<Page>

                                                                     EXHIBIT 4.1

                                    INDENTURE

                                  -------------

                           Dated as of March 25, 2004

                                      among

                          FEDEX CORPORATION, AS ISSUER,

                           THE GUARANTORS NAMED HEREIN

                                       and

                 WACHOVIA BANK, NATIONAL ASSOCIATION, AS TRUSTEE

                                  -------------

                    $600,000,000 Floating Rate Notes due 2005
                        $500,000,000 2.65% Notes due 2007
                        $500,000,000 3.50% Notes due 2009

<Page>

                         RECONCILIATION AND TIE BETWEEN
                           TRUST INDENTURE ACT OF 1939
                    (THE "TRUST INDENTURE ACT") AND INDENTURE

<Table>
<Caption>
TRUST INDENTURE ACT SECTION                                    INDENTURE SECTION
<S>                                                              <C>
Section 310(a)(1)...........................................         6.09
           (a)(2)...........................................         6.09
           (b)..............................................         6.10
Section 311(b)(4)...........................................         6.13
           (b)(6)...........................................         6.13
Section 312(a)                                                       7.01
           (b)..............................................         7.02
           (c)..............................................         7.02
Section 313(a)..............................................         7.03
           (b)(2)...........................................         7.03
           (c)..............................................         7.03
           (d)..............................................         7.03
Section 314(a)..............................................         7.04
           (c)(1)...........................................         1.02
           (c)(2)...........................................         1.02
           (e)..............................................         1.02
           (f)..............................................         1.02
Section 316(a) (last sentence)..............................         1.01
           (a)(1)(A)........................................     5.02 and 5.12
           (a)(1)(B)........................................         5.13
           (b)..............................................         5.08
Section 317(a)(1)...........................................         5.03
           (a)(2)...........................................         5.04
           (b)..............................................         10.03
Section 318(a)..............................................         1.07
</Table>

----------
This reconciliation and tie shall not, for any purpose, be deemed to be a part
of the Indenture.

NOTE: Section 318(c) of the Trust Indenture Act provides that the provisions of
      Sections 310-317 are a part of and govern every qualified indenture,
      whether or not physically contained therein.

<Page>

                               TABLE OF CONTENTS*

                                   ----------

<Table>
<Caption>
                                                                                PAGE
                                                                                ----
<S>                                                                               <C>
                                    ARTICLE 1
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01.  DEFINITIONS.........................................................1
Section 1.02.  COMPLIANCE CERTIFICATES AND OPINIONS................................8
Section 1.03.  FORM OF DOCUMENTS DELIVERED TO TRUSTEE..............................8
Section 1.04.  ACTS OF HOLDERS.....................................................9
Section 1.05.  NOTICES, ETC. TO TRUSTEE, COMPANY AND GUARANTORS...................10
Section 1.06.  NOTICE TO HOLDERS; WAIVER..........................................10
Section 1.07.  CONFLICT WITH TRUST INDENTURE ACT..................................11
Section 1.08.  EFFECT OF HEADINGS AND TABLE OF CONTENTS...........................11
Section 1.09.  SUCCESSORS AND ASSIGNS.............................................11
Section 1.10.  SEPARABILITY CLAUSE................................................11
Section 1.11.  BENEFITS OF INDENTURE..............................................11
Section 1.12.  GOVERNING LAW......................................................11
Section 1.13.  LEGAL HOLIDAYS.....................................................11
Section 1.14.  LANGUAGE OF NOTICES................................................11
Section 1.15.  COUNTERPARTS.......................................................11

                                    ARTICLE 2
                                   NOTE FORMS

Section 2.01.  FORMS GENERALLY....................................................11
Section 2.02.  FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION....................12
Section 2.03.  GLOBAL NOTES.......................................................12

                                    ARTICLE 3
                                    THE NOTES

Section 3.01.  ISSUE AMOUNT; ISSUABLE IN SERIES...................................16
Section 3.02.  DENOMINATIONS......................................................16
Section 3.03.  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.....................16
Section 3.04.  TEMPORARY NOTES....................................................17
Section 3.05.  REGISTRATION, TRANSFER AND EXCHANGE................................18
Section 3.06.  SPECIAL TRANSFER PROVISIONS........................................20
Section 3.07.  MUTILATED, DESTROYED, LOST AND STOLEN NOTES........................21
Section 3.08.  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.....................22
</Table>

----------
     * This table of contents shall not, for any purpose, be deemed to be a part
       of the Indenture.

<Page>

<Table>
<S>                                                                               <C>
Section 3.09.  PERSONS DEEMED OWNERS..............................................23
Section 3.10.  CANCELLATION.......................................................23
Section 3.11.  COMPUTATION OF INTEREST............................................24

                                    ARTICLE 4
                           SATISFACTION AND DISCHARGE

Section 4.01.  SATISFACTION AND DISCHARGE OF INDENTURE............................24
Section 4.02.  APPLICATION OF TRUST MONEY.........................................25

                                    ARTICLE 5
                                    REMEDIES

Section 5.01.  EVENTS OF DEFAULT..................................................25
Section 5.02.  ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.................26
Section 5.03.  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE....27
Section 5.04.  TRUSTEE MAY FILE PROOFS OF CLAIM...................................28
Section 5.05.  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF NOTES.............28
Section 5.06.  APPLICATION OF MONEY COLLECTED.....................................29
Section 5.07.  LIMITATION ON SUITS................................................29
Section 5.08.  UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND INTEREST...30
Section 5.09.  RESTORATION OF RIGHTS AND REMEDIES.................................30
Section 5.10.  RIGHTS AND REMEDIES CUMULATIVE.....................................30
Section 5.11.  DELAY OR OMISSION NOT WAIVER.......................................30
Section 5.12.  CONTROL BY HOLDERS.................................................30
Section 5.13.  WAIVER OF PAST DEFAULTS............................................31
Section 5.14.  UNDERTAKING FOR COSTS..............................................31
Section 5.15.  WAIVER OF STAY OR EXTENSION LAWS...................................31

                                    ARTICLE 6
                                   THE TRUSTEE

Section 6.01.  CERTAIN DUTIES AND RESPONSIBILITIES................................32
Section 6.02.  NOTICE OF DEFAULTS.................................................33
Section 6.03.  CERTAIN RIGHTS OF TRUSTEE..........................................33
Section 6.04.  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF NOTES..................34
Section 6.05.  MAY HOLD NOTES.....................................................34
Section 6.06.  MONEY HELD IN TRUST................................................34
Section 6.07.  COMPENSATION AND REIMBURSEMENT.....................................34
Section 6.08.  INTENTIONALLY LEFT BLANK...........................................35
Section 6.09.  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY............................35
Section 6.10.  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR..................35
Section 6.11.  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.............................37
Section 6.12.  MERGER, CONVERSION OR SUCCESSION TO BUSINESS.......................38
Section 6.13.  PREFERENTIAL CLAIMS................................................38
Section 6.14.  APPOINTMENT OF AUTHENTICATING AGENT................................39
</Table>

                                       ii
<Page>

<Table>
<S>                                                                               <C>
                                    ARTICLE 7
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.01.  COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS..........40
Section 7.02.  PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.............40
Section 7.03.  REPORTS BY TRUSTEE.................................................42
Section 7.04.  REPORTS BY COMPANY.................................................42

                                    ARTICLE 8
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.01.  COMPANY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.....................43
Section 8.02.  SUCCESSOR CORPORATION SUBSTITUTED..................................43

                                    ARTICLE 9
                             SUPPLEMENTAL INDENTURES

SECTION 9.01.  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.................43
SECTION 9.02.  SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS....................45
SECTION 9.03.  EXECUTION OF SUPPLEMENTAL INDENTURES...............................45
SECTION 9.04.  EFFECT OF SUPPLEMENTAL INDENTURES..................................45
SECTION 9.05.  CONFORMITY WITH TRUST INDENTURE ACT................................46
SECTION 9.06.  REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES......................46

                                   ARTICLE 10
                                    COVENANTS

Section 10.01. PAYMENT OF PRINCIPAL, INTEREST AND ADDITIONAL AMOUNTS..............46
Section 10.02. MAINTENANCE OF OFFICE OR AGENCY....................................46
Section 10.03. MONEY FOR NOTES PAYMENTS TO BE HELD IN TRUST.......................46
Section 10.04. CORPORATE EXISTENCE................................................48
Section 10.05. STATEMENT AS TO DEFAULT............................................48
Section 10.06. ADDITIONAL AMOUNTS.................................................48
Section 10.07. APPLICATION OF PROCEEDS UPON RELEASE OF A 10% SUBSIDIARY
        GUARANTOR.................................................................49

                                   ARTICLE 11
                               REDEMPTION OF NOTES

Section 11.01. REDEMPTION UPON A TAX EVENT........................................50
Section 11.02. NOTICE OF REDEMPTION...............................................50
Section 11.03. DEPOSIT OF REDEMPTION PRICE........................................51
Section 11.04. NOTES PAYABLE ON REDEMPTION DATE...................................51

                                   ARTICLE 12
                               GUARANTEE OF NOTES

Section 12.01. UNCONDITIONAL GUARANTEE............................................51
Section 12.02. EXECUTION AND DELIVERY OF GUARANTEE................................53
Section 12.03. FUTURE GUARANTORS..................................................53
</Table>

                                       iii
<Page>

<Table>
<S>                                                                               <C>
Section 12.04. RELEASE OF A GUARANTOR.............................................53
Section 12.05. WAIVER OF SUBROGATION..............................................54
Section 12.06. RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT
        REGARDING DISSOLUTION, ETC. OF GUARANTORS.................................54
Section 12.07. LIMITATION OF GUARANTOR'S LIABILITY................................54
Section 12.08. OBLIGATIONS REINSTATED.............................................54
Section 12.09. NO OBLIGATION TO TAKE ACTION AGAINST THE COMPANY...................55

                                   ARTICLE 13
                       DEFEASANCE AND COVENANT DEFEASANCE

Section 13.01. APPLICABILITY OF ARTICLE; COMPANY'S OPTION TO EFFECT DEFEASANCE
        OR COVENANT DEFEASANCE....................................................55
Section 13.02. DEFEASANCE AND DISCHARGE...........................................55
Section 13.03. COVENANT DEFEASANCE................................................56
Section 13.04. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE....................56
Section 13.05. DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST;
        OTHER MISCELLANEOUS PROVISIONS............................................57
</Table>

                                       iv
<Page>

<Table>
<S>            <C>
EXHIBIT A      Form of Supplemental Indenture to add Additional Guarantors

EXHIBIT B      Form of Individual Note

EXHIBIT C      Form of Guarantee

EXHIBIT D      Form of Global Note

EXHIBIT E      Form of Regulation S Transfer Certificate

EXHIBIT F      Form of Restricted Notes Transfer Certificate

EXHIBIT G      Form of Owner Notes Certificate to Be Delivered in connection with
               Exchanges of the Regulation S Global Note during the Regulation S
               Compliance Period

EXHIBIT H      Form of Depositary Certification to Be Delivered in connection with
               Exchanges of the Regulation S Global Note during the Regulation S
               Compliance Period
</Table>

                                        v
<Page>

                                    INDENTURE

     INDENTURE, dated as of March 25, 2004, among FedEx Corporation, a Delaware
corporation (the "COMPANY"), the Guarantors referred to below and Wachovia Bank,
National Association, a national banking association, as trustee (the
"TRUSTEE").

                                    RECITALS

     WHEREAS, the Company has duly authorized the execution and delivery of this
Indenture to provide, among other things, for the issuance, execution,
authentication, delivery and administration of $600,000,000 aggregate principal
amount of its Floating Rate Notes due 2005 (the "FLOATING RATE NOTES"),
$500,000,000 aggregate principal amount of its 2.65% Notes due 2007 (the "NOTES
DUE 2007") and $500,000,000 aggregate principal amount of its 3.50% Notes due
2009 (the "NOTES DUE 2009" and, together with the Floating Rate Notes and the
Notes due 2007, the "NOTES");

     WHEREAS, the Guarantors named herein have duly authorized the execution and
delivery of this Indenture to provide for the Guarantee of the Notes; and

     WHEREAS, all things necessary to make the Notes, when executed and
delivered by the Company and authenticated by the Trustee or an Authenticating
Agent and delivered as provided in this Indenture, and the Guarantees, when
executed and delivered by the Guarantors, the valid, binding and legal
obligations of the Company and the Guarantors, as the case may be, and to
constitute these presents a valid indenture and agreement of the Company and the
Guarantors according to its terms have been done.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Notes by
the Holders (as herein defined) thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders of the Notes, as follows:

                                    ARTICLE 1
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     Section 1.01.   DEFINITIONS. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

               (i)   the terms defined in this Article have the meanings
     assigned to them in this Article and include the plural as well as the
     singular;

              (ii)   all other terms used herein which are defined in the Trust
     Indenture Act, either directly or by reference therein, have the meanings
     assigned to them therein;

             (iii)   all accounting terms not otherwise defined herein have the
     meanings assigned to them in accordance with generally accepted accounting
     principles and, except as otherwise herein expressly provided, the term
     "GENERALLY ACCEPTED ACCOUNTING PRINCIPLES" or "GAAP" with respect to any
     computation required or permitted hereunder

<Page>

     shall mean such accounting principles as are generally accepted in the
     United States of America as of the date of such computation; and

              (iv)   the words "HEREIN," "HEREOF," "HERETO" and "HEREUNDER" and
     other words of similar import refer to this Indenture as a whole and not to
     any particular Article, Section or other subdivision.

     Certain terms used principally in certain Articles hereof are defined in
those Articles.

     "ACT" when used with respect to any Holder, has the meaning specified in
Section 1.04.

     "ADDITIONAL AMOUNTS" has the meaning set forth in Section 10.06 hereof,
including, without limitation, any Additional Amounts payable as a result of an
assumption of obligations pursuant to Section 8.01. Any reference in this
Indenture to principal or interest in respect of the Notes shall be deemed also
to refer to any Additional Amounts that may be payable as set forth herein and
under the Notes or the Guarantees.

     "AFFILIATE" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"CONTROL" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "CONTROLLING" and "CONTROLLED" have meanings correlative to the
foregoing.

     "AUTHENTICATING AGENT" means any Person authorized by the Trustee to act on
behalf of the Trustee to authenticate Notes of one or more series.

     "BOARD OF DIRECTORS" means the board of directors of the Company or any
duly authorized committee of the board of directors of the Company.

     "BOARD RESOLUTION" means a copy of one or more resolutions certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification, delivered to the Trustee.

     "BUSINESS DAY" means any day other than Saturday, Sunday or other day on
which banking institutions in New York or Tennessee are authorized or obligated
by law to close.

     "CAPITAL STOCK" of any Person means any and all shares, interests,
participations or other equivalents (however designated) of corporate stock of
such Person.

     "CLEARSTREAM" means Clearstream Banking, societe anonyme, or any successor
thereto.

     "CLOSING DATE" means March 25, 2004.

     "COMMISSION" means the Securities and Exchange Commission, as from time to
time constituted, created under the Securities Exchange Act of 1934, as amended,
or, if at any time after the execution of this Indenture such Commission is not
existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

                                        2
<Page>

     "COMPANY" means FedEx Corporation or any successor Corporation which shall
have become such under this Indenture.

     "COMPANY REQUEST" or "COMPANY ORDER" means a written request or order
signed in the name of the Company by its President or any Vice President and
delivered to the Trustee.

     "CONSOLIDATED TOTAL ASSETS" as of any date means the consolidated total
assets of a Person and its Subsidiaries as of such date determined on a
consolidated basis in accordance with generally accepted accounting principles.

     "CORPORATE TRUST OFFICE" means the corporate trust office of the Trustee
located at 2525 West End Avenue, Suite 1200, Nashville, Tennessee 37203, or such
other location as to which the Trustee may give notice to the Company.

     "CORPORATION" includes corporations and, except for purposes of Article
Eight, limited liability companies, associations, companies and business trusts.

     "CUSIP NUMBER" means the alphanumeric designation assigned to a Note by
Standard & Poor's Ratings Service, CUSIP Service Bureau.

     "CUSTODIAN" means Wachovia Bank, National Association, as custodian of the
Global Notes for DTC under a custody agreement or any similar successor
agreement.

     "DTC" means The Depository Trust Company, or any successor thereto.

     "DEFAULTED INTEREST" has the meaning specified in Section 3.08.

     "DEPOSITARY" means, with respect to the Global Notes, DTC or such other
Person as shall be designated as Depositary by the Company pursuant to Section
2.03(b).

     "DEPOSITARY CERTIFICATION" has the meaning specified in Section 2.03(a).

     "DOLLAR" means a dollar or other equivalent unit of legal tender for
payment of debts in the United States of America.

     "EUROCLEAR" means Euroclear Bank S.A./N.V., as operator of the Euroclear
System, or any successor thereto.

     "EVENT OF DEFAULT" has the meaning specified in Section 5.01.

     "EXCHANGE NOTES" means any securities of the Company to be offered to
Noteholders in exchange for Notes of a series pursuant to the Exchange Offer or
otherwise pursuant to a Registration of Notes containing terms identical in all
material respects to the Notes of such series for which they are exchanged
(which securities will be guaranteed by the Guarantors with terms identical to
the Guarantee), except that (i) interest thereon shall accrue from the last date
on which interest was paid on the Notes or, if no such interest has been paid,
from the date of issuance of the Notes and (ii) the Exchange Notes will not
contain terms with respect to transfer restrictions or the payment of additional
interest upon the occurrence of a Registration Default.

                                        3
<Page>

     "EXCHANGE OFFER" means the exchange offer by the Company of Exchange Notes
for Notes pursuant to the Registration Rights Agreement.

     "EXCHANGE REGISTRATION STATEMENT" means a registration statement of the
Company and the Guarantors under the Securities Act registering Exchange Notes,
and Guarantees for distribution pursuant to the Exchange Offer.

     "GLOBAL NOTE" means a Note bearing the legend specified in Section 2.03
evidencing all or part of a series of Notes, issued to the Depositary or its
nominee with respect to such series and registered in the name of such
Depositary or nominee.

     "GOVERNMENT OBLIGATIONS" means securities which are (x) direct full faith
and credit obligations of the United States of America or (y) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, in each case where the payment or payments
thereunder are unconditionally guaranteed as a full faith and credit obligation
by the United States of America and which are not callable or redeemable at the
option of the issuer thereof, and shall also include a depository receipt issued
by a bank as custodian with respect to any such Government Obligation or a
specific payment of principal of or interest on any such Government Obligation
held by such custodian for the account of the holder of a depository receipt,
PROVIDED that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect to the Government
Obligation or the specific payment of principal of or interest on the Government
Obligation evidenced by such depository receipt.

     "GUARANTEE" means the Guarantee made by each of the Guarantors as set forth
in Article Twelve hereof and as endorsed on the Notes as provided herein.

     "GUARANTOR" means (i) each of Federal Express Corporation, a Delaware
corporation, FedEx Freight Corporation, a Delaware corporation, FedEx Freight
East, Inc., an Arkansas corporation, FedEx Ground Package System, Inc., a
Delaware corporation, and Kinko's, Inc., a Delaware corporation, each a
Subsidiary of the Company, and (ii) each Person who becomes a Guarantor
hereunder after the Closing Date upon the execution of an indenture supplemental
hereto pursuant to Section 12.03.

     "HOLDER" means a Person in whose name a Note is registered in the Register.

     "INDEBTEDNESS" of any Person means indebtedness for borrowed money and
indebtedness under purchase money liens or other conditional sales or similar
title retention agreements, in each case where such indebtedness has been
created, incurred, or assumed by such person to the extent such indebtedness
would appear as a liability upon a balance sheet of such Person prepared in
accordance with GAAP, guarantees by such Person of such indebtedness, and
indebtedness for borrowed money secured by any lien, pledge or other security
interest or encumbrance upon property owned by such Person, even though such
Person has not assumed or become liable for the payment of such indebtedness.

     "INDENTURE" means this instrument as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable

                                        4
<Page>

provisions hereof and shall include the terms of each particular series of Notes
established as contemplated by Section 3.01.

     "INDIVIDUAL NOTE" has the meaning set forth in Section 2.03(b).

     "INTEREST PAYMENT DATE," with respect to any Note, means the Stated
Maturity of an installment of interest on such Note.

     "MATURITY," with respect to any Note, means the date on which the principal
of such Note, or an installment of principal, becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of
acceleration, notice of redemption or repurchase or otherwise and includes any
Redemption Date.

     "OFFICERS' CERTIFICATE" means a certificate signed by the Chairman of the
Board of Directors or the President or any Vice President of the Company, and
attested by the Secretary or any Assistant Secretary of the Company, and
delivered to the Trustee.

     "OPINION OF COUNSEL" means a written opinion of counsel, who may be an
employee of or of counsel to the Company, or other counsel reasonably
satisfactory to the Trustee.

     "ORIGINAL NOTES" means all Notes other than Exchange Notes.

     "OUTSTANDING," when used with respect to Notes of any series, means, as of
the date of determination, all Notes of such series theretofore authenticated
and delivered under this Indenture, except:

               (i)   Notes theretofore canceled by the Trustee or delivered to
     the Trustee for cancellation;

              (ii)   Notes for whose payment at the Maturity thereof money in
     the necessary amount has been theretofore deposited with the Trustee or any
     Paying Agent (other than the Company) in trust or set aside and segregated
     in trust by the Company (if the Company shall act as its own Paying Agent)
     for the Holders of such Notes; PROVIDED that, if such Notes are to be
     redeemed, notice of such redemption has been duly given pursuant to this
     Indenture or provision therefor satisfactory to the Trustee has been made;

             (iii)   Notes for whose payment or redemption money or Government
     Obligations as contemplated by Section 13.04 in the necessary amount have
     been theretofore deposited with the Trustee (or another trustee satisfying
     the requirements of Section 6.09) in trust for the Holders of such Notes in
     accordance with Section 13.05; and

              (iv)   Notes which have been paid pursuant to Section 3.07 or in
     exchange for or in lieu of which other Notes have been authenticated and
     delivered pursuant to this Indenture, unless there shall have been
     presented to the Trustee proof satisfactory to it that such Notes are held
     by a bona fide purchaser in whose hands such Notes are valid obligations of
     the Company;

     PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
principal amount of the Outstanding Notes of any series have given any request,
demand, authorization,

                                        5
<Page>

direction, notice, consent or waiver hereunder, Notes owned by the Company or
any other obligor or any Affiliate of the Company or of such other obligor shall
be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes which the
Trustee knows, meaning actual knowledge of a Responsible Officer, to be so owned
shall be so disregarded. Notes so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Trustee the pledgee's right so to act with respect to such Notes and that
the pledgee is not the Company or any other obligor or any Affiliate of the
Company or of such other obligor.

     "OWNER NOTES CERTIFICATION" has the meaning specified in Section 2.03(a).

     "PAYING AGENT" means any Person authorized by the Company to pay the
principal of or interest on any Notes on behalf of the Company.

     "PERSON" means any individual, corporation, limited liability company,
partnership, joint venture, association, company, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     "PLACE OF PAYMENT," with respect to the Notes of any series, means the
place where the principal of, interest on, and Additional Amounts with respect
to, the Notes of that series are payable as provided in or pursuant to this
Indenture or such Notes.

     "PREDECESSOR NOTE" of any particular Note means every previous Note
evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purposes of this definition, any Note
authenticated and delivered under Section 3.07 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Note.

     "READILY MARKETABLE SECURITIES" means securities for which a public market
exists or which the Company reasonably believes can be reduced to cash within 12
months of the receipt thereof.

     "REDEMPTION DATE," with respect to any Note or portion thereof to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture or such Note.

     "REDEMPTION PRICE," with respect to any Note or portion thereof to be
redeemed, means the price at which it is to be redeemed pursuant to this
Indenture or such Note.

     "REGISTER" and "NOTE REGISTRAR" have the respective meanings specified in
Section 3.05.

     "REGISTRATION" means a registered exchange offer for the Notes by the
Company pursuant to the Exchange Offer Registration Statement or other
registration for resale of the Notes under the Securities Act pursuant to a
Shelf Registration Statement, in each case in accordance with the terms of the
Registration Rights Agreement.

     "REGISTRATION DEFAULT" has the meaning set forth in the Registration Rights
Agreement.

                                        6
<Page>

     "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated as of March 25, 2004, among the Company, the Guarantors named therein and
J.P. Morgan Securities Inc., Banc of America Securities LLC, Banc One Capital
Markets, Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Utendahl Capital Group, LLC, KBC Financial Products USA
Inc., McDonald Investments Inc., Morgan Keegan & Company, Inc., The Royal Bank
of Scotland plc, Scotia Capital (USA) Inc., SunTrust Capital Markets, Inc. and
Vining - Sparks IBG, L.P., and certain permitted assigns specified therein.

     "REGULAR RECORD DATE" for the interest payable on any Interest Payment Date
on the Notes of any series means the date specified in or pursuant to this
Indenture or such Note as the "REGULAR RECORD DATE."

     "REGULATION S" means Regulation S under the Securities Act.

     "REGULATION S GLOBAL NOTE" has the meaning set forth in Section 2.03(a) .

     "REGULATION S LEGEND" has the meaning set forth in Section 2.03(a).

     "REGULATION S RESTRICTED PERIOD" means the 40 calendar days after the
original issue date of the Notes.

     "RESPONSIBLE OFFICER" means any officer or authorized agent of the Trustee
in its Corporate Trust Office with direct responsibility for the administration
of this Indenture and also means, with respect to a particular corporate trust
matter, any other officer or authorized agent to whom such matter is referred
because of knowledge of and familiarity with the particular subject.

     "RESTRICTED INDIVIDUAL NOTE" has the meaning set forth in Section 2.03(a).

     "RULE 144A GLOBAL NOTE" has the meaning set forth in Section 2.03(a).

     "RULE 144A LEGEND" has the meaning set forth in Section 2.03(a).

     "SHELF REGISTRATION STATEMENT" means a shelf registration statement under
the Securities Act filed by the Company and the Guarantors, if required by, and
meeting the requirements of, the Registration Rights Agreement, registering
Original Notes for resale.

     "60% SUBSIDIARY GUARANTOR" means any Guarantor whose Consolidated Total
Assets as of any determination date constitute more than 60% of the Consolidated
Total Assets of the Company, determined as of the date of the most recent
interim or fiscal year-end balance sheet of the Company filed with the
Commission prior to such determination date.

     "SPECIAL RECORD DATE" for the payment of any Defaulted Interest on any Note
means a date fixed by the Trustee pursuant to Section 3.08.

     "STATED MATURITY," with respect to any Note or any installment of principal
thereof or interest thereon or any Additional Amounts, means the date
established by or pursuant to this Indenture or such Note as the fixed date on
which the principal of such Note or such installment of principal or interest
is, or such Additional Amounts are, due and payable.

                                        7
<Page>

     "SUBSIDIARY" means (i) any corporation more than 50% of the outstanding
shares of voting stock of which shall at the time of determination be owned or
controlled, directly or indirectly, by the Company or by one or more of its
Subsidiaries or by the Company and one or more of its Subsidiaries, or (ii) any
partnership, limited liability company, joint venture, association or similar
business organization more than 50% of the ownership interests having power to
direct the ordinary affairs thereof of which shall at the time of determination
be so owned or controlled. For the purposes of this definition, "VOTING STOCK"
means stock which ordinarily has voting power for the election of directors,
whether at all times or only so long as no senior class of stock has such voting
power by reason of any contingency.

     "10% SUBSIDIARY GUARANTOR" means any Guarantor whose Consolidated Total
Assets as of any determination date constitute more than 10% of the Consolidated
Total Assets of the Company, determined as of the date of the most recent
interim or fiscal year-end balance sheet of the Company filed with the
Commission prior to such determination date.

     "TRUSTEE" means the Person named as the "TRUSTEE" in the first paragraph of
this Indenture until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter "TRUSTEE" shall mean or
include each Person who is then a Trustee hereunder. If at any time there is
more than one such Person, "TRUSTEE" shall mean such Person and as used with
respect to the Notes of any series shall mean the Trustee with respect to Notes
of such series.

     "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as amended, as
in force at the date as of which this instrument was executed, except as
provided in Section 9.05.

     "UNRESTRICTED INDIVIDUAL NOTE" means any Individual Note other than a
Restricted Individual Note.

     "VICE PRESIDENT," when used with respect to the Company or the Trustee,
means any vice president, whether or not designated by a number or a word or
words added before or after the title "VICE PRESIDENT."

     Section 1.02.   COMPLIANCE CERTIFICATES AND OPINIONS. Except as otherwise
expressly provided in this Indenture, upon any application or request by the
Company to the Trustee to take any action under any provision of this Indenture,
the Company and, if applicable, the Guarantors, shall furnish to the Trustee an
Officers' Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and, if requested by the Trustee, an Opinion of Counsel stating that, in the
opinion of such counsel, all such conditions precedent, if any, have been
complied with, except that, in the case of any such application or request as to
which the furnishing of such documents or any of them is specifically required
by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished. Any Officers'
Certificate will comply with Section 314(e) of the Trust Indenture Act.

     Section 1.03.   FORM OF DOCUMENTS DELIVERED TO TRUSTEE. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may

                                        8
<Page>

certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

     Any certificate or opinion of an officer of the Company or a Guarantor may
be based, insofar as it relates to legal matters, upon an Opinion of Counsel,
unless such officer knows, or in the exercise of reasonable care should know,
that the opinion with respect to the matters upon which the certificate or
opinion is based are erroneous. Any such Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company or a Guarantor stating
that the information with respect to such factual matters is in the possession
of the Company or such Guarantor, unless such counsel knows, or in the exercise
of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture or any Note, they may, but need not, be
consolidated and form one instrument.

     Section 1.04.   ACTS OF HOLDERS. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the
Company or the Guarantors. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"ACT" of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Trustee and the Company and the Guarantors, if made
in the manner provided in this Section.

     (b)  The fact and date of the execution by any Person of any such
instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient and in accordance with such reasonable rules as the Trustee may
determine; and the Trustee may in any instance require further proof with
respect to any of the matters referred to in this Section.

     (c)  The ownership of Notes shall be proved by the Register.

     (d)  If the Company shall solicit from the Holders of Notes of any series
any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Company may, at its option, fix in advance a record date for the
determination of Holders of Notes entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so. Any such record date shall be fixed at the
Company's discretion. If not set by the Company prior to the first solicitation
of a Holder made by any Person in respect of any such matters referred to in the
foregoing sentence, such record date shall be the date 30 days prior to such
first solicitation of Holders. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent and waiver or other Act may be
sought or given before or after the record date, but only the Holders of Notes
of record at

                                        9
<Page>

the close of business on such record date shall be deemed to be Holders of Notes
for the purpose of determining whether Holders of the requisite proportion of
Notes of such series Outstanding have authorized or agreed or consented to such
request, demand, authorization, direction, notice, consent, waiver or other Act,
and for that purpose the Notes of such series Outstanding shall be computed as
of such record date.

     (e)  Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Note shall bind every future Holder of the
same Note and the Holder of every Note issued upon the registration of transfer
thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustee, any Note Registrar, any Paying
Agent or the Company or any Guarantor in reliance thereon, whether or not
notation of such action is made upon such Note.

     Section 1.05.   NOTICES, ETC. TO TRUSTEE, COMPANY AND GUARANTORS. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with:

               (i)   the Trustee by any Holder or the Company or a Guarantor
     shall be sufficient for every purpose hereunder if made, given, furnished
     or filed in writing to or with the Trustee at its Corporate Trust Office,
     Attn: Corporate Trust Department; or

              (ii)   the Company or a Guarantor by the Trustee or by any Holder
     shall be sufficient for every purpose hereunder (unless otherwise herein
     expressly provided) if in writing and mailed, first-class postage prepaid,
     to the Company at 942 South Shady Grove Road, Memphis, Tennessee 38120,
     Attention: Corporate Vice President and Treasurer, or at any other address
     previously furnished in writing to the Trustee by the Company or a
     Guarantor, as applicable.

     Section 1.06.   NOTICE TO HOLDERS; WAIVER. Where this Indenture or any Note
provides for notice to Holders of any event, such notice shall be sufficiently
given (unless otherwise herein or in such Note expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event,
at the Holder's address as it appears in the Register, not later than the latest
date, or not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given or provided.

     Where this Indenture or any Note provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     In case by reason of the suspension of regular mail service or by reason of
any other cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

                                       10
<Page>

     Section 1.07.   CONFLICT WITH TRUST INDENTURE ACT. If any provision hereof
limits, qualifies or conflicts with another provision hereof which is required
to be included in this Indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control.

     Section 1.08.   EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

     Section 1.09.   SUCCESSORS AND ASSIGNS. All covenants and agreements in
this Indenture by the Company and the Guarantors shall bind their respective
successors and assigns, whether so expressed or not.

     Section 1.10.   SEPARABILITY CLAUSE. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

     Section 1.11.   BENEFITS OF INDENTURE. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders, any benefit or any legal
or equitable right, remedy or claim under this Indenture.

     Section 1.12.   GOVERNING LAW. This Indenture, the Notes and the Guarantees
shall be governed by and construed in accordance with the laws of the State of
New York.

     Section 1.13.   LEGAL HOLIDAYS. In any case where any Interest Payment
Date, Redemption Date or Stated Maturity of any Note shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Notes) payment of interest or principal or any Additional
Amounts need not be made at such Place of Payment on such date, but may be made
on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at the
Stated Maturity, and no interest shall accrue with respect to such payments for
the period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be, to the next succeeding Business Day.

     Section 1.14.   LANGUAGE OF NOTICES. Any request, demand, authorization,
direction, notice, consent, election or waiver required or permitted under this
Indenture shall be in the English language, except that, if the Company so
elects, any published notice may be in an official language of the country of
publication.

     Section 1.15.   COUNTERPARTS. This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

                                    ARTICLE 2
                                   NOTE FORMS

     Section 2.01.   FORMS GENERALLY. (a) The Notes (including the Trustee's
certification of authentication) and the notation thereon relating to the
Guarantees shall be in substantially the

                                       11
<Page>

forms attached hereto as Exhibits B, C and D hereof; PROVIDED that Exchange
Notes shall not contain terms with respect to transfer restrictions or
additional interest payable upon occurrence of a Registration Default. On the
Closing Date, the Notes shall be issued in the form provided in 2.03(a), with
the Guarantees duly endorsed thereon. The Notes shall be numbered, lettered, or
otherwise distinguished in such manner or in accordance with such plans as the
officers of the Company executing the same may determine with the approval of
the Trustee.

     The Notes may be issued with appropriate insertions, omissions,
substitutions and variations, and may have imprinted or otherwise reproduced
thereon such legend or legends, not inconsistent with the provisions of this
Indenture, as may be required to comply with any law or with any rules or
regulations pursuant thereto, or with the rules of any securities market in
which the Notes are admitted to trading, or to conform to general usage.

     (b)  Each Note shall be dated the date of its authentication.

     Unless otherwise provided in or pursuant to this Indenture or any Notes,
the Notes shall be issuable in registered form without coupons.

     Section 2.02.   FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION. Only such
Notes as shall bear thereon a certification of authentication substantially as
set forth in the forms of the Notes in Exhibits B and D hereto, executed by the
Trustee by manual signature of one of its authorized signatories, shall be
entitled to the benefits of this Indenture or be valid or obligatory for any
purpose. Such certification by the Trustee upon any Note executed by or on
behalf of the Company shall be conclusive evidence that the Note so
authenticated has been duly authenticated and delivered hereunder and that the
holder is entitled to the benefits of this Indenture.

     Section 2.03.   GLOBAL NOTES. (a) On the Closing Date, the Company shall
cause to be executed and delivered to the Trustee in the manner specified in
Section 3.03 (i) for Notes of each series sold within the United States to
"qualified institutional buyers" as defined in and pursuant to Rule 144A under
the Securities Act, one or more restricted Global Notes (each, a "RULE 144A
GLOBAL NOTE"), with the Guarantees endorsed thereon, in definitive, fully
registered form without interest coupons, in denominations of US$1,000 and any
integral multiples of US$1,000, substantially in the form of Exhibit D hereto
and (ii) for Notes of each series sold outside the United States in offshore
transactions in reliance on Regulation S under the Securities Act, one or more
Global Notes (each, a "REGULATION S GLOBAL NOTE") with the Guarantees endorsed
thereon, in definitive, fully registered form without interest coupons, in
denominations of US$1,000 and any integral multiples of US$1,000, substantially
in the form of Exhibit D hereto. The aggregate principal amount of the Rule 144A
Global Notes and the Regulation S Global Notes of each series shall equal the
aggregate principal amount of the Notes of such series that are to be issued on
the Closing Date.

     Until the expiration of the Regulation S Restricted Period, beneficial
interests in a Regulation S Global Note may only be held through Euroclear or
Clearstream. Until the expiration of the Regulation S Restricted Period, a
holder of a beneficial interest in a Regulation S Global Note must provide
written certification (an "OWNER NOTES CERTIFICATION") to Euroclear or
Clearstream, as the case may be, that the beneficial owner of the interest in
such Global Note is not a U.S. Person (as defined in Rule 902(k) under the
Securities Act) or is a U.S. Person who

                                       12
<Page>

purchased such beneficial interest in a transaction that did not require
registration under the Securities Act in the form set forth in Exhibit G, and,
if permitted under their procedures, Euroclear or Clearstream, as the case may
be, must provide to the Trustee a similar certification in the form set forth in
Exhibit H (a "DEPOSITARY CERTIFICATION"), prior to any exchange of such
beneficial interest for a beneficial interest in a Regulation S Global Note.
After the expiration of the Regulation S Restricted Period, beneficial interests
in a Regulation S Global Note may be held through organizations other than
Euroclear or Clearstream that are participants in DTC.

     Unless and until a Note is exchanged for an Exchange Note in connection
with an effective Registration pursuant to the Registration Rights Agreement,
each Rule 144A Global Note and each Individual Note (as defined below) issued in
exchange for an interest in a Rule 144A Global Note (a "RESTRICTED INDIVIDUAL
NOTE") shall bear the following legend (the "RULE 144A LEGEND") on the face
thereof:

     THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER
THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION
OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. BY ITS ACQUISITION HEREOF, THE HOLDER (1)
REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A
("RULE 144A") UNDER THE SECURITIES ACT), (2) AGREES NOT TO OFFER, SELL OR
OTHERWISE TRANSFER THIS NOTE PRIOR TO (X) THE DATE WHICH IS TWO YEARS (OR SUCH
SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k) OF THE SECURITIES ACT) AFTER
THE LATER OF THE ORIGINAL ISSUE DATE OF THE NOTES AND THE LAST DATE ON WHICH
FEDEX CORPORATION OR ANY "AFFILIATE" (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF FEDEX CORPORATION WAS THE OWNER OF THIS NOTE (OR ANY
PREDECESSOR OF THIS NOTE) OR (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW (THE "RESALE RESTRICTION TERMINATION DATE") EXCEPT (A) TO FEDEX
CORPORATION, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN
EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF
ITS PROPERTY OR THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL
TIMES WITHIN ITS OR THEIR CONTROL, AND (3) AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND; PROVIDED THAT FEDEX CORPORATION AND THE TRUSTEE SHALL HAVE THE

                                       13
<Page>

RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM, AND (II) IN EACH OF THE FOREGOING
CASES, BUT ONLY IF THIS NOTE IS NOT A GLOBAL NOTE (AS DEFINED IN THE INDENTURE
REFERRED TO HEREIN), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM
APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND DELIVERED BY THE
TRANSFEROR TO FEDEX CORPORATION AND THE TRUSTEE. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

     Unless and until a Note is exchanged for an Exchange Note pursuant to an
effective Exchange Offer Registration Statement or for an interest in a
Regulation S Global Note after the expiration of the Regulation S Restricted
Period, each Regulation S Global Note shall bear the following legend (the
"REGULATION S LEGEND") on the face thereof:

     THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER
THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION
OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. BY ITS ACQUISITION HEREOF, THE HOLDER (1)
REPRESENTS THAT IT IS NOT A "U.S. PERSON" (AS DEFINED IN REGULATION S
("REGULATION S") UNDER THE SECURITIES ACT), (2) AGREES NOT TO OFFER, SELL OR
OTHERWISE TRANSFER THIS NOTE PRIOR TO THE DATE WHICH IS 40 DAYS AFTER THE
ORIGINAL ISSUE DATE OF THE NOTES (THE "REGULATION S RESTRICTED PERIOD") EXCEPT
(A) TO FEDEX CORPORATION, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A ("RULE 144A") UNDER THE SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OR (E) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT
FEDEX CORPORATION AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE TERMINATION
OF THE REGULATION S RESTRICTED PERIOD.

                                       14
<Page>

     Each Global Note (i) shall be delivered by the Trustee to DTC acting as the
Depositary or, pursuant to DTC's instructions, shall be delivered by the Trustee
on behalf of DTC to and deposited with the Custodian, and in either case shall
be registered in the name of Cede & Co., or such other name as DTC shall
specify, and (ii) shall also bear a legend substantially to the following
effect:

           "Unless this certificate is presented by an authorized
           representative of The Depository Trust Company, a New York
           corporation ("DTC"), to the Company or its agent for
           registration of transfer, exchange or payment, and any
           certificate issued is registered in the name of Cede & Co.
           or in such other name as is requested by an authorized
           representative of DTC (and any payment is made to Cede &
           Co. or to such other entity as is requested by an
           authorized representative of DTC), ANY TRANSFER, PLEDGE OR
           OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
           IS WRONGFUL inasmuch as the registered owner hereof, Cede &
           Co., has an interest herein."

     (b)  If at any time the Depositary for any Global Note notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Notes
or if at any time the Depositary for such Global Notes shall no longer be a
clearing agency registered under the Exchange Act, the Company shall appoint a
successor Depositary with respect to such Global Notes. If (i) a successor
Depositary for such Global Notes is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such ineligibility,
or (ii) an Event of Default has occurred and is continuing with respect to the
Notes, the Company will execute, and the Trustee, upon receipt of an Officers'
Certificate if the Company is directing the authentication and delivery thereof,
will authenticate and deliver notes of such series in certificated form
("INDIVIDUAL NOTES") in any authorized denominations in an aggregate principal
amount equal to the principal amount of such Global Notes in exchange for such
Global Notes.

     If the Trustee has instituted or has been directed to institute any
judicial proceeding in a court to enforce the rights of the Holders under the
Notes, and the Trustee has been advised by counsel that in connection with such
proceeding it is necessary or appropriate for the Trustee to obtain possession
of the Notes, the Notes shall no longer be represented by such Global Notes. In
such event, the Company hereby agrees to execute and the Trustee will
authenticate and deliver, in exchange for such Global Notes, Individual Notes
(and if the Trustee has in its possession Individual Notes previously executed
by the Company, the Trustee will authenticate and deliver such Notes) of such
series, in authorized denominations, in an aggregate principal amount equal to
the principal amount of such Global Notes and registered in such name or names
as the Trustee deems appropriate.

     (c)  Global Notes shall in all respects be entitled to the same benefits
under this Indenture as Individual Notes authenticated and delivered hereunder.

     (d)  Each Note shall be dated the date of its authentication, shall bear
interest from the applicable date and shall be payable on the dates specified as
set forth in the Officers' Certificate delivered pursuant to Section 2.03(b).

                                       15
<Page>

                                    ARTICLE 3
                                    THE NOTES

     Section 3.01.   ISSUE AMOUNT; ISSUABLE IN SERIES. The Floating Rate Notes,
the Notes due 2007 and the Notes due 2009 shall each constitute a separate
series hereunder. The aggregate principal amount of Notes which may be
authenticated and delivered under this Indenture, except for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Notes pursuant to this Indenture, is limited to $600,000,000 in the
case of the Floating Rate Notes, $500,000,000 in the case of the Notes due 2007
and $500,000,000 in the case of the Notes due 2009. Unless the context otherwise
requires, Original Notes and the Exchange Notes of like tenor and terms shall
constitute one series for all purposes under the Indenture, including with
respect to any amendment, waiver, acceleration or other Act of the Holders or
upon redemption.

     Section 3.02.   DENOMINATIONS. Unless otherwise provided in or pursuant to
this Indenture, the principal of and interest on and any Additional Amounts with
respect to the Notes shall be payable in Dollars. The Notes of each series shall
be issuable in such forms and in such denominations as are specified in Section
2.03.

     Section 3.03.   EXECUTION, AUTHENTICATION, DELIVERY AND DATING. The Notes
shall be executed on behalf of the Company by its President or any Vice
President, under its corporate seal reproduced thereon attested by its Secretary
or any Assistant Secretary. The signature of any of these officers on the Notes
may be manual or facsimile.

     Notes bearing the manual or facsimile signatures of individuals who were
the proper officers of the Company when their signatures were affixed to such
Notes shall bind the Company, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery
of such Notes or did not hold such offices at the date of such Notes.

     At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Notes of any series, together with the
Guarantees of the Guarantors endorsed thereon, executed by the Company and the
Guarantors, respectively, to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Notes with the
Guarantees endorsed thereon, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Notes. At any time and from time to
time after the execution and delivery of this Indenture and after the
effectiveness of the Exchange Offer Registration Statement under the Securities
Act with respect thereto, the Company may deliver Exchange Notes executed by the
Company, and having endorsed thereon the Guarantees executed by the Guarantors,
to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Exchange Notes and a like principal amount
of Original Notes for cancellation in accordance with Section 3.10, and the
Trustee in accordance with the Company Order shall authenticate and make
available for delivery such Notes, with the Guarantees endorsed thereon. Prior
to authenticating such Exchange Notes, and accepting any additional
responsibilities under this Indenture in relation to such Notes, the Trustee
shall be entitled to receive, upon request, and (subject to Section 6.01) shall
be fully protected in relying upon, an Opinion of Counsel stating in substance:

                                       16
<Page>

     (a)  that all conditions hereunder precedent to the authentication and
delivery of such Exchange Notes with the Guarantees of the Guarantors endorsed
thereon have been complied with and that such Exchange Notes and the Guarantees
of the Guarantors endorsed thereon, when such Notes have been duly authenticated
and delivered by the Trustee (and subject to any other conditions specified in
such Opinion of Counsel), will have been duly issued and delivered and will
constitute valid and legally binding obligations of the Company and the
Guarantors, respectively, enforceable in accordance with their terms, except (i)
as such enforcement may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors' rights, (ii) as such enforcement may be
limited by general principles of equity, regardless of whether enforcement is
sought in a proceeding at law or in equity, and (iii) to the extent that a
waiver of rights under any usury or stay law may be unenforceable.

     (b)  that the issuance of the Exchange Notes in exchange for Original Notes
has been effected in compliance with the Securities Act.

     Each Note shall be dated the date of its authentication.

     No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose unless there appears on such Note a certificate of
authentication substantially in the form provided for herein executed by, or on
behalf of, the Trustee or by the Authenticating Agent by manual signature. Such
certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder.

     Notwithstanding the foregoing, if any Note shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Note to the Trustee for cancellation as provided in
Section 3.10 together with a written statement (which need not comply with
Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that
such Note has never been issued and sold by the Company, for all purposes of
this Indenture such Note shall be deemed never to have been authenticated and
delivered hereunder and shall not be entitled to the benefits of this Indenture.

     The Trustee shall not be required to authenticate or to cause an
Authentication Agent to authenticate any Notes if the issue of such Notes
pursuant to this Indenture will affect the Trustee's own rights, duties,
indemnities or immunities under the Notes and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee.

     Section 3.04.   TEMPORARY NOTES. Pending the preparation of definitive
Notes of any series and Guarantees, the Company may execute and deliver to the
Trustee, and, upon Company Order, the Trustee shall authenticate and deliver in
the manner provided in Section 3.03, temporary Notes with the Guarantees
endorsed thereon which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Notes and Guarantees in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as
the officers of the Company executing such Notes may determine, as evidenced by
their execution of such Notes. Such temporary Notes may be in global form.

                                       17
<Page>

     If temporary Notes of any series are issued, the Company will cause
definitive Notes to be prepared without unreasonable delay. After the
preparation of definitive Notes of such series, the temporary Notes of such
series shall be exchangeable for definitive Notes of such series upon surrender
of the temporary Notes at the office or agency of the Company in a Place of
Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes of any series the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of definitive Notes of the same series and of like tenor
of authorized denomination containing terms and provisions that are identical to
those of any temporary Notes. Until so exchanged the temporary Notes of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Notes of the same series.

     Section 3.05.   REGISTRATION, TRANSFER AND EXCHANGE. The Company shall
cause to be kept at the Corporate Trust Office a register (the register
maintained in such office and in any other office or agency of the Company in a
Place of Payment being herein sometimes collectively referred to as the
"REGISTER") in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Notes and of
transfers of Notes. Such Register shall distinguish between Original Notes and
Exchange Notes of each series. The Trustee is hereby appointed "NOTE REGISTRAR"
for the purpose of registering Notes and transfers of Notes as herein provided.

     The Company shall have the right to remove and replace from time to time
the Note Registrar for any series of Notes; PROVIDED that no such removal or
replacement shall be effective until a successor Note Registrar with respect to
such series of Notes shall have been appointed by the Company and shall have
accepted such appointment by the Company. In the event that the Trustee shall
not be or shall cease to be Note Registrar with respect to a series of Notes, it
shall have the right to examine in the United States the Register for such
series at all reasonable times. There shall be only one Register for each series
of Notes.

     Upon surrender for registration of transfer of any Note of any series at
the office or agency of the Company in a Place of Payment for such series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Notes of the
same series, of any authorized denominations and of a like aggregate principal
amount and tenor containing identical terms and provisions.

     At the option of the Holder, Notes of any series may be exchanged for other
Notes of the same series bearing such restrictive legends as may be required by
this Indenture and containing identical terms and provisions in any authorized
denominations and of a like aggregate principal amount and tenor, upon surrender
of the Notes to be exchanged at such office or agency. Whenever any Notes are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Notes, with Guarantees endorsed thereon, which the
Holder making the exchange is entitled to receive.

     All Notes and Guarantees endorsed thereon issued upon any registration of
transfer or exchange of Notes with Guarantees of the Guarantors endorsed thereon
shall be the valid obligations of the Company and the respective Guarantors,
evidencing the same debt, and (subject to the provisions of the Original Notes
regarding payment of additional interest upon a

                                       18
<Page>

Registration Default) entitled to the same benefits under this Indenture, as the
Notes and Guarantees endorsed thereon surrendered upon such registration of
transfer or exchange.

     Every Note presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company or the Trustee) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to
the Company and the Note Registrar duly executed, by the Holder thereof or the
Holder's attorney-in-fact duly authorized in writing.

     No service charge shall be made for any registration of transfer or
exchange of Notes, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Notes, other than exchanges
pursuant to Section 3.04 or 9.06 not involving any transfer.

     Except as otherwise provided herein, the Company shall not be required (i)
to issue, register the transfer of or exchange Notes of any series during a
period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption of Notes of such series and ending at the
close of business on the day of such mailing, or (ii) to register the transfer
of or exchange any Note so selected for redemption.

     If the beneficial owners of interests in a Global Note are entitled to
exchange such interests for definitive Notes as the result of an event described
in Section 2.03(b), then without unnecessary delay but in any event not later
than the earliest date on which such interests may be so exchanged, the Company
shall deliver to the Trustee definitive Notes with the Guarantees endorsed
thereon in such form and denominations as are required by or pursuant to this
Indenture, and of the same series, containing identical terms and in aggregate
principal amount equal to the principal amount of such Global Note, executed by
the Company. On or after the earliest date on which such interests may be so
exchanged, such Global Note shall be surrendered from time to time by the
Depositary and in accordance with instructions given to the Trustee and the
Depositary (which instructions shall be in writing but need not be contained in
or accompanied by an Officers' Certificate or be accompanied by an Opinion of
Counsel), as shall be specified in the Company Order with respect thereto to the
Trustee, as the Company's agent for such purpose, to be exchanged, in whole or
in part, for definitive Notes with the Guarantees endorsed thereon as described
above without charge.

     The Trustee shall authenticate and make available for delivery, in exchange
for each portion of such surrendered Global Note, a like aggregate principal
amount of definitive Notes of the same series of authorized denominations and of
like tenor with the Guarantees endorsed thereon as the portion of such Global
Note to be exchanged, as shall be specified by the beneficial owner thereof,
PROVIDED, HOWEVER, that no such exchanges may occur during a period beginning at
the opening of business 15 days before any selection of Notes of the same series
to be redeemed and ending on the relevant Redemption Date.

     Promptly following any such exchange in part, such Global Note shall be
returned by the Trustee to such Depositary in accordance with the instructions
of the Company referred to above. If a Note is issued in exchange for any
portion of a Global Note after the close of business at the office or agency for
such Note where such exchange occurs on or after (i) any Regular Record Date for
such Note and before the opening of business at such office or agency on the
next Interest Payment Date, or (ii) any Special Record Date for such Note and
before the opening of

                                       19
<Page>

business at such office or agency on the related proposed date for payment of
interest or Defaulted Interest, as the case may be, interest shall not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Note, but shall be payable on such Interest Payment
Date or proposed date for payment, as the case may be, only to the Person to
whom interest in respect of such portion of such Global Note shall be payable in
accordance with the provisions of this Indenture.

     Section 3.06.   SPECIAL TRANSFER PROVISIONS. Unless and until an Original
Note is exchanged for an Exchange Note in connection with an effective
Registration Statement pursuant to the Registration Rights Agreement, the
following provisions shall apply to each such Note:

     (a)  TRANSFERS OF RESTRICTED INDIVIDUAL NOTES AND INTERESTS IN A RULE 144A
GLOBAL NOTE. With respect to the registration of any proposed transfer of a
Restricted Individual Note or an interest in a Rule 144A Global Note, if the
Note to be transferred consists of (x) a Restricted Individual Note, the
Registrar shall register the transfer if such transfer is being made by a
proposed transferor who has delivered (i) to the Company and the Registrar a
certificate from the transferor substantially in the form of Exhibit E or (ii)
to the Company and the Registrar a certificate from the transferor substantially
in the form of Exhibit F or a certificate from the transferee advising the
Company and the Registrar that it is purchasing the Note for its own account or
an account with respect to which it exercises sole investment discretion and
that it and any such account is a QIB within the meaning of Rule 144A, and is
aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as it
has requested pursuant to Rule 144A and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A or (y) an interest in a Rule 144A Global Note
(A) to be transferred to a transferee who takes delivery in the form of an
interest in a Regulation S Global Note prior to the expiration of the Regulation
S Restricted Period, the Registrar shall register the transfer if such transfer
is being made by a proposed transferor who has delivered to the Registrar a
certificate substantially in the form of Exhibit E or (B) to be transferred to a
transferee who takes delivery in the form of an interest in a Rule 144A Global
Note, the transfer of such interest may be effected only through the book entry
system maintained by the Depositary.

     (b)  TRANSFERS OF INTERESTS IN A REGULATION S GLOBAL NOTE DURING THE
RESTRICTED PERIOD. With respect to registration of any proposed transfer prior
to the expiration of the Regulation S Restricted Period of an interest in a
Regulation S Global Note to a person who takes delivery in the form of a
Restricted Individual Note or an interest in a Rule 144A Global Note, the
Registrar shall register the transfer of any Note if the proposed transferor has
delivered to the Company a certificate from the transferor substantially in the
form of Exhibit F or a certificate from the transferee advising the Company and
the Registrar that it is purchasing the Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a QIB within the meaning of Rule 144A, and is aware that the
sale to it is being made in reliance of Rule 144A and that the Notes delivered
to it shall bear the Rule 144A Legend and acknowledges that it has received such
information regarding the Company as it has requested pursuant to Rule 144A and
that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Rule 144A. The Company shall use its best efforts to cause the Depositary to
ensure that beneficial interests in a Regulation S Global Note may be held only
in or through accounts maintained at

                                       20
<Page>

the Depositary by or on behalf of Euroclear or Clearstream prior to the
expiration of the Regulation S Restricted Period, and no person shall be
entitled to effect any transfer or exchange that would result in any such
interest being held otherwise than in or through such account, except as
provided in this Section 3.06(b).

     (c)  TRANSFERS OF UNRESTRICTED INDIVIDUAL NOTES OR INTERESTS IN A
REGULATION S GLOBAL NOTE AFTER THE RESTRICTED PERIOD. With respect to any
transfer of (i) Unrestricted Individual Notes or (ii) interests in a Regulation
S Global Note after the expiration of the Regulation S Restricted Period, the
Registrar shall register the transfer of any such Note without requiring any
additional certification.

     (d)  LEGENDS. Upon the transfer, exchange or replacement of Notes that do
not bear the Rule 144A Legend or the Regulation S Legend, the Registrar shall
deliver Notes that do not bear either the Rule 144A Legend or the Regulation S
Legend. Upon the transfer, exchange or replacement of Notes bearing the Rule
144A Legend or the Regulation S Legend, the Registrar shall deliver only Notes
that bear the Rule 144A Legend or the Regulation S Legend, as the case may be,
unless (i) the circumstances contemplated by subparagraphs (a)(x)(i) or (a)(y)
of this Section 3.06 exist or (ii) in the case of an exchange of an interest in
a Regulation S Global Note for an interest in an Unrestricted Individual Note or
a Regulation S Global Note in the manner contemplated in 2.03(a) after the
expiration of the Regulation S Restricted Period or (iii) there is delivered to
the Registrar an Opinion of Counsel reasonably satisfactory to the Company and
the Trustee to the effect that neither such legend nor the related restrictions
on transfer are required in order to maintain compliance with the provisions of
the Securities Act.

     (e)  GENERAL. By its acceptance of any Note bearing the Rule 144A Legend or
the Regulation S Legend, each holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and in such
restrictive legend and agrees that it will transfer such Note only as provided
in this Indenture and such restrictive legend. The Registrar shall not register
a transfer of any Note unless such transfer complies with the restrictions on
transfer of such Note set forth in this Indenture. In connection with any
transfer of Notes, each holder agrees by its acceptance of the Notes to furnish
the Registrar or the Company such certifications, legal opinions or other
information as either of them may reasonably require to confirm that such
transfer is being made pursuant to an exemption from, or a transaction not
subject to, the registration requirements of the Securities Act; provided that
the Registrar shall not be required to determine (but may rely on a
determination made by the Company with respect to) the sufficiency of any such
certifications, legal opinions or other information.

     Section 3.07.   MUTILATED, DESTROYED, LOST AND STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Trustee or if there shall be delivered to
the Company and the Trustee evidence to their satisfaction of the destruction,
loss or theft of any Note and (ii) there shall be delivered to the Company and
the Trustee such indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Note has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and deliver, in lieu of any such mutilated, destroyed, lost or
stolen Note, a new Note of the same series with the Guarantees endorsed thereon
containing identical terms and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.

                                       21
<Page>

     In case any such mutilated, destroyed, lost or stolen Note has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Note, pay such Note.

     Upon the issuance of any new Note under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee) connected therewith.

     Every new Note of any series and Guarantee issued pursuant to this Section
in lieu of any destroyed, lost or stolen Note shall constitute a separate
obligation of the Company and the respective Guarantors, whether or not the
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes of the same series and Guarantees
duly issued hereunder.

     The provisions of this Section, as amended or supplemented pursuant to this
Indenture, are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

     Section 3.08.   PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. Interest
on, and any Additional Amounts with respect to, any Note which is payable, and
is punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person in whose name that Note (or one or more Predecessor Notes) is
registered at the close of business on the Regular Record Date for such
interest.

     Any interest on, and any Additional Amounts with respect to, any Note of
any series which is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date (herein called "DEFAULTED INTEREST") shall forthwith
cease to be payable to the Holder on the relevant Regular Record Date by virtue
of having been such Holder, and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in clause (i) or (ii) below:

               (i)   The Company may elect to make payment of any Defaulted
     Interest to the Person in whose name the Notes of such series (or their
     respective Predecessor Notes) are registered at the close of business on a
     Special Record Date for the payment of such Defaulted Interest, which shall
     be fixed in the following manner. The Company shall notify the Trustee in
     writing of the amount of Defaulted Interest proposed to be paid on each
     Note of such series and the date of the proposed payment, and at the same
     time the Company shall deposit with the Trustee an amount of money equal to
     the aggregate amount proposed to be paid in respect of such Defaulted
     Interest or shall make arrangements satisfactory to the Trustee for such
     deposit prior to the date of the proposed payment. Such money when
     deposited will be held in trust for the benefit of the Persons entitled to
     such Defaulted Interest as in this Clause provided. Thereupon the Trustee
     shall fix a Special Record Date for the payment of such Defaulted Interest
     which shall be not more than 15 days and not less than 10 days prior to the
     date of the proposed payment and not less than 10 days after the receipt by
     the Trustee of the notice of the proposed payment. The Trustee shall
     promptly notify the Company of such Special Record Date and, in the name
     and at the expense of the Company, shall cause notice of the proposed

                                       22
<Page>

     payment of such Defaulted Interest and the Special Record Date therefor to
     be mailed, first-class postage prepaid, to each Holder of Notes of such
     series at the Holder's address as it appears in the Register, not less than
     10 days prior to such Special Record Date. Notice of the proposed payment
     of such Defaulted Interest and the Special Record Date therefor having been
     so mailed, such Defaulted Interest shall be paid to the Persons in whose
     names the Notes of such series (or their respective Predecessor Notes) are
     registered at the close of business on such Special Record Date and shall
     no longer be payable pursuant to the following clause (ii).

              (ii)   The Company may make payment of any Defaulted Interest on
     the Notes of any series in any other lawful manner not inconsistent with
     the requirements of any securities exchange on which such Notes may be
     listed, and upon such notice as may be required by such exchange, if, after
     notice given by the Company to the Trustee of the proposed payment pursuant
     to this Clause, such manner of payment shall be deemed practicable by the
     Trustee.

     Unless otherwise provided in or pursuant to this Indenture or the Notes of
any particular series pursuant to the provisions of this Indenture, at the
option of the Company, interest on Notes may be paid by mailing a check to the
address of the Person entitled thereto as such address shall appear in the
Register or by transfer to an account maintained by the payee with a bank
located in the United States.

     Subject to the foregoing provisions of this Section, each Note delivered
under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Note shall carry the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Note.

     Section 3.09.   PERSONS DEEMED OWNERS. Prior to due presentment of a Note
for registration of transfer, the Company, the Guarantors, the Trustee and any
agent of the Company, the Guarantors or the Trustee may treat the Person in
whose name such Note is registered as the owner of such Note for the purpose of
receiving payment of principal of and (subject to Sections 3.05 and 3.08)
interest on and any Additional Amounts with respect to such Note and for all
other purposes whatsoever, whether or not any payment with respect to such Note
shall be overdue, and neither the Company, the Guarantors, the Trustee nor any
agent of the Company, the Guarantors or the Trustee shall be affected by notice
to the contrary.

     No Holder of any beneficial interest in any Global Note held on its behalf
by a Depositary shall have any rights under this Indenture with respect to such
Global Note, and such Depositary may be treated by the Company, the Guarantors,
the Trustee, and any agent of the Company, the Guarantors or the Trustee as the
owner of such Global Note for all purposes whatsoever. None of the Company, the
Guarantors, the Trustee, any Paying Agent or the Note Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Global Note or
for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

     Section 3.10.   CANCELLATION. All Notes surrendered for payment,
redemption, registration of transfer or exchange shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee at its Corporate
Trust Office and shall be promptly canceled by it. The Company

                                       23
<Page>

may at any time deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever and may deliver to the Trustee (or to an Authenticating Agent
for delivery to the Trustee) for cancellation any Notes previously authenticated
hereunder which the Company has not issued and sold, and all Notes so delivered
shall be promptly canceled by the Trustee. No Notes shall be authenticated in
lieu of or in exchange for any Notes canceled as provided in this Section,
except as expressly permitted by this Indenture. All canceled Notes held by the
Trustee shall be disposed of as directed by a Company Order.

     Section 3.11.   COMPUTATION OF INTEREST. Interest on the Floating Rate
Notes shall be computed as provided in Exhibits B and D. Interest on the Notes
due 2007 and Notes due 2009 shall be computed on the basis of a 360-day year of
twelve 30-day months.

                                    ARTICLE 4
                           SATISFACTION AND DISCHARGE

     Section 4.01.   SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall upon Company Request cease to be of further effect with respect to any
series of Notes specified in such Company Request (except as to rights of
registration of transfer or exchange of Notes), and the Trustee on receipt of
the Company Request, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series, when:

     (a)  either

               (i)   all Notes of such series theretofore authenticated and
     delivered (other than (A) Notes of such series which have been destroyed,
     lost or stolen and which have been replaced or paid as provided in Section
     3.07 and (B) Notes of such series for whose payment money has theretofore
     been deposited in trust or segregated and held in trust by the Company and
     thereafter repaid to the Company or discharged from such trust, as provided
     in Section 10.03) have been delivered to the Trustee for cancellation; or

              (ii)   all such Notes not theretofore delivered to the Trustee for
     cancellation:

                       (A)   have become due and payable, or

                       (B)   will become due and payable at their Stated
              Maturity within one year, or

                       (C)   if redeemable at the option of the Company are to
              be called for redemption within one year under arrangements
              satisfactory to the Trustee for the giving of notice of redemption
              by the Trustee in the name, and at the expense, of the Company,

     and the Company, in the case of (A), (B) or (C) above, has deposited or
     caused to be deposited with the Trustee as trust funds in trust for the
     purpose an amount sufficient to pay and discharge the entire indebtedness
     on such Notes not theretofore delivered to the

                                       24
<Page>

     Trustee for cancellation, for principal and interest and any Additional
     Amounts to the date of such deposit (in the case of Notes which have become
     due and payable) or to the Stated Maturity or Redemption Date, as the case
     may be;

     (b)  the Company has paid or caused to be paid all other sums payable
hereunder by the Company; and

     (c)  the Company has delivered to the Trustee an Officers' Certificate or
an Opinion of Counsel, stating that all conditions precedent herein relating to
the satisfaction and discharge of this Indenture with respect to such Notes have
been complied with.

     In the event there are Notes of two or more series hereunder, the Trustee
shall be required to execute an instrument acknowledging satisfaction and
discharge of this Indenture only if requested to do so with respect to Notes of
such series as to which it is Trustee and if the other conditions thereto are
met.

     Notwithstanding the satisfaction and discharge of this Indenture with
respect to the Notes of any series, the obligations of the Company to the
Trustee under Section 6.07, the obligations of the Trustee to any Authenticating
Agent under Section 6.14 and, if money shall have been deposited with the
Trustee pursuant to subclause (B) of clause (i) of this Section, the obligations
of the Company under Sections 3.04, 3.05, 3.07 and 10.02, and the obligation to
pay Additional Amounts, if any, with respect to such Notes as contemplated by
Section 10.06 (but only to the extent that any Additional Amounts payable with
respect to such Notes exceed the amount deposited in respect of such Additional
Amounts pursuant to Section 4.01(a)(ii)), shall survive.

     Section 4.02.   APPLICATION OF TRUST MONEY. Subject to the provisions of
the penultimate paragraph of Section 10.03, all money and Government Obligations
deposited with the Trustee pursuant to Section 4.01 and Article Thirteen shall
be held in trust and applied by it, in accordance with the provisions of the
Notes of the series for which such deposit was made and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal, interest and Additional Amounts for whose
payment such money and Government Obligations has been deposited with the
Trustee; but such money and Government Obligations need not be segregated from
other funds except to the extent required by law.

                                    ARTICLE 5
                                    REMEDIES

     Section 5.01.   EVENTS OF DEFAULT. "EVENT OF DEFAULT," wherever used herein
with respect to the Notes of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

     (a)  default in the payment of any interest upon any Note of such series
when it becomes due and payable, and continuance of such default for a period of
30 days;

                                       25
<Page>

     (b)  default in the payment of the principal of any Note of such series at
its Maturity;

     (c)  default in the performance, or breach, of any covenant, agreement or
warranty of the Company or any Guarantor in this Indenture (other than a
covenant, agreement or warranty a default in whose performance is elsewhere in
this Section specifically dealt with or which has expressly been included in
this Indenture solely for the benefit of a series of Notes other than such
series) and continuance of such default for a period of 60 days after there has
been given, by registered or certified mail, to the Company and such Guarantor
by the Trustee or to the Company, such Guarantor and the Trustee by the Holders
of at least 50% in principal amount of the Outstanding Notes of such series a
written notice specifying such default and requiring it to be remedied and
stating that such notice is a "NOTICE OF DEFAULT" hereunder;

     (d)  the entry by a court having jurisdiction of a decree or order
adjudging the Company or a 60% Subsidiary Guarantor a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company or a 60% Subsidiary
Guarantor under federal bankruptcy law or any other applicable federal or state
law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or a 60% Subsidiary
Guarantor or of any substantial part of any of their property, or ordering the
winding up or liquidation of any of their affairs, and the continuance of any
such decree or order unstayed and in effect for a period of 60 consecutive days;
or

     (e)  the commencement by the Company or a 60% Subsidiary Guarantor of
proceedings to be adjudicated a bankrupt or insolvent, or the consent by any of
them to the commencement of bankruptcy or insolvency proceedings against them,
or the filing by any of them of a petition or answer or consent seeking
reorganization or relief under federal bankruptcy law or any other applicable
federal or state law, or the consent by any of them to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or similar official of the Company or a 60% Subsidiary Guarantor or
of any substantial part of any of their property, or the making by any of them
of a general assignment for the benefit of creditors, or the admission by any of
them in writing of their inability to pay their respective debts generally as
they become due, or the taking of corporate action by the Company or a 60%
Subsidiary Guarantor in furtherance of any such action.

     Section 5.02.   ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If an
Event of Default with respect to Notes of any series at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of
not less than 50% in principal amount of the Outstanding Notes of such series
may declare the principal amount of all the Notes of such series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such principal amount shall
become immediately due and payable.

     At any time after such a declaration of acceleration with respect to Notes
of any series has been made and before the Stated Maturity thereof, the Holders
of a majority in principal amount of the Outstanding Notes of such series, by
written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if:

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<Page>

               (i)   the Company has paid or deposited with the Trustee a sum
     sufficient to pay:

                       (A)   all overdue installments of interest on and
              any Additional Amounts with respect to all Outstanding Notes of
              such series;

                       (B)   the principal of any Outstanding Notes of such
              series which have become due otherwise than by such declaration of
              acceleration and interest thereon at the rate borne by the Notes
              of such series and any Additional Amounts;

                       (C)   to the extent that payment of such interest or
              Additional Amounts is lawful, interest upon overdue interest or
              Additional Amounts at the rate borne by the Notes of such series;
              and

                       (D)   all sums paid or advanced by the Trustee hereunder
              and the reasonable compensation, expenses, disbursements and
              advances of the Trustee, its agents and counsel; and

              (ii)   all Events of Default with respect to the Notes of such
     series, other than the non-payment of the principal of Notes of such series
     which have become due solely by such declaration of acceleration, have been
     cured or waived as provided in Section 5.13.

     No such rescission shall affect any subsequent default or impair any right
consequent thereon.

     Section 5.03.   COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. The Company covenants that if:

               (i)   default is made in the payment of any interest on any Notes
     when such interest becomes due and payable and such default continues for a
     period of 30 days, or

              (ii)   default is made in the payment of the principal of any
     Notes at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Notes, the whole amount then due and payable on
such Notes for principal and interest and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal and on
any overdue interest, at the rate borne by the Notes and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

     If the Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sum so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Company or any other obligor upon such Notes and collect the

                                       27
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moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Notes, wherever
situated.

     If an Event of Default with respect to Notes of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of the Notes of such series by such
judicial proceedings as the Trustee shall deem appropriate to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy.

     Section 5.04.   TRUSTEE MAY FILE PROOFS OF CLAIM. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Company or any other obligor upon the Notes or the property of the Company
or of such other obligor or their creditors, the Trustee (irrespective of
whether the principal of the Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company for the payment of overdue principal
or interest or Additional Amounts) shall be entitled and empowered, by
intervention in such proceeding or otherwise,

               (i)   to file and prove a claim for the whole amount of principal
     and interest and Additional Amounts owing and unpaid in respect of the
     Notes and to file such other papers and documents as may be necessary or
     advisable in order to have the claims of the Trustee (including any claim
     for the reasonable compensation, expenses, disbursements and advances of
     the Trustee, its agents and counsel) and of the Holders allowed in such
     judicial proceeding, and

              (ii)   to collect and receive any moneys or other property payable
     or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee or to which it may become entitled under Section 6.07.

     Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding; PROVIDED that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy
or similar official proceeding, and be a member of a creditors' or other similar
committee.

     Section 5.05.   TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF NOTES. All
rights of action and claims under this Indenture or the Notes may be prosecuted
by the Trustee without the possession of any of the Notes or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust
and any recovery of judgment shall, after provision for the payment of the

                                       28
<Page>

reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the Notes
in respect of which such judgment has been recovered.

     Section 5.06.   APPLICATION OF MONEY COLLECTED. Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal, interest or Additional Amounts, upon presentation
of the Notes and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

             First: To the payment of all amounts due the Trustee under
Section 6.07;

             Second: To the payment of the amounts then due and unpaid for
principal of, interest and Additional Amounts on the Notes in respect of which
or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the amounts due and payable on
such Notes for principal, interest and Additional Amounts, respectively; and

             Third: To the payment of the remainder, if any, to the Company or
any other Person lawfully entitled thereto.

     Section 5.07.   LIMITATION ON SUITS. No Holder of any Note of any series
shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless:

               (i)   such Holder has previously given written notice to the
     Trustee of a continuing Event of Default with respect to the Notes of such
     series;

              (ii)   the Holders of not less than 50% in principal amount of the
     Outstanding Notes of such series shall have made written request to the
     Trustee to institute proceedings in respect of such Event of Default in its
     own name as Trustee hereunder;

             (iii)   such Holder or Holders have offered to the Trustee
     indemnity reasonably acceptable to the Trustee against the costs, expenses
     and liabilities to be incurred in compliance with such request;

              (iv)   the Trustee for 60 days after its receipt of such notice,
     request and offer of indemnity has failed to institute any such
     proceedings; and

               (v)   no direction inconsistent with such written request has
     been given to the Trustee during such 60-day period by the Holders of a
     majority in principal amount of the Outstanding Notes of such series.

It being understood and intended that no one or more Holders of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the right of any other such
Holders of Notes of such series, or to obtain or to seek to obtain priority or
preference over any other such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders of Notes.

                                       29
<Page>

     Section 5.08.   UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND
INTEREST. Notwithstanding any other provision in this Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and (subject to Section 3.08) interest on, and any
Additional Amounts with respect to, such Note on the respective Stated
Maturities expressed in such Note (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment
and such rights shall not be impaired without the consent of such Holder.

     Section 5.09.   RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Guarantors, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

     Section 5.10.   RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes in the last paragraph of Section 3.07, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     Section 5.11.   DELAY OR OMISSION NOT WAIVER. No delay or omission of the
Trustee or of any Holder to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given
by this Article or by law to the Trustee or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.

     Section 5.12.   CONTROL BY HOLDERS. The Holders of a majority in principal
amount of the Outstanding Notes of any series shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Notes of such series, PROVIDED that:

               (i)   such direction shall not be in conflict with any rule of
     law or with this Indenture or with such Notes and the Trustee shall have
     been offered reasonably acceptable indemnity as therein provided;

              (ii)   the Trustee may take any other action deemed proper by the
     Trustee which is not inconsistent with such direction;

             (iii)   subject to Section 6.01, the Trustee need not take any
     action which might be prejudicial to the Holders of such series not
     consenting; and

                                       30
<Page>

              (iv)   subject to Sections 6.01 and 6.03, the Trustee need not
     take any action which will involve the Trustee in personal liability or
     expense.

     Section 5.13.   WAIVER OF PAST DEFAULTS. The Holders of not less than a
majority in principal amount of the Outstanding Notes of any series may on
behalf of the Holders of all the Notes of such series waive any past default
hereunder with respect to such series and its consequences, except a default:

               (i)   in the payment of the principal of or interest on any Note
     of such series, or

              (ii)   in respect of a covenant or provision hereof which under
     Article Nine cannot be modified or amended without the consent of the
     Holder of each Outstanding Note of such series affected.

     Upon any such waiver, such default shall cease to exist with respect to
such series, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other default or impair any right consequent thereon.

     Section 5.14.   UNDERTAKING FOR COSTS. All parties to this Indenture agree,
and each Holder of any Note by acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any
suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Notes of any series, or to
any suit instituted by any Holder for the enforcement of the payment of the
principal of or interest on any Note on or after the respective Stated
Maturities expressed in such Note (or, in the case of redemption, on or after
the Redemption Date).

     Section 5.15.   WAIVER OF STAY OR EXTENSION LAWS. Each of the Company and
the Guarantors covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or
at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and each of the Company and the Guarantors (to
the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted.

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                                    ARTICLE 6
                                   THE TRUSTEE

     Section 6.01.   CERTAIN DUTIES AND RESPONSIBILITIES. (a) Except during the
continuance of an Event of Default,

               (i)   the Trustee undertakes to perform such duties and only such
     duties as are specifically set forth in this Indenture, and no implied
     covenants or obligations shall be read into this Indenture against the
     Trustee; and

              (ii)   in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     the Trustee and conforming to the requirements of this Indenture; but in
     the case of any such certificates or opinions which by any provision hereof
     are specifically required to be furnished to the Trustee, the Trustee shall
     be under a duty to examine the same to determine whether or not they
     conform to the requirements of this Indenture.

     (b)  In case an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

     (c)  No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct except that:

               (i)   this Subsection shall not be construed to limit the effect
     of Subsection (a) of this Section;

              (ii)   the Trustee shall not be liable for any error of judgment
     made in good faith by a Responsible Officer, unless it shall be proved that
     the Trustee was negligent in ascertaining the pertinent facts;

             (iii)   the Trustee shall not be liable with respect to any action
     taken or omitted to be taken by it in good faith in accordance with the
     direction of the Holders of a majority in principal amount of the
     Outstanding Notes of any series relating to the time, method and place of
     conducting any proceeding for any remedy available to the Trustee, or
     exercising any trust or power conferred upon the Trustee, under this
     Indenture with respect to the Notes of such series; and

              (iv)   no provision of this Indenture shall require the Trustee to
     expend or risk its own funds or otherwise incur any financial liability in
     the performance of any of its duties hereunder, or in the exercise of any
     of its rights or powers, if it shall have reasonable grounds for believing
     that repayment of such funds or adequate indemnity against such risk or
     liability is not reasonably assured to it.

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<Page>

     (d)  Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section.

     Section 6.02.   NOTICE OF DEFAULTS. Within 90 days after the occurrence of
any default hereunder with respect to the Notes of any series, the Trustee shall
transmit by mail to all Holders of Notes of such series, as their names and
addresses appear in the Register, notice of such default hereunder known to the
Trustee, unless such default shall have been cured or waived; PROVIDED, HOWEVER,
that, except in the case of a default in the payment of the principal of or
interest on any Note, the Trustee shall be protected in withholding such notice
if and so long as the board of directors, the executive committee or a trust
committee of directors or Responsible Officers of the Trustee in good faith
determine that the withholding of such notice is in the interest of the Holders
of Notes of such series; and PROVIDED, FURTHER, that in the case of any default
of the character specified in Section 5.01(c) with respect to the Notes of such
series, no such notice to Holders shall be given until at least 60 days after
the occurrence thereof. For the purpose of this Section, the term "DEFAULT"
means any event which is, or after notice or lapse of time or both would become,
an Event of Default with respect to Notes of such series.

     Section 6.03.   CERTAIN RIGHTS OF TRUSTEE. Subject to the provisions of
Section 6.01:

     (a)  the Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;

     (b)  any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution
of the Board of Directors may be sufficiently evidenced by a Board Resolution;

     (c)  whenever in the administration of this Indenture the Trustee shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officers' Certificate and/or an Opinion of Counsel, and shall be
protected in respect of any action taken, suffered or omitted by it in reliance
thereon;

     (d)  the Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon;

     (e)  the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any of
the Holders pursuant to this Indenture, unless such Holders shall have offered
to the Trustee indemnity reasonably acceptable to the Trustee against the costs,
expenses and liabilities which might be incurred by it or its counsel or agents
in compliance with such request or direction;

     (f)  the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or

                                       33
<Page>

document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit;

     (g)  the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder;

     (h)  the rights, privileges, immunities and benefits given to the Trustee
hereunder, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder; and

     (i)  the Trustee shall not be deemed to have notice of any default or Event
of Default with respect to the Notes of any series for which it is acting as
Trustee unless (A) a Responsible Officer has actual knowledge of such default or
Event of Default or (B) written notice of such default or Event of Default has
been given to the Trustee at the Corporate Trust Office by the Company or by any
Holder in accordance with the provisions hereof.

     Section 6.04.   NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF NOTES. The
recitals contained herein and in the Notes, except the Trustee's certificates of
authentication, shall be taken as the statements of the Company, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Notes or the Guarantees, except that the
Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Notes and perform its obligations hereunder and that
the statements made by it in a Statement of Eligibility and Qualification on
Form T-1 to be supplied to the Company will be true and accurate, subject to the
qualifications set forth therein. The Trustee or any Authenticating Agent shall
not be accountable for the use or application by the Company of Notes or the
proceeds thereof.

     Section 6.05.   MAY HOLD NOTES. The Trustee, any Authenticating Agent, any
Paying Agent, any Note Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Notes and,
subject to Section 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Note Registrar or such other agent.

     Section 6.06.   MONEY HELD IN TRUST. Except as otherwise expressly provided
herein, money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed with the Company.

     Section 6.07.   COMPENSATION AND REIMBURSEMENT. The Company agrees:

               (i)   to pay to the Trustee from time to time reasonable
     compensation for all services rendered by it hereunder;

              (ii)   except as otherwise expressly provided herein, to reimburse
     the Trustee upon its request for all reasonable expenses, disbursements and
     advances incurred or made by the Trustee in accordance with any provision
     of this Indenture (including the reasonable compensation and the expenses
     and disbursements of its agents and counsel),

                                       34
<Page>

     except any such expense, disbursement or advance as may be attributable to
     its negligence or bad faith; and

             (iii)   to indemnify the Trustee for, and to hold it harmless
     against, any loss, liability or expense, including reasonable expenses of
     counsel, incurred without negligence or bad faith on its part, arising out
     of or in connection with the acceptance or administration of the trust or
     trusts hereunder, including the costs and expenses of defending itself
     against any claim or liability in connection with the exercise or
     performance of any of its powers or duties hereunder, except to the extent
     that any such loss, liability or expense was due to the Trustee's
     negligence or bad faith.

     The obligations of the Company under this Section 6.07 will survive the
satisfaction and discharge of this Indenture.

     Section 6.08.   INTENTIONALLY LEFT BLANK.

     Section 6.09.   CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. There shall at all
times be a Trustee hereunder which shall:

               (i)   be a Corporation organized and doing business under the
     laws of the United States of America, any state thereof or the District of
     Columbia authorized under such laws to exercise corporate trust powers;

              (ii)   be eligible under Section 310(a) of the Trust Indenture Act
     to act as trustee under an indenture qualified under the Trust Indenture
     Act; and

             (iii)   have a combined capital and surplus of at least
     $100,000,000 and subject to supervision or examination by federal or state
     authority.

     If such Corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and
surplus of such Corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

     Section 6.10.   RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. (a) No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements hereof and of the Trust Indenture Act. The indemnities existing in
favor of the Trustee hereunder shall survive the Trustee's resignation or
removal or termination of this Indenture.

     (b)  The Trustee may resign at any time with respect to the Notes of one or
more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 6.11 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Notes of such series.

                                       35
<Page>

     (c)  The Trustee may be removed at any time with respect to the Notes of
one or more series by the Company or by Act of the Holders of a majority in
principal amount of the Outstanding Notes of such series, delivered to the
Trustee, and to the Company in the case of an Act of the Holders.

     (d)  If at any time:

               (i)   the Trustee shall fail to comply with the obligations
     imposed upon it under Section 310(b) of the Trust Indenture Act with
     respect to the Notes after written request therefor by the Company or by
     any Holder who has been a bona fide Holder of a Note for at least six
     months;

              (ii)   the Trustee shall cease to be eligible under Section 6.09
     and shall fail to resign after written request therefor by the Company or
     by any such Holder; or

             (iii)   the Trustee shall become incapable of acting or shall be
     adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
     property shall be appointed or any public officer shall take charge or
     control of the Trustee or of its property or affairs for the purpose of
     rehabilitation, conservation or liquidation,

then, in any such case, (i) the Company may remove the Trustee with respect to
all Notes or the Notes of such series, or (ii) subject to Section 5.14, any
Holder who has been a bona fide Holder of a Note for at least six months may, on
behalf of such Holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Notes
of such series and the appointment of a successor Trustee.

     (e)  If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Notes of one or more series, the Company shall promptly appoint a
successor Trustee or Trustees with respect to the Notes of that or those series
(it being understood that any such successor Trustee may be appointed with
respect to the Notes of one or more or all of such series and that at any time
there shall be only one Trustee with respect to the Notes of any particular
series).

     If, within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to the Notes of any
series shall be appointed by Act of the Holders of 75% in principal amount of
the Outstanding Notes of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section
6.11, become the successor Trustee with respect to the Notes of such series and
supersede the successor Trustee appointed by the Company.

     If no successor Trustee with respect to the Notes of any series shall have
been so appointed by the Company or the Holders and accepted appointment in the
manner required by Section 6.11, any Holder who has been a bona fide Holder of a
Note of such series for at least six months may, on behalf of such Holder and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Notes of such series.

                                       36
<Page>

     (f)  The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Notes of any series and each appointment of a
successor Trustee with respect to the Notes of any series by mailing written
notice of such event by first-class mail, postage prepaid, to all Holders of
Notes of such series as their names and addresses appear in the Register. Each
notice shall include the name of the successor Trustee with respect to the Notes
of such series and the address of its Corporate Trust Office.

     Section 6.11.   ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a) In case of the
appointment hereunder of a successor Trustee with respect to all Notes, every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to
the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder.

     (b)  In case of the appointment hereunder of a successor Trustee with
respect to the Notes of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Notes of that or
those series shall execute and deliver an indenture supplemental hereto wherein
each successor Trustee shall accept such appointment and which,

               (i)   shall contain such provisions as shall be necessary or
     desirable to transfer and confirm to, and to vest in, each successor
     Trustee all the rights, powers, trusts and duties of the retiring Trustee
     with respect to the Notes of that or those series to which the appointment
     of such successor Trustee relates,

              (ii)   if the retiring Trustee is not retiring with respect to all
     Notes, shall contain such provisions as shall be deemed necessary or
     desirable to confirm that all the rights, powers, trusts and duties of the
     retiring Trustee with respect to the Notes of that or those series as to
     which the retiring Trustee is not retiring shall continue to be vested in
     the retiring Trustee, and

             (iii)   shall add to or change any of the provisions of this
     Indenture as shall be necessary to provide for or facilitate the
     administration of the trusts hereunder by more than one Trustee.

It being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee.

     Upon the execution and delivery of such supplemental indenture, the
resignation or removal of the retiring Trustee shall become effective to the
extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Notes of that or

                                       37
<Page>

those series to which the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Notes of that
or those series to which the appointment of such successor Trustee relates.

     (c)  Upon request of any such successor Trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in
paragraph (a) or (b) of this Section, as the case may be.

     (d)  No successor Trustee shall accept its appointment unless at the time
of such a acceptance such successor Trustee shall be qualified and eligible
under this Article.

     Section 6.12.   MERGER, CONVERSION OR SUCCESSION TO BUSINESS. Any
Corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any Corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Corporation
succeeding to or purchasing all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such Corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. Notwithstanding the foregoing, at the request
of the Trustee, the parties shall execute and deliver such writings as the
Trustee reasonably may request to reflect such succession. In case any Notes
shall have been authenticated, but not delivered, by the Trustee then in office,
any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Notes so authenticated
with the same effect as if such successor Trustee had itself authenticated such
Notes.

     Section 6.13.   PREFERENTIAL CLAIMS. Reference is made to Section 311 of
the Trust Indenture Act. For purposes of Section 311(b)(4) and (6) of such Act:

               (i)   "CASH TRANSACTION" means any transaction in which full
     payment for goods or securities sold is required to be made within seven
     days after delivery of the goods or securities in currency or in checks or
     other orders drawn upon banks or bankers and payable upon demand; and

              (ii)   "SELF-LIQUIDATING PAPER" means any draft, bill of exchange,
     acceptance or obligation which is made, drawn, negotiated or incurred by
     the Company or a Guarantor for the purpose of financing the purchase,
     processing, manufacturing, shipment, storage or sale of goods, wares or
     merchandise and which is secured by documents evidencing title to,
     possession of, or a lien upon, the goods, wares or merchandise or the
     receivables or proceeds arising from the sale of the goods, wares or
     merchandise previously constituting the security, provided the security is
     received by the Trustee simultaneously with the creation of the creditor
     relationship with the Company or a Guarantor arising from the making,
     drawing, negotiating or incurring of the draft, bill of exchange,
     acceptance or obligation.

                                       38
<Page>

     Section 6.14.   APPOINTMENT OF AUTHENTICATING AGENT. At any time when any
of the Notes remain Outstanding the Trustee may appoint an Authenticating Agent
or Agents with respect to one or more series of Notes which shall be authorized
to act on behalf of the Trustee to authenticate Notes of such series issued upon
original issuance, exchange, registration of transfer or partial redemption
thereof or pursuant to Section 3.07, and Notes so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in the Indenture to the authentication and delivery of Notes by the Trustee
or the Trustee's certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.

     Each Authenticating Agent shall be acceptable to the Company and shall at
all times be a Corporation organized and doing business under the laws of the
United States of America, any state thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $50,000,000 and subject to supervision or
examination by federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

     Any Corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any Corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, PROVIDED that such Corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

     An Authenticating Agent may resign at any time by giving 30 days' written
notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof
to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders of Notes
of the series with respect to which such Authenticating Agent will serve, as
their names and addresses appear in the Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as
if originally named as an Authenticating Agent. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

                                       39
<Page>

     The Trustee agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions
of Section 6.07.

     If an appointment with respect to one or more series is made pursuant to
this Section, the Notes of such series may have endorsed thereon, in addition to
the Trustee's certificate of authentication, an alternate certificate of
authentication in the following form:

                     This is one of the Notes of the series designated therein
                  referred to in the within-mentioned Indenture.

                  WACHOVIA BANK, NATIONAL
                  ASSOCIATION, as
                  Trustee


                  By:
                       As Authenticating Agent


                  By:
                       Authorized Signatory

                                    ARTICLE 7
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

     Section 7.01.   COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.
The Company will furnish or cause to be furnished to the Trustee with respect to
the Notes of each series:

               (i)   semi-annually, not later than each Interest Payment Date
     for such series a list, in such form as the Trustee may reasonably require,
     of the names and addresses of the Holders as of the preceding Regular
     Record Date therefor, and

              (ii)   at such other times as the Trustee may request in writing,
     within 30 days after the receipt by the Company of any such request, a list
     of similar form and content as of a date not more than 15 days prior to the
     time such list is furnished;

PROVIDED, however, that so long as the Trustee is the Note Registrar no such
list shall be required to be furnished.

     Section 7.02.   PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS. (a)
The Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of Holders of the Notes of each series contained in the
most recent list furnished to the Trustee as provided in Section 7.01 and the
names and addresses of such Holders received by the Trustee in

                                       40
<Page>

its capacity as Note Registrar. The Trustee may destroy any list of the Holders
of Notes of any series furnished to it as provided in Section 7.01 upon receipt
of a new list of such Holders.

     (b)  If three or more Holders of Notes of any series (herein referred to as
"APPLICANTS") apply in writing to the Trustee, and furnish to the Trustee
reasonable proof that each such applicant has owned a Note of such series for a
period of at least six months preceding the date of such application, and such
application states that the applicants desire to communicate with other Holders
of Notes of such series with respect to their rights under this Indenture or
under the Notes of such series and is accompanied by a copy of the form of proxy
or other communication which such applicants propose to transmit, then the
Trustee shall, within five Business Days after the receipt of such application,
at its election, either:

               (i)   afford such applicants access to the information preserved
     at the time by the Trustee in accordance with Section 7.02(a) with respect
     to the Notes of such series, or

              (ii)   inform such applicants as to the approximate number of
     Holders of Notes of such series whose names and addresses appear in the
     information preserved at the time by the Trustee in accordance with Section
     7.02(a), and as to the approximate cost of mailing to such Holders the form
     of proxy or other communication, if any, specified in such application.

     If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder of Notes of such series whose name and address appear in the
information preserved at the time by the Trustee in accordance with Section
7.02(a) a copy of the form of proxy or other communication which is specified in
such request, with reasonable promptness after a tender to the Trustee of the
material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender the
Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Trustee, such mailing would be contrary to the best
interest of the Holders or would be in violation of applicable law. Such written
statement shall specify the basis of such opinion. If the Commission, after
opportunity for a hearing upon the objections specified in the written statement
so filed, shall enter an order refusing to sustain any of such objections or if,
after the entry of an order sustaining one or more of such objections, the
Commission shall find, after notice and opportunity for hearing, that all the
objections so sustained have been met and shall enter an order so declaring, the
Trustee shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender;
otherwise the Trustee shall be relieved of any obligation or duty to such
applicants respecting their application.

     (c)  Every Holder of Notes, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee nor any
agent of either of them shall be held accountable by reason of the disclosure of
any such information as to the names and addresses of the Holders in accordance
with Section 7.02(b), regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 7.02(b).

                                       41
<Page>

     Section 7.03.   REPORTS BY TRUSTEE. (a) Within 60 days after March 1 of
each year commencing with the year 2005, the Trustee shall transmit by mail to
all Holders, as their names and addresses appear in the Register, a brief report
dated as of such March 1, if any, as may be required by Section 313(a) of the
Trust Indenture Act.

     (b)  A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange upon which any Notes
are listed, with the Commission and with the Company. The Company will notify
the Trustee when any Notes are listed on any stock exchange.

     Section 7.04.   REPORTS BY COMPANY. The Company shall:

     (a)  file with the Trustee, within 15 days after the Company is required to
file the same with the Commission, copies of the annual reports and of the
information, documents and other reports which the Company may be required to
file with the Commission pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934; or, if the Company is not required to file
information, documents or reports pursuant to either of said Sections, then it
shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be
required pursuant to Section 13 of the Securities Exchange Act of 1934 in
respect of a security listed and registered on a national securities exchange as
may be prescribed from time to time in such rules and regulations;

     (b)  if the Company is no longer required (or is not required, as the case
may be) to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934, then it shall promptly furnish or cause to be furnished
such information as is specified pursuant to Rule 144A(d)(4) under the
Securities Act of 1933 (or any successor provision thereto) to such Holder or to
a prospective purchaser of a Note who is designated by such Holder and is a
qualified institutional buyer (as defined in Rule 144A), upon the request of
such Holder or prospective purchaser, in order to permit compliance by such
Holder with Rule 144A under the Securities Act of 1933.

     (c)  file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by the Company
with the conditions and covenants of this Indenture as may be required from time
to time by such rules and regulations; and

     (d)  transmit by mail to all Holders, as their names and addresses appear
in the Register, within 30 days after the filing thereof with the Trustee, such
summaries of any information, documents and reports required to be filed by the
Company pursuant to paragraphs (a) through (c) of this Section as may be
required by rules and regulations prescribed from time to time by the
Commission.

                                       42
<Page>

                                    ARTICLE 8
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

     Section 8.01.   COMPANY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS. The Company
shall not, in a single transaction or a series of related transactions,
consolidate with or merge into any other Person or convey, transfer or lease its
properties and assets as, or substantially as, an entirety to any Person or
permit any other Person to merge into the Company unless:

     (a)  in case the Company shall consolidate with or merge into another
Corporation or convey, transfer or lease its properties and assets as, or
substantially as, an entirety to any Person, the Corporation formed by such
consolidation or into which the Company is merged or the Person which acquires
by conveyance, transfer, or lease the properties and assets of the Company as,
or substantially as, an entirety shall be a Corporation organized and existing
under the laws of the United States of America, any state thereof or the
District of Columbia and shall expressly assume, by an indenture supplemental
hereto executed and delivered to the Trustee, in form satisfactory to the
Trustee, the due and punctual payment of the principal of, interest on and any
Additional Amounts with respect to all the Notes and the performance of every
covenant of this Indenture on the part of the Company to be performed or
observed;

     (b)  immediately after giving effect to such transaction, no Event of
Default, or event which after notice or lapse of time, or both, would become an
Event of Default, shall have occurred and be continuing; and

     (c)  the Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, stating that such consolidation, merger,
conveyance, transfer or lease and any such supplemental indenture comply with
this Article and that all conditions precedent herein provided for relating to
such transaction have been complied with.

     Section 8.02.   SUCCESSOR CORPORATION SUBSTITUTED. Upon any consolidation
by the Company with or merger by the Company into any other Corporation or any
conveyance, transfer or lease of the properties and assets of the Company as, or
substantially as, an entirety to any Person in accordance with Section 8.01, the
successor Corporation formed by such consolidation or into which the Company is
merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Corporation has
been named as the Company herein, and thereafter, except in the case of a lease
to another Person, the predecessor Corporation shall be relieved of all
obligations and covenants under this Indenture and the Notes.

                                    ARTICLE 9
                             SUPPLEMENTAL INDENTURES

     Section 9.01.   SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. Without
the consent of any Holders, the Company, the Guarantors and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

                                       43
<Page>

     (a)  to evidence the succession of another Person to the Company or any
Guarantor and the assumption by any such successor of the covenants of the
Company or such Guarantor herein and in the Notes or such Guarantee, as the case
may be;

     (b)  to add to the covenants of the Company or any Guarantor for the
benefit of the Holders of all or any series of Notes (and, if such covenants are
to be for the benefit of less than all series of Notes, stating that such
covenants are expressly being included solely for the benefit of such series) or
to surrender any right or power herein conferred upon the Company or any
Guarantor;

     (c)  to add any additional Events of Default with respect to Notes of any
or all series;

     (d)  to change or eliminate any of the provisions of this Indenture,
provided that any such change or elimination shall become effective only when
there is no Note Outstanding of any series created prior to the execution of
such supplemental indenture which is entitled to the benefit of such provision;

     (e)  to secure the Notes of any or all series;

     (f)  to add new Guarantors pursuant to Section 12.03;

     (g)  to provide for the release of any Guarantor pursuant to Section 12.04;

     (h)  to cure any ambiguity, to correct or supplement any provision herein
which may be inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture,
provided such action shall not adversely affect the interests of the Holders of
Notes of any series in any material respect;

     (i)  to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Notes of one or more series and to add
to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, pursuant to the requirements of Section 6.11(b);

     (j)  to add to, delete from or revise the conditions, limitations and
restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Notes, as herein set forth;

     (k)  to supplement any of the provisions of this Indenture to such extent
as shall be necessary to permit or facilitate the defeasance and discharge of
any series of Notes pursuant to Article Thirteen, PROVIDED that no such
supplement shall materially adversely affect the interest of the Holders of any
Notes then Outstanding;

     (l)  to comply with any requirements of the Commission in order to effect
or maintain the qualification of this Indenture under the Trust Indenture Act;
or

     (m)  to amend or supplement any provision contained herein or in any
supplemental indenture, PROVIDED that no such amendment or supplement shall
materially adversely affect the interest of the Holders of any Notes then
Outstanding.

                                       44
<Page>

     Section 9.02.   SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. With the
consent of the Holders of a majority in principal amount of the Outstanding
Notes of each series affected by such supplemental indenture, by Act of said
Holders delivered to the Company, the Guarantors, and the Trustee, the Company,
the Guarantors and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Notes of such series under
this Indenture; PROVIDED, HOWEVER, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Note affected thereby,

     (a)  change the Stated Maturity of the principal of, or any installment of
interest on, any such Note, or reduce the principal amount thereof or any
interest thereon, or change any Place of Payment where, or the currency in
which, any such Note or the interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption
Date);

     (b)  reduce the percentage in principal amount of the Outstanding Notes of
any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of those Holders is required for any waiver (of
compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture; or

     (c)  modify any of the provisions of this Section or Section 5.13, except
to increase any such percentage or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of the Holder of
each Outstanding Note affected thereby.

     A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Notes, or which modifies the rights
of the Holders of Notes of such series with respect to such covenant or the
provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Notes of any other series.

     It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

     Section 9.03.   EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section
6.01) shall be fully protected in relying upon, an Officers' Certificate and an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

     Section 9.04.   EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of
any supplemental indenture under this Article, this Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes;

                                       45
<Page>

and every Holder of Notes theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

     Section 9.05.   CONFORMITY WITH TRUST INDENTURE ACT. Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of
the Trust Indenture Act as then in effect.

     Section 9.06.   REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes of any
series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in
such supplemental indenture. If the Company shall so determine, new Notes of any
series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company
and authenticated and delivered by the Trustee in exchange for Outstanding Notes
of such series.

                                   ARTICLE 10
                                    COVENANTS

     Section 10.01.  PAYMENT OF PRINCIPAL, INTEREST AND ADDITIONAL AMOUNTS. The
Company covenants and agrees for the benefit of the Holders of each series of
Notes that it will duly and punctually pay the principal of and interest on and
any Additional Amounts with respect to the Notes of that series in accordance
with the terms of the Notes and this Indenture.

     Section 10.02.  MAINTENANCE OF OFFICE OR AGENCY. The Company will maintain
in each Place of Payment for any series of Notes an office or agency where Notes
of such series may be presented or surrendered for registration or transfer or
exchange and where notices and demands to or upon the Company in respect of the
Notes of such series and this Indenture may be served. The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

     The Company may also from time to time designate one or more other offices
or agencies where the Notes of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; PROVIDED, HOWEVER, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency
in each Place of Payment for Notes of any series for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency.

     Section 10.03.  MONEY FOR NOTES PAYMENTS TO BE HELD IN TRUST. If the
Company shall at any time act as its own Paying Agent with respect to any series
of Notes, it will, on or before each due date of the principal of or interest on
any of the Notes of such series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal or

                                       46
<Page>

interest so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and will promptly notify the Trustee of
its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of
Notes, it will, on or before each due date of the principal of or interest on
any Notes of such series, deposit with a Paying Agent a sum sufficient to pay
the principal or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal or interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.

     The Company will cause each Paying Agent for any series of Notes other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section, that such Paying Agent will:

               (i)   hold all sums held by it for the payment of the principal
     of or interest on Notes of such series in trust for the benefit of the
     Persons entitled thereto until such sums shall be paid to such Persons or
     otherwise disposed of as herein provided;

              (ii)   give the Trustee notice of any default by the Company (or
     any other obligor upon the Notes of such series) in the making of any
     payment of principal or interest on the Notes of such series; and

             (iii)   at any time during the continuance of any such default,
     upon the written request of the Trustee, forthwith pay to the Trustee all
     sums so held in trust by such Paying Agent.

     The Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by
the Company or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

     Any money deposited with the Trustee or any Paying Agent, or received by
the Trustee (or another trustee satisfying the requirements of Section 6.09) in
respect of Government Obligations deposited with the Trustee (or such other
trustee) pursuant to Section 13.05, or then held by the Company, in trust for
the payment of the principal of or interest on any Note of any series and
remaining unclaimed for two years after such principal or interest has become
due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust. The Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease.

     The Trustee or such Paying Agent, before being required to make any such
repayment, shall publish, at the Company's expense, in the English language, in
a newspaper customarily published on each Business Day and of general
circulation in the City of New York, New York, or to be mailed to such Holder,
or both, notice that such money remains unclaimed and that, after

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a date specified therein, which shall not be less than 30 days from the earlier
of the date of such publication or such mailing, any unclaimed balance of such
money then remaining will be repaid to the Company.

     Section 10.04.  CORPORATE EXISTENCE. Subject to Article Eight, the Company
will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, rights (charter and statutory) and
franchises; PROVIDED, HOWEVER, that the foregoing shall not obligate the Company
to preserve any such right or franchise if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of its business and
that the loss thereof is not disadvantageous in any material respect to any
Holder.

     Section 10.05.  STATEMENT AS TO DEFAULT. The Company will deliver to the
Trustee, within 120 days after the end of each fiscal year, an Officers'
Certificate, stating as to each signer thereof that he or she is familiar with
the affairs of the Company and whether or not to such officer's knowledge the
Company is in compliance (without regard to any period of grace or requirement
of notice) with all conditions and covenants of this Indenture. The officer
executing such certificate shall be the Company's treasurer or principal
executive, finance or accounting officer and such certificate need not comply
with Section 1.02 of this Indenture.

     Section 10.06.  ADDITIONAL AMOUNTS. The Company will, subject to the
exceptions and limitations set forth below, pay as additional interest on the
Notes such Additional Amounts ("ADDITIONAL AMOUNTS") as are necessary so that
the net payment by the Company or any Paying Agent of the principal of and
interest on the Notes to a person that is, for United States federal income tax
purposes, (i) a nonresident alien individual, (ii) a foreign corporation, (iii)
a foreign trust or estate or (iv) a foreign partnership, after deduction for any
present or future tax, assessment or governmental charge of the United States or
a political subdivision or taxing authority thereof or therein, imposed by
withholding with respect to such payment, will not be less than the amount that
would have been payable in respect of such Notes had no such withholding or
deduction been required.

     The obligation of the Company to pay Additional Amounts shall not apply:

     (1)  to a tax, assessment or governmental charge that is imposed or
withheld solely because the Holder, or a fiduciary, settlor, beneficiary, member
or shareholder of the Holder if the holder is an estate, trust, partnership or
corporation, or a Person holding a power over an estate or trust administered by
a fiduciary Holder:

          (a)     is or was present or engaged in a trade or business
     in the United States or has or had a permanent establishment in
     the United States;

          (b)     has a current or former relationship with the United
     States, including a relationship as a citizen or resident
     thereof;

          (c)     is or has been a foreign or domestic personal
     holding company, a passive foreign investment company or a
     controlled foreign corporation with respect to the United States
     or a corporation that has accumulated earnings to avoid United
     States federal income tax; or

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<Page>

          (d)     is or was a "10-percent shareholder" of the Company
     as defined in section 871(h)(3) of the United States Internal
     Revenue Code or any successor provision;

     (2)  to any Holder that is not the sole beneficial owner of such Notes, or
a portion thereof, or that is a fiduciary or partnership, but only to the extent
that the beneficial owner, a beneficiary or settlor with respect to the
fiduciary, or a member of the partnership would not have been entitled to the
payment of such Additional Amounts had such beneficial owner, beneficiary,
settlor or member received directly its beneficial or distributive share of the
payment;

     (3)  to a tax, assessment or governmental charge that is imposed or
withheld solely because the Holder or any other Person failed to comply with
certification, identification or information reporting requirements concerning
the nationality, residence, identity or connection with the United States of the
Holder or beneficial owner of such Notes, if compliance is required by statute,
by regulation of the United States Treasury Department or by an applicable
income tax treaty to which the United States is a party as a precondition to
exemption from such tax, assessment or other governmental charge;

     (4)  to a tax, assessment or governmental charge that is imposed other than
by withholding by the Company or a Paying Agent from such payment;

     (5)  to a tax, assessment or governmental charge that is imposed or
withheld solely because of a change in law, regulation, or administrative or
judicial interpretation that becomes effective more than 15 days after the
payment becomes due or is duly provided for, whichever occurs later;

     (6)  to an estate, inheritance, gift, sales, excise, transfer, wealth or
personal property tax or a similar tax, assessment or governmental charge;

     (7)  to any tax, assessment or other governmental charge any Paying Agent
must withhold from any payment of principal of or interest on any Note, if such
payment can be made without such withholding by any other Paying Agent; or

     (8)  in the case of any combination of the above items.

     Section 10.07.  APPLICATION OF PROCEEDS UPON RELEASE OF A 10% SUBSIDIARY
GUARANTOR. The Company will not enter into any transaction which would result in
the release pursuant to Section 12.04(a) of the Guarantee of any Guarantor which
would be a 10% Subsidiary Guarantor on the date such Guarantee is released,
unless at least 75% of the proceeds from such transaction consist of any
combination of: (i) cash (including assumption by the acquiror of any
Indebtedness of the Company or its subsidiaries) or Readily Marketable
Securities, (ii) property or assets (other than current assets) of a nature or
type similar or related to the nature or type of the property or assets of the
Company and its subsidiaries existing on the date such transaction is
consummated and (iii) interests in companies or businesses having property or
assets or engaged in businesses similar or related to the nature or type of the
property or assets or businesses of the Company and its subsidiaries on the date
such transaction is consummated. In the event that the net proceeds from the
sale or other disposition of a 10% Subsidiary Guarantor consist of cash or
Readily Marketable Securities, the Company shall apply, within 12 months of the
consummation

                                       49
<Page>

of such sale or other disposition, an amount equal to 100% of the fair market
value, as determined in good faith by the Board of Directors, of such net
proceeds to (i) repay unsubordinated Indebtedness of the Company or any
Guarantor, in each case owing to a Person other than an Affiliate of the Company
or (ii) invest in property or assets (other than current assets) of a nature or
type similar or related to the nature or type of the property or assets of the
Company and its subsidiaries existing on the date of such investment or (iii)
invest in a company or business having property or assets or engaged in a
business similar or related to the nature or type of the property or assets or
business of the Company and its subsidiaries on the date of such investment.

                                   ARTICLE 11
                               REDEMPTION OF NOTES

     Section 11.01.  REDEMPTION UPON A TAX EVENT. If (a) the Company becomes or
will become obligated to pay Additional Amounts in accordance with Section 10.06
as a result of any change in, or amendment to, the laws (or any regulations or
rulings promulgated thereunder) of the United States (or any political
subdivision or taxing authority thereof or therein), or any change in, or
amendments to, any official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment is announced or
becomes effective on or after March 22, 2004, or (b) a taxing authority of the
United States takes an action on or after March 22, 2004, whether or not with
respect to the Company or any of its Affiliates, that results in a substantial
probability that the Company will or may be required to pay such Additional
Amounts, then the Company may, at its option, redeem, as a whole, but not in
part, the Notes of any series on any Interest Payment Date, at a Redemption
Price equal to 100% of their principal amount, together with interest accrued
thereon to the Redemption Date; provided that the Company determines, in its
business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, not including
substitution of the obligor under the Notes. No redemption pursuant to clause
(b) above may be made unless the Company delivers to the Trustee (i) an opinion
of independent U.S. tax counsel of nationally recognized standing to the effect
that an act taken by a taxing authority of the United States results in a
substantial probability that the Company will or may be required to pay such
Additional Amounts and (ii) an Officers' Certificate stating that, based on such
opinion, the Company is entitled to redeem the Notes pursuant to their terms.

     Section 11.02.  NOTICE OF REDEMPTION. Notice of redemption shall be given
by first-class mail, postage prepaid, mailed not less than 30 nor more than 60
days prior to the Redemption Date, to each Holder of Notes to be redeemed.
Failure to give notice by mailing in the manner herein provided to the Holder of
any Notes designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for
the redemption of any other Notes or portion thereof.

     All notices of redemption shall state:

               (i)   the Redemption Date;

              (ii)   the Redemption Price;

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<Page>

             (iii)   that on the Redemption Date the Redemption Price will
     become due and payable upon each such Note to be redeemed and that interest
     thereon will cease to accrue on and after said date;

              (iv)   the place or places where such Notes are to be surrendered
     for payment of the Redemption Price;

               (v)   the CUSIP Number or the Euroclear or Clearstream reference
     numbers of such Notes, if any (or any other numbers used by a Depositary to
     identify such Notes); and

              (vi)   that, unless the Company or the Guarantors default in
     paying the Redemption Price, interest will cease to accrue on the Notes
     called for redemption on the Redemption Date.

     Notice of redemption of Notes to be redeemed shall be given by the Company
or, on Company Request, by the Trustee at the expense of the Company.

     Section 11.03.  DEPOSIT OF REDEMPTION PRICE. On or before any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.03) an amount of money sufficient to pay the Redemption
Price of, and accrued interest on, all the Notes which are to be redeemed on
that date.

     Section 11.04.  NOTES PAYABLE ON REDEMPTION DATE. Notice of redemption
having been given as aforesaid, the Notes so to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company or the Guarantors
shall default in the payment of the Redemption Price) such Notes shall cease to
bear interest. Upon surrender of any such Note for redemption in accordance with
said notice, such Note shall be paid by the Company or the Guarantors at the
Redemption Price, together with accrued interest to the Redemption Date;
PROVIDED, HOWEVER, that installments of interest whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Notes, or
one or more Predecessor Notes, registered as such at the close of business on
the relevant Regular or Special Record Dates according to their terms and the
provisions of Section 3.08.

     If any Note called for redemption shall not be so paid upon surrender
thereof for redemption, the principal shall, until paid, bear interest from the
Redemption Date at the rate borne by the Note.

                                   ARTICLE 12
                               GUARANTEE OF NOTES

     Section 12.01.  UNCONDITIONAL GUARANTEE. Each of the Guarantors hereby
fully and unconditionally, jointly and severally, guarantees to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the obligations of the Company to the

                                       51
<Page>

Holders or the Trustee hereunder or thereunder, that: (a) the principal of and
interest and Additional Amounts, if any, on the Notes will be duly and
punctually paid in full when due, whether at maturity, upon redemption, by
acceleration or otherwise, and interest on the overdue principal and (to the
extent permitted by law) interest, if any, on the Notes and all other
obligations of the Company or the Guarantors to the Holders or the Trustee
hereunder or thereunder (including fees, expenses or other) and all other
obligations under the Indenture or the Notes will be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and (b) in case
of any extension of time of payment or renewal of any Notes or any of such other
obligations under the Indenture or the Notes or any change in the time, manner
or place of payment of, or in any other term in respect thereof, or waiver of or
consent to any departure from any other agreement relating to any obligations
under the Indenture or the Notes, the same will be promptly paid in full when
due or performed in accordance with the terms of the extension or renewal,
whether at Stated Maturity, by acceleration or otherwise. Failing payment when
due of any amount so guaranteed, or failing performance of any other obligation
of the Company to the Holders, for whatever reason, the Guarantors shall be
obligated to pay, or to perform or cause the performance of, the same
immediately. An Event of Default under this Indenture or the Notes shall
constitute an event of default under this Guarantee and shall entitle the
Holders of Notes to accelerate the obligations of the Guarantors hereunder in
the same manner and to the same extent as the obligations of the Company.

     The Guarantors hereby agree that their obligations hereunder shall be
absolute and unconditional, not subject to any reduction, limitation,
impairment, termination, defense, offset, counterclaim or recoupment whatsoever
(all of which are expressly hereby waived by the Guarantors) whether by reason
of any claim of any character whatsoever, including, without limitation, any
claim of waiver, release, surrender, alteration or compromise, or by reason of
any liability at any time to any Guarantor or otherwise, whether based upon any
obligations or any other agreement or otherwise, and howsoever arising, whether
out of action or inaction or otherwise and whether resulting from default,
willful misconduct, negligence or otherwise, and without limiting the foregoing,
irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof, the
recovery of any judgment against the Company, any action to enforce the same,
any release or amendment or waiver of or consent to any departure from or
failure to enforce any other guarantee, for all or any of the Notes or other
obligations under this Indenture, whether or not a Guarantee is affixed to any
particular Note, any insolvency, bankruptcy, reorganization or dissolution, or
any other proceeding of the Company, or any Guarantor, including, without
limitation, rejection of any Guarantee in such bankruptcy or any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of a guarantor.

     Each Guarantor hereby waives the benefit of diligence, presentment, demand
of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the
Company, protest, notice and all demands whatsoever and covenants that its
Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes, this Indenture and this Guarantee. This
Guarantee is a guarantee of payment and not of collection. If any Holder or the
Trustee is required by any court or otherwise to return to the Company or to the
Guarantors, or any custodian, trustee, liquidator or other similar official
acting in relation to the Company or any Guarantor, any amount paid by the
Company or any Guarantor to the Trustee or such Holder, this Guarantee to the
extent

                                       52
<Page>

theretofore discharged, shall be reinstated in full force and effect. Each
Guarantor further agrees that, as between it, on the one hand, and the Holders
of Notes and the Trustee, on the other hand (a) subject to this Article Twelve,
the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article Five hereof for the purposes of this Guarantee, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of
the obligations guaranteed hereby, and (b) in the event of any acceleration of
such obligations as provided in Article Five hereof, such obligations (whether
or not due and payable) shall forthwith become due and payable by the Guarantors
for the purpose of this Guarantee.

     Section 12.02.  EXECUTION AND DELIVERY OF GUARANTEE. To further evidence
the Guarantee set forth in Section 12.01, each Guarantor hereby agrees that it
shall execute a Guarantee in the form attached hereto as Exhibit C and that a
notation of such Guarantee shall be endorsed on each Note authenticated and
delivered by the Trustee and executed by either manual or facsimile signature of
an officer of such Guarantor.

     Each Guarantor hereby agrees that its Guarantee set forth in Section 12.01
shall remain in full force and effect notwithstanding any failure to endorse on
each Note a notation of such Guarantee.

     If an officer of a Guarantor whose signature is on this Indenture or a
Guarantee no longer holds that office at the time the Trustee authenticates such
Note or at any time thereafter, such Guarantor's Guarantee of such Note shall be
valid nevertheless.

     The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Guarantee set forth in this
Indenture on behalf of the Guarantors.

     Section 12.03.  FUTURE GUARANTORS. The Company covenants and agrees that it
shall cause each Person that becomes a Guarantor hereunder after the date hereof
to execute and deliver to the Trustee an indenture supplemental hereto,
substantially in the form of Exhibit A hereto, evidencing the same.

     Section 12.04.  RELEASE OF A GUARANTOR. (a) Upon the sale, exchange,
transfer or other disposition (by merger or otherwise), other than a lease, of a
Guarantor, or of all of the Capital Stock of a Guarantor, or all, or
substantially all, the assets of a Guarantor, to any Person that is not an
Affiliate of the Company, such Guarantor shall be deemed to be automatically and
unconditionally released and discharged from all its obligations under its
Guarantee and under this Article Twelve without any further action required on
the part of the Trustee or any Holder. The Trustee shall deliver an appropriate
instrument evidencing such release upon receipt of a request of the Company
accompanied by an Officers' Certificate certifying as to the compliance with
this Section 12.04(a).

     (b) The Company, at its option, may cause any Person that becomes a
Guarantor after the Closing Date to be unconditionally released and discharged
from all its obligations under its Guarantee and under this Article Twelve upon
notification of such release by the Company to the Trustee. The Trustee shall
deliver an appropriate instrument evidencing such release upon receipt of a
request of the Company accompanied by an Officers' Certificate certifying as to
the compliance with this Section 12.04(b).

                                       53
<Page>

     Section 12.05.  WAIVER OF SUBROGATION. Until this Indenture is discharged
and all of the Notes are discharged and paid in full, each Guarantor hereby
irrevocably waives and agrees not to exercise any claim or other rights which it
may now or hereafter acquire against the Company that arise from the existence,
payment, performance or enforcement of the Company's obligations under the Notes
or this Indenture and such Guarantor's obligations under this Guarantee and this
Indenture, in any such instance including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution, indemnification, and any
right to participate in any claim or remedy against the Company, whether or not
such claim, remedy or right arises in equity, or under contract, statute or
common law, including, without limitation, the right to take or receive from the
Company, directly or indirectly, in cash or other property or by set-off or in
any other manner, payment or security on account of such claim or other rights.
If any amount shall be paid to any Guarantor in violation of the preceding
sentence and any amounts owing to the Trustee or the Holders of Notes under the
Notes, this Indenture, or any other document or instrument delivered under or in
connection with such agreements or instruments, shall not have been paid in
full, such amount shall have been deemed to have been paid to such Guarantor for
the benefit of, and held in the trust for the benefit of, the Holders of the
Notes, and shall forthwith be paid to the Trustee for the benefit of such
Holders to be credited and applied to the Notes, whether matured or unmatured,
in accordance with the terms of this Indenture. Each Guarantor acknowledges that
it will receive direct and indirect benefits from the financing arrangements
contemplated by this Indenture and that the waiver set forth in this Section
12.05 is knowingly made in contemplation of such benefits.

     Section 12.06.  RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING
AGENT REGARDING DISSOLUTION, ETC. OF GUARANTORS. Upon any payment or
distribution of assets of any Guarantor referred to in this Article Twelve, the
Trustee, subject to the provisions of Section 6.01, and the Holders, shall be
entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding-up or similar case or proceeding is
pending, or a certificate of the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee for the benefit of creditors, agent or other person
making such payment or distribution, delivered to the Trustee or to the Holders,
for the purpose of ascertaining the persons entitled to participate in such
payment or distribution, the amount thereof or payable thereon, the amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article
Twelve.

     Section 12.07.  LIMITATION OF GUARANTOR'S LIABILITY. Notwithstanding any
other provision hereof, each Guarantor, and by its acceptance hereof each
Holder, hereby confirms that it is the intention of all such parties that the
Guarantee by such Guarantor pursuant to its Guarantee does not constitute a
fraudulent transfer or conveyance for purposes of Title 11 of the United States
Code, as amended, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal, state or foreign law. To effectuate the
foregoing intention, each Holder and each Guarantor hereby irrevocably agree
that the obligations of such Guarantor under this Guarantee shall be limited to
the maximum amount which, after giving effect to all other contingent and fixed
liabilities of such Guarantor, will result in the obligations of the Guarantor
under its Guarantee not constituting such fraudulent transfer or conveyance.

     Section 12.08.  OBLIGATIONS REINSTATED. The obligations of each Guarantor
hereunder shall continue to be effective or shall be reinstated, as the case may
be, if at any time any payment which would otherwise have reduced the
obligations of such Guarantor hereunder

                                       54
<Page>

(whether such payment shall have been made by or on behalf of the Company) is
rescinded or reclaimed from any of the Holders upon the insolvency, bankruptcy,
liquidation or reorganization of the Company or such Guarantor or otherwise, all
as though such payment had not been made. If demand for, or acceleration of the
time for, payment by the Company is stayed upon the insolvency, bankruptcy,
liquidation or reorganization of the Company, all such Indebtedness otherwise
subject to demand for payment or acceleration shall nonetheless be payable by
each Guarantor as provided herein.

     Section 12.09.  NO OBLIGATION TO TAKE ACTION AGAINST THE COMPANY. Neither
the Trustee nor any other Person shall have any obligation to enforce or exhaust
any rights or remedies or to take any other steps under any security for the
obligations under this Indenture or against the Company or any other Person or
any property of the Company or any other Person before the Trustee is entitled
to demand payment and performance by any Guarantor of its liabilities and
obligations under its Guarantee or under this Indenture.

                                   ARTICLE 13
                       DEFEASANCE AND COVENANT DEFEASANCE

     Section 13.01.  APPLICABILITY OF ARTICLE; COMPANY'S OPTION TO EFFECT
DEFEASANCE OR COVENANT DEFEASANCE. If pursuant to Section 3.01 provision is made
for either or both of (a) defeasance of the Notes of a series under Section
13.03 or (b) covenant defeasance of the Notes of a series under Section 13.04 to
apply to Notes of any series, then the provisions of such Section or Sections,
as the case may be, together with the other provisions of this Article Thirteen,
shall be applicable to the Notes of such series, and the Company may at its
option, at any time, with respect to the Notes of such series, elect to have
either Section 13.03 (if applicable) or Section 13.04 (if applicable) be applied
to the Outstanding Notes of such series upon compliance with the conditions set
forth below in this Article 13.

     Section 13.02.  DEFEASANCE AND DISCHARGE. Upon the Company's exercise of
the above option applicable to this Section, the Company and the Guarantors
shall be deemed to have been discharged from their respective obligations with
respect to the Outstanding Notes of such series on the date the conditions set
forth below are satisfied (hereinafter, "DEFEASANCE").

     For this purpose, such defeasance means that the Company shall be deemed to
have paid and discharged the entire indebtedness represented by the Outstanding
Notes of such series and to have satisfied all its other obligations under such
Notes and this Indenture insofar as such Notes are concerned (and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following which shall survive until otherwise
terminated or discharged hereunder:

     (a)  the rights of Holders of Outstanding Notes of such series to receive,
solely from the trust fund described in Section 13.04 and as more fully set
forth in such Section, payments in respect of the principal of and interest on
and Additional Amounts, if any, with respect to, such Notes when such payments
are due;

     (b)  the Company's obligations with respect to such Notes under Sections
3.04, 3.05, 3.07, 6.07, 10.02, 10.03 and 10.06 (but only to the extent that any
Additional Amounts payable

                                       55
<Page>

exceed the amount deposited in respect of such Additional Amounts pursuant to
Section 13.04(a) below);

     (c)  the rights, powers, trusts, duties and immunities and other provisions
          in respect of the Trustee hereunder; and

     (d)  this Article Thirteen.

     Subject to compliance with this Article Thirteen, the Company may exercise
its option under this Section 13.02 notwithstanding the prior exercise of its
option under Section 13.03 with respect to the Notes of such series.

     Section 13.03.  COVENANT DEFEASANCE. Upon the Company's exercise of the
above option applicable to this Section, the Company shall be released from its
obligations under Sections 8.01, 10.05, 12.05, 5.01(c) (as to Sections 8.01 and
10.05), 5.01(d) and 5.01(e) with respect to the Outstanding Notes of such series
on and after the date the conditions set forth below are satisfied (hereinafter,
"COVENANT DEFEASANCE").

     For this purpose, such covenant defeasance means that, with respect to the
Outstanding Notes of such series, the Company and the Guarantors may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such Section, whether directly or indirectly by
reason of any reference elsewhere herein to any such Section or by reason of any
reference in any such Section to any other provision herein or in any other
document, but the remainder of this Indenture and such Notes shall be unaffected
thereby. Following a covenant defeasance, payment of the Notes of such series
may not be accelerated because of an Event of Default specified above in this
Section 13.03.

     Section 13.04.  CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE. The
following shall be the conditions to application of either Section 13.02 or
Section 13.03 to the Outstanding Notes of such series.

     (a)  The Company shall irrevocably have deposited or caused to be deposited
with the Trustee (or another trustee satisfying the requirements of Section 6.09
who shall agree to comply with the provisions of this Article Thirteen
applicable to it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Notes, (A) an amount in Dollars, or (B)
Government Obligations which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, within
two weeks of the due date of any payment, money in an amount, or (C) a
combination thereof, sufficient, without reinvestment, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay
and discharge, the principal of and each installment of interest on the
Outstanding Notes of such series on the Stated Maturity of such principal or
interest in accordance with the terms of this Indenture and of such Notes.
Before such a deposit, the Company may make arrangements satisfactory to the
Trustee for the redemption of any series of Notes at a future date in accordance
with any redemption provisions relating to such series, which shall be given
effect in applying the foregoing.

                                       56
<Page>

     (b)  No Event of Default or event with which notice of lapse of time or
both would become an Event of Default with respect to the Notes of such series
shall have occurred and be continuing on the date of such deposit and, with
respect to defeasance only, at any time during the period ending on the 123rd
day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until the expiration of such period).

     (c)  Such defeasance or covenant defeasance shall not cause the Trustee for
the Notes of such series to have a conflicting interest for purposes of the
Trust Indenture Act with respect to any Notes of the Company.

     (d)  Such defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound.

     (e)  Such defeasance or covenant defeasance shall not cause any Notes of
such series then listed on any registered national securities exchange under the
Securities Exchange Act of 1934, as amended, to be deleted.

     (f)  In the case of an election under Section 13.02, the Company shall have
delivered to the Trustee an Opinion of Counsel stating that (x) the Company has
received from, or there has been published by, the Internal Revenue Service a
ruling, or (y) since the date of this Indenture there has been a change in the
applicable federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of the Outstanding Notes of
such series will not recognize income, gain or loss for federal income tax
purposes as a result of such defeasance and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have
been the case if such defeasance had not occurred.

     (g)  In the case of an election under Section 13.03, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders of
the Outstanding Notes of such series will not recognize income, gain or loss for
federal income tax purposes as a result of such covenant defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such covenant defeasance had not
occurred.

     (h)  Such defeasance or covenant defeasance shall be effected in compliance
with any additional terms, conditions or limitations which may be imposed on the
Company in connection therewith pursuant to Section 3.01.

     (i)  The Company shall have delivered to the Trustee an Officers'
Certificate or an Opinion of Counsel, stating that all conditions precedent
provided for in the Indenture relating to either the defeasance under Section
13.02 or the covenant defeasance under Section 13.03 (as the case may be) have
been complied with.

     Section 13.05.  DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS. Subject to the provisions of the last two
paragraphs of Section 10.03, all money and Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee
(collectively, for purposes of this Section, the "TRUSTEE") pursuant to Section
13.04 in respect of the Outstanding Notes of such series shall be held in trust
and applied by the Trustee, in accordance with the provisions of such Notes and
this Indenture,

                                       57
<Page>

to the payment, either directly or through any Paying Agent (but not including
the Company acting as its own Paying Agent) as the Trustee may determine, to the
Holders of such Notes, of all sums due and to become due thereon in respect of
principal and interest and Additional Amounts, if any, but such money need not
be segregated from other funds except to the extent required by law.

     The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the Government Obligations deposited
pursuant to Section 13.04 or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the Outstanding Notes of such series.

     Anything in this Article 13 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money or Government Obligations held by it as provided in Section 13.04 which,
in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect an equivalent defeasance or covenant defeasance.

                                       58
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed and attested, all as of the day and year first above written.

                                            FEDEX CORPORATION, as Issuer
     Attest:

     By:   /s/ Robert T. Molinet            By:   /s/ Charles M. Buchas
        --------------------------------       --------------------------------
        Name:  Robert T. Molinet               Name:  Charles M. Buchas
        Title: Assistant Secretary             Title: Corporate Vice President
                                                   And Treasurer

                                           FEDERAL EXPRESS CORPORATION,
                                             as Guarantor

     Attest:

     By:   /s/ Thomas F. Donaldson, Jr.    By:   /s/ Cathy D. Ross
        --------------------------------      --------------------------------
        Name:  Thomas F. Donaldson, Jr.       Name:  Cathy D. Ross
        Title: Vice President                 Title: Chief Financial Officer

                                           FEDEX FREIGHT CORPORATION,
                                             as Guarantor

     Attest:

     By:   /s/ Robert H. Rhea              By:   /s/ Douglas G. Duncan
        --------------------------------      --------------------------------
        Name:  Robert H. Rhea                 Name:  Douglas G. Duncan
        Title: Assistant Secretary            Title: President and
                                                     Chief Executive Officer

                                           FEDEX FREIGHT EAST, INC.,
                                             as Guarantor

     Attest:

     By:   /s/ L.C. Miller                 By:   /s/ Frank Conner
        --------------------------------      --------------------------------
        Name:  L.C. Miller                    Name:  Frank Conner
        Title: Sr. V.P.                       Title: V.P. Accounting & Finance,
                                                     CFO

                                           FEDEX GROUND PACKAGE SYSTEM INC.,
                                             as Guarantor
     Attest:

     By:   /s/ Steven H. Taylor            By:   /s/ Ronald R. Trombetta
        --------------------------------      --------------------------------
        Name:  Steven H. Taylor               Name:  Ronald R. Trombetta
        Title: Assistant Secretary            Title: Senior Vice President -
                                                     Finance and Administration,
                                                     Chief Financial Officer
                                                     And Treasurer

                                       59
<Page>

                                           KINKO'S, INC., as Guarantor
     Attest:

     By:   /s/ Frederic C. Liskow          By:   /s/ Leslie M. Benners
        --------------------------------      --------------------------------
        Name:  Frederic C. Liskow             Name:  Leslie M. Benners
        Title: SVP & Gen. Counsel             Title: Vice President & Treasurer


                                           WACHOVIA BANK, NATIONAL ASSOCIATION,
                                             as Trustee


                                           By:   /s/ Raymond Delli Colli
                                              --------------------------------
                                              Name:  Raymond Delli Colli
                                              Title: Assistant Vice President

                                       60
<Page>

                                                                       EXHIBIT A

                                                            Form of Supplemental
                                                                Indenture to add
                                                           Additional Guarantors

                          FEDEX CORPORATION, as Issuer,
                    THE ADDITIONAL GUARANTOR[S] NAMED HEREIN
                                       AND
                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                                   as Trustee

                             Supplemental Indenture
                                     No. __

                      Floating Rate Notes due April 1, 2005
                          2.65% Notes due April 1, 2007
                          3.50% Notes due April 1, 2009

     SUPPLEMENTAL INDENTURE NO. ___, dated as of __________, _____, among FedEx
Corporation, a Delaware corporation (the "COMPANY"), __________ (the "ADDITIONAL
GUARANTOR[S]") and Wachovia Bank, National Association, a national banking
association, as Trustee (the "TRUSTEE").

                                    RECITALS

     The Company, the Guarantors and the Trustee have executed and delivered an
Indenture, dated as of March 25, 2004 (as amended or supplemented, the
"INDENTURE"), to provide for the issuance of the Floating Rate Notes due 2005,
the 2.65% Notes due 2007 and the 3.50% Notes due 2009;

     Section 12.03 of the Indenture provides that each Person who becomes a
Guarantor shall execute a supplemental indenture evidencing the same;

     [Each] [The] Additional Guarantor desires to become a Guarantor under the
Indenture; and

     All acts and proceedings required by law, the Indenture and the
organizational documents of the Company and the Additional Guarantor necessary
to constitute this Supplemental Indenture No. __ a valid and binding agreement
for the uses and purposes set forth herein have been done and performed, and the
execution and delivery of this Supplemental Indenture No. __ have in all
respects been duly authorized.

     NOW, THEREFORE, this Indenture witnesseth:

     For and in consideration of the premises and good and valuable
consideration, the receipt of which is hereby acknowledged, it is mutually
covenanted and agreed, for the equal and proportionate benefit of the holders of
the Notes of each series, as follows:

<Page>

                                    ARTICLE 1
                   RELATION TO THE INDENTURE; DEFINITIONS AND
                     OTHER PROVISIONS OF GENERAL APPLICATION

     SECTION 1.01.   RELATION TO THE INDENTURE. This Supplemental Indenture
No. ___ constitutes an integral part of the Indenture.

     SECTION 1.02.   DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION.
For all purposes of this Supplemental Indenture No. ___ unless otherwise
specified herein:

     (a)  all terms defined in the Indenture which are used and not otherwise
defined herein shall have the meanings they are given in the Indenture; and

     (b)  the provisions of general application stated in Section 1.01 of the
Indenture shall apply to this Supplemental Indenture No. __, except that the
words "HEREIN," "HEREOF," "HERETO" and "HEREUNDER" and other words of similar
import refer to this Supplemental Indenture as a whole and not to the Indenture
or any particular Article, Section or other subdivision of the Indenture or this
Supplemental Indenture No. ___.

                                    ARTICLE 2
                            ADDITION OF GUARANTOR[S]

     SECTION 2.01.   ADDITION OF GUARANTOR. [Each] [The] Additional Guarantor is
hereby made a party to the Indenture as a Guarantor thereunder.

                                    ARTICLE 3
                            MISCELLANEOUS PROVISIONS

     SECTION 3.01.   SUPPLEMENTAL INDENTURE. The Indenture, as supplemented and
amended by this Supplemental Indenture No. __, is in all respects hereby
adopted, ratified and confirmed.

     SECTION 3.02.   EFFECTIVENESS. This Supplemental Indenture No. __ shall
take effect as of the date hereof.

     SECTION 3.03.   EXECUTION BY THE TRUSTEE. The Trustee has executed this
Supplemental Indenture No. __ only upon the terms and conditions set forth in
the Indenture. Without limiting the generality of the foregoing, the Trustee
shall not be responsible for the correctness of the recitals herein contained,
which shall be taken as the statements of the Company and the Additional
Guarantor[s], and the Trustee makes no representation and shall have no
responsibility for, or in respect of, the validity or sufficiency of this
Supplemental Indenture No. __ or the execution hereof by any Person (other than
the Trustee).

     SECTION 3.04.   GOVERNING LAW. This Supplemental Indenture No. __ shall be
deemed to be a contract made under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of said State.

     SECTION 3.05.   COUNTERPARTS. This Supplemental Indenture No. __ may be
executed in any number of counterparts, each of which shall be an original; but
such counterparts shall together constitute but one and the same instrument.

                                       A-2
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture No. __ to be duly executed, as of the day and year first written
above.


                                           FEDEX CORPORATION
     Attest:

     By:                                   By:
        --------------------------------     ---------------------------------
        Name:                                 Name:
        Title:                                Title:


                                           [ADDITIONAL GUARANTOR[S]]

     Attest:

     By:                                   By:
        --------------------------------      ---------------------------------
        Name:                                 Name:
        Title:                                Title:


                                           WACHOVIA BANK, NATIONAL
                                           ASSOCIATION, as Trustee


                                           By:
                                              ---------------------------------
                                              Name:
                                              Title:

                                       A-3
<Page>

                                                                       EXHIBIT B

                                                         Form of Individual Note

                         FORM OF FACE OF INDIVIDUAL NOTE

          [IF THIS IS A RESTRICTED INDIVIDUAL NOTE, ADD: THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST HEREIN
MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS A
"QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A ("RULE 144A") UNDER THE
SECURITIES ACT), (2) AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE
PRIOR TO (X) THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS
PERMITTED BY RULE 144(k) OF THE SECURITIES ACT) AFTER THE LATER OF THE ORIGINAL
ISSUE DATE OF THIS NOTE AND THE LAST DATE ON WHICH FEDEX CORPORATION OR ANY
"AFFILIATE" (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF FEDEX
CORPORATION WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) OR (Y)
SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE "RESALE
RESTRICTION TERMINATION DATE") EXCEPT (A) TO FEDEX CORPORATION, (B) PURSUANT TO
A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A,
TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT
OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO
ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF
SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL,
AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED
A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT FEDEX
CORPORATION AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM,
AND (II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF
TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND
DELIVERED BY THE TRANSFEROR TO FEDEX CORPORATION AND THE TRUSTEE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.]

<Page>

REGISTERED                                                     PRINCIPAL AMOUNT:
No._______                                                     $________________

CUSIP NO.______

                                FEDEX CORPORATION

   [Floating Rate Notes due 2005] [FOR NOTES DUE 2007 - 2.65% Notes due 2007]
                   [FOR NOTES DUE 2009 - 3.5% Notes due 2009]

     [FOR FLOATING RATE NOTES -- FedEx Corporation, a Delaware corporation (the
"COMPANY," which term includes any successor Person under the Indenture referred
to on the reverse hereof), for value received, hereby promises to pay
____________ or registered assigns, the principal sum of ____________ DOLLARS on
April 1, 2005 (the "MATURITY DATE") and to pay interest thereon from , or from
the most recent "INTEREST PAYMENT DATE" to which interest has been paid or duly
provided for, on July 1, 2004, October 1, 2004, January 1, 2005 and April 1,
2005, at a floating rate of interest until the principal hereof is paid or duly
provided for; PROVIDED that if any Registration Default with respect to this
Note occurs under the Registration Rights Agreement, then the per annum interest
rate on this Note will increase for the period from the occurrence of such
Registration Default until such time as no Registration Default is in effect
with respect to this Note (at which time the interest rate will be reduced to
its initial rate) at a per annum rate of 0.25% for the first 90-day period
following the occurrence of such Registration Default, and by an additional
0.25% thereafter (up to a maximum of 0.50%). The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Note (or one
or more Predecessor Notes) is registered at the close of business on the
"REGULAR RECORD DATE" for such interest, which shall be the fifteenth calendar
day prior to the Interest Payment Date (whether or not a Business Day) [IF THIS
NOTE IS AN ORIGINAL NOTE, THEN INSERT - ; PROVIDED that any accrued and unpaid
interest (including any Additional Amounts and additional interest payable upon
the occurrence of a Registration Default) on this Note upon the issuance of an
Exchange Note in exchange for this Note shall cease to be payable to the Holder
hereof and shall be payable on the next Interest Payment Date for such Exchange
Note to the Holder thereof on the related Regular Record Date]. Any such
interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holder on such Regular Record Date and may either be
paid to the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee referred to on the reverse
hereof, notice of which shall be given to Holders of Notes of this series not
less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes of this series may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the
Indenture.

     The interest rate on this Note for the interest period beginning the date
of this Note and ending on the first Interest Reset Date (as defined below) will
be 1.39% per annum. The interest rate on this Note for each subsequent interest
period will be reset quarterly on each Interest Payment Date (an "INTEREST RESET
DATE"), and this Note will bear interest at an annual rate (computed on the
basis of the actual number of days elapsed over a 360-day year) equal to the

                                       B-2
<Page>

three-month London interbank offer rate ("LIBOR"), determined in the manner set
forth below, plus 28 basis points.

     The interest rate in effect for this Note on each day from and including
the first Interest Reset Date will be (a) if that day is an Interest Reset Date,
the interest rate determined as of the Determination Date (as defined below)
immediately preceding such Interest Reset Date or (b) if that day is not an
Interest Reset Date, the interest rate determined as of the Determination Date
immediately preceding the most recent Interest Reset Date. The "DETERMINATION
DATE" will be the second London Business Day immediately preceding the
applicable Interest Reset Date.

     LIBOR will be determined by the calculation agent (which will be JPMorgan
Chase Bank) as of the applicable Determination Date in accordance with the
following provisions:

     (1) LIBOR will be determined on the basis of the offered rates for deposits
in U.S. dollars of not less than U.S. $1,000,000 having a three-month maturity,
beginning on the second London Business Day immediately following that
Determination Date, which appears on Telerate Page 3750 (as defined below) as of
approximately 11:00 a.m., London time, on that Determination Date. "TELERATE
PAGE 3750" means the display designated on page "3750" on Moneyline Telerate,
Inc. (or such other page as may replace the 3750 page on that service, any
successor service or such other service or services as may be nominated by the
British Bankers' Association for the purpose of displaying London interbank
offered rates for U.S. dollar deposits). If no rate appears on Telerate Page
3750, LIBOR for such Determination Date will be determined in accordance with
the provisions of paragraph (2) below.

     (2) With respect to a Determination Date on which no rate appears on
Telerate Page 3750 as of approximately 11:00 a.m., London time, on that
Determination Date, the calculation agent will request the principal London
office of each of four major reference banks in the London interbank market
selected by the calculation agent (after consultation with the Company) to
provide the calculation agent with a quotation of the rate at which deposits of
U.S. dollars having a three-month maturity, beginning on the second London
Business Day immediately following that Determination Date, are offered by it to
prime banks in the London interbank market as of approximately 11:00 a.m.,
London time, on that Determination Date in a principal amount equal to an amount
of not less than U.S. $1,000,000 that is representative for a single transaction
in that market at that time. If at least two quotations are provided, LIBOR for
that Determination Date will be the arithmetic mean of the quotations as
calculated by the calculation agent. If fewer than two quotations are provided,
LIBOR for that Determination Date will be the arithmetic mean of the rates
quoted as of approximately 11:00 a.m., New York City time, on that Determination
Date by three major banks selected by the calculation agent (after consultation
with the Company) for loans in U.S. dollars to leading European banks having a
three-month maturity beginning on the second London Business Day immediately
following that Determination Date and in a principal amount equal to an amount
of not less than U.S. $1,000,000 that is representative for a single transaction
in that market at that time; provided, however, that if the banks selected by
the calculation agent are not quoting the rates described in this sentence,
LIBOR for that Determination Date will be LIBOR determined with respect to the
immediately preceding Determination Date, or in the case of the first
Determination Date, LIBOR for the initial interest period.

                                       B-3
<Page>

     If the date of maturity of this Note falls on a day that is not a LIBOR
Business Day, the related payment of principal and interest will be made on the
next LIBOR Business Day as if it were made on the date such payment was due, and
no interest will accrue on the amounts so payable for the period from and after
such date to the next LIBOR Business Day. If any Interest Reset Date or Interest
Payment Date (other than at the date of maturity) would otherwise be a day that
is not a LIBOR Business Day, that Interest Reset Date and Interest Payment Date
will be postponed to the next date that is a LIBOR Business Day, except that if
such LIBOR Business Day is in the next calendar month, such Interest Reset Date
and Interest Payment Date (other than at the date of maturity) shall be the
immediately preceding LIBOR Business Day.

     "LIBOR BUSINESS DAY" means any day other than Saturday or Sunday or a day
on which banking institutions or trust companies in the City of New York are
required or authorized to close and that is also a London Business Day.

     "LONDON BUSINESS DAY" means any day on which dealings in deposits in U.S.
dollars are transacted in the London interbank market.

     The Company will at all times appoint and maintain a Paying Agent (which
may be the Trustee) authorized by the Company to pay the principal of and
interest on any Notes of this series on behalf of the Company and having an
office or agency in New York, New York and in such other cities, if any, as the
Company may designate in writing to the Trustee (the "PLACE OF PAYMENT") where
Notes of this series may be presented or surrendered for payment and where
notices, designations or requests in respect for payments with respect to Notes
of this series may be served. The Company has initially appointed Wachovia Bank,
National Association, 2525 West End Avenue, Suite 1200, Nashville, Tennessee
37203, as such Paying Agent.]

     [FOR NOTES DUE 2007 AND NOTES DUE 2009- FedEx Corporation, a Delaware
corporation, (the "COMPANY," which term includes any successor Person under the
Indenture referred to on the reverse hereof), for value received, hereby
promises to pay ____________ or registered assigns, the principal sum of
____________ DOLLARS on ____________, ______ (the "MATURITY DATE") and to pay
interest thereon from , or from the most recent "INTEREST PAYMENT DATE" to which
interest has been paid or duly provided for, semi-annually on April 1 and
October 1 of each year, commencing , , and on the Maturity Date, at the rate of
[FOR NOTES DUE 2007 - 2.65%] [FOR NOTES DUE 2009 - 3.50%] per annum, until the
principal hereof is paid or duly provided for; PROVIDED that if any Registration
Default with respect to this Note occurs under the Registration Rights
Agreement, then the per annum interest rate on this Note will increase for the
period from the occurrence of such Registration Default until such time as no
Registration Default is in effect with respect to this Note (at which time the
interest rate will be reduced to its initial rate) at a per annum rate of 0.25%
for the first 90-day period following the occurrence of such Registration
Default, and by an additional 0.25% thereafter (up to a maximum of 0.50%). The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Notes) is registered at the close of
business on the "REGULAR RECORD DATE" for such interest, which shall be March 15
or September 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date [IF THIS NOTE IS AN ORIGINAL NOTE, THEN
INSERT - ; PROVIDED that any accrued and unpaid interest (including any
Additional Amounts and additional interest payable upon the occurrence of a
Registration Default) on this Note upon the issuance of an Exchange Note in
exchange for

                                       B-4
<Page>

this Note shall cease to be payable to the Holder hereof and shall be payable on
the next Interest Payment Date for such Exchange Note to the Holder thereof on
the related Regular Record Date]. Any such interest not so punctually paid or
duly provided for shall forthwith cease to be payable to the registered Holder
on such Regular Record Date and may either be paid to the Person in whose name
this Note (or one or more Predecessor Notes) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee referred to on the reverse hereof, notice of which shall
be given to Holders of Notes of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes
of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

     The Company will at all times appoint and maintain a Paying Agent (which
may be the Trustee) authorized by the Company to pay the principal of and
interest on any Notes of this series on behalf of the Company and having an
office or agency in New York, New York and in such other cities, if any, as the
Company may designate in writing to the Trustee (the "PLACE OF PAYMENT") where
Notes of this series may be presented or surrendered for payment and where
notices, designations or requests in respect for payments with respect to Notes
of this series may be served. The Company has initially appointed Wachovia Bank,
National Association, 2525 West End Avenue, Suite 1200, Nashville, Tennessee
37203, as such Paying Agent.

     Interest payments on this Note will be computed and paid on the basis of a
360-day year of twelve 30-day months. Interest payable on this Note on any
Interest Payment Date and on the Maturity Date will include interest accrued
from and including the most recent Interest Payment Date to which interest has
been paid or duly provided for (or from and including March 25, 2004, if no
interest has been paid on this Note) to but excluding such Interest Payment Date
or the Maturity Date, as the case may be.

     If any Interest Payment Date or the Maturity Date falls on a day that is
not a Business Day (as defined below), principal or interest payable with
respect to such Interest Payment Date or Maturity Date, as the case may be, will
be paid on the next succeeding Business Day with the same force and effect as if
it were paid on the date such payment was due, and no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date
or the Maturity Date, as the case may be. "BUSINESS DAY" means any day other
than Saturday, Sunday or other day on which banking institutions in New York or
Tennessee are obligated or authorized by law to close.]

     The principal and interest payable on this Note will be made by wire
transfer of immediately available funds to the Holder hereof in such currency of
the United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

     Unless the Certificate of Authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                       B-5
<Page>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.


                                        FEDEX CORPORATION

                                        By:
                                           --------------------------------
                                           Name:
                                           Title:


     Attest:

     By:
        --------------------------------
        Name:
        Title:

                                       B-6
<Page>

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Notes of the series designated therein referred to in
the within-mentioned Indenture.

WACHOVIA BANK, NATIONAL ASSOCIATION, as
Trustee


By:
   ----------------------------
        Authorized Signatory

Dated:
      -------------------------

                                       B-7
<Page>

                      [FORM OF REVERSE OF INDIVIDUAL NOTE]

                                FEDEX CORPORATION

              [Floating Rate Notes due 2005] [ % Notes due 200[ ]]

     This Note is one of a duly authorized issue of notes of the Company (herein
called the "NOTES"), issued under an Indenture (the "INDENTURE") dated as of
March 25, 2004 among the Company, the Guarantors referred to in the Indenture
and Wachovia Bank, National Association, as Trustee (the "TRUSTEE," which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Guarantors, the Trustee and the Holders of the Notes and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This
Note is one of the series designated on the face hereof, limited in aggregate
principal amount to US$ [FOR FLOATING RATE NOTES - $600,000,000] [FOR NOTES DUE
2007 OR 2009 - $500,000,000]. Capitalized terms used herein and in the Guarantee
endorsed hereon but not defined have the meanings ascribed to such terms in the
Indenture.

     Except to the extent set forth below, this Note is not redeemable at the
option of the Company or at the option of the Holder prior to the Maturity Date
and is not subject to any sinking fund.

     The Indenture provides that if the Company is required to pay Additional
Amounts as a result of any change in, or amendment to, the laws (or any
regulations or regulations promulgated thereunder) of the United States (or any
political subdivision or taxing authority thereof or therein), or any change in,
or amendment to, any official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
is announced or becomes effective on or after March 22, 2004, or a taxing
authority of the United States (or any political subdivision or taxing authority
thereof or therein) takes an action on or after March 22, 2004, whether or not
with respect to the Company or any of its affiliates, that results in a
substantial probability that the Company will or may be required to pay such
Additional Amounts, then the Company may, at its option, redeem, as a whole, but
not in part, this Note on any Interest Payment Date on not less than 30 nor more
than 60 calendar days' prior notice, at a Redemption Price equal to 100% of this
Note's principal amount, together with interest accrued thereon to the date
fixed for redemption; provided that the Company determines, in its business
judgment, that the obligation to pay such Additional Amounts cannot be avoided
by the use of reasonable measures available to it, not including substitution of
the obligor under the Note.

     The Notes are unconditionally guaranteed as to the due and punctual payment
of the principal and interest in respect thereof by the Guarantors as evidenced
by their guarantees (the "GUARANTEES") set forth hereon. The Guarantees are
direct and unconditional obligations of such Guarantors and rank and will rank
equally in priority of payment and in all other respects with all other
unsecured and unsubordinated obligations of such Guarantors now or hereafter
outstanding.

                                       B-8
<Page>

     In case an Event of Default with respect to the Notes of this series shall
occur and be continuing, the principal of the Notes of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture contains provisions for defeasance at any time of (i) the
entire indebtedness of this Note or (ii) certain respective covenants and Events
of Default with respect to this Note, in each case upon compliance with certain
conditions set forth therein, which provisions apply to the Notes.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the Guarantors and the rights of the Holders of the Notes of each
series to be affected under the Indenture at any time by the Company, the
Guarantors and the Trustee with the consent of the Holders of at least 51% in
principal amount of the Notes at the time Outstanding or the consent of 51% in
principal amount of each series of Notes to be affected if less than all series
are to be affected by such modification or amendment. The Indenture also
contains provisions permitting the Holders of specified percentages in principal
amount of the Notes of each series at the time Outstanding, on behalf of the
Holders of all Notes of such series, to waive compliance by the Company and the
Guarantors with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note or Notes issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, places and rate, and in the currency herein prescribed.

     As provided in the Indenture and subject to certain limitations herein and
therein set forth, the transfer of this Note is registrable in the Register,
upon surrender of this Note for registration of transfer at the office or agency
of the Company in the Place of Payment, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Note
Registrar, duly executed by, the Holder hereof or its attorney-in-fact duly
authorized in writing, and thereupon one or more new Notes of this series and of
like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

     The Notes of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations herein
and therein set forth, Notes of this series are exchangeable for the same
aggregate principal amount of Notes of this series and of like tenor and
authorized denominations, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

                                       B-9
<Page>

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     No recourse under or upon any obligation, covenant or agreement of the
Company or any Guarantor in the Indenture or any indenture supplemental thereto
or in any Note, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, officer or
director, as such, of the Company or any Guarantor or of any successor thereto,
either directly or through the Company or any Guarantor or any successor
thereto, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance hereof and as part of the consideration for the issue hereof.

     This Note shall be governed by and construed in accordance with the laws of
the State of New York.

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                      B-10
<Page>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations.

     TEN COM      as tenants in common

     TEN ENT      as tenants by the entireties

     JT TEN       as joint tenants with right of survivorship and not as tenants
                  in common

     UNIF GIFT MIN ACT ______________ Custodian ______________
                           (Cust)                   (Minor)
                 under Uniform Gifts to Minors Act

                 __________________________________________________
                                       (State)


     Additional abbreviations may also be used though not in the above list.

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assigns(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF

ASSIGNEE:

________________________________________________________________________________

Please Print or Type Name and Address including Postal Zip Code of Assignee:
________________________________________________________________________________
________________________________________________________________________________

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ___________________________________________________________________
________________________________________________________________________________

                                      B-11
<Page>

to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:
      ----------------------------

Signature Guaranteed


----------------------------------
NOTICE:  Signature must be            NOTICE: The signature to this
guaranteed by a member firm of the    assignment must correspond with the
New York Stock Exchange or a          name as written upon the face of the
commercial bank or trust company.     within Note in every particular, without
                                      alteration or enlargement or any
                                      change whatever.

[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL RESTRICTED INDIVIDUAL NOTES
ONLY.]

In connection with any transfer of this Note occurring prior to the date which
is the earlier of (i) the date of an effective Registration or (ii) two years
after the later of the original issuance of this Note or the last date on which
this Note was held by the Company or an Affiliate of the Company, the
undersigned confirms that without utilizing any general solicitation or general
advertising that:

                                   [CHECK ONE]

[ ] (a) this Note is being transferred in compliance with the exemption from
        registration under the Securities Act of 1933, as amended, provided by
        Rule 144A thereunder;

                                       OR

[ ] (b) this Note is being transferred other than in accordance with (a) above
        and documents are being furnished which comply with the conditions of
        transfer set forth in this Note and the Indenture.

If neither of the foregoing boxes is checked, the Trustee or other Registrar
shall not be obligated to register this Note in the name of any Person other
than the Noteholder hereof unless and until the conditions to any such transfer
or registration set forth herein and in Section 3.06 of the Indenture shall have
been satisfied.

Date:
     ------------------------                           ---------------------

                                      B-12
<Page>

                                                                       EXHIBIT C

                                                               Form of Guarantee

                                    GUARANTEE

     _____________ (the "Guarantor") hereby, jointly and severally with each
other Guarantor, fully and unconditionally guarantees (such guarantee being
referred to herein as the "Guarantee") the due and punctual payment of the
principal of and interest on the Notes, whether at maturity, upon redemption, by
acceleration or otherwise, the due and punctual payment of interest on the
overdue principal and interest, if any, on the Notes, and the due and punctual
performance of all other obligations of the Company to the Holders or the
Trustee, all in accordance with the terms set forth in Article Twelve of the
Indenture.

     The obligations of the Guarantor to the Holders of Notes and to the Trustee
pursuant to the Guarantee and the Indenture are expressly set forth, to the
extent and in the manner provided, in Article Twelve of the Indenture, and
reference is hereby made to such Indenture for the precise terms of the
Guarantee therein made.

     The Guarantee shall not be valid or obligatory for any purpose until the
certificate of authentication on the Notes upon which the Guarantee is noted
shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized signatories.

     This Guarantee shall be governed by and construed in accordance with the
laws of the State of New York.

          This Guarantee is subject to release upon the terms set forth in the
Indenture.

                                               ------------------------,
                                                  as Guarantor


                                               By:
                                                  -----------------------------
                                                  Name:
                                                  Title:

                                       C-1
<Page>

                                                                       EXHIBIT D

                                                             Form of Global Note

                               FORM OF GLOBAL NOTE

[IF THIS IS A RULE 144A GLOBAL NOTE, ADD THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE OR
OTHER SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS A
"QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A ("RULE 144A") UNDER THE
SECURITIES ACT), (2) AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE
PRIOR TO (X) THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS
PERMITTED BY RULE 144(k) OF THE SECURITIES ACT) AFTER THE LATER OF THE ORIGINAL
ISSUE DATE OF THIS NOTE AND THE LAST DATE ON WHICH FEDEX CORPORATION OR ANY
"AFFILIATE" (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF FEDEX
CORPORATION WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) OR (Y)
SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE "RESALE
RESTRICTION TERMINATION DATE") EXCEPT (A) TO FEDEX CORPORATION, (B) PURSUANT TO
A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A,
TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT
OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO
ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF
SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL,
AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED
A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT FEDEX
CORPORATION AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.]

                                       D-1
<Page>

[IF THIS IS A REGULATION S GLOBAL NOTE ISSUED PRIOR TO THE EXPIRATION OF THE
REGULATION S COMPLIANCE PERIOD, ADD THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE OR OTHER
SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS NOT A "U.S. PERSON" (AS
DEFINED IN REGULATION S ("REGULATION S") UNDER THE SECURITIES ACT), (2) AGREES
NOT TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE PRIOR TO THE DATE WHICH IS 40
DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE "REGULATION S RESTRICTED
PERIOD") EXCEPT (A) TO FEDEX CORPORATION, (B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A ("RULE 144A")
UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED
INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S
UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND (3) AGREES THAT IT WILL
GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO
THE EFFECT OF THIS LEGEND; PROVIDED THAT FEDEX CORPORATION AND THE TRUSTEE SHALL
HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E)
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE TERMINATION OF THE REGULATION S RESTRICTED
PERIOD.]

                                       D-2
<Page>

     No.                               CUSIP No.

     Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

                                FEDEX CORPORATION

                             [RULE 144A GLOBAL NOTE]

                           [REGULATION S GLOBAL NOTE]

                             [GLOBAL EXCHANGE NOTE]

                               representing up to

                                  US$__,000,000

   [Floating Rate Notes due 2005] [FOR NOTES DUE 2007 - 2.65% Notes due 2007]
                   [FOR NOTES DUE 2009 - 3.50 Notes due 2009]

               Guaranteed as to Payment of Principal and Interest
                    by the Guarantors named in the Indenture

     [FOR FLOATING RATE NOTES -- FedEx Corporation, a Delaware corporation (the
"COMPANY," which term includes any successor Person under the Indenture referred
to on the reverse hereof), for value received, hereby promises to pay

     Cede & Co.

     c/o The Depository Trust Company

     55 Water Street

     New York, New York 10041


     or registered assigns, the principal sum set forth on Schedule 1 hereto on
April 1, 2005 (the "MATURITY DATE") and to pay interest thereon from March 25,
2004 or from the most recent "INTEREST PAYMENT DATE" to which interest has been
paid or duly provided for, on July 1, 2004, October 1, 2004, January 1, 2005 and
April 1, 2005, at a floating rate of interest, until the principal hereof is
paid or duly provided for; PROVIDED that if any Registration Default with
respect to this Note occurs under the Registration Rights Agreement, then the
per annum interest rate on this Note will increase for the period from the
occurrence of such Registration Default

                                       D-3
<Page>

until such time as no Registration Default is in effect with respect to this
Note (at which time the interest rate will be reduced to its initial rate) at a
per annum rate of 0.25% for the first 90-day period following the occurrence of
such Registration Default, and by an additional 0.25% thereafter (up to a
maximum of 0.50%). The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on the "REGULAR RECORD DATE" for such
interest, which shall be the fifteenth calendar day prior to the Interest
Payment Date (whether or not a Business Day) [IF THIS NOTE IS AN ORIGINAL NOTE,
THEN INSERT - ; PROVIDED that any accrued and unpaid interest (including any
Additional Amounts and additional interest payable upon the occurrence of a
Registration Default) on this Note upon the issuance of an Exchange Note in
exchange for this Note shall cease to be payable to the Holder hereof and shall
be payable on the next Interest Payment Date for such Exchange Note to the
Holder thereof on the related Regular Record Date]. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holder on such Regular Record Date and may either be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof,
notice of which shall be given to Holders of Notes of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.

     The interest rate on this Note for the interest period beginning the date
of this Note and ending on the first Interest Reset Date (as defined below) will
be 1.39% per annum. The interest rate on this Note for each subsequent interest
period will be reset quarterly on each Interest Payment Date (an "INTEREST RESET
DATE"), and this Note will bear interest at an annual rate (computed on the
basis of the actual number of days elapsed over a 360-day year) equal to the
three-month London interbank offer rate ("LIBOR"), determined in the manner set
forth below, plus 28 basis points.

     The interest rate in effect for this Note on each day from and including
the first Interest Reset Date will be (a) if that day is an Interest Reset Date,
the interest rate determined as of the Determination Date (as defined below)
immediately preceding such Interest Reset Date or (b) if that day is not an
Interest Reset Date, the interest rate determined as of the Determination Date
immediately preceding the most recent Interest Reset Date. The "DETERMINATION
DATE" will be the second London Business Day immediately preceding the
applicable Interest Reset Date.

     LIBOR will be determined by the calculation agent (which will be JPMorgan
Chase Bank) as of the applicable Determination Date in accordance with the
following provisions:

     (1) LIBOR will be determined on the basis of the offered rates for deposits
in U.S. dollars of not less than U.S. $1,000,000 having a three-month maturity,
beginning on the second London Business Day immediately following that
Determination Date, which appears on Telerate Page 3750 (as defined below) as of
approximately 11:00 a.m., London time, on that Determination Date. "TELERATE
PAGE 3750" means the display designated on page "3750" on Moneyline Telerate,
Inc. (or such other page as may replace the 3750 page on that service, any
successor service or such other service or services as may be nominated by the
British Bankers'

                                       D-4
<Page>

Association for the purpose of displaying London interbank offered rates for
U.S. dollar deposits). If no rate appears on Telerate Page 3750, LIBOR for such
Determination Date will be determined in accordance with the provisions of
paragraph (2) below.

     (2) With respect to a Determination Date on which no rate appears on
Telerate Page 3750 as of approximately 11:00 a.m., London time, on that
Determination Date, the calculation agent will request the principal London
office of each of four major reference banks in the London interbank market
selected by the calculation agent (after consultation with the Company) to
provide the calculation agent with a quotation of the rate at which deposits of
U.S. dollars having a three-month maturity, beginning on the second London
Business Day immediately following that Determination Date, are offered by it to
prime banks in the London interbank market as of approximately 11:00 a.m.,
London time, on that Determination Date in a principal amount equal to an amount
of not less than U.S. $1,000,000 that is representative for a single transaction
in that market at that time. If at least two quotations are provided, LIBOR for
that Determination Date will be the arithmetic mean of the quotations as
calculated by the calculation agent. If fewer than two quotations are provided,
LIBOR for that Determination Date will be the arithmetic mean of the rates
quoted as of approximately 11:00 a.m., New York City time, on that Determination
Date by three major banks selected by the calculation agent (after consultation
with the Company) for loans in U.S. dollars to leading European banks having a
three-month maturity beginning on the second London Business Day immediately
following that Determination Date and in a principal amount equal to an amount
of not less than U.S. $1,000,000 that is representative for a single transaction
in that market at that time; provided, however, that if the banks selected by
the calculation agent are not quoting the rates described in this sentence,
LIBOR for that Determination Date will be LIBOR determined with respect to the
immediately preceding Determination Date, or in the case of the first
Determination Date, LIBOR for the initial interest period.

     If the date of maturity of this Note falls on a day that is not a LIBOR
Business Day, the related payment of principal and interest will be made on the
next LIBOR Business Day as if it were made on the date such payment was due, and
no interest will accrue on the amounts so payable for the period from and after
such date to the next LIBOR Business Day. If any Interest Reset Date or Interest
Payment Date (other than at the date of maturity) would otherwise be a day that
is not a LIBOR Business Day, that Interest Reset Date and Interest Payment Date
will be postponed to the next date that is a LIBOR Business Day, except that if
such LIBOR Business Day is in the next calendar month, such Interest Reset Date
and Interest Payment Date (other than at the date of maturity) shall be the
immediately preceding LIBOR Business Day.

     "LIBOR BUSINESS DAY" means any day other than Saturday or Sunday or a day
on which banking institutions or trust companies in the City of New York are
required or authorized to close and that is also a London Business Day.

     "LONDON BUSINESS DAY" means any day on which dealings in deposits in U.S.
dollars are transacted in the London interbank market.

     The Company will at all times appoint and maintain a Paying Agent (which
may be the Trustee) authorized by the Company to pay the principal of and
interest on any Notes of this series on behalf of the Company and having an
office or agency in New York, New York and in such other cities, if any, as the
Company may designate in writing to the Trustee (the "PLACE OF

                                       D-5
<Page>

PAYMENT") where Notes of this series may be presented or surrendered for payment
and where notices, designations or requests in respect for payments with respect
to Notes of this series may be served. The Company has initially appointed
Wachovia Bank, National Association, 2525 West End Avenue, Suite 1200,
Nashville, Tennessee 37203, as such Paying Agent.]

     [FOR NOTES DUE 2007 AND 2009 - FedEx Corporation, a Delaware corporation
(the "COMPANY," which term includes any successor Person under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay

           Cede & Co.
           c/o The Depository Trust Company
           55 Water Street
           New York, New York 10041

or registered assigns, the principal sum set forth on Schedule 1 hereto on April
1, [2007] [2009] (the "MATURITY DATE") and to pay interest thereon from March
25, 2004 or from the most recent "INTEREST PAYMENT DATE" to which interest has
been paid or duly provided for, semi-annually on April 1 and October 1 of each
year, commencing October 1, 2004, and on the Maturity Date, at the rate of [FOR
NOTES DUE 2007 - 2.65%] [FOR NOTES DUE 2009 - 3.50%] per annum, until the
principal hereof is paid or duly provided for; PROVIDED that if any Registration
Default with respect to this Note occurs under the Registration Rights
Agreement, then the per annum interest rate on this Note will increase for the
period from the occurrence of such Registration Default until such time as no
Registration Default is in effect with respect to this Note (at which time the
interest rate will be reduced to its initial rate) at a per annum rate of 0.25%
for the first 90-day period following the occurrence of such Registration
Default, and by an additional 0.25% thereafter (up to a maximum of 0.50%). The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Notes) is registered at the close of
business on the "REGULAR RECORD DATE" for such interest, which shall be the
March 15 or September 15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date [IF THIS NOTE IS AN ORIGINAL NOTE,
THEN INSERT - ; PROVIDED that any accrued and unpaid interest (including any
Additional Amounts and additional interest payable upon the occurrence of a
Registration Default) on this Note upon the issuance of an Exchange Note in
exchange for this Note shall cease to be payable to the Holder hereof and shall
be payable on the next Interest Payment Date for such Exchange Note to the
Holder thereof on the related Regular Record Date]. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holder on such Regular Record Date and may either be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof,
notice of which shall be given to Holders of Notes of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.

     The Company will at all times appoint and maintain a Paying Agent (which
may be the Trustee) authorized by the Company to pay the principal of and
interest on any Notes of this

                                       D-6
<Page>

series on behalf of the Company and having an office or agency in New York, New
York and in such other cities, if any, as the Company may designate in writing
to the Trustee (the "PLACE OF PAYMENT") where Notes of this series may be
presented or surrendered for payment and where notices, designations or requests
in respect for payments with respect to Notes of this series may be served. The
Company has initially appointed Wachovia Bank, National Association, 2525 West
End Avenue, Suite 1200, Nashville, Tennessee 37203, as such Paying Agent.

     Interest payments on this Note will be computed and paid on the basis of a
360-day year of twelve 30-day months. Interest payable on this Note on any
Interest Payment Date and on the Maturity Date will include interest accrued
from and including the most recent Interest Payment Date to which interest has
been paid or duly provided for (or from and including March 25, 2004, if no
interest has been paid on this Note) to but excluding such Interest Payment Date
or the Maturity Date, as the case may be.

     If any Interest Payment Date or the Maturity Date falls on a day that is
not a Business Day (as defined below), principal or interest payable with
respect to such Interest Payment Date or Maturity Date, as the case may be, will
be paid on the next succeeding Business Day with the same force and effect as if
it were paid on the date such payment was due, and no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date
or the Maturity Date, as the case may be. "BUSINESS DAY" means any day other
than Saturday, Sunday or other day on which banking institutions in New York or
Tennessee are obligated or authorized by law to close.]

     The principal and interest payable on this Note will be made by wire
transfer of immediately available funds to the Holder hereof in such currency of
the United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

     Unless the Certificate of Authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                       D-7
<Page>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.


                                         FEDEX CORPORATION

                                         By:
                                            -------------------------------
                                            Name:
                                            Title:
     Attest:

     By:
        --------------------------
        Name:
        Title:

                                       D-8
<Page>

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Global Notes described in the within-mentioned
Indenture.

                                        WACHOVIA BANK, NATIONAL ASSOCIATION

                                             as Trustee


                                        By:
                                           -----------------------------------
                                                Authorized Signatory

Dated:

                                       D-9
<Page>

                        [FORM OF REVERSE OF GLOBAL NOTE]

                                FEDEX CORPORATION

              [Floating Rate Notes due 2005] [ % Notes due 200[ ]]

     This Note is one of a duly authorized issue of notes of the Company (herein
called the "NOTES"), issued under an Indenture (the "INDENTURE") dated as of
March 25, 2004 among the Company, the Guarantors referred to in the Indenture
and Wachovia Bank, National Association, as Trustee (the "TRUSTEE," which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Guarantors, the Trustee and the Holders of the Notes and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This
Note is one of the series designated on the face hereof, limited in aggregate
principal amount to US$ [FOR FLOATING RATE NOTES - $600,000,000] [FOR NOTES DUE
2007 OR 2009 - $500,000,000]. Capitalized terms used herein and in the Guarantee
endorsed hereon but not defined have the meanings ascribed to such terms in the
Indenture.

     Except to the extent set forth below, this Note is not redeemable at the
option of the Company or at the option of the Holder prior to the Maturity Date
and is not subject to any sinking fund.

     The Indenture provides that if the Company is required to pay Additional
Amounts as a result of any change in, or amendment to, the laws (or any
regulations or regulations promulgated thereunder) of the United States (or any
political subdivision or taxing authority thereof or therein), or any change in,
or amendment to, any official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
is announced or becomes effective on or after March 22, 2004, or a taxing
authority of the United States (or any political subdivision or taxing authority
thereof or therein) takes an action on or after March 22, 2004, whether or not
with respect to the Company or any of its affiliates, that results in a
substantial probability that the Company will or may be required to pay such
Additional Amounts, then the Company may, at its option, redeem, as a whole, but
not in part, this Note on any Interest Payment Date on not less than 30 nor more
than 60 calendar days' prior notice, at a Redemption Price equal to 100% of this
Note's principal amount, together with interest accrued thereon to the date
fixed for redemption; provided that the Company determines, in its business
judgment, that the obligation to pay such Additional Amounts cannot be avoided
by the use of reasonable measures available to it, not including substitution of
the obligor under the Note.

     The Notes are unconditionally guaranteed as to the due and punctual payment
of the principal and interest in respect thereof by the Guarantors as evidenced
by their guarantees (the "GUARANTEES") set forth hereon. The Guarantees are
direct and unconditional obligations of such Guarantors and rank and will rank
equally in priority of payment and in all other respects with all other
unsecured and unsubordinated obligations of such Guarantors now or hereafter
outstanding.

                                      D-10
<Page>

     In case an Event of Default with respect to the Notes of this series shall
occur and be continuing, the principal of the Notes of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture contains provisions for defeasance at any time of (i) the
entire indebtedness of this Note or (ii) certain respective covenants and Events
of Default with respect to this Note, in each case upon compliance with certain
conditions set forth therein, which provisions apply to the Notes.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the Guarantors and the rights of the Holders of the Notes of each
series to be affected under the Indenture at any time by the Company, the
Guarantors and the Trustee with the consent of the Holders of at least 51% in
principal amount of the Notes at the time Outstanding or the consent of 51% in
principal amount of each series of Notes to be affected if less than all series
are to be affected by such modification or amendment. The Indenture also
contains provisions permitting the Holders of specified percentages in principal
amount of the Notes of each series at the time Outstanding, on behalf of the
Holders of all Notes of such series, to waive compliance by the Company and the
Guarantors with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note or Notes issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, places and rate, and in the currency herein prescribed.

     As provided in the Indenture and subject to certain limitations herein and
therein set forth, the transfer of this Note is registrable in the Register,
upon surrender of this Note for registration of transfer at the office or agency
of the Company in the Place of Payment, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Note
Registrar, duly executed by, the Holder hereof or its attorney-in-fact duly
authorized in writing, and thereupon one or more new Notes of this series and of
like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

     The Notes of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations herein
and therein set forth, Notes of this series are exchangeable for the same
aggregate principal amount of Notes of this series and of like tenor and
authorized denominations, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

                                      D-11
<Page>

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     No recourse under or upon any obligation, covenant or agreement of the
Company or any Guarantor in the Indenture or any indenture supplemental thereto
or in any Note, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, officer or
director, as such, of the Company or any Guarantor or of any successor thereto,
either directly or through the Company or any Guarantor or any successor
thereto, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance hereof and as part of the consideration for the issue hereof.

     This Note shall be governed by and construed in accordance with the laws of
the State of New York.

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                      D-12
<Page>

                                                                      Schedule 1

               SCHEDULE OF CHANGES IN OUTSTANDING PRINCIPAL AMOUNT

     The initial outstanding principal amount of this Global Note is US$[ ]. The
following notations in respect of changes in the outstanding principal amount of
this Global Note have been made:

<Table>
<Caption>
                                            Change in Outstanding        New       Notation
    Date       Initial Principal Amount        Principal Amount        Balance     Made by
   ------     --------------------------   -----------------------    ---------   ----------
    <S>        <C>                          <C>                        <C>             <C>

</Table>

                                      D-13
<Page>

                                                                       EXHIBIT E

                                       Form of Regulation S Transfer Certificate

                        REGULATION S TRANSFER CERTIFICATE

          (For transfers pursuant to Section 3.06(a) of the Indenture)

Wachovia Bank, National Association
2525 West End Avenue, Suite 1200
Nashville, Tennessee 37203
Attn:  Corporate Trust Administration

     Re:  [Floating Rate Notes due 2005] [___% Notes due ___] of FedEx
          Corporation (the "NOTES")

     Reference is made to the Indenture, dated as of March 25, 2004 (the
"INDENTURE"), among FedEx Corporation (the "COMPANY"), the Guarantors named
therein, and Wachovia Bank, National Association, as Trustee. Terms used herein
and defined in the Indenture or in Regulation S or Rule 144 under the U.S.
Securities Act of 1933 (the "SECURITIES ACT") are used herein as so defined.

     This certificate relates to U.S. $____________ principal amount of Notes,
which are evidenced by the following certificate(s) (the "SPECIFIED NOTES"):

     CUSIP No(s). ___________________________

     CERTIFICATE No(s). _____________________

     The person in whose name this certificate is executed below (the
"UNDERSIGNED") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Notes or (ii) it is acting on behalf of all the beneficial
owners of the Specified Notes and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "OWNER."
If the Specified Notes are represented by a Global Note, they are held through
the Depositary or a participant of such Depositary in the name of the
Undersigned, as or on behalf of the Owner. If the Specified Notes are not
represented by a Global Note, they are registered in the name of the
Undersigned, as or on behalf of the Owner.

     The Owner has requested that the Specified Notes be transferred to a person
(the "TRANSFEREE") who will take delivery in the form of an interest in a
Regulation S Global Note or an Unrestricted Individual Note. In connection with
such transfer, the Owner hereby certifies that, unless such transfer is being
effected pursuant to an effective registration statement under the Securities
Act, it is being effected in accordance with Rule 904 or Rule 144 under the
Securities Act and with all applicable securities laws of the states of the
United States and other jurisdictions. Accordingly, the Owner hereby further
certifies as follows:

<Page>

          1.   RULE 904 TRANSFERS. If the transfer is being effected in
accordance with Rule 904:

          (a)  the Owner is not a distributor of the Notes, an affiliate of the
     Company or any such distributor or a person acting on behalf of any of the
     foregoing;

          (b)  the offer of the Specified Notes was not made to a person in the
     United States;

          (c)  either:

               (i)   at the time the buy order was originated, the Transferee
          was outside the United States or the Owner and any person acting on
          its behalf reasonably believed that the Transferee was outside the
          United States, or

               (ii)  the transaction is being executed in, on or through the
          facilities of the Eurobond market, as regulated by the Association of
          International Bond Dealers, or another designated offshore securities
          market and neither the Owner nor any person acting on its behalf knows
          that the transaction has been prearranged with a buyer in the United
          States;

          (d)  no directed selling efforts have been made in the United States
     by or on behalf of the Owner or any affiliate thereof;

          (e)  if the Owner is a dealer in securities or has received a selling
     concession, fee or other remuneration in respect of the Specified Notes,
     and the transfer is to occur during the Regulation S Restricted Period,
     then the requirements of Rule 904(b)(1) or (b)(3) have been satisfied; and

          (f)  the transaction is not part of a plan or scheme to evade the
     registration requirements of the Securities Act.

          2.   RULE 144 TRANSFERS. If the transfer is being effected pursuant to
Rule 144:

          (a)  the transfer is occurring after a holding period of at least one
     year (computed in accordance with paragraph (d) of Rule 144) has elapsed
     since the Specified Notes were last acquired from the Company or from an
     affiliate of the Company, whichever is later, and is being effected in
     accordance with the applicable amount, manner of sale and notice
     requirements of Rule 144; or

          (b)  the transfer is occurring after a holding period of at least two
     years has elapsed since the Specified Notes were last acquired from the
     Company or from an affiliate of the Company, whichever is later, and the
     Owner is not, and during the preceding three months has not been, an
     affiliate of the Company.

                                       E-2
<Page>

     This certificate and the statements contained herein are made for your
benefit and the benefit of the Company, the Guarantors and the Initial
Purchasers.

Dated:
                                     -------------------------------------------
                                     (Print the name of the Undersigned, as such
                                     term is defined in the second paragraph of
                                     this certificate.)


                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     (If the Undersigned is a corporation,
                                     partnership or fiduciary, the title of the
                                     person signing on behalf of the Undersigned
                                     must be stated.)

                                       E-3
<Page>

                                                                       EXHIBIT F

                                   Form of Restricted Notes Transfer Certificate

                      RESTRICTED NOTES TRANSFER CERTIFICATE

       (For transfers pursuant to Section 3.06(a) or (b) of the Indenture)


Wachovia Bank, National Association
2525 West End Avenue, Suite 1200
Nashville, Tennessee 37203
Attn:  Corporate Trust Administration

     Re:  [Floating Rate Notes due 2005] [___% Notes due ___] of FedEx
          Corporation (the "NOTES")

     Reference is made to the Indenture, dated as of March 25, 2004 (the
"INDENTURE"), among FedEx Corporation (the "COMPANY"), the Guarantors named
therein and Wachovia Bank, National Association, as Trustee. Terms used herein
and defined in the Indenture or in Rule 144A under the U.S. Securities Act of
1933 (the "SECURITIES ACT") are used herein as so defined.

     This certificate relates to U.S. $_____________ principal amount of Notes,
which are evidenced by the following certificate(s) (the "SPECIFIED NOTES"):

     CUSIP No(s). ___________________________

     ISIN No(s), if any. ____________________

     CERTIFICATE No(s). _____________________

     The person in whose name this certificate is executed below (the
"UNDERSIGNED") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Notes or (ii) it is acting on behalf of all the beneficial
owners of the Specified Notes and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "OWNER".
If the Specified Notes are represented by a Global Note, they are held through
the Depositary or an Agent Member in the name of the Undersigned, as or on
behalf of the Owner. If the Specified Notes are not represented by a Global
Note, they are registered in the name of the Undersigned, as or on behalf of the
Owner.

     The Owner has requested that the Specified Notes be transferred to a person
(the "TRANSFEREE") who will take delivery in the form of an interest in the Rule
144A Global Note or a Restricted Individual Note. In connection with such
transfer, the Owner hereby certifies that (i) the Owner is not a U.S. Person (as
defined under Rule 902(k) under the Securities Act) and (ii) such transfer is
being effected in accordance with Rule 144A under the Securities Act and all
applicable securities laws of the states of the United States and other
jurisdictions. Accordingly, the Owner hereby further certifies as follows:

<Page>

          (a)  the Specified Notes are being transferred to a person that the
     Owner and any person acting on its behalf reasonably believe is a
     "QUALIFIED INSTITUTIONAL BUYER" within the meaning of Rule 144A, acquiring
     for its own account or for the account of a qualified institutional buyer;
     and

          (b)  the Owner and any person acting on its behalf have taken
     reasonable steps to ensure that the Transferee is aware that the Owner may
     be relying on Rule 144A in connection with the transfer.

     This certificate and the statements contained herein are made for your
benefit and the benefit of the Company, the Guarantors and the Initial
Purchasers.

Dated:
                                     -------------------------------------------
                                     (Print the name of the Undersigned, as such
                                     term is defined in the second paragraph of
                                     this certificate.)


                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     (If the Undersigned is a corporation,
                                     partnership or fiduciary, the title of the
                                     person signing on behalf of the Undersigned
                                     must be stated.)

                                       F-2
<Page>

                                                                       EXHIBIT G

                                                 Form of Owner Notes Certificate
                                                   to Be Delivered in connection
                                              with Exchanges of the Regulation S
                                                          Global Note during the
                                                  Regulation S Compliance Period

                            OWNER NOTES CERTIFICATION

                                FEDEX CORPORATION

                [Floating Rate Notes due 2005] [ % Notes due [ ]]

     This is to certify that, as of the date hereof, $________ of the
above-captioned Notes are beneficially owned by non-U.S. person(s). As used in
this paragraph, the term "U.S. PERSON" has the meaning given to it by Regulation
S under the Securities Act of 1933, as amended.

     We undertake to advise you promptly by tested telex on or prior to the date
on which you intend to submit your certification relating to the Notes held by
you for our account in accordance with your operating procedures if any
applicable statement herein is not correct on such date, and in the absence of
any such notification it may be assumed that this certification applies as of
such date.

     We understand that this certificate is required in connection with certain
securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate to any interested party in such proceedings.

Dated:______________, 2004


By:
   -------------------------------------------
   As, or as agent for, the beneficial owner(s)
   of the Notes to which this certificate
   relates.

                                       G-1
<Page>

                                                                       EXHIBIT H

                                          Form of Depositary Certification to Be
                                          Delivered in connection with Exchanges
                                          of the Regulation S Global Note during
                                             the Regulation S Restriction Period

                            DEPOSITARY CERTIFICATION

                                FEDEX CORPORATION

                [Floating Rate Notes due 2005] [ % Notes due [ ]]

     This is to certify that, with respect to U.S.$___________ principal amount
of the above-captioned Notes, except as set forth below, we have received in
writing, by tested telex or by electronic transmission, from member
organizations appearing in our records as persons being entitled to a portion of
the principal amount of Notes of the series set forth above (our "MEMBER
ORGANIZATIONS"), certifications with respect to such portion, substantially to
the effect set forth in the Indenture.

     We further certify (i) that we are not making available herewith for
exchange (or, if relevant, exercise of any rights or collection of any interest)
any portion of the Regulation S Global Note (as defined in the Indenture)
excepted in such certifications and (ii) that as of the date hereof we have not
received any notification from any of our Member Organizations to the effect
that the statements made by such Member Organizations with respect to any
portion of the part submitted herewith for exchange (or, if relevant, exercise
of any rights or collection of any interest) are no longer true and cannot be
relied upon as of the date hereof.

     We understand that this certification is required in connection with
certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection
with which this certification is or would be relevant, we irrevocably authorize
you to produce this certification to any interested party in such proceedings.

Dated:_____________, 2004

Yours faithfully,
[EUROCLEAR BANK, S.A./N.V.,
as operator of the Euroclear System]

     or

[CLEARSTREAM, S.A.]

By
  ---------------------------------

                                       H-1