PRICING SUPPLEMENT
Registration No. 333-108272
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
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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.