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,
	2010		2009		2010		2009		2008		2007		2006
Earnings:
Income before income taxes	$	603	$	294	$	1,894	$	677	$	2,016	$	3,215	$	2,899
Add back:
Interest expense, net of capitalized interest		19		21		79		85		98		136		142
Amortization of debt issuance costs		4		2		14		5		5		6		5
Portion of rent expense representative of interest factor		203		191		806		795		784		766		842
Earnings as adjusted	$	829	$	508	$	2,793	$	1,562	$	2,903	$	4,123	$	3,888
Fixed Charges:
Interest expense, net of capitalized interest	$	19	$	21	$	79	$	85	$	98	$	136	$	142
Capitalized interest		21		22		80		71		50		34		33
Amortization of debt issuance costs		4		2		14		5		5		6		5
Portion of rent expense representative of interest factor		203		191		806		795		784		766		842
	$	247	$	236	$	979	$	956	$	937	$	942	$	1,022
Ratio of Earnings to Fixed Charges		3.4		2.2		2.9		1.6		3.1		4.4		3.8