EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

	Nine Months Ended
	February 28, 2005		February 29, 2004		Year Ended May 31,
					2004		2003		2002		2001		2000
Earnings:
Income before income taxes	$	1,602	$	676	$	1,319	$	1,338	$	1,160	$	927	$	1,138
Add back:
Interest expense, net of capitalized interest	126		93		136		124		144		155		121
Amortization of debt issuance costs	5		3		7		4		4		2		1
Portion of rent expense representative of interest factor	601		532		712		713		710		667		625
Earnings as adjusted	$	2,334	$	1,304	$	2,174	$	2,179	$	2,018	$	1,751	$	1,885
Fixed Charges:
Interest expense, net of capitalized interest	$	126	$	93	$	136	$	124	$	144	$	155	$	121
Capitalized interest	14		8		11		16		27		27		35
Amortization of debt issuance costs	5		3		7		4		4		2		1
Portion of rent expense representative of interest factor	601		532		712		713		710		667		625
	$	746	$	636	$	866	$	857	$	885	$	851	$	782
Ratio of Earnings to Fixed Charges	3.1		2.1		2.5		2.5		2.3		2.1		2.4