EXHIBIT 12.1

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

		Three Months Ended
		August 31,								Year Ended May 31,
		2006				2005				2006				2005				2004				2003				2002
Earnings:
Income before income taxes		$	770			$	549			$	2,899			$	2,313			$	1,319			$	1,338			$	1,160
Add back:
Interest expense, net of capitalized interest			31				31				142				160				136				124				144
Amortization of debt issuance costs			1				2				5				6				7				4				4
Portion of rent expense representative of interest factor			200				238				842				800				712				713				710
Earnings as adjusted		$	1,002			$	820			$	3,888			$	3,279			$	2,174			$	2,179			$	2,018
Fixed Charges:
Interest expense, net of capitalized interest		$	31			$	31			$	142			$	160			$	136			$	124			$	144
Capitalized interest			10				11				33				22				11				16				27
Amortization of debt issuance costs			1				2				5				6				7				4				4
Portion of rent expense representative of interest factor			200				238				842				800				712				713				710
		$	242			$	282			$	1,022			$	988			$	866			$	857			$	885
Ratio of Earnings to Fixed Charges			4.1				2.9				3.8				3.3				2.5				2.5				2.3