Document:

//ex10-5_4397_aa.cecc

<Page>

                                                                    EXHIBIT 10.5

================================================================================

                                  $250,000,000

                              AMENDED AND RESTATED
                            364-DAY CREDIT AGREEMENT

                                   dated as of

                               September 27, 2002

                                      among

                               FEDEX CORPORATION,
                                  as Borrower,

                  CITICORP USA, INC. and BANK OF AMERICA, N.A.,
                            as Co-Syndication Agents,

                         BANK ONE, NA, COMMERZBANK A.G.,
                     BANK OF TOKYO-MITSUBISHI TRUST COMPANY
                       and THE ROYAL BANK OF SCOTLAND PLC,
                           as Co-Documentation Agents,

                        The Several Lenders Party Hereto,

                                       and

                              JPMORGAN CHASE BANK,
                             as Administrative Agent

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

                          J.P. MORGAN SECURITIES INC.,
                    as Sole Lead Arranger and Sole Bookrunner

================================================================================

<Page>

                                TABLE OF CONTENTS
<Table>
<Caption>
                                                                                                  PAGE
<S>                                                                                                 <C>
ARTICLE I DEFINITIONS................................................................................1
    SECTION 1.01.      Defined Terms.................................................................1
    SECTION 1.02.      Classification of Loans and Borrowings.......................................16
    SECTION 1.03.      Terms Generally..............................................................16
    SECTION 1.04.      Accounting Terms; GAAP.......................................................16
ARTICLE II THE CREDITS..............................................................................16
    SECTION 2.01.      Commitments..................................................................16
    SECTION 2.02.      Loans and Borrowings.........................................................17
    SECTION 2.03.      Requests for Borrowings......................................................17
    SECTION 2.04.      Funding of Borrowings........................................................18
    SECTION 2.05.      Interest Elections...........................................................18
    SECTION 2.06.      Termination and Reduction of Commitments.....................................19
    SECTION 2.07.      Repayment of Loans; Evidence of Debt.........................................20
    SECTION 2.08.      Prepayment of Loans..........................................................20
    SECTION 2.09.      Fees.........................................................................21
    SECTION 2.10.      Interest.....................................................................21
    SECTION 2.11.      Alternate Rate of Interest...................................................22
    SECTION 2.12.      Increased Costs..............................................................22
    SECTION 2.13.      Break Funding Payments.......................................................23
    SECTION 2.14.      Taxes........................................................................24
    SECTION 2.15.      Payments Generally; Pro Rata Treatment; Sharing of Set-offs..................25
    SECTION 2.16.      Mitigation Obligations; Replacement of Lenders...............................26
    SECTION 2.17.      Extension of Maturity Date; Term-Out Option..................................27
ARTICLE III REPRESENTATIONS AND WARRANTIES..........................................................28
    SECTION 3.01.      Organization; Powers.........................................................28
    SECTION 3.02.      Authorization; Enforceability................................................28
    SECTION 3.03.      Governmental Approvals; No Conflicts.........................................29
    SECTION 3.04.      Financial Statements.........................................................29
    SECTION 3.05.      Taxes........................................................................29
    SECTION 3.06.      Litigation and Environmental Matters.........................................29
    SECTION 3.07.      Subsidiaries.................................................................30
    SECTION 3.08.      ERISA........................................................................30
    SECTION 3.09.      Accuracy of Information......................................................30
    SECTION 3.10.      Regulation U.................................................................30
    SECTION 3.11.      Compliance with Laws and Agreements..........................................30
    SECTION 3.12.      Properties; Liens............................................................30
    SECTION 3.13.      Investment and Holding Company Status........................................31
    SECTION 3.14.      Citizenship..................................................................31
    SECTION 3.15.      Status as Air Carrier........................................................31
    SECTION 3.16.      Pari Passu...................................................................31
ARTICLE IV CONDITIONS...............................................................................31
    SECTION 4.01.      Effective Date...............................................................31
    SECTION 4.02.      Each Credit Event............................................................32
</Table>

<Page>

<Table>
<S>                                                                                                 <C>
ARTICLE V AFFIRMATIVE COVENANTS.....................................................................33
    SECTION 5.01.      Financial Statements and Other Information...................................33
    SECTION 5.02.      Use of Proceeds..............................................................34
    SECTION 5.03.      Notice  of Material Events...................................................34
    SECTION 5.04.      Existence; Conduct of Business...............................................34
    SECTION 5.05.      Citizenship and Regulatory Certificates......................................34
    SECTION 5.06.      Payment of Taxes.............................................................35
    SECTION 5.07.      Compliance with Laws.........................................................35
    SECTION 5.08.      Maintenance of Properties; Insurance.........................................35
    SECTION 5.09.      Books and Records; Inspection Rights.........................................35
    SECTION 5.10.      Leverage.....................................................................35
    SECTION 5.11.      Fixed Charge Coverage........................................................35
    SECTION 5.12.      Guarantee Agreement..........................................................36
ARTICLE VI NEGATIVE COVENANTS.......................................................................36
    SECTION 6.01.      Liens........................................................................36
    SECTION 6.02.      Restricted Investments.......................................................38
    SECTION 6.03.      Merger and Consolidation.....................................................39
    SECTION 6.04.      Sales of Assets..............................................................39
    SECTION 6.05.      Loans, Advances and Investments..............................................40
    SECTION 6.06.      Contingent Liabilities.......................................................41
    SECTION 6.07.      Negative Covenants in Subsidiary Agreements..................................41
    SECTION 6.08.      Sales of Unrestricted Margin Stock...........................................42
    SECTION 6.09.      Subsidiary Indebtedness......................................................42
ARTICLE VII EVENTS OF DEFAULT.......................................................................42
ARTICLE VIII THE AGENTS.............................................................................44
    SECTION 8.01.      Appointment..................................................................44
    SECTION 8.02.      Delegation of Duties.........................................................45
    SECTION 8.03.      Exculpatory Provisions.......................................................45
    SECTION 8.04.      Reliance by Administrative Agent.............................................45
    SECTION 8.05.      Notice of Default............................................................46
    SECTION 8.06.      Non-Reliance on Agents and Other Lenders.....................................46
    SECTION 8.07.      Indemnification..............................................................46
    SECTION 8.08.      Agent in Its Individual Capacity.............................................47
    SECTION 8.09.      Successor Administrative Agent...............................................47
    SECTION 8.10.      Documentation Agent and Syndication Agent....................................47
ARTICLE IX MISCELLANEOUS............................................................................47
    SECTION 9.01.      Amendments and Waivers.......................................................47
    SECTION 9.02.      Notices......................................................................48
    SECTION 9.03.      No Waiver; Cumulative Remedies...............................................49
    SECTION 9.04.      Survival of Representations and Warranties...................................49
    SECTION 9.05.      Payment of Expenses and Taxes................................................49
    SECTION 9.06.      Successors and Assigns; Participations and Assignments.......................50
    SECTION 9.07.      Adjustments; Set-off.........................................................53
    SECTION 9.08.      Counterparts.................................................................53
    SECTION 9.09.      Severability.................................................................53
    SECTION 9.10.      Integration..................................................................54
</Table>

<Page>

<Table>
    <S>                                                                                             <C>
    SECTION 9.11.      GOVERNING LAW................................................................54
    SECTION 9.12.      Submission To Jurisdiction; Waivers..........................................54
    SECTION 9.13.      Acknowledgements.............................................................54
    SECTION 9.14.      Release of Guarantors........................................................55
    SECTION 9.15.      Confidentiality..............................................................55
    SECTION 9.16.      WAIVERS OF JURY TRIAL........................................................55
    SECTION 9.17.      Effect of Amendment and Restatement of the Existing Credit Agreement.........55
    SECTION 9.18.      Special Provisions...........................................................55
    SECTION 9.19.      Interest Rate Limitation.....................................................56
    SECTION 9.20.      Headings.....................................................................56
</Table>

<Page>

                                                                               4

SCHEDULES:

Schedule 2.01     -   Lenders and Commitments
Schedule 3.06     -   Disclosed Matters
Schedule 3.07     -   Significant Subsidiaries
Schedule 5.01(c)  -   Compliance Calculations
Schedule 5.12     -   Subsidiary Guarantors

EXHIBITS:

Exhibit A         -   Form of Borrowing Request
Exhibit B         -   Form of Interest Election Request
Exhibit C         -   Guarantee Agreement
Exhibit D         -   Form of Opinion of Borrower's Counsel
Exhibit E         -   Form of Assignment and Acceptance
Exhibit F         -   Form of Exemption Certificate

<Page>

          AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT dated as of September
27, 2002, among FEDEX CORPORATION, the LENDERS party hereto, JPMORGAN CHASE
BANK, as Administrative Agent, CITICORP USA, INC. and BANK OF AMERICA, N.A., as
Co-Syndication Agents and BANK ONE, NA, COMMERZBANK A.G., BANK OF
TOKYO-MITSUBISHI TRUST COMPANY and THE ROYAL BANK OF SCOTLAND PLC, as
Co-Documentation Agents.

                              W I T N E S S E T H:

          WHEREAS, the Borrower is party to the 364-Day Credit Agreement, dated
as of September 28, 2001 (as amended, supplemented or otherwise modified, the
"EXISTING CREDIT AGREEMENT"), with the lenders parties thereto and the
administrative agent and other agents identified therein; and

          WHEREAS, the Borrower has requested that the Lenders agree, and the
Lenders have agreed, to amend and restate the Existing Credit Agreement;

          NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereto agree that on the Effective Date the
Existing Credit Agreement shall be amended and restated in its entirety, as
provided in Section 9.17, as follows:

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.01.  DEFINED TERMS. As used in this Agreement, the following
terms have the meanings specified below:

          "ABR", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate.

          "ADJUSTED LIBO RATE" means, with respect to any Eurodollar Borrowing
for any Interest Period, an interest rate per annum (rounded upwards, if
necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest
Period multiplied by (b) the Statutory Reserve Rate.

          "ADJUSTED NET INCOME" means, for any period on a consolidated basis in
accordance with GAAP, the income (loss) before income taxes of the Borrower and
its consolidated Subsidiaries for such period MINUS, to the extent included in
determining such income (loss) for such period, any net loss or gain realized in
connection with any sale or disposition of any asset (other than in the ordinary
course of business).

          "ADMINISTRATIVE AGENT" means JPMorgan Chase Bank, in its capacity as
administrative agent for the Lenders hereunder.

          "AFFILIATE" means, with respect to a specified Person, another Person
that directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified.

<Page>

                                                                               2

          "AGENTS" means the collective reference to the Co-Syndication Agents,
the Co-Documentation Agents and the Administrative Agent.

          "AGGREGATE EXPOSURE" means, with respect to any Lender at any time, an
amount equal to (a) until the Effective Date, the aggregate amount of such
Lender's Commitments at such time and (b) thereafter, the amount of such
Lender's Commitment then in effect or, if the Commitments have been terminated,
the amount of such Lender's Loans then outstanding. If any Lender shall have any
Term-Out Loans outstanding, such Lender shall, for purposes of determining its
Aggregate Exposure prior to the termination of the Commitments, be deemed to
have a Commitment equal to the aggregate principal amount of such Lender's
Term-Out Loans then outstanding.

          "AGGREGATE EXPOSURE PERCENTAGE" means, with respect to any Lender at
any time, the ratio (expressed as a percentage) of such Lender's Aggregate
Exposure at such time to the Aggregate Exposure of all Lenders at such time.

          "AGREEMENT" means this Amended and Restated 364-Day Credit Agreement,
as amended, supplemented or otherwise modified from time to time.

          "ALTERNATE BASE RATE" means, for any day, a rate per annum equal to
the higher of (a) the Prime Rate in effect on such day or (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate
Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate
shall be effective from and including the effective date of such change in the
Prime Rate or the Federal Funds Effective Rate, respectively.

          "APPLICABLE PERCENTAGE" means, with respect to any Lender, the
percentage of the total Commitments represented by such Lender's Commitment. If
the Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any assignments.

          "APPLICABLE RATE" means, for any day, with respect to any ABR Loan or
Eurodollar Loan, or with respect to the facility fees payable hereunder, as the
case may be, the applicable rate per annum set forth below under the caption
"ABR Spread", Eurodollar Spread" or "Facility Fee Rate", as the case may be,
based upon the ratings by Moody's and S&P, respectively, applicable on such date
to the Index Debt:

<Page>

                                                                               3

<Table>
<Caption>
=================================================================================================
                                                     ABR           EURODOLLAR        FACILITY FEE
 CATEGORY            INDEX DEBT RATINGS             SPREAD           SPREAD              RATE
-------------------------------------------------------------------------------------------------
<S>            <C>                                  <C>              <C>                <C>
               Rating GREATER THANOR EQUAL TO
               A- from S&P or GREATER THAN OR
CATEGORY 1     EQUAL TO A3 from Moody's                 0%           0.300%             0.075%
-------------------------------------------------------------------------------------------------
               Rating = BBB+ from S&P
CATEGORY 2     or = Baa1 from Moody's                   0%           0.400%             0.100%
-------------------------------------------------------------------------------------------------
               Rating = BBB from S&P
CATEGORY 3     or = Baa2 from Moody's                   0%           0.500%             0.125%
-------------------------------------------------------------------------------------------------
               Rating = BBB- from S&P
CATEGORY 4     or = Baa3 from Moody's                   0%           0.825%             0.175%
-------------------------------------------------------------------------------------------------
               Rating LESS THAN BBB- from S&P
CATEGORY 5     and LESS THAN Baa3 from Moody's      0.150%           1.150%             0.225%
=================================================================================================
</Table>

          For purposes of the foregoing, (i) if the ratings established or
deemed to have been established by Moody's and S&P for the Index Debt shall be
changed (other than as a result of a change in the rating system of Moody's or
S&P), such change shall be effective as of the date on which it is first
announced by the applicable rating agency; (ii) if the ratings established or
deemed to have been established by Moody's and S&P for the Index Debt shall fall
within different Categories, the Applicable Rate shall be based on the higher of
the two ratings unless one of the two ratings is two or more Categories lower
than the other, in which case the Applicable Rate shall be determined by
reference to the Category next below that of the higher of the two ratings;
(iii) if either Moody's or S&P shall not have in effect a rating for the Index
Debt (other than by reason of the circumstances referred to in the last sentence
of this definition), then such rating agency shall be deemed to have established
a rating in Category 5; and (iv) the ABR Spread and Eurodollar Spread for each
category above shall be increased by 0.25% with respect to Term-Out Loans. Each
change in the Applicable Rate shall apply during the period commencing on the
effective date of such change and ending on the date immediately preceding the
effective date of the next such change. If the rating system of Moody's or S&P
shall change, the Borrower and the Lenders shall negotiate in good faith to
amend this definition to reflect such changed rating system and, pending the
effectiveness of any such amendment, the Applicable Rate shall be determined by
reference to the rating most recently in effect prior to such change.

          "ASSIGNEE" has the meaning assigned to such term in Section 9.06(c).

          "ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance entered
into by a Lender and an assignee (with the consent of any party whose consent is
required by Section 9.06), and accepted by the Administrative Agent, in the form
of EXHIBIT E.

          "ASSIGNOR" has the meaning assigned to such term in Section 9.06(c).

          "AVAILABILITY PERIOD" means the period from and including the
Effective Date to but excluding the earlier of the Maturity Date and the date of
termination of the Commitments.

<Page>

                                                                               4

          "BENEFICIAL OWNER" means a Person deemed the "Beneficial Owner" of any
securities as to which such Person or any of such Person's Affiliates is or may
be deemed to be the beneficial owner pursuant to Rule 13d-3 or l3d-5 under the
Securities Exchange Act of 1934 (as the same may from time to time be amended,
modified or readopted), as well as any securities as to which such Person or any
of such Person's Affiliates has the right to become such a beneficial owner
(whether such right is exercisable immediately or only after the passage of time
or the occurrence of a specified event) pursuant to any agreement, arrangement
or understanding, or upon the exercise of conversion rights, exchange rights,
rights, warrants or options, or otherwise. In determining the percentage of the
outstanding Voting Stock with respect to which a Person is the Beneficial Owner,
all shares as to which such Person is deemed the Beneficial Owner shall be
deemed outstanding.

          "BENEFITTED LENDER" has the meaning assigned to such term in Section
9.07(a).

          "BOARD" means the Board of Governors of the Federal Reserve System of
the United States of America.

          "BORROWER" means FedEx Corporation, a Delaware corporation.

          "BORROWING" means Loans of the same Type, made, converted or continued
on the same date and, in the case of Eurodollar Loans, as to which a single
Interest Period is in effect.

          "BORROWING REQUEST" means a request by the Borrower for a Borrowing in
accordance with Section 2.03.

          "BUSINESS DAY" means any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or required by law
to remain closed; PROVIDED that, when used in connection with a Eurodollar Loan,
the term "BUSINESS DAY" shall also exclude any day on which banks are not open
for dealings in dollar deposits in the London interbank market.

          "CAPITALIZED OPERATING LEASE VALUE" means the present value, using a
discount rate equal to 12.5%, of the Borrower's and the consolidated
Subsidiaries' future minimum lease payments for aircraft leases scheduled to
terminate more than 365 days after their respective dates of execution.

          "CAPITALIZED LEASE OBLIGATIONS" of any Person means the obligations of
such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and
accounted for as capital leases ("CAPITALIZED LEASE") on a balance sheet of such
Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.

          "CHANGE IN LAW" means (a) the adoption of any law, rule or regulation
after the date of this Agreement, (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any Governmental Authority
after the date of this Agreement or (c) compliance by any Lender (or, for
purposes of Section 2.12(b), by any lending office of such Lender or by such
Lender's holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or
issued after the date of this Agreement.

          "CHANGE OF CONTROL" means any of the following: (a) any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules
of the Securities and Exchange

<Page>

                                                                               5

Commission thereunder as in effect on the date thereof) becoming the Beneficial
Owner of Voting Stock of the Borrower having more than 30 percent of the voting
power of all of the then outstanding Voting Stock of the Borrower or (b)
individuals who are not Continuing Directors constituting a majority of the
Board of Directors of the Borrower.

          "CODE" means the Internal Revenue Code of 1986, as amended from time
to time.

          "COMMITMENT" means, with respect to any Lender, the obligation of such
Lender, if any, to make Loans hereunder, in an amount not to exceed the amount
set forth under the heading "Commitment" opposite such Lender's name on SCHEDULE
2.01 or in the Assignment and Acceptance pursuant to which such Lender became a
party hereto, as the same may be changed form time to time pursuant to the terms
hereof. The aggregate original amount of the Commitments on the Effective Date
is $250,000,000.

          "COMMONLY CONTROLLED ENTITY" means an entity, whether or not
incorporated, that is under common control with the Borrower within the meaning
of Section 4001 of ERISA or is part of a group that includes the Borrower and
that is treated as a single employer under Section 414 of the Code.

          "CONDUIT LENDER" means any special purpose corporation organized and
administered by any Lender for the purpose of making Loans otherwise required to
be made by such Lender and designated by such Lender in a written instrument;
PROVIDED, that the designation by any Lender of a Conduit Lender shall not
relieve the designating Lender of any of its obligations to fund a Loan under
this Agreement if, for any reason, its Conduit Lender fails to fund any such
Loan, and the designating Lender (and not the Conduit Lender) shall have the
sole right and responsibility to deliver all consents and waivers required or
requested under this Agreement with respect to its Conduit Lender, and PROVIDED,
FURTHER, that no Conduit Lender shall (a) be entitled to receive any greater
amount pursuant to Section 2.12, 2.13, 2.14, 2.15 or 9.05 than the designating
Lender would have been entitled to receive in respect of the extensions of
credit made by such Conduit Lender or (b) be deemed to have any Commitment.

          "CONSOLIDATED ADJUSTED NET WORTH" means, at any date as of which the
amount thereof is to be determined, (a) the sum of the amounts set forth as
preferred stock, common stock, capital in excess of par value or paid-in surplus
and retained earnings on a consolidated balance sheet of the Borrower and the
consolidated Subsidiaries prepared as of such date in accordance with GAAP,
minus (b) the sum of the amounts set forth on such consolidated balance sheet as
(i) the cost of any shares of the Borrower's common stock held in the treasury,
(ii) any surplus resulting from any write-up of assets after the date of this
Agreement and (iii) the aggregate value of all goodwill, all as determined in
accordance with GAAP.

          "CONSOLIDATED ADJUSTED TOTAL ASSETS" means, at any date as of which
the amount thereof is to be determined, (a) the aggregate amount set forth as
the assets of the Borrower and the consolidated Subsidiaries on a consolidated
balance sheet of the Borrower and the consolidated Subsidiaries prepared as of
such date in accordance with GAAP, minus (b) the aggregate book value as of such
date of determination of all assets of the Borrower or any consolidated
Subsidiary subject on such date of determination to a Lien permitted by Section
6.01(j).

          "CONSOLIDATED CASH FLOW" means, on a consolidated basis for the
Borrower and its consolidated Subsidiaries for any period, the sum of (i)
Adjusted Net Income plus (ii) Interest

<Page>

                                                                               6

Expense plus (iii) Rent Expense, in each case as determined in accordance with
GAAP for such period.

          "CONSOLIDATED NET INCOME" means, for any period, the net income (or
net loss) of the Borrower and the consolidated Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP and after giving
appropriate effect to any outside minority interests in the consolidated
Subsidiaries, excluding

          (i)    any aggregate net gain arising from the sale or other
     disposition of any assets other than any such gain arising from the sale or
     other disposition of assets (including aircraft) in the ordinary course of
     business,

          (ii)   any gain arising from any write-ups of assets,

          (iii)  any unrealized capital gain or loss on any investment,

          (iv)   any portion of the earnings of any consolidated Subsidiary
     which for any reason is unavailable for payment of dividends to the
     Borrower or another consolidated Subsidiary,

          (v)    any amount representing the interest of the Borrower and the
     consolidated Subsidiaries in the undistributed earnings of any other Person
     (other than a consolidated Subsidiary),

          (vi)   the net income (or net loss) of any Person prior to the date it
     became a consolidated Subsidiary, and

          (vii)  the effect of the application of Financial Accounting Standards
     Board Statement No. 142.

          "CONTINGENT OBLIGATION" of a Person means any agreement, undertaking
or arrangement by which such Person assumes, guarantees, endorses, contingently
agrees to purchase or provide funds for the payment of, or otherwise becomes or
is contingently liable upon, the obligation or liability of any other Person, or
agrees to maintain the net worth or working capital or other financial condition
of any other Person, or otherwise assures any creditor of such other Person
against loss, including, without limitation, any comfort letter, operating
agreement, or take-or-pay contract.

          "CONTINUING DIRECTOR" means an individual who is a member of the Board
of Directors of the Borrower on the date of this Agreement or who shall have
become a member of the Board of Directors of the Borrower subsequent to such
date and who shall have been nominated or elected by a majority of the other
Continuing Directors then members of the Board of Directors of the Borrower.

          "CONTROL" means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise.
"CONTROLLING" and "CONTROLLED" have meanings correlative thereto.

          "CONVERSION DATE" has the meaning assigned to such term in Section
2.17.

<Page>

                                                                               7

          "CREDIT EXPOSURE" means, with respect to any Lender at any time, the
sum of the outstanding principal amount of such Lender's Loans (including
Term-Out Loans) at such time.

          "CURRENT MATURITIES" means, as of any date with respect to the Long
Term Debt or the Capitalized Lease Obligations of any Person, any portion of
such Long Term Debt or Capitalized Lease Obligations, as the case may be, which
would in accordance with GAAP be classified as a current liability of such
Person.

          "DEFAULT" means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

          "DISCLOSED MATTERS" means the actions, suits and proceedings and the
environmental matters disclosed in SCHEDULE 3.06.

          "DOLLARS" or $" refers to lawful money of the United States of
America.

          "EFFECTIVE DATE" means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 9.01).

          "ENVIRONMENTAL LAWS" means all laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority,
relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous
Material or to health and safety matters.

          "ENVIRONMENTAL LIABILITY" means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines,
penalties or indemnities), of the Borrower or any Subsidiary directly or
indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the
foregoing.

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

          "EURODOLLAR", when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

          "EVENT OF DEFAULT" has the meaning assigned to such term in
Article VII.

          "EXISTING CREDIT AGREEMENT" has the meaning assigned to such term in
the recitals.

          "EXTENDING LENDER" has the meaning assigned to such term in Section
2.17.

          "EXTENSION DATE" has the meaning assigned to such term in Section
2.17.

<Page>

                                                                               8

          "FAA" means the Federal Aviation Administration or any other
governmental agency succeeding to the jurisdiction thereof.

          "FEDERAL AVIATION ACT" means the Federal Aviation Act of 1958, as
amended from time to time.

          "FEDERAL EXPRESS CORPORATION" means Federal Express Corporation, a
Delaware corporation.

          "FEDERAL FUNDS EFFECTIVE RATE" means, for any day, an interest rate
per annum equal to the weighted average (rounded upwards, if necessary, to the
next 1/100 of 1%) of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as
published for such day on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that
is a Business Day, the average (rounded upwards, if necessary, to the next 1/100
of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing
selected by it.

          "FINANCIAL OFFICER" means the chief financial officer, principal
accounting officer, treasurer, staff vice president and assistant treasurer or
controller of the Borrower.

          "FIVE-YEAR COMMITMENT" has the meaning attributed to the term
"Commitment" in the Five-Year Credit Agreement.

          "FIVE-YEAR CREDIT AGREEMENT" means the Five-Year Credit Agreement
dated as of September 28, 2001 (as amended, supplemented or otherwise modified
from time to time) among the Borrower, the lenders party thereto and JPMorgan
Chase Bank, as administrative agent.

          "FIVE-YEAR GUARANTEE AGREEMENT" means that certain Guaranty of the
obligations under the Five-Year Credit Agreement dated as of September 28, 2001,
as amended, supplemented or otherwise modified from time to time, executed by
each Guarantor, substantially in the form of EXHIBIT C attached hereto.

          "FIVE-YEAR LOANS" has the meaning attributed to the term "Loans" in
the Five-Year Credit Agreement.

          "FLIGHT EQUIPMENT" means, collectively, aircraft, aircraft engines,
appliances and spare parts, all as defined in the Federal Aviation Act, and
related parts.

          "FUNDED DEBT" means, as of any date of determination, any Indebtedness
(excluding items characterized as Indebtedness pursuant to clause (vii) of the
definition thereof other than Contingent Obligations in respect of Indebtedness
of Persons other than the Borrower or its consolidated Subsidiaries) of the
Borrower and its consolidated Subsidiaries that is outstanding on such date.

          "GAAP" means generally accepted principles of accounting as in effect
from time to time in the United States of America.

          "GOVERNMENTAL AUTHORITY" means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or
local, and any agency,

<Page>

                                                                               9

authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

          "GUARANTEE AGREEMENT" means that certain Guaranty of the Obligations
hereunder dated as of September 28, 2001, as amended, supplemented or otherwise
modified from time to time, executed by each Guarantor, a copy of which is
attached hereto as EXHIBIT C.

          "GUARANTOR" means each Subsidiary that executes the Guarantee
Agreement in accordance with Section 5.12 hereof. The Guarantors as of the date
hereof are set forth on SCHEDULE 5.12 hereto.

          "HAZARDOUS MATERIALS" means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated pursuant to any
Environmental Law.

          "HEDGE AGREEMENT" means any interest rate swap, exchange or cap
agreement.

          "INDEBTEDNESS" of a Person means, without duplication, such Person's
(i) obligations for borrowed money, (ii) obligations representing the deferred
purchase price of Property or services (other than accounts payable arising in
the ordinary course of such Person's business payable on terms customary in the
trade), (iii) obligations, whether or not assumed, secured by Liens or payable
out of the proceeds or production from property now or hereafter owned or
acquired by such Person, (iv) obligations which are evidenced by notes,
acceptances, or other similar instruments, (v) Capitalized Lease Obligations,
(vi) net liabilities under Hedge Agreements, (vii) Contingent Obligations, and
(viii) obligations created through asset securitization financing programs.

          "INDEX DEBT" means senior, unsecured, non-credit enhanced long-term
indebtedness for borrowed money of the Borrower.

          "INSOLVENCY" means, with respect to any Multiemployer Plan, the
condition that such Plan is insolvent within the meaning of Section 4245 of
ERISA.

          "INSUFFICIENCY" means, with respect to any Plan, the amount, if any,
by which the present value of the benefits under such Plan exceeds the fair
market value of the assets of such Plan allocable to such benefits, as
determined using such reasonable actuarial assumptions and methods as are
specified in the accountant's report attached to the most recent annual report
(Form 5500 Series) filed with respect to such Plan.

          "INTEREST ELECTION REQUEST" means a request by the Borrower to convert
or continue a Borrowing in accordance with Section 2.05.

          "INTEREST EXPENSE" means, for any period, the gross interest expense
(without regard to any offsetting interest income or reduction for capitalized
interest) of the Borrower and its consolidated Subsidiaries for such period
determined on a consol2idated basis in accordance with GAAP.

<Page>

                                                                              10

          "INTEREST PAYMENT DATE" means (a) with respect to any ABR Loan, the
last day of each March, June, September and December and (b) with respect to any
Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Eurodollar Borrowing with an
Interest Period of more than three months' duration, each day prior to the last
day of such Interest Period that occurs at intervals of three months' duration
after the first day of such Interest Period.

          "INTEREST PERIOD" means with respect to any Eurodollar Borrowing, the
period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months
thereafter, as the Borrower may elect; PROVIDED, that (i) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, (ii) any Interest Period
that commences on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the last calendar month of
such Interest Period) shall end on the last Business Day of the last calendar
month of such Interest Period and (iii) with respect to Term-Out Loans, the
initial Interest Period therefor may, at the Borrower's option, be a period
commencing on the day such Term-Out Loan is made or deemed made and ending on
the next succeeding day which is the last day of an Interest Period for any then
outstanding Loans. For purposes hereof, the date of a Borrowing initially shall
be the date on which such Borrowing is made and thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing.

          "INVESTMENT" of a Person means any loan, advance (other than
commission, travel and similar advances to officers and employees made in the
ordinary course of business), extension of credit (other than accounts
receivable arising in the ordinary course of business on terms customary in the
trade), deposit account (other than a demand deposit account maintained in the
ordinary course of business) or contribution of capital by such Person to any
other Person or any investment in, or purchase or other acquisition of, the
stock, partnership interests, notes, debentures or other securities of any other
Person made by such Person.

          "LAST RESPONSE DATE" has the meaning assigned to such term in Section
2.17.

          "LENDER AFFILIATE" means (a) any Affiliate of any Lender, (b) any
Person that is administered or managed by any Lender or any Affiliate of any
Lender and that is engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of
its business and (c) with respect to any Lender which is a fund that invests in
commercial loans and similar extensions of credit, any other fund that invests
in commercial loans and similar extensions of credit and is managed or advised
by the same investment advisor as such Lender or by an Affiliate of such Lender
or investment advisor.

          "LENDERS" means the Persons listed on SCHEDULE 2.01 and any other
Person that shall have become a party hereto pursuant to an Assignment and
Acceptance, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Acceptance. Unless the context otherwise requires, each
reference herein to the Lenders shall be deemed to include any Conduit Lender.

          "LIBO RATE" means, with respect to any Eurodollar Borrowing for any
Interest Period, the rate appearing on Page 3750 of the Telerate Service (or on
any successor or substitute

<Page>

                                                                              11

page of such Service, or any successor to or substitute for such Service,
providing rate quotations comparable to those currently provided on such page of
such Service, as determined by the Administrative Agent from time to time for
purposes of providing quotations of interest rates applicable to dollar deposits
in the London interbank market) at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period, as the rate for
dollar deposits with a maturity comparable to such Interest Period. In the event
that such rate is not available at such time for any reason, then the "LIBO
RATE" with respect to such Eurodollar Borrowing for such Interest Period shall
be the rate (rounded upwards, if necessary, to the next 1/16 of 1%) at which
dollar deposits of $5,000,000 and for a maturity comparable to such Interest
Period are offered by the principal London office of the Administrative Agent in
immediately available funds in the London interbank market at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period.

          "LIEN" means any lien (statutory or other), mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance or other security
agreement of any kind or nature whatsoever (including, without limitation, the
interest of a vendor or lessor under any conditional sale, Capitalized Lease or
other title retention agreement).

          "LOANS" means the loans made by the Lenders to the Borrower pursuant
to this Agreement.

          "LOAN DOCUMENTS" means this Agreement, the Guarantee Agreement and the
Notes, if any.

          "LOAN PARTIES" means the collective reference to the Borrower and each
Guarantor.

          "LONG TERM DEBT" means, as of any date with respect to any Person, all
liabilities of such Person outstanding on such date which would in accordance
with GAAP be classified as long term debt of such Person.

          "MARGIN STOCK" has the meaning assigned to such term in Regulation U.

          "MATERIAL ADVERSE EFFECT" means a material adverse effect on (i) the
business, Property, condition (financial or otherwise), results of operations,
or prospects of the Borrower and its Subsidiaries taken as a whole, (ii) the
ability of the Borrower to perform its obligations under the Loan Documents, or
(iii) the validity or enforceability of any of the Loan Documents or the rights
or remedies of the Administrative Agent or the Lenders thereunder.

          "MATERIAL INDEBTEDNESS" means Indebtedness (other than the Loans) of
any one or more of the Borrower and its consolidated Subsidiaries, in the case
of any single item of such Indebtedness, in excess of $20,000,000 (or the
equivalent thereof in any other currency) or, in the case of all such
Indebtedness, in an aggregate principal amount in excess of $60,000,000 (or the
equivalent thereof in any other currency).

          "MATURITY DATE" means September 26, 2003, as such date may be extended
pursuant to Section 2.17, or if such date is not a Business Day, the preceding
Business Day.

          "MOODY'S" means Moody's Investors Service, Inc., or, if Moody's shall
cease rating Indebtedness of the Borrower and its ratings business with respect
to Indebtedness of the Borrower

<Page>

                                                                              12

shall have been transferred to a successor Person, such successor Person;
PROVIDED, HOWEVER, that if Moody's ceases rating securities similar to
Indebtedness of the Borrower and its ratings business with respect to such
securities shall not have been transferred to any successor Person, then
"Moody's" shall mean any other nationally recognized rating agency (other than
S&P) selected by the Borrower and reasonably satisfactory to the Administrative
Agent that rates any Indebtedness of the Borrower.

          "MULTIEMPLOYER PLAN" means a Plan that is a multiemployer plan as
defined in Section 4001(a)(3) of ERISA.

          "NON-EXCLUDED TAXES" has the meaning assigned to such term in Section
2.14(a).

          "NON-EXTENDING LENDER" has the meaning assigned to such term in
Section 2.17.

          "NON-U.S. LENDER" has the meaning assigned to such term in Section
2.14(d).

          "NOTES" means any promissory notes executed by the Borrower in favor
of a Lender party hereto pursuant to Section 2.07(e).

          "OBLIGATIONS" means the unpaid principal of and interest on (including
interest accruing after the maturity of the Loans and interest accruing after
the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding)
the Loans and all other obligations and liabilities of the Borrower to the
Administrative Agent or to any Lender, whether direct or indirect, absolute or
contingent, due or to become due, or now existing or hereafter incurred, which
may arise under, out of, or in connection with, this Agreement, any other Loan
Document, or any other document made, delivered or given in connection herewith
or therewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs or expenses (including all fees, charges
and disbursements of counsel to the Administrative Agent or to any Lender that
are required to be paid by the Borrower pursuant hereto).

          "OTHER TAXES" means any and all present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement or any other Loan Document.

          "PARTICIPANT" has the meaning assigned to such term in Section
9.06(b).

          "PBGC" means the Pension Benefit Guaranty Corporation established
pursuant to Subtitle A of Title IV of ERISA (or any successor).

          "PERMITTED INVESTMENTS" means (a) marketable direct obligations issued
by, or unconditionally guaranteed by, the United States Government or issued by
any agency thereof and backed by the full faith and credit of the United States,
in each case maturing within one year from the date of acquisition; (b)
certificates of deposit, time deposits, eurodollar time deposits or overnight
bank deposits having maturities of one year or less from the date of acquisition
issued by any Lender or by any commercial bank organized under the laws of the
United States or any state thereof having combined capital and surplus of not
less than $250,000,000; (c) commercial paper of an issuer rated

<Page>

                                                                              13

at least A-1 by S&P or P-1 by Moody's, or carrying an equivalent rating by a
nationally recognized rating agency, if both of the two named rating agencies
cease publishing ratings of commercial paper issuers generally, and maturing
within one year from the date of acquisition; (d) repurchase obligations of any
Lender or of any commercial bank satisfying the requirements of clause (b) of
this definition, having a term of not more than 30 days, with respect to
securities issued or fully guaranteed or insured by the United States
government; (e) securities with maturities of one year or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any
such state, commonwealth or territory or by any foreign government, the
securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least A
by S&P or A by Moody's; (f) securities with maturities of six months or less
from the date of acquisition backed by standby letters of credit issued by any
Lender or any commercial bank satisfying the requirements of clause (b) of this
definition; or (g) shares of money market mutual or similar funds which invest
exclusively in assets satisfying the requirements of clauses (a) through (f) of
this definition.

          "PERSON" means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

          "PLAN" means at a particular time, any employee benefit plan that is
covered by ERISA and in respect of which the Borrower or a Commonly Controlled
Entity is (or, if such plan were terminated at such time, would under Section
4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of
ERISA.

          "PRIME RATE" means the rate of interest per annum publicly announced
from time to time by JPMorgan Chase Bank as its prime rate in effect at its
principal office in New York City; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being
effective.

          "PROPERTY" of a Person means any and all property, whether real,
personal, tangible, intangible, or mixed, of such Person, or other assets owned
or leased by such Person.

          "REGISTER" has the meaning assigned to such term in Section 9.06(d).

          "REGULATION U" means Regulation U of the Board as from time to time in
effect and any successor or other regulation or official interpretation of the
Board relating to the extension of credit by banks for the purpose of purchasing
or carrying Margin Stock applicable to member banks of the Federal Reserve
System.

          "RENT EXPENSE" means, for any period, the rental expense of the
Borrower and its consolidated Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP excluding rental expense with respect
to leases of aircraft scheduled to terminate no more than 365 days after their
respective dates of execution.

          "REORGANIZATION" means, with respect to any Multiemployer Plan, the
condition that such plan is in reorganization within the meaning of Section 4241
of ERISA.

          "REPLACEMENT LENDER" has the meaning assigned to such term in Section
2.17.

<Page>

                                                                              14

          "REPORTABLE EVENT" means any of the events set forth in Section
4043(c) of ERISA, other than those events for which the thirty day notice period
has been waived under the Regulations of PBGC.

          "REQUIRED LENDERS" means, at any time, Lenders having Credit Exposures
and unused Commitments representing at least 51% of the sum of the total Credit
Exposures and unused Commitments at such time outstanding (if any Lender shall
have any Term-Out Loans outstanding prior to the termination of the Commitments,
such Lender shall, for purposes of this definition, be deemed to have a
Commitment equal to the aggregate principal amount of such Lender's Term-Out
Loans then outstanding).

          "REQUIREMENT OF LAW" means, as to any Person, the Certificate of
Incorporation and By-Laws or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

          "RESTRICTED INVESTMENT" means any Investment other than an Investment
permitted by Section 6.05.

          "RESTRICTED MARGIN STOCK" means Margin Stock owned by the Borrower or
any Subsidiary which represents not more than 33-1/3% of the aggregate value
(determined in accordance with Regulation U), on a consolidated basis, of the
Property and assets of the Borrower and the Subsidiaries (other than Margin
Stock) that is subject to the provisions of Article 6 (including Section 6.01).

          "SIGNIFICANT SUBSIDIARY" means, during each fiscal year of the
Borrower, any Subsidiary of the Borrower which had revenues (determined in
accordance with GAAP) for the immediately preceding fiscal year of the Borrower
in excess of 2.0% of the consolidated revenues (determined in accordance with
GAAP) of the Borrower and the consolidated Subsidiaries for such immediately
preceding fiscal year.

          "SINGLE EMPLOYER PLAN" means any Plan that is covered by Title IV of
ERISA, but that is not a Multiemployer Plan.

          "S&P" means Standard & Poor's Ratings Group, a division of
McGraw-Hill, Inc., or, if S&P shall cease rating Indebtedness of the Borrower
and its ratings business with respect to Indebtedness of the Borrower shall have
been transferred to a successor Person, such successor Person; PROVIDED,
HOWEVER, that if S&P ceases rating securities similar to Indebtedness of the
Borrower and its ratings business with respect to such securities shall not have
been transferred to any successor Person, then "S&P" shall mean any other
nationally recognized rating agency (other than Moody's) selected by the
Borrower and reasonably satisfactory to the Administrative Agent that rates any
Indebtedness of the Borrower.

          "STATUTORY RESERVE RATE" means a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Administrative Agent is subject with
respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred
to as

<Page>

                                                                              15

"Eurocurrency Liabilities" in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D.
Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be
subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender
under such Regulation D or any comparable regulation. The Statutory Reserve Rate
shall be adjusted automatically on and as of the effective date of any change in
any reserve percentage.

          "SUBSIDIARY" of a Person means (i) any corporation more than 50% of
the outstanding Voting Stock of which shall at the time be owned or controlled,
directly or indirectly, by such Person or by one or more of its subsidiaries or
by such Person and one or more of its subsidiaries, or (ii) any partnership,
association, joint venture 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 be so owned or controlled.

          "SUBSIDIARY" means any subsidiary of the Borrower.

          "TAXES" means any and all present or future taxes, levies, imposts,
duties, deductions, charges or withholdings imposed by any Governmental
Authority.

          "TERM-OUT LOAN" has the meaning assigned to such term in Section 2.17.

          "TERMINATION EVENT" means (i) a Reportable Event, (ii) the
distribution of a notice of intent to terminate a Plan pursuant to Section
4041(c)(1) of ERISA or the treatment of a Plan amendment as a termination under
Section 4041(e) of ERISA, (iii) the institution of proceedings to terminate a
Plan by the PBGC under Section 4042 of ERISA, or (iv) any other event or
condition that, as reasonably determined by the Borrower in good faith, is
reasonably likely to constitute grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Plan.

          "TRANSACTIONS" means the execution, delivery and performance by each
Loan Party of the Loan Documents to which it is a party, the borrowing of Loans
by the Borrower and the use of the proceeds thereof by the Borrower.

          "TRANSFEREE" means any Assignee or Participant.

          "TYPE", when used in reference to any Loan or Borrowing, refers to
whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate
Base Rate.

          "UNRESTRICTED MARGIN STOCK" means any Margin Stock owned by the
Borrower or any Subsidiary which is not Restricted Margin Stock.

          "UTILIZATION FEES" has the meaning set forth in Section 2.09(b).

          "VOTING STOCK" means all outstanding shares of capital stock of a
Person entitled to vote generally in the election of directors.

          "WHOLLY-OWNED SUBSIDIARY" of a Person means (i) any subsidiary all of
the outstanding voting securities (other than directors' qualifying shares and
other de minimis local ownership required by law) of which shall at the time be
owned or controlled, directly or indirectly,

<Page>

                                                                              16

by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by
such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii)
any Person 100% of the ownership interests (other than directors' qualifying
shares and other de minimis local ownership required by law) having ordinary
voting power of which shall at the time be so owned or controlled. Unless
otherwise specified herein, references to "Wholly-Owned Subsidiaries" herein
shall be deemed to refer to Wholly-Owned Subsidiaries of the Borrower.

          SECTION 1.02.  CLASSIFICATION OF LOANS AND BORROWINGS. For purposes of
this Agreement, Loans may be classified and referred to by Type (e.g., a
Eurodollar Loan") and Borrowings also may be classified and referred to by Type
(e.g., a Eurodollar Borrowing").

          SECTION 1.03.  TERMS GENERALLY. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words "include", "includes" and "including" shall
be deemed to be followed by the phrase "without limitation". The word "will"
shall be construed to have the same meaning and effect as the word "shall".
Unless the context requires otherwise (a) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person's successors and
assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words
"asset" and "property" shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

          SECTION 1.04.  ACCOUNTING TERMS; GAAP. Except as otherwise expressly
provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; PROVIDED
that, if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on
the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof
for such purpose), regardless of whether any such notice is given before or
after such change in GAAP or in the application thereof, then such provision
shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith.

                                   ARTICLE II

                                   THE CREDITS

          SECTION 2.01.  COMMITMENTS. Subject to the terms and conditions set
forth herein, each Lender agrees to make Loans to the Borrower from time to time
during the Availability Period in an aggregate principal amount that will not
result in (a) such Lender's Credit Exposure exceeding such Lender's Commitment
or (b) the sum of the total Credit Exposures exceeding the

<Page>

                                                                              17

total Commitments. Within the foregoing limits and subject to the terms and
conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.

          SECTION 2.02.  LOANS AND BORROWINGS. (a) Each Loan shall be made as
part of a Borrowing consisting of Loans made by the Lenders ratably in
accordance with their respective Commitments. The failure of any Lender to make
any Loan required to be made by it shall not relieve any other Lender of its
obligations hereunder; PROVIDED that the Commitments of the Lenders are several
and no Lender shall be responsible for any other Lender's failure to make Loans
as required.

          (b) Subject to Section 2.11, each Borrowing shall be comprised
entirely of ABR Loans or Eurodollar Loans as the Borrower may request in
accordance herewith. Each Lender at its option may make any Eurodollar Loan by
causing any domestic or foreign branch or Lender Affiliate to make such Loan;
PROVIDED that any exercise of such option shall not affect the obligation of the
Borrower to repay such Loan in accordance with the terms of this Agreement.

          (c) At the commencement of each Interest Period for any Eurodollar
Borrowing, such Borrowing shall be in an aggregate amount that is an integral
multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR
Borrowing is made, such Borrowing shall be in an aggregate amount that is an
integral multiple of $1,000,000 and not less than $5,000,000; PROVIDED that an
ABR Borrowing may be in an aggregate amount that is equal to the entire unused
balance of the total Commitments. Borrowings of more than one Type may be
outstanding at the same time; PROVIDED that there shall not at any time be more
than a total of 15 Eurodollar Borrowings outstanding.

          (d) Notwithstanding any other provision of this Agreement, the
Borrower shall not be entitled to request, or to elect to convert or continue,
any Borrowing if the Interest Period requested with respect thereto would end
after the Maturity Date.

          SECTION 2.03.  REQUESTS FOR BORROWINGS. To request a Borrowing, the
Borrower shall notify the Administrative Agent of such request by telephone (a)
in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City
time, at least three Business Days before the date of the proposed Borrowing or
(b) in the case of an ABR Borrowing, not later than 10:00 a.m., New York City
time, on the date of the proposed Borrowing. Each such telephonic Borrowing
Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Borrowing Request in the form
of EXHIBIT A. Each such telephonic and written Borrowing Request shall specify
the following information in compliance with Section 2.02:

          (i)    the aggregate amount of the requested Borrowing;

          (ii)   the date of such Borrowing, which shall be a Business Day;

          (iii)  whether such Borrowing is to be an ABR Borrowing or a
     Eurodollar Borrowing;

          (iv)   in the case of a Eurodollar Borrowing, the initial Interest
     Period to be applicable thereto, which shall be a period contemplated by
     the definition of the term "Interest Period"; and

<Page>

                                                                              18

          (v)    the location and number of the Borrower's account to which
     funds are to be disbursed, which shall comply with the requirements of
     Section 2.04.

If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with
respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed
to have selected an Interest Period of one month's duration. Promptly following
receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lender's Loan to be made as part of the requested Borrowing.

          SECTION 2.04.  FUNDING OF BORROWINGS. (a) Each Lender shall make each
Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, New York City time, to the account of
the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders. The Administrative Agent will make such Loans available
to the Borrower by promptly crediting the amounts so received, in like funds, to
an account of the Borrower maintained with the Administrative Agent in New York
City and designated by the Borrower in the applicable Borrowing Request.

          (b) Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender's share of such
Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with paragraph (a) of this Section
and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Borrowing available to the Administrative Agent, then the
applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for
each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at
(i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the
case of the Borrower, the interest rate applicable to ABR Loans. If such Lender
pays such amount to the Administrative Agent, then such amount shall constitute
such Lender's Loan included in such Borrowing.

          SECTION 2.05.  INTEREST ELECTIONS. (a) Each Borrowing initially shall
be of the Type specified in the applicable Borrowing Request and, in the case of
a Eurodollar Borrowing, shall have an initial Interest Period as specified in
such Borrowing Request. Thereafter, the Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of
a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in
this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Borrowing,
and the Loans comprising each such portion shall be considered a separate
Borrowing.

          (b) To make an election pursuant to this Section, the Borrower shall
notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.03 if the Borrower were
requesting a Borrowing of the Type resulting from such election to be made on
the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Interest Election Request in
the form of EXHIBIT B.

<Page>

                                                                              19

          (c) Each telephonic and written Interest Election Request shall
specify the following information in compliance with Section 2.02:

          (i)    the Borrowing to which such Interest Election Request applies
     and, if different options are being elected with respect to different
     portions thereof, the portions thereof to be allocated to each resulting
     Borrowing (in which case the information to be specified pursuant to
     clauses (iii) and (iv) below shall be specified for each resulting
     Borrowing);

          (ii)   the effective date of the election made pursuant to such
     Interest Election Request, which shall be a Business Day;

          (iii)  whether the resulting Borrowing is to be an ABR Borrowing or a
     Eurodollar Borrowing; and

          (iv)   if the resulting Borrowing is a Eurodollar Borrowing, the
     Interest Period to be applicable thereto after giving effect to such
     election, which shall be a period contemplated by the definition of the
     term "Interest Period".

If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month's duration.

          (d) Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each Lender of the details thereof and of such
Lender's portion of each resulting Borrowing.

          (e) If the Borrower fails to deliver a timely Interest Election
Request with respect to a Eurodollar Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided
herein, at the end of such Interest Period such Borrowing shall be converted to
an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of
Default has occurred and is continuing and the Administrative Agent, at the
request of the Required Lenders, so notifies the Borrower, then, so long as an
Event of Default is continuing (i) no outstanding Borrowing may be converted to
or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar
Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto.

          SECTION 2.06.  TERMINATION AND REDUCTION OF COMMITMENTS. Unless
previously terminated, the Commitments shall terminate on the Maturity Date.

          (a) The Borrower may at any time terminate, or from time to time
reduce, the Commitments; PROVIDED that (i) each reduction of the Commitments
shall be in an amount that is an integral multiple of $10,000,000 and not less
than $20,000,000 and (ii) the Borrower shall not terminate or reduce the
Commitments if, after giving effect to any concurrent prepayment of the Loans in
accordance with Section 2.08, the Credit Exposures of the Lenders would exceed
the total Commitments.

          (b) The Borrower shall notify the Administrative Agent of any election
to terminate or reduce the Commitments under paragraph (a) of this Section at
least three Business Days prior to the effective date of such termination or
reduction, specifying such election and the effective date

<Page>

                                                                              20

thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the Lenders of the contents thereof. Each notice delivered by the
Borrower pursuant to this Section shall be irrevocable; PROVIDED that a notice
of termination of the Commitments delivered by the Borrower may state that such
notice is conditioned upon the effectiveness of other credit facilities, in
which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such
condition is not satisfied. Any termination or reduction of the Commitments
shall be permanent. Each reduction of the Commitments shall be made ratably
among the Lenders in accordance with their respective Commitments.

          SECTION 2.07.  REPAYMENT OF LOANS; EVIDENCE OF DEBT. (a) The Borrower
hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Loan on the
Maturity Date.

          (b) Each Lender shall maintain in accordance with its usual practice
an account or accounts evidencing the indebtedness of the Borrower to such
Lender resulting from each Loan made by such Lender, including the amounts of
principal and interest payable and paid to such Lender from time to time
hereunder.

          (c) The Administrative Agent shall maintain accounts in which it shall
record (i) the amount of each Loan made hereunder, the Type thereof and the
Interest Period applicable thereto, (ii) the amount of any principal or interest
due and payable or to become due and payable from the Borrower to each Lender
hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender's share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraph
(b) or (c) of this Section shall be PRIMA FACIE evidence of the existence and
amounts of the obligations recorded therein; PROVIDED that the failure of any
Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of the Borrower to repay
the Loans in accordance with the terms of this Agreement.

          (e) Any Lender may request that Loans made by it be evidenced by a
promissory note. In such event, the Borrower shall prepare, execute and deliver
to such Lender a promissory note payable to the order of such Lender (or, if
requested by such Lender, to such Lender and its registered assigns) and in a
form approved by the Administrative Agent. Thereafter, the Loans evidenced by
such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 9.06) be represented by one or more promissory
notes in such form payable to the order of the payee named therein (or, if such
promissory note is a registered note, to such payee and its registered assigns).

          SECTION 2.08.  PREPAYMENT OF LOANS. (a) The Borrower shall have the
right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to prior notice in accordance with paragraph (b) of this Section.

          (b) The Borrower shall notify the Administrative Agent by telephone
(confirmed by telecopy) of any prepayment hereunder (i) in the case of
prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City
time, three Business Days before the date of prepayment or (ii) in the case of
prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time,
one Business Day before the date of prepayment. Each such notice shall be
irrevocable and shall specify the prepayment date and the principal amount of
each Borrowing or portion thereof to be

<Page>

                                                                              21

prepaid; PROVIDED that, if a notice of prepayment is given in connection with a
conditional notice of termination of the Commitments as contemplated by Section
2.06, then such notice of prepayment may be revoked if such notice of
termination is revoked in accordance with Section 2.06. Promptly following
receipt of any such notice relating to a Borrowing, the Administrative Agent
shall advise the Lenders of the contents thereof. Each partial prepayment of any
Borrowing shall be in an amount that would be permitted in the case of an
advance of a Borrowing of the same Type as provided in Section 2.02. Each
prepayment of a Borrowing shall be applied ratably to the Loans included in the
prepaid Borrowing. Partial prepayments of Loans shall be in an aggregate
principal amount of $5,000,000 or a whole multiple thereof. Prepayments shall be
accompanied by accrued interest to the extent required by Section 2.10. Once
prepaid, Term-Out Loans may not be reborrowed.

          SECTION 2.09.  FEES. (a)  The Borrower agrees to pay to the
Administrative Agent for the account of each Lender a facility fee, which shall
accrue at the Applicable Rate on the daily amount of the Commitment of such
Lender (whether used or unused) during the period from and including the
Effective Date to but excluding the date on which such Commitment terminates;
PROVIDED that, if such Lender continues to have any Credit Exposure after its
Commitment terminates, then such facility fee shall continue to accrue on the
daily amount of such Lender's Credit Exposure from and including the date on
which its Commitment terminates to but excluding the date on which such Lender
ceases to have any Credit Exposure. Accrued facility fees shall be payable in
arrears on the last day of March, June, September and December of each year and
on the date on which the Commitments terminate, commencing on the first such
date to occur after the date hereof; PROVIDED that any facility fees accruing
after the date on which the Commitments terminate shall be payable on demand.
All facility fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but
excluding the last day).

          (b) If on any day the sum of the aggregate outstanding principal
amount of all Loans and all Five-Year Loans exceeds the sum of (i) the product
of (A) one-third (1/3) TIMES (B) the Commitment and (ii) the product of (A)
one-third (1/3) TIMES (B) the Five-Year Commitment, then the Borrower shall pay
to the Administrative Agent, for the pro rata benefit of each Lender, a fee (the
"UTILIZATION FEE") of 0.125% per annum on the sum of the Borrower's outstanding
Loans and outstanding Five-Year Loans. Accrued Utilization Fees shall be payable
in arrears on the last day of March, June, September and December of each year
(as well as on the Maturity Date and on any day that the Commitment is reduced).
All Utilization Fees shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day
but excluding the last day).

          (c) The Borrower agrees to pay to the Administrative Agent, for its
own account, fees payable in the amounts and at the times separately agreed upon
between the Borrower and the Administrative Agent.

          (d) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent. Fees paid shall not be
refundable under any circumstances.

          SECTION 2.10.  INTEREST. (a) The Loans comprising each ABR Borrowing
shall bear interest at a rate per annum equal to the Alternate Base Rate plus
the Applicable Rate.

//ex10-5_4397_ac.cecc

<Page>

                                                                              22

          (b) The Loans comprising each Eurodollar Borrowing shall bear interest
at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in
effect for such Borrowing plus the Applicable Rate.

          (c) Notwithstanding the foregoing, if any principal of or interest on
any Loan or any fee or other amount payable by the Borrower hereunder is not
paid when due, whether at stated maturity, upon acceleration or otherwise, such
overdue amount shall bear interest, after as well as before judgment, at a rate
per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the
rate otherwise applicable to such Loan as provided above or (ii) in the case of
any other amount, 2% plus the rate applicable to ABR Loans as provided above.

          (d) Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan; PROVIDED that (i) interest accrued pursuant
to paragraph (c) of this Section shall be payable on demand, (ii) in the event
of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Loan prior to the end of the Availability Period), accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment, (iii) in the event of any conversion of any Eurodollar
Loan prior to the end of the current Interest Period therefor, accrued interest
on such Loan shall be payable on the effective date of such conversion and (iv)
all accrued interest shall be payable upon termination of the Commitments.

          (e) All interest hereunder shall be computed on the basis of a year of
360 days, except that interest computed by reference to the Alternate Base Rate
at times when the Alternate Base Rate is based on the Prime Rate shall be
computed on the basis of a year of 365 days (or 366 days in a leap year), and in
each case shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). The applicable Alternate Base Rate,
Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent,
and such determination shall be conclusive absent manifest error.

          SECTION 2.11.  ALTERNATE RATE OF INTEREST. If prior to the
commencement of any Interest Period for a Eurodollar Borrowing:

          (a) the Administrative Agent determines (which determination shall be
     conclusive absent manifest error) that adequate and reasonable means do not
     exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as
     applicable, for such Interest Period; or

          (b) the Administrative Agent is advised by the Required Lenders that
     the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
     Period will not adequately and fairly reflect the cost to such Lenders (or
     Lender) of making or maintaining their Loans (or its Loan) included in such
     Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective
and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such
Borrowing shall be made as an ABR Borrowing.

          SECTION 2.12.  INCREASED COSTS. (a) If any Change in Law shall:

<Page>

                                                                              23

          (i)    impose, modify or deem applicable any reserve, special deposit
     or similar requirement against assets of, deposits with or for the account
     of, or credit extended by, any Lender (except any such reserve requirement
     reflected in the Adjusted LIBO Rate); or

          (ii)   impose on any Lender or the London interbank market any other
     condition affecting this Agreement or Eurodollar Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to reduce the amount of any sum received or
receivable by such Lender (whether of principal, interest or otherwise), then
the Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered.

          (b) If any Lender determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such
Lender's capital or on the capital of such Lender's holding company, if any, as
a consequence of this Agreement or the Loans made by such Lender to a level
below that which such Lender or such Lender's holding company could have
achieved but for such Change in Law (taking into consideration such Lender's
policies and the policies of such Lender's holding company with respect to
capital adequacy), then from time to time the Borrower will pay to such Lender
such additional amount or amounts as will compensate such Lender or such
Lender's holding company for any such reduction suffered.

          (c) A certificate of a Lender setting forth the amount or amounts
necessary to compensate such Lender or its holding company, as the case may be,
as specified in paragraph (a) or (b) of this Section, setting forth in
reasonable detail the calculations upon which such Lender determined such
amount, shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on
any such certificate within 15 days after receipt thereof.

          (d) Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender's right to
demand such compensation; PROVIDED that the Borrower shall not be required to
compensate a Lender pursuant to this Section for any increased costs or
reductions incurred more than six months prior to the date that such Lender
notifies the Borrower of the Change in Law giving rise to such increased costs
or reductions and of such Lender's intention to claim compensation therefor;
PROVIDED FURTHER that, if the Change in Law giving rise to such increased costs
or reductions is retroactive, then the six-month period referred to above shall
be extended to include the period of retroactive effect thereof.

          SECTION 2.13.  BREAK FUNDING PAYMENTS. In the event of (a) the payment
of any principal of any Eurodollar Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of
Default), (b) the conversion of any Eurodollar Loan other than on the last day
of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice is permitted to be revocable
under Section 2.08(b) and is revoked in accordance herewith), or (d) the
assignment of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by the Borrower pursuant to
Section 2.16, then, in any such event, the Borrower shall compensate each Lender
for the loss, cost and expense attributable to such event. In the case of a
Eurodollar Loan, the loss to any Lender attributable to any such event shall be
deemed to include an amount determined by such Lender to be equal to the

<Page>

                                                                              24

excess, if any, of (i) the amount of interest that such Lender would pay for a
deposit equal to the principal amount of such Loan for the period from the date
of such payment, conversion, failure or assignment to the last day of the then
current Interest Period for such Loan (or, in the case of a failure to borrow,
convert or continue, the duration of the Interest Period that would have
resulted from such borrowing, conversion or continuation) if the interest rate
payable on such deposit were equal to the Adjusted LIBO Rate for such Interest
Period, over (ii) the amount of interest that such Lender would earn on such
principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender (or
an Affiliate of such Lender) for dollar deposits from other banks in the
eurodollar market at the commencement of such period. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the Borrower, setting
forth in reasonable detail the calculations upon which such Lender determined
such amount, and shall be conclusive absent manifest error. The Borrower shall
pay such Lender the amount shown as due on any such certificate within 15 days
after receipt thereof.

          SECTION 2.14.  TAXES. (a) All payments made by the Borrower under this
Agreement shall be made free and clear of, and without deduction or withholding
for or on account of, any present or future income, stamp or other taxes,
levies, imposts, duties, charges, fees, deductions or withholdings, now or
hereafter imposed, levied, collected, withheld or assessed by any Governmental
Authority, excluding net income taxes and franchise taxes (imposed in lieu of
net income taxes) imposed on the Administrative Agent or any Lender as a result
of a present or former connection between the Administrative Agent or such
Lender and the jurisdiction of the Governmental Authority imposing such tax or
any political subdivision or taxing authority thereof or therein (other than any
such connection arising solely from the Administrative Agent or such Lender
having executed, delivered or performed its obligations or received a payment
under, or enforced, this Agreement or any other Loan Document). If any such
non-excluded taxes, levies, imposts, duties, charges, fees, deductions or
withholdings ("NON-EXCLUDED TAXES") or Other Taxes are required to be withheld
from any amounts payable to the Administrative Agent or any Lender hereunder,
the amounts so payable to the Administrative Agent or such Lender shall be
increased to the extent necessary to yield to the Administrative Agent or such
Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any
such other amounts payable hereunder at the rates or in the amounts specified in
this Agreement, PROVIDED, HOWEVER, that the Borrower shall not be required to
increase any such amounts payable to any Lender with respect to any Non-Excluded
Taxes (i) that are attributable to such Lender's failure to comply with the
requirements of paragraph (d) or (e) of this Section or (ii) that are United
States withholding taxes imposed on amounts payable to such Lender at the time
such Lender becomes a party to this Agreement, except to the extent that such
Lender's assignor (if any) was entitled, at the time of assignment, to receive
additional amounts from the Borrower with respect to such Non-Excluded Taxes
pursuant to this paragraph.

          (b) In addition, the Borrower shall pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law.

          (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by the
Borrower, as promptly as possible thereafter the Borrower shall send to the
Administrative Agent for its own account or for the account of the relevant
Lender, as the case may be, a certified copy of an original official receipt
received by the Borrower showing payment thereof. If the Borrower fails to pay
any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing
authority or fails to remit to the Administrative Agent the required receipts or
other required documentary evidence, the Borrower shall indemnify the
Administrative Agent and the Lenders for any incremental taxes, interest or

<Page>

                                                                              25

penalties that may become payable by the Administrative Agent or any Lender as a
result of any such failure.

          (d) Each Lender (or Transferee) that is not a "U.S. Person" as defined
in Section 7701(a)(30) of the Code (a "NON-U.S. LENDER") shall deliver to the
Borrower and the Administrative Agent (or, in the case of a Participant, to the
Lender from which the related participation shall have been purchased) two
copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or,
in the case of a Non-U.S. Lender claiming exemption from U.S. federal
withholding tax under Section 871(h) or 881(c) of the Code with respect to
payments of "portfolio interest", a statement substantially in the form of
EXHIBIT F and a Form W-8BEN, or any subsequent versions thereof or successors
thereto, properly completed and duly executed by such Non-U.S. Lender claiming
complete exemption from, or a reduced rate of, U.S. federal withholding tax on
all payments by the Borrower under this Agreement and the other Loan Documents.
Such forms shall be delivered by each Non-U.S. Lender on or before the date it
becomes a party to this Agreement (or, in the case of any Participant, on or
before the date such Participant purchases the related participation). In
addition, each Non-U.S. Lender shall deliver such forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Non-U.S.
Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time it
determines that it is no longer in a position to provide any previously
delivered certificate to the Borrower (or any other form of certification
adopted by the U.S. taxing authorities for such purpose). Notwithstanding any
other provision of this paragraph, a Non-U.S. Lender shall not be required to
deliver any form pursuant to this paragraph that such Non-U.S. Lender is not
legally able to deliver.

          (e) A Lender that is entitled to an exemption from or reduction of
non-U.S. withholding tax under the law of the jurisdiction in which the Borrower
is located, or any treaty to which such jurisdiction is a party, with respect to
payments under this Agreement shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law or
reasonably requested by the Borrower, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be
made without withholding or at a reduced rate, PROVIDED that such Lender is
legally entitled to complete, execute and deliver such documentation and in such
Lender's judgment such completion, execution or submission would not materially
prejudice the legal position of such Lender.

          (f) The agreements in this Section shall survive the termination of
this Agreement and the payment of the Loans and all other amounts payable
hereunder.

          SECTION 2.15.  PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING OF
SET-OFFS. (a) The Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest or fees, or under Section 2.12, 2.13
or 2.14, or otherwise) prior to 12:00 noon, New York City time, on the date when
due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices at 270 Park Avenue, New
York, New York and except that payments pursuant to Sections 2.12, 2.13, 2.14
and 9.05 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any such payments received by it for the
account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a
Business Day, the date for payment shall be extended to the next

<Page>

                                                                              26

succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments
hereunder shall be made in dollars.

          (b) If at any time insufficient funds are received by and available to
the Administrative Agent to pay fully all amounts of principal, interest and
fees then due hereunder, such funds shall be applied (i) first, to pay interest
and fees then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees then due to such parties, and
(ii) second, to pay principal then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of principal then due to such
parties.

          (c) If any Lender shall, by exercising any right of set-off or
counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Loans resulting in such Lender receiving payment of a
greater proportion of the aggregate amount of its Loans and accrued interest
thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value)
participations in the Loans of other Lenders to the extent necessary so that the
benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on
their respective Loans; PROVIDED that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment made
by the Borrower pursuant to and in accordance with the express terms of this
Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans, other than to the
Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of
this paragraph shall apply). The Borrower consents to the foregoing and agrees,
to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise
against the Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower
in the amount of such participation.

          (d) Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that the Borrower will not make
such payment, the Administrative Agent may assume that the Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Lenders the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of
payment to the Administrative Agent, at the Federal Funds Effective Rate.

          (e) If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.04(b) or 2.15(d), then the Administrative Agent may,
in its discretion (notwithstanding any contrary provision hereof), apply any
amounts thereafter received by the Administrative Agent for the account of such
Lender to satisfy such Lender's obligations under such Sections until all such
unsatisfied obligations are fully paid.

          SECTION 2.16.  MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS. (a) If
any Lender requests compensation under Section 2.12, or if the Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.14, then such
Lender shall use reasonable efforts to designate a different

<Page>

                                                                              27

lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14,
as the case may be, in the future and (ii) would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. To the extent reasonably possible, each Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment would avoid the unavailability of Eurodollar Loans
under Section 2.11, so long as such designation is not disadvantageous to such
Lender as determined by such Lender in its sole discretion.

          The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.

          (b) The Borrower shall, at its sole expense and effort, have the
right, by giving at least 15 Business Days' prior written notice to the affected
Lender and the Administrative Agent, at any time when no Default or Event of
Default has occurred and is continuing, to require any Lender to assign all of
its rights and obligations under the Loan Documents to any other Lender (other
than a Conduit Lender) approved by the Borrower. Such assignment shall be
substantially in the form of EXHIBIT E hereto or in such other form as may be
agreed to by the parties thereto but shall be on terms and conditions reasonably
satisfactory to the affected Lender. The Borrower shall remain liable to the
affected Lender for any indemnification provided under Section 2.13 with respect
to Loans of such Lender outstanding on the effective date of an assignment
required under this Section 2.16(b), as well as for all other Obligations owed
to such Lender under this Agreement as of such effective date.

          SECTION 2.17.  EXTENSION OF MATURITY DATE; TERM-OUT OPTION. At least
30 days but not more than 60 days prior to the Maturity Date in effect at any
time, the Borrower may, by written notice to the Administrative Agent (which
notice the Administrative Agent shall promptly transmit to each Lender), request
that each Lender agree to an extension of the Maturity Date in effect at such
time for a period of 364 days from its then scheduled expiration. Each Lender
shall respond to such extension request (each such response being delivered to
the Administrative Agent) not earlier than 30 days but at least 15 days (such
date, the "LAST RESPONSE DATE") prior to such Maturity Date, with the failure of
any Lender to respond being deemed to be a negative response. Each Lender shall
decide in its sole discretion whether or not to agree to such extension of the
Maturity Date. Lenders consenting to extend the then applicable Maturity Date
are hereinafter referred to as "EXTENDING LENDERS", and Lenders declining to
consent to extend such Maturity Date (or Lenders deemed to have so declined) are
hereinafter referred to as "NON- EXTENDING LENDERS". In the event that there are
one or more Non-Extending Lenders, the Borrower may elect, with respect to any
such Non-Extending Lender, on or before the date which is 10 days prior to the
Maturity Date then in effect (the "REPLACEMENT DATE"), to provide, with the
consent of the Administrative Agent (which consent shall not be unreasonably
withheld), another bank or financial institution or entity ("REPLACEMENT
LENDER") to acquire the Commitment of, and Loans owing to, such Non-Extending
Lender, which assignment of such Non-Extending Lender's Commitment and Loans
shall be effected pursuant to an Assignment and Acceptance executed by such
Non-Extending Lender, such Replacement Lender, the Borrower and the
Administrative Agent. On the Business Day next following the Last Response Date,
the Administrative Agent shall advise the Borrower of each Lender's response,
whereupon the Borrower shall, on or prior to the Replacement Date, determine

<Page>

                                                                              28

and so advise the Administrative Agent either (a) not to have the Maturity Date
extended or (b) to have the Maturity Date extended. If the Borrower so elects to
extend the Maturity Date, and so long as no Default or Event of Default is in
existence at such time and subject to the next succeeding sentence, then each
Extending Lender and Replacement Lender shall be deemed to have agreed (such
agreement to become effective on the then effective Maturity Date (each such
date an "EXTENSION DATE")) to cause the Maturity Date to be extended as to each
such Lender until the date which is 364 days after the then effective Maturity
Date. In the event, on the Replacement Date, Extending Lenders (together with
Replacement Lenders, if applicable) do not, in the aggregate, hold at least 66
2/3rd% of the outstanding Commitments, no extension of any Lender's Commitment
pursuant to this Section 2.17 shall become effective and the Borrower may, at
its option by written notice to the Administrative Agent no later than 5 days
prior to the Maturity Date then in effect, elect to convert on such Maturity
Date ("CONVERSION DATE") the outstanding Loans of all Lenders into term loans
("TERM-OUT LOANS") which shall be due and payable on the first anniversary of
the Conversion Date (but in no event later than the Maturity Date (as defined in
the Five-Year Credit Agreement) of the Five-Year Loans). The Maturity Date may
be extended for successive periods of 364 days pursuant to this Section 2.17 but
in no event shall any Maturity Date extend beyond the Maturity Date (as defined
in the Five-Year Credit Agreement) of the Five-Year Loans. In the event the
Maturity Date is extended in accordance with this Section 2.17, the Commitment
of any Non-Extending Lender shall terminate on the Maturity Date without giving
effect to such proposed extension, and the Borrower shall on such date pay to
the Administrative Agent, for the account of such Non-Extending Lender, the
principal amount of, and accrued interest on, such Non-Extending Lender's Loans,
together with any amounts payable to such Non-Extending Lender pursuant to
Sections 2.11, 2.12 and 2.13 and any fees or other amounts owing to such
Non-Extending Lender under this Agreement; PROVIDED that if such Non-Extending
Lender has been replaced then such provisions shall not apply to such
Non-Extending Lender. The aggregate amount of the Commitments shall be reduced
by the amount of the Commitment of such Non-Extending Lender to the extent the
Commitment of such Non-Extending Lender has not been transferred to one or more
Replacement Lenders pursuant to this Section 2.17.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

          The Borrower represents and warrants to the Lenders that:

          SECTION 3.01.  ORGANIZATION; POWERS. The Borrower and each of the
Significant Subsidiaries is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, has all
requisite power and authority to carry on its business as now conducted and,
except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to
do business in, and is in good standing in, every jurisdiction where such
qualification is required.

          SECTION 3.02.  AUTHORIZATION; ENFORCEABILITY. The Transactions are
within the Borrower's and each of the Guarantors' corporate powers and authority
and have been duly authorized by all necessary corporate action. The Loan
Documents (i) have been duly executed and delivered by the Borrower and each of
the Guarantors and (ii) constitute legal, valid and binding obligations of the
Borrower and each of the Guarantors, enforceable in accordance with their
respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other

<Page>

                                                                              29

laws affecting creditors' rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law.

          SECTION 3.03.  GOVERNMENTAL APPROVALS; NO CONFLICTS. The Transactions
(a) do not require any consent or approval of, registration or filing with, or
any other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect, (b) will not violate any
applicable law or regulation or the charter, by-laws or other organizational
documents of the Borrower, any Guarantor or any of the Significant Subsidiaries
or any order of any Governmental Authority, (c) will not violate or result in a
default under any indenture, agreement or other instrument binding upon the
Borrower, any Guarantor or any of the Significant Subsidiaries or their assets,
or give rise to a right thereunder to require any payment to be made by the
Borrower, any Guarantor or any of the Significant Subsidiaries, and (d) will not
result in the creation or imposition of any Lien on any asset of the Borrower or
any of the Significant Subsidiaries.

          SECTION 3.04.  FINANCIAL STATEMENTS. The Borrower has heretofore
furnished to the Lenders its consolidated balance sheet, related profit and loss
and reconciliation of surplus statements, and a statement of cash flows as of
and for the fiscal year ended May 31, 2002, reported on by Ernst & Young LLP,
independent public accountants. Such financial statements present fairly, in all
material respects, the consolidated financial condition and operations of the
Borrower and its consolidated Subsidiaries as of such date and the consolidated
results of their operations for the periods then ended, in accordance with GAAP.

          SECTION 3.05.  TAXES. The Borrower and each of its Significant
Subsidiaries has timely filed or caused to be filed all Tax returns and reports
required to have been filed and has paid or caused to be paid all Taxes required
to have been paid by it, except (a) Taxes that are being contested in good faith
by appropriate proceedings and for which the Borrower or such Significant
Subsidiary, as applicable, has set aside on its books adequate reserves or (b)
to the extent that the failure to do so could not reasonably be expected to
result in a Material Adverse Effect.

          SECTION 3.06.  LITIGATION AND ENVIRONMENTAL MATTERS. (a) There are no
actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Borrower, threatened
against or affecting the Borrower or any of its Significant Subsidiaries (i)
that could reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect (other than the Disclosed Matters listed on
SCHEDULE 3.06) or (ii) that involve this Agreement or the Transactions.

          (b) Except for the Disclosed Matters listed on SCHEDULE 3.06 and
except with respect to any matters that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, neither the
Borrower nor any of its Significant Subsidiaries (i) has failed to comply with
any Environmental Law or to obtain, maintain or comply with any permit, license
or other approval required under any Environmental Law, (ii) has become subject
to any Environmental Liability, (iii) has received notice of any claim with
respect to any Environmental Liability or (iv) knows of any basis for any
Environmental Liability.

          (c) Other than any liability incident to the Disclosed Matters, the
Borrower and its Significant Subsidiaries have no material contingent
obligations not provided for or disclosed in the financial statements referred
to in Section 3.04. Since the date of this Agreement, there has been no change
in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in a Material Adverse Effect.

<Page>

                                                                              30

          SECTION 3.07.  SUBSIDIARIES. SCHEDULE 3.07 hereto contains an accurate
list of all of the presently existing Significant Subsidiaries of the Borrower,
setting forth their respective jurisdictions of incorporation and the percentage
of their respective capital stock owned by the Borrower or other Subsidiaries.
All of the issued and outstanding shares of capital stock of such Significant
Subsidiaries have been duly authorized and issued and are fully paid and
non-assessable.

          SECTION 3.08.  ERISA. Neither a Reportable Event nor an "accumulated
funding deficiency" (within the meaning of Section 412 of the Code or Section
302 of ERISA) has occurred during the five-year period prior to the date on
which this representation is made or deemed made with respect to any Plan, and
each Plan has complied in all material respects with the applicable provisions
of ERISA and the Code. No termination of a Single Employer Plan has occurred,
and no Lien in favor of the PBGC or a Plan has arisen, during such five-year
period. The present value of all accrued benefits under each Single Employer
Plan (based on those assumptions used to fund such Plans) did not, as of the
last annual valuation date prior to the date on which this representation is
made or deemed made, exceed the value of the assets of such Plan allocable to
such accrued benefits by a material amount. Neither the Borrower nor any
Commonly Controlled Entity has had a complete or partial withdrawal from any
Multiemployer Plan that has resulted or could reasonably be expected to result
in a material liability under ERISA, and neither the Borrower nor any Commonly
Controlled Entity would become subject to any material liability under ERISA if
the Borrower or any such Commonly Controlled Entity were to withdraw completely
from all Multiemployer Plans as of the valuation date most closely preceding the
date on which this representation is made or deemed made. No such Multiemployer
Plan is in Reorganization or Insolvency.

          SECTION 3.09.  ACCURACY OF INFORMATION. None of the reports, financial
statements, certificates or other information furnished by or on behalf of the
Borrower to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or delivered hereunder by the Borrower (as
subsequently modified, superseded or supplemented by other information so
furnished), contains, when taken as a whole, any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading.

          SECTION 3.10.  REGULATION U. Margin Stock constitutes less than 25% of
the aggregate value (determined in accordance with Regulation U), on a
consolidated basis, of the Property and assets of the Borrower and its
Subsidiaries that is subject to the provisions of Article 6 (including Section
6.01).

          SECTION 3.11.  COMPLIANCE WITH LAWS AND AGREEMENTS. The Borrower and
each of its Significant Subsidiaries is in compliance with all laws, regulations
and orders of any Governmental Authority applicable to it or its property and
all indentures, agreements and other instruments binding upon it or its
property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. No
Default has occurred and is continuing.

          SECTION 3.12.  PROPERTIES; LIENS. The Borrower and each of the
Significant Subsidiaries has good title to, or valid leasehold interests in, all
its real and personal property material to its business, except for any such
defects that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect, and none of such property is subject to
any Lien except as permitted by Section 6.01.

<Page>

                                                                              31

          SECTION 3.13.  INVESTMENT AND HOLDING COMPANY STATUS. Neither the
Borrower nor any of its Subsidiaries is (a) an investment company" as defined
in, or subject to regulation under, the Investment Company Act of 1940 or (b) a
holding company" as defined in, or subject to regulation under, the Public
Utility Holding Company Act of 1935.

          SECTION 3.14.  CITIZENSHIP. Federal Express Corporation is a citizen
of the United States, as defined in 49 U.S.C. Section 40102(a)(15) (a
"CITIZEN"). Each other Subsidiary that must be a Citizen in order to conduct its
business as currently conducted is a Citizen. Neither Federal Express
Corporation nor any such other Subsidiary is a national of any foreign country
designated in Presidential Executive Order No. 8389 or 9193, as amended, and the
regulations issued thereunder, as amended, or a national of any foreign country
designated in the Foreign Assets Control Regulations or in the Cuban Assets
Control Regulations of the United States Treasury Department, 31 C.F.R., Chapter
V, as amended.

          SECTION 3.15.  STATUS AS AIR CARRIER. Federal Express Corporation, and
each other Subsidiary that must be so authorized in order to conduct its
business as currently conducted, (i) is authorized to engage in all cargo
domestic and international air service under certificates issued pursuant to 49
U.S.C. Section 41103 and 49 U.S.C. Section 41102(a), respectively, and (ii) is
the holder of a valid and effective operating certificate issued by the FAA
pursuant to Part 119 of the regulations under the Federal Aviation Act. Such
certificates are in full force and effect and are adequate for the conduct of
the business of the Borrower and its Subsidiaries as now conducted. There are no
actions, proceedings or investigations pending or, to the knowledge of the
executive officers of the Borrower, threatened (or any basis therefor known to
the Borrower) to amend, modify, suspend or revoke any such certificate in whole
or in part, which would have any material adverse effect on any such certificate
or any of the operations of the Borrower or its Subsidiaries.

          SECTION 3.16.  PARI PASSU. All the payment obligations of the Borrower
and the Guarantors arising under or pursuant to the Loan Documents will at all
times rank pari passu, with all other unsecured and unsubordinated payment
obligations and liabilities (including contingent obligations and liabilities)
of the Borrower and the Guarantors (other than those which are mandatorily
preferred by laws or regulations of general application).

                                   ARTICLE IV

                                   CONDITIONS

          SECTION 4.01.  EFFECTIVE DATE. The obligations of the Lenders to make
Loans shall not become effective until the date on which each of the following
conditions is satisfied (or waived in accordance with Section 9.01):

          (a) The Administrative Agent (or its counsel) shall have received (i)
from each party hereto either a counterpart of this Agreement signed on behalf
of such party or written evidence satisfactory to the Administrative Agent
(which may include telecopy transmission of a signed signature page of this
Agreement) that such party has signed a counterpart of this Agreement and (ii)
an acknowledgement and consent with respect to the Guarantee Agreement, executed
and delivered by each Guarantor.

<Page>

                                                                              32

          (b) The Administrative Agent shall have received satisfactory evidence
that this Agreement shall have been approved by the Required Lenders (as defined
in the Existing Credit Agreement).

          (c) The Administrative Agent shall have received a written opinion
from counsel to the Borrower, substantially in the form of EXHIBIT D.

          (d) The Administrative Agent shall have received such documents and
certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of the Borrower and
the domestic Significant Subsidiaries and the authorization of the Transactions,
all in form and substance satisfactory to the Administrative Agent and its
counsel.

          (e) The Administrative Agent shall have received a certificate, dated
the Effective Date and signed by the President or a Financial Officer of the
Borrower, confirming compliance with the conditions set forth in paragraphs (a)
and (b) of Section 4.02.

          (f) Since May 31, 2002, there has been no change in the business,
Property, prospects, condition (financial or otherwise) or results of operations
of the Borrower and its Subsidiaries taken as a whole which could reasonably be
expected to have a Material Adverse Effect and the Administrative Agent shall
have received a written representation and warranty to such effect by the
Borrower as of the Effective Date.

          (g) The Administrative Agent shall have received (i) satisfactory
audited consolidated financial statements of the Borrower for the two most
recent fiscal years ended prior to the Effective Date as to which such financial
statements are available, and (ii) satisfactory unaudited interim consolidated
financial statements of the Borrower for each quarterly period ended subsequent
to the date of the latest financial statements delivered pursuant to clause (i)
of this paragraph as to which such financial statements are available.

          (h) The Administrative Agent shall have received all fees and other
amounts due and payable on or prior to the Effective Date, including, to the
extent invoiced, reimbursement or payment of all out-of-pocket expenses required
to be reimbursed or paid by the Borrower hereunder.

          (i) The Administrative Agent shall have received evidence reasonably
satisfactory to it that (i) no Loan shall be outstanding under the Existing
Credit Agreement as of the Effective Date and (ii) any accrued interest and fees
accrued under the Existing Credit Agreement to but excluding the Effective Date
shall have been paid.

The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans hereunder shall not
become effective unless each of the foregoing conditions is satisfied (or waived
pursuant to Section 9.01) at or prior to 3:00 p.m., New York City time, on
September 27, 2002 (and, in the event such conditions are not so satisfied or
waived, the Commitments shall terminate at such time).

          SECTION 4.02.  EACH CREDIT EVENT. The obligation of each Lender to
make a Loan on the occasion of any Borrowing is subject to the satisfaction of
the following conditions:

<Page>

                                                                              33

          (a) The representations and warranties of the Borrower set forth in
     this Agreement shall be true and correct on and as of the date of such
     Borrowing.

          (b) At the time of and immediately after giving effect to such
     Borrowing no Default shall have occurred and be continuing.

Each Borrowing shall be deemed to constitute a representation and warranty by
the Borrower on the date thereof as to the matters specified in paragraphs (a)
and (b) of this Section.

                                    ARTICLE V

                              AFFIRMATIVE COVENANTS

          Until the Commitments have expired or been terminated and the
principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full, the Borrower covenants and agrees with the Lenders that:

          SECTION 5.01.  FINANCIAL STATEMENTS AND OTHER INFORMATION. The
Borrower will furnish to the Administrative Agent and each Lender:

          (a) within 90 days after the end of each fiscal year of the Borrower,
     its audited consolidated balance sheet, related profit and loss and
     reconciliation of surplus statements, and a statement of cash flows as of
     the end of and for such year, setting forth in each case the figures for
     the previous fiscal year, all reported on by Ernst & Young LLP or other
     independent public accountants of recognized national standing (without a
     "going concern" or like qualification or exception and without any
     qualification or exception as to the scope of such audit);

          (b) within 45 days after the end of each of the first three fiscal
     quarters of each fiscal year of the Borrower, an unaudited consolidated
     balance sheet and consolidated profit and loss and reconciliation of
     surplus statements and a statement of cash flows as of the end of and for
     such fiscal quarter and the then elapsed portion of the fiscal year,
     setting forth in each case the figures for the corresponding period or
     periods of (or, in the case of the balance sheet, as of the end of) the
     previous fiscal year, all certified by one of its Financial Officers as
     presenting fairly in all material respects the financial condition and
     results of operations of the Borrower and its consolidated Subsidiaries on
     a consolidated basis in accordance with GAAP consistently applied, subject
     to normal year-end audit adjustments and the absence of footnotes;

          (c) concurrently with any delivery of financial statements under
     clause (a) or (b) above, a certificate of a Financial Officer of the
     Borrower (i) certifying as to whether a Default or Event of Default has
     occurred and, if a Default or Event of Default has occurred, specifying the
     details thereof and any action taken or proposed to be taken with respect
     thereto and (ii) setting forth reasonably detailed calculations
     demonstrating compliance with Sections 5.10 and 5.11, substantially in the
     form of SCHEDULE 5.01(c) hereto;

          (d) concurrently with any delivery of financial statements under
     clause (a) above, a certificate of the accounting firm that reported on
     such financial statements stating whether they obtained knowledge during
     the course of their examination of such financial statements

<Page>

                                                                              34

     of any Default or Event of Default (which certificate may be limited to the
     extent required by accounting rules or guidelines);

          (e) promptly after the same become publicly available, copies of all
     regular and periodic reports, proxy statements and prospectuses filed by
     the Borrower, any Guarantor or any Significant Subsidiary with the
     Securities and Exchange Commission, or any Governmental Authority
     succeeding to any or all of the functions of said Commission, or with any
     national securities exchange, or distributed by the Borrower to its
     shareholders generally, as the case may be; and

          (f) promptly following any request therefor, such other information
     (including non-financial information) as the Administrative Agent or any
     Lender may from time to time reasonably request.

          SECTION 5.02.  USE OF PROCEEDS. The proceeds of the Loans will be used
only for general corporate purposes, including commercial paper back-up and
acquisitions. No part of the proceeds of any Loan will be used, whether directly
or indirectly, for any purpose that entails a violation of any of the
Regulations of the Board, including Regulation U.

          SECTION 5.03.  NOTICE OF MATERIAL EVENTS. The Borrower will, and will
cause each Subsidiary to, furnish to the Administrative Agent and each Lender
prompt written notice of the occurrence of any Default or Event of Default or
any other development that results in, or could reasonably be expected to result
in, a Material Adverse Effect. Each notice delivered under this Section shall be
accompanied by a statement of a Financial Officer or other executive officer of
the Borrower setting forth the details of the event or development requiring
such notice and any action taken or proposed to be taken with respect thereto.

          SECTION 5.04.  EXISTENCE; CONDUCT OF BUSINESS. Except as permitted by
Sections 6.03 and 6.04, the Borrower will, and will cause each Significant
Subsidiary to, carry on and conduct its business in substantially the same
manner and in substantially the same fields of enterprise as it is presently
conducted and to do all things necessary to remain duly incorporated, validly
existing and in good standing as a domestic corporation in its jurisdiction of
incorporation and maintain all requisite authority to conduct its business in
each jurisdiction in which its business is conducted and where the failure to
have such requisite authority could reasonably be expected to have a Material
Adverse Effect.

          SECTION 5.05.  CITIZENSHIP AND REGULATORY CERTIFICATES. The Borrower
will cause Federal Express Corporation and each other applicable Subsidiary to
continue to be (a) a citizen of the United States, as defined in 49 U.S.C.
Section 40102(a)(15), (b) authorized to engage in all cargo domestic and
international air service under certificates issued pursuant to 49 U.S.C.
Section 41103 and 49 U.S.C. Section 41102(a), respectively, (c) the holder of
all other certificates, rights, permits, franchises and concessions from
appropriate Governmental Authorities necessary or appropriate to enable the
Borrower and its Subsidiaries to conduct their business in all material respects
as presently being conducted, and (d) the holder of a valid and effective
operating certificate issued by the FAA pursuant to Part 119 of the regulations
under the Federal Aviation Act. The Borrower will, and will cause each of its
Subsidiaries to, use its best efforts to maintain, preserve and keep in full
force and effect its material certificates, rights, permits, franchises and
concessions from appropriate Governmental Authorities and use its best efforts
from time to time to obtain appropriate renewals or replacements, PROVIDED, that
nothing in this Section 5.05 shall prevent the Borrower or any of its

<Page>

                                                                              35

Subsidiaries from abandoning, or permitting the amendment, expiration or
termination of, any such certificate, right, permit, franchise or concession if,
in the opinion of the Borrower, such abandonment, amendment, expiration or
termination is in the interest of the Borrower and not prejudicial in any
material respect to the Lenders.

          SECTION 5.06.  PAYMENT OF TAXES. The Borrower will, and will cause
each Subsidiary to, pay and discharge all taxes, assessments and governmental
charges or levies imposed upon it or upon its income or profits, or upon any
property belonging to it, and all lawful claims which, if unpaid, would become a
Lien, except where failure to do any of the foregoing would not have a Material
Adverse Effect and provided that neither the Borrower nor a Subsidiary shall be
required to pay any such tax, assessment, charge, levy or claim the payment of
which is being contested in good faith and by appropriate proceedings; and make
monthly accruals of all of the estimated liability of the Borrower and
Subsidiaries for such taxes, assessments, charges and levies, determined in
accordance with GAAP, and establish adequate reserves determined in accordance
with GAAP, for such thereof as may be contested, and reflect such accruals and
reserves in all financial statements furnished hereunder.

          SECTION 5.07.  COMPLIANCE WITH LAWS. The Borrower will, and will cause
each of its Subsidiaries to, comply with all laws, rules, regulations and orders
of any Governmental Authority applicable to it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

          SECTION 5.08.  MAINTENANCE OF PROPERTIES; INSURANCE. The Borrower
will, and will cause each of its Significant Subsidiaries to, (a) keep and
maintain all property material to the conduct of its business in good working
order and condition, ordinary wear and tear excepted, except where failure to do
so could not reasonably be expected to have a Material Adverse Effect and (b)
maintain, with financially sound and reputable insurance companies, insurance on
its property in such amounts and against such risks as are consistent with
prudent business practice, and the Borrower will furnish to any Lender upon
request full information as to the insurance carried.

          SECTION 5.09.  BOOKS AND RECORDS; INSPECTION RIGHTS. The Borrower
will, and will cause each of its Subsidiaries to, keep proper books of record
and account in which full, true and correct entries are made of all dealings and
transactions in relation to its business and activities. The Borrower will, and
will cause each of its Subsidiaries to, permit any representatives designated by
the Administrative Agent or any Lender, upon reasonable prior notice, to visit
and inspect its properties, to examine and make extracts from its books of
accounts and other financial records, and to discuss its affairs, finances and
condition with its officers and independent accountants, all at such reasonable
times and intervals as the Lenders may designate.

          SECTION 5.10.  LEVERAGE. The Borrower will maintain at all times a
ratio of (i) the sum of (a) the aggregate unpaid principal amount of all
outstanding Funded Debt, PLUS (b) Capitalized Operating Lease Value, to (ii) the
sum of (a) the items listed in clause (i) above PLUS (b) Consolidated Adjusted
Net Worth, of not more than .70 to 1.

          SECTION 5.11.  FIXED CHARGE COVERAGE. The Borrower will, for each
period of four consecutive fiscal quarters of the Borrower ending after August
31, 2002, maintain a ratio of (a) Consolidated Cash Flow for such period to (b)
the sum of Interest Expense and Rent Expense for such period, in an amount not
less than 1.25 to 1.

<Page>

                                                                              36

          SECTION 5.12.  GUARANTEE AGREEMENT. (a) Within thirty days after (A)
acquiring or establishing any Subsidiary that constitutes a Significant
Subsidiary or (B) any Subsidiary guaranteeing either the Obligations (as defined
therein) under the Five-Year Credit Agreement or any public debt securities
issued by the Borrower, upon its acquisition or establishment or the issuance of
any such guarantee, as the case may be, the Borrower shall cause such Subsidiary
to execute the Guarantee Agreement pursuant to an Addendum thereto in the form
of Annex I to the Guarantee Agreement, and to deliver documentation, to the
extent requested by the Administrative Agent, similar to that described in
Section 4.01(c) and (d) relating to the authorization for, execution and
delivery of, and validity of such Significant Subsidiary's obligations as a
Guarantor, such documentation to be in form and substance reasonably
satisfactory to the Administrative Agent.

          (b) If at any time the Guarantors do not consist of Subsidiaries of
the Borrower which, in the aggregate, had revenues (determined in accordance
with GAAP) for the immediately preceding fiscal year of the Borrower in excess
of 90% of the consolidated revenues (determined in accordance with GAAP) of the
Borrower and the consolidated Subsidiaries for such immediately preceding fiscal
year, then the Borrower shall promptly cause one or more additional Subsidiaries
each to execute the Guarantee Agreement pursuant to an Addendum thereto in the
form of Annex I to the Guarantee Agreement, and to deliver documentation, to the
extent requested by the Administrative Agent, similar to that described in
Section 4.01(c) and (d) relating to the authorization for, execution and
delivery of, and validity of such Subsidiary's obligations as a Guarantor, such
documentation to be in form and substance reasonably satisfactory to the
Administrative Agent, so that the aggregate consolidated revenues (determined in
accordance with GAAP) of the Guarantors for such fiscal year equal or exceed 90%
of the consolidated revenues (determined in accordance with GAAP) of the
Borrower and the consolidated Subsidiaries for such fiscal year.

                                   ARTICLE VI

                               NEGATIVE COVENANTS

          Until the Commitments have expired or terminated and the principal of
and interest on each Loan and all fees payable hereunder have been paid in full,
the Borrower covenants and agrees with the Lenders that:

          SECTION 6.01.  LIENS. The Borrower will not, nor will it permit any
consolidated Subsidiary to, create, incur, assume or suffer to exist, any Lien
on, or enter into, or make any commitment to enter into, any arrangement for the
acquisition of, any Property (other than Unrestricted Margin Stock) through
conditional sales, lease-purchase or other title retention agreement, except:

          (a) Liens which may be hereafter created to secure payment of the
Obligations;

          (b) Liens incurred or deposits or pledges, made in the ordinary course
of business, to secure payment of workers' compensation, unemployment insurance,
old age pensions or other social security obligations;

          (c) Liens incurred or deposits or pledges, made in the ordinary course
of business, to secure performance of bids, tenders, contracts (other than
contracts for Indebtedness), leases, public or statutory obligations, surety
bonds, or other Liens or deposits or pledges for purposes of like general nature
made in the ordinary course of business;

<Page>

                                                                              37

          (d) Deposits or pledges for the purpose of securing an appeal, stay or
discharge in the course of legal proceedings, or Liens for judgments or awards
which were not incurred in connection with Indebtedness or the obtaining of
advances or credits, provided such deposits, pledges and Liens do not, in the
aggregate for the Borrower and the consolidated Subsidiaries, materially detract
from the value of their assets or properties or materially impair the use
thereof in the ordinary course of business and such appeal, judgment or award,
as the case may be, is being diligently contested or litigated in good faith by
appropriate proceedings being diligently conducted, and provided further there
has been set aside on the books of the Borrower or the consolidated
Subsidiaries, as the case may be, reserves in accordance with GAAP with respect
thereto, which reserves shall be maintained until the related liabilities are
paid or otherwise discharged, and provided further execution is not levied upon
any such judgment or award;

          (e) Liens for taxes, fees, assessments and governmental charges not
delinquent or which are being contested in good faith by appropriate proceedings
being diligently conducted, provided there has been set aside on the books of
the Borrower or the consolidated Subsidiaries, as the case may be, adequate
reserves in accordance with GAAP with respect thereto, which reserves shall be
maintained until the related liabilities are paid or otherwise discharged, and
provided further, execution is not levied upon any such Lien;

          (f) Mechanics', carriers', workers', repairmen's or other like Liens
arising in the ordinary course of business securing obligations which are not
overdue for a period of more than 90 calendar days, or which are being contested
in good faith by appropriate proceedings being diligently conducted provided
there has been set aside on the books of the Borrower and the consolidated
Subsidiaries, as the case may be, adequate reserves in accordance with GAAP with
respect thereto, which reserves shall be maintained until the related
liabilities are paid or otherwise discharged, and provided further, execution is
not levied upon any such Lien;

          (g) Lessors' interests under Capitalized Leases;

          (h) Liens on property acquired or constructed with the proceeds of any
tax-exempt bond financing to secure such financing;

          (i) Liens securing Indebtedness of a consolidated Subsidiary to the
Borrower or any Guarantor or, in the case of Indebtedness of a consolidated
Subsidiary which is not a Guarantor, to any consolidated Subsidiary which is not
a Guarantor;

          (j) Liens existing on the property of a corporation or other business
entity immediately prior to its being consolidated with or merged into the
Borrower or a consolidated Subsidiary or its becoming a consolidated Subsidiary,
or Liens existing on any property acquired by the Borrower or a consolidated
Subsidiary at the time such is so acquired (whether or not the Indebtedness
secured thereby shall have been assumed), provided that (i) no such Lien was
created or assumed in contemplation of such consolidation or merger or such
entity's becoming a consolidated Subsidiary or such acquisition of property and
(ii) each such Lien shall only cover the acquired property and, if required by
the terms of the instrument originally creating such Lien, property which is an
improvement to or is acquired for specific use in connection with such acquired
property;

          (k) Liens on Flight Equipment acquired on or after the date of this
Agreement which (i) secure the payment of all or any part of the purchase price
of such Flight Equipment or improvements thereon, (ii) are limited to the Flight
Equipment so acquired and improvements

<Page>

                                                                              38

thereon, and (iii) attach to such Flight Equipment within one year after the
acquisition or improvement of such Flight Equipment;

          (l) Liens in favor of customs and revenue authorities arising as a
matter of law to secure payment of customs duties in connection with the
importation of goods;

          (m) Zoning, building or other restrictions, variances, covenants,
rights of way, encumbrances, easements and other minor irregularities in title,
none of which, individually or in the aggregate, (i) interfere in any material
respect with the present use or occupancy of the affected parcel by the Borrower
or any Subsidiary, (ii) have no more than an immaterial effect on the value
thereof or its use or (iii) would impair the ability of such parcel to be sold
for its present use;

          (n) Liens arising solely by virtue of any law or regulation relating
to banker's liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with a creditor depository
institution;

          (o) Liens to secure Indebtedness for the purpose of financing all or
any part of the purchase price or the cost of construction or improvement of the
property subject to such Lien; PROVIDED, HOWEVER, that (i) the principal amount
of any Indebtedness secured by such Lien does not exceed 100% of such purchase
price or cost and (ii) such Lien does not extend to or cover any other property
other than such item of property so acquired, constructed or improved;

          (p) Liens arising out of the refinancing, extension, renewal or
refunding of any Indebtedness secured by any Lien permitted by clauses (h), (j),
(k) and (o) of this Section, PROVIDED that such Indebtedness is not increased
and is not secured by any additional assets; and

          (q) Liens not otherwise permitted by Sections 6.01 (a) through (p)
PROVIDED that, as of the date any Lien is incurred and as of the end of each
fiscal quarter of the Borrower ending after August 31, 2002, the sum of (i) the
aggregate principal amount of all outstanding Long Term Debt of the consolidated
Subsidiaries which are not Guarantors (excluding the Current Maturities of any
such Long Term Debt and any Long Term Debt of a consolidated Subsidiary owing to
the Borrower), PLUS (ii) the aggregate principal amount of all outstanding Long
Term Debt of the Borrower or any Guarantor (excluding the Current Maturities of
any such Long Term Debt and any Long Term Debt of a consolidated Subsidiary
owing to the Borrower) which is secured as permitted by this Section 6.01(q),
does not exceed 8% of Consolidated Adjusted Total Assets.

          SECTION 6.02.  RESTRICTED INVESTMENTS. The Borrower will not, nor will
it permit any consolidated Subsidiary to, make any Restricted Investment except
Restricted Investments made by the Borrower or a consolidated Subsidiary so long
as, after giving effect to any such Restricted Investment (i) the aggregate
amount of all such Restricted Investments existing on the date of such proposed
action shall not exceed (x) $750,000,000 plus (y) 75% (or in the case of a
deficit, minus 100%) of the Consolidated Net Income for the period commencing on
June 1, 2001 and ending on and including the date of any such proposed action
(the "COMPUTATION PERIOD") plus (z) the aggregate amount of the net cash
proceeds received by the Borrower during the Computation Period from the sale of
its stock and Indebtedness of the Borrower convertible into stock of the
Borrower (but only to the extent that any such Indebtedness has been converted
into shares of such stock during such period), and (ii) there shall exist no
Default or Event of Default.

//ex10-5_4397_ae.cecc

<Page>

                                                                              39

          SECTION 6.03.  MERGER AND CONSOLIDATION. The Borrower will not, nor
will it permit any consolidated Subsidiary to, merge or consolidate with or into
or enter into any analogous reorganization or transaction with any other Person,
or sell all or substantially all of the assets of the Borrower and its
consolidated Subsidiaries taken as a whole, except:

          (a) Any consolidated Subsidiary or other corporation or entity may
merge or consolidate with the Borrower, PROVIDED that, after giving effect to
any such merger or consolidation, (i) the Borrower shall be the continuing or
surviving corporation and (ii) no Default or Event of Default shall exist;

          (b) Any consolidated Subsidiary may merge with or into any
consolidated Subsidiary so long as, after giving effect thereto, no Default or
Event of Default shall exist;

          (c) The Borrower or any consolidated Subsidiary may transfer its
assets to the Borrower or any consolidated Subsidiary, so long as after giving
effect thereto, no Default or Event of Default shall exist;

          (d) Any consolidated Subsidiary other than a Significant Subsidiary
may be liquidated or dissolved; and

          (e) Any corporation or other entity may merge or consolidate with any
consolidated Subsidiary, provided that, after giving effect to any such merger
or consolidation, (i) the continuing or surviving entity shall be a consolidated
Subsidiary, (ii) no Default or Event of Default shall exist, and (iii) the
Borrower owns, directly or indirectly, 100% of such consolidated Subsidiary;
PROVIDED, further, that the requirements of clauses (i) and (iii) will not apply
to a merger or consolidation of any consolidated Subsidiary in connection with a
transaction permitted under Section 6.04(c).

          SECTION 6.04.  SALES OF ASSETS. The Borrower will not, nor will it
permit any consolidated Subsidiary to, sell, transfer, convey (including,
without limitation, any sale, transfer or conveyance related to a sale and
leaseback transaction but excluding sales of inventory in the ordinary course of
business) or lease (or enter into any commitment to sell transfer, convey or
lease) all or any part of its assets (other than Unrestricted Margin Stock)
(whether in one or a series of transactions) except:

          (a) Leases by the Borrower and consolidated Subsidiaries of Flight
Equipment to others provided that the aggregate book value of all Flight
Equipment leased to any other Person or Persons by the Borrower or any such
consolidated Subsidiary shall not at any time exceed $500,000,000;

          (b) Sales of property by the Borrower or a consolidated Subsidiary
provided that at the time of any such sale or other disposition the Borrower or
consolidated Subsidiary making such sale or disposition shall have previously
acquired or shall be simultaneously acquiring, in contemplation of such sale or
other disposition, substantially similar property, or shall have previously
entered into, or shall be simultaneously entering into, a binding purchase
agreement or purchase agreements to acquire substantially similar property,
which property is acquired within three years of such sale or other disposition;

<Page>

                                                                              40

          (c) Sales of property (including any deemed sales of property pursuant
to Section 6.03(e)) provided that the aggregate net book value of all such
property sold in any one fiscal year of the Borrower shall not exceed 12.5% of
Consolidated Adjusted Net Worth as of the last day of the fiscal year of the
Borrower immediately preceding the fiscal year of the Borrower during which any
such sale of assets shall take place;

          (d) Sales of any property in order concurrently or subsequently to
lease as lessee such or similar property, provided that (i) any such sale takes
place within 360 days after (A) in the case of personal property, the date on
which the Borrower or the applicable consolidated Subsidiary acquired such
property, and (B) in the case of real property or fixtures, the later of the
date on which the Borrower or the applicable consolidated Subsidiary acquired
such property or the date on which construction of all improvements on such
property was completed, and (ii) after giving effect to the creation of the
Capitalized Lease Obligations, if any, of the Borrower or a consolidated
Subsidiary resulting from the lease of such property by the Borrower or a
consolidated Subsidiary, the Borrower is in compliance with Section 5.10; and

          (e) Transfers of assets permitted pursuant to Section 6.03.

Notwithstanding the foregoing in this Section 6.04, the Borrower and its
consolidated Subsidiaries will be permitted to sell, transfer or otherwise
dispose of Unrestricted Margin Stock without regard to the foregoing
restrictions contained in this Section 6.04.

          SECTION 6.05. LOANS, ADVANCES AND INVESTMENTS. The Borrower will not,
nor will it permit any consolidated Subsidiary to, make or suffer to exist any
Investments, or commitments therefor, except:

          (a) Investments in Permitted Investments;

          (b) Investments in the capital stock of a consolidated Subsidiary;

          (c) Loans and advances by the Borrower to a consolidated Subsidiary;

          (d) Loans and advances by a consolidated Subsidiary to any other
consolidated Subsidiary or to the Borrower;

          (e) Investments in any Person not otherwise permitted by this Section
6.05, which together with all other Investments at the time outstanding under
this Section 6.05(e), do not exceed 12.5% of Consolidated Adjusted Net Worth
provided that at least 66-2/3% of such Investments are reasonably related to the
same fields of enterprise as those in which the Borrower and the consolidated
Subsidiaries are now engaged; and

          (f) Restricted Investments made in compliance with Section 6.02.

In determining from time to time the amount of the Investments permitted by this
Section 6.05, loans and advances shall be taken at the principal amount thereof
then remaining unpaid at the time of such determination and other Investments
shall be taken at the original cost thereof, regardless of any subsequent
appreciation or depreciation therein.

<Page>

                                                                              41

          SECTION 6.06.  CONTINGENT LIABILITIES. The Borrower will not, nor will
it permit any consolidated Subsidiary to become liable with respect to any
Contingent Obligation, except:

          (a) the Guarantee Agreement and the Five-Year Guarantee Agreement;

          (b) by the endorsement of negotiable instruments for deposit or
collection (or similar transactions) in the ordinary course of business;

          (c) guaranties of customs fees in the ordinary course of business;

          (d) Contingent Obligations in respect of surety and appeal bonds and
similar obligations incurred in the ordinary course of business;

          (e) Contingent Obligations with respect to letters of credit entered
into in the ordinary course of business, PROVIDED that the aggregate amount of
such letters of credit shall not exceed $200,000,000 at any time outstanding;

          (f) Contingent Obligations in respect of obligations (other than
Indebtedness) of Wholly-Owned Subsidiaries incurred in the ordinary course of
business; and

          (g) any other Contingent Obligation which after having given effect
thereto would not cause the Borrower to fail to be in compliance with Section
5.10.

In determining from time to time the amount of guaranties and contingent
liabilities permitted by this Section 6.06, guaranties and contingent
liabilities shall be taken at the principal amount then remaining unpaid at the
time of such determination on the indebtedness and obligations so guaranteed or
related to such contingent liabilities.

          SECTION 6.07.  NEGATIVE COVENANTS IN SUBSIDIARY AGREEMENTS. The
Borrower will not permit any of its Subsidiaries to enter into, after the date
hereof, any agreement, instrument or indenture that, directly or indirectly,
contains negative covenants restricting any of the following (or otherwise
prohibits or restricts, or has the effect of prohibiting or restricting, any of
the following):

          (a) the incurrence or payment of Indebtedness owed to the Borrower or
any other Subsidiary of the Borrower;

          (b) the granting of Liens, PROVIDED that the foregoing shall not apply
to (i) restrictions and conditions imposed by law or by this Agreement; (ii)
restrictions and conditions existing on the date hereof (but shall apply to any
extension or renewal of, or any amendment or modification expanding the scope
of, any such restriction or condition), (iii) customary restrictions and
conditions contained in agreements relating to the sale of a Subsidiary pending
such sale, provided such restrictions and conditions apply only to the
Subsidiary that is to be sold and such sale is permitted hereunder, (iv)
restrictions or conditions imposed by any agreement relating to secured
Indebtedness permitted by this Agreement if such restrictions or conditions
apply only to the property or assets securing such Indebtedness and (v)
customary provisions in leases and other contracts restricting the assignment
thereof and customary transfer restrictions and rights of first refusal in
shareholders' agreements in existence on the date hereof or consistent with past
practice;

<Page>

                                                                              42

          (c) the declaration or payment of dividends; and

          (d) the making of loans, advances or other Investments to or in the
Borrower or any other Subsidiary of the Borrower.

          SECTION 6.08.  SALES OF UNRESTRICTED MARGIN STOCK. The Borrower shall
not, and shall not permit any Subsidiary to, (a) sell or otherwise dispose of
any capital stock constituting Unrestricted Margin Stock other than in exchange
for cash or cash equivalents or (b) fail to maintain the proceeds of any such
sale or other disposition as cash, cash equivalents or short-term investments;
PROVIDED that (i) to the extent that the Borrower shall elect to reduce the
Commitments pursuant to Section 2.06(a) at any time after any such sale or other
disposition, the requirements of clause (b) above shall cease to apply to the
portion of such proceeds as shall be equal to the aggregate amount of any such
reductions and (ii) this Section shall not apply to sales or other dispositions
of Unrestricted Margin Stock pursuant to Section 6.03(c).

          SECTION 6.09.  SUBSIDIARY INDEBTEDNESS. The Borrower will not permit
any of its Subsidiaries to create or issue any unsecured notes or debentures.

                                   ARTICLE VII

                                EVENTS OF DEFAULT

          If any of the following events ("EVENTS OF DEFAULT") shall occur:

          (a) the Borrower shall fail to pay any principal of any Loan when and
     as the same shall become due and payable, whether at the due date thereof
     or at a date fixed for prepayment thereof or otherwise;

          (b) the Borrower shall fail to pay any interest on any Loan or any fee
     or any other amount (other than an amount referred to in clause (a) of this
     Article) payable under this Agreement, when and as the same shall become
     due and payable, and such failure shall continue unremedied for a period of
     five days;

          (c) any representation or warranty made or deemed made by or on behalf
     of the Borrower or any Subsidiary in or in connection with this Agreement
     or any amendment or modification hereof, or in any report, certificate,
     financial statement or other document furnished pursuant to or in
     connection with this Agreement or any amendment or modification hereof,
     shall prove to have been inaccurate in any material respect on or as of the
     date made or deemed made;

          (d) the Borrower shall fail to observe or perform any covenant,
     condition or agreement contained in Section 5.02, 5.03, 5.10, 5.11, 6.01,
     6.02, 6.03, 6.04, 6.05, 6.06, or 6.08;

          (e) the Borrower shall fail to observe or perform any covenant,
     condition or agreement contained in this Agreement (other than those
     specified in clause (a), (b), (c) or (d) of this Article), and such failure
     shall continue unremedied for a period of 5 days after written notice
     thereof to the Borrower from the Administrative Agent or any Lender;

<Page>

                                                                              43

          (f) the Borrower or any consolidated Subsidiary shall fail to make any
     payment (whether of principal or interest and regardless of amount) in
     respect of any Material Indebtedness, when and as the same shall become due
     and payable, after giving effect to any applicable grace period;

          (g) any event or condition occurs that results in any Material
     Indebtedness becoming due prior to its scheduled maturity or that enables
     or permits (with or without the giving of notice, the lapse of time or
     both) the holder or holders of any Material Indebtedness or any trustee or
     agent on its or their behalf to cause any Material Indebtedness to become
     due, or to require the prepayment, repurchase, redemption or defeasance
     thereof, prior to its scheduled maturity; PROVIDED that this clause (g)
     shall not apply to secured Indebtedness that becomes due as a result of the
     voluntary sale or transfer of the property or assets securing such
     Indebtedness; PROVIDED that this clause (g) shall not apply to secured
     Indebtedness that becomes due in accordance with its terms as a result of
     the voluntary or involuntary sale, transfer or disposition of the property
     or assets securing such Indebtedness;

          (h) an involuntary proceeding shall be commenced or an involuntary
     petition shall be filed seeking (i) liquidation, reorganization or other
     relief in respect of the Borrower or any consolidated Subsidiary or its
     debts, or of a substantial part of its assets, under any Federal, state or
     foreign bankruptcy, insolvency, receivership or similar law now or
     hereafter in effect or (ii) the appointment of a receiver, trustee,
     custodian, sequestrator, conservator or similar official for the Borrower
     or any consolidated Subsidiary or for a substantial part of its assets,
     and, in any such case, such proceeding or petition shall continue
     undismissed for 60 days or an order or decree approving or ordering any of
     the foregoing shall be entered;

          (i) the Borrower or any consolidated Subsidiary shall (i) voluntarily
     commence any proceeding or file any petition seeking liquidation,
     reorganization or other relief under any Federal, state or foreign
     bankruptcy, insolvency, receivership or similar law now or hereafter in
     effect, (ii) consent to the institution of, or fail to contest in a timely
     and appropriate manner, any proceeding or petition described in clause (h)
     of this Article, (iii) apply for or consent to the appointment of a
     receiver, trustee, custodian, sequestrator, conservator or similar official
     for the Borrower or any consolidated Subsidiary or for a substantial part
     of its assets, (iv) file an answer admitting the material allegations of a
     petition filed against it in any such proceeding, (v) make a general
     assignment for the benefit of creditors or (vi) take any action for the
     purpose of effecting any of the foregoing;

          (j) the Borrower or any consolidated Subsidiary shall fail to pay, or
     admit in writing its inability to pay, its debts generally as they become
     due;

          (k) The Borrower or any of its consolidated Subsidiaries shall be the
     subject of any proceeding or investigation pertaining to the release by the
     Borrower or any of its consolidated Subsidiaries, or any other Person of
     any toxic or hazardous waste or substance into the environment, or any
     violation of any federal, state or local environmental, health or safety
     law or regulation, which, in either case, could reasonably be expected to
     have a Material Adverse Effect;

          (l) Any provision of any Loan Document shall at any time for any
     reason cease to be valid and binding and enforceable against the Borrower
     or any Significant Subsidiary, or the validity, binding effect or
     enforceability thereof against the Borrower or any Significant

<Page>

                                                                              44

     Subsidiary shall be contested by any Person, or the Borrower or any
     Significant Subsidiary shall deny that it has any or further liability or
     obligation thereunder, or any Loan Document shall be terminated,
     invalidated or set aside, or be declared ineffective or inoperative or in
     any way cease to give or provide to the Lenders and the Administrative
     Agent the benefits purported to be created thereby;

          (m) The Borrower or any Consolidated Subsidiary shall fail within 45
     days to pay, bond or otherwise discharge any judgment or order for the
     payment of money in excess of $1,000,000, which is not stayed on appeal or
     otherwise being appropriately contested in good faith;

          (n) any Termination Event with respect to a Plan shall have occurred
     or the sum of the Insufficiency of all Single Employer Plans is equal to or
     greater than $80,000,000; or

          (o) a Change of Control shall occur;

then, and in every such event (other than an event with respect to the Borrower
described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the
request of the Required Lenders shall, by notice to the Borrower, take either or
both of the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part,
in which case any principal not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the principal of the Loans so
declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower accrued hereunder, shall become due
and payable immediately, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrower; and in case of any
event with respect to the Borrower described in clause (h) or (i) of this
Article, the Commitments shall automatically terminate and the principal of the
Loans then outstanding, together with accrued interest thereon and all fees and
other obligations of the Borrower accrued hereunder, shall automatically become
due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrower.

          If, within 14 days after acceleration of the maturity of the
Obligations or termination of the obligations of the Lenders to make Loans
hereunder as a result of any Default (other than any Default as described in
clause (h) or (i) of this Article) and before any judgment or decree for the
payment of the Obligations due shall have been obtained or entered, the Required
Lenders (in their sole discretion) shall so direct, the Administrative Agent
shall, by notice to the Borrower, rescind and annul such acceleration and/or
termination, provided that the Borrower certifies to the Lenders to their
satisfaction that, upon giving effect to such rescission, no other Indebtedness
of the Borrower shall be accelerated by virtue of a cross-default or
cross-acceleration to Indebtedness under this Agreement.

                                  ARTICLE VIII

                                   THE AGENTS

          SECTION 8.01.  APPOINTMENT. Each Lender hereby irrevocably designates
and appoints the Administrative Agent as the agent of such Lender under this
Agreement and the other

<Page>

                                                                              45

Loan Documents, and each such Lender irrevocably authorizes the Administrative
Agent, in such capacity, to take such action on its behalf under the provisions
of this Agreement and the other Loan Documents and to exercise such powers and
perform such duties as are expressly delegated to the Administrative Agent by
the terms of this Agreement and the other Loan Documents, together with such
other powers as are reasonably incidental thereto. Notwithstanding any provision
to the contrary elsewhere in this Agreement, the Administrative Agent shall not
have any duties or responsibilities, except those expressly set forth herein, or
any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the
Administrative Agent.

          SECTION 8.02.  DELEGATION OF DUTIES. The Administrative Agent may
execute any of its duties under this Agreement and the other Loan Documents by
or through agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. The Administrative
Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys in-fact selected by it with reasonable care.

          SECTION 8.03.  EXCULPATORY PROVISIONS. Neither any Agent nor any of
their respective officers, directors, employees, agents, attorneys-in-fact or
Affiliates shall be (i) liable for any action lawfully taken or omitted to be
taken by it or such Person under or in connection with this Agreement or any
other Loan Document (except to the extent that any of the foregoing are found by
a final and nonappealable decision of a court of competent jurisdiction to have
resulted from its or such Person's own gross negligence or willful misconduct)
or (ii) responsible in any manner to any of the Lenders for any recitals,
statements, representations or warranties made by any Loan Party or any officer
thereof contained in this Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in,
or received by the Agents under or in connection with, this Agreement or any
other Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or
for any failure of any Loan Party a party thereto to perform its obligations
hereunder or thereunder. The Agents shall not be under any obligation to any
Lender to ascertain or to inquire as to the observance or performance of any of
the agreements contained in, or conditions of, this Agreement or any other Loan
Document, or to inspect the properties, books or records of any Loan Party.

          SECTION 8.04.  RELIANCE BY ADMINISTRATIVE AGENT. The Administrative
Agent shall be entitled to rely, and shall be fully protected in relying, upon
any instrument, writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other document
or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including counsel to the Borrower), independent
accountants and other experts selected by the Administrative Agent. The
Administrative Agent may deem and treat the payee of any Note as the owner
thereof for all purposes unless a written notice of assignment, negotiation or
transfer thereof shall have been filed with the Administrative Agent. The
Administrative Agent shall be fully justified in failing or refusing to take any
action under this Agreement or any other Loan Document unless it shall first
receive such advice or concurrence of the Required Lenders (or, if so specified
by this Agreement, all Lenders) as it deems appropriate or it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and
expense that may be incurred by it by reason of taking or continuing to take any
such action. The Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement and the other Loan
Documents in

<Page>

                                                                              46

accordance with a request of the Required Lenders (or, if so specified by this
Agreement, all Lenders), and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of
the Loans.

          SECTION 8.05.  NOTICE OF DEFAULT. The Administrative Agent shall not
be deemed to have knowledge or notice of the occurrence of any Default or Event
of Default unless the Administrative Agent has received notice from a Lender or
the Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a "notice of default". In the event that
the Administrative Agent receives such a notice, the Administrative Agent shall
give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably
directed by the Required Lenders (or, if so specified by this Agreement, all
Lenders); PROVIDED that unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect
to such Default or Event of Default as it shall deem advisable in the best
interests of the Lenders.

          SECTION 8.06.  NON-RELIANCE ON AGENTS AND OTHER LENDERS. Each Lender
expressly acknowledges that neither the Agents nor any of their respective
officers, directors, employees, agents, attorneys-in-fact or Affiliates have
made any representations or warranties to it and that no act by any Agent
hereafter taken, including any review of the affairs of a Loan Party or any
Affiliate of a Loan Party, shall be deemed to constitute any representation or
warranty by any Agent to any Lender. Each Lender represents to the Agents that
it has, independently and without reliance upon any Agent or any other Lender,
and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Loan Parties and their
Affiliates and made its own decision to make its Loans hereunder and enter into
this Agreement. Each Lender also represents that it will, independently and
without reliance upon any Agent or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Loan Documents, and to make such
investigation as it deems necessary to inform itself as to the business,
operations, property, financial and other condition and creditworthiness of the
Loan Parties and their Affiliates. Except for notices, reports and other
documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder, the Administrative Agent shall not have any duty
or responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of any Loan Party or any Affiliate of
a Loan Party that may come into the possession of the Administrative Agent or
any of its officers, directors, employees, agents, attorneys-in-fact or
Affiliates.

          SECTION 8.07.  INDEMNIFICATION. The Lenders agree to indemnify each
Agent in its capacity as such (to the extent not reimbursed by the Borrower and
without limiting the obligation of the Borrower to do so), ratably according to
their respective Aggregate Exposure Percentages in effect on the date on which
indemnification is sought under this Section (or, if indemnification is sought
after the date upon which the Commitments shall have terminated and the Loans
shall have been paid in full, ratably in accordance with such Aggregate Exposure
Percentages immediately prior to such date), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever that may at any time
(whether before or after the payment of the Loans) be imposed on, incurred by or
asserted against such Agent in any way relating to or arising out of, the
Commitments, this

<Page>

                                                                              47

Agreement, any of the other Loan Documents or any documents contemplated by or
referred to herein or therein or the transactions contemplated hereby or thereby
or any action taken or omitted by such Agent under or in connection with any of
the foregoing; PROVIDED that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted
from such Agent's gross negligence or willful misconduct. The agreements in this
Section shall survive the payment of the Loans and all other amounts payable
hereunder.

          SECTION 8.08.  AGENT IN ITS INDIVIDUAL CAPACITY. Each Agent and its
Affiliates may make loans to, accept deposits from and generally engage in any
kind of business with any Loan Party as though such Agent were not an Agent.
With respect to its Loans made or renewed by it, each Agent shall have the same
rights and powers under this Agreement and the other Loan Documents as any
Lender and may exercise the same as though it were not an Agent, and the terms
"Lender" and "Lenders" shall include each Agent in its individual capacity.

          SECTION 8.09.  SUCCESSOR ADMINISTRATIVE AGENT. The Administrative
Agent may resign as Administrative Agent upon 10 days' notice to the Lenders and
the Borrower. If the Administrative Agent shall resign as Administrative Agent
under this Agreement and the other Loan Documents, then the Required Lenders
shall appoint from among the Lenders a successor agent for the Lenders, which
successor agent shall (unless an Event of Default under Section 7(a) or Section
7(i) with respect to the Borrower shall have occurred and be continuing) be
subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the
rights, powers and duties of the Administrative Agent, and the term
"Administrative Agent" shall mean such successor agent effective upon such
appointment and approval, and the former Administrative Agent's rights, powers
and duties as Administrative Agent shall be terminated, without any other or
further act or deed on the part of such former Administrative Agent or any of
the parties to this Agreement or any holders of the Loans. If no successor agent
has accepted appointment as Administrative Agent by the date that is 10 days
following a retiring Administrative Agent's notice of resignation, the retiring
Administrative Agent's resignation shall nevertheless thereupon become
effective, and the Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent as provided for above. After any retiring
Administrative Agent's resignation as Administrative Agent, the provisions of
this Section 8 shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was Administrative Agent under this Agreement and the
other Loan Documents.

          SECTION 8.10.  DOCUMENTATION AGENT AND SYNDICATION AGENT. Neither the
Documentation Agent nor the Syndication Agent shall have any duties or
responsibilities hereunder in its capacity as such.

                                   ARTICLE IX

                                  MISCELLANEOUS

          SECTION 9.01.  AMENDMENTS AND WAIVERS. (a) Neither this Agreement, any
other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this
Section 9.01. The Required Lenders and each Loan

<Page>

                                                                              48

Party party to the relevant Loan Document may, or, with the written consent of
the Required Lenders, the Administrative Agent and each Loan Party party to the
relevant Loan Document may, from time to time, (a) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents
for the purpose of adding, deleting or modifying any provisions to this
Agreement or the other Loan Documents or changing in any manner the rights of
the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such
terms and conditions as the Required Lenders or the Administrative Agent, as the
case may be, may specify in such instrument, any of the requirements of this
Agreement or the other Loan Documents or any Default or Event of Default and its
consequences; PROVIDED, HOWEVER, that no such waiver and no such amendment,
supplement or modification shall (i) forgive the principal amount or extend the
final scheduled date of maturity of any Loan, reduce the stated rate of any
interest or fee payable hereunder (except (x) in connection with the waiver of
applicability of any post-default increase in interest rates (which waiver shall
be effective with the consent of each adversely affected Lender) and (y) that
any amendment or modification of defined terms used in the financial covenants
in this Agreement shall not constitute a reduction in the rate of interest or
fees for purposes of this clause (i)) or extend the scheduled date of any
payment thereof, or increase the amount or extend the expiration date of any
Lender's Commitment, in each case without the written consent of each Lender
directly affected thereby; (ii) eliminate or reduce the voting rights of any
Lender under this Section 9.01 without the written consent of such Lender; (iii)
reduce any percentage specified in the definition of Required Lenders, consent
to the assignment or transfer by the Borrower of any of its rights and
obligations under this Agreement and the other Loan Documents, release any of
the Significant Subsidiaries from their material obligations under the Guarantee
Agreement, in each case without the written consent of all Lenders; (iv) amend,
modify or waive any provision of Section 2.15 without the written consent of the
Lenders adversely affected thereby; and (v) amend, modify or waive any provision
of Section 8 without the written consent of the Administrative Agent. Any such
waiver and any such amendment, supplement or modification shall apply equally to
each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the
Administrative Agent and all future holders of the Loans. In the case of any
waiver, the Loan Parties, the Lenders and the Administrative Agent shall be
restored to their former position and rights hereunder and under the other Loan
Documents, and any Default or Event of Default waived shall be deemed to be
cured and not continuing; but no such waiver shall extend to any subsequent or
other Default or Event of Default, or impair any right consequent thereon.

          (b) Notwithstanding the foregoing, this Agreement may be amended (or
amended and restated) with the written consent of the Required Lenders, the
Administrative Agent and the Borrower (i) to add one or more additional credit
facilities to this Agreement and to permit the extensions of credit from time to
time outstanding thereunder and the accrued interest and fees in respect thereof
to share ratably in the benefits of this Agreement and the other Loan Documents
with the Loans and extensions of credit and the accrued interest and fees in
respect thereof and (ii) to include appropriately the Lenders holding such
credit facilities in any determination of the Required Lenders.

          SECTION 9.02.  NOTICES. All notices, requests and demands to or upon
the respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered, or three Business Days after being
deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed as follows in the case of the Borrower and the
Administrative Agent, and as set forth in an administrative questionnaire
delivered to the Administrative Agent in the case of the Lenders, or to such
other address as may be hereafter notified in writing by the respective parties
hereto:

<Page>

                                                                              49

     Borrower:                     FedEx Corporation
                                   942 S. Shady Grove Road
                                   Memphis, Tennessee 38120
                                   Attention: Treasurer
                                   Telecopy: (901) 818-7121
                                   Telephone: (901) 818-7040

     with a copy to:               FedEx Corporation
                                   942 S. Shady Grove Road
                                   Memphis, Tennessee 38120
                                   Attention: Kenneth R. Masterson
                                   Telecopy: (901) 818-7590
                                   Telephone: (901) 818-7580

     Administrative Agent:         JPMorgan Chase Bank
                                   Loan & Agency Services Group
                                   One Chase Manhattan Plaza, 8th Floor
                                   New York, New York 10081
                                   Attention: Mo-Lin Sum
                                   Telecopy: 212-552-5650
                                   Telephone: 212-552-7312

     with copy to:                 JPMorgan Chase Bank
                                   270 Park Avenue, 38th Floor
                                   New York 10017
                                   Attention: Matthew Massie
                                   Telecopy: 212-270-5100
                                   Telephone: 212-270-5432

PROVIDED that any notice, request or demand to or upon the Administrative Agent
or the Lenders shall not be effective until received.

          SECTION 9.03.  NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise
and no delay in exercising, on the part of the Administrative Agent or any
Lender, any right, remedy, power or privilege hereunder or under the other Loan
Documents shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law.

          SECTION 9.04.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All
representations and warranties made hereunder, in the other Loan Documents and
in any document, certificate or statement delivered pursuant hereto or in
connection herewith shall survive the execution and delivery of this Agreement
and the making of the Loans and other extensions of credit hereunder.

          SECTION 9.05.  PAYMENT OF EXPENSES AND TAXES. The Borrower agrees (a)
to pay or reimburse the Administrative Agent for all its reasonable
out-of-pocket costs and expenses

<Page>

                                                                              50

incurred in connection with the development, preparation and execution of, and
any amendment, supplement or modification to, this Agreement and the other Loan
Documents and any other documents prepared in connection herewith or therewith,
and the consummation and administration of the transactions contemplated hereby
and thereby, including the reasonable fees and disbursements of counsel to the
Administrative Agent as separately agreed by the Administrative Agent and the
Borrower, and filing and recording fees and expenses, with statements with
respect to the foregoing to be submitted to the Borrower prior to the Effective
Date (in the case of amounts to be paid on the Effective Date) and from time to
time thereafter on a quarterly basis or such other periodic basis as the
Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender
and the Administrative Agent for all its reasonable out-of-pocket costs and
expenses incurred in connection with the enforcement or preservation of any
rights under this Agreement, the other Loan Documents and any such other
documents, including the fees and disbursements of counsel (including the
allocated fees and expenses of in-house counsel) to each Lender and of counsel
to the Administrative Agent, (c) to pay, indemnify, and hold each Lender and the
Administrative Agent harmless from, any and all recording and filing fees and
any and all liabilities with respect to stamp, excise and other taxes, if any,
that are payable in connection with the execution and delivery of, or
consummation or administration of any of the transactions contemplated by, or
any amendment, supplement or modification of, or any waiver or consent under or
in respect of, this Agreement, the other Loan Documents and any such other
documents, and (d) to pay, indemnify, and hold each Lender and the
Administrative Agent and their respective officers, directors, employees,
affiliates and agents (each, an "INDEMNITEE") harmless from and against any and
all other liabilities, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever with respect
to the execution, delivery, enforcement, performance and administration of this
Agreement and the other Loan Documents, including any of the foregoing relating
to the use of proceeds of the Loans or the violation of, noncompliance with or
liability under, any Environmental Law applicable to the operations of the
Borrower, any Guarantor or any Subsidiary or any of the Properties and the
reasonable fees and expenses of legal counsel in connection with claims, actions
or proceedings by any Indemnitee against any Loan Party under any Loan Document
(all the foregoing in this clause (d), collectively, the "INDEMNIFIED
LIABILITIES"), PROVIDED, that the Borrower shall have no obligation hereunder to
any Indemnitee with respect to Indemnified Liabilities to the extent such
Indemnified Liabilities are found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct of such Indemnitee. Without limiting the foregoing, and to
the extent permitted by applicable law, the Borrower agrees not to assert and to
cause its Subsidiaries not to assert, and hereby waives and agrees to cause its
Subsidiaries to waive, all rights for contribution or any other rights of
recovery with respect to all claims, demands, penalties, fines, liabilities,
settlements, damages, costs and expenses of whatever kind or nature, under or
related to Environmental Laws, that any of them might have by statute or
otherwise against any Indemnitee. All amounts due under this Section 9.05 shall
be payable not later than 10 days after written demand therefore, which shall
set forth in reasonable detail the nature, basis and description of such
Indemnified Liability. Statements payable by the Borrower pursuant to this
Section 9.05 shall be submitted to FedEx Corporation, Attn: Treasurer (Telephone
No. (901) 818-7040 (Telecopy No. (901) 818-7121), at the address of the Borrower
set forth in Section 9.02, or to such other Person or address as may be
hereafter designated by the Borrower in a written notice to the Administrative
Agent. The agreements in this Section 9.05 shall survive repayment of the Loans
and all other amounts payable hereunder.

          SECTION 9.06.  SUCCESSORS AND ASSIGNS; PARTICIPATIONS AND ASSIGNMENTS.
(a) This Agreement shall be binding upon and inure to the benefit of the
Borrower, the Lenders, the Administrative Agent, all future holders of the Loans
and their respective successors and assigns,

<Page>

                                                                              51

except that the Borrower may not assign or transfer any of its rights or
obligations under this Agreement without the prior written consent of each
Lender.

          (b) Any Lender other than any Conduit Lender may, without the consent
of the Borrower, in accordance with applicable law, at any time sell to one or
more banks, financial institutions or other entities (each, a "PARTICIPANT")
participating interests in any Loan owing to such Lender, any Commitment of such
Lender or any other interest of such Lender hereunder and under the other Loan
Documents. In the event of any such sale by a Lender of a participating interest
to a Participant, such Lender's obligations under this Agreement to the other
parties to this Agreement shall remain unchanged, such Lender shall remain
solely responsible for the performance thereof, such Lender shall remain the
holder of any such Loan for all purposes under this Agreement and the other Loan
Documents, and the Borrower and the Administrative Agent shall continue to deal
solely and directly with such Lender in connection with such Lender's rights and
obligations under this Agreement and the other Loan Documents. In no event shall
any Participant under any such participation have any right to approve any
amendment or waiver of any provision of any Loan Document, or any consent to any
departure by any Loan Party therefrom, except to the extent that such amendment,
waiver or consent would reduce the principal of, or interest on, the Loans or
any fees payable hereunder, or postpone the date of the final maturity of the
Loans, in each case to the extent subject to such participation. The Borrower
agrees that if amounts outstanding under this Agreement and the Loans are due or
unpaid, or shall have been declared or shall have become due and payable upon
the occurrence of an Event of Default, each Participant shall, to the maximum
extent permitted by applicable law, be deemed to have the right of setoff in
respect of its participating interest in amounts owing under this Agreement to
the same extent as if the amount of its participating interest were owing
directly to it as a Lender under this Agreement, PROVIDED that, in purchasing
such participating interest, such Participant shall be deemed to have agreed to
share with the Lenders the proceeds thereof as provided in Section 9.07(a) as
fully as if it were a Lender hereunder. The Borrower also agrees that each
Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14
with respect to its participation in the Commitments and the Loans outstanding
from time to time as if it were a Lender; PROVIDED that, in the case of Section
2.13, such Participant shall have complied with the requirements of said Section
and PROVIDED, FURTHER, that no Participant shall be entitled to receive any
greater amount pursuant to any such Section than the transferor Lender would
have been entitled to receive in respect of the amount of the participation
transferred by such transferor Lender to such Participant had no such transfer
occurred.

          (c) Any Lender other than any Conduit Lender (an "ASSIGNOR") may, in
accordance with applicable law, at any time and from time to time assign to any
Lender or any Lender Affiliate or, with the consent of the Borrower and the
Administrative Agent (which, in each case, shall not be unreasonably withheld or
delayed), to an additional bank, financial institution or other entity (an
"ASSIGNEE") all or any part of its rights and obligations under this Agreement
and the other Loan Documents pursuant to an Assignment and Acceptance, executed
by such Assignee, such Assignor and any other Person whose consent is required
pursuant to this paragraph, and delivered to the Administrative Agent for its
acceptance and recording in the Register (as defined below); PROVIDED that,
unless otherwise agreed by the Borrower and the Administrative Agent, no such
assignment to an Assignee (other than any Lender or any Lender Affiliate) shall
be in an aggregate principal amount of less than $5,000,000, and after giving
effect to such assignment, such assigning Lender shall have Commitments and
Loans in an aggregate amount of at least $5,000,000 in each case described in
this sentence except in the case of an assignment of all of a Lender's interests
under this Agreement. For purposes of the proviso contained in the preceding
sentence, the amount described therein shall be aggregated in respect of each
Lender and its Lender Affiliates, if any. The Assignee

<Page>

                                                                              52

shall purchase, at par, all Loans and pay all accrued interest and other amounts
owing to such Assignor under this Agreement on or prior to the date of
assignment for any assignment pursuant to Section 2.16. Upon such execution,
delivery, acceptance and recording, from and after the effective date determined
pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be
a party hereto and, to the extent provided in such Assignment and Acceptance,
have the rights and obligations of a Lender hereunder with a Commitment and/or
Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent
provided in such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering
all of an Assignor's rights and obligations under this Agreement, such Assignor
shall cease to be a party hereto). Notwithstanding any provision of this Section
9.06, the consent of the Borrower shall not be required for any assignment that
occurs after the occurrence and during the continuance of an acceleration of the
Obligations. Notwithstanding the foregoing, any Conduit Lender may assign at any
time to its designating Lender hereunder without the consent of the Borrower or
the Administrative Agent any or all of the Loans it may have funded hereunder
and pursuant to its designation agreement and without regard to the limitations
set forth in the first sentence of this Section 9.06(c).

          (d) The Administrative Agent shall, on behalf of the Borrower,
maintain at its address referred to in Section 9.02 a copy of each Assignment
and Acceptance delivered to it and a register (the "REGISTER") for the
recordation of the names and addresses of the Lenders and the Commitment of, and
the principal amount of the Loans owing to, each Lender from time to time. The
entries in the Register shall be conclusive, in the absence of manifest error,
and the Borrower, each other Loan Party, the Administrative Agent and the
Lenders shall treat each Person whose name is recorded in the Register as the
owner of the Loans and any Notes evidencing the Loans recorded therein for all
purposes of this Agreement. Any assignment of any Loan, whether or not evidenced
by a Note, shall be effective only upon appropriate entries with respect thereto
being made in the Register (and each Note shall expressly so provide). Any
assignment or transfer of all or part of a Loan evidenced by a Note shall be
registered on the Register only upon surrender for registration of assignment or
transfer of the Note evidencing such Loan, accompanied by a duly executed
Assignment and Acceptance, and thereupon one or more new Notes shall be issued
to the designated Assignee.

          (e) Upon its receipt of an Assignment and Acceptance executed by an
Assignor, an Assignee and any other Person whose consent is required by Section
9.06(c), together with payment to the Administrative Agent of a registration and
processing fee of $4,000, the Administrative Agent shall (i) promptly accept
such Assignment and Acceptance and (ii) record the information contained therein
in the Register on the effective date determined pursuant thereto.

          (f) For avoidance of doubt, the parties to this Agreement acknowledge
that the provisions of this Section 9.06 concerning assignments relate only to
absolute assignments and that such provisions do not prohibit assignments
creating security interests, including any pledge or assignment by a Lender to
any Federal Reserve Bank in accordance with applicable law.

          (g) The Borrower, upon receipt of written notice from the relevant
Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described in paragraph (f) above.

          (h) The Borrower, each Lender and the Administrative Agent hereby
confirms that it will not institute against a Conduit Lender or join any other
Person in instituting against a Conduit

<Page>

                                                                              53

Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding under any state bankruptcy or similar law, for one year and one day
after the payment in full of the latest maturing commercial paper note issued by
such Conduit Lender; PROVIDED, however, that each Lender designating any Conduit
Lender hereby agrees to indemnify, save and hold harmless each other party
hereto for any loss, cost, damage or expense arising out of its inability to
institute such a proceeding against such Conduit Lender during such period of
forbearance.

          SECTION 9.07.  ADJUSTMENTS; SET-OFF. (a) Except to the extent that
this Agreement expressly provides for payments to be allocated to a particular
Lender or to the Lenders, if any Lender (a "BENEFITTED LENDER") shall, at any
time after the Loans and other amounts payable hereunder shall immediately
become due and payable pursuant to Section 7, receive any payment of all or part
of the Obligations owing to it, or receive any collateral in respect thereof
(whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in Section 7(i), or otherwise), in a
greater proportion than any such payment to or collateral received by any other
Lender, if any, in respect of the Obligations owing to such other Lender, such
Benefitted Lender shall purchase for cash from the other Lenders a participating
interest in such portion of the Obligations owing to each such other Lender, or
shall provide such other Lenders with the benefits of any such collateral, as
shall be necessary to cause such Benefitted Lender to share the excess payment
or benefits of such collateral ratably with each of the Lenders; PROVIDED,
HOWEVER, that if all or any portion of such excess payment or benefits is
thereafter recovered from such Benefitted Lender, such purchase shall be
rescinded, and the purchase price and benefits returned, to the extent of such
recovery, but without interest.

          (b) In addition to any rights and remedies of the Lenders provided by
law, if an Event of Default shall have occurred and be continuing, each Lender
shall have the right, without prior notice to the Borrower, any such notice
being expressly waived by the Borrower to the extent permitted by applicable
law, upon any amount becoming due and payable by the Borrower hereunder (whether
at the stated maturity, by acceleration or otherwise), to set off and
appropriate and apply against such amount any and all deposits (general or
special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by such Lender or any branch or agency thereof to or for the credit or the
account of the Borrower, as the case may be. Each Lender agrees promptly to
notify the Borrower and the Administrative Agent after any such setoff and
application made by such Lender, PROVIDED that the failure to give such notice
shall not affect the validity of such setoff and application.

          SECTION 9.08.  COUNTERPARTS. This Agreement may be executed by one or
more of the parties to this Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument. Delivery of an executed signature page of this
Agreement by facsimile transmission shall be effective as delivery of a manually
executed counterpart hereof. A set of the copies of this Agreement signed by all
the parties shall be lodged with the Borrower and the Administrative Agent.

          SECTION 9.09.  SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

<Page>

                                                                              54

          SECTION 9.10.  INTEGRATION. This Agreement and the other Loan
Documents represent the entire agreement of the Borrower, the Administrative
Agent and the Lenders with respect to the subject matter hereof and thereof, and
there are no promises, undertakings, representations or warranties by the
Administrative Agent or any Lender relative to the subject matter hereof not
expressly set forth or referred to herein or in the other Loan Documents.

          SECTION 9.11.  GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 9.12.  SUBMISSION TO JURISDICTION; WAIVERS. The Borrower
hereby irrevocably and unconditionally:

          (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement and the other Loan Documents to which it
is a party, or for recognition and enforcement of any judgment in respect
thereof, to the non-exclusive general jurisdiction of the courts of the State of
New York, the courts of the United States for the Southern District of New York,
and appellate courts from any thereof;

          (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or
proceeding was brought in an inconvenient court and agrees not to plead or claim
the same;

          (c) agrees that service of process in any such action or proceeding
may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to the Borrower at its
address set forth in Section 9.02 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto;

          (d) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right
to sue in any other jurisdiction; and

          (e) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in
this Section any special, exemplary, punitive or consequential damages.

          SECTION 9.13.  ACKNOWLEDGEMENTS. The Borrower hereby acknowledges
that:

          (a) it has been advised by counsel in the negotiation, execution and
delivery of this Agreement and the other Loan Documents;

          (b) neither the Administrative Agent nor any Lender has any fiduciary
relationship with or duty to the Borrower arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between
Administrative Agent and Lenders, on one hand, and the Borrower, on the other
hand, in connection herewith or therewith is solely that of debtor and creditor;
and

//ex10-5_4397_ag.cecc

<Page>

                                                                              55

          (c) no joint venture is created hereby or by the other Loan Documents
or otherwise exists by virtue of the transactions contemplated hereby among the
Lenders or among the Borrower and the Lenders.

          SECTION 9.14.  RELEASE OF GUARANTORS. Upon the consummation of any
liquidation, dissolution, merger, consolidation, sale or other transfer of a
Guarantor other than Federal Express Corporation (collectively, a "TRANSFER"),
and provided no Default or Event of Default has occurred and is continuing or
would occur as a result of such Transfer, such Guarantor shall automatically be
released from all of its obligations under the Guarantee Agreement, and, if the
Borrower so requests, the Lenders shall promptly execute an instrument, in form
and substance reasonably satisfactory to the Borrower and the Administrative
Agent, evidencing such release.

          SECTION 9.15.  CONFIDENTIALITY. Each of the Administrative Agent and
each Lender agrees to keep confidential all non-public information provided to
it or its Affiliates by any Loan Party or its Affiliates pursuant to this
Agreement that is designated by such Loan Party as confidential; PROVIDED that
nothing herein shall prevent the Administrative Agent or any Lender from
disclosing any such information (a) to the Administrative Agent, any other
Lender or any Lender Affiliate, (b) subject to an agreement to comply with the
provisions of this Section, to any actual or prospective Transferee or any
direct or indirect counterparty to any Hedge Agreement (or any professional
advisor to such counterparty), (c) to its employees, directors, agents,
attorneys, accountants and other professional advisors or those of any of its
affiliates who are made aware of the confidential requirements of this Section
9.15, (d) upon the request or demand of any Governmental Authority, (e) in
response to any order of any court or other Governmental Authority or as may
otherwise be required pursuant to any Requirement of Law, (f) if required to do
so in connection with any litigation or similar proceeding, (g) that has been
publicly disclosed, (h) to the National Association of Insurance Commissioners
or any similar organization or any nationally recognized rating agency that
requires access to information about a Lender's investment portfolio in
connection with ratings issued with respect to such Lender, or (i) in connection
with the exercise of any remedy hereunder or under any other Loan Document. The
provisions of this Section 9.15 shall survive any expiration or termination of
this Agreement for a period of one-year.

          SECTION 9.16.  WAIVERS OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE
AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

          SECTION 9.17.  EFFECT OF AMENDMENT AND RESTATEMENT OF THE EXISTING
CREDIT AGREEMENT. On the Effective Date, the Existing Credit Agreement shall be
amended, restated and superseded in its entirety. The parties hereto acknowledge
and agree that (a) this Agreement and the other Loan Documents, whether executed
and delivered in connection herewith or otherwise, do not constitute a novation,
payment and reborrowing, or termination of the "Obligations" (as defined in the
Existing Credit Agreement) under the Existing Credit Agreement as in effect
prior to the Effective Date and (b) such "Obligations" are in all respects
continuing (as amended and restated hereby) with only the terms thereof being
modified as provided in this Agreement.

          SECTION 9.18.  SPECIAL PROVISIONS. (a) From and after the Effective
Date, (i) each Lender under the Existing Credit Agreement which does not have a
Commitment under this Agreement shall cease to be a party to this Agreement,
(ii) no such Lender shall have any obligations

<Page>

                                                                              56

or liabilities under this Agreement with respect to the period from and after
the Effective Date and (iii) no such Lender shall have any rights under the
Existing Credit Agreement, this Agreement or any other Loan Document (other than
rights under the Existing Credit Agreement expressly stated to survive the
termination of the Existing Credit Agreement and the repayment of amounts
outstanding thereunder).

          (b) The Lenders (which are Lenders under the Existing Credit
Agreement) hereby waive any requirements for ratable reductions of Commitments
(as defined in the Existing Credit Agreement) and ratable payments on account of
the principal or interest of any Loan (as defined in the Existing Credit
Agreement) under the Existing Credit Agreement to the extent such reductions or
payments are required pursuant to subsection 4.01(i) or Section 9.18(a).

          SECTION 9.19.  INTEREST RATE LIMITATION. Notwithstanding anything
herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest
on such Loan under applicable law (collectively, the "CHARGES"), shall exceed
the maximum lawful rate (the "MAXIMUM RATE") which may be contracted for,
charged, taken, received or reserved by the Lender holding such Loan in
accordance with applicable law, the rate of interest payable in respect of such
Loan hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been payable in respect of such Loan but were not payable as a
result of the operation of this Section shall be cumulated and the interest and
Charges payable to such Lender in respect of other Loans or periods shall be
increased (but not above the Maximum Rate therefor) until such cumulated amount,
together with interest thereon at the Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender.

          SECTION 9.20.  HEADINGS. The section and other headings contained in
this Agreement are for reference purposes only and shall not affect the meaning
or interpretation of this Agreement.

                      [BALANCE OF PAGE INTENTIONALLY BLANK]

<Page>

          IN WITNESS WHEREOF, the parties hereto have caused this Amended and
Restated 364-Day Credit Agreement to be duly executed by their respective
authorized officers as of the day and year first above written.

                                   FEDEX CORPORATION, as Borrower

                                   By: /s/ Burnetta B. Williams
                                       -----------------------------------------
                                       Title: Staff Vice President and
                                              Assistant Treasurer

                                   JPMORGAN CHASE BANK,
                                   as Administrative Agent and as a Lender

                                   By: /s/ Matthew H. Massie
                                       -----------------------------------------
                                       Title: Managing Director

                                   BANK ONE, NA,
                                   as a Co-Documentation Agent and as a Lender

                                   By: /s/ Christopher C. Cavaiani
                                       -----------------------------------------
                                       Title: Director

                                   BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                                   as a Co-Documentation Agent and as a Lender

                                   By: /s/ Eduardo P. Abello
                                       -----------------------------------------
                                       Title: Assistant Vice President

                                   BANK OF AMERICA, N.A.,
                                   as a Co-Syndication Agent and as a Lender

                                   By: /s/ Sharon Burks Horos
                                       -----------------------------------------
                                       Title: Vice President

<Page>

                                   CITICORP USA, INC.,
                                   as a Co-Syndication Agent and as a Lender

                                   By: /s/ Gaylord C. Holmes
                                       -----------------------------------------
                                       Title: Vice President

                                   COMMERZBANK AKTIENGESELLSCHAFT,
                                   New York and Grand Cayman branches,
                                   as a Co-Documentation Agent and as a Lender

                                   By: /s/ Brian Campbell
                                       -----------------------------------------
                                       Title: Senior Vice President

                                   By: /s/ Subash Visvanathan
                                       -----------------------------------------
                                       Title: Senior Vice President

                                   THE ROYAL BANK OF SCOTLAND PLC,
                                   as a Co-Documentation Agent and as a Lender

                                   By: /s/ Maria Amaral-LeBlanc
                                       -----------------------------------------
                                       Title: Vice President

                                   KBC BANK N.V.,
                                   as a Lender

                                   By: /s/ Robert Snauffer
                                       -----------------------------------------
                                       Title: First Vice President

                                   By: /s/ Sean O' Brien
                                       -----------------------------------------
                                       Title: Assistant Vice President

                                   KREDITANSTALT FUER WIEDERAUFBAU,
                                   as a Lender

                                   By: /s/ M. Nosbusch
                                       -----------------------------------------
                                       Title: Vice President

                                   By: /s/ Wolf Muth
                                       -----------------------------------------
                                       Title: Vice President

<Page>

                                   MELLON BANK, N.A.,
                                   as a Lender

                                   By: /s/ Mark F. Johnston
                                       -----------------------------------------
                                       Title: Vice President

                                   THE BANK OF NOVA SCOTIA,
                                   as a Lender

                                   By: /s/ N. Bell
                                       -----------------------------------------
                                       Title: Senior Manger

                                   SUMITOMO MITSUI BANKING CORPORATION,
                                   as Lender

                                   By: /s/ Bob Granfelt
                                       -----------------------------------------
                                       Title: Vice President and Manager

                                   KEYBANK NATIONAL ASSOCIATION,
                                   as a Lender

                                   By: /s/ Mary K. Young
                                       -----------------------------------------
                                       Title: Vice President

                                   MERRILL LYNCH BANK USA,
                                   as a Lender

                                   By: /s/ D. Kevin Imlay
                                       -----------------------------------------
                                       Title: Senior Credit Officer

                                   MIZUHO CORPORATE BANK, LIMITED,
                                   as a Lender

                                   By: /s/ James W. Masters
                                       -----------------------------------------
                                       Title: Senior Vice President

<Page>

                                   REGIONS BANK,
                                   as a Lender

                                   By: /s/ David L. Waller
                                       -----------------------------------------
                                       Title: Vice President Corporate Banking

                                   UNION PLANTERS BANK, N.A.,
                                   as a Lender

                                   By: /s/ B. Gordin McMurty
                                       -----------------------------------------
                                       Title: Senior Vice President

                                   THE BANK OF NEW YORK,
                                   as a Lender

                                   By: /s/ Steven P. Cavaluzzo
                                       -----------------------------------------
                                       Title: Vice President

                                   DVB BANK AG,
                                   as a Lender

                                   By: /s/ James M. Morton
                                       -----------------------------------------
                                       Title: Vice President

                                   By: /s/ Marc Cho
                                       -----------------------------------------
                                       Title: Vice President

                                   FIFTH THIRD BANK,
                                   as a Lender

                                   By: /s/ Megan S. Heisel
                                       -----------------------------------------
                                       Title: Assistant Vice President

<Page>

                                   FIRST TENNESSEE BANK NATIONAL ASSOCIATION,
                                   as a Lender

                                   By: /s/ James H. Moore, Jr.
                                       -----------------------------------------
                                       Title: Senior Vice President

                                   THE NORTHERN TRUST COMPANY,
                                   as a Lender

                                   By: /s/ Ashish S. Bhagwat
                                       -----------------------------------------
                                       Title: Vice President

                                   SUNTRUST BANK,
                                   as a Lender

                                   By: /s/ Bryan W. Ford
                                       -----------------------------------------
                                       Title: Director

                                   UFJ BANK, LIMITED,
                                   acting through its New York Branch,
                                   as a Lender

                                   By: /s/ P. Bartlett Wu
                                       -----------------------------------------
                                       Title: Vice President

                                   WACHOVIA BANK, N.A.,
                                   as a Lender

                                   By: /s/ Andrew Payne
                                       -----------------------------------------
                                       Title: Director

<Page>

                                                                   SCHEDULE 2.01

                             LENDERS AND COMMITMENTS

<Table>
<Caption>
Names of Lenders                                                     Commitments
----------------                                                     -----------
<S>                                                                 <C>
JPMORGAN CHASE BANK                                                 $ 24,500,000

BANK ONE CAPITAL MARKETS                                            $ 17,000,000

BANK OF AMERICA, N.A.                                               $ 17,000,000

BANK OF TOKYO-MITSUBISHI TRUST COMPANY                              $ 17,000,000

CITICORP USA, INC.                                                  $ 17,000,000

COMMERZBANK AG, NEW YORK AND                                        $ 15,000,000
  GRAND CAYMAN BRANCHES

THE ROYAL BANK OF SCOTLAND PLC                                      $ 15,000,000

KBC BANK N.V.                                                       $ 10,000,000

KREDITANSTALT FUR WIEDERAUFBAU                                      $ 10,000,000

MELLON BANK, N.A.                                                   $ 10,000,000

SUMITOMO MITSUI BANKING CORPORATION                                 $ 10,000,000

THE BANK OF NOVA SCOTIA                                             $ 10,000,000

KEYBANK NATIONAL ASSOCIATION                                        $  7,500,000

MERRILL LYNCH BANK USA                                              $  7,500,000

MIZUHO CORPORATE BANK, LTD.                                         $  7,500,000

REGIONS BANK                                                        $  7,500,000

UNION PLANTERS BANK, N.A.                                           $  7,500,000

THE BANK OF NEW YORK                                                $  5,000,000

DVB BANK AG                                                         $  5,000,000

THE FIFTH THIRD BANK                                                $  5,000,000

FIRST TENNESSEE BANK NATIONAL ASSOCIATION                           $  5,000,000

THE NORTHERN TRUST COMPANY                                          $  5,000,000
</Table>

<Page>

<Table>
<S>                                                             <C>
SUNTRUST BANK, INC.                                             $      5,000,000

UFJ BANK, LTD.                                                  $      5,000,000

WACHOVIA NATIONAL BANK                                          $      5,000,000
                                                                ----------------

Total:                                                          $ 250,000,000.00
</Table>

<Page>

                                                                   SCHEDULE 3.06

                                DISCLOSED MATTERS
                               (SEE SECTION 3.06)

     The matters described under Notes 11 and 16 to the financial statements
included in the Borrower's Annual Report on Form 10-K for the fiscal year ended
May 31, 2002, relevant excerpts of which are set forth below:

     NOTE 11: INCOME TAXES

     In connection with an Internal Revenue Service ("IRS") audit for the tax
     years 1993 and 1994, the IRS proposed adjustments characterizing routine
     jet engine maintenance costs as capital expenditures that must be recovered
     over seven years, rather than as expenses that are deducted immediately, as
     has been our practice. We filed an administrative protest of these
     adjustments and engaged in discussions with the Appeals office of the IRS.
     After these discussions failed to result in a settlement, in 2001 we paid
     $70 million in tax and interest and filed suit in Federal District Court
     for a complete refund of the amounts paid, plus interest. The IRS has
     continued to assert its position in audits for the years 1995 through 1998
     with respect to maintenance costs for jet engines and rotable aircraft
     parts. Based on these audits, the total proposed deficiency for the
     1995-1998 period, including tax and interest through May 31, 2002 was
     approximately $187 million. In addition, we have continued to expense these
     types of maintenance costs subsequent to 1998. We believe that our practice
     of expensing these types of maintenance costs is correct, consistent with
     industry practice and with IRS ruling 2001-4. We intend to vigorously
     contest the adjustments.

     NOTE 16: LEGAL PROCEEDINGS

     A class action lawsuit is pending in Federal District Court in San Diego,
     California against FedEx Express generally alleging that customers who had
     late deliveries during the 1997 Teamsters strike at United Parcel Service
     were entitled to a full refund of shipping charges pursuant to our
     money-back guarantee, regardless of whether they gave timely notice of
     their claim. At the hearing on the plaintiffs' motion for summary judgment,
     the court ruled against FedEx Express. The judgment totaled approximately
     $68 million, including interest and fees for the plaintiffs' attorney. We
     plan to appeal to the 9th Circuit Court of Appeals. No accrual has been
     recorded as we believe the case is without merit and it is probable we will
     prevail upon appeal.

     Another class action lawsuit is pending in Illinois state court against
     FedEx Express generally alleging that FedEx Express imposed a fuel
     surcharge in a manner that is not consistent with the terms and conditions
     of its contracts with customers. We are presently attempting to negotiate a
     settlement. If a settlement is not reached and approved, a trial date will
     be set for sometime in 2003. Although settlement discussions have occurred,
     the amount of loss (if any) is not currently estimable.

     We have denied any liability with respect to these claims and intend to
     vigorously defend ourselves in these cases.

     Also, see Note 11 for discussion of tax-related legal proceedings.

<Page>

                                                                   SCHEDULE 3.07

                                FEDEX CORPORATION
                            SIGNIFICANT SUBSIDIARIES
                               (SEE SECTION 3.07)

<Table>
<Caption>
               Significant                 Percent      Jurisdiction of        Address of Registrant
               Subsidiary                 Ownership       Organization     Guarantor's Executive Offices
               ----------                 ---------       ------------     -----------------------------
<S>                                          <C>            <C>             <C>
                                                                               3610 Hacks Cross Road
      Federal Express Corporation            100%           Delaware             Memphis, TN 38125

                                                                                 1000 FedEx Drive
   FedEx Ground Package System, Inc.         100%           Delaware          Moon Township, PA 15108

  FedEx Freight Corporation (formerly                                       6075 Poplar Avenue, Suite 300
  known as FedEx Freight System, Inc.)       100%           Delaware              Memphis, TN 38119

  FedEx Freight East, Inc. (formerly                                             2200 Forward Drive
known as American Freightways, Inc.)(1)      100%           Arkansas             Harrison, AR 72601
</Table>

----------
(1) FedEx Freight East, Inc. is a wholly owned subsidiary of FedEx Freight
    Corporation.

<Page>

                                                                SCHEDULE 5.01(c)

                             COMPLIANCE CALCULATIONS
                              (SEE SECTION 5.01(c))

                                  SEE ATTACHED

<Page>

                                FEDEX CORPORATION
                             COMPLIANCE CALCULATIONS
                 AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT,
                         DATED AS OF SEPTEMBER 27, 2002
                               IN THOUSANDS OF US$

     PAGE 1 OF 2

                                  SECTION 5.10
                                  LEVERAGE TEST

<Table>
<Caption>
                                        1st Qtr.      2nd Qtr.       3rd Qtr.      4th Qtr.
                                        FY __         FY __          FY __         FY __
<S>                                     <C>           <C>            <C>           <C>
Total Funded Debt (sum)                 $_____        $_____         $_____        $_____
                                        $_____        $_____         $_____        $_____
Capitalized Operating Lease Value*      $_____        $_____         $_____        $_____
Total Defined Debt                      $_____        $_____         $_____        $_____

Total Defined Debt                      $_____        $_____         $_____        $_____
Consolidated Adjusted Net Worth         $_____        $_____         $_____        $_____
Total Defined Capitalization            $_____        $_____         $_____        $_____

Defined Capitalization Ratio**           _____         _____          _____         _____

Maximum Defined Capitalization Ratio      0.70          0.70           0.70          0.70

Total Additional Defined Debt Allowed   $_____        $_____         $_____        $_____
</Table>

   *  Capitalized Operating Lease Value is the present value of Aircraft Leases
      discounted at 12.5%.

   ** The Defined Capitalization Ratio is Total Defined Debt to Total Defined
      Capitalization.

<Page>

                                FEDEX CORPORATION
                             COMPLIANCE CALCULATIONS
                 AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT,
                               IN THOUSANDS OF US$

     PAGE 2 OF 2

                                  SECTION 5.11
                           FIXED CHARGE COVERAGE TEST

<Table>
<Caption>
Prior Fiscal Year Detail                              1st Qtr.       2nd Qtr.      3rd Qtr.       4th Qtr.
                                                      FY __          FY __         FY __          FY __
<S>                                                   <C>            <C>           <C>            <C>
Adjusted Net Income                                   $_____         $_____        $_____         $_____
Interest Expense                                      $_____         $_____        $_____         $_____
Rent Expense                                          $_____         $_____        $_____         $_____
Consolidated Cash Flow*                               $_____         $_____        $_____         $_____

Interest Expense                                      $_____         $_____        $_____         $_____
Rent Expense                                          $_____         $_____        $_____         $_____
Total Fixed Charges**                                 $_____         $_____        $_____         $_____

<Caption>
Current Fiscal Year Detail                            1st Qtr.       2nd Qtr.      3rd Qtr.       4th Qtr.
                                                      FY __          FY __         FY __          FY __
<S>                                                   <C>            <C>           <C>            <C>
Adjusted Net Income                                   $_____         $_____        $_____         $_____
Interest Expense                                      $_____         $_____        $_____         $_____
Rent Expense                                          $_____         $_____        $_____         $_____
Consolidated Cash Flow                                $_____         $_____        $_____         $_____

Interest Expense                                      $_____         $_____        $_____         $_____
Rent Expense                                          $_____         $_____        $_____         $_____
Total Fixed Charges                                   $_____         $_____        $_____         $_____

<Caption>
                                                      1st Qtr.       2nd Qtr.      3rd Qtr.       4th Qtr.
                                                      FY __          FY __         FY __          FY __
<S>                                                   <C>            <C>           <C>            <C>
12 Month Consolidated Cash Flow                       $_____         $_____        $_____         $_____
Divided By:
12 Month Total Fixed Charges                          $_____         $_____        $_____         $_____
Equals:
Fixed Charge Coverage                                 $_____         $_____        $_____         $_____

Minimum Fixed Charge Coverage Ratio                     1.25           1.25          1.25           1.25

12 Month Consolidated Cash Flow Over/(Under)          $_____         $_____        $_____         $_____
</Table>

   *  Consolidated Cash Flow is the sum of Adjusted Net Income, Interest and
      Rent Expense.

   ** Total Fixed Charges is the sum of Interest Expense and Rent Expense.

   The Ratio is calculated on a rolling 12 month basis to eliminate seasonality.

<Page>

                                                                   SCHEDULE 5.12

                              SUBSIDIARY GUARANTORS

<Table>
<Caption>
                                            Jurisdiction of                  Address of Subsidiary's
          Subsidiary                          Organization                      Executive Offices
          ----------                        ---------------                  -----------------------
<S>                                             <C>                       <C>
   FedEx Freight East, Inc.
      (formerly American                                                       2200 Forward Drive
      Freightways, Inc.)                        Arkansas                       Harrison, AR 72601

   Caribbean Transportation                                                  7304 West Market Street
         Services, Inc.                         Delaware                      Greensboro, NC 27409

                                                                              3610 Hacks Cross Road
  Federal Express Corporation                   Delaware                        Memphis, TN 38125

                                                                               215-225 Euston Road
Federal Express (Australia) Pty.                                                   Alexandria
             Ltd.                               Australia                      NSW 2015 Australia

   Federal Express Aviation                                                   3610 Hacks Cross Road
    Services, Incorporated                      Delaware                        Memphis, TN 38125

                                                                               5895 Explorer Drive
Federal Express Canada Ltd.                      Canada                   Mississauga, Ontario L4W 5K6

                                                                              3610 Hacks Cross Road
   Federal Express Europe, Inc.                 Delaware                        Memphis TN 38125

 Federal Express Europe, Inc. &                                               Airport Building 119
       Co., V.O.F./S.N.C.                        Belgium                     1820 Melsbroek, Belgium

                                                                              3610 Hacks Cross Road
 Federal Express Holdings S.A.                  Delaware                        Memphis, TN 38125

                                                                                Calle Insurgentes
   Federal Express Holdings                                                          Sur 899
 (Mexico) y Compania S.N.C. de                                                    Napoles 03810
             C.V.                                Mexico                        Mexico D.F., Mexico

                                                                              125/135 Av. Louis Roche
 Federal Express International                                                       92230,
         (France) SNC                            France                           Gennevilliers

Federal Express International,                                                3610 Hacks Cross Road
             Inc.                               Delaware                        Memphis, TN 38125
</Table>

//ex10-5_4397_ai.cecc

<Page>

<Table>
<Caption>
                                           Jurisdiction of                  Address of Subsidiary's
         Subsidiary                          Organization                      Executive Offices
         ----------                        ---------------                  -----------------------
<S>                                       <C>                             <C>
                                                                                 Kyodo Building
                                                                                  16 Ichibancho
                                                                                   Chiyoda-Ku
  Federal Express Japan K.K.                     Japan                        Tokyo 102-0082 Japan

                                                                              3610 Hacks Cross Road
Federal Express Pacific, Inc.                  Delaware                         Memphis, TN 38125

                                                                              3 Khaki Bukit Road #2
                                                                                Block A, Unit 3E
 Federal Express (Singapore)                                                 Eunos Warehouse Complex
           Pte. Ltd.                            Singapore                       Singapore 417837

                                                                                 Havensite Mall
                                                                                Charlotte Amalie
Federal Express Virgin Islands,                                                    St. Thomas,
            Inc.                          U.S. Virgin Islands                  U.S. Virgin Islands

                                                                             942 S. Shady Grove Road
FedEx Corporate Services, Inc.                 Delaware                         Memphis, TN 38120

                                                                            2088 South Arlington Road
 FedEx Custom Critical, Inc.                     Ohio                            Akron, OH 44306

  FedEx Freight Corporation
   (formerly FedEx Freight                                                6075 Poplar Avenue, Suite 300
        System, Inc.)                          Delaware                         Memphis, TN 38119

FedEx Ground Package System,                                                    1000 FedEx Drive
            Inc.                               Delaware                      Moon Township, PA 15108

FedEx Ground Package System,                                              3930 Nashua Drive, Suite 201
            Ltd.                               Wyoming                    Mississauga, Ontario L4V 1M5

FedEx Supply Chain Services,                                                    5455 Darrow Road
            Inc.                                 Ohio                           Hudson, OH 44236

                                                                          6075 Poplar Avenue, Suite 434
 FedEx Trade Networks, Inc.                    Delaware                         Memphis, TN 38119

    FedEx Trade Networks
 Transport & Brokerage, Inc.
    (formerly Tower Group                                                      128 Dearborn Street
    International, Inc.)                       New York                         Buffalo, NY 14207
</Table>

<Page>

<Table>
<Caption>
                                            Jurisdiction of                  Address of Subsidiary's
          Subsidiary                          Organization                      Executive Offices
          ----------                        ---------------                  -----------------------
<S>                                           <C>                         <C>
    FedEx Trade Networks
    Transport & Brokerage
(Canada), Inc. (formerly Tower
 Group International Canada                                               5915 Airport Rd., Suite 1100
            Inc.)                               Canada                    Mississauga, Ontario LV4 1T1

  FedEx Freight West, Inc.                                                  6411 Guadalupe Mines Road
(formerly Viking Freight, Inc.)               California                       San Jose, CA 95120

                                                                          220 Montgomery Street, Suite 448
    World Tariff, Limited                     California                     San Francisco, CA 94101
</Table>

<Page>

                                                                       EXHIBIT A

                            FORM OF BORROWING REQUEST

          Pursuant to Section 2.03 of the Amended and Restated 364-Day Credit
Agreement dated as of September 27, 2002 (as amended, supplemented or otherwise
modified from time to time, the "CREDIT AGREEMENT"), among FEDEX CORPORATION, a
Delaware corporation (the "BORROWER"), the several banks and other financial
institutions from time to time parties to this Agreement (the "LENDERS"),
JPMORGAN CHASE BANK, a New York banking corporation, as administrative agent (in
such capacity, the "ADMINISTRATIVE AGENT"), CITICORP USA, INC. and BANK OF
AMERICA, N.A., as Co-Syndication Agents, and BANK ONE, NA, COMMERZBANK A.G.,
BANK OF TOKYO-MITSUBISHI TRUST COMPANY and THE ROYAL BANK OF SCOTLAND PLC, as
Co-Documentation Agents, the undersigned hereby delivers this Borrowing Request.

          The Borrower hereby requests that a [Eurodollar / ABR] Loan be made in
the aggregate principal amount of _____________ on ____ __, 200_ [with an
Interest Period of ___ months].

          The undersigned hereby certifies as follows:

          (a) The representations and warranties made by the Borrower in or
     pursuant to the Loan Documents are true and correct on and as of the date
     hereof with the same effect as if made on the date hereof; and

          (b) No Default has occurred and is continuing on the date hereof or
     after giving effect to the Loans requested to be made on such date.

          Capitalized terms used herein and not defined herein shall have the
meanings given to them in the Credit Agreement.

          The Borrower agrees that if prior to the time of the borrowing
requested hereby any matter certified to herein by it will not be true and
correct in all material respects at such time as if then made, it will
immediately so notify the Administrative Agent. Except to the extent, if any,
that prior to the time of the borrowing requested hereby the Administrative
Agent shall receive written notice to the contrary from the Borrower, each
matter certified to herein shall be deemed once again to be certified as true
and correct in all material respects at the date of such borrowings as if then
made.

<Page>

          Please wire transfer the proceeds of the borrowing as directed by the
Borrower on the attached Schedule 1.

          The Borrower has caused this Borrowing Request to be executed and
delivered, and the certification and warranties contained herein to be made, by
the undersigned Financial Officer this ___ day of ________, 200_.

                                                       FEDEX CORPORATION

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

<Page>

                                                                       EXHIBIT B

                        FORM OF INTEREST ELECTION REQUEST

          Pursuant to subsection 2.05(b) of the Amended and Restated 364-Day
Credit Agreement, dated as of September 27, 2002 (as amended, supplemented or
otherwise modified from time to time, the "CREDIT AGREEMENT"), among FEDEX
CORPORATION, a Delaware corporation (the "BORROWER"), the several banks and
other financial institutions from time to time parties to this Agreement (the
"LENDERS"), JPMORGAN CHASE BANK, a New York banking corporation, as
administrative agent (in such capacity, the "ADMINISTRATIVE AGENT"), CITICORP
USA, INC. and BANK OF AMERICA, N.A., as Co-Syndication Agents, and BANK ONE, NA,
COMMERZBANK A.G., BANK OF TOKYO-MITSUBISHI TRUST COMPANY and THE ROYAL BANK OF
SCOTLAND PLC, as Co-Documentation Agents, this represents the Borrower's request
to convert or continue Loans as follows:

     1    Date of conversion/continuation:   __________________

     2.   Amount of Loans being converted/continued: $________________

     3.   Type of Loans being converted/continued:

          / /   a.   Eurodollar Loans
          / /   b.   ABR Loans

     4.   Nature of conversion/continuation:

          / /   a.   Conversion of ABR Loans to Eurodollar ABR Loans
          / /   b.   Conversion of Eurodollar Loans to ABR Loans
          / /   c.   Continuation of Eurodollar Loans as such

     5.   INTEREST PERIODS:

          If Loans are being continued as or converted to Eurodollar Loans, the
          duration of the new Interest Period that commences on the conversion/
          continuation date: ________________ month(s)

<Page>

                                                                               2

     In the case of a conversion to or continuation of Eurodollar Loans, the
undersigned officer, to the best of his or her knowledge, on behalf of the
Borrower, certifies that no Default or Event of Default has occurred and is
continuing under the Credit Agreement.

DATED:                                            FEDEX CORPORATION
       ------------------------

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

<Page>

                                                                       EXHIBIT C

                         [GUARANTY DELIVERED SEPARATELY]*

* Note: Guaranty was previously filed with the Commission as part of
  Exhibit 10.2 to FedEx's FY2002 First Quarter Report on Form 10-Q.

<Page>

                                                                               1

                                                                       EXHIBIT D

The Administrative Agent and the Lenders who are parties to the
Credit Agreement described below

                                                              September __, 2002

                          Re: REVOLVING CREDIT FACILITY

Ladies and Gentlemen:

     I am the Corporate Vice President - Customer and Business Transactions and
Corporate Counsel of FedEx Corporation, a Delaware corporation (the "Borrower"),
and have acted as such in connection with the Amended and Restated 364-Day
Credit Agreement dated as of September __, 2002 among the Borrower, the Lenders
named therein and JPMorgan Chase Bank, as Administrative Agent (the
"AGREEMENT"). This opinion is being delivered pursuant to the provisions of
Section 4.01(c) of the Agreement. Unless the context otherwise requires, all
terms used in this opinion which are specifically defined in the Agreement shall
have the meanings given such terms in the Agreement.

     In connection with the opinions expressed below, I have examined the Loan
Documents and the other schedules, exhibits, certificates, instruments,
agreements and documents delivered in connection therewith. I have relied upon
originals or copies, certified or otherwise identified to my satisfaction, of
such corporate records, documents and other instruments as in my judgment are
relevant to rendering the opinions expressed below. As to any facts material to
the opinions expressed below (other than any thereof relating to the Borrower or
any Guarantor), I have relied upon the representations and warranties made in
the Loan Documents, the accuracy of which I have not independently investigated
or verified. In such examination, I have assumed the genuineness of all
signatures (other than the signatures of the Borrower and any Guarantor) and the
authenticity of all documents submitted to me as originals and the conformity
with the originals of all documents submitted to me as copies. I also have
assumed that each of the parties to the Agreement, other than the Borrower, has
full power, authority and legal right to enter into the Agreement and that the
Agreement has been duly authorized, executed and delivered by each of such
parties.

     Based upon the foregoing, it is my opinion that:

     1.   The Borrower is a corporation duly incorporated and validly existing
          in good standing under the laws of the State of Delaware. The Borrower
          has the power and authority to execute and deliver the Agreement and
          perform its obligations under the Agreement and to borrow under the
          Agreement. The Borrower has all corporate power required to carry on
          its ordinary course of business.

     2.   Each Significant Subsidiary and each Guarantor is a corporation duly
          incorporated and validly existing in good standing under the laws of
          the jurisdiction of its incorporation.

<Page>

                                                                               2

     3.   Each of the Borrower and each Significant Subsidiary and Guarantor is
          duly qualified as a foreign corporation in good standing to do
          business in all jurisdictions where the failure to so qualify would
          have a material adverse effect on the business of the Borrower and the
          Significant Subsidiaries taken as a whole.

     4.   The execution and delivery of the Loan Documents by the Borrower and
          each of the Guarantors and the consummation of the transactions
          contemplated thereby, the borrowings by the Borrower under the
          Agreement and the performance by the Borrower and the Guarantors of
          their respective obligations under the Loan Documents have been duly
          authorized by all necessary corporate action and proceedings on the
          part of the Borrower and each Guarantor and do not at this time:

          (a) require any consent of the Borrower's or any Guarantor's
              shareholders, or

          (b) contravene, or constitute a default under, any provision of any
              law or regulation applicable to the Borrower or any Guarantor or
              of the certificate or articles of incorporation or bylaws of the
              Borrower or any Guarantor or of any material contract, agreement,
              judgment, order, decree, adjudication or other instrument binding
              upon the Borrower or any Guarantor, or by which the Borrower or
              any Guarantor or any of their respective property may be bound or
              affected, or result in the creation of any Lien on any property
              now owned by the Borrower, any Guarantor or any Significant
              Subsidiary pursuant to the provisions of any agreement, indenture
              or other instrument binding upon it.

     5.   The Loan Documents delivered as of the date hereof have been duly
          executed and delivered by the Borrower and each of the Guarantors, and
          constitute the legal, valid and binding obligations of the Borrower
          and the Guarantors, respectively, to the extent each is a party
          thereto, enforceable in accordance with their respective terms, except
          as such enforceability may be limited by bankruptcy, insolvency or
          similar laws affecting the enforcement of creditors' rights generally
          and subject also to the availability of equitable remedies if
          equitable remedies are sought.

     6.   Except for the matters described under Notes 11 and 16 to the
          financial statements included in the Borrower's Annual Report on Form
          10-K for the fiscal year ended May 31, 2002, as to all of which I can
          express no opinion at this time concerning the Borrower's or any
          Subsidiary's liability (if any) or the effect of any adverse
          determination upon the business, Property, condition (financial or
          otherwise), results of operations, or prospects of the Borrower and
          its Subsidiaries taken as a whole, or the ability of the Borrower to
          perform its obligations under the Loan Documents, there is no action,
          suit, proceeding or investigation of which I am aware pending or
          threatened against or affecting the Borrower, any Guarantor or any
          Significant Subsidiary before any court, regulatory commission,
          arbitration tribunal, governmental department, administrative agency
          or instrumentality which, if such action, suit, proceeding or
          investigation were determined adversely to the interest of the
          Borrower, the Guarantors and the Significant Subsidiaries, would have
          a Material Adverse Effect.

<Page>

                                                                               3

     7.   Neither the Borrower nor any Guarantor or Significant Subsidiary is in
          default or violation in any respect which would have a Material
          Adverse Effect with respect to any law, rule, regulation, order, writ,
          judgment, injunction, decree, adjudication, determination or award
          presently in effect and applicable to it.

     8.   No approval, authorization, consent, adjudication or order of any
          governmental authority, which has not been obtained by the Borrower or
          any Guarantor, is required to be obtained by the Borrower or any
          Guarantor in connection with the execution and delivery of the Loan
          Documents delivered as of the date hereof, the borrowings under the
          Agreement or in connection with the performance by the Borrower or any
          of the Guarantors of their respective obligations under the Loan
          Documents.

     9.   The Borrower is not engaged principally or as one of its important
          activities in the business of extending credit for the purpose of
          purchasing or carrying any Margin Stock and is not otherwise subject
          to the registration requirements of Section 3(b) of Regulation U.

     10.  The Borrower is not an "investment company," within the meaning of the
          Investment Company Act of 1940, as currently in effect.

     11.  The laws of the State of Tennessee which limit interest rates or other
          amounts payable with respect to borrowed money or interest thereon are
          not applicable to the Agreement.

     12.  Federal Express Corporation is not a national of any foreign country
          designated in Presidential Executive Order No. 8389 or 9193, as
          amended, and the regulations issued thereunder, as amended, or a
          national of any foreign country designated in the Foreign Assets
          Control Regulations or in the Cuban Assets Control Regulations of the
          United States Treasury Department, 31 C.F.R., Subtitle B, Chapter V,
          as amended.

     13.  The certificates issued to Federal Express Corporation pursuant to 49
          U.S.C. Section 41102(a) and 49 U.S.C. Section 41103 and the operating
          certificates issued to Federal Express Corporation pursuant to Part
          119 of the Federal Aviation Regulations are in full force and effect
          and are adequate for the conduct of the business of the Borrower and
          its Subsidiaries as now conducted. There are no actions, proceedings
          or investigations pending or, to my knowledge, threatened (or any
          basis therefor known to me) to amend, modify, suspend or revoke any
          such certificate in whole or in part which would have any material
          adverse effect on any such certificate or the operations of the
          Borrower and its Subsidiaries.

     I do not express any opinion as to matters governed by any law other than
the federal laws of the United States of America, the General Corporation Law of
the State of Delaware and the laws of the State of Tennessee. To the extent that
matters covered by this opinion letter involve the laws of any state other than
the State of Tennessee or the General Corporation Law of the State of Delaware,
I have assumed, without independent verification of the accuracy or correctness
of such assumption, that the laws of such other state which apply to the matter
in question are the same as the substantive

<Page>

                                                                               4

law of the State of Tennessee (but without regard to choice of law or conflicts
of law principles) which would apply were such matter governed by the laws of
the State of Tennessee.

     This opinion may be relied upon by the Administrative Agent, the Lenders,
and their respective permitted participants, assignees, and other transferees.
It is understood that this opinion speaks as of the date given, notwithstanding
any delivery as contemplated above on any other date.

                                                Very truly yours,

                                                Christine P. Richards

<Page>

                                                                       EXHIBIT E

                        FORM OF ASSIGNMENT AND ACCEPTANCE

          Reference is made to the Amended and Restated 364-Day Credit
Agreement, dated as of September 27, 2002 (as amended, supplemented or otherwise
modified from time to time, the "CREDIT AGREEMENT"), among FedEx Corporation
(the "BORROWER"), the Lenders party thereto and JPMORGAN CHASE BANK, as
administrative agent for the Lenders (in such capacity, the "ADMINISTRATIVE
AGENT"), CITICORP USA, INC. and BANK OF AMERICA, N.A., as Co-Syndication Agents,
and BANK ONE, NA, COMMERZBANK A.G., BANK OF TOKYO-MITSUBISHI TRUST COMPANY and
THE ROYAL BANK OF SCOTLAND PLC, as Co-Documentation Agents. Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement.

          The Assignor identified on Schedule l hereto (the "ASSIGNOR") and the
Assignee identified on Schedule l hereto (the "ASSIGNEE") agree as follows:

     1. The Assignor hereby irrevocably sells and assigns to the Assignee
     without recourse to the Assignor, and the Assignee hereby irrevocably
     purchases and assumes from the Assignor without recourse to the Assignor,
     as of the Effective Date (as defined below), the interest described in
     Schedule 1 hereto (the "ASSIGNED INTEREST") in and to the Assignor's rights
     and obligations under the Credit Agreement with respect to those credit
     facilities contained in the Credit Agreement as are set forth on Schedule 1
     hereto (individually, an "ASSIGNED FACILITY"; collectively, the "ASSIGNED
     FACILITIES"), in a principal amount for each Assigned Facility as set forth
     on Schedule 1 hereto.

     2. The Assignor (a) makes no representation or warranty and assumes no
     responsibility with respect to any statements, warranties or
     representations made in or in connection with the Credit Agreement or with
     respect to the execution, legality, validity, enforceability, genuineness,
     sufficiency or value of the Credit Agreement, any other Loan Document or
     any other instrument or document furnished pursuant thereto, other than
     that the Assignor has not created any adverse claim upon the interest being
     assigned by it hereunder and that such interest is free and clear of any
     such adverse claim and (b) makes no representation or warranty and assumes
     no responsibility with respect to the financial condition of the Borrower,
     any of its Affiliates or any other obligor or the performance or observance
     by the Borrower, any of its Affiliates or any other obligor of any of their
     respective obligations under the Credit Agreement or any other Loan
     Document or any other instrument or document furnished pursuant hereto or
     thereto.

     3. The Assignee (a) represents and warrants that it is legally authorized
     to enter into this Assignment and Acceptance; (b) confirms that it has
     received a copy of the Credit Agreement, together with copies of the
     financial statements delivered pursuant to Section 3.04 thereof and such
     other documents and information as it has deemed appropriate to make its
     own credit analysis and decision to enter into this Assignment and
     Acceptance; (c) agrees that it will, independently and without reliance
     upon the Assignor, the Administrative Agent or any Lender and based on such
     documents and information as it shall deem appropriate at the time,
     continue to make its own credit decisions in taking or not taking action
     under the

<Page>

                                                                               2

     Credit Agreement, the other Loan Documents or any other instrument or
     document furnished pursuant hereto or thereto; (d) appoints and authorizes
     the Administrative Agent to take such action as agent on its behalf and to
     exercise such powers and discretion under the Credit Agreement, the other
     Loan Documents or any other instrument or document furnished pursuant
     hereto or thereto as are delegated to the Administrative Agent by the terms
     thereof, together with such powers as are incidental thereto; and (e)
     agrees that it will be bound by the provisions of the Credit Agreement and
     will perform in accordance with its terms all the obligations which by the
     terms of the Credit Agreement are required to be performed by it as a
     Lender including, if it is organized under the laws of a jurisdiction
     outside the United States, its obligation pursuant to Section 2.14(d) of
     the Credit Agreement.

     4. The effective date of this Assignment and Acceptance shall be the
     Effective Date of Assignment described in Schedule 1 hereto (the "EFFECTIVE
     DATE"). Following the execution of this Assignment and Acceptance, it will
     be delivered to the Administrative Agent for acceptance by it and recording
     by the Administrative Agent pursuant to the Credit Agreement, effective as
     of the Effective Date (which shall not, unless otherwise agreed to by the
     Administrative Agent, be earlier than five Business Days after the date of
     such acceptance and recording by the Administrative Agent).

     5. Upon such acceptance and recording, from and after the Effective Date,
     the Administrative Agent shall make all payments in respect of the Assigned
     Interest (including payments of principal, interest, fees and other
     amounts) to the Assignor for amounts which have accrued to the Effective
     Date and to the Assignee for amounts which have accrued subsequent to the
     Effective Date.

     6. From and after the Effective Date, (a) the Assignee shall be a party to
     the Credit Agreement and, to the extent provided in this Assignment and
     Acceptance, have the rights and obligations of a Lender thereunder and
     under the other Loan Documents and shall be bound by the provisions thereof
     and (b) the Assignor shall, to the extent provided in this Assignment and
     Acceptance, relinquish its rights and be released from its obligations
     under the Credit Agreement.

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

          IN WITNESS WHEREOF, the parties hereto have caused this Assignment and
Acceptance to be executed as of the date first above written by their respective
duly authorized officers on Schedule 1 hereto.

<Page>

                                   Schedule 1
            to Assignment and Acceptance with respect to the Amended
      and Restated 364-Day Credit Agreement, dated as of September 27, 2002
                 among the Borrower, the Lenders party thereto,
             the Co-Documentation Agents, the Co-Syndication Agents,
                and JPMorgan Chase Bank, as Administrative Agent

Name of Assignor: _______________________

Name of Assignee: _______________________

Effective Date of Assignment: _________________

<Table>
<Caption>
                                      Principal                  Commitment
     Credit Facility Assigned      Amount Assigned          Percentage Assigned
     ------------------------      ---------------          -------------------
<S>                                  <C>                      <C>
                                     $__________              ____.__________%
</Table>

[Name of Assignee]                              [Name of Assignor]

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

Accepted for Recordation in the Register:       Required Consents (if any):

JPMORGAN CHASE BANK, as                         [FEDEX CORPORATION, as Borrower]
Administrative Agent

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

                                                JPMORGAN CHASE BANK, as
                                                Administrative Agent

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

<Page>

                                                                       EXHIBIT F

                          FORM OF EXEMPTION CERTIFICATE

          Reference is made to the Amended and Restated 364-Day Credit
Agreement, dated as of September 27, 2002 (as amended, supplemented or otherwise
modified from time to time, the "CREDIT AGREEMENT"), among FedEx Corporation
(the "BORROWER"), the Lenders party thereto, the Co-Documentation Agents and
Co-Syndication Agents named therein and JPMorgan Chase Bank, as administrative
agent (in such capacity, the "ADMINISTRATIVE AGENT"). Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement. ______________________ (the
"NON-U.S. LENDER") is providing this certificate pursuant to Section 2.14(d) of
the Credit Agreement. The Non-U.S. Lender hereby represents and warrants that:

          1. The Non-U.S. Lender is the sole record and beneficial owner of the
Loans in respect of which it is providing this certificate.

          2. The Non-U.S. Lender is not a "bank" for purposes of Section
881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the "Code"). In
this regard, the Non-U.S. Lender further represents and warrants that:

               (a) the Non-U.S. Lender is not subject to regulatory or other
legal requirements as a bank in any jurisdiction; and

               (b) the Non-U.S. Lender has not been treated as a bank for
purposes of any tax, securities law or other filing or submission made to any
Governmental Authority, any application made to a rating agency or qualification
for any exemption from tax, securities law or other legal requirements.

          3. The Non-U.S. Lender is not a 10-percent shareholder of the Borrower
within the meaning of Section 881(c)(3)(B) of the Code.

          4. The Non-U.S. Lender is not a controlled foreign corporation
receiving interest from a related person within the meaning of Section
881(c)(3)(C) of the Code.

          IN WITNESS WHEREOF, the undersigned has duly executed this
certificate.

                                                [NAME OF NON-U.S. LENDER]

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

Date:
     --------------------<Page>

                                                                     EXHIBIT 4.1

                           [FORM OF SENIOR INDENTURE]

================================================================================

                               CREDIT SUISSE GROUP

                                 as the Company

                                       and

                               JPMORGAN CHASE BANK

                                   as Trustee

                                SENIOR INDENTURE

                        Dated as of ______________, 2002

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                PAGE
<S>                                                                                                <C>
                                    ARTICLE 1
                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.      Definitions......................................................................1

Section 1.02.      Other Definitions................................................................5

Section 1.03.      Incorporation by Reference of Trust Indenture Act................................5

Section 1.04.      Rules of Construction............................................................6

                                    ARTICLE 2
                                 THE SECURITIES

Section 2.01.      Form and Dating..................................................................6

Section 2.02.      Execution and Authentication.....................................................6

Section 2.03.      Amount Unlimited; Issuable in Series.............................................8

Section 2.04.      Denomination and Date of Securities; Payments of Interest.......................10

Section 2.05.      Registrar and Paying Agent; Agents Generally....................................10

Section 2.06.      Paying Agent to Hold Money in Trust.............................................11

Section 2.07.      Transfer and Exchange...........................................................12

Section 2.08.      Replacement Securities..........................................................14

Section 2.09.      Outstanding Securities..........................................................14

Section 2.10.      Temporary Securities............................................................15

Section 2.11.      Cancellation....................................................................15

Section 2.12.      CUSIP Numbers...................................................................16

Section 2.13.      Defaulted Interest..............................................................16

Section 2.14.      Series May Include Tranches.....................................................16

Section 2.15.      Computation of Interest.........................................................16

Section 2.16.      ERISA...........................................................................16

                                    ARTICLE 3
                                   REDEMPTION

Section 3.01.      Applicability of Article........................................................17

Section 3.02.      Notice of Redemption; Partial Redemptions.......................................17

Section 3.03.      Payment of Securities Called for Redemption.....................................18

Section 3.04.      Exclusion of Certain Securities from Eligibility for Selection for
                   Redemption......................................................................19

Section 3.05.      Mandatory and Optional Sinking Funds............................................19
</Table>

                                        i
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                PAGE
<S>                                                                                                <C>
                                    ARTICLE 4
                                    COVENANTS

Section 4.01.      Payment of Securities...........................................................21

Section 4.02.      Maintenance of Office or Agency.................................................22

Section 4.03.      Certificate to Trustee..........................................................23

Section 4.04.      Reports by the Company..........................................................23

Section 4.05.      Calculation of Original Issue Discount..........................................23

                                    ARTICLE 5
                              SUCCESSOR CORPORATION

Section 5.01.      When the Company May Merge, Etc.................................................23

Section 5.02.      Successor Substituted...........................................................24

                                    ARTICLE 6
                              DEFAULT AND REMEDIES

Section 6.01.      Events of Default...............................................................24

Section 6.02.      Acceleration....................................................................25

Section 6.03.      Other Remedies..................................................................26

Section 6.04.      Waiver of Past Defaults.........................................................27

Section 6.05.      Control by Majority.............................................................27

Section 6.06.      Limitation on Suits.............................................................27

Section 6.07.      Rights of Holder to Receive Payment.............................................28

Section 6.08.      Collection Suit by Trustee......................................................28

Section 6.09.      Trustee May File Proofs of Claim................................................28

Section 6.10.      Application of Proceeds.........................................................28

Section 6.11.      Restoration of Rights and Remedies..............................................29

Section 6.12.      Undertaking for Costs...........................................................29

Section 6.13.      Rights and Remedies Cumulative..................................................30

Section 6.14.      Delay or Omission Not Waiver....................................................30

                                    ARTICLE 7
                                     TRUSTEE

Section 7.01.      General.........................................................................30

Section 7.02.      Certain Rights of Trustee.......................................................30
</Table>

                                       ii
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                PAGE
<S>                                                                                                <C>
Section 7.03.      Individual Rights of Trustee....................................................32

Section 7.04.      Trustee's Disclaimer............................................................32

Section 7.05.      Notice of Default...............................................................32

Section 7.06.      Reports by Trustee to Holders...................................................33

Section 7.07.      Compensation and Indemnity......................................................33

Section 7.08.      Replacement of Trustee..........................................................34

Section 7.09.      Successor Trustee by Merger, Etc................................................35

Section 7.10.      Eligibility.....................................................................35

Section 7.11.      Money Held in Trust.............................................................35

                                    ARTICLE 8
                             DISCHARGE OF INDENTURE

Section 8.01.      Defeasance within One Year of Payment...........................................35

Section 8.02.      Defeasance......................................................................36

Section 8.03.      Covenant Defeasance.............................................................37

Section 8.04.      Application of Trust Money......................................................37

Section 8.05.      Repayment to Company............................................................38

                                    ARTICLE 9
                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

Section 9.01.      Without Consent of Holders......................................................38

Section 9.02.      With Consent of Holders.........................................................39

Section 9.03.      Revocation and Effect of Consent................................................40

Section 9.04.      Notation on or Exchange of Securities...........................................40

Section 9.05.      Trustee to Sign Amendments, Etc.................................................41

Section 9.06.      Conformity with Trust Indenture Act.............................................41

                                   ARTICLE 10
                                  MISCELLANEOUS

Section 10.01.     Trust Indenture Act of 1939.....................................................41

Section 10.02.     Notices.........................................................................41

Section 10.03.     Certificate and Opinion as to Conditions Precedent..............................42

Section 10.04.     Statements Required in Certificate or Opinion...................................42

Section 10.05.     Evidence of Ownership...........................................................43
</Table>

                                       iii
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                PAGE
<S>                                                                                                <C>
Section 10.06.     Rules by Trustee, Paying Agent or Registrar.....................................43

Section 10.07.     Payment Date other than a Business Day..........................................44

Section 10.08.     Governing Law...................................................................44

Section 10.09.     No Adverse Interpretation of Other Agreements...................................44

Section 10.10.     Successors......................................................................44

Section 10.11.     Duplicate Originals.............................................................44

Section 10.12.     Separability....................................................................44

Section 10.13.     Table of Contents, Headings, Etc................................................44

Section 10.14.     Incorporators, Stockholders, Officers and Directors of Company Exempt
                   from Individual Liability.......................................................44

Section 10.15.     Judgment Currency...............................................................44
</Table>

                                       iv
<Page>

          INDENTURE, dated as of ________, 20__, between Credit Suisse Group, a
company organized under the laws of Switzerland, as the Company, and JPMorgan
Chase Bank, a New York banking corporation, as the Trustee.

                             RECITALS OF THE COMPANY

          WHEREAS, the Company has duly authorized the issue from time to time
of its senior debentures, notes or other evidences of indebtedness to be issued
in one or more series (the "Securities") up to such principal amount or amounts
as may from time to time be authorized in accordance with the terms of this
Indenture and to provide, among other things, for the authentication, delivery
and administration of the Securities, the Company has duly authorized the
execution and delivery of this Indenture; and

          WHEREAS, all things necessary to make this Indenture a valid indenture
and agreement according to its terms have been done and performed;

          NOW, THEREFORE:

          In consideration of the premises and the purchases of the Securities
by the holders thereof, the Company and the Trustee mutually covenant and agree
for the equal and proportionate benefit of the respective holders from time to
time of the Securities or of any and all series thereof and of the coupons, if
any, appertaining thereto as follows:

                                    ARTICLE 1

                   DEFINITIONS AND INCORPORATION BY REFERENCE

          Section 1.01.   DEFINITIONS.

          "Agent" means any Registrar, Paying Agent, transfer agent or
Authenticating Agent.

          "Authorized Newspaper" means a newspaper (which, in the case of The
City of New York, will, if practicable, be The Wall Street Journal (Eastern
Edition) and in the case of London, will, if practicable, be the Financial Times
(London Edition)) published in an official language of the country of
publication customarily published at least once a day for at least five days in
each calendar week and of general circulation in The City of New York or London,
as applicable. If it shall be impractical in the opinion of the Trustee to make
any publication of any notice required hereby in an Authorized Newspaper, any
publication or other notice in lieu thereof which is made or given with the
approval of the Trustee shall constitute a sufficient publication of such
notice.

          "Board Resolution" means one or more resolutions of the board of
directors of the Company or any authorized committee thereof, certified by the
secretary or an assistant secretary of the Company to have been duly adopted and
to be in full force and effect on the date of certification, and delivered to
the Trustee.

          "Business Day" means, with respect to any Security, a day that is not
a day on which banking institutions are authorized or required by law or
regulation to close, in the city

<Page>

(or in any of the cities, if more than one) unless otherwise specified, in which
amounts are payable, as specified in the form of such Security.

          "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated, whether
voting or non-voting) of such Person's capital stock or equity, including,
without limitation, all Common Stock and Preferred Stock.

          "Commission" means the Securities and Exchange Commission, as from
time to time constituted, created under the Exchange Act 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.

          "Common Stock" means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated, whether
voting or non-voting) of such Person's common stock, whether now outstanding or
issued after the date of this Indenture, including, without limitation, all
series and classes of such common stock.

          "Company" means the party named as such in the first paragraph of this
Indenture until a successor replaces it pursuant to Article 5 of this Indenture
and thereafter means the successor.

          "Corporate Trust Office" means the office of the Trustee at which the
corporate trust business of the Trustee shall, at any particular time, be
principally administered, which office is, at the date of this Indenture,
located at 450 West 33rd Street, 15th Floor, New York, New York 10001,
Attention: Institutional Trust Services.

          "Default" means any event that is, or after notice or passage of time
or both would be, an Event of Default as defined in Section 6.01.

          "Depositary" means, with respect to the Securities of any series
issuable or issued in the form of one or more Registered Global Securities, the
Person designated as Depositary by the Company pursuant to Section 2.03 until a
successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter "Depositary" shall mean or include
each Person who is then a Depositary hereunder, and if at any time there is more
than one such Person, "Depositary" as used with respect to the Securities of any
such series shall mean the Depositary with respect to the Registered Global
Securities of that series.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended.

          "Holder" or "Securityholder" means the registered holder of any
Security with respect to Registered Securities and the bearer of any
Unregistered Security or any coupon appertaining thereto, as the case may be.

          "Indenture" means this Indenture as originally executed or as it may
be amended or supplemented from time to time by one or more indentures
supplemental to this Indenture entered into pursuant to the applicable
provisions of this Indenture and shall include the forms and terms of the
Securities of each series established as contemplated pursuant to Sections 2.01
and 2.03.

                                        2
<Page>

          "Officer" means, with respect to the Company, the Chairman or
Co-Chairman or Vice Chairman of the Group Executive Board, the Chief Executive
Officer or Co-Chief Executive Officer, the Chief Financial Officer, the Chief
Risk Officer, the Group General Counsel, the Group Head of Capital and Funding,
and the Group Head of Accounting/Reporting, or any such other officers or
employees of the Company exercising the same or similar functions.

          "Officers' Certificate" means a certificate signed in the name of the
Company by any two Officers, complying with Section 10.04 and delivered to the
Trustee. Each such certificate shall comply with Section 314 of the Trust
Indenture Act and include (except as otherwise expressly provided in this
Indenture) the statements provided in Section 10.04.

          "Opinion of Counsel" means a written opinion signed by legal counsel,
who may be an employee of or counsel to the Company, satisfactory to the Trustee
and complying with Section 10.04. Each such opinion shall comply with Section
314 of the Trust Indenture Act and include the statements provided in Section
10.04, if and to the extent required thereby.

          "original issue date" of any Security (or portion thereof) means the
earlier of (a) the date of authentication of such Security or (b) the date of
any Security (or portion thereof) for which such Security was issued (directly
or indirectly) on registration of transfer, exchange or substitution.

          "Original Issue Discount Security" means any Security that provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the maturity thereof pursuant to Section 6.02.

          "Periodic Offering" means an offering of Securities of a series from
time to time, the specific terms of which Securities, including, without
limitation, the rate or rates of interest, if any, thereon, the stated maturity
or maturities thereof and the redemption provisions, if any, with respect
thereto, are to be determined by the Company or its agents upon the issuance of
such Securities.

          "Person" means an individual, a corporation, a partnership, a limited
liability company, an association, a trust or any other entity or organization,
including a government or political subdivision or an agency or instrumentality
thereof.

          "Preferred Stock" means, with respect to any Person, any and all
shares, interests, participations or other equivalents (however designated,
whether voting or non-voting) of such Person's preferred or preference stock,
whether now outstanding or issued after the date of the Indenture, including,
without limitation, all series and classes of such preferred or preference
stock.

          "Principal" of a Security means the principal amount of, and, unless
the context indicates otherwise, includes any premium payable on, the Security.

          "Registered Global Security" means a Security evidencing all or a part
of a series of Registered Securities, issued to the Depositary for such series
in accordance with Section 2.02, and bearing the legend prescribed in Section
2.02.

                                        3
<Page>

          "Registered Security" means any Security registered on the Security
Register (as defined in Section 2.05).

          "Responsible Officer" means, when used with respect to the Trustee,
any officer within the Corporate Trust Office, including any Vice President,
Managing Director, Assistant Vice President, Secretary, Assistant Secretary or
Assistant Treasurer or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge and familiarity with the
particular subject.

          "Securities" means any of the securities, as defined in the first
paragraph of the recitals hereof, that are authenticated and delivered under
this Indenture and, unless the context indicates otherwise, shall include any
coupon appertaining thereto.

          "Subsidiary" means, with respect to any Person, any corporation,
association or other business entity of which more than 50% of the outstanding
Voting Stock is owned, directly or indirectly, by such Person and one or more
other Subsidiaries of such Person.

          "Swiss GAAP" means the accounting rules of the Swiss Federal Law on
Banks and Savings Banks and the respective Implementing Ordinance, the Federal
Banking Commission guidelines and Swiss GAAP FER Financial Reporting Standards
for the insurance businesses of the Company, which collectively are the
generally accepted accounting principles for banks and insurance companies,
respectively, in Switzerland.

          "Trustee" means the party named as such in the first paragraph of this
Indenture until a successor replaces it in accordance with the provisions of
Article 7 and thereafter means such successor.

          "Trust Indenture Act" means the Trust Indenture Act of 1939, as it may
be amended from time to time.

          "Unregistered Security" means any Security other than a Registered
Security.

          "U.S. Government Obligations" means securities that are (i) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged or (ii) obligations of an agency or instrumentality
of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America, and shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such U.S. Government Obligation or a
specific payment of interest on or Principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depositary
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
depositary receipt from any amount received by the custodian in respect of the
U.S. Government Obligation or the specific payment of interest on or Principal
of the U.S. Government Obligation evidenced by such depositary receipt.

          "Voting Stock" means with respect to any Person, Capital Stock of any
class or kind ordinarily having the power to vote for the election of directors,
managers or other voting members of the governing body of such Person.

                                        4
<Page>

          "Yield to Maturity" means, as the context may require, the yield to
maturity (i) on a series of Securities or (ii) if the Securities of a series are
issuable from time to time, on a Security of such series, calculated at the time
of issuance of such series in the case of clause (i) or at the time of issuance
of such Security of such series in the case of clause (ii), or, if applicable,
at the most recent redetermination of interest on such series or on such
Security, and calculated in accordance with the constant interest method or such
other accepted financial practice as is specified in the terms of such Security.

          Section 1.02.   OTHER DEFINITIONS. Each of the following terms is
defined in the section set forth opposite such term:

<Table>
<Caption>
      TERM                                                           SECTION
      ----                                                           --------
      <S>                                                             <C>
      Authenticating Agent                                             2.02
      cash transaction                                                 7.03
      Dollars                                                          4.02
      Events of Default                                                6.01
      Judgment Currency                                               10.15
      mandatory sinking fund payment                                   3.05
      optional sinking fund payment                                    3.05
      Paying Agent                                                     2.05
      record date                                                      2.04
      Registrar                                                        2.05
      Required Currency                                               10.15
      Security Register                                                2.05
      self-liquidating paper                                           7.03
      sinking fund payment date                                        3.05
      tranche                                                          2.14
</Table>

          Section 1.03.   INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

          Whenever this Indenture refers to a provision of the Trust Indenture
Act, the provision is incorporated by reference in and made a part of this
Indenture. The following terms used in this Indenture that are defined by the
Trust Indenture Act have the following meanings:

          "indenture securities" means the Securities;

          "indenture security holder" means a Holder or a Securityholder;

          "indenture to be qualified" means this Indenture;

          "indenture trustee" or "institutional trustee" means the Trustee; and

          "obligor" on the indenture securities means the Company or any other
obligor on the Securities.

          All other terms used in this Indenture that are defined by the Trust
Indenture Act, defined by reference in the Trust Indenture Act to another
statute or defined by a rule of the Commission and not otherwise defined herein
have the meanings assigned to them therein. If any provision of this Indenture
limits, qualifies or conflicts with another provision hereof that is

                                        5
<Page>

required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

          Section 1.04.   RULES OF CONSTRUCTION. Unless the context otherwise
requires:

          (a) an accounting term not otherwise defined has the meaning assigned
to it in accordance with Swiss GAAP or such other generally accepted accounting
principles under which the Company may in the future prepare its financial
statements;

          (b) words in the singular include the plural, and words in the plural
include the singular;

          (c) "herein," "hereof" and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
subdivision;

          (d) all references to Sections or Articles refer to Sections or
Articles of this Indenture unless otherwise indicated; and

          (e) use of masculine, feminine or neuter pronouns should not be deemed
a limitation, and the use of any such pronouns should be construed to include,
where appropriate, the other pronouns.

                                    ARTICLE 2

                                 THE SECURITIES

          Section 2.01.   FORM AND DATING. The Securities of each series shall
be substantially in such form or forms (not inconsistent with this Indenture) as
shall be established by or pursuant to one or more Board Resolutions or in one
or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture and may have imprinted or otherwise reproduced
thereon such legend or legends or endorsements, not inconsistent with the
provisions of this Indenture, as may be required to comply with any law, or with
any rules of any securities exchange or usage, all as may be determined by the
Officers executing such Securities as evidenced by their execution of the
Securities. Unless otherwise so established, Unregistered Securities shall have
coupons attached.

          Section 2.02.   EXECUTION AND AUTHENTICATION. Any two Officers shall
execute the Securities (other than coupons) for the Company by facsimile or
manual signature in the name and on behalf of the Company. If an Officer whose
signature is on a Security no longer holds that office at the time the Security
is authenticated, the Security shall nevertheless be valid.

          The Trustee, at the expense of the Company, may appoint an
authenticating agent (the "Authenticating Agent") to authenticate Securities
(other than coupons). The Authenticating Agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such Authenticating
Agent.

          A Security (other than coupons) shall not be valid until the Trustee
or Authenticating Agent manually signs the certificate of authentication on the
Security. The

                                        6
<Page>

signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

          At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series having attached
thereto appropriate coupons, if any, executed by the Company to the Trustee for
authentication together with the applicable documents referred to below in this
Section, and the Trustee shall thereupon authenticate and make available for
delivery such Securities to or upon the written order of the Company. In
authenticating any Securities of a series, the Trustee shall be entitled to
receive prior to the first authentication of any Securities of such series, and
shall be fully protected in relying upon, unless and until such documents have
been superseded or revoked:

          (a) any Board Resolution and/or executed supplemental indenture
referred to in Sections 2.01 and 2.03 by or pursuant to which the forms and
terms of the Securities of that series were established;

          (b) an Officers' Certificate setting forth the form or forms and terms
of the Securities, stating that the form or forms and terms of the Securities of
such series have been, or will be when established in accordance with such
procedures as shall be referred to therein, established in compliance with this
Indenture; and

          (c) an Opinion of Counsel substantially to the effect that the form or
forms and terms of the Securities of such series have been, or will be when
established in accordance with such procedures as shall be referred to therein,
established in compliance with this Indenture and that the supplemental
indenture, to the extent applicable, and the Securities have been duly
authorized and, if executed and authenticated in accordance with the provisions
of the Indenture and delivered to and duly paid for by the purchasers thereof on
the date of such opinion, would be entitled to the benefits of the Indenture and
would be valid and binding obligations of the Company, enforceable against the
Company in accordance with their respective terms, subject to bankruptcy,
insolvency, reorganization, receivership, moratorium and other similar laws
affecting creditors' rights generally, general principles of equity, and such
other matters as shall be specified therein.

          If the Company shall establish pursuant to Section 2.03 that the
Securities of a series or a portion thereof are to be issued in the form of one
or more Registered Global Securities, then the Company shall execute and the
Trustee shall authenticate and make available for delivery one or more
Registered Global Securities that (i) shall represent and shall be denominated
in an amount equal to the aggregate principal amount of all of the Securities of
such series issued in such form and not yet cancelled, (ii) shall be registered
in the name of the Depositary for such Registered Global Security or Securities
or the nominee of such Depositary, (iii) shall be delivered by the Trustee to
such Depositary or its custodian or pursuant to such Depositary's instructions
and (iv) shall bear a legend substantially to the following effect:

          "Unless and until it is exchanged in whole or in part for
          Securities in definitive registered form, this Security may
          not be transferred except as a whole by the Depositary to a
          nominee of the Depositary or by a nominee of the Depositary
          to the Depositary or another nominee of the Depositary or by
          the Depositary or any such

                                        7
<Page>

          nominee to a successor Depositary or a nominee of such successor
          Depositary."

          Section 2.03.   AMOUNT UNLIMITED; ISSUABLE IN SERIES. The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

          The Securities may be issued in one or more series and each such
series shall rank equally and pari passu with all other unsecured and
unsubordinated debt of the Company. There shall be established in or pursuant to
a Board Resolution or one or more indentures supplemental hereto, prior to the
initial issuance of Securities of any series (subject to the last sentence of
this Section 2.03):

          (a) the designation of the Securities of the series, which shall
distinguish the Securities of the series from the Securities of all other
series;

          (b) any limit upon the aggregate principal amount of the Securities of
the series that may be authenticated and delivered under this Indenture and any
limitation on the ability of the Company to increase such aggregate principal
amount after the initial issuance of the Securities of that series (except for
Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, or upon redemption of, other Securities of the
series pursuant hereto);

          (c) the date or dates on which the Principal of the Securities of the
series is payable (which date or dates may be fixed or are subject to
extension);

          (d) the rate or rates (which may be fixed or variable) per annum at
which the Securities of the series shall bear interest, if any, the date or
dates from which such interest shall accrue, on which such interest shall be
payable and (in the case of Registered Securities) on which a record shall be
taken for the determination of Holders to whom interest is payable and/or the
method by which such rate or rates or date or dates shall be determined;

          (e) if other than as provided in Section 4.02, the place or places
where the Principal of and any interest on Securities of the series shall be
payable, any Registered Securities of the series may be surrendered for
exchange, notices, demands to or upon the Company in respect of the Securities
of the series and this Indenture may be served and notice to Holders may be
published;

          (f) the right, if any, of the Company to redeem Securities of the
series, in whole or in part, at its option and the period or periods within
which, the price or prices at which and any terms and conditions upon which
Securities of the series may be so redeemed, pursuant to any sinking fund or
otherwise;

          (g) the obligation, if any, of the Company to redeem, purchase or
repay Securities of the series pursuant to any mandatory redemption, sinking
fund or analogous provisions or at the option of a Holder thereof and the price
or prices at which and the period or periods within which and any of the terms
and conditions upon which Securities of the series shall be redeemed, purchased
or repaid, in whole or in part, pursuant to such obligation;

                                        8
<Page>

          (h) if other than denominations of $1,000 and any integral multiple
thereof, the denominations in which Securities of the series shall be issuable;

          (i) if other than the entire principal amount thereof, the portion of
the principal amount of Securities of the series which shall be payable upon
declaration of acceleration of the maturity thereof;

          (j) if other than the coin or currency in which the Securities of the
series are denominated, the coin or currency in which payment of the Principal
of or interest on the Securities of the series shall be payable or if the amount
of payments of Principal of and/or interest on the Securities of the series may
be determined with reference to an index based on a coin or currency other than
that in which the Securities of the series are denominated, the manner in which
such amounts shall be determined;

          (k) if payment of the Principal of and interest on the Securities of
the series shall be payable in currency or currencies other than the currency of
the United States, the manner in which any such currency shall be valued against
other currencies in which any other Securities shall be payable;

          (l) whether the Securities of the series or any portion thereof will
be issuable as Registered Securities (and if so, whether such Securities will be
issuable as Registered Global Securities) or Unregistered Securities (with or
without coupons), or any combination of the foregoing, any restrictions
applicable to the offer, sale or delivery of Unregistered Securities or the
payment of interest thereon and, if other than as provided herein, the terms
upon which Unregistered Securities of any series may be exchanged for Registered
Securities of such series and vice versa;

          (m) whether and under what circumstances the Company will pay
additional amounts on the Securities in respect of any tax, assessment or
governmental charge withheld or deducted and, if so, whether the Company will
have the option to redeem such Securities rather than pay such additional
amounts;

          (n) if the Securities of the series are to be issuable in definitive
form (whether upon original issue or upon exchange of a temporary Security of
such series) only upon receipt of certain certificates or other documents or
satisfaction of other conditions, the form and terms of such certificates,
documents or conditions;

          (o) any trustees, depositaries, authenticating or paying agents,
transfer agents or the registrar or any other agents with respect to the
Securities of the series;

          (p) provisions, if any, for the defeasance of the Securities of the
series (including provisions permitting defeasance of less than all Securities
of the series), which provisions may be in addition to, in substitution for, or
in modification of (or any combination of the foregoing) the provisions of
Article 8;

          (q) if the Securities of the series are issuable in whole or in part
as one or more Registered Global Securities, the identity of the Depositary for
such Registered Global Security or Securities;

                                        9
<Page>

          (r) any other events of default or covenants with respect to the
Securities of the series;

          (s) whether and under what circumstances the Holders may or are
required to convert or exchange the Securities into or for other securities of
the Company or of another entity, and if so, the terms relating to such
conversion or exchange; and

          (t) any other terms of the Securities of the series (which terms shall
not be inconsistent with the provisions of this Indenture).

          All Securities of any one series and coupons, if any, appertaining
thereto shall be substantially identical, except in the case of Registered
Securities as to date and denomination, except in the case of any Periodic
Offering and except as may otherwise be provided by or pursuant to the Board
Resolution referred to above or as set forth in any such indenture supplemental
hereto. All Securities of any one series need not be issued at the same time and
may be issued from time to time, consistent with the terms of this Indenture, if
so provided by or pursuant to such Board Resolution or in any such indenture
supplemental hereto and any forms and terms of Securities to be issued from time
to time may be completed and established from time to time prior to the issuance
thereof by procedures described in such Board Resolution or supplemental
indenture.

          Section 2.04.   DENOMINATION AND DATE OF SECURITIES; PAYMENTS OF
INTEREST. The Securities of each series shall be issuable as Registered
Securities or Unregistered Securities in denominations established as
contemplated by Section 2.03 or, if not so established with respect to
Securities of any series, in denominations of $1,000 and any integral multiple
thereof.

          The Securities of each series shall be numbered, lettered or otherwise
distinguished in such manner or in accordance with such plan as the Officers of
the Company executing the same may determine, as evidenced by their execution
thereof.

          Each Security shall be dated the date of its authentication. The
Securities of each series shall bear interest, if any, from the date, and such
interest shall be payable on the dates, established as contemplated by Section
2.03.

          The person in whose name any Registered Security of any series is
registered at the close of business on any record date applicable to a
particular series with respect to any interest payment date for such series
shall be entitled to receive the interest, if any, payable on such interest
payment date notwithstanding any transfer or exchange of such Registered
Security subsequent to the record date and prior to such interest payment date,
except if and to the extent the Company shall default in the payment of the
interest due on such interest payment date for such series, in which case the
provisions of Section 2.13 shall apply. The term "record date" as used with
respect to any interest payment date (except a date for payment of defaulted
interest) for the Securities of any series shall mean the date specified as such
in the terms of the Registered Securities of such series established as
contemplated by Section 2.03, or, if no such date is so established, the
fifteenth day next preceding such interest payment date, whether or not such
record date is a Business Day.

          Section 2.05.   REGISTRAR AND PAYING AGENT; AGENTS GENERALLY. The
Company shall maintain an office or agency where Securities may be presented for
registration,

                                       10
<Page>

registration of transfer or exchange (the "Registrar") and an office or agency
where Securities may be presented for payment (the "Paying Agent"), which shall
be in the Borough of Manhattan, The City of New York. The Company shall cause
the Registrar to keep a register of the Registered Securities and of their
registration, transfer and exchange (the "Security Register"). The Company may
have one or more additional Paying Agents or transfer agents with respect to any
series.

          The Company shall enter into an appropriate agency agreement with any
Agent that is not a party to this Indenture. The agreement shall implement the
provisions of this Indenture and the Trust Indenture Act that relate to such
Agent. The Company shall give prompt written notice to the Trustee of the name
and address of any Agent and any change in the name or address of an Agent. If
the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act
as such. The Company may remove any Agent upon written notice to such Agent and
the Trustee; PROVIDED that no such removal shall become effective until (i) the
acceptance of an appointment by a successor Agent to such Agent as evidenced by
an appropriate agency agreement entered into by the Company and such successor
Agent and delivered to the Trustee or (ii) notification to the Trustee that the
Trustee shall serve as such Agent until the appointment of a successor Agent in
accordance with clause (i) of this proviso. The Company or any affiliate of the
Company may act as Paying Agent or Registrar; PROVIDED that neither the Company
nor an affiliate of the Company shall act as Paying Agent in connection with the
defeasance of the Securities or the discharge of this Indenture under Article 8.

          The Company initially appoints the Trustee as Registrar, Paying Agent
and Authenticating Agent. If, at any time, the Trustee is not the Registrar, the
Registrar shall make available to the Trustee ten days prior to each interest
payment date and at such other times as the Trustee may reasonably request the
names and addresses of the Holders as they appear in the Security Register.

          Section 2.06.   PAYING AGENT TO HOLD MONEY IN TRUST. Not later than
10:00 a.m., New York City time, on each due date of any Principal or interest on
any Securities, the Company shall deposit with the Paying Agent money in
immediately available funds sufficient to pay such Principal or interest. The
Company shall require each Paying Agent other than the Trustee to agree in
writing that such Paying Agent shall hold in trust for the benefit of the
Holders of such Securities or the Trustee all money held by the Paying Agent for
the payment of Principal of and interest on such Securities and shall promptly
notify the Trustee in writing of any default by the Company in making any such
payment. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee and account for any funds disbursed, and the Trustee
may at any time during the continuance of any payment default, upon written
request to a Paying Agent, require such Paying Agent to pay all money held by it
to the Trustee and to account for any funds disbursed. Upon doing so, the Paying
Agent shall have no further liability for the money so paid over to the Trustee.
If the Company or any affiliate of the Company acts as Paying Agent, it will, on
or before each due date of any Principal of or interest on any Securities,
segregate and hold in a separate trust fund for the benefit of the Holders
thereof a sum of money sufficient to pay such Principal or interest so becoming
due until such sum of money shall be paid to such Holders or otherwise disposed
of as provided in this Indenture, and will promptly notify the Trustee in
writing of its action or failure to act as required by this Section.

                                       11
<Page>

          Section 2.07.   TRANSFER AND EXCHANGE. Unregistered Securities
(except for any temporary global Unregistered Securities) and coupons (except
for coupons attached to any temporary global Unregistered Securities) shall be
transferable by delivery.

          At the option of the Holder thereof, Registered Securities of any
series (other than a Registered Global Security, except as set forth below) may
be exchanged for a Registered Security or Registered Securities of such series
and tenor having authorized denominations and an equal aggregate principal
amount, upon surrender of such Registered Securities to be exchanged at the
agency of the Company that shall be maintained for such purpose in accordance
with Section 2.05 and upon payment, if the Company shall so require, of the
charges hereinafter provided. If the Securities of any series are issued in both
registered and unregistered form, except as otherwise established pursuant to
Section 2.03, at the option of the Holder thereof, Unregistered Securities of
any series may be exchanged for Registered Securities of such series and tenor
having authorized denominations and an equal aggregate principal amount, upon
surrender of such Unregistered Securities to be exchanged at the agency of the
Company that shall be maintained for such purpose in accordance with Section
4.02, with, in the case of Unregistered Securities that have coupons attached,
all unmatured coupons and all matured coupons in default thereto appertaining,
and upon payment, if the Company shall so require, of the charges hereinafter
provided.

          At the option of the Holder thereof, if Unregistered Securities of any
series, maturity date, interest rate and original issue date are issued in more
than one authorized denomination, except as otherwise established pursuant to
Section 2.03, such Unregistered Securities may be exchanged for Unregistered
Securities of such series and tenor having authorized denominations and an equal
aggregate principal amount, upon surrender of such Unregistered Securities to be
exchanged at the agency of the Company that shall be maintained for such purpose
in accordance with Section 4.02, with, in the case of Unregistered Securities
that have coupons attached, all unmatured coupons and all matured coupons in
default thereto appertaining, and upon payment, if the Company shall so require,
of the charges hereinafter provided. Registered Securities of any series may not
be exchanged for Unregistered Securities of such series.

          Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and make available for
delivery, the Securities which the Holder making the exchange is entitled to
receive.

          All Registered Securities presented for registration of transfer,
exchange, redemption or payment shall be duly endorsed by, or be accompanied by
a written instrument or instruments of transfer in form satisfactory to the
Company and the Trustee duly executed by, the holder or his attorney duly
authorized in writing.

          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 exchange
or registration of transfer of Securities. No service charge shall be made for
any such transaction.

          Notwithstanding any other provision of this Section 2.07, unless and
until it is exchanged in whole or in part for Securities in definitive
registered form, a Registered Global Security representing all or a portion of
the Securities of a series may not be transferred except as a whole by the
Depositary for such series to a nominee of

                                       12
<Page>

such Depositary or by a nominee of such Depositary to such Depositary or another
nominee of such Depositary or by such Depositary or any such nominee to a
successor Depositary for such series or a nominee of such successor Depositary.

          If at any time the Depositary for any Registered Global Securities of
any series notifies the Company that it is unwilling or unable to continue as
Depositary for such Registered Global Securities or if at any time the
Depositary for such Registered Global Securities shall no longer be eligible
under applicable law, the Company shall appoint a successor Depositary eligible
under applicable law with respect to such Registered Global Securities. If a
successor Depositary eligible under applicable law for such Registered Global
Securities is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such ineligibility, the Company will
execute, and the Trustee, upon receipt of the Company's order for the
authentication and delivery of definitive Registered Securities of such series
and tenor, will authenticate and make available for delivery Registered
Securities of such series and tenor, in any authorized denominations, in an
aggregate principal amount equal to the principal amount of such Registered
Global Securities, in exchange for such Registered Global Securities.

          The Company may at any time and in its sole discretion determine that
any Registered Global Securities of any series shall no longer be maintained in
global form. In such event the Company will execute, and the Trustee, upon
receipt of the Company's order for the authentication and delivery of definitive
Registered Securities of such series and tenor, will authenticate and make
available for delivery, Registered Securities of such series and tenor in any
authorized denominations, in an aggregate principal amount equal to the
principal amount of such Registered Global Securities, in exchange for such
Registered Global Securities.

          Any time the Registered Securities of any series are not in the form
of Registered Global Securities pursuant to the preceding two paragraphs, the
Company agrees to supply the Trustee with a reasonable supply of certificated
Registered Securities without the legend required by Section 2.02 and the
Trustee agrees to hold such Registered Securities in safekeeping until
authenticated and delivered pursuant to the terms of this Indenture.

          If established by the Company pursuant to Section 2.03 with respect to
any Registered Global Security, the Depositary for such Registered Global
Security may surrender such Registered Global Security in exchange in whole or
in part for Registered Securities of the same series and tenor in definitive
registered form on such terms as are acceptable to the Company and such
Depositary. Thereupon, the Company shall execute, and the Trustee shall
authenticate and make available for delivery, without service charge,

          (i) to the Person specified by such Depositary new Registered
     Securities of the same series and tenor, of any authorized denominations as
     requested by such Person, in an aggregate principal amount equal to and in
     exchange for such Person's beneficial interest in the Registered Global
     Security; and

          (ii) to such Depositary a new Registered Global Security in a
     denomination equal to the difference, if any, between the principal amount
     of the surrendered Registered Global Security and the aggregate principal
     amount of Registered Securities authenticated and delivered pursuant to
     clause (i) above.

                                       13
<Page>

          Registered Securities issued in exchange for a Registered Global
Security pursuant to this Section 2.07 shall be registered in such names and in
such authorized denominations as the Depositary for such Registered Global
Security, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee or an agent of the Company or the Trustee
in writing. The Trustee or such agent shall deliver such Securities to or as
directed in writing by the Persons in whose names such Securities are so
registered.

          All Securities issued upon any transfer or exchange of Securities
shall be valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities
surrendered upon such transfer or exchange.

          Notwithstanding anything herein or in the forms or terms of any
Securities to the contrary, none of the Company, the Trustee or any agent of
the Company or the Trustee shall be required to exchange any Unregistered
Security for a Registered Security if such exchange would result in adverse
Federal income tax consequences to the Company (such as, for example, the
imposition of any excise tax on the Company) under then applicable United
States Federal income tax laws. The Trustee and any such agent shall be
entitled to rely conclusively on an Officers' Certificate or an Opinion of
Counsel in determining such result.

          The Registrar shall not be required (i) to issue, authenticate,
register the transfer of or exchange Securities of any series for a period of 15
days before a selection of such Securities to be redeemed or (ii) to register
the transfer of or exchange any Security selected for redemption in whole or in
part.

          Section 2.08.   REPLACEMENT SECURITIES. If a defaced or mutilated
Security of any series is surrendered to the Trustee or if a Holder claims that
its Security of any series has been lost, destroyed or wrongfully taken and
presents to the Trustee, the Company and any Agent evidence to their
satisfaction of the loss, destruction or wrongful taking of such Security, the
Company shall issue and the Trustee shall authenticate a replacement Security of
such series and tenor and principal amount bearing a number not
contemporaneously outstanding. An indemnity bond must be furnished that is
sufficient in the judgment of both the Trustee and the Company to protect the
Company, the Trustee and any Agent from any loss that any of them may suffer if
a Security is replaced. The Company may charge such Holder for its expenses and
the expenses of the Trustee (including without limitation attorneys' fees and
expenses) in replacing a Security. In case any such mutilated, defaced, lost,
destroyed or wrongfully taken Security has become or is about to become due and
payable, the Company in its discretion may pay such Security instead of issuing
a new Security in replacement thereof.

          Every replacement Security is an additional obligation of the Company
and shall be entitled to the benefits of this Indenture equally and
proportionately with any and all other Securities of such series duly
authenticated and delivered hereunder.

          To the extent permitted by law, the foregoing provisions of this
Section are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or wrongfully taken Securities.

          Section 2.09.   OUTSTANDING SECURITIES. Securities outstanding at any
time are all Securities that have been authenticated by the Trustee except for
those Securities canceled by it,

                                       14
<Page>

those Securities delivered to it for cancellation, those paid pursuant to
Section 2.08 and those Securities described in this Section as not outstanding.

          If a Security is replaced pursuant to Section 2.08, it ceases to be
outstanding unless and until the Trustee and the Company receive proof
satisfactory to them that the replaced Security is held by a holder in due
course.

          If the Paying Agent (other than the Company or an affiliate of the
Company) holds on the maturity date or any redemption date or date for
repurchase of the Securities money sufficient to pay Securities payable or to be
redeemed or repurchased on such date, then on and after such date such
Securities shall cease to be outstanding and interest on them shall cease to
accrue.

          A Security does not cease to be outstanding because the Company or one
of its affiliates holds such Security, PROVIDED, HOWEVER, that, in determining
whether the Holders of the requisite principal amount of the outstanding
Securities shall have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Securities owned by the Company or any
affiliate of the Company 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 Securities as to which a Responsible Officer of the Trustee has
received written notice to be so owned shall be so disregarded. Any Securities
so owned which are pledged by the Company, or by any affiliate of the Company,
as security for loans or other obligations, otherwise than to another such
affiliate of the Company, shall be deemed to be outstanding, if the pledgee is
entitled pursuant to the terms of its pledge agreement and is free to exercise
in its discretion the right to vote such securities, uncontrolled by the Company
or by any such affiliate.

          Section 2.10.   TEMPORARY SECURITIES. Until definitive Securities of
any series are ready for delivery, the Company may prepare and the Trustee shall
authenticate temporary Securities of such series. Temporary Securities of any
series shall be substantially in the form of definitive Securities of such
series but may have insertions, substitutions, omissions and other variations
determined to be appropriate by the Officers executing the temporary Securities,
as evidenced by their execution of such temporary Securities. If temporary
Securities of any series are issued, the Company will cause definitive
Securities of such series to be prepared without unreasonable delay. After the
preparation of definitive Securities of any series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series and
tenor upon surrender of such temporary Securities at the office or agency of the
Company designated for such purpose pursuant to Section 4.02, without charge to
the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series the Company shall execute and the Trustee shall
authenticate and make available for delivery in exchange therefor a like
principal amount of definitive Securities of such series and tenor and
authorized denominations. Until so exchanged, the temporary Securities of any
series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series.

          Section 2.11.   CANCELLATION. The Company at any time may deliver to
the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold.
The Registrar, any transfer agent and the Paying Agent shall forward to the

                                       15
<Page>

Trustee any Securities surrendered to them for transfer, exchange or payment.
The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment or cancellation and shall deliver such canceled Securities to the
Company. The Company may not issue new Securities to replace Securities it has
paid in full or delivered to the Trustee for cancellation.

          Section 2.12.   CUSIP NUMBERS. The Company in issuing the Securities
may use "CUSIP" and "CINS" numbers (if then generally in use), and the Trustee
shall use CUSIP numbers or CINS numbers, as the case may be, in notices of
redemption or exchange as a convenience to Holders and no representation shall
be made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of redemption or exchange.

          Section 2.13.   DEFAULTED INTEREST. If the Company defaults in a
payment of interest on the Securities, it shall pay, or shall deposit with the
Paying Agent money in immediately available funds sufficient to pay, the
defaulted interest plus (to the extent lawful) any interest payable on the
defaulted interest (as may be specified in the terms thereof, established
pursuant to Section 2.03) to the Persons who are Holders on a subsequent special
record date, which shall mean the 15th day next preceding the date fixed by the
Company for the payment of defaulted interest, whether or not such day is a
Business Day. At least 15 days before such special record date, the Company
shall mail to each Holder and to the Trustee a notice that states the special
record date, the payment date and the amount of defaulted interest to be paid.

          Section 2.14.   SERIES MAY INCLUDE TRANCHES. A series of Securities
may include one or more tranches (each a "tranche") of Securities, including
Securities issued in a Periodic Offering. The Securities of different tranches
may have one or more different terms, including authentication dates and public
offering prices, but all the Securities within each such tranche shall have
identical terms, including authentication date and public offering price.
Notwithstanding any other provision of this Indenture, with respect to Sections
2.02 (other than the fourth paragraph thereof) through 2.04, 2.07, 2.08, 2.10,
3.01 through 3.05, 4.02, 6.01 through 6.14, 8.01 through 8.05 and 9.02, if any
series of Securities includes more than one tranche, all provisions of such
sections applicable to any series of Securities shall be deemed equally
applicable to each tranche of any series of Securities in the same manner as
though originally designated a series unless otherwise provided with respect to
such series or tranche pursuant to Section 2.03. In particular, and without
limiting the scope of the next preceding sentence, any of the provisions of such
sections which provide for or permit action to be taken with respect to a series
of Securities shall also be deemed to provide for and permit such action to be
taken instead only with respect to Securities of one or more tranches within
that series (and such provisions shall be deemed satisfied thereby), even if no
comparable action is taken with respect to Securities in the remaining tranches
of that series.

          Section 2.15.   COMPUTATION OF INTEREST. Except as otherwise specified
pursuant to Section 2.03 for Securities of any series, interest on the
Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

          Section 2.16.   ERISA. No Securities may be sold or otherwise
transferred unless the purchaser or transferee of such Securities represents,
or is deemed to represent, that on each day from the date of acquisition
through and including the date of disposition either (i) it is not an
employee benefit plan or other plan subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended, or Section 4975 of the
Internal Revenue Code of 1986, as amended, a governmental or other plan
subject to substantially similar federal, state or local law ("Similar Law"),
an entity whose underlying assets include "plan assets" by reason of any such
plan's investment in the entity or otherwise (each, a "Plan") or acting on
behalf of or investing the assets of any such Plan or (ii) it is eligible for
the exemptive relief available under Prohibited Transaction Class Exemption
96-23, 95-60, 91-38, 90-1 or 84-14 (or similar exemption from Similar Law)
with respect to the acquisition, holding and disposition of the Securities.

                                       16
<Page>

                                    ARTICLE 3

                                   REDEMPTION

          Section 3.01.   APPLICABILITY OF ARTICLE. The provisions of this
Article shall be applicable to the Securities of any series which are redeemable
before their maturity or to any sinking fund for the retirement of Securities of
a series except as otherwise specified as contemplated by Section 2.03 for
Securities of such series.

          Section 3.02.   NOTICE OF REDEMPTION; PARTIAL REDEMPTIONS. Notice of
redemption to the Holders of Registered Securities of any series to be redeemed
as a whole or in part at the option of the Company shall be given by mailing
notice of such redemption by first class mail, postage prepaid, at least 30 days
and not more than 60 days prior to the date fixed for redemption to such Holders
of Registered Securities of such series at their last addresses as they shall
appear upon the Security Register of the Company. Notice of redemption to the
Holders of Unregistered Securities of any series to be redeemed as a whole or in
part, who have filed their names and addresses with the Trustee pursuant to
Section 313(c)(2) of the Trust Indenture Act, shall be given by mailing notice
of such redemption, by first class mail, postage prepaid, at least 30 days and
not more than 60 days prior to the date fixed for redemption, to such Holders at
such addresses as were so furnished to the Trustee (and, in the case of any such
notice given by the Company, the Trustee shall make such information available
to the Company for such purpose). Notice of redemption to all other Holders of
Unregistered Securities of any series to be redeemed as a whole or in part shall
be published in an Authorized Newspaper in The City of New York and in an
Authorized Newspaper in London, in each case, once in each of three successive
calendar weeks, the first publication to be not less than 30 days nor more than
60 days prior to the date fixed for redemption. Any notice which is mailed or
published in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. Failure to give
notice by mail, or any defect in the notice to the Holder of any Security of a
series designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Security of such
series.

          The notice of redemption to each such Holder shall specify the
principal amount of each Security of such series held by such Holder to be
redeemed, the CUSIP and CINS numbers of the Securities to be redeemed, the date
fixed for redemption, the redemption price, the place or places of payment, that
payment will be made upon presentation and surrender of such Securities and, in
the case of Securities with coupons attached thereto, of all coupons
appertaining thereto maturing after the date fixed for redemption, that such
redemption is pursuant to the mandatory or optional sinking fund, or both, if
such be the case, that interest accrued to the date fixed for redemption will be
paid as specified in such notice and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue. In case
any Security of a series is to be redeemed in part only, the notice of
redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, upon
surrender of such Security, a new Security or Securities of such series and
tenor in principal amount equal to the unredeemed portion thereof will be
issued.

          The notice of redemption of Securities of any series to be redeemed at
the option of the Company shall be given by the Company or, at the Company's
request, by the Trustee in the name and at the expense of the Company.

                                       17
<Page>

          On or before 10:00 a.m., New York City time, on the redemption date
specified in the notice of redemption given as provided in this Section, the
Company will deposit with the Trustee or with one or more Paying Agents (or, if
the Company is acting as its own Paying Agent, set aside, segregate and hold in
trust as provided in Section 2.06) an amount of money sufficient to redeem on
the redemption date all the Securities of such series so called for redemption
at the appropriate redemption price, together with accrued interest to the date
fixed for redemption. If all of the outstanding Securities of a series are to be
redeemed, the Company will deliver to the Trustee at least 10 days prior to the
last date on which notice of redemption may be given to Holders pursuant to the
first paragraph of this Section 3.02 (or such shorter period as shall be
acceptable to the Trustee) an Officers' Certificate stating that all such
Securities are to be redeemed. If less than all the outstanding Securities of a
series are to be redeemed, the Company will deliver to the Trustee at least 15
days prior to the last date on which notice of redemption may be given to
Holders pursuant to the first paragraph of this Section 3.02 (or such shorter
period as shall be acceptable to the Trustee) an Officers' Certificate stating
the aggregate principal amount of such Securities to be redeemed. In case of a
redemption at the election of the Company prior to the expiration of any
restriction on such redemption, the Company shall deliver to the Trustee, prior
to the giving of any notice of redemption to Holders pursuant to this Section,
an Officers' Certificate stating that such redemption is not prohibited by such
restriction.

          If less than all the Securities of a series are to be redeemed, the
Trustee shall select, pro rata, by lot or in such manner as it shall deem
appropriate and fair, Securities of such series to be redeemed in whole or in
part. Securities may be redeemed in part in multiples equal to the minimum
authorized denomination for Securities of such series or any multiple thereof.
The Trustee shall promptly notify the Company in writing of the Securities of
such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the principal amount thereof to be
redeemed. For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Security redeemed or to be redeemed only in part, to the
portion of the principal amount of such Security which has been or is to be
redeemed.

          Section 3.03.   PAYMENT OF SECURITIES CALLED FOR REDEMPTION. If notice
of redemption has been given as above provided, the Securities or portions of
Securities specified in such notice shall become due and payable on the date and
at the place stated in such notice at the applicable redemption price, together
with interest accrued to the date fixed for redemption, and on and after such
date (unless the Company shall default in the payment of such Securities at the
redemption price, together with interest accrued to such date) interest on the
Securities or portions of Securities so called for redemption shall cease to
accrue, and the unmatured coupons, if any, appertaining thereto shall be void
and, except as provided in Sections 7.11 and 8.04, such Securities shall cease
from and after the date fixed for redemption to be entitled to any benefit under
this Indenture, and the Holders thereof shall have no right in respect of such
Securities except the right to receive the redemption price thereof and unpaid
interest to the date fixed for redemption.

          On presentation and surrender of such Securities at a place of payment
specified in said notice, together with all coupons, if any, appertaining
thereto maturing after the date fixed for redemption, said Securities or the
specified portions thereof shall be paid and redeemed by the Company at the
applicable redemption price, together with interest accrued thereon to the date
fixed for redemption; PROVIDED that payment of interest becoming due on or

                                       18
<Page>

prior to the date fixed for redemption shall be payable in the case of
Securities with coupons attached thereto, to the Holders of the coupons for such
interest upon surrender thereof, and in the case of Registered Securities, to
the Holders of such Registered Securities registered as such on the relevant
record date subject to the terms and provisions of Sections 2.04 and 2.13
hereof.

          If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the Principal shall, until paid or duly
provided for, bear interest from the date fixed for redemption at the rate of
interest or Yield to Maturity (in the case of an Original Issue Discount
Security) borne by such Security.

          If any Security with coupons attached thereto is surrendered for
redemption and is not accompanied by all appurtenant coupons maturing after the
date fixed for redemption, the surrender of such missing coupon or coupons may
be waived by the Company and the Trustee, if there be furnished to each of them
such security or indemnity as they may require to save each of them harmless.

          Upon presentation of any Security of any series redeemed in part only,
the Company shall execute and the Trustee shall authenticate and make available
for delivery to or on the order of the Holder thereof, at the expense of the
Company, a new Security or Securities of such series and tenor (with any
unmatured coupons attached), of authorized denominations, in principal amount
equal to the unredeemed portion of the Security so presented.

          Section 3.04.   EXCLUSION OF CERTAIN SECURITIES FROM ELIGIBILITY FOR
SELECTION FOR REDEMPTION. Securities shall be excluded from eligibility for
selection for redemption if they are identified by registration and certificate
number in a written statement signed by an Officer of the Company and delivered
to the Trustee at least 60 days prior to the last date on which notice of
redemption may be given as being owned of record and beneficially by, and not
pledged or hypothecated by either (a) the Company or (b) an entity specifically
identified in such written statement as directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company.

          Section 3.05.   MANDATORY AND OPTIONAL SINKING FUNDS. The minimum
amount of any sinking fund payment provided for by the terms of the Securities
of any series is herein referred to as a "mandatory sinking fund payment," and
any payment in excess of such minimum amount provided for by the terms of the
Securities of any series is herein referred to as an "optional sinking fund
payment." The date on which a sinking fund payment is to be made is herein
referred to as the "sinking fund payment date."

          In lieu of making all or any part of any mandatory sinking fund
payment with respect to any series of Securities in cash, the Company may at its
option (a) deliver to the Trustee Securities of such series theretofore
purchased or otherwise acquired (except through a mandatory sinking fund
payment) by the Company or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as
aforesaid) by the Company and delivered to the Trustee for cancellation pursuant
to Section 2.11, (b) receive credit for optional sinking fund payments (not
previously so credited) made pursuant to this Section, or (c) receive credit for
Securities of such series (not previously so credited) redeemed by the Company
through any optional sinking fund payment. Securities so delivered or credited
shall be received or credited by the Trustee at the sinking fund redemption
price specified in such Securities.

                                       19
<Page>

          On or before the sixtieth day next preceding each sinking fund payment
date for any series, or such shorter period as shall be acceptable to the
Trustee, the Company will deliver to the Trustee an Officers' Certificate (a)
specifying the portion of the mandatory sinking fund payment to be satisfied by
payment of cash and the portion to be satisfied by credit of specified
Securities of such series and the basis for such credit, (b) stating that none
of the specified Securities of such series has theretofore been so credited, (c)
stating that no defaults in the payment of interest or Events of Default with
respect to such series have occurred (which have not been waived or cured) and
are continuing and (d) stating whether or not the Company intends to exercise
its right to make an optional sinking fund payment with respect to such series
and, if so, specifying the amount of such optional sinking fund payment which
the Company intends to pay on or before the next succeeding sinking fund payment
date. Any Securities of such series to be credited and required to be delivered
to the Trustee in order for the Company to be entitled to credit therefor as
aforesaid which have not theretofore been delivered to the Trustee shall be
delivered for cancellation pursuant to Section 2.11 to the Trustee with such
Officers' Certificate (or reasonably promptly thereafter if acceptable to the
Trustee). Such Officers' Certificate shall be irrevocable and, upon its receipt
by the Trustee, the Company shall become unconditionally obligated to make all
the cash payments or delivery of Securities therein referred to, if any, on or
before the next succeeding sinking fund payment date. Failure of the Company, on
or before any such sixtieth day, to deliver such Officers' Certificate and
Securities specified in this paragraph, if any, shall not constitute a default
but shall constitute, on and as of such date, the irrevocable election of the
Company (i) that the mandatory sinking fund payment for such series due on the
next succeeding sinking fund payment date shall be paid entirely in cash without
the option to deliver or credit Securities of such series in respect thereof and
(ii) that the Company will make no optional sinking fund payment with respect to
such series as provided in this Section.

          If the sinking fund payment or payments (mandatory or optional or
both) to be made in cash on the next succeeding sinking fund payment date plus
any unused balance of any preceding sinking fund payments made in cash shall
exceed $50,000 (or a lesser sum if the Company shall so request with respect to
the Securities of any series), such cash shall be applied on the next succeeding
sinking fund payment date to the redemption of Securities of such series at the
sinking fund redemption price thereof together with accrued interest thereon to
the date fixed for redemption. If such amount shall be $50,000 (or such lesser
sum) or less and the Company makes no such request then it shall be carried over
until a sum in excess of $50,000 (or such lesser sum) is available. The Trustee
shall select, in the manner provided in Section 3.02, for redemption on such
sinking fund payment date a sufficient principal amount of Securities of such
series to absorb said cash, as nearly as may be, and shall (if requested in
writing by the Company) inform the Company of the serial numbers of the
Securities of such series (or portions thereof) so selected. Securities shall be
excluded from eligibility for redemption under this Section if they are
identified by registration and certificate number in an Officers' Certificate
delivered to the Trustee at least 60 days prior to the sinking fund payment date
as being owned of record and beneficially by, and not pledged or hypothecated by
either (a) the Company or (b) an entity specifically identified in such
Officers' Certificate as directly or indirectly controlling or controlled by or
under direct or indirect common control with the Company. The Trustee, in the
name and at the expense of the Company (or the Company, if it shall so request
the Trustee in writing) shall cause notice of redemption of the Securities of
such series to be given in substantially the manner provided in Section 3.02
(and with the effect provided in Section 3.03) for the redemption of Securities
of such series in part at the option of the Company. The amount of any sinking
fund payments not so applied or allocated to the

                                       20
<Page>

redemption of Securities of such series shall be added to the next cash sinking
fund payment for such series and, together with such payment, shall be applied
in accordance with the provisions of this Section. Any and all sinking fund
moneys held on the stated maturity date of the Securities of any particular
series (or earlier, if such maturity is accelerated), which are not held for the
payment or redemption of particular Securities of such series shall be applied,
together with other moneys, if necessary, sufficient for the purpose, to the
payment of the Principal of, and interest on, the Securities of such series at
maturity.

          On or before 10:00 a.m., New York City time, on each sinking fund
payment date, the Company shall pay to the Trustee in cash or shall otherwise
provide for the payment of all interest accrued to the date fixed for redemption
on Securities to be redeemed on the next following sinking fund payment date.
The Trustee shall not redeem or cause to be redeemed any Securities of a series
with sinking fund moneys or mail any notice of redemption of Securities of such
series by operation of the sinking fund during the continuance of a Default in
payment of interest on such Securities or of any Event of Default except that,
where the mailing of notice of redemption of any Securities shall theretofore
have been made, the Trustee shall redeem or cause to be redeemed such
Securities, PROVIDED that it shall have received from the Company a sum
sufficient for such redemption. Except as aforesaid, any moneys in the sinking
fund for such series at the time when any such Default or Event of Default shall
occur, and any moneys thereafter paid into the sinking fund, shall, during the
continuance of such default or Event of Default, be deemed to have been
collected under Article 6 and held for the payment of all such Securities. In
case such Event of Default shall have been waived as provided in Section 6.04 or
the Default cured on or before the sixtieth day preceding the sinking fund
payment date in any year, such moneys shall thereafter be applied on the next
succeeding sinking fund payment date in accordance with this Section to the
redemption of such Securities.

                                    ARTICLE 4

                                    COVENANTS

          Section 4.01.   PAYMENT OF SECURITIES. The Company shall pay the
Principal of and interest on the Securities on the dates and in the manner
provided in the Securities and this Indenture. The interest on Securities with
coupons attached (together with any additional amounts payable pursuant to the
terms of such Securities) shall be payable only upon presentation and surrender
of the several coupons for such interest installments as are evidenced thereby
as they severally mature. The interest on any temporary Unregistered Securities
(together with any additional amounts payable pursuant to the terms of such
Securities) shall be paid, as to the installments of interest evidenced by
coupons attached thereto, if any, only upon presentation and surrender thereof,
and, as to the other installments of interest, if any, only upon presentation of
such Unregistered Securities for notation thereon of the payment of such
interest. The interest on Registered Securities (together with any additional
amounts payable pursuant to the terms of such Securities) shall be payable only
to the Holders thereof and at the option of the Company may be paid by mailing
checks for such interest payable to or upon the written order of such Holders at
their last addresses as they appear on the Security Register of the Company.

          Notwithstanding any provisions of this Indenture and the Securities of
any series to the contrary, if the Company and a Holder of any Registered
Security so agree or if expressly provided pursuant to Section 2.03, payments of
interest on, and any portion of the Principal of,

                                       21
<Page>

such Holder's Registered Security (other than interest payable at maturity or on
any redemption or repayment date or the final payment of Principal on such
Security) shall be made by the Paying Agent, upon receipt from the Company of
immediately available funds by 11:00 a.m., New York City time (or such other
time as may be agreed to between the Company and the Paying Agent), directly to
the Holder of such Security (by Federal funds wire transfer or otherwise) if the
Holder has delivered written instructions to the Trustee 15 days prior to such
payment date requesting that such payment will be so made and designating the
bank account to which such payments shall be so made and in the case of payments
of Principal surrenders the same to the Trustee in exchange for a Security or
Securities aggregating the same principal amount as the unredeemed principal
amount of the Securities surrendered. The Trustee shall be entitled to rely on
the last instruction delivered by the Holder pursuant to this Section 4.01
unless a new instruction is delivered 15 days prior to a payment date. The
Company will indemnify and hold each of the Trustee and any Paying Agent
harmless against any loss, liability or expense (including attorneys' fees)
resulting from any act or omission to act on the part of the Company or any such
Holder in connection with any such agreement or from making any payment in
accordance with any such agreement.

          The Company shall pay interest on overdue Principal, and interest on
overdue installments of interest, to the extent lawful, at the rate per annum
specified in the Securities.

          Section 4.02.   MAINTENANCE OF OFFICE OR AGENCY. The Company will
maintain in the Borough of Manhattan, The City of New York, an office or agency
where Securities may be surrendered for registration of transfer or exchange or
for presentation for payment and where notices and demands to or upon the
Company in respect of the Securities and this Indenture may be served. The
Company hereby initially designates the Corporate Trust Office of the Trustee,
located in the Borough of Manhattan, The City of New York, as such office or
agency of the Company. 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
address of the Trustee set forth in Section 10.02.

          The Company will maintain one or more agencies in a city or cities
located outside the United States (including any city in which such an agency is
required to be maintained under the rules of any stock exchange on which the
Securities of any series are listed) where the Unregistered Securities, if any,
of each series and coupons, if any, appertaining thereto may be presented for
payment. No payment on any Unregistered Security or coupon will be made upon
presentation of the same at an agency of the Company within the United States
nor will any payment be made by transfer to an account in, or by mail to an
address in, the United States unless, pursuant to applicable United States laws
and regulations then in effect, such payment can be made without adverse tax
consequences to the Company. Notwithstanding the foregoing, if full payment in
United States Dollars ("Dollars") at each agency maintained by the Company
outside the United States for payment on such Unregistered Securities or coupons
appertaining thereto is illegal or effectively precluded by exchange controls or
other similar restrictions, payments in Dollars of Unregistered Securities of
any series and coupons appertaining thereto which are payable in Dollars may be
made at an agency of the Company maintained in the Borough of Manhattan, The
City of New York.

                                       22
<Page>

          The Company may also from time to time designate one or more other
offices or agencies where the Securities of any series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; PROVIDED that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in
the Borough of Manhattan, The City of New York 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 4.03.   CERTIFICATE TO TRUSTEE. The Company will furnish to
the Trustee annually, on or before a date not more than four months after the
end of its fiscal year (which, on the date hereof, is a calendar year), a brief
certificate (which need not contain the statements required by Section 10.04)
from its principal executive, financial or accounting officer as to his or her
knowledge of the compliance of the Company with all conditions and covenants
under this Indenture (such compliance to be determined without regard to any
period of grace or requirement of notice provided under this Indenture) which
certificate shall comply with the requirements of the Trust Indenture Act.

          Section 4.04.   REPORTS BY THE COMPANY. The Company covenants to 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 Exchange Act. Delivery
of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Company's compliance with any of
the covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers' Certificates).

          Section 4.05.   CALCULATION OF ORIGINAL ISSUE DISCOUNT. The Company
shall file with the Trustee promptly at the end of each calendar year a written
notice specifying the amount of original issue discount (including daily rates
and accrual periods) accrued on outstanding Securities as of the end of such
year.

                                    ARTICLE 5

                              SUCCESSOR CORPORATION

          Section 5.01.   WHEN THE COMPANY MAY MERGE, ETC. The Company shall not
consolidate with, merge with or into, or sell, convey, transfer, lease or
otherwise dispose of all or substantially all of its property and assets (as an
entirety or substantially as an entirety in one transaction or a series of
related transactions) to, any Person or permit any Person to merge with or into
the Company unless:

          (a) either (x) the Company shall be the continuing Person or (y) the
Person (if other than the Company) formed by such consolidation or into which
the Company is merged or that acquired or leased such property and assets of the
Company shall expressly assume, by a supplemental indenture, executed and
delivered to the Trustee, all of the obligations of the Company on all of the
Securities and under this Indenture and the Company shall have delivered to the
Trustee an Opinion of Counsel stating that such consolidation, merger or
transfer and such supplemental indenture complies with this provision and that
all conditions

                                       23
<Page>

precedent provided for herein relating to such transaction have been complied
with and that such supplemental indenture constitutes the legal, valid and
binding obligation of the Company or such successor enforceable against such
entity in accordance with its terms, subject to customary exceptions; and

          (b) the Company shall have delivered to the Trustee an Officers'
Certificate to the effect that immediately after giving effect to such
transaction, no Default shall have occurred and be continuing and an Opinion of
Counsel as to the matters set forth in Section 5.01(a)(y).

          Section 5.02.   SUCCESSOR SUBSTITUTED. Upon any consolidation or
merger, or any sale, conveyance, transfer, lease or other disposition of all or
substantially all of the property and assets of the Company in accordance with
Section 5.01 of this Indenture, the successor Person formed by such
consolidation or into which the Company is merged or to which such sale,
conveyance, transfer, lease or other disposition 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 Person had been named
as the Company herein.

                                   ARTICLE 6

                              DEFAULT AND REMEDIES

          Section 6.01.   EVENTS OF DEFAULT. An "Event of Default" shall occur
with respect to the Securities of any series if:

          (a) the Company defaults in the payment of all or any part of the
Principal of any Security of such series when the same becomes due and payable
at maturity, upon acceleration, redemption or mandatory repurchase, including as
a sinking fund installment, or otherwise;

          (b) the Company defaults in the payment of any interest on any
Security of such series when the same becomes due and payable, and such default
continues for a period of 30 days;

          (c) the Company defaults in the performance of or breaches any other
covenant or agreement of the Company in this Indenture with respect to any
Security of such series or in the Securities of such series and such default or
breach continues for a period of 60 days after written notice thereof has been
given to the Company by the Trustee or to the Company and the Trustee by the
Holders of 25% or more in aggregate principal amount of the Securities of all
series affected thereby;

          (d) an involuntary case or other proceeding shall be commenced against
the Company, with respect to the Company or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar
official of the Company or for any substantial part of the property and assets
of the Company, and such involuntary case or other proceeding shall remain
undismissed and unstayed for a period of 60 days, except that the issuance of a
writ of payment under the Swiss debt enforcement and bankruptcy laws shall not
constitute such involuntary case or proceeding for the purpose of this clause;
or an order for relief shall be entered against the Company under any
bankruptcy, insolvency or other similar law now or hereafter in effect;

                                       24
<Page>

          (e) the Company (i) commences a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or
consents to the entry of an order for relief in an involuntary case under any
such law, (ii) consents to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Company or for all or substantially all of the property and
assets of the Company, or (iii) effects any general assignment for the benefit
of creditors; or

          (f) any other Event of Default established pursuant to Section 2.03
with respect to the Securities of such series occurs.

          Section 6.02.   ACCELERATION. (a) If an Event of Default described in
Section 6.01(a) or (b) with respect to the Securities of any series then
outstanding occurs and is continuing, then, and in each and every such case,
except for any series of Securities the Principal of which shall have already
become due and payable, either the Trustee or the Holders of not less than 25%
in aggregate principal amount of the Securities of any such affected series then
outstanding hereunder (each such series treated as a separate class) by notice
in writing to the Company (and to the Trustee if given by Securityholders), may
declare the entire principal amount (or, if the Securities of any such series
are Original Issue Discount Securities, such portion of the principal amount as
may be specified in the terms of such series established pursuant to Section
2.03) of all Securities of such affected series, and the interest accrued
thereon, if any, to be due and payable immediately, and upon any such
declaration the same shall become immediately due and payable.

          (b) If an Event of Default described in Section 6.01(c) or (f) with
respect to the Securities of one or more but not all series then outstanding,
occurs and is continuing, then, and in each and every such case, except for any
series of Securities the Principal of which shall have already become due and
payable, either the Trustee or the Holders of not less than 25% in aggregate
principal amount (or, if the Securities of any such series are Original Issue
Discount Securities, the amount thereof that may be accelerated under this
Section) of the Securities of all such affected series then outstanding
hereunder (treated as a single class) by notice in writing to the Company (and
to the Trustee if given by Securityholders), may declare the entire principal
amount (or, if the Securities of any such series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the
terms of such series established pursuant to Section 2.03) of all Securities of
all such affected series, and the interest accrued thereon, if any, to be due
and payable immediately, and upon any such declaration the same shall become
immediately due and payable.

          (c) If an Event of Default described in Section 6.01(d) or (e) occurs
and is continuing, then the principal amount (or, if any Securities are Original
Issue Discount Securities, such portion of the Principal as may be specified in
the terms thereof established pursuant to Section 2.03) of all the Securities
then outstanding and interest accrued thereon, if any, shall be and become
immediately due and payable, without any notice or other action by any Holder or
the Trustee, to the full extent permitted by applicable law.

          (d) If an Event of Default described in Section 6.01(c) or (f) with
respect to the Securities of all series then outstanding, occurs and is
continuing, then, and in each and every such case, either the Trustee or the
Holders of not less than 25% in aggregate principal amount (or, if the
Securities of any outstanding series are Original Issue Discount Securities, the
amount thereof accelerable under this Section) of all Securities of any series
then outstanding hereunder

                                       25
<Page>

except for any series of Securities the Principal of which shall have already
become due and payable (treated as a single class) by notice in writing to the
Company (and to the Trustee if given by Securityholders), may declare the entire
principal amount (or, if the Securities of any such series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in
the terms of such series established pursuant to Section 2.03) of all Securities
of any series then outstanding, and the interest accrued thereon, if any, to be
due and payable immediately, and upon any such declaration the same shall become
immediately due and payable.

          The foregoing provisions, however, are subject to the condition that
if, at any time after the principal amount (or, if the Securities are Original
Issue Discount Securities, such portion of the Principal as may be specified in
the terms thereof established pursuant to Section 2.03) of the Securities of any
series (or of all the Securities, as the case may be) shall have been so
declared due and payable, and before any judgment or decree for the payment of
the moneys due shall have been obtained or entered as hereinafter provided, the
Company shall pay or shall deposit with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Securities of each such series (or
of all the Securities, as the case may be) and the Principal of any and all
Securities of each such series (or of all the Securities, as the case may be)
which shall have become due otherwise than by acceleration (with interest upon
such Principal and, to the extent that payment of such interest is enforceable
under applicable law, on overdue installments of interest, at the same rate as
the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) specified in the Securities of each such series to the date
of such payment or deposit) and such amount as shall be sufficient to cover all
amounts owing to the Trustee under Section 7.07, and if any and all Events of
Default under this Indenture, other than the non-payment of the Principal of
Securities which shall have become due by acceleration, shall have been cured,
waived or otherwise remedied as provided herein, then and in every such case the
Holders of a majority in aggregate principal amount of all the then outstanding
Securities of all such series that have been accelerated (voting as a single
class), by written notice to the Company and to the Trustee, may waive all
defaults with respect to all such series (or with respect to all the Securities,
as the case may be) and rescind and annul such declaration and its consequences,
but no such waiver or rescission and annulment shall extend to or shall affect
any subsequent default or shall impair any right consequent thereon.

          For all purposes under this Indenture, if a portion of the Principal
of any Original Issue Discount Securities shall have been accelerated and
declared due and payable pursuant to the provisions hereof, then, from and after
such declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed, for
all purposes hereunder, to be such portion of the Principal thereof as shall be
due and payable as a result of such acceleration, and payment of such portion of
the Principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts
owing thereunder, shall constitute payment in full of such Original Issue
Discount Securities.

          Section 6.03.   OTHER REMEDIES. If a payment default or an Event of
Default with respect to the Securities of any series occurs and is continuing,
the Trustee may pursue, in its own name or as trustee of an express trust, any
available remedy by proceeding at law or in equity to collect the payment of
Principal of and interest on the Securities of such series or to enforce the
performance of any provision of the Securities of such series or this Indenture.

                                       26
<Page>

          The Trustee may maintain a proceeding even if it does not possess any
of the Securities or does not produce any of them in the proceeding.

          Section 6.04.   WAIVER OF PAST DEFAULTS. Subject to Sections 6.02,
6.07 and 9.02, the Holders of at least a majority in principal amount (or, if
the Securities are Original Issue Discount Securities, such portion of the
Principal as is then accelerable under Section 6.02) of the outstanding
Securities of all series affected (voting as a single class), by notice to the
Trustee, may waive an existing Default or Event of Default with respect to the
Securities of such series and its consequences, except a Default in the payment
of Principal of or interest on any Security as specified in Section 6.01(a) or
(b) or in respect of a covenant or provision of this Indenture which cannot be
modified or amended without the consent of the Holder of each outstanding
Security affected. Upon any such waiver, such Default shall cease to exist, and
any Event of Default with respect to the Securities of such series 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
Event of Default or impair any right consequent thereto.

          Section 6.05.   CONTROL BY MAJORITY. Subject to Sections 7.01 and
7.02(e), the Holders of at least a majority in aggregate principal amount (or,
if any Securities are Original Issue Discount Securities, such portion of the
Principal as is then accelerable under Section 6.02) of the outstanding
Securities of all series affected (voting as a single class) may 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 Securities of such series by this Indenture; PROVIDED, that the
Trustee may refuse to follow any direction that conflicts with law or this
Indenture, that may involve the Trustee in personal liability or that the
Trustee determines in good faith may be unduly prejudicial to the rights of
Holders not joining in the giving of such direction; and PROVIDED FURTHER, that
the Trustee may take any other action it deems proper that is not inconsistent
with any directions received from Holders of Securities pursuant to this Section
6.05.

          Section 6.06.   LIMITATION ON SUITS. No Holder of any Security of any
series may institute any proceeding, judicial or otherwise, with respect to this
Indenture or the Securities of such series, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless:

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

          (b) the Holders of at least 25% in aggregate principal amount of
outstanding Securities of all such series affected 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;

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

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

                                       27
<Page>

          (e) during such 60-day period, the Holders of a majority in aggregate
principal amount of the outstanding Securities of all such affected series have
not given the Trustee a direction that is inconsistent with such written
request.

          A Holder may not use this Indenture to prejudice the rights of another
Holder or to obtain a preference or priority over such other Holder.

          Section 6.07.   RIGHTS OF HOLDER TO RECEIVE PAYMENT. Notwithstanding
any other provision of this Indenture, the right of any Holder of a Security to
receive payment of Principal of or interest, if any, on such Holder's Security
on or after the respective due dates expressed on such Security, or to bring
suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder.

          Section 6.08.   COLLECTION SUIT BY TRUSTEE. If an Event of Default
with respect to the Securities of any series in payment of Principal or interest
specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee may
recover judgment in its own name and as trustee of an express trust against the
Company for the whole amount (or such portion thereof as specified in the terms
established pursuant to Section 2.03 of Original Issue Discount Securities) of
Principal of, and accrued interest remaining unpaid on, together with interest
on overdue Principal of, and, to the extent that payment of such interest is
lawful, interest on overdue installments of interest on, the Securities of such
series, in each case at the rate or Yield to Maturity (in the case of Original
Issue Discount Securities) specified in such Securities, and such further amount
as shall be sufficient to cover all amounts owing to the Trustee under Section
7.07.

          Section 6.09.   TRUSTEE MAY FILE PROOFS OF CLAIM. The Trustee may file
such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
amounts due the Trustee under Section 7.07) and the Holders allowed in any
judicial proceedings relative to the Company (or any other obligor on the
Securities), its creditors or its property and shall be entitled and empowered
to collect and receive any moneys, securities or other property payable or
deliverable upon conversion or exchange of the Securities or upon 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 to it
under Section 7.07. Nothing herein contained shall be deemed to empower 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
Securities 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.

          Section 6.10.   APPLICATION OF PROCEEDS. Any moneys collected by the
Trustee pursuant to this Article in respect of the Securities of any series
shall be applied in the following order at the date or dates fixed by the
Trustee and, in case of the distribution of such moneys on account of Principal
or interest, upon presentation of the several Securities and coupons
appertaining to such Securities in respect of which moneys have been collected
and noting thereon the payment, or issuing Securities of such series and tenor
in reduced principal amounts in exchange for the presented Securities of such
series and tenor if only partially paid, or upon surrender thereof if fully
paid:

                                       28
<Page>

          FIRST: To the payment of all amounts due the Trustee under Section
     7.07 applicable to the Securities of such series in respect of which moneys
     have been collected;

          SECOND: In case the Principal of the Securities of such series in
     respect of which moneys have been collected shall not have become and be
     then due and payable, to the payment of interest on the Securities of such
     series in default in the order of the maturity of the installments of such
     interest, with interest (to the extent that such interest has been
     collected by the Trustee) upon the overdue installments of interest at the
     same rate as the rate of interest or Yield to Maturity (in the case of
     Original Issue Discount Securities) specified in such Securities, such
     payments to be made ratably to the persons entitled thereto, without
     discrimination or preference;

          THIRD: In case the Principal of the Securities of such series in
     respect of which moneys have been collected shall have become and shall be
     then due and payable, to the payment of the whole amount then owing and
     unpaid upon all the Securities of such series for Principal and interest,
     with interest upon the overdue Principal, and (to the extent that such
     interest has been collected by the Trustee) upon overdue installments of
     interest at the same rate as the rate of interest or Yield to Maturity (in
     the case of Original Issue Discount Securities) specified in the Securities
     of such series; and in case such moneys shall be insufficient to pay in
     full the whole amount so due and unpaid upon the Securities of such series,
     then to the payment of such Principal and interest or Yield to Maturity,
     without preference or priority of Principal over interest or Yield to
     Maturity, or of interest or Yield to Maturity over Principal, or of any
     installment of interest over any other installment of interest, or of any
     Security of such series over any other Security of such series, ratably to
     the aggregate of such Principal and accrued and unpaid interest or Yield to
     Maturity; and

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

          Section 6.11.   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 Trustee and the Holders shall be restored to their former positions
hereunder and thereafter all rights and remedies of the Company, Trustee and the
Holders shall continue as though no such proceeding had been instituted.

          Section 6.12.   UNDERTAKING FOR COSTS. 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 or omitted by it as Trustee, in either case in respect to
the Securities of any series, a court may require any party litigant in such
suit (other than the Trustee) to file an undertaking to pay the costs of the
suit, and the court may assess reasonable costs, including reasonable attorneys'
fees and expenses, against any party litigant (other than the Trustee) in the
suit having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 6.12 does not apply to a suit by a
Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in
principal amount of the outstanding Securities of such series.

                                       29
<Page>

          Section 6.13.   RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or wrongfully taken Securities in Section 2.08, 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 6.14.   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 6 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.

                                    ARTICLE 7

                                     TRUSTEE

          Section 7.01.   GENERAL. The duties and responsibilities of the
Trustee shall be as provided by the Trust Indenture Act and as set forth herein.
Notwithstanding the foregoing, 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, unless it receives indemnity satisfactory to it
against any loss, liability or expense. 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 Article 7. The Trustee, prior to the occurrence of an Event
of Default of which a Responsible Officer of the Trustee has actual knowledge
and after the curing of all Events of Default which may have occurred,
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. If an Event of Default to the actual
knowledge of a Responsible Officer of the Trustee has occurred (which has not
been cured or waived), 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.

          Section 7.02.   CERTAIN RIGHTS OF TRUSTEE. Subject to Trust Indenture
Act Sections 315(a) through (d):

          (a) the Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any Officers' Certificate, Opinion of
Counsel (or both), 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 person or persons. The
Trustee need not investigate any fact or matter stated in the document, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit;

                                       30
<Page>

          (b) before the Trustee acts or refrains from acting, it may require an
Officers' Certificate and/or an Opinion of Counsel, which shall conform to
Section 10.04. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on such certificate or opinion. Subject to
Sections 7.01 and 7.02, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any
action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of negligence or bad faith
on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers' Certificate delivered to the Trustee, and such certificate, in
the absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken, suffered or omitted to be taken by
it under the provisions of this Indenture upon the faith thereof;

          (c) the Trustee may act through its attorneys, Agents, custodians and
nominees not regularly in its employ and shall not be responsible for the
misconduct or negligence of any Agent, attorney, custodian and nominee appointed
with due care;

          (d) any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by an Officers' Certificate (unless other
evidence in respect thereof be herein specifically prescribed); and any Board
Resolution may be evidenced to the Trustee by a copy thereof certified by the
secretary or an assistant secretary of the Company;

          (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, order or
direction of any of the Holders, unless such Holders shall have offered to the
Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities that might be incurred by it in compliance with such request, order
or direction;

          (f) the Trustee shall not be liable for any action it takes or omits
to take in good faith that it believes to be authorized or within its rights or
powers or for any action it takes or omits to take in accordance with the
direction of the Holders in accordance with Section 6.05 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;

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

          (h) prior to the occurrence of an Event of Default hereunder and after
the curing or waiving of all Events of Default, the Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution,
certificate, Officers' Certificate, Opinion of Counsel, Board Resolution,
statement, instrument, opinion, report, notice, request, consent, order,
approval, appraisal, bond, debenture, note, coupon, security, or other paper or
document unless requested in writing so to do by the Holders of not less than a
majority in aggregate principal amount of the Securities of all series affected
then outstanding; PROVIDED that, if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms of this
Indenture,

                                       31
<Page>

the Trustee may require indemnity satisfactory to it against such expenses or
liabilities as a condition to proceeding; and

          (i) if the Trustee is acting as Paying Agent or Transfer Agent and
Registrar herein the rights and protections afforded the Trustee under this
Article 7 shall also be afforded to such Paying Agent or Transfer Agent and
Registrar.

          Section 7.03.   INDIVIDUAL RIGHTS OF TRUSTEE. The Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities
and may otherwise deal with the Company or its affiliates with the same rights
it would have if it were not the Trustee. Any Agent may do the same with like
rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b)
and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6), the
following terms shall mean:

          (a) "cash transaction" means any transaction in which full payment for
goods or securities sold is 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

          (b) "self-liquidating paper" means any draft, bill of exchange,
acceptance or obligation which is made, drawn, negotiated or incurred by the
Company 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 arising from the making, drawing,
negotiating or incurring of the draft, bill of exchange, acceptance or
obligation.

          [For purposes of clause (i) of the first proviso to Trust Indenture
Act Section 310(b), the following indenture is hereby excluded: the senior
guaranteed indenture dated ________ among Credit Suisse Group Finance (Delaware)
LLC I, as the company, Credit Suisse Group, as the guarantor, and JPMorgan Chase
Bank, as the trustee.]

          Section 7.04.   TRUSTEE'S DISCLAIMER. The recitals contained herein
and in the Securities (except the Trustee's certificate of authentication) shall
be taken as statements of the Company and not of the Trustee and the Trustee
assumes no responsibility for the correctness of the same. Neither the Trustee
nor any of its agents (i) makes any representation as to the validity or
adequacy of this Indenture or the Securities and (ii) shall be accountable for
the Company's use or application of the proceeds from the Securities or for
monies paid over to the Company pursuant to the Indenture.

          Section 7.05.   NOTICE OF DEFAULT. If any Default with respect to the
Securities of any series occurs and is continuing and if such Default is known
to the actual knowledge of a Responsible Officer of the Trustee, the Trustee
shall give to each Holder of Securities of such series notice of such Default
within 90 days after it occurs (i) if any Unregistered Securities of such series
are then outstanding, to the Holders thereof, by publication at least once in an
Authorized Newspaper in the Borough of Manhattan, The City of New York and at
least once in an Authorized Newspaper in London and (ii) to all Holders of
Securities of such series in the manner and to the extent provided in Section
313(c) of the Trust Indenture Act, unless such

                                       32
<Page>

Default shall have been cured or waived before the mailing or publication of
such notice; PROVIDED, HOWEVER, that, except in the case of a Default in the
payment of the Principal of or interest on any Security, the Trustee shall be
fully protected in withholding such notice if the Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders.

          Section 7.06.   REPORTS BY TRUSTEE TO HOLDERS. Within 60 days after
each May 1, beginning with May 1, 20__, the Trustee shall mail to each Holder as
and to the extent provided in Trust Indenture Act Section 313(c) a brief report
dated as of such May 1, if required by Trust Indenture Act Section 313(a).

          Section 7.07.   COMPENSATION AND INDEMNITY. The Company shall pay to
the Trustee such compensation as shall be agreed upon in writing from time to
time for its services. The compensation of the Trustee shall not be limited by
any law on compensation of a Trustee of an express trust. The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses,
disbursements and advances incurred or made by the Trustee. Such expenses shall
include the reasonable compensation and expenses of the Trustee's agents,
counsel and other persons not regularly in its employ.

          The Company shall indemnify the Trustee and its officers, directors,
employees and Agents for, and hold it and them harmless against, any and all
loss, damage, claim or liability or expense (including legal fees and expenses)
including taxes (other than taxes based on the income of the Trustee) incurred
by it or them without negligence or bad faith on its part arising out of or in
connection with the acceptance or administration of this Indenture and the
Securities or the issuance of the Securities or a series thereof or the trusts
hereunder and the performance of its duties under this Indenture and the
Securities, including the costs and expenses of defending itself against or
investigating any claim or liability and of complying with any process served
upon it or any of its officers in connection with the exercise or performance of
any of its powers or duties under this Indenture and the Securities.

          To secure the Company's payment obligations in this Section 7.07, the
Trustee shall have a lien prior to the Securities on all money or property held
or collected by the Trustee, in its capacity as Trustee, except money or
property held in trust to pay Principal of, and interest on particular
Securities.

          The obligations of the Company under this Section to compensate and
indemnify the Trustee and each predecessor Trustee and to pay or reimburse the
Trustee and each predecessor Trustee for expenses, disbursements and advances
shall constitute additional indebtedness hereunder and shall survive the
satisfaction and discharge of this Indenture or the rejection or termination of
this Indenture under bankruptcy, insolvency or similar law or the earlier
resignation or removal of the Trustee. Such additional indebtedness shall be a
senior claim to that of the Securities upon all property and funds held or
collected by the Trustee as such, except funds held in trust for the benefit of
the Holders of particular Securities or coupons, and the Securities are hereby
subordinated to such senior claim. If the Trustee renders services and incurs
expenses following an Event of Default under Section 6.01(d) or Section 6.01(e)
hereof, the parties hereto and the Holders by their acceptance of the Securities
hereby agree that such expenses are intended to constitute expenses of
administration under any bankruptcy, insolvency or similar law.

                                       33
<Page>

          Section 7.08.   REPLACEMENT OF TRUSTEE. A resignation or removal of
the Trustee as Trustee with respect to the Securities of any series and
appointment of a successor Trustee as Trustee with respect to the Securities of
any series shall become effective only upon the successor Trustee's acceptance
of appointment as provided in this Section 7.08.

          The Trustee may resign as Trustee with respect to the Securities of
any series at any time by so notifying the Company in writing. The Holders of a
majority in principal amount of the outstanding Securities of any series may
remove the Trustee as Trustee with respect to the Securities of such series by
so notifying the Trustee in writing and may appoint a successor Trustee with
respect thereto with the consent of the Company. The Company may remove the
Trustee as Trustee with respect to the Securities of any series if: (i) the
Trustee is no longer eligible under Section 7.10 of this Indenture; (ii) the
Trustee is adjudged a bankrupt or insolvent; (iii) a receiver or other public
officer takes charge of the Trustee or its property; or (iv) the Trustee becomes
incapable of acting.

          If the Trustee resigns or is removed as Trustee with respect to the
Securities of any series, or if a vacancy exists in the office of Trustee with
respect to the Securities of any series for any reason, the Company shall
promptly appoint a successor Trustee with respect thereto. Within one year after
the successor Trustee takes office, the Holders of a majority in principal
amount of the outstanding Securities of such series may appoint a successor
Trustee in respect of such Securities to replace the successor Trustee appointed
by the Company. If the successor Trustee with respect to the Securities of any
series does not deliver its written acceptance required by the next succeeding
paragraph of this Section 7.08 within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company or the Holders of a majority in
principal amount of the outstanding Securities of such series may petition any
court of competent jurisdiction for the appointment of a successor Trustee with
respect thereto.

          A successor Trustee with respect to the Securities of any series shall
deliver a written acceptance of its appointment to the retiring Trustee and to
the Company. Immediately after the delivery of such written acceptance, subject
to the lien provided for in Section 7.07 and subject to the payment of any and
all amounts then due and owing to the retiring Trustee, (i) the retiring Trustee
shall transfer all property held by it as Trustee in respect of the Securities
of such series to the successor Trustee, (ii) the resignation or removal of the
retiring Trustee in respect of the Securities of such series shall become
effective and (iii) the successor Trustee shall have all the rights, powers and
duties of the Trustee in respect of the Securities of such series under this
Indenture. A successor Trustee shall mail notice of its succession to each
Holder of Securities of such series.

          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 the
preceding paragraph.

          The Company shall give notice of any resignation and any removal of
the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee in respect of the Securities of such series to all Holders
of Securities of such series. Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.

                                       34
<Page>

          Notwithstanding replacement of the Trustee with respect to the
Securities of any series pursuant to this Section 7.08, the Company's
obligations under Section 7.07 shall continue for the benefit of the retiring
Trustee.

          Section 7.09.   SUCCESSOR TRUSTEE BY MERGER, ETC. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation or national banking
association, the resulting, surviving or transferee corporation or national
banking association without any further act shall be the successor Trustee with
the same effect as if the successor Trustee had been named as the Trustee
herein; PROVIDED that such successor Trustee shall be otherwise qualified and
eligible under this Article 7.

          Section 7.10.   ELIGIBILITY. This Indenture shall always have a
Trustee who satisfies the requirements of Trust Indenture Act Section 310(a).
The Trustee shall have a combined capital and surplus of at least $50,000,000 as
set forth in its most recent published annual report of condition.

          Section 7.11.   MONEY HELD IN TRUST. The Trustee shall not be liable
for interest on any money received by it except as the Trustee may agree in
writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law and except for
money held in trust under Article 8 of this Indenture.

                                    ARTICLE 8

                             DISCHARGE OF INDENTURE

          Section 8.01.   DEFEASANCE WITHIN ONE YEAR OF PAYMENT. Except as
otherwise provided in this Section 8.01, the Company may terminate its
obligations under the Securities of any series and this Indenture with respect
to Securities of such series if:

          (a) all Securities of such series previously authenticated and
delivered (other than destroyed, lost or wrongfully taken Securities of such
series that have been replaced or paid or Securities of such series that are
paid pursuant to Section 4.01 or Securities of such series for whose payment
money or securities have theretofore been held in trust and thereafter repaid to
the Company, as provided in Section 8.05) have been delivered to the Trustee for
cancellation and the Company has paid all sums payable by it hereunder; or

          (b) (i) the Securities of such series mature within one year or all of
them are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, (ii) the
Company irrevocably deposits in trust with the Trustee, as trust funds solely
for the benefit of the Holders of such Securities for that purpose, money or
U.S. Government Obligations or a combination thereof sufficient (unless such
funds consist solely of money, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee), without consideration of any reinvestment, to pay the
Principal of and interest on the Securities of such series to maturity or
redemption, as the case may be, and to pay all other sums payable by it
hereunder, and (iii) the Company delivers to the Trustee an Officers'
Certificate and an Opinion of Counsel, in each case stating that all conditions
precedent provided for herein relating to the

                                       35
<Page>

satisfaction and discharge of this Indenture with respect to the Securities of
such series have been complied with.

          With respect to the foregoing clause (a), only the Company's
obligations under Section 7.07 in respect of the Securities of such series shall
survive. With respect to the foregoing clause (b), only the Company's
obligations in Sections 2.02 through 2.12, 4.02, 7.07, 7.08, 8.04 and 8.05 in
respect of the Securities of such series shall survive until such Securities of
such series are no longer outstanding. Thereafter, only the Company's
obligations in Sections 7.07, 8.04 and 8.05 in respect of the Securities of such
series shall survive. After any such irrevocable deposit, the Trustee upon
written request shall acknowledge in writing the discharge of the Company's
obligations under the Securities of such series and this Indenture with respect
to the Securities of such series except for those surviving obligations
specified above.

          Section 8.02.   DEFEASANCE. Except as provided below, the Company will
be deemed to have paid and will be discharged from any and all obligations in
respect of the Securities of any series and the provisions of this Indenture
will no longer be in effect with respect to the Securities of such series (and
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same); PROVIDED that the following conditions shall have been
satisfied:

          (a) the Company has irrevocably deposited in trust with the Trustee as
trust funds solely for the benefit of the Holders of the Securities of such
series, for payment of the Principal of and interest on the Securities of such
series, money or U.S. Government Obligations or a combination thereof sufficient
(unless such funds consist solely of money, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee) without consideration of any
reinvestment and after payment of all federal, state and local taxes or other
charges and assessments in respect thereof payable by the Trustee, to pay and
discharge the Principal of and accrued interest on the outstanding Securities of
such series to maturity or earlier redemption (irrevocably provided for under
arrangements satisfactory to the Trustee), as the case may be;

          (b) such deposit will not result in a breach or violation of, or
constitute a default under, this Indenture or any other material agreement or
instrument to which the Company is a party or by which it is bound;

          (c) no Default with respect to the Securities of such series shall
have occurred and be continuing on the date of such deposit;

          (d) the Company shall have delivered to the Trustee either (x) a
ruling directed to the Trustee received from the Internal Revenue Service to the
effect that the Holders of the Securities of such series will not recognize
income, gain or loss for federal income tax purposes as a result of such
discharge under this Section 8.02 and will be subject to federal income tax on
the same amount and in the same manner and at the same times as would have been
the case if such deposit and defeasance had not occurred or (y) an Opinion of
Counsel to the same effect as the ruling described in clause (x) above; and

          (e) the Company has delivered to the Trustee an Officers' Certificate
and an Opinion of Counsel, in each case stating that all conditions precedent
provided for herein

                                       36
<Page>

relating to the defeasance contemplated by this Section 8.02 of the Securities
of such series have been complied with.

          The Company's obligations in Sections 2.02 through 2.12, 4.02, 7.07,
7.08, 8.04 and 8.05 with respect to the Securities of such series shall survive
until such Securities are no longer outstanding. Thereafter, only the Company's
obligations in Sections 7.07 and 8.05 shall survive.

          Section 8.03.   COVENANT DEFEASANCE. The Company may omit to comply
with any specific covenant relating to such series provided for in a Board
Resolution or supplemental indenture pursuant to Section 2.03 which may by its
terms be defeased pursuant to this Section 8.03, and such omission shall be
deemed not to be an Event of Default under Section 6.01(c) or (f), with respect
to the outstanding Securities of a series if:

          (a) the Company has irrevocably deposited in trust with the Trustee as
trust funds solely for the benefit of the Holders of the Securities of such
series, for payment of the Principal of and interest, if any, on the Securities
of such series, money or U.S. Government Obligations or a combination thereof in
an amount sufficient (unless such funds consist solely of money, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee) without consideration of
any reinvestment and after payment of all federal, state and local taxes or
other charges and assessments in respect thereof payable by the Trustee, to pay
and discharge the Principal of and interest on the outstanding Securities of
such series to maturity or earlier redemption (irrevocably provided for under
arrangements satisfactory to the Trustee), as the case may be;

          (b) such deposit will not result in a breach or violation of, or
constitute a default under, this Indenture or any other material agreement or
instrument to which the Company is a party or by which it is bound;

          (c) no Default with respect to the Securities of such series shall
have occurred and be continuing on the date of such deposit;

          (d) the Company has delivered to the Trustee an Opinion of Counsel to
the effect that such Holders will not recognize income, gain or loss for federal
income tax purposes as a result of such deposit and covenant defeasance and will
be subject to federal income tax on the same amount and in the same manner and
at the same times as would have been the case if such deposit and defeasance had
not occurred; and

          (e) the Company has delivered to the Trustee an Officers' Certificate
and an Opinion of Counsel, in each case stating that all conditions precedent
provided for herein relating to the covenant defeasance contemplated by this
Section 8.03 of the Securities of such series have been complied with.

          Section 8.04.   APPLICATION OF TRUST MONEY. Subject to Section 8.05,
the Trustee or Paying Agent shall hold in trust money or U.S. Government
Obligations deposited with it pursuant to Section 8.01, 8.02 or 8.03, as the
case may be, in respect of the Securities of any series and shall apply the
deposited money and the proceeds from deposited U.S. Government Obligations in
accordance with the Securities of such series and this Indenture to the payment
of Principal of and interest on the Securities of such series; but such money
need not be segregated

                                       37
<Page>

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 U.S. Government Obligations deposited pursuant to Section
8.01, 8.02 or 8.03 or the Principal or 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 outstanding Securities.

          Section 8.05.   REPAYMENT TO COMPANY. Subject to Sections 7.07, 8.01,
8.02 and 8.03, the Trustee and the Paying Agent shall promptly pay to the
Company upon request set forth in an Officers' Certificate any money held by
them at any time and not required to make payments hereunder and thereupon shall
be relieved from all liability with respect to such money. The Trustee and the
Paying Agent shall pay to the Company upon written request any money held by
them and required to make payments hereunder that remains unclaimed for two
years; PROVIDED that the Trustee or such Paying Agent before being required to
make any payment may cause to be published at the expense of the Company once in
an Authorized Newspaper in The City of New York and once in an Authorized
Newspaper in London or mail to each Holder entitled to such money at such
Holder's address (as set forth in the Security Register) notice that such money
remains unclaimed and that after a date specified therein (which shall be at
least 30 days from the date of such publication or mailing) any unclaimed
balance of such money then remaining will be repaid to the Company. After
payment to the Company, Holders entitled to such money must look to the Company
for payment as general creditors unless an applicable law designates another
Person, and all liability of the Trustee and such Paying Agent with respect to
such money shall cease.

                                    ARTICLE 9

                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

          Section 9.01.   WITHOUT CONSENT OF HOLDERS. The Company and the
Trustee may amend or supplement this Indenture or the Securities of any series
without notice to or the consent of any Holder:

          (a) to cure any ambiguity, defect or inconsistency in this Indenture;
PROVIDED that such amendments or supplements shall not materially and adversely
affect the interests of the Holders;

          (b) to comply with Article 5;

          (c) to comply with any requirements of the Commission in connection
with the qualification of this Indenture under the Trust Indenture Act;

          (d) to evidence and provide for the acceptance of appointment
hereunder with respect to the Securities of any or all series by a successor
Trustee;

          (e) to establish the form or forms or terms of Securities of any
series or of the coupons appertaining to such Securities as permitted by Section
2.03;

          (f) to provide for uncertificated or Unregistered Securities and to
make all appropriate changes for such purpose;

                                       38
<Page>

          (g) to provide for a guarantee from a third party on outstanding
Securities of any series and the Securities of any series that may be issued
under this Indenture; or

          (h) to make any change that does not materially and adversely affect
the rights of any Holder.

          Section 9.02.   WITH CONSENT OF HOLDERS. Subject to Sections 6.04 and
6.07, without prior notice to any Holders, the Company and the Trustee may amend
this Indenture and the Securities of any series with the written consent of the
Holders of a majority in principal amount (or, if any Securities are Original
Issue Discount Securities, such portion of the Principal as may then be
accelerated under Section 6.02) of the outstanding Securities of all series
affected by such amendment (all such series voting as one class), and the
Holders of a majority in principal amount (or, if any Securities are Original
Issue Discount Securities, such portion of the Principal as may then be
accelerated under Section 6.02) of the outstanding Securities of all series
affected thereby (all such series voting as one class) by written notice to the
Trustee may waive future compliance by the Company with any provision of this
Indenture or the Securities of such series.

          Notwithstanding the provisions of this Section 9.02, without the
consent of each Holder affected thereby, an amendment or waiver, including a
waiver pursuant to Section 6.04, may not:

          (a) extend the stated maturity of the Principal of, or any sinking
fund obligation or any installment of interest on, such Holder's Security, or
reduce the Principal thereof or the rate of interest thereon (including any
amount in respect of original issue discount), or adversely affect the rights of
such Holder under any mandatory redemption or repurchase provision or any right
of redemption or repurchase at the option of such Holder, or reduce the amount
of the Principal of an Original Issue Discount Security that would be due and
payable upon an acceleration of the maturity thereof pursuant to Section 6.02 or
the amount thereof provable in bankruptcy, insolvency or similar proceeding, or
change any place of payment where, or the currency in which, any Principal or
the interest thereon is payable, modify any right to convert or exchange such
Holder's Security for another security to the detriment of the Holder, or impair
the right to institute suit for the enforcement of any such payment on or after
the due date therefor;

          (b) reduce the percentage in principal amount of outstanding
Securities of the relevant series the consent of whose Holders is required for
any such supplemental indenture, or for any waiver of compliance with certain
provisions of this Indenture or certain Defaults and their consequences provided
for in this Indenture;

          (c) waive a Default in the payment of Principal of or interest on any
Security of such Holder; or

          (d) modify any of the provisions of this Section 9.02, 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 Security 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

                                       39
<Page>

more particular series of Securities, or which modifies the rights of Holders of
Securities of such series with respect to such covenant or provision, shall be
deemed not to affect the rights under this Indenture of the Holders of
Securities of any other series or of the coupons appertaining to such
Securities.

          It shall not be necessary for the consent of any Holder under this
Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the
substance thereof.

          After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Company shall give to the Holders affected thereby a
notice briefly describing the amendment, supplement or waiver. The Company will
mail supplemental indentures to Holders upon request. Any failure of the Company
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture or waiver.

          Section 9.03.   REVOCATION AND EFFECT OF CONSENT. Until an amendment
or waiver becomes effective, a consent to it by a Holder is a continuing consent
by the Holder and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the Security of the consenting Holder, even if
notation of the consent is not made on any Security. However, any such Holder or
subsequent Holder may revoke the consent as to its Security or portion of its
Security. Such revocation shall be effective only if the Trustee receives the
notice of revocation before the date the amendment, supplement or waiver becomes
effective. An amendment, supplement or waiver shall become effective with
respect to any Securities affected thereby on receipt by the Trustee of written
consents from the requisite Holders of outstanding Securities affected thereby.

          The Company may, but shall not be obligated to, fix a record date
(which may be not less than 10 nor more than 60 days prior to the solicitation
of consents) for the purpose of determining the Holders of the Securities of any
series affected entitled to consent to any amendment, supplement or waiver. If a
record date is fixed, then, notwithstanding the immediately preceding paragraph,
those Persons who were such Holders at such record date (or their duly
designated proxies) and only those Persons shall be entitled to consent to such
amendment, supplement or waiver or to revoke any consent previously given,
whether or not such Persons continue to be such Holders after such record date.
No such consent shall be valid or effective for more than 90 days after such
record date.

          After an amendment, supplement or waiver becomes effective with
respect to the Securities of any series affected thereby, it shall bind every
Holder of such Securities unless it is of the type described in any of clauses
(a) through (d) of Section 9.02. In case of an amendment or waiver of the type
described in clauses (a) through (d) of Section 9.02, the amendment or waiver
shall bind each such Holder who has consented to it and every subsequent Holder
of a Security that evidences the same indebtedness as the Security of the
consenting Holder.

          Section 9.04.   NOTATION ON OR EXCHANGE OF SECURITIES. If an
amendment, supplement or waiver changes the terms of any Security, the Trustee
may require the Holder thereof to deliver it to the Trustee. The Trustee may
place an appropriate notation on the Security about the changed terms and return
it to the Holder and the Trustee may place an appropriate notation on any
Security of such series thereafter authenticated. Alternatively, if the Company
or the Trustee so determines, the Company in exchange for the Security shall
issue

                                       40
<Page>

and the Trustee shall authenticate a new Security of the same series and tenor
that reflects the changed terms.

          Section 9.05.   TRUSTEE TO SIGN AMENDMENTS, ETC. The Trustee shall be
entitled to receive, and shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of any amendment, supplement or waiver
authorized pursuant to this Article 9 is authorized or permitted by this
Indenture, stating that all requisite consents have been obtained or that no
consents are required and stating that such supplemental indenture constitutes
the legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms, subject to customary exceptions. Subject
to the preceding sentence, the Trustee shall sign such amendment, supplement or
waiver if the same does not adversely affect the rights of the Trustee. The
Trustee may, but shall not be obligated to, execute any such amendment,
supplement or waiver that affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise.

          Section 9.06.   CONFORMITY WITH TRUST INDENTURE ACT. Every
supplemental indenture executed pursuant to this Article 9 shall conform to the
requirements of the Trust Indenture Act as then in effect.

                                   ARTICLE 10

                                  MISCELLANEOUS

          Section 10.01.  TRUST INDENTURE ACT OF 1939. This Indenture shall
incorporate and be governed by the provisions of the Trust Indenture Act that
are required to be part of and to govern indentures qualified under the Trust
Indenture Act.

          Section 10.02.  NOTICES. Any notice or communication shall be
sufficiently given if written and (a) if delivered in person, when received or
(b) if mailed by first class mail, 5 days after mailing, or (c) as between the
Company and the Trustee if sent by facsimile transmission, when transmission is
confirmed, in each case addressed as follows:

          if to the Company:

          Credit Suisse Group
          Paradeplatz 8, P.O. Box 1
          CH 8070 Zurich, Switzerland
          Facsimile No.: +41-1-210-2120
          Attention: General Counsel

          if to the Trustee:

          JPMorgan Chase Bank
          450 West 33rd Street
          15th Floor
          New York, New York 10001
          Attention: Institutional Trust Services
          Facsimile No.: (212) 946-8162

                                       41
<Page>

          The Company or the Trustee by written notice to the other may
designate additional or different addresses for subsequent notices or
communications.

          Any notice or communication shall be sufficiently given to Holders of
any Unregistered Securities by publication at least once in an Authorized
Newspaper in The City of New York and at least once in an Authorized Newspaper
in London, and by mailing to the Holders thereof who have filed their names and
addresses with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture
Act at such addresses as were so furnished to the Trustee and to Holders of
Registered Securities by mailing to such Holders at their addresses as they
shall appear on the Security Register. Notice mailed shall be sufficiently given
if so mailed within the time prescribed. Copies of any such communication or
notice to a Holder shall also be mailed to the Trustee and each Agent at the
same time.

          Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders. Except as
otherwise provided in this Indenture, if a notice or communication is mailed in
the manner provided in this Section 10.02, it is duly given, whether or not the
addressee receives it.

          Where this Indenture 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 it shall be impracticable to give notice as herein
contemplated, then such notification as shall be made with the approval of the
Trustee shall constitute a sufficient notification for every purpose hereunder.

          Section 10.03.  CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.
Upon any request or application by the Company to the Trustee to take any action
under this Indenture, the Company shall furnish to the Trustee:

          (a) an Officers' Certificate stating that, in the opinion of the
signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

          (b) an Opinion of Counsel stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

          Section 10.04.  STATEMENTS REQUIRED IN CERTIFICATE OR OPINION. Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

          (a) a statement that each person signing such certificate or opinion
has read such covenant or condition and the definitions herein relating thereto;

          (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statement or opinion contained in such certificate
or opinion is based;

                                       42
<Page>

          (c) a statement that, in the opinion of each such person, he has made
such examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

          (d) a statement as to whether or not, in the opinion of each such
person, such condition or covenant has been complied with; PROVIDED, HOWEVER,
that, with respect to matters of fact, an Opinion of Counsel may rely on an
Officers' Certificate or certificates of public officials.

          Section 10.05.  EVIDENCE OF OWNERSHIP. The Company, the Trustee and
any agent of the Company or the Trustee may deem and treat the Holder of any
Unregistered Security and the Holder of any coupon as the absolute owner of such
Unregistered Security or coupon (whether or not such Unregistered Security or
coupon shall be overdue) for the purpose of receiving payment thereof or on
account thereof and for all other purposes, and neither the Company, the
Trustee, nor any agent of the Company or the Trustee shall be affected by any
notice to the contrary. The fact of the holding by any Holder of an Unregistered
Security, and the identifying number of such Security and the date of his
holding the same, may be proved by the production of such Security or by a
certificate executed by any trust company, bank, banker or recognized securities
dealer wherever situated satisfactory to the Trustee, if such certificate shall
be deemed by the Trustee to be satisfactory.

          Each such certificate shall be dated and shall state that on the date
thereof a Security bearing a specified identifying number was deposited with or
exhibited to such trust company, bank, banker or recognized securities dealer by
the person named in such certificate. Any such certificate may be issued in
respect of one or more Unregistered Securities specified therein. The holding by
the person named in any such certificate of any Unregistered Securities
specified therein shall be presumed to continue for a period of one year from
the date of such certificate unless at the time of any determination of such
holding (a) another certificate bearing a later date issued in respect of the
same Securities shall be produced or (b) the Security specified in such
certificate shall be produced by some other Person, or (c) the Security
specified in such certificate shall have ceased to be outstanding. Subject to
Article 7, the fact and date of the execution of any such instrument and the
amount and numbers of Securities held by the Person so executing such instrument
may also be proven in accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in any other manner which the Trustee may
deem sufficient.

          The Company, the Trustee and any agent of the Company or the Trustee
may deem and treat the person in whose name any Registered Security shall be
registered upon the Security Register for such series as the absolute owner of
such Registered Security (whether or not such Registered Security shall be
overdue and notwithstanding any notation of ownership or other writing thereon)
for the purpose of receiving payment of or on account of the Principal of and,
subject to the provisions of this Indenture, interest on such Registered
Security and for all other purposes; and neither the Company nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the
contrary.

          Section 10.06.  RULES BY TRUSTEE, PAYING AGENT OR REGISTRAR. The
Trustee may make reasonable rules for action by or at a meeting of Holders. The
Paying Agent or Registrar may make reasonable rules for its functions.

                                       43
<Page>

          Section 10.07.  PAYMENT DATE OTHER THAN A BUSINESS DAY. If any date
for payment of Principal or interest on any Security shall not be a Business Day
at any place of payment, then payment of Principal of or interest on such
Security, as the case may be, need not be made on such date, but may be made on
the next succeeding Business Day at any place of payment with the same force and
effect as if made on such date and no interest shall accrue in respect of such
payment for the period from and after such date.

          Section 10.08.  GOVERNING LAW. The laws of the State of New York
(without regard to conflicts of laws principles thereof) shall govern this
Indenture and the Securities.

          Section 10.09.  NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS. This
Indenture may not be used to interpret another indenture or loan or debt
agreement of the Company or any Subsidiary of the Company. Any such indenture or
agreement may not be used to interpret this Indenture.

          Section 10.10.  SUCCESSORS. All agreements of the Company in this
Indenture and the Securities shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successors.

          Section 10.11.  DUPLICATE ORIGINALS. The parties may sign any number
of copies of this Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement.

          Section 10.12.  SEPARABILITY. In case any provision in this Indenture
or in the Securities 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 10.13.  TABLE OF CONTENTS, HEADINGS, ETC. The Table of
Contents and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms and provisions
hereof.

          Section 10.14.  INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS OF
COMPANY EXEMPT FROM INDIVIDUAL Liability. No recourse under or upon any
obligation, covenant or agreement contained in this Indenture or any indenture
supplemental hereto, or in any Security or any coupons appertaining thereto, or
because of any indebtedness evidenced thereby, shall be had against any
incorporator, as such, or against any past, present or future stockholder,
officer, director or employee, as such, of the Company or of any successor,
either directly or through the Company or any successor, 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 of the Securities and the
coupons appertaining thereto by the holders thereof and as part of the
consideration for the issue of the Securities and the coupons appertaining
thereto.

          Section 10.15.  JUDGMENT CURRENCY. The Company agrees, to the fullest
extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court it is necessary to convert the sum
due in respect of the Principal of or interest on the Securities of any series
(the "Required Currency") into a currency in which a judgment will be rendered
(the "Judgment Currency"), the rate of exchange used shall be the

                                       44
<Page>

rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment
Currency on the day on which final unappealable judgment is entered, unless such
day is not a Business Day in The City of New York, then, to the extent permitted
by applicable law, the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The City
of New York the Required Currency with the Judgment Currency on the Business Day
in The City of New York preceding the day on which a final unappealable judgment
is entered and (b) its obligations under this Indenture to make payments in the
Required Currency (i) shall not be discharged or satisfied by any tender, or any
recovery pursuant to any judgment (whether or not entered in accordance with
subsection (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the
payee, of the full amount of the Required Currency expressed to be payable in
respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required
Currency the amount, if any, by which such actual receipt shall fall short of
the full amount of the Required Currency so expressed to be payable and (iii)
shall not be affected by judgment being obtained for any other sum due under
this Indenture.

                                       45
<Page>

                                   SIGNATURES

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

                                              CREDIT SUISSE GROUP,
                                              as the Company

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

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

                                              JPMORGAN CHASE BANK,
                                              as Trustee

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

                                       46

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]