1 PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) UNITED PARCEL SERVICE, INC. UPS NOTES ------------------------------------------------------------------------------- Pricing Supplement No. 1 Trade Date: 1/31/01 (To Prospectus dated March 22, 2000 and Prospectus Supplement dated January 29, 2001) Issue Date: 2/8/01 The date of this Pricing Supplement is February 2, 2001 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UAA2 $16,989,000.00 6.00% 8/15/06 100% Interest Payment Frequency Dates and terms of redemption (begin date) Survivor's Option Subject to Redemption (including the redemption price) ---------------- ----------------- --------------------- ------------------------------ 8/15/01 yes yes 100% 2/15/02 semi-annually semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ------------- ----------- ------ ----------- $16,895,560.00 $93,440.00 $1.00 ABN AMRO Inc.