News Release Details

UPS S-4 Registration Statement Declared Effective by SEC

September 22, 1999
Company Begins Proxy Distribution to Existing Shareowners ATLANTA, Sept. 22, 1999 -- United Parcel Service of America Inc. today announced the Securities and Exchange Commission has declared effective UPS's S-4 Registration Statement, setting the stage for distribution of proxy material to existing shareowners. The company anticipates the proxy statement/prospectus will be mailed on Sept. 23 to shareowners of record as of Aug. 30, 1999.

A UPS shareowner meeting to approve the various transactions needed to facilitate a proposed offering of roughly 10% of the company's stock to the public has been scheduled Oct. 25, 1999, in Wilmington, Del.

On July 21, 1999, UPS filed a proxy statement/prospectus with the SEC relating to a proposal to its current shareowners that will, if approved by a majority of UPS's currently outstanding shares, facilitate the offering of UPS stock to the public. If approved, the proposal would create Class A common stock, which would have 10 votes per share and would be distributed to the current shareowners of UPS. New Class B shares also will be created and will be offered to the public. The Class B shares will have the same economic rights as Class A shares, but will be entitled to one vote each. The company will seek to list the Class B shares on the New York Stock Exchange. Except in limited circumstances, Class A shares will be automatically converted into Class B shares upon transfer or sale.

UPS is a leading global provider of express delivery and logistics services to major companies worldwide and reported 1998 revenues of $24.8 billion. The company has about 330,000 employees and serves more than 200 countries and territories around the world. Also today, UPS was chosen "The World's Most Admired Company" in the mail, package and freight industry for the second consecutive year in a Fortune magazine survey. Headquartered in Atlanta, the company resides on the Web at http://www.ups.com.