PRICING SUPPLEMENT
Registration No. 333-08369-01
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
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Pricing Supplement No. 1 Trade Date: 01/14/02
(To Prospectus dated March 22, 2000 and Prospectus Issue Date: 01/17/02
Supplement dated December 20, 2001)
The date of this Pricing Supplement is January 16, 2002
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UCX0 $15,103,000.00 5.00% 01/15/08 100%
Interest Payment
Frequency Dates and terms of redemption
(begin date) Survivor's Option Subject to Redemption (including the redemption price)
---------------- ----------------- ---------------------- --------------------------------
07/15/02 Yes Yes 100% 01/15/03
semi-annually semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ------------- ----------- ------ -----------
$14,944,418.50 $158,581.50 $1.75 ABN AMRO Financial
Services, Inc.