Hi, this is Glenn, and it's January 10th.

I hope that all of you were able to spend some time with those who are close to you during the holiday season. And as I said in my Christmas Eve message, I hope that you took at least a little bit of that time to take some confidence from what we have accomplished together in 2003 and puts us in a position to now enter 2004 in a very different and better place than we entered 2003.

Each of us need look no further for validation of our progress than to the commitment last month in exit financing to United by commercial lenders JPMorgan and Citigroup.

We all know that our progress didn't come easily -- we also know that nothing of value ever does. It was built on tough decisions, it was built on changes that we have made together, and most of all our progress has been built on very hard work.

As a result, we enter 2004 with some very genuine momentum -- good, positive momentum. And the success in tackling difficult issues in 2003 should give us all confidence in our ability to address the issues that we will face this year.

Let me pause on that thought for just one moment. We as a team were confronted in 2003 by what many, indeed a majority, said were daunting, maybe even impossible challenges. Many outside the company questioned why we should even try. But this company figured out, step-by-step, day-by-day, week-by-week, month-by-month, how to overcome these challenges -- and then we set out and did the necessary, difficult work to succeed.

* We went from having one of the highest cost structures in this business to being extremely competitive among our peers.

* We turned our revenue situation around -- given our circumstances, we were significantly under-performing in terms of unit revenue improvement and now we are outpacing the industry.

* Very few thought and very few said that we could meet our debtor-in-possession financing requirements -- yet we did, every single month.

* We moved from being unable to get the best use out of our network and our workforce to having much greater flexibility to put us in a position to be able to launch innovative, creative new products such as Ted, and to outsource that work that others could do better than we and to insource that work that we could do better than others.

* We transformed our corporate governance to a traditional structure and added considerable breadth and depth to our board of directors.

* And while doing all of this, we turned in one of the best years ever in terms of operational performance -- including record load factors -- and we continued to introduce service and network enhancements.

All of this has made this company much more competitive. It has given us the credibility to tell the world that, in 2004, we have no intention of slowing down, we are going to continue to do exactly what we have been doing; we're going to continue to defy the conventional wisdom of what is possible and what is not -- both at our airline and indeed within the industry.

This approach holds true in every single part of our business. We're going to make tough decisions, we're going to do the good work, and we're going to move on to the next challenge.

We still have a lot of work ahead of us this year, and certainly we have more tough decisions, but we are building on a solid base of accomplishment.

Our principal goals and our priorities in many respects have not changed from last month, the month before that and the month before that. We need to be a solid, reliable, great airline and we need to have a sound business plan that we can execute upon.

We do that by continuing to improve revenue and manage our costs. We do that by continuing to keep our strategic options open so that we can better compete.

But, most of all, we need to continue to focus on serving our customers better than we ever have before, so in fact we thank them for the loyalty that they have offered us.

We need to stay in tune with what they want and what they will want in the future -- where the marketplace is, where our competitors are and continuing to be relevant to that marketplace.

We need to let what you do and what we provide every day be a reason for customers to fly United again and again, and to do so confidently.

We have had a great deal of change across our organization and we need to refine our new processes, we need to support each other when the going gets very tough in achieving our goals and establish ourselves as serious people, serious competitors. All of this has to be our collective priority.

When you think about all the hard work that this entails, when you look back at what we have already overcome -- at the strength, at the focus, at the attitude and the creative thinking that's brought us to where we are today entering 2004 -- we should draw from that strength and be very confident.

In closing today, I want to welcome Captain Mark Bathurst both in his role as a new member of the company's board of directors and as the new elected chairman of the ALPA Master Executive Council. I had the opportunity to meet with Mark earlier this week and I know from our discussion that we share a commitment to emerging from Chapter 11 a strong, competitive and sustainable enterprise.

This company, all of us, we are on track. If we keep up the excellent work in 2004, we're going to meet our goals together.

I'll be talking with you soon as events develop, but, until then, stay United, and keep your heads up.