PRICING SUPPLEMENT Registration No. 333-108272 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes Pricing Supplement No. 1 Trade Date: 09/22/03 (To Prospectus dated September 8, 2003 and Prospectus Issue Date: 09/25/03 Supplement dated September 12, 2003) The date of this Pricing Supplement is September 24, 2003 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UGJ7 $7,983,000.00 5.00% 09/15/18 100% Interest Payment Frequency Dates and terms of redemption (begin date) Survivor's Option Subject to Redemption (including the redemption price) ------------ ----------------- ---------------------- -------------------------------- monthly Yes Yes 100% 9/15/2004 (10/15/2003) semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ----------- ----------- ------ ----------- $7,855,272.00 $127,728.00 $3.50 ABN AMRO Financial Services, Inc.