  The New Horizons encounter with the cold classical Kuiper Belt object (KBO)
2014 MU69 (informally named 'Ultima Thule,' hereafter Ultima) on 1 January 2019
will be the first time a spacecraft has ever closely observed one of the
free-orbiting small denizens of the Kuiper Belt. Related to but not thought to
have formed in the same region of the Solar System as the comets that been
explored so far, it will also be the largest, most distant, and most primitive
body yet visited by spacecraft. In this letter we begin with a brief overview
of cold classical KBOs, of which Ultima is a prime example. We give a short
preview of our encounter plans. We note what is currently known about Ultima
from earth-based observations. We then review our expectations and capabilities
to evaluate Ultima's composition, surface geology, structure, near space
environment, small moons, rings, and the search for activity.
