PRICING SUPPLEMENT Registration No. 333-108272 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - ------------------------------------------------------------------------------- Pricing Supplement No. 11 Trade Date: 12/01/03 (To Prospectus dated September 8, 2003 and Prospectus Issue Date: 12/04/03 Supplement dated September 12, 2003) The date of this Pricing Supplement is December 2, 2003 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UGU2 $3,525,000.00 5.00% 12/15/18 100% Interest Payment Frequency Dates and terms of redemption (begin date) Survivor's Option Subject to Redemption (including the redemption price) - ---------------- ----------------- --------------------- -------------------------------- monthly Yes Yes 100% 12/15/04 (01/15/04) semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms - --------------- ----------- ----------- ------ ----------- $3,465,075.00 $59,925.00 $3.50 ABN AMRO Financial Services, Inc.