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.