PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) United Parcel Service, Inc. UPS Notes - ------------------------------------------------------------------------------- Pricing Supplement No. 28 Trade Date: 07/22/02 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 07/25/02 Supplement dated December 20, 2001) The date of this Pricing Supplement is July 23, 2002 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UEA8 $8,992,000.00 5.00% 01/15/13 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) - ---------------- ----------------- ---------- -------------------------------- 08/15/02 Yes Yes 100% 07/15/03 monthly semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms - --------------- ----------- ----------- ------ ----------- $8,857,120.00 $134,880.00 $2.50 ABN AMRO Financial Services, Inc.