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<TITLE>EXHIBIT 12</TITLE>
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<h3 align="center">EXHIBIT 12</h3>
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<B>
AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES
<BR>RATIO OF TOTAL LONG-TERM
<BR>DEBT TO TOTAL CAPITALIZATION
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<TABLE WIDTH="65%" BORDER=0 CELLSPACING=0 CELLPADDING=0>

<TR VALIGN=BOTTOM>

<TH WIDTH="50%" ALIGN=CENTER><FONT SIZE=2> <BR></FONT>

<FONT SIZE=1> </FONT><BR></TH>

<TH WIDTH="2%"><FONT SIZE=1><B> <BR> </B></FONT></TH>

<TH WIDTH="10%" COLSPAN=2 ALIGN=CENTER><FONT SIZE=1><B>

  December 31, 1999</B></FONT><HR NOSHADE></TH>

<TH WIDTH="2%"><FONT SIZE=1><B> <BR> </B></FONT></TH>

</TR>

<TR VALIGN=TOP>

<TH WIDTH="50%"></TH>

<TH WIDTH="28%" COLSPAN=4 ALIGN=CENTER><font size="1">(Dollars In Thousands)</font></TH>

</TR>

<TR VALIGN=TOP>

<TD WIDTH="50%"><font size="2">LONG-TERM DEBT:</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</TR>

<TR VALIGN=TOP>

<TD WIDTH="50%"><FONT SIZE=2>   Revolving credit Agreement</FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">95,000</font></TD>

<TD WIDTH="2%"><font size="2"> </font></TD>

</TR>

<TR VALIGN=TOP>

<TD WIDTH="50%"><FONT SIZE=2>   </FONT><font size="2">Money Market
  Lines of Credit</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">---</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</TR>

<TR VALIGN=TOP>

<TD WIDTH="50%"><FONT SIZE=2>   </FONT><font size="2">Senior Notes</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">200,000</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</TR>

<TR VALIGN=TOP>

<TD WIDTH="50%"><FONT SIZE=2>   </FONT><font size="2">Refunding
  Revenue bonds</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">13,200</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</TR>

<TR VALIGN=TOP>

<TD WIDTH="50%"><FONT SIZE=2>   </FONT><font size="2">Other</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">6,949</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</TR>

<tr>

<TD WIDTH="50%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="10%" COLSPAN=2 ALIGN=RIGHT><HR NOSHADE></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

<tr>

<TD WIDTH="50%"></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">315,149</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>
<tr>

<TD WIDTH="50%"><font size="2">   Less Current Portion</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">442</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>
<tr>

<TD WIDTH="50%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="10%" COLSPAN=2 ALIGN=RIGHT><HR NOSHADE></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>
<tr>

<TD WIDTH="50%"> <font size="2">     Total Long-term
  Debt</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">314,707</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>
<tr>

<TD WIDTH="50%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="10%" COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=4></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>
<tr>

<TD WIDTH="50%"><font size="2">TOTAL CAPITALIZATION:<br>
     Long-term Debt</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">314,707</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

<tr>

<TD WIDTH="50%"><font size="2">   Deferred Income Taxes</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">99,169</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

<tr>

<TD WIDTH="50%"><font size="2">   Shareholders Equity, Net</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">858,207</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

<tr>

<TD WIDTH="50%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="10%" COLSPAN=2 ALIGN=RIGHT><HR NOSHADE></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

<tr>

<TD WIDTH="50%"> <font size="2">     Total
  Capitalization</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">1,272,083</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>
<tr>

<TD WIDTH="50%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="10%" COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=4></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

<tr>

<TD WIDTH="50%"><font size="2">RATIO OF TOTAL LONG-TERM DEBT<br>
   TO TOTAL CAPITALIZATION</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"></TD>

<TD WIDTH="8%" ALIGN=RIGHT><font size="2">24.7%</font></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

<tr>

<TD WIDTH="50%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

<TD WIDTH="10%" COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=4></TD>

<TD WIDTH="2%"><FONT SIZE=2> </FONT></TD>

</tr>

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