PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - ------------------------------------------------------------------------------- Pricing Supplement No. 46 Trade Date: 12/02/02 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 12/05/02 Supplement dated December 20, 2001) The date of this Pricing Supplement is December 3, 2002 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UEU4 $4,245,000.00 5.00% 12/15/17 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) - ---------------- ----------------- ---------- -------------------------------- 6/15/03 Yes Yes 100% 12/15/03 semi-annually semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms - --------------- ----------- ----------- ------ ----------- $4,191,937.50 $53,062.50 $3.50 ABN AMRO Financial Services, Inc.