EXHIBIT 12.1

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

	Nine Months Ended
	February 29,		February 28,		Year Ended May 31,
	2008		2007		2007		2006		2005		2004		2003
Earnings:
Income before income taxes	$	2,183	$	2,222	$	3,215	$	2,899	$	2,313	$	1,319	$	1,338
Add back:
Interest expense, net of capitalized interest		84		102		136		142		160		136		124
Amortization of debt issuance costs		4		4		6		5		6		7		4
Portion of rent expense representative of interest factor		595		621		766		842		800		712		713
Earnings as adjusted	$	2,866	$	2,949	$	4,123	$	3,888	$	3,279	$	2,174	$	2,179
Fixed Charges:
Interest expense, net of capitalized interest	$	84	$	102	$	136	$	142	$	160	$	136	$	124
Capitalized interest		33		26		34		33		22		11		16
Amortization of debt issuance costs		4		4		6		5		6		7		4
Portion of rent expense representative of interest factor		595		621		766		842		800		712		713
	$	716	$	753	$	942	$	1,022	$	988	$	866	$	857
Ratio of Earnings to Fixed Charges		4.0		3.9		4.4		3.8		3.3		2.5		2.5