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. 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.