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.