EXHIBIT 12.1

FEDERAL EXPRESS 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	$	621	$	573	$	1,140	$	1,059	$	732	$	1,846	$	1,984
Add back:
Interest expense, net of capitalized interest		—		—		—		—		4		19		40
Portion of rent expense representative of interest factor		301		296		611		572		576		587		580
Earnings as adjusted	$	922	$	869	$	1,751	$	1,631	$	1,312	$	2,452	$	2,604
Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	—	$	—	$	—	$	4	$	19	$	40
Capitalized interest		45		32		61		65		58		46		32
Portion of rent expense representative of interest factor		301		296		611		572		576		587		580
	$	346	$	328	$	672	$	637	$	638	$	652	$	652
Ratio of Earnings to Fixed Charges		2.7		2.6		2.6		2.6		2.1		3.8		4.0