EXHIBIT 21

LIST OF SUBSIDIARIES

FEDEX CORPORATION
Subsidiaries as of July 7, 2002

Jurisdiction of
Organization or Registration
----------------------------

1. Federal Express Corporation Delaware
I. Federal Express Aviation Services, Incorporated Delaware
A. Federal Express Aviation Services International, Ltd. Delaware
II. Federal Express Canada Ltd. Canada
III. Federal Express International, Inc. Delaware
A. Dencom Investments Limited Northern Ireland
1. Dencom Freight Holdings Limited Northern Ireland
a. F.E.D.S. (Ireland) Limited Ireland
b. Federal Express (N.I.) Limited Northern Ireland
c. Fedex (Ireland) Limited Ireland
B. Federal Express (Australia) Pty Ltd. Australia
C. Federal Express Europe, Inc. Delaware
1. Federal Express (Austria) GmbH Austria
2. Federal Express Corporation Finland Oy Finland
3. Federal Express Europe, Inc. & Co., V.O.F./S.N.C. Belgium
4. Federal Express European Services, Inc. Delaware
5. FedEx Supply Chain Services Europe B.V. Netherlands
a. FedEx Supply Chain Services Belgium B.V.B.A. Belgium
b. FedEx Supply Chain Services France SARL France
c. FedEx Supply Chain Services Germany GmbH Germany
d. FedEx Supply Chain Services Ireland Limited Ireland
e. FedEx Supply Chain Services Italy S.r.L. Italy
f. FedEx Supply Chain Services Netherlands B.V. Netherlands
g. FedEx Supply Chain Services UK Limited United Kingdom
D. Federal Express Europlex, Inc. Delaware
E. Federal Express Finance P.L.C. United Kingdom
F. Federal Express Holdings S.A. Delaware
1. Federal Express (Antigua) Limited Antigua
2. Federal Express (Antilles Francaises) S.A.R.L. French West Indies
3. Federal Express (Barbados) Limited Barbados
4. Federal Express (Bermuda) Limited Bermuda
5. Federal Express Cayman Limited Cayman Islands
6. Federal Express Costa Rica, Limitada Costa Rica
7. Federal Express (Dominicana) S.A. Dominican Republic
a. Inversiones Sagitario, S.A. Dominican Republic
8. Federal Express Entregas Rapidas, Ltd. Brazil
9. Federal Express (Grenada) Limited Grenada
10. Federal Express (Haiti) S.A. Haiti
11. Federal Express Holdings (Mexico) y Compania S.N.C. de Mexico
C.V.
12. Federal Express (Jamaica) Limited Jamaica
13. Federal Express (St. Kitts) Limited St. Kitts
14. Federal Express (St. Lucia) Limited St. Lucia

15. Federal Express (St. Maarten) N.V. Netherland Antilles
a. Federal Express (Aruba) N.V. Netherland Antilles
16. Federal Express (Turks & Caicos) Limited Turks & Caicos Islands
17. Federal Express Virgin Islands, Inc. U.S. Virgin Islands
18. FedEx (Bahamas) Limited Bahamas
19. FedEx Transportes Expresos (Guatemala) Limitada Guatemala
G. Federal Express International (France) SNC France
H. Federal Express International Limited United Kingdom
I. Federal Express International y Compania S.N.C. de C.V. Mexico
J. Federal Express Italy Inc. Delaware
K. Federal Express Japan K.K. Japan
L. Federal Express Korea Co., Ltd. Korea
M. Federal Express Luxembourg, Inc. Delaware
N. Federal Express Pacific, Inc. Delaware
1. Federal Express Services (M) Sdn. Bhd. Malaysia
2. The Flying Tiger Line, Limited Hong Kong
3. Udara Express Courier Services Sdn. Bhd. Malaysia
O. Federal Express Parcel Services Limited United Kingdom
P. Federal Express (Singapore) Pte. Ltd. Singapore
Q. Federal Express (Thailand) Limited Thailand
R. Federal Express (U.K.) Limited United Kingdom
1. Federal Express (U.K.) Pension Trustees Ltd. United Kingdom
S. FedEx (Mauritius) Ltd. Mauritius
T. Fedex (N. I.) Limited Northern Ireland
U. FedEx Supply Chain Services International, Inc. Delaware
1. FedEx Supply Chain Services Korea, Inc. Korea
2. FedEx Supply Chain Services International Pte, Ltd. Singapore
V. Winchmore Developments Ltd. England
1. Concorde Advertising Limited England
IV. Federal Express Leasing Corporation Delaware
V. Fedex Customs Brokerage Corporation Delaware
VI. Fedex FSC Corporation Barbados
VII. FEDEX Partners, Inc. Delaware
VIII. FedEx Spain, S.L. Spain
IX. Flying Tigers Limited New Zealand
X. The Flying Tiger Line (NZ) Limited New Zealand
XI. Tiger International Insurance Ltd. Cayman Islands
2. Caliber System (Canada), Inc. Canada
3. FedEx Corporate Services, Inc. Delaware
I. FedEx Internet Technologies Corporation Delaware
II. FedEx Supply Chain Services, Inc. Ohio
A. FedEx Supply Chain Services (Canada), Ltd. Ontario
B. Caliber Logistics de Mexico, S.A. de C.V. Mexico
C. Caliber Logistics Healthcare, Inc. Ohio
4. FedEx Custom Critical, Inc. Ohio
I. AutoQuik, Inc. Delaware
II. FedEx Custom Critical, N.V. Belgium
III. FedEx Custom Critical B.V. Netherlands
A. FedEx Custom Critical, S.r.L. Italy
IV. FedEx Custom Critical GmbH Germany
V. FedEx Custom Critical SARL France
VI. FedEx Custom Critical, S.L. Spain

VII. FedEx Custom Critical UK, Inc. Delaware
VIII. Passport Transport, Ltd. Delaware
A. AutoTransExpress, Inc. Delaware
IX. Third Party Services, Inc. Delaware
X. Transportation Technologies, Inc. Ohio
XI. UrgentFreight, Inc. Delaware
5. FedEx Freight Corporation Delaware
I. FedEx Freight West, Inc. California
A. Bay Cities Diesel Engine Rebuilders, Inc. California
B. Viking de Mexico, S.A. de C.V. Mexico
II. FedEx Freight East, Inc. Arkansas
A. FedEx Freight de Mexico, S.A. de C.V. Mexico
B. FXF Logistica de Mexico, S.A. de C.V. Mexico
C. American Freightways, Inc. Arkansas
1. Razorback Servicios de Mexico, S.A. de C.V. Mexico
III. FedEx Freight System, Inc. Delaware
6. FedEx Global Logistics, Inc. Delaware
7. FedEx Ground Package System, Inc. Delaware
I. FedEx Ground Package System, Ltd. Wyoming
II. RPS de Mexico, S.A. de C.V. Mexico
III. RPS Urban Renewal Corporation New Jersey
8. FedEx Trade Networks, Inc. Delaware
I. Caribbean Transportation Services, Inc. Delaware
II. FedEx Trade Networks Trade Services, Inc. Delaware
A. World Tariff, Limited California
III. FedEx Trade Networks Transport & Brokerage, Inc. New York
A. FedEx Trade Networks Transport & Brokerage (Canada), Inc. Canada
B. Tower International Holdings, Inc. Delaware
9. Roadway Global Air, Inc. Delaware
I. Roadway Global Air International, Inc. Delaware
A. Roadway Global Air, S.r.L. Italy