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.