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. 22 Trade Date: 02/23/04
(To Prospectus dated September 8, 2003 and Issue Date: 02/26/04
Prospectus Supplement dated September 12, 2003)
The date of this Pricing Supplement is February 24, 2004
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UHF4 $1,061,000.00 4.80% 02/15/19 100%
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% 02/15/05
(08/15/04) semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$1,039,780.00 $21,220.00 $3.50 ABN AMRO Financial
Services, Inc.