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FORM OF PRICING SUPPLEMENT
Registration No. 333-08369-01
Filed Pursuant to Rule 424(b)(2)
UNITED PARCEL SERVICE, INC.
UPS NOTES
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Pricing Supplement No. 28 Trade Date: 04/18/01
(To Prospectus dated March 22, 2000 and Prospectus Issue Date: 04/26/01
Supplement dated January 29, 2001)
The date of this Pricing Supplement is April 24, 2001
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UBD5 $6,119,000.00 6.50% 04/15/16 100%
Interest Payment
Frequency Subject to Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
---------------- ----------------- ----------- --------------------------------
10/15/01 Yes Yes 100% 04/15/02
semi-annually semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ------------- ----------- ------ -----------
$5,996,620.00 $122,380.00 $3.50 ABN AMRO, Inc.