UNITED PARCEL SERVICE INC — Director's Dealing 2011

Mar 14, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNITED PARCEL SERVICE INC (UPS)
CIK: 0001090727
Period of Report: 2011-03-11

Reporting Person: KUEHN KURT P (CFO & Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-11	Class A Common Stock	M	10673.8950	$0.0000	Acquired	65440.7897	Direct
2011-03-11	Class A Common Stock	F	3487.7887	$71.6200	Disposed	61953.0010	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-11	Restricted Stock Units	$	M	10673.8950	Disposed	2011-01-31	Class A Common Stock (10673.8950)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	1120.0281	Indirect
Class A Common Stock	532.0000	Indirect
Class A Common Stock	1574.0000	Indirect

Footnotes

F1: Includes 3.3023 shares acquired in the Reporting Person's 401(k) account between December 1, 2010 and March 2, 2011.

F2: One unit is equivalent to one share of UPS Class A Common stock.

F3: The Restricted Stock Units vested on January 31, 2011. Vested shares of Class A common stock were delivered to the reporting person on March 11, 2011.

F4: Includes 229.73 Dividend Equivalent Units acquired in the Long Term Incentive Performance Plan account between March 3, 2010 and March 2, 2011.