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                                                                    EXHIBIT 23.3


                 NOTICE REGARDING CONSENT OF ARTHUR ANDERSEN LLP

     Section 11(a) of the Securities Act of 1933, as amended (the "Securities
Act"), provides that if part of a registration statement at the time it becomes
effective contains an untrue statement of a material fact, or omits a material
fact required to be stated therein or necessary to make the statements therein
not misleading, any person acquiring a security pursuant to such registration
statement (unless it is proved that at the time of such acquisition such person
knew of such untruth or omission) may assert a claim against, among others, an
accountant who has consented to be named as having certified any part of the
registration statement or as having prepared any report for use in connection
with the registration statement.

     FedEx Corporation ("FedEx") and its wholly owned subsidiary Federal Express
Corporation ("FedEx Express") dismissed Arthur Andersen LLP ("Andersen") as
their respective independent auditors, effective April 12, 2002. For additional
information, see FedEx's and FedEx Express's Current Report on Form 8-K dated
March 11, 2002 (as amended by the Form 8-K/A filed on April 12, 2002). Andersen
was subsequently barred from practicing before the Securities and Exchange
Commission and has ceased operations in the United States. FedEx and FedEx
Express are, therefore, unable to obtain Andersen's written consent to the
incorporation by reference into this registration statement of Andersen's audit
reports with respect to FedEx's and FedEx Express's consolidated financial
statements as of May 31, 2001 and for the two years in the period then ended.

     Under these circumstances, Rule 437a under the Securities Act permits FedEx
and FedEx Express to file this registration statement, which incorporates by
reference Andersen's audit reports referred to above, without a written consent
from Andersen. The absence of such consent may limit recovery by investors on
certain claims. In particular, and without limitation, investors will not be
able to assert claims against Andersen under Section 11(a) of the Securities Act
for any untrue statement of a material fact contained in the financial
statements audited by Andersen or for any omission of a material fact required
to be stated therein. Accordingly, you would be unable to assert a claim against
Andersen under Section 11(a) of the Securities Act because it has not consented
to the incorporation by reference of its previously issued reports in this
registration statement.