EXHIBIT 12.1

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

	Three Months Ended
	August 31,				Year Ended May 31,
	2009		2008		2009		2008		2007		2006		2005
Earnings:
Income before income taxes	$	86	$	329	$	732	$	1,846	$	1,984	$	1,734	$	1,305
Add back:
Interest expense, net of capitalized interest		—		4		4		19		40		54		73
Portion of rent expense representative of interest factor		138		146		576		587		580		630		600
Earnings as adjusted	$	224	$	479	$	1,312	$	2,452	$	2,604	$	2,418	$	1,978
Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	4	$	4	$	19	$	40	$	54	$	73
Capitalized interest		19		13		58		46		32		27		13
Portion of rent expense representative of interest factor		138		146		576		587		580		630		600
	$	157	$	163	$	638	$	652	$	652	$	711	$	686
Ratio of Earnings to Fixed Charges		1.4		2.9		2.1		3.8		4.0		3.4		2.9