**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’sAnnual Report on Form 10-K with respect to the Corporation’s fiscal year ended May 31, 2002, 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 hissubstitute or substitutes may lawfully do or cause to be done by virtue of these presents.  IN WITNESS WHEREOF, Ihave hereunto set my hand this 24th day of June, 2002.  /s/     DAVID J. BRONCZEK**David J. Bronczek** STATE OF TENNESSEE COUNTY OF SHELBY  I,LaJuana Shelton-Lebschi, 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 methis 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/    LAJUANA SHELTON-LEBSCHI**Notary Public** My Commission Expires: August 27, 2002 
 **POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, aDirector 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 andresubstitution, 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 theCorporation’s fiscal year ended May 31, 2002, 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 tobe done by virtue of these presents.  IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of June, 2002. /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 inperson, 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 2 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, aDirector 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 andresubstitution, 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 theCorporation’s fiscal year ended May 31, 2002, 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 tobe done by virtue of these presents.  IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of June, 2002. /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 dayin 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 3 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, aDirector 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 andresubstitution, 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 theCorporation’s fiscal year ended May 31, 2002, 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 tobe done by virtue of these presents.  IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of June, 2002. /s/    ROBERT B. CARTER**Robert B. Carter** 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 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 inperson, 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 4 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, aDirector 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 andresubstitution, 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 theCorporation’s fiscal year ended May 31, 2002, 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 tobe done by virtue of these presents.  IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of June, 2002. /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 thisday 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/    MARY T. BRITT**Notary Public** My Commission Expires: March 29, 2005 5 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, aDirector 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 andresubstitution, 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 theCorporation’s fiscal year ended May 31, 2002, 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 tobe done by virtue of these presents.  IN WITNESS WHEREOF, I have hereunto set my hand this 12th day of July, 2002.  /s/    MICHAEL L. DUCKER**Michael L. Ducker** 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 Michael L. Ducker, personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me thisday 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 6 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, a Director of FEDERAL EXPRESSCORPORATION (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 andlawful 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 endedMay 31, 2002, 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 24th day of June, 2002.  /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 aforesaidState, 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 saidinstrument as his free and voluntary act, for the uses and purposes therein set forth.  /S/    JUNE Y. FITZGERALD        **Notary Public** My Commission Expires: December 1, 2002 7 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, a Director of FEDERAL EXPRESSCORPORATION (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 andlawful attorneys-in-fact and agents, with full power and authority to execute in the name and on behalf of the undersigned as such officer and director, the Corporation’s Annual Report on Form 10-K with respect to the Corporation’s fiscalyear ended May 31, 2002, 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 ofthese presents.  IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of June, 2002.  /S/    THEODORE L. WEISE        **Theodore L. Weise** STATE OF FLORIDA COUNTY OF PALM BEACH  I, Miranda Culbert, a Notary Public in and for said County, in the aforesaidState, do hereby certify that Theodore L. Weise, 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 saidinstrument as his free and voluntary act, for the uses and purposes therein set forth.  /S/    MIRANDA CULBERT        **Notary Public** My Commission Expires: December 19, 2005 8 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, the principal financial officer ofFEDERAL 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 lawfulattorneys-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 31,2002, 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 2nd day of July, 2002.  /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 aforesaidState, 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 saidinstrument as his free and voluntary act, for the uses and purposes therein set forth.  /S/    CLAUDIA LACKHITE        **Notary Public** My Commission Expires: January 26, 2005 9 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, the principal accounting officer ofFEDERAL 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 lawfulattorneys-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 31,2002, 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 21st day of June, 2002.  /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 aforesaidState, 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 saidinstrument as his free and voluntary act, for the uses and purposes therein set forth.  /S/    DIANNE G. AMMERMAN        **Notary Public** My Commission Expires: April 13, 2004 10 
**POWER OF ATTORNEY** KNOW ALL PERSONS BY THESE PRESENTS:  That the undersigned, a Director of FEDERAL EXPRESSCORPORATION (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 andlawful 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 endedMay 31, 2002, 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 21st day of June, 2002.  /S/    DAVID F. REBHOLZ        **David F. Rebholz** STATE OF TENNESSEE COUNTY OF SHELBY  I, Claudia L. Hite, a Notary Public in and for said County, in the aforesaidState, 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 saidinstrument as his free and voluntary act, for the uses and purposes therein set forth.  /S/    CLAUDIA LACKHITE        **Notary Public** My Commission Expires: January 26, 2005 11