The UPS Store Sets Record For New Openings In 2004

Non-Traditional Locations Will Help Fuel Growth in 2005

SAN DIEGO, CA (Wednesday, February 23, 2005) - The power of the UPS brand continued to make its mark in 2004 with a record number of 510 new The UPS Store® locations opening across the country. This achievement maintains the franchise’s status as one of the fastest growing in the country and brings its nationwide count to 3,771 locations as of Dec. 31.

"There are few retailers who can say, on average, they are adding two new locations every business day," said Stuart Mathis, president of franchisor Mail Boxes Etc., Inc. "Since the launch of The UPS Store in 2003, we have seen a tremendous spike in the number of inquiries from potential franchisees as well as a significant increase in applications from existing franchisees to open additional centers. These numbers are even more impressive for a 25-year-old business system."

This achievement has led franchisor Mail Boxes Etc., Inc. and its parent company, UPS (NYSE:UPS), to set a goal of adding an additional 525 The UPS Store locations in 2005. Some of this growth will occur in previously under-served areas such as urban neighborhoods, Free Enterprise Zones, college campuses, convention centers and military bases.

"This is a very entrepreneurial business," said Mathis. "This past year we signed agreements to open locations in places as diverse as the Washington Heights area of New York City, the campus of Arizona State University, and the Flamingo Hotel and Convention Center in Las Vegas."

The UPS Store centers are franchised by Mail Boxes Etc., Inc. (MBE), a UPS company. The UPS Store and Mail Boxes Etc.® locations together comprise the world’s largest franchise network of retail shipping, postal and business service centers with more than 5,300 locations around the world. In the United States, The UPS Store locations are independently owned and operated by licensed franchisees of Mail Boxes Etc., Inc. For additional information, please visit www.theupsstore.com or www.mbe.com.

UPS is the world’s largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS's stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at UPS.com. # # #

Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results, involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, governmental regulations, our competitive environment, strikes, work stoppages and slowdowns, increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference

For More Infromation Please contact:
Rich Hallabrin
The UPS Store
Phone: (858) 623-1718
Email: rhallabrin@mbe.com

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