UPS 2009 Annual Report Download - page 24

Item 1A. Risk Factors
Cautionary Statement About Forward-Looking Statements
This report includes certain “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Statements in the future tense, and all statements accompanied by terms such as
“believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and variations
thereof and similar terms are intended to be forward-looking statements. We intend that all forward-looking
statements we make will be subject to safe harbor protection of the federal securities laws pursuant to
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Our disclosure and analysis in this report, in our Annual Report to Shareholders and in our other filings with
the Securities and Exchange filings contain some forward-looking statements regarding our intent, belief and
current expectations about our strategic direction, prospects and future results. From time to time, we also
provide forward-looking statements in other materials we release as well as oral forward-looking statements.
Such statements give our current expectations or forecasts of future events; they do not relate strictly to historical
or current facts. Management believes that these forward-looking statements are reasonable as and when made.
However, caution should be taken not to place undue reliance on any such forward-looking statements because
such statements speak only as of the date when made.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to
differ materially from our historical experience and our present expectations or anticipated results. These risks
and uncertainties include, but are not limited to, those described below and elsewhere in this report and those
described from time to time in our future reports filed with the Securities and Exchange Commission. You should
consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the
accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to
update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of
unanticipated events after the date of those statements.
Risk Factors
You should carefully consider the following factors, which could materially affect our business, financial
condition or results of operations. You should read these Risk Factors in conjunction with “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and our Consolidated
Financial Statements and related notes in Item 8. The risks described below are not the only risks facing our
Company. Additional risks and uncertainties not currently known to us or that we currently deem to be
immaterial also may materially adversely affect our business, financial condition or results of operations.
General economic conditions, both in the U.S. and internationally, may adversely affect our results of
operations.
We conduct operations in over 200 countries and territories. Our U.S. and international operations are
subject to normal cycles affecting the economy in general, as well the local economic environments in which we
operate. The factors that create cyclical changes to the economy and to our business are beyond our control, and
it may be difficult for us to adjust our business model to mitigate the impact of these factors. In particular, our
business is affected by levels of industrial production, consumer spending and retail activity. To the extent that
the current economic recession in the U.S. and worldwide continues for a prolonged period of time or the
recovery takes longer than anticipated, our business, financial position and results of operations could be
materially affected.
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