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.