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,
	2014		2013		2014		2013		2012		2011		2010
Earnings:
Income before income taxes	$	937	$	766	$	3,289	$	2,455	$	3,141	$	2,265	$	1,894
Add back:
Interest expense, net of capitalized interest		51		31		160		82		52		86		79
Amortization of debt issuance costs		1		1		4		5		5		16		14
Portion of rent expense representative of interest factor		221		221		876		864		797		852		806
Earnings as adjusted	$	1,210	$	1,019	$	4,329	$	3,406	$	3,995	$	3,219	$	2,793
Fixed Charges:
Interest expense, net of capitalized interest	$	51	$	31	$	160	$	82	$	52	$	86	$	79
Capitalized interest		8		8		29		45		85		71		80
Amortization of debt issuance costs		1		1		4		5		5		16		14
Portion of rent expense representative of interest factor		221		221		876		864		797		852		806
	$	281	$	261	$	1,069	$	996	$	939	$	1,025	$	979
Ratio of Earnings to Fixed Charges		4.3		3.9		4.0		3.4		4.3		3.1		2.9