December 17, 2001

FOR IMMEDIATE RELEASE

NATIONAL MEDIATION BOARD

Contact: NMB Public Information Line -- (202) 692-5050

Re: United Parcel Service and IBT Reach Tentative Agreement

The Chairman of the National Mediation Board is pleased to announce that late Sunday evening, after seven straight days of negotiation supervised by Mediator Fred Leif, the International Brotherhood of Teamsters Local 2727's Negotiating Committee reached a tentative agreement with United Parcel Service Co. on all major terms of a new contract. The agreement covers employees in the Mechanic and Related craft.

The Parties will meet this week to finalize contract language, thereafter releasing a summary of the terms. At the request of the National Mediation Board, pending conclusion of this week's meetings, the Parties have agreed not to disclose any of the terms of the agreement, so it can be presented to the membership first.

The Agreement is subject to membership ratification.