EXHIBIT 12.1

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

	Six Months Ended
	November 30,				Year Ended May 31,
	2005		2004		2005		2004		2003		2002		2001
Earnings:
Income before income taxes	$	1,309	$	1,088	$	2,313	$	1,319	$	1,338	$	1,160	$	927
Add back:
Interest expense, net of capitalized interest	65		86		160		136		124		144		155
Amortization of debt issuance costs	3		3		6		7		4		4		2
Portion of rent expense representative of interest factor	442		389		800		712		713		710		667
Earnings as adjusted	$	1,819	$	1,566	$	3,279	$	2,174	$	2,179	$	2,018	$	1,751
Fixed Charges:
Interest expense, net of capitalized interest	$	65	$	86	$	160	$	136	$	124	$	144	$	155
Capitalized interest	19		8		22		11		16		27		27
Amortization of debt issuance costs	3		3		6		7		4		4		2
Portion of rent expense representative of interest factor	442		389		800		712		713		710		667
	$	529	$	486	$	988	$	866	$	857	$	885	$	851
Ratio of Earnings to Fixed Charges	3.4		3.2		3.3		2.5		2.5		2.3		2.1