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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareowners
United Parcel Service, Inc.
Atlanta, Georgia
We have audited the accompanying consolidated balance sheets of United Parcel Service, Inc. and its
subsidiaries (the “Company”) as of December 31, 2006 and 2005, and the related consolidated statements of
income, comprehensive income, and cash flows for each of the three years in the period ended December 31,
2006. These financial statements are the responsibility of the Company’s management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial
position of United Parcel Service, Inc. and its subsidiaries at December 31, 2006 and 2005, and the results of
their operations and their cash flows for each of the three years in the period ended December 31, 2006, in
conformity with accounting principles generally accepted in the United States of America.
As described in Note 1 to the consolidated financial statements, on January 1, 2006 the Company adopted
the provisions of Statement of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payment,”
and on December 31, 2006, the Company adopted the recognition and disclosure provisions of Statement of
Financial Accounting Standards No. 158 “Employers’ Accounting for Defined Benefit Pension and Other
Postretirement Plans (an amendment of FASB Statements No. 87, 88, 106, and 132(R)).”
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the effectiveness of the Company’s internal control over financial reporting as of December 31,
2006, based on the criteria established in Internal Control—Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission and our report dated March 1, 2007 expressed an
unqualified opinion on management’s assessment of the effectiveness of the Company’s internal control over
financial reporting and an unqualified opinion on the effectiveness of the Company’s internal control over
financial reporting.
Deloitte & Touche LLP
Atlanta, Georgia
March 1, 2007
F-5