Hi, it's Glenn and it's Friday, January 13.

Jake Brace, our chief restructuring officer, is joining me on the call today, and Jake is going to talk about some very important events this week that are adding significant energy to our company's forward momentum.

Before the holidays, I asked all of you to reflect for a few moments on everything that we have accomplished over the past three years to make United a fundamentally better and stronger business.

At the same time on a separate track, Jake and his restructuring team, both inside and outside the company, were working hard to successfully restructure United's finances.

This week, we are seeing the results of the restructuring team's work on all of our behalf. The financial markets, credit rating agencies and investment institutions have expressed a tremendous amount of confidence in United's future and the strength and the resilience of the financial foundation we've built during our time in restructuring.

This is the platform that will enable us to compete with the best of our network competitors.

For now, I'll turn the call over to Jake to tell us more about the details. Jake, over to you.

JAKE:

Thanks Glenn. There have been a number of important developments on the restructuring front this week.

First off, on Monday in New York, Glenn, Pete McDonald, John Tague and I met with about 200 to 250 representatives of various lending institutions to present our business plan to them and kick off the launch of what is called the syndication process of our $3 billion in exit financing.

While we have commitments from JP Morgan, Citigroup and GE Capital to underwrite the loan they, in turn, syndicate to participants, which are other financial institutions of various sizes.

According to JP Morgan and Citi it was an excellent meeting. We got very good feedback from the institutions and many of them are very interested in signing up for major participation in our exit facility.

Second, also on Monday, Standard & Poors and Moody's both issued new credit ratings for United that reflect the work done during the restructuring to optimize the company's costs and revenue.

S&P and Moody's are two of the world's leading independent agencies that evaluate and rate both overall corporate creditworthiness as well as the creditworthiness of specific loans to provide guidance to lenders, investors and others in the capital markets. S&P and Moody's evaluate our company's business plan and financial situation and the loan package, and then assign a letter grade to represent the creditworthiness of that loan package.

We are very pleased to say that the ratings they have given both to United and to our loan package are not only solid, but superior to those of our network peers, and are a positive validation of the work we have done to position United to compete with the strongest carriers out there.

Finally, in a watershed development for our company, United and the Creditors' Committee – after an extensive negotiation session – reached a global resolution of all of the issues between United and the Committee.

Being able to reach a consensual agreement ahead of confirmation is the most significant goal in any restructuring, and is a major step forward to concluding our restructuring and getting confirmation at the hearing next week. What it means is that the Committee will withdraw all of their objections to our plan of reorganization, and that they, like we, are ready for United to move on and exit from bankruptcy.

Details of the agreement between United and the Creditor's Committee will be reflected in an amended plan of reorganization, to be filed sometime next week, ahead of the start of the Confirmation Hearing, which begins Wednesday, January 18th.

Now, there still are a number of outstanding objections remaining that will be heard at the hearing next week, such as those from the AFA and several others regarding the management equity incentive program (MEIP). There are also a number of objections from individuals and other entities. We're going to continue to try and work to resolve as many of these that we possibly can ahead of the hearing.

However, having the Committee on board -- and remember the Committee represents the creditor group as a whole, looking after the interests of the creditor group as a whole -- continues our strong momentum going into next week's plan of reorganization Confirmation Hearing and will make that hearing go that much more smoothly and move us another major step toward exiting Chapter 11 in early February.

Back to you, Glenn.

GLENN:

Thank you very much, Jake.

And congratulations to you and the restructuring team. All of you have done a terrific job in both restructuring and in financing the company's exit from Chapter 11.

Also on Tuesday, our board of directors came to headquarters for our monthly meeting.

As usual, we reported our restructuring and business progress, and they received presentations from Jake, and from John Tague and Pete McDonald, and from Rick Poulton.

We talked to the board about what we want to accomplish now as we move forward, including the introduction of new products, our focus on executional excellence, safety (which of course was also presented by Hank Krakowski), operational reliability upgrading and our aircraft technology. New training and leadership development programs were also discussed. All of the things that we at United are going to be focused on and accountable for in 2006.

We also told the board that there had been no lull in the business in the new year. Bookings continue to be strong and we are seeing a positive effect on revenue performance from our sales, advertising and marketing efforts.

Things are moving quickly now and the distractions of the bankruptcy will soon be a thing of the past.

What will not be a thing of the past are the discipline and the focus that we have established during the last three years.

Our focus on United's customers, and the discipline required to improve execution across the enterprise, will make United a fundamentally better company. We will continue with that work every day.

That's it for now on the call. We'll be talking to you again soon. Until then, stay focused on our customers and, of course, on each other and stay united.