PRICING SUPPLEMENT
Registration No. 333-108272
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
- -------------------------------------------------------------------------------
Pricing Supplement No. 18 Trade Date:01/26/04
(To Prospectus dated September 8, 2003 and Issue Date: 01/29/04
Prospectus Supplement dated September 12, 2003)
The date of this Pricing Supplement is January 27, 2004
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UHB3 $3,624,000.00 4.50% 07/15/15 100%
Interest Payment
Frequency Subject to Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
- ---------------- ----------------- ---------- --------------------------------
monthly Yes Yes 100% 01/15/05
(02/15/04) semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
- --------------- ----------- ----------- ------ -----------
$3,570,546.00 $53,454.00 $2.00 ABN AMRO Financial
Services, Inc.