<SEC-DOCUMENT>0001104659-24-063500.txt : 20240520
<SEC-HEADER>0001104659-24-063500.hdr.sgml : 20240520
<ACCEPTANCE-DATETIME>20240520171802
ACCESSION NUMBER:		0001104659-24-063500
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240520
DATE AS OF CHANGE:		20240520

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED PARCEL SERVICE INC
		CENTRAL INDEX KEY:			0001090727
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				582480149
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-267664
		FILM NUMBER:		24965869

	BUSINESS ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		4048286000

	MAIL ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED PARCEL SERVICE INC
		CENTRAL INDEX KEY:			0001090727
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				582480149
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		4048286000

	MAIL ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2414806d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 436.6pt; text-align: right; text-indent: -0.5in">Registration Statement
No.&nbsp;333-267664</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May&nbsp;20, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Parcel Service,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FINAL TERM SHEET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Offered: </FONT></TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-bottom: 5pt">5.150% Senior Notes due 2<FONT STYLE="font-family: Times New Roman, Times, Serif">034
(the &ldquo;2034 Notes&rdquo;) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Parcel Service,&nbsp;Inc. (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings (Moody&rsquo;s / S&amp;P):* </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A2/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$900,000,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;20, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;22, 2024 (T+2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;22, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">99.838% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">4.375% due May 15, 2034</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price /&nbsp;&nbsp;Yield:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">99-12+ / 4.451%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+72 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">5.171%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon (Interest Rate): </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">5.150%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Dates:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 8 and November 8 of each year, commencing on November 8, 2024 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 22 and November 22 of each year, commencing November 22, 2024 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denominations: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2034 Notes will be issued in denominations of $2,000 and in integral multiples of $1,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2034 Notes will be redeemable at any time prior to February
    22, 2034 (the &ldquo;2034 Notes Par Call Date&rdquo;), as a whole or in part, at the option of the Company, on at least 10
    days&rsquo;, but not more than 60 days&rsquo;, prior written notice mailed to the registered address of each holder of the notes to
    be redeemed, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the
    greater of: (1)&nbsp;(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon
    discounted to the redemption date (assuming the 2034 Notes matured on the 2034 Notes Par Call Date) on a semi-annual basis (assuming
    a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as defined in the preliminary prospectus supplement of the
    Company, dated the date hereof, plus 15 basis points less (b)&nbsp;interest accrued to and (2)&nbsp;100% of the principal amount of
    the 2034 Notes to be redeemed, plus, in either case, accrued and unpaid interest, if any, on the principal amount of the 2034 Notes
    to be redeemed to, but excluding, the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2034 Notes will be redeemable at any time on or after the 2034
    Notes Par Call Date, as a whole or in part, at the option of the Company, on at least 10 days&rsquo;, but not more than 60 days&rsquo;,
    prior notice mailed to the registered address of each holder of 2034 Notes to be redeemed, at a redemption price equal to 100% of the
    principal amount of the 2034 Notes to be redeemed, plus accrued and unpaid interest, if any, on the principal amount of the 2034 Notes
    to be redeemed to, but excluding, the redemption date.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 30%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 70%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">911312 CD6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US911312CD61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC, Book-Entry</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Law:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Co-Managers:</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel A. Ramirez &amp; Company, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank &amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telsey Advisory Group LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent Offerings:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent with the offering of the 2034 Notes, the Company is offering its 5.500% Senior Notes due 2054 and its 5.600% Senior Notes due 2064. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To the extent any Underwriter that is
not a U.S. registered broker-dealer intends to effect sales of </FONT>2034 Notes in the United States, it will do so through one or more
U.S. registered broker-dealers in accordance with the applicable U.S. securities laws and regulations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>*</B></FONT></TD><TD><B>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal
at any time.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>The Company has filed a registration
statement (including a base prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication
relates. The Company files annual, quarterly, and current reports, proxy statements and other information with the SEC. Before you invest,
you should read the preliminary prospectus supplement for this offering, the Company&rsquo;s prospectus in that registration statement
and any other documents the Company has filed with the SEC for more complete information about the Company and this offering. We urge
you to read these documents and any other relevant documents when they become available because they contain and will contain important
information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at </B></FONT><B>www.sec.gov.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Alternatively, the Company, any Underwriter
or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting BNP Paribas Securities
Corp. at 1-800-854-5674; BofA Securities,&nbsp;Inc. toll-free at 1-800-294-1322; Goldman Sachs&nbsp;&amp; Co. LLC toll-free at 1-866-471-2526;
J.P. Morgan Securities LLC collect at 1-212-834-4533; or Morgan Stanley&nbsp;&amp; Co. LLC toll free at (866) 718-</B></FONT><B>1649.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>This pricing term sheet supplements
the preliminary prospectus supplement issued by United Parcel Service,&nbsp;Inc. on May&nbsp;</B></FONT><B>20, 2024 relating to its
prospectus dated September&nbsp;30, 2022 (such prospectus, as supplemented by such preliminary prospectus supplement, the &ldquo;Preliminary
Prospectus&rdquo;). The information in this pricing term sheet supersedes the information in the Preliminary Prospectus to the extent
inconsistent with the information in the Preliminary Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No EEA or UK PRIIPs KID &ndash; No EEA or UK PRIIPs key information
document (KID) has been prepared as not available to retail in EEA or the UK.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR BELOW ARE NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 436.6pt; text-align: right; text-indent: -0.5in">Registration Statement
No.&nbsp;333-267664</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 474pt">May&nbsp;20, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Parcel Service,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FINAL TERM SHEET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Offered: </FONT></TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-bottom: 5pt">5.500% Senior Notes due 20<FONT STYLE="font-family: Times New Roman, Times, Serif">54
(the &ldquo;2054 Notes&rdquo;) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Parcel Service,&nbsp;Inc. (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings (Moody&rsquo;s / S&amp;P):* </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A2/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,100,000,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;20, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;22, 2024 (T+2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;22, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.839% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">4.250% due February 15, 2054</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price /&nbsp;&nbsp;Yield:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">94-16 / 4.591% </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+92 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">5.511%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon (Interest Rate): </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">5.500%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Dates:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 8 and November 8 of each year, commencing on November 8, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 22 and November 22 of each year, commencing November 22, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denominations: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2054 Notes will be issued in denominations of $2,000 and in integral multiples of $1,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2054 Notes will be redeemable at any time prior to November
    22, 2053 (the &ldquo;2054 Notes Par Call Date&rdquo;), as a whole or in part, at the option of the Company, on at least 10
    days&rsquo;, but not more than 60 days&rsquo;, prior written notice mailed to the registered address of each holder of the notes to
    be redeemed, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the
    greater of: (1)&nbsp;(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon
    discounted to the redemption date (assuming the 2054 Notes matured on the 2054 Notes Par Call Date) on a semi-annual basis (assuming
    a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as defined in the preliminary prospectus supplement of the
    Company, dated the date hereof, plus 15 basis points less (b)&nbsp;interest accrued to and (2)&nbsp;100% of the principal amount of
    the 2054 Notes to be redeemed, plus, in either case, accrued and unpaid interest, if any, on the principal amount of the 2054 Notes
    to be redeemed to, but excluding, the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2054 Notes will be redeemable at any time on or after the 2054
    Notes Par Call Date, as a whole or in part, at the option of the Company, on at least 10 days&rsquo;, but not more than 60 days&rsquo;,
    prior notice mailed to the registered address of each holder of 2054 Notes to be redeemed, at a redemption price equal to 100% of the
    principal amount of the 2054 Notes to be redeemed, plus accrued and unpaid interest, if any, on the principal amount of the 2054 Notes
    to be redeemed to, but excluding, the redemption date.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 30%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 70%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">911312 CE4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US911312CE45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC, Book-Entry</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Law:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc. <BR>
Citigroup Global Markets Inc. <BR>
SG Americas Securities, LLC <BR>
Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC <BR>
Samuel A. Ramirez &amp; Company, Inc.<BR>
 Siebert Williams Shank &amp; Co., LLC<BR>
 Telsey Advisory Group LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent Offerings:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent with the offering of the 2054 Notes, the Company is offering its 5.150% Senior Notes due 2034 and its 5.600% Senior Notes due 2064. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To the extent any Underwriter that is
not a U.S. registered broker-dealer intends to effect sales of 20</FONT>54 Notes in the United States, it will do so through one or more
U.S. registered broker-dealers in accordance with the applicable U.S. securities laws and regulations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>*</B></FONT></TD><TD><B>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal
at any time.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>The Company has filed a registration
statement (including a base prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication
relates. The Company files annual, quarterly, and current reports, proxy statements and other information with the SEC. Before you invest,
you should read the preliminary prospectus supplement for this offering, the Company&rsquo;s prospectus in that registration statement
and any other documents the Company has filed with the SEC for more complete information about the Company and this offering. We urge
you to read these documents and any other relevant documents when they become available because they contain and will contain important
information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at </B></FONT><B>www.sec.gov.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Alternatively, the Company, any Underwriter
or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting BNP Paribas Securities
Corp. at 1-800-854-5674; BofA Securities,&nbsp;Inc. toll-free at 1-800-294-1322; Goldman Sachs&nbsp;&amp; Co. LLC toll-free at 1-866-471-2526;
J.P. Morgan Securities LLC collect at 1-212-834-4533; or Morgan Stanley&nbsp;&amp; Co. LLC toll free at (866) 718-</B></FONT><B>1649.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This pricing term sheet supplements the preliminary prospectus supplement
issued by United Parcel Service,&nbsp;Inc. on May&nbsp;20, 2024 relating to its prospectus dated September&nbsp;30, 2022 (such prospectus,
as supplemented by such preliminary prospectus supplement, the &ldquo;Preliminary Prospectus&rdquo;). The information in this pricing
term sheet supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary
Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No EEA or UK PRIIPs KID &ndash; No EEA or UK PRIIPs key information
document (KID) has been prepared as not available to retail in EEA or the UK.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR BELOW ARE NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">Registration Statement No.&nbsp;333-267664</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">May&nbsp;20, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Parcel Service,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FINAL TERM SHEET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Offered: </FONT></TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-bottom: 5pt">5.600% Senior Notes due 2<FONT STYLE="font-family: Times New Roman, Times, Serif">064
(the &ldquo;2064 Notes&rdquo;) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Parcel Service,&nbsp;Inc. (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings (Moody&rsquo;s / S&amp;P):* </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A2/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$600,000,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;20, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;22, 2024 (T+2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;22, 2064</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">99.352% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">4.250% due February 15, 2054</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price /&nbsp;&nbsp;Yield:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">94-16  / 4.591%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+105 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">5.641%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon (Interest Rate): </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt">5.600%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Dates:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 8 and November 8 of each year, commencing on November 8, 2024 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 22 and November 22 of each year, commencing  November 22, 2024 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denominations: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">064 Notes will be issued in denominations of $2,000 and in integral multiples of $1,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The 2064 Notes will be redeemable at
    any time prior to November 22, 2063 (the &ldquo;2</FONT>064 Notes Par Call Date&rdquo;), as a whole or in part, at the option of
    the Company, on at least 10 days&rsquo;, but not more than 60 days&rsquo;, prior written notice mailed to the registered address of each
    holder of the notes to be redeemed, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal
    places) equal to the greater of: (1)&nbsp;(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and
    interest thereon discounted to the redemption date (assuming the 2064 Notes matured on the 2064 Notes Par Call Date) on a semi-annual
    basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as defined in the preliminary prospectus supplement
    of the Company, dated the date hereof, plus 20  basis points less (b)&nbsp;interest accrued to and (2)&nbsp;100%
    of the principal amount of the 2064 Notes to be redeemed, plus, in either case, accrued and unpaid interest, if any, on the principal
    amount of the 2064 Notes to be redeemed to, but excluding, the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The 2</FONT>064 Notes will be redeemable
    at any time on or after the 2064 Notes Par Call Date, as a whole or in part, at the option of the Company, on at least 10 days&rsquo;,
    but not more than 60 days&rsquo;, prior notice mailed to the registered address of each holder of 2064 Notes to be redeemed, at a redemption
    price equal to 100% of the principal amount of the 2064 Notes to be redeemed, plus accrued and unpaid interest, if any, on the principal
    amount of the 2064 Notes to be redeemed to, but excluding, the redemption date.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 30%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 70%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">911312 CF1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US911312CF10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC, Book-Entry</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Law:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers: </FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-bottom: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Co-Managers:</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 5.4pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc. <BR>
Citigroup Global Markets Inc. <BR>
SG Americas Securities, LLC <BR>
Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC <BR>
Samuel A. Ramirez &amp; Company, Inc. <BR>
Siebert Williams Shank &amp; Co., LLC <BR>
Telsey Advisory Group LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent Offerings:</FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent with the offering of the 2064 Notes, the Company is offering its 5.150% Senior Notes due 2034 and its 5.500% Senior Notes due 2054. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To the extent any Underwriter that is
not a U.S. registered broker-dealer intends to effect sales of </FONT>2064 Notes in the United States, it will do so through one or more
U.S. registered broker-dealers in accordance with the applicable U.S. securities laws and regulations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>*</B></FONT></TD><TD><B>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal
at any time.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>The Company has filed a registration
statement (including a base prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication
relates. The Company files annual, quarterly, and current reports, proxy statements and other information with the SEC. Before you invest,
you should read the preliminary prospectus supplement for this offering, the Company&rsquo;s prospectus in that registration statement
and any other documents the Company has filed with the SEC for more complete information about the Company and this offering. We urge
you to read these documents and any other relevant documents when they become available because they contain and will contain important
information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at </B></FONT><B>www.sec.gov.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Alternatively, the Company, any Underwriter
or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting BNP Paribas Securities
Corp. at 1-800-854-5674; BofA Securities,&nbsp;Inc. toll-free at 1-800-294-1322; Goldman Sachs&nbsp;&amp; Co. LLC toll-free at 1-866-471-2526;
J.P. Morgan Securities LLC collect at 1-212-834-4533; or Morgan Stanley&nbsp;&amp; Co. LLC toll free at (866) 718-</B></FONT><B>1649.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>This pricing term sheet supplements
the preliminary prospectus supplement issued by United Parcel Service,&nbsp;Inc. on May&nbsp;</B></FONT><B>20, 2024 relating to its
prospectus dated September&nbsp;30, 2022 (such prospectus, as supplemented by such preliminary prospectus supplement, the &ldquo;Preliminary
Prospectus&rdquo;). The information in this pricing term sheet supersedes the information in the Preliminary Prospectus to the extent
inconsistent with the information in the Preliminary Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No EEA or UK PRIIPs KID &ndash; No EEA or UK PRIIPs key information
document (KID) has been prepared as not available to retail in EEA or the UK.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR BELOW ARE NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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