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)

	Years Ended May 31,
	2009		2008		2007		2006		2005
Earnings:
Income before income taxes	$	677	$	2,016	$	3,215	$	2,899	$	2,313
Add back:
Interest expense, net of capitalized interest		85		98		136		142		160
Amortization of debt issuance costs		5		5		6		5		6
Portion of rent expense representative of interest factor		795		784		766		842		800
Earnings as adjusted	$	1,562	$	2,903	$	4,123	$	3,888	$	3,279
Fixed Charges:
Interest expense, net of capitalized interest	$	85	$	98	$	136	$	142	$	160
Capitalized interest		71		50		34		33		22
Amortization of debt issuance costs		5		5		6		5		6
Portion of rent expense representative of interest factor		795		784		766		842		800
	$	956	$	937	$	942	$	1,022	$	988
Ratio of Earnings to Fixed Charges		1.6		3.1		4.4		3.8		3.3