1 FORM OF PRICING SUPPLEMENT Registration No. 333-08369-01 Filed Pursuant to Rule 424(b)(2) UNITED PARCEL SERVICE, INC. UPS NOTES Pricing Supplement No. 31 Trade Date: 05/04/01 (To Prospectus dated March 22, 2000 and Prospectus Issue Date: 05/10/01 Supplement dated January 29, 2001) The date of this Pricing Supplement is May 8, 2001 CUSIP or Common Code Principal Amount Interest Rate Maturity Date Price to Public ----------- ---------------- ------------- ------------- --------------- 91131UBG8 $8,933,000.00 5.50% 11/15/06 100% Interest Payment Frequency Subject to Dates and terms of redemption (begin date) Survivor's Option Redemption (including the redemption price) ---------------- ----------------- ---------- -------------------------------- 11/15/01 Yes Yes 100% 05/15/02 semi-annually semi-annually thereafter Discounts and Proceeds to UPS Commissions Reallowance Dealer Other Terms --------------- ------------- ----------- ------ ----------- $8,839,203.50 $93,796.50 $1.50 ABN AMRO, Inc.