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ATSB made their final decision to not give United a loan guarantee.

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Source: Glenn Tilton

Date: Jun 28, 2004

Hi, it's Glenn, and it's Monday evening, June 28th, and I am calling from Chicago.

This morning we heard from the ATSB that they had made their final decision to not give United a loan guarantee, as they decided that the company does not need a loan guarantee to secure exit financing.

On my call last week I told all of you that we were moving forward and we were talking with the financial markets for potential debt and equity financing to exit Chapter 11. Today, those discussions continue, as we determine what an appropriate overall capital structure for the company upon exit should be.

On my call last week I talked about the strong and solid foundation that we have put in place, and how potential investors will evaluate our achievements and our ability to compete in the future when they consider United as an investment or a lending opportunity.

This work with the financial markets will continue and will be the focus of, again, just a few.

For the balance of the company, and for all of you on the call, just as we've done in the past, we will continue to focus on our customers and continue to deliver the great service that they have now come to expect from United.

I have absolutely no doubt that we will do that. I have every confidence in our ability to deliver as we have over the past many months -- and that's really what I want to focus on this evening.

I'd ask that we all stop for a moment and reflect on what we have accomplished together.

I personally want to pause and take this moment to simply say, "thank you."

The last 18 months have been extraordinary, and they have been very difficult for everyone at United.

We knew in the beginning that we had to change to compete, and we have done everything that we said we would do --including those things that have been enormously challenging to all of us -- including those things that many said we could not, or we would not, do.

Throughout this time we have often talked about "being on the same page," being together and being aligned around the same goals, which have allowed us to meet the challenges that are now behind us.

All of us on the call know that we have done good work. Our customers know that we have done good work. And even our competitors can now see what we have accomplished. And I am confident that potential investors and lenders will see the upside opportunity that United now offers them.

Today, we are moving forward.

We are going to continue to work together to complete our restructuring and exit Chapter 11 a strong and a competitive and a viable and a sustainable airline for the long pull.

We have earned respect. We have earned credibility in the marketplace. It's critical that we maintain that credibility by continuing to deliver excellent service and performance.

As always, as we move ahead, I will update everyone on the call on our progress. Meanwhile, as always, keep up the good work, stay focused, stay committed and stay United.

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