Hi, this is Glenn and it's Wednesday, September 17th, and I'm calling from Washington, D.C., where I've been meeting with members of Congress to discuss various issues on pension legislation.

Earlier today, United Airlines announced that Denver International Airport would be the launch hub for our new low-cost operation.

At a press conference held at DIA this morning, Pete McDonald, our executive vice president of Operations, and Sean Donohue, vice president for Low Cost Operations, spoke to reporters and employees about the core plan for the LCO launch in February of next year, what the operation is going to look like and how it in fact complements United's mainline, United Express and Star Alliance service.

I've asked Pete and Sean to join us on this call from Denver to share with all of you what they talked about during the press conference.

Pete McDonald: Thank you, Glenn. This is Pete McDonald and Sean and I spoke to 15 reporters this morning at Denver International Airport, which was personally gratifying to both Sean and I because we both worked here earlier in our careers.

The press conference was just excellent. Sean and I made remarks, took very good questions from reporters, very upbeat tone, we spent time there after talking to employees, who were all very excited about our plans to compete.

As Glenn said, DIA will be the launch hub for our low-cost operation, which will begin flying in February 2004. This is terrific news for our customers, employees, the city of Denver and the state of Colorado.

I'd like to focus first on something we emphasized this morning: we have the elements in place that will enable us to make this a competitive, profitable and sustainable low-cost operation.

We've seen significant reductions in the company's cost structure, which as you know, will result in annual savings of 5 billion dollars by 2005 and provide a competitive and durable low-cost foundation. Agreements with United's pilots have played a significant role in this regard. We will further reduce expenses in the low-cost operation through increased aircraft utilization, a significant rise in seat capacity, reduced aircraft turn times, a de-peaked schedule, and standardization benefits brought by using a single aircraft type, the Airbus A320.

A lot of what we spoke about at the press conference focused on customer benefits, and I'll ask Sean to go over that.

Sean Donohue: Thanks, Pete. The low-cost operation will cater to both leisure and business customers who primarily want low fares, but also want the product and service features that make United a leader.

The low-cost operation will serve select markets that are predominantly leisure destinations. We announced today in Denver that the low-cost operation will fly to Reno, Las Vegas, Phoenix, New Orleans, Tampa, Orlando and Ontario, Calif. Additional destinations, new destinations for United, will be announced at a later date for the low-cost operation out of Denver.

We will introduce a competitive and simplified fare structure. United's low-cost business and leisure fare options will be fully competitive with those of other low-cost carriers and they will be divided among just a few fare tiers, making it easier and more straightforward for customers.

We will launch with four Airbus A320s based in Denver, and expand to approximately 40 A320s by the end of 2004, 19 of which will be based in Denver.

In the markets we announced, we will be providing greater frequency of flights and more seats in each market. Each aircraft will accommodate 156 customers and feature Economy Plus, with its industry leading extra legroom. The resulting increase in capacity means more choice for customers in these markets.

The low-cost operation will be a United-branded product -- as importantly, it will be operated by the dedicated, experienced professionals of United Airlines. We will unveil the low-cost operation brand and name in the near future.

The low-cost operation will incorporate several elements of United's distinctive service and product offerings that customers appreciate most.

First, United customers will be able to take advantage of all the benefits of our Mileage Plus program and they'll be able to utilize our suite of Easy products, including EasyCheck-in and EasyUpdate.

Second, all seats will be pre-assigned, which we all know is an important feature to both business and leisure customers.

And third, as Pete mentioned, the low-cost operation will complement United's mainline and United Express service and be fully integrated into our global network. In every market that our low-cost operation serves, we will be providing more competitive alternatives, which is good for travelers.

I'd like to close by saying the low-cost operation is just around the corner, tickets will go on sale in November, through all existing sales channels, and later through sales channels unique to the LCO.

With that, I'd like to turn it back over to Glenn.

Glenn: Thanks, Sean. I want to offer my personal congratulations to you and Pete for the successful news conference, and I want to congratulate everybody in the company that has worked on this effort and this announcement today. I'm sure, as many of you know, Sean has a complete, multi-functional team, a cross-divisional team working with him to put this product together in our portfolio, and I want to thank all of those people that have worked with Sean on the LCO as well.

And I'd like to focus on one key message before we close the call. By launching the low-cost operation, the company is laying down the fourth essential component of our product portfolio. We are adding to an already unparalleled network consisting of our mainline, United Express and the Star Alliance and code-share partners.

As we do so, we're strengthening United's most compelling value proposition, and that is the ability to provide a consistently superior, seamless travel experience as we move passengers to single or multiple destinations in virtually every major market of the globe. This is a terrific thing for us to celebrate today. I'm looking forward to the occasion of talking to you about it more in the future. Until then, stay United.