PRICING SUPPLEMENT
Registration No. 333-08369-01
Filed Pursuant to Rule 424(b)(2)
UNITED PARCEL SERVICE, INC.
UPS NOTES
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Pricing Supplement No. 32 Trade Date: 08/19/02
(To Prospectus dated March 22, 2000 and Prospectus Issue Date: 08/22/02
Supplement dated December 20, 2001)
The date of this Pricing Supplement is August 20, 2002
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UEE0 $20,752,000.00 5.00% 08/15/14 100%
Interest Payment
Frequency Subject to Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
---------------- ----------------- ---------- --------------------------------
09/15/02 Yes Yes 100% 08/15/03
monthly semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$20,461,472.00 $290,528.00 $2.75 ABN AMRO Financial
Services, Inc.