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EXHIBIT 12.1

FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)

		Three Months Ended August 31,				Year Ended May 31,
		2002		2001		2002		2001		2000		1999		1998
Earnings:
	Income before income taxes	$	255	$	200	$	1,160	$	927	$	1,138	$	1,061	$	900
Add back:
	Interest expense, net of capitalized interest		32		38		143		155		121		111		136
	Amortization of debt issuance costs		1		—		4		2		1		9		1
	Portion of rent expense representative of interest factor		177		173		710		667		625		571		508
Earnings as adjusted		$	465	$	411	$	2,017	$	1,751	$	1,885	$	1,752	$	1,545
Fixed Charges:
	Interest expense, net of capitalized interest	$	32	$	38	$	143	$	155	$	121	$	111	$	136
	Capitalized interest		5		9		27		27		35		39		33
	Amortization of debt issuance costs		1		—		4		2		1		9		1
	Portion of rent expense representative of interest factor		177		173		710		667		625		571		508
		$	215	$	220	$	884	$	851	$	782	$	730	$	678
Ratio of Earnings to Fixed Charges			2.2		1.9		2.3		2.1		2.4		2.4		2.3

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FEDEX CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) (IN MILLIONS, EXCEPT RATIOS)