Hi. It's Glenn and I'm calling from Chicago, having just returned this morning from Washington, DC, where I have been in discussions regarding the company's ATSB loan guarantee application.

I know you will have heard by now, that yesterday the ATSB notified the company that it had voted to deny the application.

Since we were in the midst of discussions about modifications to our application that would make it acceptable to the Board, we were, as we said in our statement to the press, "perplexed" by the notification, and we certainly thought that a decision was premature.

It seemed unlikely that the Board was made fully aware of modifications that United was willing to make.

Two of the three agencies of the ATSB have already indicated their willingness to reconsider the decision if United presents additional information. And we very much appreciate the opportunity that they have extended to us.

We are accepting their offer for reconsideration and we will be sending a letter to them today to that effect.

I want to make it clear to everybody on the call that the situation today is quite different from December 2002. We expect our remaining discussions with the ATSB to happen in a matter of days, not weeks, and we hope to wrap up the process very quickly.

While the ATSB voted not to approve the application, their rationale for doing so was, in fact, an endorsement of both the hard work that we've done to date and the fundamental strength of the company's business plan.

They noted the positive steps we have taken since entering Chapter 11 to lower our costs, strengthen our relative competitive position, and improve our governance structure. And, they have clearly left the door open to further discussion, and we'll continue to work with the Board in the days ahead.

While some of us will focus on the ATSB process, the rest of our employees are going to focus on continuing to do good work and delivering operational excellence. I know that you're going to stay focused on our customers. I know that you're going to continue to deliver high-quality service and good value for our customers' money. We'll focus on containing costs wherever we can. And we're going to continue to operate an airline that is a safe airline.

We have proven that we can focus on fundamentals despite distractions, and we're going to continue to do so.

In the meantime, until I talk to you again, keep your heads up, stay United, stay focused and I'll talk to you soon.