PRICING SUPPLEMENT
Registration No. 333-108272
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
--------------------------------------------------------------------------------
Pricing Supplement No. 21 Trade Date: 02/17/04
(To Prospectus dated September 8, 2003 and Issue Date: 02/20/04
Prospectus Supplement dated September 12, 2003)
The date of this Pricing Supplement is February 18, 2004
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UHE7 $2,341,000.00 5.20% 02/15/24 100%
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% 02/15/05
(08/15/04) semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$2,302,373.50 $38,626.50 $3.50 ABN AMRO Financial
Services, Inc.