UPS | 2000 Annual Report

common stock

Price and Dividend Information

The following is a summary of our stock price activity and declared dividend information subsequent to our initial public offering on November 10, 1999.

		High		Low		Close		Dividend Declared

1999
November 10 – December 31	$	76.94	$	61.00	$	69.00	$	0.30
2000
1st Quarter	$	69.75	$	49.50	$	63.00	$	0.17
2nd Quarter	$	66.94	$	55.00	$	59.00	$	0.17
3rd Quarter	$	61.50	$	51.88	$	56.38	$	0.17
4th Quarter	$	64.31	$	51.25	$	58.81	$	0.17

Prior to November 10, 1999, UPS common stock was not listed on a securities exchange and was not sold in an organized over-the-counter market. Prior to November 10, we would notify our shareowners periodically of our willingness to purchase a limited number of shares at specified prices determined by the Board of Directors. In determining the share price, the Board would consider a variety of factors, including past and current earnings, earnings estimates, the ratio of UPS common stock to debt of UPS, other factors affecting the business and long-range prospects of UPS, and general economic conditions, as well as opinions furnished from time to time by investment counselors acting as independent appraisers.

The prices at which we have published notices of our willingness to purchase shares from January 1, 1999, to November 9, 1999, as well as dividends declared during this period, are as follows:

Dates		Price		Dividends Declared

January 1 to February 17, 1999	$	20.00		–
February 18 to May 19, 1999	$	21.50		–
May 20 to August 18, 1999	$	23.50	$	0.28
August 19 to November 9, 1999	$	25.50		–

On November 10, 1999, our Class B common shares began to trade on the New York Stock Exchange under the ticker symbol “UPS”. As the Class B shares have the same equitable interest in our earnings and the same dividend payments as the Class A shares, we expect that the market price of our Class B common stock will determine the value of our Class A common stock.

As of March 9, 2001, there were 129,753 and 10,280 record holders of Class A and Class B stock, respectively.