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,
	2013		2012		2013		2012		2011		2010		2009
Earnings:
Income before income taxes	$	521	$	410	$	508	$	1,237	$	1,140	$	1,059	$	732
Add back:
Interest expense, net of capitalized interest		—		—		—		—		—		—		4
Portion of rent expense representative of interest factor		296		282		598		566		611		572		576
Earnings as adjusted	$	817	$	692	$	1,106	$	1,803	$	1,751	$	1,631	$	1,312
Fixed Charges:
Interest expense, net of capitalized interest	$	—	$	—	$	—	$	—	$	—	$	—	$	4
Capitalized interest		15		29		43		80		61		65		58
Portion of rent expense representative of interest factor		296		282		598		566		611		572		576
	$	311	$	311	$	641	$	646	$	672	$	637	$	638
Ratio of Earnings to Fixed Charges		2.6		2.2		1.7		2.8		2.6		2.6		2.1