Hello. This is Jane Allen with an update for Friday, December 23, 2005.

In this Holiday Season I want to thank each of you for all your hard work, dedication and professionalism throughout this challenging year. I know that the good work that you have done over the past year occurred amidst many distractions and I appreciate and thank you for all of your efforts.

A positive indicator of just how much we have accomplished is evident in our Monthly Operating Report for November. We posted strong November results, both on the revenue and cost side, as a result of the tremendous progress we've made in our restructuring. It is encouraging that we generated positive operating earnings in a seasonally weak winter month.

We reported operating earnings of $9 million for November, an improvement of $197 million over the same period last year. It is important to note that we had a $124 million increase in fuel costs year over year. From a net perspective, we reported a net loss of $187 million, including $159 million of largely non-cash reorganization expenses driven by aircraft-related transactions.

It is to be expected that while we are in Chapter 11, our results will be impacted by non-cash charges related to the reorganization, especially as our restructuring work nears completion.

Our mainline unit costs or CASM in November decreased one percent over the same month last year despite three percent lower capacity and 39 percent higher fuel prices. Excluding fuel, mainline CASM in November decreased 15 percent year-over-year, while our mainline passenger unit revenue, or PRASM, increased 15 percent over the same period one year ago.

Not only have we lowered costs and increased revenue, we're running a sound operation. According to the most recent data available from the U.S. Department of Transportation – for October 2005 – United was ranked first in on-time arrivals, and had the fewest cancellations and mishandled bags among the seven major carriers.

These solid results are evidence of real progress in our work to make United competitive and resilient.

I am very proud of the entire team in Onboard Service. You have shown enormous resilience and have continued to serve our customers very well by providing safe, reliable and attentive service to them. Though we still have challenges ahead of us, I believe that 2006 holds great promise for our company. I know that by continuing to work together, we will achieve many more great things in the year to come.

This is a season of celebration, joy and reflection, and a time to be with family, friends and loved ones. I want give a special thanks for those of you who will be working over the holiday, and let you know that I appreciate all that you do. My very best to you and yours for a joyous holiday season.