It's a real 28mm f/2.8. The max aperture is f/2.8 and when used wide open, the amount of light which will go through the lens is the same 1/√2/√2/√2 (i.e. : 1/2.8) which will go through all other f/2.8 lenses. Since it's a lens designed to cover the so-called APS-C sensor size, it will more or less frame like a 42mm lens designed to cover the 24x36 sensor (or film) size. But it remains a genuine 28mm by its internal optical criteria, so its angle of view and depth of field are the ones of a 28mm lens ; what makes it frame like a longer lens in front of a larger sensor is the smaller size of the sensor it's designed for [ (for optics and barrel size reasons, it also provides a smaller image circle diameter, thus it cannot be used with a 24x36 camera : here, it would frame like any other 28mm lens, for example the old Nikkor Ai-S 28mm f/2.8 it's mimicking, but the corners of the image would be dark). ]
This means that, if you use it on the camera body it's made for, and if you stand side by side with someone using a 42mm f/2.8 lens with a 24x36 camera, both lenses will frame the same and will need the same speed and aperture settings for a correct exposure, but yours will have more depth of field at all apertures, whatever the focusing distance is, because it's a 28mm while the other guy's lens is a 42mm. A lens focal length and aperture scale are maths values and won't change whatever the lens image circle will be. Example : on a 6x6 camera the standard 75mm lens will frame more or less like a 50mm in 24x36 ; yet, it's a 75mm, so at all focusing distances its depth of field will be shallower than the one of the 50mm lens designed for the 24x36 format.
Someone will correct me as well but what changes the real value of the set aperture is the focusing distance once you enter the macrophoto universe. For instance, in macrophoto, with image ratios bigger than 1:1, you need to correct the exposure, because at a set aperture of f/2.8, the real aperture value will be f/4 if the image ratio is of 2:1, etc. IIRC, though - that's been a very, very long time since I haven't used a bellows unit for macrophoto, with ratios bigger than 1:1 !