PRICING SUPPLEMENT
Registration No. 333-08369-01
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
- -------------------------------------------------------------------------------
Pricing Supplement No. 38 Trade Date: 09/30/02
(To Prospectus dated March 22, 2000 and Prospectus Issue Date: 10/03/02
Supplement dated December 20, 2001)
The date of this Pricing Supplement is October 1, 2002
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UEL4 $5,704,000.00 5.00% 10/15/17 100%
Interest Payment
Frequency Dates and terms of redemption
(begin date) Survivor's Option Subject to Redemption (including the redemption price)
- ---------------- ----------------- --------------------- --------------------------------
04/15/03 Yes Yes 100% 10/15/03
semi-annually semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
- --------------- ------------- ----------- ------------------ -----------
$5,597,050.00 $106,950.00 $3.50 ABN AMRO Financial
Services, Inc.