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EXHIBIT 12.1

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

		Nine Months Ended February 28,				Year Ended May 31,
		2003		2002		2002		2001		2000		1999		1998
Earnings:
	Income before income taxes	$	420	$	497	$	703	$	786	$	843	$	771	$	735
Add back:
	Interest expense, net of capitalized interest		42		56		74		75		82		91		118
	Amortization of debt issuance costs		—		—		1		1		1		9		1
	Portion of rent expense representative of interest factor		452		446		594		563		575		535		500
Earnings as adjusted		$	914	$	999	$	1,372	$	1,425	$	1,501	$	1,406	$	1,354
Fixed Charges:
	Interest expense, net of capitalized interest	$	42	$	56	$	74	$	75	$	82	$	91	$	118
	Capitalized interest		12		20		23		23		30		35		31
	Amortization of debt issuance costs		—		—		1		1		1		9		1
	Portion of rent expense representative of interest factor		452		446		594		563		575		535		500
		$	506	$	522	$	692	$	662	$	688	$	670	$	650
Ratio of Earnings to Fixed Charges			1.8		1.9		2.0		2.2		2.2		2.1		2.1

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EXHIBIT 12.1

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