PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - ------------------------------------------------------------------------------- Pricing Supplement No. 2 Trade Date: 01/22/02 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 01/25/02 Supplement dated December 20, 2001) The date of this Pricing Supplement is January 24, 2002 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UCY8 $22,769,000.00 6.00% 01/15/17 100% Interest Payment Frequency Dates and terms of redemption (begin date) Survivor's Option Subject to Redemption (including the redemption price) ---------------- ----------------- --------------------- -------------------------------- 07/15/02 Yes Yes 100% 01/15/03 semi-annually semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ------------- ----------- ------ ----------- $22,404,696.00 $364,304.00 $3.50 ABN AMRO Financial Services, Inc.