April 15, 2003

Hello, this is Glenn. These continue to be extraordinary times for United. In part that's because of the external factors affecting the industry and our company, especially the war in Iraq and the ongoing impact of SARS, particularly in the Pacific markets. We continue to manage our way through both of these difficult issues, ensuring that our capacity and our business decisions related to capacity are tightly matched to the rapidly changing environment. But what I think is truly extraordinary is not the tough external context for our company today. It's the progress being made by the people of this company on the fundamental issues we that face together. And I'm continually reminded of what we can accomplish when we put our minds to it.

Following intense lobbying efforts by the industry, by United's management, by our unions and our employees, Congress passed war-funding legislation that includes three billion dollars in financial reimbursement for U.S. airlines.

I want to personally thank all of you for your efforts. And United thanks the U.S. Congress for this important action. And we are, of course, especially grateful for the leadership shown by House Speaker Denny Hastert of Illinois.

We took another major step forward in getting our house in order. Today, thanks to the efforts of our union leadership and our employees, we have ratified or tentative agreements for all of our labor groups. ALPA and PAFCA ratified their agreements and IAM District 141-M signed tentative agreements. This, of course, comes on top of a ratified agreement with the TWU and tentative agreements in place with both IAM 141 and the AFA.

These agreements not only put our company's labor costs in line with competitors, they give us critical flexibility to be able to compete effectively in this increasingly difficult marketplace. We asked for a platform of costs and work rules that would allow our company to respond competitively, to support a network that matches the market demand, to use our assets most effectively and to serve customers in a way that differentiates us from our competitors.

Today, because of our success, we are now well on our way to getting that flexibility and that competitive platform. And, just as our employees and the unions are stepping up to the plate, it's now time for senior management to do the same. That means leading with accountability, making smart choices about where and how to compete and building a business that will provide a return to the corporation and to our stakeholders. It's now up to management to step up with the leadership required to take us forward so that we can successfully execute against the platform and the plan that we have created.

We know we have much more work to do over these next months as we put into place the elements needed to bring United out of Chapter 11, and clearly the successful implementation of all the improvements that we have are critical as we create a durable, sustainable airline for the long term. But I'm convinced that, with the kind of commitment we have at United and the attitude we have witnessed over these past months, there is absolutely no doubt in my mind that we are going to succeed in all of this work.

As always, thanks for everything you do every day. Continue to focus on the customer, continue to be mindful of competition that has their eye on us every day, and stay United. I'll be talking to you soon as events develop.