PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - ------------------------------------------------------------------------------- Pricing Supplement No. 1 Trade Date: 01/14/02 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 01/17/02 Supplement dated December 20, 2001) The date of this Pricing Supplement is January 16, 2002 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UCX0 $15,103,000.00 5.00% 01/15/08 100% Interest Payment Frequency Dates and terms of redemption (begin date) Survivor's Option Subject to Redemption (including the redemption price) ---------------- ----------------- ---------------------- -------------------------------- 07/15/02 Yes Yes 100% 01/15/03 semi-annually semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ------------- ----------- ------ ----------- $14,944,418.50 $158,581.50 $1.75 ABN AMRO Financial Services, Inc.