PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - -------------------------------------------------------------------------------- Pricing Supplement No. 20 Trade Date: 05/28/02 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 05/31/02 Supplement dated December 20, 2001) The date of this Pricing Supplement is May 29, 2002 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UDS0 $6,469,000.00 5.00% 11/15/08 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) ---------------- ----------------- ------------------- -------------------------------- 11/15/02 Yes Yes 100% 05/15/03 semi-annually semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ----------- ----------- ------ ----------- $6,412,396.25 $56,603.75 $1.75 ABN AMRO Financial Services, Inc.