EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

	Nine Months Ended February 28,				Year Ended May 31,
	2014		2013		2013		2012		2011		2010		2009
Earnings:
Income before income taxes	$	2,152	$	1,983	$	2,455	$	3,141	$	2,265	$	1,894	$	677
Add back:
Interest expense, net of capitalized interest		106		54		82		52		86		79		85
Amortization of debt issuance costs		4		4		5		5		16		14		5
Portion of rent expense representative of interest factor		666		607		864		797		852		806		795
Earnings as adjusted	$	2,928	$	2,648	$	3,406	$	3,995	$	3,219	$	2,793	$	1,562
Fixed Charges:
Interest expense, net of capitalized interest	$	106	$	54	$	82	$	52	$	86	$	79	$	85
Capitalized interest		22		37		45		85		71		80		71
Amortization of debt issuance costs		4		4		5		5		16		14		5
Portion of rent expense representative of interest factor		666		607		864		797		852		806		795
	$	798	$	702	$	996	$	939	$	1,025	$	979	$	956
Ratio of Earnings to Fixed Charges		3.7		3.8		3.4		4.3		3.1		2.9		1.6