UPS Receives Subpoena in Air Cargo Investigation

ATLANTA, July 14, 2006 - UPS (NYSE:UPS) today announced it had received a subpoena from the Antitrust Division of the U.S. Department of Justice requesting records relating to an on-going criminal investigation.

The investigation, which was publicly announced in February 2006, relates to the air cargo pricing practices of a number of airlines.

UPS does not believe it is a target of the investigation and will cooperate with the Justice Department.

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Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company’s strategic directions, prospects and future results, involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, governmental regulations, our competitive environment, strikes, work stoppages and slowdowns, increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company’s Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference.

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Norman Black

UPS

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