EXHIBIT 12.1

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

	Six Months Ended
	November 30,				Year Ended May 31,
	2008		2007		2008		2007		2006		2005		2004
Earnings:
Income before income taxes	$	857	$	1,012	$	1,846	$	1,984	$	1,734	$	1,305	$	541
Add back:
Interest expense, net of capitalized interest		7		16		19		40		54		73		64
Portion of rent expense representative of interest factor		291		294		587		580		630		600		583
Earnings as adjusted	$	1,155	$	1,322	$	2,452	$	2,604	$	2,418	$	1,978	$	1,188
Fixed Charges:
Interest expense, net of capitalized interest	$	7	$	16	$	19	$	40	$	54	$	73	$	64
Capitalized interest		27		18		46		32		27		13		7
Portion of rent expense representative of interest factor		291		294		587		580		630		600		583
	$	325	$	328	$	652	$	652	$	711	$	686	$	654
Ratio of Earnings to Fixed Charges		3.6		4.0		3.8		4.0		3.4		2.9		1.8