PRICING SUPPLEMENT Registration No. 333-108272 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - -------------------------------------------------------------------------------- Pricing Supplement No. 23 Trade Date: 03/01/04 (To Prospectus dated September 8, 2003 and Issue Date: 03/04/04 Prospectus Supplement dated September 12, 2003) The date of this Pricing Supplement is March 2, 2004 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UHH0 $1,154,000.00 4.875% 03/15/19 100% Interest Payment Frequency Dates and terms of redemption (begin date) Survivor's Option Subject to Redemption (including the redemption price) - ---------------- ----------------- --------------------- -------------------------------- semi-annually Yes Yes 100% 03/15/05 (09/15/04) semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms - --------------- ----------- ----------- ------ ----------- $1,133,228.00 $20,772.00 $3.50 ABN AMRO Financial Services, Inc.