Hi, it’s Glenn. It’s Friday, January 21, and I’m calling from Chicago.

Later today, we are informing the court in our regular monthly hearing about the progress that we've made at the company in achieving permanent labor cost reductions.

On January 18 and 19, we filed motions seeking court approval of the tentative agreements that we have reached with the AFA, AMFA, ALPA, PACFA, and the TWU. Ratification votes for each of these unions are scheduled to be completed by the end of this month.

On an earlier call, I told you that we had filed a motion that, having been granted by the court, provides the immediate savings we need from the IAM. We are also on track to achieve the needed savings from our salaried and management employees.

The fact that we have been able to reach consensual agreement with all of these unions should be encouraging for all of us at United.

While we still must resolve the difficult issue of pensions over the next 90 days, we have shown once again that when working from common facts and focused on common goals, we can move forward toward our exit from Chapter 11, together.

All of these tentative agreements include changes to Success Sharing, and I recognize that this could be confusing given that you all heard me speak recently on the call to our commitment to performance-based compensation.

Despite the changes in the tentative agreements, the vast majority of United's employees in 2005 will participate in Success Sharing, and we will remain focused on the same common goals -- goals that are critical to the success of United.

That said, some of our unions sought to reduce pay at-risk. And, in order to reach consensual agreements, the company reluctantly agreed to changes in target percentages for some of our employee groups and may decide to focus on fewer goals than we had previously discussed on the call when I recorded the call on Success Sharing with Sara Fields.

We are currently finalizing the details of the 2005 Success Sharing program, and I'll be back to you soon with additional details.

Changes in target percentages and numbers of metrics do not mean a change in personal accountability. We all need to be accountable for our performance on the job and for delivering against the commitments that we make. Although in time our goals may vary from one employee group to another, it's important today that we all focus on the same objectives.

Senior management in particular, who make decisions about the future of this company, need to be held accountable. And, as a result, it's best practice in the world’s most successful companies to place a significant portion of senior management compensation at risk and to tie it to company performance.

In our recent consensual agreements, we agreed to reduce the percentage of at-risk pay in order to protect base compensation for many of our employees. That option, however, was not available for management.

For all employees, however, there should be no doubt about our commitment -- and that of our Board of Directors -- to performance-based compensation and personal accountability, and to building a culture of performance at United. Going forward, those employees who excel in their work will be differentiated from those who perform less well.

Again, we will be back soon with additional details.

Until then, stay United.