PRICING SUPPLEMENT
Registration No. 333-108272
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
Pricing Supplement No. 1 Trade Date: 09/22/03
(To Prospectus dated September 8, 2003 and Prospectus Issue Date: 09/25/03
Supplement dated September 12, 2003)
The date of this Pricing Supplement is September 24, 2003
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UGJ7 $7,983,000.00 5.00% 09/15/18 100%
Interest Payment
Frequency Dates and terms of redemption
(begin date) Survivor's Option Subject to Redemption (including the redemption price)
------------ ----------------- ---------------------- --------------------------------
monthly Yes Yes 100% 9/15/2004
(10/15/2003) semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$7,855,272.00 $127,728.00 $3.50 ABN AMRO Financial
Services, Inc.