PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) UNITED PARCEL SERVICE, INC. UPS NOTES - -------------------------------------------------------------------------------- Pricing Supplement No. 32 Trade Date: 08/19/02 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 08/22/02 Supplement dated December 20, 2001) The date of this Pricing Supplement is August 20, 2002 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UEE0 $20,752,000.00 5.00% 08/15/14 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) ---------------- ----------------- ---------- -------------------------------- 09/15/02 Yes Yes 100% 08/15/03 monthly semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ----------- ----------- ------ ----------- $20,461,472.00 $290,528.00 $2.75 ABN AMRO Financial Services, Inc.