Our borrowing capacity has been completely exhausted. We have no more assets to pledge.

We are very pleased to have entered into this arrangement with Merrill Lynch. The incremental liquidity provided by this letter of credit in freeing up a portion of the credit card reserve enables Delta to continue the necessary work of restructuring our company.

We have worked hard together as a team to forge an agreement that is good for Delta and all of its constituents.

While Delta continued to post significant losses in January, the company is making progress in stabilizing our liquidity and implementing our business plan.

The arbitrators have until April 15 to rule, so to us March 1 is a date that signals the start of the next step of the process, but it's not a deadline per se. We're committed to making progress.

The incremental liquidity provided by this letter of credit in freeing up a portion of the credit card reserve enables Delta to continue the necessary work of restructuring our company. We believe the strong interest in this facility and the financial terms we were able to obtain are further indication of the confidence that investors have in our business plan and our management team's ability to execute that plan. Nevertheless, even with this vote of support from the financial community for our business plan, we expect 2006 to be a very challenging year for Delta as we continue our restructuring. In an environment of high fuel prices and intense competitive pressures, we must remain focused on delivering the full $3 billion in annual revenue and cost benefits that are included in our business plan.