1
PRICING SUPPLEMENT
Registration No. 333-08369-01
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
--------------------------------------------------------------------------------
Pricing Supplement No. 48 Trade Date: 06/27/01
(To Prospectus dated March 22, 2000 and Prospectus Issue Date: 07/06/01
Supplement dated January 29, 2001)
The date of this Pricing Supplement is June 29, 2001
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UBY9 $3,855,000.00 5.125% 07/15/06 100%
Interest Payment
Frequency Subject to Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
---------------- ----------------- ----------- -------------------------------
01/15/02 Yes Yes 100% 07/15/03
semi-annually semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$3,812,595.00 $42,405.00 $1.50 ABN AMRO Financial
Services, Inc.