sworn (or affirmed), did say that he
is the President of the Memphis-Shelby County Airport Authority, the within
named Lessor, and that he as such President, being authorized so to do, executed
the foregoing instrument for the purposes therein contained, by signing the name
of the Authority by himself as such President.

MY COMMISSION EXPIRES

January 20, 2004
/s/  PAT STANFILL      

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Notary Public

(seal)

(STATE OF TENNESSEE   )     (COUNTY OF SHELBY   )    

        On this 30th day of September, 2001, before me appeared Graham R. Smith,
to me personally known, who, being by me duly sworn (or affirmed), did say that
he is a Vice President of Federal Express Corporation, the within named Lessee,
and that he as such Vice President, being authorized so to do, executed the
foregoing instrument for the purposes therein contained, by signing the name of
the Corporation by himself as such Vice President.

MY COMMISSION EXPIRES

August 13, 2003
/s/  GLORIA E. OWENS      

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Notary Public

(seal)

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FEDERAL EXPRESS LEASED PARCELS SUMMARY

PARCEL LEASE

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  ACRES

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  SQUARE FEET

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  AGREEMENT

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  EFFECTIVE
DATE

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BASE-LEASE
Revised 9
 
128.469
 
 
 
Consolidated & Restated
 
08/01/79 10   1.612   70,200   Consolidated & Restated   08/01/79 11   1.044  
45,359   Consolidated & Restated   08/01/79
PREVIOUS SUPPLEMENTS
12
 
2.707
 
117,915
 
First Supplemental
 
04/01/81 13   6.860   298,830   Second Supplemental   01/01/82 14   14.586  
635,377   Fourth Supplemental   07/01/83 15   12.689   552,723   Fourth
Supplemental   07/01/83 Rev 16   18.281 (19.685 ) 796,312   Fifth Supplemental  
02/01/84 Rev 17   119.616 (124.992 ) 5,210,477   Sixth Supplemental   04/01/84
18   2.717   118,353   Sixth Supplemental   04/01/84 19   41.606   1,812,352  
Seventh Supplemental   06/01/84 25   0.435   18,933   Eighth Supplemental  
07/01/88 20   11.275   491,127   Ninth Supplemental   06/01/89 27   11.192  
487,512   Tenth Supplemental   10/01/91 27 A(West)   4.058   176,777   Eleventh
Supplemental   07/01/94 27 B(West)   5.706   248,533   Eleventh Supplemental  
07/01/94 Southwest Ramp   2.350   102,366   Eleventh Supplemental   07/01/94

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PARCEL LEASE

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  ACRES

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  SQUARE FEET

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  AGREEMENT

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  EFFECTIVE
DATE

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PREVIOUS SUPPLEMENT 32 (removed)   22.972   1,000,681   Twelfth Supplemental  
07/01/93 33   8.998   391,942   Thirteenth Supplemental   06/01/95 36   3.050  
132,837   Thirteenth Supplemental   06/01/95 Hangar 8 (removed)       36,946.33
  Thirteenth Supplemental   06/01/95 34   9.951   433,461   Fourteenth
Supplemental   01/01/96 21   19.134   833,476   Fifteenth Supplemental  
01/01/97 22A (North)   3.214   140,000   Sixteenth Supplemental   04/01/97 37  
2.692   117,283   Seventeenth Supplemental   05/01/97 38   2.523   109,921  
Eighteenth Supplemental   07/01/97 39   8.366   364,430   Eighteenth
Supplemental   07/01/97 West Ramp Expansion   19.917   867,583   Nineteenth
Supplemental   09/01/98 Centerline November   13.206   575,253.36   Twentieth
Supplemental   12/01/00 Taxilane 700   4.706   204,975   Twenty-First
Supplemental   05/15/00 Taxilane 700 Extension   3.052   132,951   Twenty-Second
Supplemental   03/15/01 West Ramp Aircraft/GSE Expansion   8.408   366,242  
Twenty-Second Supplemental   03/15/01
THIS SUPPLEMENT
23 (Graber)
 
6.0023
 
261,460.18
 
Twenty-Third Supplemental
 
03/01/02 12/02 West Ramp   19.66   856,529       12/01/02 A380 Ramp   43.6181  
1,900,006       12/31/06
OPTIONS
22B (South)
 
3.310
 
144,200
 
Option, Expires 5/31/04
 
  29   3.85   167,706   Option, Month/Month    

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PARCEL LEASE

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  ACRES

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  SQUARE FEET

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  AGREEMENT

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  EFFECTIVE
DATE

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ASSIGNMENTS
24
 
9.964
 
434,030
 
Southwide Assignment
Expires 5/14/2013
Invoice FEC
Next Increase 5/15/03
 
  26   9.532   415,213   BICO Assignment,
Expires 7/31/2021
Invoice FEC
Next Increase 8/01/2011     28   10.68   465,221   Equitable Life Assignment
Expires 5/14/2013
Invoice FEC
Next Increase 5/15/03    

RENTAL—FEDERAL EXPRESS

Effective March 1, 2002

Category Of Space

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  Number of
Square Feet

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  Annual
Rental Rate
Per Sq. Ft.

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  Annual Rental

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Parcel 23 (Graber)   261,460.18   0.0823   $ 21,518.17 Bldg. T-376   1,240  
1.5258   $ 1,891.99 Unimproved Ground   8,190,929.96   0.1220   $ 999,293.44
Improved Apron   2,395,802   0.1525   $ 365,359.80 Hangar Property   72,092.67  
1.1291   $ 81,399.83 Hangar Office   28,000   1.8311   $ 51,270.80 International
Park   9,694,700   0.2138   $ 2,072,726.80 Former IRS Facility   2,255,137.24  
—   $ 1,200,000.00    

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    22,899,362.05   5.0566   $ 4,793,460.83

BREAKDOWN OF SPACE

 
   
  Sq. Ft.

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  Sq. Ft.

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Graber   Parcel 23   261,460.18                 261,460.18
Bldg. T-376
 
Parcel 4
 
1,240
 
         

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                1,240
Unimproved Ground
 
Parcel 1
 
130,900
 
      Parcel 2   50,000         Parcel 3   192,400         Parcel 4   32,540    
    Parcel 6   89,700    

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BREAKDOWN OF SPACE

 
   
  Sq. Ft.

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  Sq. Ft.

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    Parcel 9   1,167,337         Parcel 19   1,812,362         Parcel 20  
491,127         Parcel 27A   176,777         Parcel 27B   248,533        
Southwest Ramp   102,366         Parcel 33   391,942         Parcel 36   132,837
        Parcel 34   433,461         Parcel 37   117,283         Parcel 38  
109,921         Parcel 39   364,430         West Ramp Expansion   867,588      
  Centerline November   575,253.36         Taxilane 700   204,975        
Taxilane 700 Extension   132,951         West Ramp Aircraft/GSE Expansion  
366,242                 8,190,925.36
Improved Apron
 
Parcel 1
 
850,250
 
      Parcel 2   226,900         Parcel 7   577,540         Parcel 9   253,600  
      Parcel 27   487,512            

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                2,395,802.00
 
 
 
 
Sq. Ft.

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Sq. Ft.

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Hangar Property   Parcel 1   44,336         Parcel 2   27,756.67            

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                72,092.67
Hangar Office
 
Parcel 1
 
22,400
 
      Parcel 2   5,600            

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                28,000.00

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BREAKDOWN OF SPACE

 
   
  Sq. Ft.

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  Sq. Ft.

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International Park   Parcel 5   24,000         Parcel 8   247,254         Parcel
9   1,586,172         Parcel 10   70,200         Parcel 11   45,359        
Parcel 12   117,915         Parcel 13   298,830         Parcel 14   556,334    
    Parcel 15   552,723         Parcel 16   796,312         Parcel 17  
4,288,839         Parcel 18   118,353         Parcel 25   18,933         Parcel
21   833,476         Parcel 22A   140,000            

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                9,694,700.00
Former IRS Facility
 
 
 
2,255,137.24
 
2,255,137.24        

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Areas added DBO

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Square feet

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DBO

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12/02 West Ramp Expansion   856,529   12/01/02     A380 Ramp   1,900,006  
12/31/06                 2,756,535
 
 
TOTAL:
 
 
 
25,655,892.45

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[Pickering Firm, Inc. letterhead]

PAGE ONE

JANUARY 2, 2002

LEGAL DESCRIPTION

BEING A LEGAL DESCRIPTION OF PART OF THE MEMPHIS AND SHELBY COUNTY AIRPORT
AUTHORITY PROPERTY, SAID PART TO BE KNOWN FOR THE PURPOSES OF THIS DESCRIPTION
AS THE SUBJECT-LEASE PROPERTY, ALL BEING SITUATED IN MEMPHIS, SHELBY COUNTY,
TENNESSEE AND SAID SUBJECT-LEASE PROPERTY BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:

BEGINNING AT THE REFERENCED POINT OF BEGINNING FOR PARCEL "G" SHOWN ON THE
"LEASE AREA SURVEY" PERFORMED BY TOLES AND ASSOCIATES DATED JANUARY 13, 1999,
SAID POINT OF BEGINNING FOR PARCEL G" BEING DESCRIBED AS A POINT LYING NORTH 17
DEGREES 35 MINUTES 11 SECONDS WEST—3234.61 FEET FROM AIRPORT (MEMPHIS
INTERNATIONAL AIRPORT) CONTROL POINT NUMBER 12 ON SAID TOLES AND ASSOCIATES
SURVEY; THENCE ALONG THE PERIMETER OF SAID TOLES LEASE SURVEY THE FOLLOWING
METES AND BOUNDS: SOUTH 87 DEGREES 53 MINUTES 30 SECONDS EAST—143.76 FEET;
THENCE NORTH 65 DEGREES 49 MINUTES 29 SECONDS EAST—208.39 FEET; THENCE SOUTH 87
DEGREES 54 MINUTES 56 SECONDS EAST ALONG SAID TOLES LEASE SURVEY AND THE
EASTWARDLY PROJECTION THEREOF-412.17 FEET; THENCE SOUTH 01 DEGREES 55 MINUTES 14
SECONDS WEST—19.31 FEET; THENCE SOUTH 88 DEGREES 04 MINUTES 46 SECONDS
EAST—20.00 FEET; THENCE SOUTH 01 DEGREES 55 MINUTES 14 SECONDS WEST—40.00 FEET;
THENCE SOUTH 88 DEGREES 04 MINUTES 46 SECONDS EAST—20.00 FEET; THENCE SOUTH 01
DEGREES 55 MINUTES 14 SECONDS WEST- 20.71 FEET; THENCE SOUTH 88 DEGREES 01
MINUTES 41 SECONDS EAST—39.20 FEET; THENCE SOUTH 01 DEGREES 56 MINUTES 39
SECONDS WEST—25.00 FEET TO THE NORTHERLY LINE OF AN EXISTING LEASE AREA SURVEYED
BY ALLEN AND HOSHALL; THENCE ALONG THE PERIMETER OF SAID ALLEN AND HOSHALL
SURVEY THE FOLLOWING METES AND BOUNDS: NORTH 88 DEGREES 03 MINUTES 21 SECONDS
WEST—200.00 FEET; THENCE SOUTH 01 DEGREES 56 MINUTES 39 SECONDS WEST—467.58 FEET
TO THE NORTHERLY LINE OF AN EXISTING LEASE AREA SURVEYED BY ALLEN AND HOSHALL;
THENCE ALONG THE PERIMETER OF SAID ALLEN AND HOSHALL SURVEY THE FOLLOWING METES
AND BOUNDS: NORTH 85 DEGREES 42 MINUTES 38 SECONDS WEST—FEET TO THE EASTERLY
LINE OF AN EXISTING LEASE AREA SURVEYED BY FISHER AND ARNOLD; THENCE ALONG THE
PERIMETER OF SAID FISHER AND ARNOLD SURVEY THE FOLLOWING METES AND BOUNDS: NORTH
04 DEGREES 17 MINUTES 22 SECONDS EAST—74.94 FEET; THENCE NORTH 85 DEGREES 42
MINUTES 38 SECONDS WEST—299.97 FEET; THENCE SOUTH 04 DEGREES 17 MINUTES 22
SECONDS WEST—473.94 FEET TO THE NORTHERLY LINE OF AN EXISTING LEASE AREA
SURVEYED BY ALLEN AND HOSHALL; THENCE ALONG THE PERIMETER OF SAID ALLEN AND
HOSHALL SURVEY THE FOLLOWING METES AND BOUNDS: NORTH 85 DEGREES 42 MINUTES 38
SECONDS WEST—250.43 FEET; THENCE SOUTH 04 DEGREES 17 MINUTES 22 SECONDS
WEST—100.00 FEET; THENCE NORTH 85 DEGREES 42 MINUTES 38 SECONDS WEST—25.00 FEET;
THENCE SOUTH 04 DEGREES 17 MINUTES 22 SECONDS WEST—25.00 FEET; THENCE NORTH 85
DEGREES 42 MINUTES 38 SECONDS WEST ALONG SAID NORTHERLY LINE AND ALONG THE
WESTWARDLY PROJECTION THEREOF—440.21 FEET; THENCE NORTH 02 DEGREES 28 MINUTES 51
SECONDS EAST—225.15 FEET; THENCE NORTH 85 DEGREES 43 MINUTES 39 SECONDS
WEST—222.72 FEET; THENCE NORTH 32 DEGREES 43 MINUTES 09 SECONDS EAST—319.35
FEET; THENCE SOUTH 85 DEGREES 42 MINUTES 38 SECONDS EAST—142.70 FEET; THENCE
SOUTH 04 DEGREES 17 MINUTES 22 SECONDS WEST—0.50 FEET; THENCE SOUTH 85 DEGREES
39 MINUTES 14 SECONDS EAST—160.21 FEET; THENCE NORTH 66 DEGREES 32 MINUTES 48
SECONDS EAST—337.93 FEET; THENCE NORTH 04 DEGREES 20 MINUTES 46 SECONDS
EAST—192.85 FEET; THENCE NORTH 33 DEGREES 43 MINUTES 54 SECONDS EAST—270.31 FEET
TO THE SAID PERIMETER OF SAID

PARCEL 12/02 WEST
RAMP EXPANSION
EXHIBIT A
Page 1 of 3

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PAGE TWO

TOLES SURVEY; THENCE SOUTH 23 DEGREES 34 MINUTES 43 SECONDS EAST ALONG SAID
TOLES SURVEY—15.08 FEET; THENCE SOUTH 44 DEGREES 48 MINUTES 55 SECONDS EAST
(LEAVING SAID TOLES SURVEY)—55.41 FEET; THENCE SOUTH 33 DEGREES 43 MINUTES 54
SECONDS WEST—233.59 FEET; THENCE SOUTH 04 DEGREES 20 MINUTES 46 SECONDS
WEST—140.90 FEET; THENCE NORTH 66 DEGREES 24 MINUTES 13 SECONDS EAST—140.12
FEET; THENCE NORTH 04 DEGREES 17 MINUTES 22 SECONDS EAST—7.36 FEET; THENCE NORTH
85 DEGREES 42 MINUTES 38 SECONDS WEST—6.50 FEET; THENCE NORTH 04 DEGREES 17
MINUTES 22 SECONDS EAST—4.50 FEET; THENCE SOUTH 85 DEGREES 42 MINUTES 38 SECONDS
EAST—6.50 FEET; THENCE NORTH 04 DEGREES 17 MINUTES 22 SECONDS EAST—142.13 FEET;
THENCE SOUTH 85 DEGREES 42 MINUTES 02 SECONDS EAST—89.39 FEET; THENCE NORTH 04
DEGREES 02 MINUTES 23 SECONDS EAST—233.31 FEET TO SAID PERIMETER OF TOLES
SURVEY; THENCE NORTH 66 DEGREES 51 MINUTES 42 SECONDS EAST ALONG SAID TOLES
SURVEY—35.36 FEET; THENCE SOUTH 02 DEGREES 33 MINUTES 48 SECONDS EAST (LEAVING
SAID TOLES SURVEY)—186.79 FEET TO THE POINT OF BEGINNING.

CONTAINING 856,529 SQUARE FEET OR 19.663 ACRES, MORE OR LESS.

BEARINGS ARE RELATIVE TO AIRPORT GRID NORTH.

(Seal)

/s/ JOHN R. ARMSTRONG

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RAMP EXPANSION
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Real Estate Appraisers—Land Surveyors

DESCRIPTION OF A 43.6181 ACRE TRACT

July 31, 2002

Description of a 43.6181 acre tract located on the north side of Winchester
Road, east side of the Fed-Ex lease area known as Hangar 11 and 12, south of
Taxiway "A", and vest of the MSCAA Maintenance Facility.

Beginning at a set iron pin located in the north right-of-way of Winchester Road
being 3.59 feet east of the southeast corner of the MSCAA property as recorded
in Instrument KF 4024 also being the southeast corner of Lot 1 of Wayside
Subdivision as recorded in Plat Book 16, Page 61, thence northwestwardly along
the north right-of-way line of Winchester Road (99 feet wide), North 85 degrees
19 minutes 41 seconds West, passing the southeast corner of the Memphis-Shelby
County Airport Authority property as previously described at 3.59 feet but in
all 77.14 feet to an angle point being a point of curve along the east
right-of-way for Morris Road as recorded in Plat Book 16, Page 61 in the
Register's Office of Shelby County, thence continuing along the north line of
Winchester, North 85 degrees 45 minutes 02 seconds West, a distance of 107.78
feet to an angle point being the end of a curve along the west right-of-way line
of Morris Road, thence continuing along said north line of Winchester Road,
North 85 degrees 50 minutes 15 seconds West, a distance of 479.66 feet to an
angle point, thence along said north line, North 85 degrees 40 minutes 54
seconds West, a distance of 814.69 feet to an angle point, thence continuing
along said line, North 84 degrees 40 minutes 49 seconds West, a distance of
261.48 feet to the southwest corner of this tract, also being the southeast
corner of the Fed-Ex Lease Area for Hangar 11 & 12, thence northeastwardly along
the west line of this tract, also being an east line of the Fed-Ex Hangar 11 &
12 lease area, North 4 degrees 40 minutes 00 seconds East, a call and measure of
623.21 feet to an angle point, thence continuing along the afore described line,
North 49 degrees 40 minutes 56 seconds East, a call and measure of 301.48 feet
to an angle point, thence along said line, North 40 degrees 19 minutes 04
seconds West, a call of 418.36 feet but a measure of 417.17 feet to the
northeast corner of the Fed-Ex Hangar 11 & 12 lease area and the northwest
corner of this tract, thence southeastwardly along the north line of this
43.6181 acre tract, South 85 degrees 43 minutes 01 second East, being 191.0 feet
south and parallel to the centerline of Taxiway "A", a distance of 1598.83 feet
to a set iron pin being the northeast corner of said tract,

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thence southeastwardly along said east line, South 44 degrees 04 minutes 43
seconds East, being approximately 10 feet southwest and parallel to the south
edge of a service road leading to the MSCAA Grounds Maintenance Facility as
located on March 17 2002, a distance of 258.02 feet to a set iron pin being an
angle point, thence southwestwardly along an said east line, South 02 degrees 54
minutes 36 seconds West, and following the general alignment of a chain link
fence as located on March 17, 2002, a distance of 965.44 feet to the point of
beginning and containing by calculation 43.6181 acres or 1,900,006 square feet.

However, the area of the above tract contains the dedicated right-of-way of
Morris Road as recorded in Plat Book 16, Page 61 in the Register's Office of
Shelby County, Tennessee. The area of the Morris Road right-of-way is
approximately 32,986 square feet.

       

/s/ VAN E. BOALS            Public Land Surveyor, TN License No. 613

Van E. Boals

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MEMPHIS INTERNATIONAL AIRPORT
MEMPHIS, TENNESSEE
LEASE AREA
NORTH CENTRAL AIRPORT PROPERTY
PARCEL A

July 20, 1970

        A 6 tract of land in the north central portion of the Memphis
International Airport property being more particularly described as follows;

Beginning at a point, said point being the southeast corner of the Tennessee Air
National Guard property, 129.42 feet north of the centerline of K. W. Sparnkel
Avenue; thence N 30°03' W along the east property line of the Tennessee Air
National Guard property a distance of 453.16 feet to a point; thence N 84°30' E
a distance of 444.17 feet to a point, said point being in the west line of
B Street East; thence S 5°39' E along the west line of B Street East a distance
of 587.73 feet to a point, said point being the intersection of the west line of
B Street East and the north line of K. W. Sparnkel Avenue; thence S 88° 25' W
along the north line of K. W. Sparnkel Avenue a distance of 471.07 feet to a
point; thence N 3°0' W along a line a distance of 102.92 ft. to the point of
beginning.

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QuickLinks

EXHIBIT 10.1