EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

	Nine Months Ended				Year Ended May 31,
	February 29, 2012		February 28, 2011		2011		2010		2009		2008		2007
Earnings:
Income before income taxes	$	2,293	$	1,400	$	2,265	$	1,894	$	677	$	2,016	$	3,215
Add back:
Interest expense, net of capitalized interest		37		71		86		79		85		98		136
Amortization of debt issuance costs		4		12		16		14		5		5		6
Portion of rent expense representative of interest factor		636		627		852		806		795		784		766
Earnings as adjusted	$	2,970	$	2,110	$	3,219	$	2,793	$	1,562	$	2,903	$	4,123
Fixed Charges:
Interest expense, net of capitalized interest	$	37	$	71	$	86	$	79	$	85	$	98	$	136
Capitalized interest		65		54		71		80		71		50		34
Amortization of debt issuance costs		4		12		16		14		5		5		6
Portion of rent expense representative of interest factor		636		627		852		806		795		784		766
	$	742	$	764	$	1,025	$	979	$	956	$	937	$	942
Ratio of Earnings to Fixed Charges		4.0		2.8		3.1		2.9		1.6		3.1		4.4