Exhibit 12

United Parcel Service, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(in millions)	Year Ended December 31,
	2005		2004		2003		2002		2001
Earnings:
Earnings before income taxes and accounting changes	$	6,075	$	4,922	$	4,370	$	5,009	$	3,937
Add: Interest expense		172		149		121		173		184
Add: One-third of rental expense (a)		248		231		226		228		249
Total earnings	$	6,495	$	5,302	$	4,717	$	5,410	$	4,370
Fixed Charges:
Interest expense	$	172	$	149	$	121	$	173	$	184
Interest capitalized		32		25		25		25		47
One-third of rental expense (a)		248		231		226		228		249
Total fixed charges	$	452	$	405	$	372	$	426	$	480
Ratio of Earnings to Fixed Charges		14.4		13.1		12.7		12.7		9.1

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