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,
	2006		2005		2006		2005		2004		2003		2002
Earnings:
Income before income taxes	$	1,593	$	1,309	$	2,899	$	2,313	$	1,319	$	1,338	$	1,160
Add back:
Interest expense, net of capitalized interest		70		65		142		160		136		124		144
Amortization of debt issuance costs		3		3		5		6		7		4		4
Portion of rent expense representative of interest factor		407		442		842		800		712		713		710
Earnings as adjusted	$	2,073	$	1,819	$	3,888	$	3,279	$	2,174	$	2,179	$	2,018
Fixed Charges:
Interest expense, net of capitalized interest	$	70	$	65	$	142	$	160	$	136	$	124	$	144
Capitalized interest		19		19		33		22		11		16		27
Amortization of debt issuance costs		3		3		5		6		7		4		4
Portion of rent expense representative of interest factor		407		442		842		800		712		713		710
	$	499	$	529	$	1,022	$	988	$	866	$	857	$	885
Ratio of Earnings to Fixed Charges		4.2		3.4		3.8		3.3		2.5		2.5		2.3