For additional financial information, download a PDF version of our 1999 Annual Report. Files available include the main Annual Report content, Management's Discussion & Analysis only and the complete Financial Section. Adobe Acrobat Reader is required to view these documents.
			(in millions) 1999 1998 % Change CAGR (2) Revenue $ 27,052 $ 24,788 9.1% 6.7% Operating Expenses $ 23,064 $ 21,698 6.3% 5.1% Net Income (1) $ 2,325 (1) $ 1,741 33.5% 19.8% Assets $ 23,043 $ 17,067 35.0% -- Capital Expenditures $ 1,476 $ 1,645 -10.3% -- Long-Term Debt $ 1,912 $ 2,191 -12.7% -- Shareowners' Equity $ 12,474 $ 7,173 73.9% -- (1) Net income reported above excludes a $1.442 billion tax assessment charge in 1999. Actual net income reported in 1999 was $883 million. (2) Compound Annual Growth Rate (CAGR) from 1994 to 1999.
			(1) Amounts reported above exclude a $1.442 billion tax assessment charge in 1999. (2) Excluding $5.266 billion net IPO proceeds in 1999.

Special note regarding forward-looking statements. © 2000 United Parcel Service of America, Inc.