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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,
		2002		2001		2001		2000		1999		1998		1997
Earnings:
	Income before income taxes	$	497	$	641	$	785	$	843	$	771	$	735	$	628
Add back:
	Interest expense, net of capitalized interest		56		50		75		82		91		118		96
	Amortization of debt issuance costs		—		—		1		1		9		1		1
	Portion of rent expense representative of interest factor		446		419		563		575		535		500		435
Earnings as adjusted		$	999	$	1,110	$	1,424	$	1,501	$	1,406	$	1,354	$	1,160
Fixed Charges:
	Interest expense, net of capitalized interest	$	56	$	50	$	75	$	82	$	91	$	118	$	96
	Capitalized interest		20		16		23		30		35		31		39
	Amortization of debt issuance costs		—		—		1		1		9		1		1
	Portion of rent expense representative of interest factor		446		419		563		575		535		500		435
		$	522	$	485	$	662	$	688	$	670	$	650	$	571
Ratio of Earnings to Fixed Charges			1.9		2.3		2.2		2.2		2.1		2.1		2.0

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EXHIBIT 12.1