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                                                                    EXHIBIT 15.1

September 19, 2001


FedEx Corporation
942 South Shady Grove Road
Memphis, Tennessee 38120

We are aware that FedEx Corporation will be incorporating by reference in its
previously filed Registration Statements No. 2-95720, 33-20138, 33-38041,
33-55055, 333-03443, 333-45037, 333-71065, 333-74701, 333-34934 and 333-55266
its Report on Form 10-Q for the quarter ended August 31, 2001, which includes
our report dated September 19, 2001 covering the unaudited interim financial
information contained therein. Pursuant to Regulation C of the Securities Act of
1933, that report is not considered a part of these registration statements
prepared or certified by our Firm or a report prepared or certified by our firm
within the meaning of Sections 7 and 11 of the Act. It should be noted that we
have not performed any procedures subsequent to September 19, 2001.


                                        Very truly yours,

                                        /s/ Arthur Andersen LLP

                                        Arthur Andersen LLP