Fedex Corporate Services S-3ASR Automatic shelf registration

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,
	2012		2011		2012		2011		2010		2009		2008
Earnings:
Income before income taxes	$	727	$	724	$	3,141	$	2,265	$	1,894	$	677	$	2,016
Add back:
Interest expense, net of capitalized interest	12		13		52		86		79		85		98
Amortization of debt issuance costs	1		1		5		16		14		5		5
Portion of rent expense representative of interest factor	201		211		797		852		806		795		784
Earnings as adjusted	$	941	$	949	$	3,995	$	3,219	$	2,793	$	1,562	$	2,903
Fixed Charges:
Interest expense, net of capitalized interest	$	12	$	13	$	52	$	86	$	79	$	85	$	98
Capitalized interest	19		24		85		71		80		71		50
Amortization of debt issuance costs	1		1		5		16		14		5		5
Portion of rent expense representative of interest factor	201		211		797		852		806		795		784
	$	233	$	249	$	939	$	1,025	$	979	$	956	$	937
Ratio of Earnings to Fixed Charges	4.0		3.8		4.3		3.1		2.9		1.6		3.1