Hi, this is Glenn. It's Tuesday, and it's February 15, and I'm calling from Chicago.

In my last call, I gave you an update on where we were with our union groups and how we were going to focus over the next 90 days on trying to reach consensual agreements with AMFA and the IAM, as well as resolving the very difficult pension issue.

Today, on the call, I'd like to talk about where we stand with all of our employee groups from a very different perspective, but one that is certainly just as important.

On Thursday, I will be speaking in New York at the annual J.P. Morgan Airline Conference, where major companies in the aviation industry get the chance to present their businesses to the financial community as investment opportunities, to make their case that they are deserving of investment dollars.

The investors at this conference have long understood the value of the underlying assets of United -- our route structure, our hubs, our fleet and our brand.

What they have not yet fully understood is the asset that we have in the employees of United -- all of you on the call -- who have shown that even in the midst of profound change, you can continue to deliver excellent performance.

Think for just a moment about some of your accomplishments:

• On-time thresold performance goals met or exceeded in every quarter of 2004;
• Customer satisfaction ratings higher than we have seen at United in many years;
• The company's best safety performance rating in five years;
• Baggage handling improved from fifth to third among the network carriers;
• Far more effective fuel management on all fleets in the company;
• Our onboard food service completely reworked and enhanced;
• Reduced cycle times in maintenance and engineering; and
• Cargo revenues significantly better than our plan.

Few in the audience could have predicted such incredible resilience. The work that you have done, and your ability to continue to deliver even in the face of such challenges, gives me a powerful and a credible platform on which to present at this meeting, and on which to make the case to our current lenders, our potential providers of exit financing and eventual investors in United that we are deserving of their confidence.

The fact that today we already have banks expressing interest and making proposals to the company on exit financing is a testament to the quality and the scope of all of the work that you have undertaken during the past two very difficult, very challenging years.

It's also a validation that what we have said we still need to get done. And as I said at the start of the call, we still have to finalize contracts with two of our union groups, as well as address our pension liability, something we have consistently said was critical to our viability and our financeability and our future competitiveness.

We also need to execute against the business improvement initiatives we have under way and, even though our overhead costs are the best that they have been for almost ten years, we must continue to aggressively reduce those costs over the course of 2005 -- and then beyond.

Those banks that would lend us money to exit, and those investors who would trust us with their investment dollars, still expect us to deliver on further reducing our costs before they go from expressions of interest to actually providing us with financing.

I'll make the full text of my talk at the conference available on SkyNet and will provide further updates to you as we continue to do the work that we must between now and our exit from Chapter 11.

Until then, stay United, and I will be talking to you again very soon.