PRICING SUPPLEMENT
Registration No. 333-08369-01
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
--------------------------------------------------------------------------------
Pricing Supplement No. 54 Trade Date: 02/10/03
(To Prospectus dated March 22, 2000 and Prospectus Issue Date: 02/13/03
Supplement dated December 20, 2001)
The date of this Pricing Supplement is February 11, 2003
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UFC3 $4,651,000.00 5.00% 02/15/18 100%
Interest Payment
Frequency Subject to Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
---------------- ----------------- ---------- --------------------------------
08/15/03 Yes Yes 100% 02/15/04
semi-annually semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$4,592,862.50 $58,137.50 $3.50 ABN AMRO Financial
Services, Inc.