<Page>

                                                                      EXHIBIT 24

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, the principal executive officer and a Director of
FEDERAL EXPRESS CORPORATION (the "Corporation"), a Delaware corporation, does
hereby constitute and appoint Tracy G. Schmidt and Michael W. Hillard, and each
of them, with full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of
June, 2003.


                                           /s/ DAVID J. BRONCZEK
                                           --------------------------
                                           David J. Bronczek


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Claudia Hack Lite, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that David J. Bronczek, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ CLAUDIA HACK LITE
                                           --------------------------
                                           Notary Public

My Commission Expires:

January 26, 2005

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 19th day of
June, 2003.


                                           /s/ T. MICHAEL GLENN
                                           --------------------------
                                           T. Michael Glenn


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Mary T. Britt, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that T. Michael Glenn, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ MARY T. BRITT
                                           --------------------------
                                           Notary Public

My Commission Expires:

March 29, 2005

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 20th day of June,
2003.


                                           /s/ ALAN B. GRAF, JR.
                                           --------------------------
                                           Alan B. Graf, Jr.


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Mary T. Britt, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Alan B. Graf, Jr., personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ MARY T. BRITT
                                           --------------------------
                                           Notary Public

My Commission Expires:

March 29, 2005

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 20th day of
June, 2003.


                                           /s/ ROBERT B. CARTER
                                           --------------------------
                                           Robert B. Carter


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Melissa S. Hughes, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Robert B. Carter, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ MELISSA S. HUGHES
                                           --------------------------
                                           Notary Public

My Commission Expires:

11-15-03

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, her true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 19th day of
June, 2003.


                                           /s/ KENNETH R. MASTERSON
                                           --------------------------
                                           Kenneth R. Masterson


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Mary T. Britt, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Kenneth R. Masterson, personally known
to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person, and acknowledged that he
signed and delivered the said instrument as his free and voluntary act, for the
uses and purposes therein set forth.


                                           /s/ MARY T. BRITT
                                           --------------------------
                                           Notary Public

My Commission Expires:

March 29, 2005

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of
June, 2003.


                                           /s/ MICHAEL L. DUCKER
                                           --------------------------
                                           Michael L. Ducker


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Claudia Lack Hite, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Michael L. Ducker, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ CLAUDIA LACK HITE
                                           --------------------------
                                           Notary Public

My Commission Expires:

January 26, 2005

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 19th day of
June, 2003.


                                           /s/ FREDERICK W. SMITH
                                           --------------------------
                                           Frederick W. Smith


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, June Y. Fitzgerald, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Frederick W. Smith, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ JUNE Y. FITZGERALD
                                           --------------------------
                                           Notary Public

My Commission Expires:

October 10, 2006

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, the principal financial officer of FEDERAL EXPRESS
CORPORATION (the "Corporation"), a Delaware corporation, does hereby constitute
and appoint David J. Bronczek and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such officer, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 23rd day of
June, 2003.


                                           /s/ TRACY G. SCHMIDT
                                           --------------------------
                                           Tracy G. Schmidt


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Claudia Lack Hite, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Tracy G. Schmidt, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ CLAUDIA LACK HITE
                                           --------------------------
                                           Notary Public

My Commission Expires:

January 26, 2005

<Page>

                                POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, the principal accounting officer of FEDERAL EXPRESS
CORPORATION (the "Corporation"), a Delaware corporation, does hereby constitute
and appoint David J. Bronczek and Tracy G. Schmidt, and each of them, with full
power of substitution and resubstitution, his true and lawful attorneys-in-fact
and agents, with full power and authority to execute in the name and on behalf
of the undersigned as such officer, the Corporation's Annual Report on Form 10-K
with respect to the Corporation's fiscal year ended May 31, 2003, and any and
all amendments thereto; and hereby ratifies and confirms all that said
attorneys-in-fact and agents, or any of them, or their or his substitute or
substitutes may lawfully do or cause to be done by virtue of these presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 19th day of
June, 2003.


                                           /s/ MICHAEL W. HILLARD
                                           --------------------------
                                           Michael W. Hillard


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, DIANNE G. AMMERMAN, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Michael W. Hillard, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ DIANE G. AMMERMAN
                                           --------------------------
                                           Notary Public

My Commission Expires:

April 13, 2004

<Page>

                               POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of
June, 2003.


                                           /s/ DAVID F. REBHOLZ
                                           --------------------------
                                           David F. Rebholz


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Claudia Lack Hite, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that David F. Rebholz, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.


                                           /s/ CLAUDIA LACK HITE
                                           --------------------------
                                           Notary Public

My Commission Expires:

January 26, 2005

<Page>

                               POWER OF ATTORNEY


KNOW ALL PERSONS BY THESE PRESENTS:

       That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, her true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2003, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

       IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of
June, 2003.


                                           /s/ CHRISTINE P. RICHARDS
                                           --------------------------
                                           Christine P. Richards


STATE OF TENNESSEE

COUNTY OF SHELBY


       I, Melissa S. Hughes, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Christine P. Richards, personally known
to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person, and acknowledged that she
signed and delivered the said instrument as her free and voluntary act, for the
uses and purposes therein set forth.


                                           /s/ MELISSA S. HUGHES
                                           --------------------------
                                           Notary Public

My Commission Expires:

11-15-03