PRICING SUPPLEMENT Registration No. 333-108272 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - -------------------------------------------------------------------------------- Pricing Supplement No. 17 Trade Date: 01/20/04 (To Prospectus dated September 8, 2003 and Issue Date: 01/23/04 Prospectus Supplement dated September 12, 2003) The date of this Pricing Supplement is January 21, 2004 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UHA5 $6,062,000.00 4.00% 07/15/12 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) ---------------- ----------------- ---------- -------------------------------- quarterly Yes Yes 100% 01/15/05 (04/15/04) semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ------------- ----------- ------ ----------- $5,989,256.00 $72,744.00 $2.00 ABN AMRO Financial Services, Inc.