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<h1 id="DocTitle">2005 Annual Report</h1>
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<option value="1" selected>Front Cover</option>
<option value="3">Table of Contents</option>
<option value="4">Chief Executive Officer Letter</option>
<option value="8">UPS Products and Services</option>
<option value="10">Chief Financial Officer Letter</option>
<option value="13">UPS Business Philosophy </option>
<option value="14">Board of Directors and Senior Management</option>
<option value="15">Annual Report on Form 10-K</option>
<option value="16">Item 1. Business</option>
<option value="26">Item 1a. Risk Factors</option>
<option value="26">Item 1b. Unresolved Staff Comments</option>
<option value="26">Item 2. Properties</option>
<option value="29">Item 3. Legal Proceedings</option>
<option value="29">Item 4. Submission Of Matters To A Vote Of Security Holders</option>
<option value="30">Item 5. Market For Registrant's Common Equity</option>
<option value="31">Item 6. Selected Financial Data</option>
<option value="32">Item 7. Management's Discussion And Analysis Of Financial Condition And Results Of Operations</option>
<option value="53">Item 7a. Quantitative And Qualitative Disclosures About Market Risk</option>
<option value="53">Item 8. Financial Statements And Supplementary Data</option>
<option value="53">Item 9. Changes In And Disagreements With Accountants On Accounting And Financial Disclosure</option>
<option value="53">Item 9a. Controls And Procedures</option>
<option value="53">Item 9b. Other Information</option>
<option value="54">Item 10. Directors And Executive Officers Of The Registrant</option>
<option value="54">Item 11. Executive Compensation</option>
<option value="54">Item 12. Security Ownership Of Certain Beneficial Owners & Management & Related Stockholder Matters</option>
<option value="54">Item 13. Certain Relationships And Related Transactions</option>
<option value="54">Item 14. Principal Accountant And Fees And Services</option>
<option value="55">Item 15. Exhibits And Financial Statement Schedules</option>
<option value="58">Management's Report on Internal Control Over Financial Reporting</option>
<option value="59">Report of Independent Registered Public Accounting Firm</option>
<option value="61">Report of Independent Registered Public Accounting Firm</option>
<option value="62">Consolidated balance sheets - December 31, 2005 and 2004</option>
<option value="63">Statements of consolidated income—Years ended December 31, 2005, 2004 and 2003</option>
<option value="64">Statements of consolidated shareowners' equity—Years ended December 31, 2005, 2004 and 2003</option>
<option value="65">Statements of consolidated cash flows—Years ended December 31, 2005, 2004 and 2003</option>
<option value="66">Notes to consolidated financial statements </option>
<option value="66">Note 1. Summary Of Accounting Policies</option>
<option value="71">Note 2. Marketable Securities And Short-Term Investments</option>
<option value="73">Note 3. Finance Receivables</option>
<option value="74">Note 4. Property, Plant And Equipment</option>
<option value="74">Note 5. Employee Benefit Plans</option>
<option value="80">Note 6. Goodwill, Intangibles, And Other Assets</option>
<option value="81">Note 7. Business Acquisitions And Dispositions</option>
<option value="83">Note 8. Long-Term Debt And Commitments</option>
<option value="85">Note 9. Deferred Taxes, Credits, And Other Liabilities</option>
<option value="85">Note 10. Legal Proceedings And Contingencies</option>
<option value="86">Note 11. Capital Stock And Stock-Based Compensation</option>
<option value="89">Note 12. Segment And Geographic Information</option>
<option value="91">Note 13. Other Operating Expenses</option>
<option value="92">Note 14. Income Taxes</option>
<option value="94">Note 15. Earnings Per Share</option>
<option value="94">Note 16. Derivative Instruments And Risk Management</option>
<option value="96">Note 17. Menlo Restructuring Program And Related Expenses</option>
<option value="97">Note 18. Quarterly Information (Unaudited)</option>
<option value="98">Exhibit Index</option>
<option value="103">Investor Information</option>
<option value="104">Back Cover</option>
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