FORM OF PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - -------------------------------------------------------------------------------- Pricing Supplement No. 38 Trade Date: 05/29/01 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 06/01/01 Supplement dated January 29, 2001) The date of this Pricing Supplement is May 31, 2001
CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UBP8 $ 5,090,000.00 6.25% 06/15/11 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) ---------------- ----------------- ---------- -------------------------------- 12/15/01 Yes Yes 100% 06/15/02 semi-annually semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ------------- ----------- ------ ----------- $5,016,195.00 $73,805.00 $2.00 ABN AMRO, Inc.