PRICING SUPPLEMENT Registration No. 333-108272 Filed Pursuant to Rule 424(b)(2) UNITED PARCEL SERVICE, INC. UPS Notes - -------------------------------------------------------------------------------- Pricing Supplement No. 25 (To Prospectus dated September 8, 2003 and Trade Date: 03/15/04 Prospectus Supplement dated September 12, 2003) Issue Date: 03/18/04 To date of this Pricing Supplement is March 16, 2004 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UHK3 $13,037,000.00 4.25% 09/15/15 100% 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 --------------- ----------- ----------- ------ ----------- $12,841,445.00 $195,555.00 $2.75 ABN AMRO Financial Services, Inc.