PRICING SUPPLEMENT
Registration No. 333-108272
Filed Pursuant to Rule 424(b)(2)
UNITED PARCEL SERVICE, INC.
UPS Notes
--------------------------------------------------------------------------------
Pricing Supplement No. 25
(To Prospectus dated September 8, 2003 and Trade Date: 03/15/04
Prospectus Supplement dated September 12, 2003) Issue Date: 03/18/04
To date of this Pricing Supplement is March 16, 2004
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UHK3 $13,037,000.00 4.25% 09/15/15 100%
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
--------------- ----------- ----------- ------ -----------
$12,841,445.00 $195,555.00 $2.75 ABN AMRO Financial
Services, Inc.