Hi it's Glenn, and it's Wednesday, September 7. We have all shared an extraordinary 10 days, as the disaster caused by Hurricane Katrina in Louisiana, Mississippi and the surrounding areas has been reported around the world. In fact, I first began to monitor the reports when I was in Beijing, China. What we saw on our television screens is unprecedented in the United States, and the questions raised about the timeliness and the effectiveness of response will require serious answers.

For our part, I am proud of United's immediate and organized response. As we have been reporting in NewsReal, we contacted numerous government and relief agencies the day after the hurricane hit, with offers of transportation of supplies and relief personnel into New Orleans, as well as transportation for evacuees out of the city.

Because of the dedication and the drive of our response team, we have provided tens of thousands of pounds of much needed food, water and supplies, and many volunteers into the region -- and we have flown nearly 1,000 people out of the area.

We are focused on providing whatever support is necessary for our employees who live or work in the region -- and we're continuing to try to locate and talk with everyone impacted to find out what help is needed.

We've also had a tremendous outpouring of offers of help and donations from employees throughout the company.

I want to personally thank every one of you for that support. And I also want to thank those who planned and participated in the relief missions. For those we evacuated, this was a time when a meal, a pillow and a couple of blankets from United Airlines on a flight out of the worst experience anyone can imagine, seemed a small contribution -- but it was so very well appreciated.

These events give every one of us pause for thought and they certainly give a fresh perspective on hardship and what is genuinely important. We'll continue to participate in any way that we can in the efforts to rebuild.

Today on the call I also want to talk about an event that is good news for United. Last Friday, we filed our proposed schedule for exiting bankruptcy with the court and today we filed our Plan of Reorganization and Disclosure Statement.

The Plan of Reorganization reflects the financial foundation of the much stronger, much more competitive United that we have built. It resolves the claims of our creditors and our other stakeholders within the requirements of the Bankruptcy Code.

Since the beginning of our restructuring, we have worked closely with the Creditors' Committee and our other stakeholders to make sure that their interests were considered fairly at each step of the process. We'll continue to do so, as we refine our Plan and we finalize it, as our creditors are also many of the future shareholders of the new company.

With these filings before the court, the countdown has begun. We expect to formally exit bankruptcy in early 2006, with a target exit date of February 1st. We have used this time under the protection of the court to successfully restructure our company -- and we are now competitive with the leading network carriers.

• We have substantially reduced both labor and non-labor costs.
• We renegotiated mainline fleet costs to achieve unprecedented savings and negotiated the best contracts in the industry with our United Express carriers.
• United's cost-per-available seat mile (CASM), excluding fuel, has been reduced by 18 percent over the course of the bankruptcy -- making United cost-competitive with the best network carriers.
• And our unit revenue performance this year is outperforming the industry.
  

On a parallel track, we have maintained and enhanced our unrivaled global network -- improving reliable operational performance and service for our customers worldwide.

And all throughout, we have innovated and we now offer a portfolio of products, including Ted(SM), p.s.(SM) and explus(SM), which enable us to provide premium services for high-yield business travelers and to profitably accommodate price-sensitive leisure travelers.

The fact that we have proposals for up to 3 billion dollars in exit financing from four of the most prestigious financial institutions in the world is solid confirmation of the work that we have done together, and most importantly, of our ability to build on that success in the future.

After three years of a very complex and difficult restructuring, there is confidence that a competitive United Airlines can manage through the challenges the industry will face.

The entire industry has suffered the impact of the price of oil over the past year, and it is clearly today the No. 1 issue impacting profitability. At a time of unprecedented volatility in oil price, no one can accurately predict the price of oil in the future, and opinions vary from one energy expert to another.

What we can do and what we have done, is improve the operations of our entire company so that we are in the best possible position to respond to the industry changes that we and our competitors will undoubtedly confront.

United's exit from bankruptcy is not the end of our story, it really is only the beginning. Our restructuring work has earned us the opportunity to compete.

As United emerges from Chapter 11, we'll be able to concentrate all of our energy, as one company, on running our business and addressing the continuing challenges in this industry. We'll focus on our customers, delivering the service that they expect, and on our investors, delivering the value that they require.

United Airlines is now positioned to compete effectively.

But to make the most of the opportunity that we've created, we will have to keep evolving to meet the demands of the marketplace that is changing every day. We must enhance and refresh our products and services to meet customers' changing needs. And we must deliver excellent operational performance in every division across this company.

The competitive pressure in our industry is not going to go away. In fact, I think it's going to intensify -- and we're going to have to be ready for that.

We now have a solid foundation in place, a platform where we can provide challenging jobs with competitive wages and benefits for the people of United -- where we can stand and we can compete successfully for our place as a leader in this industry.

That's it for now. I'll be talking to you again soon. Until then, stay focused on our customers ... stay focused on one another -- and as one company -- stay united.