PRICING SUPPLEMENT
Registration No. 333-108272
Filed Pursuant to Rule 424(b)(2)
United Parcel Service, Inc.
UPS Notes
Pricing Supplement No. 14 Trade Date: 12/22/03
(To Prospectus dated September 8, 2003 and Prospectus Issue Date: 12/26/03
Supplement dated September 12, 2003)
The date of this Pricing Supplement is December 23, 2003
CUSIP
or
Common Code Principal Amount Interest Rate Maturity Date Price to Public
----------- ---------------- ------------- ------------- ---------------
91131UGX6 $4,998,000.00 5.00% 12/15/17 100%
Interest Payment
Frequency Subject Dates and terms of redemption
(begin date) Survivor's Option Redemption (including the redemption price)
---------------- ----------------- -------------- --------------------------------
monthly Yes Yes 100% 12/15/04
(01/15/04) semi-annually thereafter
Discounts and
Proceeds to UPS Commissions Reallowance Dealer Other Terms
--------------- ----------- ----------- ------ -----------
$4,933,026.00 $64,974.00 $3.00 ABN AMRO Financial
Services, Inc.