<SEC-DOCUMENT>0001214659-22-005114.txt : 20220412
<SEC-HEADER>0001214659-22-005114.hdr.sgml : 20220412
<ACCEPTANCE-DATETIME>20220412102351
ACCESSION NUMBER:		0001214659-22-005114
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220412
DATE AS OF CHANGE:		20220412
EFFECTIVENESS DATE:		20220412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED PARCEL SERVICE INC
		CENTRAL INDEX KEY:			0001090727
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		IRS NUMBER:				582480149
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15451
		FILM NUMBER:		22821363

	BUSINESS ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		4048286000

	MAIL ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRILLIUM ASSET MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0000884541
		IRS NUMBER:				042549211
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		617-423-6655

	MAIL ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRILLIUM ASSET MANAGEMENT CORP
		DATE OF NAME CHANGE:	20000519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN RESEARCH & DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19990326
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule
14a-103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of the Registrant: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United Parcel Service, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of persons relying on exemption: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trillium Asset Management, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Address of persons relying on exemption: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&zwj;Two Financial Center, 60 South Street, Suite
1100, Boston, MA 02111</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The attached written materials are submitted pursuant
to Rule 14a-6(g) (1) promulgated under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This is NOT a solicitation of authority to
vote your proxy. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please DO NOT send us your proxy card as it
will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Parcel Service, Inc.<BR>
<U>Proposal 7: Shareowner Proposal Requesting the Adoption of Independently<BR>
Verified Science-Based Greenhouse Gas Emissions Reduction
Targets</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trillium Asset Management, LLC, Zevin Asset Management, and Green Century
Capital Management, Inc. seek your support<SUP>1</SUP> for <B>Proposal 7 on the United Parcel Service, Inc. </B>on the (&ldquo;UPS&rdquo;
or &ldquo;the Company&rdquo;) 2022 proxy ballot. The resolved clause states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I><U>Resolved</U></I></B><I>: Shareholders request that
UPS adopt independently verified short, medium, and long-term science-based greenhouse gas emissions reduction targets, inclusive of emissions
from its full value chain, in order to achieve net-zero emissions by 2050 or sooner and to attain appropriate emissions reductions prior
to 2030, in line with the Paris Agreement&rsquo;s goal of maintaining global temperature rise at 1.5 degrees Celsius.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proponents believe that in order to address climate risk and do its
part to address the climate crisis, UPS must set independently verified, science-based greenhouse gas emissions reduction goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the following reasons, we believe <B>UPS should set science-based
targets through the Science Based Targets Initiative (SBTi) and urge UPS investors to vote FOR PROPOSAL 7:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>UPS&rsquo;s current goals are inadequate and only include emissions reduction goals for less than half of company emissions;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>UPS lags peers in procuring electric vehicles; and</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Aviation emissions are not a barrier to UPS setting science-based targets.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>UPS&rsquo;S CURRENT GOALS ARE INADEQUATE AND ONLY INCLUDE EMISSION
REDUCTION GOALS FOR LESS THAN HALF OF COMPANY EMISSIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2018, the Intergovernmental Panel on Climate Change updated the
goals of the 2015 Paris Agreement to advise that net carbon emissions must fall 45 percent by 2030 and reach net zero by 2050 to limit
warming below 1.5 degrees Celsius, thereby preventing the worst consequences of climate change. However, in 2020, the UN reported the
world is &ldquo;way off-track&rdquo; from achieving these goals.<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Climate change impacts present risks to investors.<SUP>3</SUP> A warming
climate is associated with increased supply chain disruptions, reduced resource availability, lost production, commodity price volatility,
infrastructure damage, political instability, and reduced worker efficiency.<SUP>4 </SUP> The U.S. Environmental Protection Agency identifies
the transportation sector as the largest producer of greenhouse gas (GHG) emissions and its emissions are steadily increasing.<SUP>5</SUP>
In addition to their GHG emissions, which are projected to surpass those of passenger vehicle emissions by 2030, internal combustion engine
medium and heavy duty vehicles have significant adverse health impacts that disproportionately affect low-income communities and communities
of color.<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> This communication is an exempt proxy solicitation <FONT STYLE="color: #1A1A1A">submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. </FONT>This is not a solicitation of authority to
vote your proxy and Trillium Asset Management, LLC will not accept proxies if sent. Trillium Asset Management, LLC urge shareholders to
vote for the proposals discussed in this communication following the instructions provided on the management&rsquo;s proxy mailing. The
cost of this communication is being borne entirely by Trillium Asset Management, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://library.wmo.int/doc_num.php?explnum_id=10211</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://cornerstonecapinc.com/wp-content/uploads/No-Place-to-Hide_Climate-Change-and-Systemic-Financial-Risk.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.ipcc.ch/sr15/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://cfpub.epa.gov/ghgdata/inventoryexplorer/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.washingtonpost.com/climate-solutions/2020/06/29/climate-change-racism/</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors (including over 200 asset managers with over $57 trillion
in assets under management who have signed onto the Net Zero Asset Managers Initiative)<SUP>7</SUP> and stakeholders in general, increasingly
expect corporations to set and implement rigorous greenhouse gas emissions reduction targets to reduce climate risks related to their
operations, value chains, and to society at large.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UPS has set a goal to be carbon neutral by 2050. Its interim goals
to reach carbon neutrality include:<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; text-align: center"><B>2025</B></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>2035</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">25% renewable electricity for facilities</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">30% sustainable aviation fuel (SAF)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">40% alternative fuel purchases as a percent of <BR>
total ground fuel (existing goal)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">100% renewable electricity for facilities</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">50% reduction in CO2 per package delivered for global small package </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While UPS&rsquo;s current goal of 50% emissions reduction per global
small package goal covers 95% of UPS&rsquo;s scope 1 and 2 emissions, <B><I>it entirely leaves out the Company&rsquo;s scope 3 emissions,
which account for more than UPS&rsquo;s scope 1 and 2 emissions combined.<SUP>9</SUP></I></B> In 2021, UPS &ldquo;retired&rdquo; its 12%
absolute emissions reduction goal by 2025 for its global ground operations (which, although certainly more ambitious than its current
goal, still only covered 43% of its scope 1 and 2 emissions) after the Company failed to decrease&mdash;and in fact increased&mdash;its
absolute emissions by 13%.<SUP>10</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.netzeroassetmanagers.org/signatories/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://about.ups.com/content/dam/upsstories/assets/reporting/sustainability-2021/2020_UPS_TCFD_Report_081921.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> U<FONT STYLE="font-size: 10pt">PS
2021 Climate Change CDP </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> U<FONT STYLE="font-size: 10pt">PS
2021 Climate Change CDP </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, by pledging carbon neutrality without a verified, credible
plan to achieve it, investors are left to wonder how UPS will use carbon offsets going forward and if the Company verifies any of the
&ldquo;retired&rdquo; emissions from the projects carried out by its partners through its carbon neutral option for businesses.<SUP>11</SUP>
Offsetting corporate emissions, instead of directly reducing them, may exacerbate the systemic risk of climate change and expose companies
to material business and reputational risk.<SUP>12</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>UPS LAGS PEERS IN PROCURING ELECTRIC AND ZERO EMISSION VEHICLES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UPS may not be adequately ambitious in regard to securing electric
and zero emission vehicles (EVs, ZEVs), and procurement thereof could help the Company set and fulfill science-based targets. Compared
to competitors, Amazon<SUP>13</SUP> and FedEx,<SUP>14</SUP> UPS is lagging behind in setting EV procurement goals. In addition to reputational
risk, this may result in competitive risk as EV battery supplies may be constrained later in the decade, and as EVs increasingly provide
lifetime savings costs.<SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UPS has made modest progress on integrating electric vehicles into
its ground fleet. Although it has ordered 125 Tesla all-electric semi-trucks<SUP>16</SUP> and has invested in the electric vehicle manufacturer
Arrival,<SUP>17</SUP> the Company has only committed to buying 10,000 EVs to its delivery fleet.<SUP>18</SUP> Compare this to the more
than 100,000 vehicles involved in UPS delivery operations. By contrast, Amazon plans to roll out 100,000 electric delivery vehicles by
2030, and FedEx has a goal to purchase 50% of FedEx Express global pickup and delivery vehicles by 2025 rising to 100% of all purchases
by 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2008, UPS has spent more than $1 billion in alternative vehicles
and fueling stations, including over 5,200 natural gas vehicles.<SUP>19</SUP> The Company has added another 6,000 compressed natural gas
vehicles to its fleet.<SUP>20</SUP> Although the Company has signed contracts for renewable natural gas (RNG), experts say that a more
appropriate use of RNG may be for hard-to-abate sectors such as heavy-duty transportation and industrial heating.<SUP>21</SUP> It would
appear that UPS might be better served to purchase SAF derived from feedstocks that are diverted from creating RNG and direct its considerable
resources to procuring more electric and zero emissions vehicles.<SUP>22</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://about.ups.com/us/en/our-company/governance/carbon-neutral-credentials.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.unep.org/news-and-stories/story/carbon-offsets-are-not-our-get-out-jail-free-card</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.aboutamazon.com/news/sustainability/go-behind-the-scenes-as-amazon-develops-a-new-electric-vehicle</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.fedex.com/en-us/sustainability/electric-vehicles.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://fudzilla.com/news/52838-a-lithium-battery-crisis-coming#:~:text=Recently%2C%20Rystad%20Energy%20projected%20a,according%20to%20the%20research%20firm</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.reuters.com/article/us-ups-tesla-orders/ups-reserves-125-tesla-semi-trucks-largest-public-pre-order-yet-idUSKBN1ED1QM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://arrival.com/us/en/news/ups-invests-in-arrival-and-orders-10000-generation-2-electric-vehicles</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.ngvi.com/ups/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://about.ups.com/mx/en/newsroom/press-releases/sustainable-services/ups-continues-to-build-on-renewable-natural-gas-momentum.html#:~:text=UPS%20(NYSE%3A%20UPS)%20today,the%20terms%20of%20the%20agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.wri.org/insights/7-things-know-about-renewable-natural-gas#:~:text=At%20present%2C%20renewable%20natural%20gas,diesel%20in%20heavy%2Dduty%20vehicles</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.pnas.org/doi/10.1073/pnas.2023008118</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AVIATION EMISSIONS ARE NOT A BARRIER TO UPS ADOPTING SCIENCE-BASED
TARGETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without a doubt, aviation is the most difficult area of UPS&rsquo;s
business to decarbonize. However, in August 2021, SBTi released Science-Based Target Setting for the Aviation Sector guidelines. The target
setting method for passenger and commercial airlines is based on the SBTi&rsquo;s Sectoral Decarbonization Approach which states that
a company&rsquo;s carbon intensity should converge to the sector&rsquo;s Paris-aligned GHG intensity by 2050. In other words, aviation
emissions reductions are based on individual companies&rsquo; preferred paths as long as the paths coverage on Paris-aligned targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UPS contributed to the Technical Working Group<SUP>23</SUP> that provided
input to the guidance but did not apply it to its own target-setting, even though the guidance provides both: 1) flexibility and 2) a
pathway to a &ldquo;well-below 2&deg;C&rdquo; ambition, which is less restrictive than a 1.5 degree Celsius target. By mid-July 2022,
SBTi plans to update the guidance to ensure aviation emissions reductions align with achieving a 1.5 degree Celsius target. Although UPS
has set a carbon neutral by 2050 goal, setting a science-based target would provide investors better insight into how UPS plans to reduce
its Scope 1 and 3 aviation emissions. <B>Airlines including Delta, American, Air France, Iberia, KLM, and United have all committed to
science-based targets via SBTi.<SUP>24</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>UPS SHOULD SET SCIENCE-BASED TARGETS THROUGH THE SCIENCE BASED TARGETS
INITIATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ultimately, UPS&rsquo;s current goals only include reduction goals
for less than half of company emissions. Investors do not have assurance or verification of any kind that UPS&rsquo;s current goals are
aligned with limiting warming to 1.5 degrees&mdash;or even well below 2 degrees. Therefore, the Proponents ask the Company to take a different
route-- set an independently verified, science-based greenhouse gas emissions reduction target aligned with 1.5 degrees of warming, ideally
via the Science Based Targets initiative (SBTi).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Setting science-based targets through SBTi provides investors transparency
into corporate greenhouse gas emissions reduction commitments, particularly for companies in high-emissions industries such as package
delivery. Further, SBTi&rsquo;s criteria for setting targets include commonly-agreed upon definitions of Scope 1, 2, and 3 emissions,
boundary-setting rules, and verified near and long-term targets. UPS&rsquo;s carbon neutral goal does not. SBTi long term net zero targets
set limits to the amount of residual emissions that a company can offset using carbon credits, lowering the risk that a company is relying
too heavily on carbon credits to meet their goals. Additionally, UPS would not be alone in setting a science-based target-- more than
2,500 companies have committed to set or have set science-based targets with the Initiative.<SUP>25</SUP> In fact, <B>UPS peer DHL has
committed to set targets via SBTi, along with 42 other air freight, transportation, and logistics companies.<SUP>26</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://sciencebasedtargets.org/resources/files/SBTi_AviationGuidanceAug2021.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://sciencebasedtargets.org/companies-taking-action#table</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://sciencebasedtargets.org/companies-taking-action</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://sciencebasedtargets.org/companies-taking-action#table&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To meet the intensifying physical and transition risks associated with
climate change and keep pace with peers, UPS should not delay in setting independently verified science-based targets. We urge shareholders
for vote FOR Proposal 7 following the instructions provided on the Company&rsquo;s proxy mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>IMPORTANT NOTICE: The cost of this communication is being borne
entirely by Trillium Asset Management, LLC. The foregoing information may be disseminated to shareholders via telephone, U.S. mail, e-mail,
certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation of authority to
vote your proxy. Proxy cards will not be accepted by Trillium. To vote your proxy, please follow the instructions on your proxy card.
These written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. The views expressed
are those of the authors as of the date referenced and are subject to change at any time based on market or other conditions. These views
are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment
advice. The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned.
It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned,
they have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all
of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources
believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available
data. This piece is for informational purposes and should not be construed as a research report. </I></P>

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