Exhibit 12

United Parcel Service, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

	Six Months Ended June 30, 2008		Year Ended December 31,
			2007		2006		2005		2004		2003
Earnings:
Income before income taxes	$	2,780	$	431	$	6,510	$	6,075	$	4,922	$	4,370
Add: Interest expense		238		246		211		172		149		121
Add: Interest factor in rental expense		146		296		304		281		253		244
Total earnings	$	3,164	$	973	$	7,025	$	6,528	$	5,324	$	4,735
Fixed charges:
Interest expense	$	238	$	246	$	211	$	172	$	149	$	121
Interest capitalized		25		67		48		32		25		25
Interest factor in rental expense		146		296		304		281		253		244
Total fixed charges	$	409	$	609	$	563	$	485	$	427	$	390
Ratio of earnings to fixed charges		7.7		1.6		12.5		13.5		12.5		12.1