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Exhibit 99
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[LOGO] United Parcel Service of America, Inc.
55 Glenlake Parkway NE. Atlanta, GA 30328
(404) 828-6000
November 15, 1995
To Members of the UPS Managers Incentive Plan:
It is a great pleasure to welcome you as a member of the 1995 Managers
Incentive Plan. Your participation is the result of the dedication and efforts
you have demonstrated on behalf of our company.
This year's award will consist of four shares of UPS common stock for
each share of Overseas Partners Ltd. common stock.
The Incentive Plan results are based on UPS profits for the 12 months
ending September 30. The company enjoyed a strong performance over that period
despite continued competitive and economic challenges around the world.
On behalf of the 24,756 active members of the Managers Incentive Plan,
I would like to extend a special congratulations to you and the 2,622 other
supervisors who are receiving stock for the first time this year. Your
continued contributions to the progress of our company will help ensure that
the value of your ownership will grow in the years to come.
The principle of manager-ownership has been integral to the success of
our organization for several decades. Our partnership philosophy builds
loyalty, dedication and helps us make the right decisions for the long-term
benefit of our company and our customers.
This year, with the introduction of the UPS Stock Ownership Program for
nonmanagement employees, we can expect even greater dedication from those who
participate. Their added motivation to become more involved in our quality
improvement process will support you in the challenges you encounter and
contribute to the overall success of the company.
I thank you for your fine efforts and, with your help, look forward to
another successful year.
Sincerely,
OZ Nelson
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OZ Nelson
Chairman
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(UPS LOGO)
UNITED PARCEL SERVICE of America, Inc.
65 Glenlake Parkway, NE
Atlanta, GA 30328
(404) 828-6000
15.November 1995
An unsere Aktionare des
"UPS Managers Incentive Plan"
Es ist mir eine Freude, Sie als Teilnehmer am 1995 Sonderbonus-Plan bergruBen
zu konnen. In diesem Jahr haben sich 27.378 UPS Supervisor und Manager fur den
Sonderbonus-Plan qualifiziert.
Der diesjahrige Bonus setzt sich wie folgt zusammen: auf jeweils eine (1)
Overseas Partners Ltd. Stammaktie kommen vier (4) UPS Stammaktien.
Die diesjahrige Ausschuttung hat fur die 2.622 neuen Teilnehmer eine besondere
Bedeutung, da sie zum ersten Mal Aktien erhalten. Ich glaube, daB ich fur die
ubrigen 24.756 Aktionare spreche, wenn ich den Neu-Aktionaren meinen
Gluckwunsch ausspreche und versichere, daB wir ohne sie nicht in den GenuB
dieser Zuwendung gekommen waren. Wir hoffen Ihr Aktienbesitz wachst im Laufe
der Jahre, so wie Ihre wertvolle Mitarbeit in unserem hervorragenden
Unternehmen.
Denjenigen, die sich bereits fruher schon fur den Sonderbonus-Plan qualifiziert
haben, sage ich einfach "dankeschon". Ihr personlicher Einsatz hat uns allen
zu einem wesentlichen Zuwachs an unserer Miteigentumerschaft verholfen. Ihre
Bemuhungen fuhren zum Erfolg des Sonderbonus-Plan und zum Erfolg unseres
Unternehmens.
Der Sonderbonus-Plan ist abhangig von den Gewinnen, die UPS in den letzten 12
Monaten, die am 30. September enden, erwirtschaften konnte. In diesem
Zeitraum haben Sie mitgeholfen, die laufenden internationalen Expansionskosten,
nachlassende internationale Konjunktur und starken nationalen Wettbewerb zu
meistern, und die diesjahrige Bonus-Ausschuttung zu ermoglichen.
Mit freundlichen GruBen
/s/ Oz Nelson
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Oz Nelson
Vorstandsvorsitzender
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1995 UPS MANAGERS INCENTIVE PLAN PARTICIPATION NOTICE
PAYABLE IN JANUARY 1996
ESTIMATED BALANCE
PROFIT ADDITIONAL TOTAL ESTIMATED TAXES TO BE WITHHELD CHARGE TO BE PAID
INCENTIVE INCENTIVE EARNINGS FEDERAL* STATE** OLD AGE A/C REC. IN STOCK
This is the notice of your participation in the 1995 UPS Managers Incentive
Plan. The Plan is described below.
An Earnings Statement, showing final figures, including the number of
shares of stock you will receive, will be given to you when the shares have been
deposited in your account with First Fidelity Bank, N.A.
The Profit Incentive consists of an allocation of 15% of the profits of
United Parcel Service of America, Inc. (before federal income taxes, exclusive
of gains or losses on sales of real estate or stock of subsidiary companies) for
the twelve months ended September 30, 1995. This year one unit members receive
an allocation equal to [ ] month's salary as of September 30, 1995. Two unit
members receive twice that amount.
The Additional Incentive is equal to 2 1/2% of the cost of stock deposited
in the UPS Managers Stock Trust, less the cumulative proceeds from sales of any
such stock. The Additional Incentive is limited to a maximum amount equal to
one month's salary.
A new determination of membership in the UPS Managers Incentive Plan is
made each year without regard to Membership in prior years. A manager may
become a member of the plan each year only upon recommendation of the district
or department manager with the approval of the region or corporate group
manager.
This Participation Notice is being given to you as a member of the 1995 UPS
Managers Incentive Plan. Your rights under the Plan become fixed when you
receive this Notice. Payment will be made in January 1996.
United Parcel Service
* Federal income tax withheld at 28% as required under provisions of Omnibus
Budget Reconciliation Act of 1993.
** State taxes are estimated and do not include local taxes. Actual state &
local taxes will be withheld in January, based upon the rates in effect at that
time.
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1995 UPS MANAGERS INCENTIVE PLAN PARTICIPATION NOTICE
PAYABLE IN JANUARY 1996
PROFIT ADDITIONAL TOTAL ESTIMATED TAXES TO BE WITHHELD CHARGE
INCENTIVE INCENTIVE EARNINGS CAN. FEDERAL UNTEMP INS. A/C REC. NET PAYMENT
CANADIAN DOLLARS
This is the notice of your participation in the 1995 UPS Managers
Incentive Plan. The Plan is described below.
An Earnings Statement, showing final figures, including the number of
shares of stock you will receive, will be given to you when the shares have been
deposited in your account with First Fidelity Bank, N.A.
The Profit Incentive consists of an allocation of 15% of the profits of
United Parcel Service of America, Inc. (before federal income taxes, exclusive
of gains or losses on sales of real estate or stock of subsidiary companies) for
the twelve months ended September 30, 1995. This year one unit members receive
an allocation equal to months' salary as September 30, 1995. Two unit
members receive twice that amount.
The Additional Incentive is equal to 2 1/2% of the cost of stock
deposited in the UPS Managers Stock Trust, less the cumulative proceeds from
sales of any such stock. The Additional Incentive is limited to a maximum
amount equal to one month's salary.
A new determination of membership in the UPS Managers Incentive Plan is
made each year without regard to Membership in prior years. A manager may
become a member of the plan each year only upon recommendation of the district
or department manager with the approval of the region or corporate group
manager.
This Participation Notice is being given to you as a member of the 1995
UPS Managers Incentive Plan. Your rights under the Plan become fixed when you
receive this Notice. Payment will be made in January 1996.
UNITED PARCEL SERVICE
*To comply with Revenue Canada Regulations, it will be necessary to tax
incentive earnings as ordinary income. Actual taxes will be withheld in
January based upon the rates in effect at that time.
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1995 UPS MANAGERS INCENTIVE PLAN PARTICIPATION NOTICE
PAYABLE IN JANUARY 1996
ESTIMATED BALANCE
PROFIT ADDITIONAL TOTAL TO BE PAID
INCENTIVE INCENTIVE EARNINGS ESTIMATED TAXES TO BE WITHHELD IN STOCK
NATIVE CURRENCY
This is the notice of your participation in the 1995 UPS Managers
Incentive Plan. The Plan is described below.
An Earnings Statement, showing final figures, including the number of
shares of stock you will receive, will be given to you when the shares have
been deposited in your account with First Fidelity Bank, N.A.
The Profit Incentive consists of an allocation of 15% of the profits of
United Parcel Service of America, Inc. (before federal income taxes, exclusive
of gains or losses on sales of real estate or stock of subsidiary companies)
for twelve months ended September 30, 1995. This year one unit members receive
an allocation equal to month's salary as of September 30, 1995. Two unit
members receive twice that amount.
The Additional Incentive is equal to 2 1/2% of the cost of stock
deposited in the UPS Managers Stock Trust, less the cumulative proceeds from
sales of any such stock. The Additional Incentive is limited to a maximum
amount equal to one month's salary.
A new determination of membership in the UPS Managers Incentive Plan is
made each year without regard to Membership in prior years. A manager may
become a member of the plan each year only upon recommendation of the district
or department manager with the approval of the region or corporate group
manager.
This Participation Notice is being given to you as a member of the 1995
UPS Managers Incentive Plan. Your rights under the Plan become fixed when you
receive this Notice. Payment will be made in January 1996.
UNITED PARCEL SERVICE
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BENACHRICHTIGUNG UBER DIE TEILNAHME AM
"1995 UPS MANAGERS INCENTIVE PLAN"
(UPS SONDERBONUS-PLAN FUR MANAGER 1995)
ZAHLBAR IM JANUAR 1996
SONDERBONUS ZUSATZLICHER GESAMTER BONUS VORLAUFIGE GEHALTSABZUGE GESAMT UMBUCHUNGEN/ VORLAUFIGER
BRUTTO DM BONUS BRUTTO DM (LOHNSTEUER/SOZIALVERSICHERUNG) VERRECHNUNGEN SONDERBONUS ETTO
Hiermit benachrichtigen wir Sie uber Ihre Teilnahme am "UPS Managers
Incentive Plan" (UPS Sonderbonus-Plan fur Manager) de United Parcel Service of
America, Inc. fur das Jahr 1995.
Die endgultige Bonusaufstellung unter Angabe der Aktien, die Sie
erhalten, wird ihnen nach Ubertragung der Aktien in ihr Depot bei der First
Fidelity Bank, N.A. zugesandt.
Insgesamt werden 15 Prozent der in den letzten zwolf Monaten zum
September 1995 erziehiten Ertrage der United Parcel Service of America, Inc.
(vor Ertragssteuern und ausschlieBlich der Gewinne oder Verluste aus dem Verkauf
von Immobilien oder Beteiligungen an Tochtergesellschaften) als Sonderbonus
ausgeschuttet. In diesem Jahr erhalten Teilnehmer, die fur eine Bonuseinheit
vorgesehen sind, eine Zuteilung in Hohe des -fachen ihres September
1995-Gehalts. Teilnehmer, die fur zwei Bonuseinheiten vorgesehen sind, erhalten
das Doppelte diese Betrages.
Der zusatzliche Bonus entspricht 2,5 Prozent der Einstandskosten der im
"UPS Managers Stock Trust" deponierten Aktien abzuglich der kumulativen Erlose
aus etwaigen Aktienverkaufen. Der zusatzliche Bonus darf en Monatsgehalt nicht
uberschreiten.
United Parcel Service of America, Inc. entscheidet jahrlich neu daruber,
ob und fur weiche Unternehmen der UPS-Unternehmensgruppe ein "UPS Manager
Incentive Plan" zur Vertugung gestelit wird. Diese Entscheidung erfoigt
unabhangig von den Entscheidungen in vorangegangenen Jahren. Ebenso wird die
Entscheidung uber die Teilnahme des einzelnen Managementmitarbeiters am "UPS
Managers Incentive Plan" von der United Parcel Service of America, Inc. jahrlich
ohne Berucksichtigung einer etwaigen Teilnahme in voragngegangenen Jahren neu
getroffen. Voraussetzung fur die Teilnahme ist in jedem Fall, daB sich der
Mitarbeiter zum Zeitpunkt der Zahlung in einem ungekundigten
Anstellungsverhaltnis mit dem jeweilgen UPS Untemehmen befindet. Dessen
ungeachtet erfoigt die Aktienzuteilung freiwillig; auch nach wiederholter
Teilnahme am "UPS Managers Incentive Plan" erwachst hierauf kien Rechtsanspruch
fur die Zukunft.
Die Zahlung erfolgt im Januar 1996.
United Parcel Service