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,
	2007		2006		2007		2006		2005		2004		2003
Earnings:
Income before income taxes	$	502	$	469	$	1,984	$	1,734	$	1,305	$	541	$	689
Add back:
Interest expense, net of capitalized interest		9		11		40		54		73		64		57
Portion of rent expense representative of interest factor		146		146		580		630		600		583		599
Earnings as adjusted	$	657	$	626	$	2,604	$	2,418	$	1,978	$	1,188	$	1,345
Fixed Charges:
Interest expense, net of capitalized interest	$	9	$	11	$	40	$	54	$	73	$	64	$	57
Capitalized interest		9		9		32		27		13		7		13
Portion of rent expense representative of interest factor		146		146		580		630		600		583		599
	$	164	$	166	$	652	$	711	$	686	$	654	$	669
Ratio of Earnings to Fixed Charges		4.0		3.8		4.0		3.4		2.9		1.8		2.0