Jake Brace Improved Quotations

Our approach is clearly working, as the numbers show. We have substantially improved our financial performance despite dramatic increases in fuel costs over the last 12 months. And United has one of the best operating records in the industry -- in on-time departures, baggage handling, fewest customer complaints and other areas helping us to outpace the industry in unit revenue.

The numbers tell the story. Year to date in 2005, the company's operating earnings improved by over $450 million, despite fuel costs that are $1.3 billion higher than last year. When United exits bankruptcy in February 2006, we will be ready to compete aggressively with the best carriers in a way that is distinctly United.

The year-over-year improvement in operating profit despite record fuel prices demonstrates United's significantly improved competitiveness. United is well on the way to completing the Chapter 11 reorganization process and emerging as a strong competitor.