Exhibit 12

United Parcel Service, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

	Year Ended December 31,
	2006		2005		2004		2003		2002
Earnings:
Earnings before income taxes and accounting changes	$	6,510	$	6,075	$	4,922	$	4,370	$	5,009
Add: Interest expense		211		172		149		121		173
Add: Interest factor in rental expense		304		281		253		244		257
Total earnings	$	7,025	$	6,528	$	5,324	$	4,735	$	5,439
Fixed charges:
Interest expense	$	211	$	172	$	149	$	121	$	173
Interest capitalized		48		32		25		25		25
Interest factor in rental expense		304		281		253		244		257
Total fixed charges	$	563	$	485	$	427	$	390	$	455
Ratio of earnings to fixed charges		12.5		13.5		12.5		12.1		12.0