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. 17 Trade Date: 01/20/04
(To Prospectus dated September 8, 2003 and Issue Date: 01/23/04
Prospectus Supplement dated September 12, 2003)
The date of this Pricing Supplement is January 21, 2004
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UHA5 $6,062,000.00 4.00% 07/15/12 100%
Interest Payment
Frequency Subject to Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
---------------- ----------------- ---------- --------------------------------
quarterly Yes Yes 100% 01/15/05
(04/15/04) semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ------------- ----------- ------ -----------
$5,989,256.00 $72,744.00 $2.00 ABN AMRO Financial
Services, Inc.