• 1Q 2005 Form 10-Q
• 2005 proxy statement
• 2004 Form 10-K
• Investor Relations
• Corporate Governance
• Stock Price
• Profile
• DE NYSE 5.31

• 1Q 2005 Form 10-Q
• 2005 proxy statement
• 2004 Form 10-K
• Investor Relations
• Corporate Governance
• Stock Price
• Profile
• DE NYSE 12.31

• 1Q 2005 Form 10-Q
• 2005 proxy statement
• 2004 Form 10-K
• Investor Relations
• Stock Price
• Profile
• DE NasdaqNM 12.31

• $43.25 per share, cash
• $1.25 billion total
• Taxable reverse triangular merger

• UPS: Bear Stearns / King & Spalding
• Overnite: Morgan Stanley / Hunton & Williams

• Press release

• Form 15

Definitive proxy statement 6.28.05

• Preliminary proxy statement 6.10.05

• Merger agreement 5.15.05

• Cash portion increased to 65%, from 50%
• Stock portion no longer tax-free
• Cash election eliminated
• Approval of Buyer's shareholders no longer required
• Summary
• Revision followed USF missing consensus earnings estimates for 1Q 2005
• Increasing cash portion reduces need for buyer to repurchase shares post-merger

• Increases buyer's pro forma earnings accretion

• 0.31584 YELL share plus $29.25, per USF share
• Reverse triangular merger, using LLC merger subsidiary
• One USF nominee to join YELL board

• YELL: IFL Capital / Fulbright & Jaworski
• USF:  Morgan Stanley / Sullivan & Cromwell

• Joint press release
• Slide presentation

• Joint press release
• Form 8-K

• Press release
• Slide presentation
• USF Form 15

Revised merger agreement 5.01.05

Original merger agreement 2.27.05

Revised Proxy / Prospectus 5.06.05

Form S-4 Amendment #1 4.22.05

• Form S-4 4.01.05

Morgan Stanley

• USF stockholders approve merger 5.23.05
• Voting reminder
• Floating rate note financing completed 5.19.05
• Pro forma financials 5.17.05
• Analyst call transcript 4.22.05
• HSR Act termination;
  Schedule shareholder meetings 4.14.05
• Buyer reaffirms confidence in value of seller 4.08.05
• Deal FAQs 2.28.05