Hello, this is Jane Allen with an update for Friday, January 30, 2004.

There's lots of news this week, so I'll touch briefly on a number of topics. They include follow-up news about the Miami domicile closing, our financial results for the fourth quarter of 2003 and the entire year, and our preparations for the launch of Ted. I'd also like to update you on our extension of the Buy On Board evaluation period, the finalization of our first-quarter Success Sharing goals, and what happened this week in Washington regarding pension reform legislation, which is critical to our exit from bankruptcy.

Early this week, Onboard leaders met with the AFA regarding the closing of the Miami domicile. We also held informational meetings for employees throughout the week to answer their questions about transfer and moving policies. We were able to offer our Miami-based flight attendants transfer opportunities to all of our mainland U.S. domiciles. We will continue to provide all possible support and assistance to our colleagues in Miami as they transition to their new bases.

On the financial front, UAL Corp. this week reported significant progress in its restructuring with the announcement of its fourth-quarter and full-year 2003 results.  Because of the work the company completed in the past year, UAL remains on track to exit from bankruptcy protection in the first half of 2004, and is poised to compete for the long term.

All the financial numbers were published in a Special NewsReal Jan. 27, so I won't repeat them here. What the numbers show is that our company is vastly different than it was a year ago. Specifically, we narrowed our fourth-quarter operating loss to 135 million dollars, compared to a loss of 994 million dollars a year earlier. This strong improvement reflects the company's continued success in the pursuit of lower costs and improved revenue. The company also maintained a strong cash balance during a seasonally weak quarter.

It's clear the company is executing against a solid business plan that has been embraced by our lenders, who have agreed to provide backing for 2 billion dollars in exit financing. Our updated plan now pending with the ATSB reflects a more competitive, financially stronger United. Going forward, United's focus is on continued operational excellence and meeting customer needs through initiatives such as our low-cost Ted operation.

Speaking of Ted, we'll have a special "all-Ted" Update message on Tuesday to bring you up to speed on preparations for the Feb. 12 launch of our low-cost operation. Why a special Update? Because it's critical that all employees know about and support this new member of the United family. Ted is an integral part of the mainline airline, and its success is key to United's future.

There's good news about Buy On Board. Due to positive customer response, we will continue the program and look to slowly grow it over the next several months. As you know, last October we began offering United Economy customers the option of purchasing restaurant-quality meals on more than 200 daily flights in and out of Chicago and Denver. To date, we've offered this new product on about 18,000 flights, and customer purchase rates have increased steadily. On Feb. 12, we will expand Buy On Board to all eligible Ted flights, and to future flights as Ted grows. In April, we'll extend the program to more mainline markets. By June, it will be on all eligible mainline flights, which will be a total of more than 500 daily.

Using feedback from flight attendants, we've made several enhancements to Buy On Board to improve the onboard product and flight attendant procedures. I want to recognize everyone who has been part of the evaluation and contributed to its success to date. Your continued support is key as we meet the challenges of adding more flights and cities. Thanks for your ongoing efforts to deliver this important product to our customers.

There also was news this week on Success Sharing, the performance incentive plan that gives employees cash awards when the company reaches its operational goals for the quarter and its financial goals for the year. The company finalized its first-quarter operational goals. Definite intent to repurchase was set at 37.1 percent and on-time :00 performance at 60 percent. These are tough -- but achievable -- goals. They are based on extensive analysis and the company's best assessment of its future performance. The goals take into account a variety of factors, including past performance patterns, seasonal trends and planned activities, such as construction at a location. Since these factors inevitably will vary throughout the year, so will our quarterly operational goals for Success Sharing.

On another topic, the Senate this week passed the Pension Funding Equity Act, a major step toward helping to protect the pension plans of American workers, including United employees. The legislation changes the way pension obligations are calculated. It uses a corporate bond rate, instead of a Treasury bond rate. The corporate bond rate better reflects current interest rates and gives the company a truer picture of its pension obligations. The legislation also includes an amendment that provides temporary relief from the accelerated pension funding contributions mandated by current law. Resolving the pension issue is critical to the company's exit from bankruptcy.

While the legislation is a major step forward, there is still more work to do. The Senate and House of Representatives must iron out the differences between the Senate bill passed this week and the House bill passed back in November. The two legislative bodies must send a single, unified piece of legislation to President Bush for his signature. While the Bush administration has raised concerns regarding relief from accelerated pension funding provisions, the President does support the change to the corporate bond rate. So, it remains to be seen what he does with the final bill presented to him. We'll keep you updated on this important issue.

In closing, I'd like to recognize those of you who worked through the unusual weather patterns across the United States this week that resulted in everything from thunder storms and tornadoes to ice storms, significant snow accumulation and bone-chilling temperatures. I know it was a difficult and busy week for everyone in the operation and those who support them. Thank you for pulling through for your colleagues and for our customers.

That's all for this week. Thanks for listening.