PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes Pricing Supplement No. 40 Trade Date: 10/15/02 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 10/18/02 Supplement dated December 20, 2001) The date of this Pricing Supplement is October 16, 2002 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UEN0 $9,638,000.00 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) ---------------- ----------------- --------------------- -------------------------------- 11/15/02 Yes Yes 100% 10/15/03 monthly semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ----------- ----------- ------ ----------- $9,488,611.00 $149,389.00 $3.50 ABN AMRO Financial Services, Inc.