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.