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.