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: 08/09/01 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 08/16/01 Supplement dated January 29, 2001) The date of this Pricing Supplement is August 13, 2001 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UCF9 $5,405,000.00 6.0% 08/15/13 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) ---------------- ----------------- ---------- -------------------------------- 09/15/01 Yes Yes 100% 08/15/03 monthly semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ----------- ----------- ------ ----------- $5,332,032.50 $72,967.50 $2.75 ABN AMRO Financial Services, Inc.