PRICING SUPPLEMENT
Registration No. 333-08369-01
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
Pricing Supplement No. 51 Trade Date: 01/21/03
(To Prospectus dated March 22, 2000 and Prospectus Issue Date: 01/24/03
Supplement dated December 20, 2001)
The date of this Pricing Supplement is January 22, 2003
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UEZ3 $7,990,000.00 4.50% 01/15/13 100%
Interest Payment
Frequency Subject to Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
---------------- ----------------- ---------- --------------------------------
02/15/03 Yes Yes 100% 01/15/04
monthly semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$7,894,120.00 $95,880.00 $2.00 ABN AMRO Financial
Services, Inc.