• Reported a fourth quarter pre-tax loss of $547 million excluding non-cash, net mark-to-market hedge losses and certain accounting charges outlined in note 5 of the attached statement of consolidated operations. Including these items the company reported a pre-tax loss of $1.3 billion.
  
  
• Reported basic and diluted loss per share for the fourth quarter of $4.22 excluding non-cash, net mark-to-market hedge losses and certain accounting charges. Including these items the company's loss per share was $9.91.
  
  
• Reported solid revenue performance with a 4.7 percent increase year-over-year in fourth quarter consolidated passenger unit revenue per available seat mile (PRASM), excluding Mileage Plus accounting impacts. Including these impacts, consolidated PRASM increased 2.1 percent year-over-year.
  
  
• Held its mainline non-fuel unit costs per available seat mile (CASM) for the quarter, excluding certain accounting charges, to an increase of only 1.6 percent year-over-year, despite reducing mainline capacity by 11.7 percent year-over-year. Mainline CASM including fuel and certain accounting charges for the quarter was up 20.8 percent versus the fourth quarter of 2007, primarily due to the impact of hedge losses.
  
  
• Raised nearly $390 million in cash in the fourth quarter through various activities including aircraft financings, asset sales and equity issuances.
  
  
• Recorded its best fourth quarter on-time performance since 2004.
  

• United began new daily non-stop passenger and cargo service between Washington, D.C., and Dubai on October 28.
  
  
• United announced new daily non-stop passenger and cargo service between Washington, D.C., and both Geneva and Moscow on its newly reconfigured B767 with fully lie-flat seats in first and business class.
  
  
• United and EGYPTAIR signed an agreement to offer codeshare flights, which would expand the international destinations and enhance the frequent flyer benefits offered to customers of both carriers.
  
  
• United announced it will offer in-flight internet service on it p.s. transcontinental service between New York and California starting in the second half of 2009.
  
  
• United became the first U.S. carrier to participate in the Asia and South Pacific Initiative to Reduce Emissions (ASPIRE).
  
  
• United Flight 870 on Nov. 14 from Sydney, Australia, to San Francisco saved more than 1,500 gallons of fuel and 32,000 pounds of carbon emissions using 11 fuel-savings initiatives from gate to gate.
  
  
• United announced its new Premier Line service, which allows customers to purchase access to three types of specially reserved lines that offer convenience at check-in, security and boarding, including boarding for connecting flights.
  
  
• United was named the best North American airline by two Asian travel publications. Travel Trade Gazette Asia honored United with the award and Business Traveler Asia-Pacific recognized United with the same accolade for the eighth consecutive year.
  
  
• United became the first U.S. airline to offer overnight baggage shipping service via an overnight courier that will provide customers with a more convenient and easy way to travel - without their luggage. United's new service, Door-to-Door Baggage, enables customers in the continental United States to conveniently ship their luggage, or other travel items like skis or golf clubs, overnight from a home or office directly to their destinations within the 48 contiguous United States.

United Airlines (NASDAQ: UAUA) operates more than 3,000* flights a day on United and United Express to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. With key global air rights in the Asia-Pacific region, Europe and Latin America, United is one of the largest international carriers based in the United States. United also is a founding member of Star Alliance, which provides connections for our customers to 912 destinations in 159 countries worldwide. United's 49,500 employees reside in every U.S. state and in many countries around the world. News releases and other information about United can be found at the company's Web site at united.com.

*Based on United's flight schedule between Jan. 1, 2009, and Jan 1, 2010.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements included in this press release are forward-looking and thus reflect the company’s current expectations and beliefs with respect to certain current and future events and financial performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to the operations and business environment of the company that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Factors that could significantly affect net earnings, revenues, expenses, costs, load factor and capacity include, without limitation, the following: the company’s ability to comply with the terms of its credit facility; the costs and availability of financing; the company’s ability to execute its business plan; the company’s ability to realize benefits from its resource optimization efforts and cost reduction initiatives; the company’s ability to attract, motivate and/or retain key employees; the company’s ability to attract and retain customers; demand for transportation in the markets in which the company operates; general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices and energy refining capacity in relevant markets); the effects of any hostilities or act of war or any terrorist attack; the ability of other air carriers with whom the company has alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; the costs and availability of aircraft insurance; the costs of jet fuel; our ability to cost-effectively hedge against increases in the price of jet fuel; any potential realized or unrealized gains or losses related to fuel or currency hedging programs; the costs associated with security measures and practices; labor costs; industry consolidation; competitive pressures on pricing and on demand; capacity decisions of United and/or its competitors; U.S. or foreign governmental legislation, regulation and other actions, including the effect of open skies agreements; the company’s ability to utilize its net operating losses; the ability of the company to maintain satisfactory labor relations and our ability to avoid any disruptions to operations due to any potential actions by our labor groups; weather conditions; and other risks and uncertainties set forth from time to time in UAL’s reports to the United States Securities and Exchange Commission. Consequently, the forward-looking statements should not be regarded as representations or warranties by the company that such matters will be realized. The company disclaims any intent or obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.