Exhibit 12

United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,
(in millions)	2004		2003
Earnings:
Earnings before income taxes and accounting changes	$	1,195	$	882
Add:  Interest expense	39		25
Add:  One-third of rental expense (a)	59		56
Total earnings	$	1,293	$	963
Fixed Charges:
Interest expense	$	39	$	25
Interest capitalized	6		7
One-third of rental expense (a)	59		56
Total fixed charges	$	104	$	88
Ratio of Earnings to Fixed Charges	12.4		10.9

(a) Considered to be representative of interest factor in rental expense.