Hi, it's Glenn, and it's Monday, December 6th, and I am calling today from Chicago with Pete McDonald.

For two years, we have worked steadily on two major tracks of important work: restructuring our airline and simultaneously running the business without distraction and based on a clear focus on our customers.

The restructuring has progressed on a clear and steady path, and we are on track to emerge a competitive and sustainable enterprise. I have no doubt that United can succeed based upon a solid business foundation, and nor should you.

As we near the end of 2004, it’s good to look back on what we’ve done to improve our business…and it is impressive, as Dennis Cary, Scott Dolan, Graham Atkinson, Rick Poulton and Larry De Shon have outlined on the last five calls.

Let me mention just a few of the examples of what they’ve discussed with us on the call:

We’ve beaten our performance goals, and we have paid out Success Sharing rewards. We have launched many new routes. We have redeployed the fleet to where we serve our customers best. We have won big new corporate contracts. We have improved a variety of our processes at airports. We have streamlined our maintenance operations. And, we have made our jet fuel purchasing much more efficient.

We’ve hired talented new people, and we've promoted the best from within.

We’ve analyzed our business model and we know that it works.

We’ve retained our best assets in a way that let’s us respond quickly and appropriately to a dramatically changing marketplace.

As we get the company on a sound financial and business footing, we are creating a viable value proposition for all our employees. That is the focus of today’s call.

Our vision for United and its employees takes the best from the past – strong people, strong assets, strong operations – and combines it with a forward-looking, performance-based culture…A company that keeps its financial house in order, from which you can expect jobs providing competitive wages, benefits and profit-sharing with a cost structure that makes sense in every environment.

We all want to be a part of a winning company. Every employee wants a secure place to work, and we must ensure that future for the company – one that has substantial financial resilience.

As part of a winning company that operates the way other winning companies do, you should expect to participate financially when the company does well and our performance goals are met.

This is as important as any other element of our business plan. To compete in the marketplace, against other airlines and companies in other industries, we at United will reward performance and be able to retain and recruit smart, talented committed employees.

Pete McDonald, our Chief Operating Officer, and I meet regularly with employee groups together to talk about this and other issues facing United, so I decided to ask Pete to join me today. Pete has a passion and commitment to the success of United that is driven by a career that spans the most difficult years for this company.

Over to you Pete.

Pete McDonald:

Thanks Glenn…and I appreciate the opportunity to join you on the call today.

As you said, we’re working toward one thing here at United: building a competitive, sustainable airline that allows us to serve our customers and provide stable jobs for our employees long into the future. This is something that we have failed to do in the past, which is why we ended up in this situation.

Right now, we’re focused on getting our costs to a competitive position and that means we’re asking all of you to make difficult decisions about pay, benefits and pensions.

As Glenn said, we don’t underestimate that the changes we need to make are very difficult for all of us and our families. This is tough stuff.

But it’s important work because we can rebuild our airline, we can be competitive again, we can continue to offer our customers the service and performance they expect. We also can preserve our greatest asset – our jobs – with competitive pay and benefits.

Here’s what Glenn and I see for everyone when we look into the future. It starts with your pay. When you look around at what other people make for similar work, our pay will be competitive.

Add to that your Success Sharing and profit sharing payments. With these two programs, you will receive more money as the company is more successful.

You’ll receive a competitive pension that mirrors what most companies now offer their employees.

You will have comprehensive medical and dental benefits with costs that are pretty typical to other industries. You’ll also get your travel benefits.

We are not going to tell you that it won’t be different from what it is today, because it will be. But if you look out across other airlines and other companies, the pay and benefits you’ll receive – when you add it all up – will be competitive.

We are also hoping to provide each employee with equity in the new company.

This is a very important point. We are creating a compensation structure that we believe we can sustain, so we put an end to the cycles of big pay increases followed closely by big pay cuts.

One of United’s strengths has always been its people and we want our employees to stay with the company and build their careers here. We want them to feel good about the work they do and the compensation they get for that work.

We believe we will build a company that can succeed in a leaner, more competitive market and provide opportunity and value to our employees. It’s not easy, and it won’t happen overnight, but there is a good future for United.

Thanks Pete.

I think Pete’s closing comments about United being able to be successful in this changed industry and providing value for our employees sums up well the future we want to create. One is entirely linked to the other. You are the reason we are succeeding today, and you will be the reason we succeed in the future.

And, as we have seen the impressive results of our focus on the metrics that drive Success Sharing, it gives us all an idea of what we can accomplish going forward.

We will be meeting with our Board of Directors tomorrow and with the Creditors Committee on Wednesday to update them on our continued progress. I am then going to Europe and on to Asia for a business trip that includes meetings with our Star Alliance partners. During this trip, I will take the time to meet with as many of you as I possibly can, and I will be talking to you again on the call upon my return.

Until then, stay focused and stay United.