Hi, it's Glenn and it's Tuesday, the 3rd of January and I am calling from Chicago.

Pete McDonald, our Chief Operating Officer, is on the call with me today, and we would first like to wish all of you on the call a Happy New Year, as we look ahead to 2006.

On my previous call, I suggested that everyone take a moment to reflect on all that we have accomplished at United over the last 12 months.

Since I recorded that call, we filed our Monthly Operating Report for November, just before Christmas weekend, and those results make it clear that our restructuring is on track.

As we all know, November is typically a very tough seasonal month for United's network.

However, this November we reported operating earnings of $9 million, a year-over-year improvement of $197 million from the previous year, overcoming fuel expenses that were $124 million more than last November.

Excluding fuel, our cost-per-available-seat-mile was down 15 percent year-over-year, and mainline passenger unit revenue was up 15 percent year-over-year.

Last Friday, there was further validation of the work we have done, as we received the results of the balloting for our Plan of Reorganization. All the classes of creditors voting have voted to accept the Plan.

We are very pleased to have this support from our creditors.

Our commitment to reduce unnecessary costs, at the same time that we are improving revenue by focusing on our customers and differentiating our products and our services… is moving United in the right direction.

We will continue to maintain that focus, starting with our customers…and we are determined to make further improvements across the board.

During 2005, we made further progress in working together, across the different business units, as one company. We are seeing the benefit of applying all our resources and critical thinking to our challenges and opportunities in many areas.

This is making our company a fundamentally better company.

Moving forward with that work, we will focus on execution against our plan across every element of the business in 2006...and to discuss that, I will turn the call over to Pete, and Pete is going to talk to us about the challenges and the opportunities that we have in the year ahead. Peter, over to you.

PETE:

Thanks, Glenn.

As Glenn says, execution is what 2006 is all about, and "executional excellence" is certainly our focus for the operation.

That means we are working to become more efficient while simultaneously improving the service we provide to our customers.

Overall, we have seen real improvements. As we reported in the November MOR that Glenn was just talking about, United was first in on-time arrivals in the DOT's October rankings, and we had the fewest cancellations and mishandled bags among the seven major carriers.

We've done all this while maintaining our essential, number one priority commitment to safety, and improving our productivity and efficiency across the operating divisions.

The last two years have been difficult as we continued to deal with the distractions of restructuring, and we began to reassess and reorganize the way we do everything throughout the company.

We will now be able to focus entirely on improving the airline. We have the opportunity to make improvements that must be consistent across the operation… and that work will be very challenging.

We are working to optimize aircraft, real estate and all resources. We will be shortening our turn times to provide more flying time, which will generate more revenue. Load factors will be up, and we will look for even more productivity in everything we do.

The only way all these changes flow to the company's bottom line is if we don't lose sight of the people paying the bills –our customers. So while we are making a wide range of operational changes, we have to challenge ourselves to provide an even greater level of service to our customers.

We will achieve our goal if every single person at United remains focused on doing their work consistently well, every day in everything we do, no matter where we work in the company. The short hand for that is "executional excellence" and we will be talking about that throughout the year.

There will be a lot of new demands made on the operation this year, and we will have to work to find the right balance in staffing, process improvements and technology to improve and then keep our operation running smoothly. But working together, as Glenn said, across work groups and as one company, will help us succeed in reaching our objectives.

And we'll make sure we have the right front-line leadership, the expertise and the resources needed to make our operational changes work for our customers. As many of you know, we have had some real challenges operationally over the holiday season, and there was a lot of advance planning and resource additions to improve over last year.

But let's take O'Hare for an example. O'Hare is our busiest station, with the most complex operations of any hub. And O'Hare has to run right for the rest of the system to function at peak performance.

The station is handling more aircraft and as we have become more competitive, there are fewer employees that we are asking to take the lead on the many changes we are making across the system.

When the holiday rush hit, we weren't delivering the experience our customers expect…and we are going to fix that.

So we are working closely with Dan London, O'Hare's general manager, and his team to make the necessary improvements at O'Hare.

Larry DeShon is assigning some of his most experienced leaders to O'Hare full-time to work with Dan to identify the problems and the long-term solutions that will get us the high level of performance we need.

In 2006, we have set challenging goals for on-time performance, definite intent to repurchase and CASM ex-fuel. To help us meet those goals, making the experience better for customers and making it easier for employees to do their jobs, our business plan includes capital spending of $400 million that we will invest in new resources...for example, more EasyCheck-in kiosks, refurbishing aircraft interiors, upgrading our computer systems across the company and new ground equipment.

That's the most money we've set aside for capital improvements since 2001, and, as outlined in the plan, the planned investment grows by about $100 million a year through 2010.

To make the most of those investments, we will need the best each of us has to offer in our jobs. It will take all our energy and attention.

After the challenges we have overcome in the last few years, I have great confidence in us and in our ability to achieve our objectives for the year, and to be consistent in improving our customer's experience. This is a key contributor to generating the financial results promised to our investors…and that's how we ensure the success of this airline.

Back to you, Glenn.

GLENN:

Thanks, Peter. As Pete said, the success at United -- our success at United -- is in our execution. All of us are accountable for doing the best job we can -- whether that work is in planning, marketing, reservations, onboard or on the ramp -- all across the system. And of course that means that leadership will continue to be held accountable as well.

You can expect to see senior management in the field more than you have in the last 12 months…working on issues and opportunities, hosting quarterly update meetings with employees, making sure that everyone is getting the information that they need relative to the company -- that being our plans and our goals. Just as importantly, senior management will be in the field to listen to you.

So Pete and I and all the senior management team will take advantage of every opportunity we have to get out in the field and to hear directly from everyone at United.

That's it for now. We'll be talking to you again soon. Until then, stay focused on our customers and on one other…as one company, as Pete just said, and stay united.