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,
		2011				2010				2011				2010				2009				2008				2007
Earnings:
Income before income taxes		$	1,501			$	1,040			$	2,265			$	1,894			$	677			$	2,016			$	3,215
Add back:
Interest expense, net of capitalized interest			22				45				86				79				85				98				136
Amortization of debt issuance costs			3				8				16				14				5				5				6
Portion of rent expense representative of interest factor			423				417				852				806				795				784				766
Earnings as adjusted		$	1,949			$	1,510			$	3,219			$	2,793			$	1,562			$	2,903			$	4,123
Fixed Charges:
Interest expense, net of capitalized interest		$	22			$	45			$	86			$	79			$	85			$	98			$	136
Capitalized interest			47				38				71				80				71				50				34
Amortization of debt issuance costs			3				8				16				14				5				5				6
Portion of rent expense representative of interest factor			423				417				852				806				795				784				766
		$	495			$	508			$	1,025			$	979			$	956			$	937			$	942
Ratio of Earnings to Fixed Charges			3.9				3.0				3.1				2.9				1.6				3.1				4.4