Exhibit 21


SUBSIDIARIES OF UNITED PARCEL SERVICE, INC.
As of December 31, 2012



Name of Subsidiary
Jurisdiction of Organization
BT Property Holdings, Inc.
Delaware
BT Realty II, Inc.
Maryland
BT Realty, Inc.
Maryland
C.C. & E.I., L.L.C.
Delaware
United Parcel Service Canada Ltd.
Canada
United Parcel Service Co.
Delaware
United Parcel Service Deutschland Inc.
Delaware
United Parcel Service France SNC
France
United Parcel Service General Services Co.
Delaware
United Parcel Service Italia SRL
Italy
United Parcel Service of America, Inc.
Delaware
United Parcel Service, Inc.
Ohio
UPICO Corporation
Delaware
UPINSCO, Inc.
Virgin Islands
UPS Capital Business Credit
Connecticut
UPS Capital Corporation
Delaware
UPS Cartage Services, Inc.
Delaware
UPS Ground Freight, Inc.
Virginia
UPS International Investments L.L.C. SCS
Luxembourg
UPS Limited
United Kingdom
UPS SCS GmbH & Co OHG
Germany
UPS SCS Holding Limited
Hong Kong
UPS SCS, Inc.
Canada
UPS Supply Chain Solutions, Inc.
Delaware
UPS Worldwide Forwarding, Inc.
Delaware


The names of particular subsidiaries are omitted pursuant to Item 601(b)(21)(ii)of Regulation S-K.