PRICING SUPPLEMENT Registration No. 333-108272 Filed Pursuant to Rule 424(b)(2) UNITED PARCEL SERVICE, INC. UPS NOTES - -------------------------------------------------------------------------------- Pricing Supplement No. 24 Trade Date: 03/08/04 (To Prospectus dated September 8, 2003 and Issue Date: 03/11/04 Prospectus Supplement dated September 12, 2003) The date of this Pricing Supplement is March 9, 2004 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UHJ6 $1,976,000.00 4.75% 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 --------------- ----------- ----------- ------ ----------- $1,938,950.00 $37,050.00 $3.50 ABN AMRO Financial Services, Inc.