Hello this is Jane Allen with an update for Friday, August 26, 2005.

With every passing week, we are moving closer to our exit from bankruptcy. Yesterday, we announced that we received firm commitments for the financing we need to exit Chapter 11 from four separate financial institutions. In fact, the commitments were $3 billion, $500 million more than our stated need. This is a very significant achievement on a couple of levels.

First and foremost, it means that we have the ability to finalize a complete exit financing package in the near future. This financing will enable us to repay our debtor in possession, or DIP loans, and it will provide us with the financial base to operate outside of bankruptcy protection.

Second, the response from these financial institutions validates the strength of our business plan. The fact that all four extended firm commitments, and for more than the amount we proposed, demonstrates that these global financial institutions have confidence that our business plan is viable. And with four commitments, we have choices and room to negotiate terms that are as favorable as possible.

We should all take a minute to feel a great deal of satisfaction about this achievement. This success would not have been possible without the hard work and personal sacrifice of all of the people of United. It also wouldn't have been possible without the excellent job our flight attendants have done to provide an outstanding level of service that brings our customers back to United. I want to thank each flight attendant and Onboard team member for helping to make this happen.

Following on news of the exit financing commitments, the company reported operating earnings for July of $113 million. Although we had a net loss of $274 million, due to non-cash reorganization expenses, operating earnings are the right measure for our focus since it demonstrates the strength of our business. And our operating profit was an even greater achievement in view of significantly higher fuel costs.

While we're still not where we need to be from a "sustainable business" perspective, it's important that we demonstrate that we can have positive results at an operating level, particularly during the summer months when our revenue intake is at its peak.

In addition to the good news from Thursday, we received Bankruptcy Court approval today for a two-month extension of our exclusivity period. While we are on track to file our Plan of Reorganization and Disclosure Statement in early September, having a longer period of exclusivity gives the company additional flexibility and time to work with the Creditors Committee and other stakeholders to ensure a smooth exit process.

As I said before, we are moving closer to exit. I hope you share with me the sense that our emergence from bankruptcy is now a bright light on the horizon that we are making steady progress toward reaching.

But even as we reach that point, it is absolutely critical that we realize that the journey continues. Specifically, our transformation must continue to enable us to become an airline that can operate competitively outside of bankruptcy, that can navigate the changes in economic cycles, and that can achieve a consistent level of profitability that allows us to invest in our fleet, our operations, our infrastructure and our people.

Having said that, without question, we have the best team of people in place at United to make this journey a complete success.

All the changes that we have made, are making and will make are intended to continue our transformation. I'm very aware that these changes aren't easy, but I also believe that they are absolutely necessary, given where we must be to be successful.

So, take a minute this week to feel good about our progress to date. Then, take a deep breath and move ahead to embrace the changes and successes to come.

My continued thanks for the great job that you do with our customers every day. Fly safe, and thanks for listening.