Exhibit 12

United Parcel Service, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,
(in millions)	2005		2004
Earnings:
Earnings before income taxes and accounting changes	$	1,378	$	1,195
Add: Interest expense		37		39
Add: One-third of rental expense (a)		62		59
Total earnings	$	1,477	$	1,293
Fixed Charges:
Interest expense	$	37	$	39
Interest capitalized		7		6
One-third of rental expense (a)		62		59
Total fixed charges	$	106	$	104
Ratio of Earnings to Fixed Charges		13.9		12.4

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