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EXHIBIT 4.3

FEDEX CORPORATION, as Issuer,
THE ADDITIONAL GUARANTORS NAMED HEREIN
AND
WACHOVIA BANK, NATIONAL ASSOCIATION,
as Trustee

Supplemental Indenture
No. 1

Floating Rate Notes due April 1, 2005
2.65% Notes due April 1, 2007
3.50% Notes due April 1, 2009

SUPPLEMENTAL INDENTURE NO. 1, dated as of June 22, 2004, among FedEx
Corporation, a Delaware corporation (the "COMPANY"), the undersigned companies
listed on EXHIBIT A attached hereto (the "ADDITIONAL GUARANTORS") and Wachovia
Bank, National Association, a national banking association, as Trustee (the
"TRUSTEE").

RECITALS

The Company, the Guarantors party thereto and the Trustee have executed and
delivered an Indenture, dated as of March 25, 2004 (the "INDENTURE"), to provide
for the issuance of the Floating Rate Notes due 2005, the 2.65% Notes due 2007
and the 3.50% Notes due 2009;

Section 12.03 of the Indenture provides that each Person who becomes a
Guarantor shall execute a supplemental indenture evidencing the same;

Each Additional Guarantor desires to become a Guarantor under the
Indenture; and

All acts and proceedings required by law, the Indenture and the
organizational documents of the Company and the Additional Guarantors necessary
to constitute this Supplemental Indenture No. 1 a valid and binding agreement
for the uses and purposes set forth herein have been done and performed, and the
execution and delivery of this Supplemental Indenture No. 1 have in all respects
been duly authorized.

NOW, THEREFORE, this Indenture witnesseth:

For and in consideration of the premises and good and valuable
consideration, the receipt of which is hereby acknowledged, it is mutually
covenanted and agreed, for the equal and proportionate benefit of the holders of
the Notes of each series, as follows:

ARTICLE 1
RELATION TO THE INDENTURE; DEFINITIONS AND
OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.01. RELATION TO THE INDENTURE. This Supplemental Indenture No. 1
constitutes an integral part of the Indenture.

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SECTION 1.02. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION. For
all purposes of this Supplemental Indenture No. 1 unless otherwise specified
herein:

(a) all terms defined in the Indenture which are used and not otherwise
defined herein shall have the meanings they are given in the Indenture; and

(b) the provisions of general application stated in Section 1.01 of the
Indenture shall apply to this Supplemental Indenture No. 1, except that the
words "HEREIN," "HEREOF," "HERETO" and "HEREUNDER" and other words of similar
import refer to this Supplemental Indenture No. 1 as a whole and not to the
Indenture or any particular Article, Section or other subdivision of the
Indenture or this Supplemental Indenture No. 1.

ARTICLE 2
ADDITION OF GUARANTORS

SECTION 2.01. ADDITION OF GUARANTORS. Each of the Additional Guarantors is
hereby made a party to the Indenture as a Guarantor thereunder.

ARTICLE 3
MISCELLANEOUS PROVISIONS

SECTION 3.01. SUPPLEMENTAL INDENTURE. The Indenture, as supplemented and
amended by this Supplemental Indenture No. 1, is in all respects hereby adopted,
ratified and confirmed.

SECTION 3.02. EFFECTIVENESS. This Supplemental Indenture No. 1 shall take
effect as of the date hereof.

SECTION 3.03. EXECUTION BY THE TRUSTEE. The Trustee has executed this
Supplemental Indenture No. 1 only upon the terms and conditions set forth in the
Indenture. Without limiting the generality of the foregoing, the Trustee shall
not be responsible for the correctness of the recitals herein contained, which
shall be taken as the statements of the Company and the Additional Guarantors,
and the Trustee makes no representation and shall have no responsibility for, or
in respect of, the validity or sufficiency of this Supplemental Indenture No. 1
or the execution hereof by any Person (other than the Trustee).

SECTION 3.04. GOVERNING LAW. This Supplemental Indenture No. 1 shall be
deemed to be a contract made under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of said State.

SECTION 3.05. COUNTERPARTS. This Supplemental Indenture No. 1 may be
executed in any number of counterparts, each of which shall be an original; but
such counterparts shall together constitute but one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture No. 1 to be duly executed, as of the day and year first written above.

COMPANY

FEDEX CORPORATION

Attest:

By: /s/ Robert T. Molinet By: /s/ Burnetta B. Williams
------------------------------- ---------------------------------------
Name: Robert T. Molinet Name: Burnetta B. Williams
Title: Assistant Secretary Title: Staff Vice President and
Assistant Treasurer

ADDITIONAL GUARANTORS

FEDERAL EXPRESS AVIATION SERVICES,
INCORPORATED

Attest:

By: /s/ Kenneth R. Masterson By: /s/ James R. Parker
------------------------------- ---------------------------------------
Name: Kenneth R. Masterson Name: James R. Parker
Title: Secretary Title: President and
Chief Executive Officer

FEDERAL EXPRESS CANADA LTD.

Attest:

By: /s/ Lisa G. Adams By: /s/ Douglas A. Cook
------------------------------- ---------------------------------------
Name: Lisa G. Adams Name: Douglas A. Cook
Title: Secretary Title: Vice President and Treasurer

FEDERAL EXPRESS EUROPE, INC.

Attest:

By: /s/ Mark R. Allen By: /s/ Kenneth F. Koval
------------------------------- ---------------------------------------
Name: Mark R. Allen Name: Kenneth F. Koval
Title: Vice President and Title: Vice President and
Secretary Chief Financial Officer

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FEDERAL EXPRESS EUROPE, INC. & CO.,
V.O.F./S.N.C.

Attest:

By: /s/ Mark R. Allen By: /s/ Kenneth F. Koval
------------------------------- ---------------------------------------
Name: Mark R. Allen Name: Kenneth F. Koval
Title: Director Title: Director

FEDERAL EXPRESS HOLDINGS (MEXICO) Y
COMPANIA S.N.C. DE C.V.

Attest:

By: /s/ Charles E. Kennedy By: /s/ Juan N. Cento
------------------------------- ---------------------------------------
Name: Charles E. Kennedy Name: Juan N. Cento
Title: Assistant Secretary, Title: Management Board Member
Federal Express Corp.

FEDERAL EXPRESS HOLDINGS S.A.

Attest:

FEDERAL EXPRESS INTERNATIONAL (FRANCE)
SNC

Attest:

By: /s/ Mark R. Allen By: /s/ Alain Chaille
------------------------------- ---------------------------------------
Name: Mark R. Allen Name: Alain Chaille
Title: Assistant Secretary, Title: Director
Federal Express Corp.

FEDERAL EXPRESS INTERNATIONAL, INC.

Attest:

By: /s/ M. Rush O'Keefe, Jr. By: /s/ David J. Bronczek
------------------------------- ---------------------------------------
Name: M. Rush O'Keefe, Jr. Name: David J. Bronczek
Title: Vice President and Title: Chairman of the Board and
Assistant Secretary Chief Executive Officer

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FEDERAL EXPRESS PACIFIC, INC.

Attest:

By: /s/ Christine P. Richards By: /s/ Michael L. Ducker
------------------------------- ---------------------------------------
Name: Christine P. Richards Name: Michael L. Ducker
Title: Vice President and Title: Chief Executive Officer
Assistant Secretary

FEDERAL EXPRESS VIRGIN ISLANDS, INC.

Attest:

By: /s/ Charles E. Kennedy By: /s/ Julio Colomba
------------------------------- ---------------------------------------
Name: Charles E. Kennedy Name: Julio Colomba
Title: Secretary Title: President

FEDEX CORPORATE SERVICES, INC.

Attest:

By: /s/ Robert T. Molinet By: /s/ Robert A. Green
------------------------------- ---------------------------------------
Name: Robert T. Molinet Name: Robert A. Green
Title: Assistant Secretary Title: Vice President - Finance

FEDEX CUSTOM CRITICAL, INC.

Attest:

By: /s/ Robert T. Molinet By: /s/ Brendan L. O'Sullivan
------------------------------- ---------------------------------------
Name: Robert T. Molinet Name: Brendan L. O'Sullivan
Title: Assistant Secretary Title: Vice President - Finance and
Chief Financial Officer

CARIBBEAN TRANSPORTATION SERVICES, INC.

Attest:

By: /s/ C. Edward Klank III By: /s/ Lynn H. Turman
------------------------------- ---------------------------------------
Name: C. Edward Klank III Name: Lynn H. Turman
Title: Assistant Secretary Title: Vice President and Controller

FEDEX FREIGHT SYSTEM, INC.

Attest:

By: /s/ Robert H. Rhea By: /s/ Donald C. Brown
------------------------------- ---------------------------------------
Name: Robert H. Rhea Name: Donald C. Brown
Title: Secretary Title: Vice President and
Assistant Treasurer

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FEDEX FREIGHT WEST, INC.

Attest:

By: /s/ Richard S. Goldaber By: /s/ Marshall W. Witt
------------------------------- ---------------------------------------
Name: Richard S. Goldaber Name: Marshall W. Witt
Title: Assistant Secretary Title: Vice President - Finance and
Administration and
Chief Financial Officer

FEDEX GROUND PACKAGE SYSTEM, LTD.

Attest:

By: /s/ Steven H. Taylor By: /s/ Ronald R. Trombetta
------------------------------- ---------------------------------------
Name: Steven H. Taylor Name: Ronald R. Trombetta
Title: Vice President and Title: Vice President and Treasurer
Secretary

FEDEX SUPPLY CHAIN SERVICES, INC.

Attest:

By: /s/ Philip J. Azar By: /s/ Douglas E. Witt
------------------------------- ---------------------------------------
Name: Philip J. Azar Name: Douglas E. Witt
Title: Vice President - Title: President and Chief Executive
General Counsel and Officer
Secretary

FEDEX TRADE NETWORKS, INC.

Attest:

By: /s/ Penelope W. Register By: /s/ G. Edmond Clark
------------------------------- ---------------------------------------
Name: Penelope W. Register Name: G. Edmond Clark
Title: Vice President and Title: President and
General Counsel Chief Executive Officer

FEDEX TRADE NETWORKS TRADE SERVICES,
INC.

Attest:

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FEDEX TRADE NETWORKS TRANSPORT &
BROKERAGE (CANADA), INC.

Attest:

By: /s/ Robert T. Molinet By: /s/ G. Edmond Clark
------------------------------- ---------------------------------------
Name: Robert T. Molinet Name: G. Edmond Clark
Title: Secretary Title: Chief Executive Officer

FEDEX TRADE NETWORKS TRANSPORT &
BROKERAGE, INC.

Attest:

By: /s/ Penelope W. Register By: /s/ Gerald P. Leary
------------------------------- ---------------------------------------
Name: Penelope W. Register Name: Gerald P. Leary
Title: Senior Vice President Title: President and
Chief Executive Officer

WORLD TARIFF, LIMITED

Attest:

By: /s/ Penelope W. Register By: /s/ G. Edmond Clark
------------------------------- ---------------------------------------
Name: Penelope W. Register Name: G. Edmond Clark
Title: Vice President and Title: Chairman of the Board and
General Counsel and President
Secretary

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KINKO'S ENTERPRISES, L.P.

By: FedEx Kinko's Office and Print
Services, Inc., its General Partner

Attest:

By: /s/ Frederic C. Liskow By: /s/ Mark A. Blinn
------------------------------- ---------------------------------------
Name: Frederic C. Liskow Name: Mark A. Blinn
Title: Senior Vice President, Title: Senior Vice President and
General Counsel and Chief Financial Officer
Assistant Secretary,
FedEx Kinko's Office
and Print Services, Inc.

KINKO'S INTERNATIONAL, INC.

Attest:

KINKO'S PARTNERS, L.L.C.

Attest:

By: /s/ Peter Barker By: /s/ Rebecca Kolesiak
------------------------------- ---------------------------------------
Name: Peter Barker Name: Rebecca Kolesiak
Title: Vice President and Title: Vice President and Treasurer
Secretary

KINKO'S VENTURES, INC.

Attest:

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TRUSTEE

WACHOVIA BANK, NATIONAL ASSOCIATION,
as Trustee

By: /s/ Greta Wright
---------------------------------------
Name: Greta Wright
Title: Vice President -
Trust Administration

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EXHIBIT A

ADDITIONAL GUARANTORS

<Table>
<Caption>
STATE OR OTHER JURISDICTION
NAME OF INCORPORATION OR ORGANIZATION
---- --------------------------------

1. Federal Express Aviation Services, Incorporated ...........................Delaware

2. Federal Express Canada Ltd. ...............................................Canada

3. Federal Express Europe, Inc. ..............................................Delaware

4. Federal Express Europe, Inc. & Co., V.O.F./S.N.C. .........................Belgium

5. Federal Express Holdings (Mexico) y Compania S.N.C.
de C.V. .................................................................Mexico

6. Federal Express Holdings S.A. .............................................Delaware

7. Federal Express International (France) SNC ................................France

8. Federal Express International, Inc. .......................................Delaware

9. Federal Express Pacific, Inc. .............................................Delaware

10. Federal Express Virgin Islands, Inc. ......................................U.S. Virgin Islands

11. FedEx Corporate Services, Inc. ............................................Delaware

12. FedEx Custom Critical, Inc. ...............................................Ohio

13. Caribbean Transportation Services, Inc. ...................................Delaware

14. FedEx Freight System, Inc. ................................................Delaware

15. FedEx Freight West, Inc. ..................................................California

16. FedEx Ground Package System, Ltd. .........................................Wyoming

17. FedEx Supply Chain Services, Inc. .........................................Ohio

18. FedEx Trade Networks, Inc. ................................................Delaware

19. FedEx Trade Networks Trade Services, Inc. .................................Delaware
</Table>

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<Table>
<Caption>
STATE OR OTHER JURISDICTION
NAME OF INCORPORATION OR ORGANIZATION
---- --------------------------------

20. FedEx Trade Networks Transport & Brokerage
(Canada), Inc. ............................................................Canada

21. FedEx Trade Networks Transport & Brokerage, Inc. ..........................New York

22. World Tariff, Limited .....................................................California

23. Kinko's Enterprises, L.P. .................................................Delaware

24. Kinko's International, Inc. ...............................................Delaware

25. Kinko's Partners, L.L.C. ..................................................Delaware

26. Kinko's Ventures, Inc. ....................................................Delaware
</Table>

A-2