EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

	Three Months Ended August 31,				Year Ended May 31,
	2013		2012		2013		2012		2011		2010		2009
Earnings:
Income before income taxes	$	766	$	727	$	2,455	$	3,141	$	2,265	$	1,894	$	677
Add back:
Interest expense, net of capitalized interest		31		12		82		52		86		79		85
Amortization of debt issuance costs		1		1		5		5		16		14		5
Portion of rent expense representative of interest factor		221		201		864		797		852		806		795
Earnings as adjusted	$	1,019	$	941	$	3,406	$	3,995	$	3,219	$	2,793	$	1,562
Fixed Charges:
Interest expense, net of capitalized interest	$	31	$	12	$	82	$	52	$	86	$	79	$	85
Capitalized interest		8		19		45		85		71		80		71
Amortization of debt issuance costs		1		1		5		5		16		14		5
Portion of rent expense representative of interest factor		221		201		864		797		852		806		795
	$	261	$	233	$	996	$	939	$	1,025	$	979	$	956
Ratio of Earnings to Fixed Charges		3.9		4.0		3.4		4.3		3.1		2.9		1.6