Investor DayInvestor DayFebruary 5, 2008
Kathy MikellsKathy MikellsVP – Investor RelationsVP – Investor Relations
Safe Harbor Statement And Non-GAAP Reconciliation
Safe Harbor Statement And Non-GAAP Reconciliation
The information included in this presentation contains certain statements that are “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties related to the Company’s operations and the business environment in which it operates. Actual results may differ materially from any future results expressed or implied in such Forward-Looking Statements due to numerous factors, many of which are beyond the Company’s control, including factors set forth in the Company’s Form 10-K for 2006 and other subsequent Company reports filed with the United States Securities and Exchange Commission. Persons reviewing this present-ation are cautioned that the Forward-Looking Statements speak only as of the date made and are not guarantees of future performance. The Company undertakes no obligation to update any Forward-Looking Statements.
Information regarding reconciliation of certain non-GAAP financial measures contained in this presentation is available on the Company's web site at www.united.com/ir
We Are Pursuing Multiple ApproachesTo Create Shareholder Value
We Are Pursuing Multiple ApproachesTo Create Shareholder Value
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
Glenn TiltonGlenn TiltonChairman, President & CEOChairman, President & CEO
Our Strategic Plan Is A 5-Year Roadmap To Create Value For All Stakeholders
Our Strategic Plan Is A 5-Year Roadmap To Create Value For All Stakeholders
We will be the global airline of choice for premium customers, employees and investors
Customers Investors
Employees
SafetySafety
Balancing the needs of all stakeholders and strengthening the core business
We Are Charting Our Own CourseTo Create Value For ShareholdersWe Are Charting Our Own CourseTo Create Value For Shareholders
• Strengthen the core airline– Consistently delivering superior service– Delivering differentiated products and services– Building employees’ connection and
commitment to United– Developing new sources of revenue and
controlling costs
• Disaggregating business units
• Participate in consolidation given the right opportunity
Five Year Plan
Expanding Our Revenue Premium
Expanding Our Revenue Premium
John TagueJohn TagueEVP & Chief Revenue OfficerEVP & Chief Revenue Officer
United’s Actions Produce Superior Revenue Performance
United’s Actions Produce Superior Revenue Performance
SuperiorSuperiorRevenueRevenue
PerformancePerformance
+
=
• Convenient service• Global reach• Profitable expansion
GlobalGlobalNetworkNetwork
• Matching supply with demand• Elimination of unprofitable service
Capacity Capacity DisciplineDiscipline
• Leveraging customer relationships • Identifying new revenue sources
Sales,Sales,Mileage Plus Mileage Plus
and Innovative and Innovative Revenue Revenue
OpportunitiesOpportunities
• Rational pricing • Effective inventory management
Revenue Revenue ManagementManagementEffectivenessEffectiveness+
+
Powered By Execution/Rigor/Analytics
Powered By Execution/Rigor/Analytics
Kevin KnightKevin KnightSVP – PlanningSVP – Planning
Network And Capacity DisciplineAre Critical To Success
Network And Capacity DisciplineAre Critical To Success
SuperiorSuperiorRevenueRevenue
PerformancePerformance
+
=
• Convenient service• Global reach• Profitable expansion
GlobalNetwork
• Matching supply with demand• Elimination of unprofitable service
Capacity Discipline
• Leveraging customer relationships • Identifying new revenue sources
Sales,Sales,Mileage Plus Mileage Plus
and Innovative and Innovative Revenue Revenue
OpportunitiesOpportunities
• Rational pricing • Effective inventory management
Revenue Revenue ManagementManagementEffectivenessEffectiveness+
+
Powered By Execution/Rigor/Analytics
Powered By Execution/Rigor/Analytics
United Has A Strong Global Network And Is The Second Largest U.S. CarrierUnited Has A Strong Global Network
And Is The Second Largest U.S. Carrier
Source: OAG TME Feb 08
• Global Reach• 225 Cities• 31 Countries• 3,568 Daily
Departures• 5 Hubs
Total Capacity(Billion ASMs)
748
557652
Star Alliance Skyteam Oneworld
Total Capacity(Billion ASMs)
748
557652
Star Alliance Skyteam Oneworld
Combined With Star Alliance, United Offers Unsurpassed Global Access
Combined With Star Alliance, United Offers Unsurpassed Global Access
Source: Star Alliance, Q4 2007
Cities Served 897 808 640Daily Flights 17,200 14,500 8,400
15% Larger34% Larger
Passenger Share 28.1% 24.3% 18.5%
New Partnerships Solidify United’s Position As The Premier U.S. Carrier To China
New Partnerships Solidify United’s Position As The Premier U.S. Carrier To China
Source: Airline Websites; OAGNote: Application for membership for both airlines was accepted in 2007
Beijing
ShanghaiKWL
HRB
SHE
TAO
DLC
CGO
HGH
NKG
FOCXMN
SWASZX
CAN
WUH
CSXKHNKWE
KMG
CKGCTU
LHW
INCBAV
TYN
NNG
CZX
China
• Flag carrier of China• Service to 71 cities in China• 39 international destinations• 213 aircraft
• Sixth largest carrier in China• Service to 48 cities in China• 53 aircraft
Capacity Discipline: Matching Capacity With Profitable Demand
Capacity Discipline: Matching Capacity With Profitable Demand
Profitable Demand
Price
Demand
Capacity discipline Capacity discipline enables revenue enables revenue managementmanagement
Optimizes results Optimizes results
Marginal capacity Marginal capacity decisions impact more than decisions impact more than marginal revenuemarginal revenue
20,000
40,000
60,000
80,000
2003 2004 2005 2006 2007 2008 (E)
Growing Internationally Where Demand Remains Strong
Growing Internationally Where Demand Remains StrongUA International Capacity (Million ASMs)
Source: United data; ATA (2003 – 2007)
5% CAGR
Industry and United Revenue Growth Rate of 16%
We Are Taking Advantage Of Profitable International Opportunities
We Are Taking Advantage Of Profitable International Opportunities
2007Los Angeles - FrankfurtLos Angeles - Hong Kong
Dulles - BeijingDulles - Kuwait (Daily)Dulles - RomeDulles - Rio De Janeiro (Seasonal)
San Francisco - Frankfurt 2nd DailySan Francisco - Taipei
2008Denver - London HeathrowSan Francisco - Guangzhou
% of Revenue By Region
Domestic 49.9%
International 50.1%
Note: TME December 2007; International revenue includes domesticportion of international itineraries
United Has The Ability To Grow Internationally With Existing FleetUnited Has The Ability To Grow
Internationally With Existing Fleet
Note: Capacity change measured in ASMsHypothetical exercise – no commitments made
Aircraft Returning Aircraft Returning to Scheduled to Scheduled
ServiceService
Product Product ReconfigurationReconfiguration
Increased Increased Operating Operating EfficiencyEfficiency
12%12%Incremental Incremental
Capacity Growth Capacity Growth PotentialPotential
United Has Led The IndustryIn Capacity Discipline
United Has Led The IndustryIn Capacity Discipline
(4.7)%(5.6)%
(6.6)%(6.0)%
(4.8)%
(1.8)%
Q1 Q2 Q3 Q4 Q12008 (e)
FY2008 (e)
UA 2007 Domestic Capacity GrowthUA H/(L) than Industry
Source: ATA carriers + WN mainline data; Financial statements and OAG
• Eliminate marginal flights
• Utilize UAX to reduce capacity but maintain schedule
• Tailor schedules to day of week demand
2007 2007 2007 2007
364373
389 398 402
2004 2005 2006 2007 2008
Domestic Non Stop Markets Served
Note: 50 US states plus Canada mainline + UAX, excludes prorate and seasonal markets Source: OAG
United Continues To Expand Its Domestic Network
United Continues To Expand Its Domestic Network
Doug LeoDoug LeoVP – Revenue ManagementVP – Revenue Management
Superior Revenue Management Is A Differentiator
Superior Revenue Management Is A Differentiator
SuperiorSuperiorRevenueRevenue
PerformancePerformance
+
=
• Convenient service• Global reach• Profitable expansion
GlobalGlobalNetworkNetwork
• Matching supply with demand• Elimination of unprofitable service
Capacity Capacity DisciplineDiscipline
• Leveraging customer relationships • Identifying new revenue sources
Sales,Sales,Mileage Plus Mileage Plus
and Innovative and Innovative Revenue Revenue
OpportunitiesOpportunities
• Rational pricing • Effective inventory management
Revenue ManagementEffectiveness
Revenue ManagementEffectiveness+
+
Powered By Execution/Rigor/Analytics
Powered By Execution/Rigor/Analytics
Our Focus On Execution Is Taking Us Down A Different Path
Our Focus On Execution Is Taking Us Down A Different Path
• Sophisticated inventory management systems
• Consistent pricing philosophies
• Similar pricing tools
• Pricing driven by competitive matching
• Well funded and staffed
• Back-to-basics execution
• Margin-based pricing actions
• Enhanced segmentation
• State-of-the-art proprietary tools
Similarities Across Airlines
Differentiation Opportunity
Back To Basics Approach Better Facilitates Executional ExcellenceBack To Basics Approach Better
Facilitates Executional Excellence
Segment on FundamentalsSegment on Fundamentals
Declare Targets and ActionsDeclare Targets and Actions
Monitor and AdjustMonitor and Adjust
Measure ResultsMeasure Results
Grounded in Fundamentals
Promotes Thoroughness
Drives Consistency
Creates Transparency
Permits Accountability
Formalizing Process, Tools For New Approach
Formalizing Process, Tools For New Approach
Segmentation Tool Rigorous Monitoring
Wiki PlaybookSegmentation Concepts
Disadvantaged Markets
Stimulation ActionConsider Capacity Reduction
Yield-Rich Markets with Moderate LFs
Yield Mix Protection Strategies
High LF Markets
Strong Yield Strategies
Capacity Advantaged
Strong Yield Markets
Demand & Yield Mix Factors
Cap
acity
Fac
tors
Unf
avor
able
F
avor
able
Unfavorable Favorable
Demand & Yield Mix Factors
Cap
acity
Fac
tors
Unf
avor
able
F
avor
able
Unfavorable Favorable
We Are Utilizing Our Market And Product Advantages To Price At A Premium
We Are Utilizing Our Market And Product Advantages To Price At A Premium
Source: January Published fares; FY 2007 revenues
7% PRASM Growth
UA Fare Premium vs. Competitor (%)UA Fare Premium vs. Competitor (%)
Fare SnapshotNew York (JFK) – Los Angeles (p.s.)
Fare SnapshotNew York (JFK) – Los Angeles (p.s.)
Fare TypeFare Type UA FareUA Fare AAAA DLDL VXVXLowest FirstLowest First $2,483$2,483 315%315% 315%315% 453%453%Lowest UnrestrictedLowest Unrestricted $ 812$ 812 123%123% 123%123% 123%123%Lowest RestrictedLowest Restricted $ 264$ 264 56%56% 56%56% 56%56%
System YOY PRASMUnited vs Industry Average
9.2%
2.3%
4.5%
8.9%
5.2%4.8%4.0%2.5%
1Q 2007 2Q 2007 3Q 2007 4Q 2007UA Adjusted (1) Industry ex UA
Our Actions Have Resulted In A Steady Improvement In PRASM Growth . . .
Our Actions Have Resulted In A Steady Improvement In PRASM Growth . . .
(1)UA Adjusted for Mileage Plus under old accounting and special itemsSource: Air Transport Association
(0.9) (0.9) (1.6) (2.9)YOY Capacity UA vs Industry
. . . With Strong Results Across The System
Source: Earnings releases of ATA carriers; UA adjusted for Mileage Plus under old accounting; excludes 36 to18 month impact All numbers are mainline only
Year-Over-Year Improvement in All Entities
United 2007 YOY PRASM
3.8%
12.5% 11.8%
8.5%
0%2%4%6%8%
10%12%14%
Domestic Atlantic Pacific Latin
Our Focus On Execution ExtendsInto The Cargo Division
Our Focus On Execution ExtendsInto The Cargo Division
• Cargo integrated into route/scheduling planning process
– Contributes up to 10%-15% ofrevenue for some int’l routes
• Implementing state-of-the-artcargo revenue managementsystem
– Phase 1 improved spaceutilization
– Phase 2 (2008) will improvecargo mix and yield
• Winning profitable newbusiness
– Regained U.S. domestic mailcontract after relinquishinglower margin contract in 2H 2006
Continued Innovation Is The Key To Outperforming Competition
Continued Innovation Is The Key To Outperforming Competition
Next Generation System
Improvements
Formalize and Sustain RM
Process
• Improve segmentation tool• Standard work/playbooks• Continuous improvement• Talent development/recruitment
• Improve segmentation tool• Standard work/playbooks• Continuous improvement• Talent development/recruitment
• Conditional revenue optimization• Merchandizing considerations• Business models of the future
Jeff FolandJeff FolandSVP – Worldwide SalesSVP – Worldwide Sales
Leveraging Our Relationships With Agency And Corporate CustomersLeveraging Our Relationships With Agency And Corporate Customers
SuperiorSuperiorRevenueRevenue
PerformancePerformance
+
=
• Convenient service• Global reach• Profitable expansion
GlobalGlobalNetworkNetwork
• Matching supply with demand• Elimination of unprofitable service
Capacity Capacity DisciplineDiscipline
• Leveraging customer relationships • Identifying new revenue sources
Sales,Mileage Plus
and Innovative Revenue
Opportunities
• Rational pricing • Effective inventory management
Revenue Revenue ManagementManagementEffectivenessEffectiveness+
+
Powered By Execution/Rigor/Analytics
Powered By Execution/Rigor/Analytics
Experience Enhancers
Corporate Share Agreements
Incentive Agreements
Effective Management Of Our B2B Portfolio Increases High-Yield Traffic
Effective Management Of Our B2B Portfolio Increases High-Yield Traffic
>50% passenger revenue influenced via contracts and incentives
Nearly 20% of passenger revenue under direct corporate contract
Yield for corporate contracted revenue nearly double all other
Large Large Corporate Corporate
BuyersBuyers
Individual Individual Corporate Corporate TravelersTravelers
Large Travel Large Travel Agencies & Agencies & DistributorsDistributors
United’s B2B Sales Efforts Are Sharply Focused On Improving Margin
United’s B2B Sales Efforts Are Sharply Focused On Improving Margin
• Strengthen high yield revenue core
- and -
• Reduce all sales and distribution costs
• Portfolio analysis and management
• Contract modeling
• Disciplined account management
• Innovative B2B programs and offerings
• New tools and enablers
• Quantitative goals and measures
Sales Discipline and FocusSales Discipline and Focus Margin ImprovementMargin Improvement
Our Sales Approach Is Process-Driven, Analytical and Progressive
Our Sales Approach Is Process-Driven, Analytical and Progressive
Focused TrainingDefined Processes• Are we getting
value from this decision?
• How quickly will we see results?
• Should we change?
• Did we make the right decision?
• Which supplier best meets our criteria?
• What are the risks?
• Am I getting good value/ fair price?
• What are my options?
• What decision criteria should we use?
• Which supplier best meets our criteria?
• Do we have a problem?
• How large is it?• Does it justify
action?• What is the
perfect solution?
• Why is United contacting us?
• What can United offer to us?
Custom
er Concerns
Stage Objectives
Process Stages
• Enable maximum value creation through the Account Review process
• Resolve service issues that threaten customer perception of value
• Enable maximum contract performance through timely, flawless implementation
• Begin account development
• Present proposal to customer
• Help customer resolve perceived risks & barriers
• Achieve win-win result
• Build preliminary Deal based on Deal Building Plan
• Develop multiple scenarios and finalize proposal
• Establish proposal presentation strategy
• Develop proposal discussion materials
• Customize value proposition
• Identify potential barriers and develop solutions
• Maximize perceived fit with d.c.
• Understand customer buying process and decision criteria (d.c.)
• Stimulate need for change
• Collect customer travel data
• Identify prospects
• Screen prospects• Assign sales
channel for qualified leads
• Are we getting value from this decision?
• How quickly will we see results?
• Should we change?
• Did we make the right decision?
• Which supplier best meets our criteria?
• What are the risks?
• Am I getting good value/ fair price?
• What are my options?
• What decision criteria should we use?
• Which supplier best meets our criteria?
• Do we have a problem?
• How large is it?• Does it justify
action?• What is the
perfect solution?
• Why is United contacting us?
• What can United offer to us?
Custom
er Concerns
Stage Objectives
Process Stages
• Enable maximum value creation through the Account Review process
• Resolve service issues that threaten customer perception of value
• Enable maximum contract performance through timely, flawless implementation
• Begin account development
• Present proposal to customer
• Help customer resolve perceived risks & barriers
• Achieve win-win result
• Build preliminary Deal based on Deal Building Plan
• Develop multiple scenarios and finalize proposal
• Establish proposal presentation strategy
• Develop proposal discussion materials
• Customize value proposition
• Identify potential barriers and develop solutions
• Maximize perceived fit with d.c.
• Understand customer buying process and decision criteria (d.c.)
• Stimulate need for change
• Collect customer travel data
• Identify prospects
• Screen prospects• Assign sales
channel for qualified leads
1.Generate & Screen Leads
3. Develop Opportunity
4.Tailor Value Proposition 5.Build Deal 6.Negotiate &
Close7.Implement
Program8. Maximize
Value
2.Develop Account Plans
Quantitative Goals Pay for PerformanceIncentive Compensation Scorecard for Lavallechaiken, Laurie
Territory Code: D_US_CC_E_A1 Terr Name: Milwaukee N, WI
Plan to Date Performance and Attainment
CSA Share PremiumTMC Share PremiumSAM TMC SP
Attainment on SP metrics
Contracting (DVC, $000s)
Overall Attainment
Quarterly Payout Incentive Plan Details
x
-
Monthly Performance Trends
200% plus .147% payout for every 1% attainment above 130%
225%
4% payout for every 1% attainment above 75%
0%
100% plus 3.33% payout for every 1% attainment above 100%Plan-end Projected Incentive
75% to 100%
100% to 130%
Estimated Quarter Payout
Previous Quarter Payout in this Plan Period
5,211$
1,875$
3,750$
3,336$
130% to 300%
100%
$6,350
7.4 pt
5.9 pt
128% 10%
Overall Attainment
% of Target Payout
Plan Target Payout
32%
139.0%
112%
Less than 75%
Attainment Payout (% of Target)
$6,453
Goal Weight
More than 300%
Data month: Nov/06
Attainment
98%
74%10.0 pt
2.3 pt
Performance Goal
112%
68%
Goal Share
32.8%
22.0%
118%
154%27%
31%
Service Share
22.8%
19.7%
UA Share
30.2%
25.6%
CSA Share Premium
0
2
4
6
8
10
12
Jul Aug Sep Oct Nov Dec
CSA
SP
Performance Goal
0%
50%
100%
150%
200%
250%
0% 50% 100% 150% 200% 250% 300% 350%Attainment (%)
Payo
ut (%
of T
arge
t)
Contracting
$000$1,000$2,000$3,000$4,000$5,000$6,000$7,000
Jul Aug Sep Oct Nov Dec
DVC
(000
s)
Performance Goal
TMC Share Premium
012345678
Jul Aug Sep Oct Nov Dec
TMC
SP
Performance Goal
SAM TMC SP Attainment
0%
25%
50%
75%
100%
125%
150%
175%
Jul Aug Sep Oct Nov Dec
SAM
TM
C A
ttain
men
t
Performance 100%
Contracting ListingCSA SP Listing TMC SP Listing SAM TMC SP Listing NotesIncentive Calculator
Illustrative
Close Scorecard
Proprietary Tools
Portfolio Management
DIS
CO
UN
TS A
ND
AM
ENIT
IES
(D&
A)
INVESTMENT/PROFIT MATRIXANNUALIZED
24
5
7
8
12
13
14
1718
19
20
6
9
10
11
15
Sample Customer, LLC
10%
15%
20%
25%
30%
35%
40%
45%
-20% -10% 0% 10% 20% 30%
Sample Customer, LLC – Current Deal
Proposal 1 Proposal 2
DEAL CONTRIBUTION
0.0
1.0
2.0
3.0
4.0
Rev
enue
Sha
re P
rem
ium
*
*Share Premium = market share minus “fair share” (the amount of share United should expect based on network and schedule alone)Data displayed for portfolio of all assigned North America agencies4Q2007 data contains actual October and November and estimated December data
20072006
Our Disciplined Approach Is Yielding Positive Results With Large Agencies
Reduced Agency Incentive Costs
14%
2005 2006 2007
Cos
t of S
ale
Increased Agency Revenue Performance
We Are Adding Smart New Business To Our Corporate Accounts Portfolio
1) Not including purposeful walkaways2) “Same Store” contracts with at least 18 months duration
20072006 200710.0
10.5
11.0
11.5
12.0
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
Rev
enue
Sha
re P
rem
ium
1Q 2Q 3Q 4QQ1 Q3 Q4Q2 Q2Q1 Q4Q3
Net new acquisitionsLosses1
Cumulative Corporate Customer Acquisitions ($M)
Corporate Portfolio Share Premium2
We Are Now Applying This ApproachTo Our Global Portfolio
We Are Now Applying This ApproachTo Our Global Portfolio
’05/’06’05/’06Late ’07/’08Late ’07/’08EMEA & AsiaEMEA & Asia
Late ’07/’08Late ’07/’08Latin AmericaLatin America
Started InNorth America
Started InNorth America
EMEA: Europe, Middle East, Africa
Disciplined Commercial Relationships• Commissions ↓• Credit card costs ↓• SG&A ↓
Disproportionate High Yield Revenue Share• Contract performance ↑• Discount discipline ↑• Middle market penetration ↑• Global accounts development ↑
Revenue Revenue Management Management
ProcessProcess
Strong Execution Provides Further Opportunity To Increase Margin
Strong Execution Provides Further Opportunity To Increase Margin
MarginMargin
Corporate Corporate BuyersBuyers
Agencies/ Agencies/ DistributorsDistributors
UnitedUnitedSales Sales
EngineEngine
Business Business TravelersTravelers
Dennis CaryDennis CarySVP – MarketingSVP – Marketing
Developing New Revenue Sources And Leveraging Old Ones
Developing New Revenue Sources And Leveraging Old Ones
SuperiorSuperiorRevenueRevenue
PerformancePerformance
+
=
• Convenient service• Global reach• Profitable expansion
GlobalGlobalNetworkNetwork
• Matching supply with demand• Elimination of unprofitable service
Capacity Capacity DisciplineDiscipline
• Leveraging customer relationships • Identifying new revenue sources
Sales,Mileage Plus
and Innovative Revenue
Opportunities
• Rational pricing • Effective inventory management
Revenue Revenue ManagementManagementEffectivenessEffectiveness+
+
Powered By Execution/Rigor/Analytics
Powered By Execution/Rigor/Analytics
Mileage Plus Is Key To United’s Revenue Performance
Mileage Plus Is Key To United’s Revenue Performance
Core Program Strengths• Attractive awards
– World-wide travel– First and Business Class– Upgrades– Star Alliance award seats
• Wide-range of accrual opportunities
• Surplus inventory economics
• Large enrolled and active membership
Core Program StrengthsCore Program Strengths•• Attractive awardsAttractive awards
–– WorldWorld--wide travelwide travel–– First and Business ClassFirst and Business Class–– UpgradesUpgrades–– Star Alliance award seatsStar Alliance award seats
•• WideWide--range of accrual range of accrual opportunitiesopportunities
•• Surplus inventory economicsSurplus inventory economics
•• Large enrolled and active Large enrolled and active membershipmembershipOver 1000+ Mileage Plus PartnersOver 1000+ Mileage Plus Partners
145
186
262
167192
268
0
50
100
150
200
250
300
Average HouseholdIncome
Premium Credit CardHolder
Hold Advanced Degree
Mileage Plus Has Millions Of Engaged Members With Highly
Attractive Demographics
Mileage Plus Has Millions Of Engaged Members With Highly
Attractive Demographics
National Average
Indexed to National Average
Source: Compiled from Mileage Plus and Acxiom data
General MembersElite Members
141%133%111%100% 119%
2003 2004 2005 2006 2007
Tota
l rev
enue
as
a %
of 2
003
141%133%111%100% 119%
2003 2004 2005 2006 2007
Tota
l rev
enue
as
a %
of 2
003
Our Members Are Very Loyal Customers For United And Partners
Our Members Are Very Loyal Customers For United And Partners
CAGR= 9%
Miles Issued to Third-Parties Excluding Airline Partners(1) Indexed to 2003
Non-Members
46%
Elite Members31%
General Members
23%
2007 United Passenger RevenueBy Membership and Status
Generates Disproportionate RevenueGenerates Disproportionate RevenueGenerates Disproportionate Revenue Steady Sales GrowthSteady Sales GrowthSteady Sales Growth
(1)Excludes Mileage Sales to United and its Airline Partners
Miles Issued To Partners Growing Faster Than Miles Issued To United PassengersMiles Issued To Partners Growing Faster Than Miles Issued To United Passengers
2007 Miles Issued
Nearly $1B in 2007 Non-Airline Mileage Sales Nearly $1B in 2007 NonNearly $1B in 2007 Non--Airline Mileage Sales Airline Mileage Sales
Miles IssuedCompound Annual Growth Rate
2003 to 2007
United47%
Non Airline43%
Other Airlines
10%
5%
9%10%
United Non Airline Other Airlines
We Are Innovating To Deliver Better Outcomes For Members,
Partners And United
We Are Innovating To Deliver Better Outcomes For Members,
Partners And United• We are setting higher expectations for future credit card
spend growth– Excellent alignment and support from Chase and Visa
• We are applying increased business discipline to the issuance of miles
• We are increasing redemption options for members at reasonable unit cost– Increases member satisfaction and accelerates
revenue recognition
• We are building momentum to increase breadth and depth of relationships with both members and partners
• We are setting higher expectations for future credit card spend growth– Excellent alignment and support from Chase and Visa
• We are applying increased business discipline to the issuance of miles
• We are increasing redemption options for members at reasonable unit cost– Increases member satisfaction and accelerates
revenue recognition
• We are building momentum to increase breadth and depth of relationships with both members and partners
Developing New Revenue Sources And Leveraging Old Ones
Developing New Revenue Sources And Leveraging Old Ones
SuperiorSuperiorRevenueRevenue
PerformancePerformance
+
=
• Convenient service• Global reach• Profitable expansion
GlobalGlobalNetworkNetwork
• Matching supply with demand• Elimination of unprofitable service
Capacity Capacity DisciplineDiscipline
• Leveraging customer relationships • Identifying new revenue sources
Sales,Mileage Plus
and Innovative Revenue
Opportunities
• Rational pricing • Effective inventory management
Revenue Revenue ManagementManagementEffectivenessEffectiveness+
+
Powered By Execution/Rigor/Analytics
Powered By Execution/Rigor/Analytics
Merchandising Will Increase Revenue And Improve Customer Satisfaction
• New product and service options allow customers to tailor their travel experience– Allows customers to buy services they value rather
than paying for those they don’t
• Will generate significant top and bottom line growth, as evidenced with seat up-sell
• Merchandising does not depend on share shift; it should therefore be accretive to the industry
• New product and service options allow customers to tailor their travel experience– Allows customers to buy services they value rather
than paying for those they don’t
• Will generate significant top and bottom line growth, as evidenced with seat up-sell
• Merchandising does not depend on share shift; it should therefore be accretive to the industry
Strong Up-sell Results Demonstrate Merchandising Potential . . .
Strong Up-sell Results Demonstrate Merchandising Potential . . .
$42M
$167M
$220M
$99M
$0
$50
$100
$150
$200
$250
2005 2006 2007 2008F
united.comOther Kiosk Expected Revenues
Economy Plus and Premium CabinUp-sell Revenue
$ M
illio
ns
. . . As Do Our Changes To Food Service In Domestic Economy CabinsDomestic Food Economics
$ M
illio
ns
20072000
$0
$19M$16M
$103M
$0
$25
$50
$75
$100
Cost Revenue Cost Revenue
Customers Indicate A Strong Appetite For New Products And Services
Customers Indicate A Strong Appetite For New Products And Services
5662
7383
0
20
40
60
80
100
Non-Member GeneralMember
Elite Super Elite
Willing To Purchase Enhancements To Improve Their Travel Experience
Perc
ent
Perc
ent
New Products Are Expected To Generate $400M Annual Revenue At Steady State
$20M$30M
$40M
$60M $60M
$80M
$110M
0
20
40
60
80
100
120
Product 1 Product 2 Product 3 Product 4 Product 5 Product 6 Product 7
Steady State Revenue Potential$ Millions
$ M
illio
ns
Additional Value Can Be Created By Unbundling Today’s Core Offering
• We recently reduced the domestic checked baggage allowance for non-elite customers from 2 to 1
• We consider a number of factors in making these changes:
– Protect elite frequent flyers– Offer the ability to buy back
eliminated services
• If adopted by the industry, our bag initiative is worth more than $100M to United
• We recently reduced the domestic checked baggage allowance for non-elite customers from 2 to 1
• We consider a number of factors in making these changes:
– Protect elite frequent flyers– Offer the ability to buy back
eliminated services
• If adopted by the industry, our bag initiative is worth more than $100M to United
Reduced Allowance
2 to 1
No ChangeDomestic Economy Non-Refund-able Tickets
No ChangeNo ChangeRefundable Tickets
Non-ElitesElites
Segmentation for Changes to Baggage Allowance
Segmentation for Changes to Baggage Allowance
Merchandising Will Produce $1 Billion In Annual Revenue Within Five Years
• Seat up-sell can double to $300M or more per year
• Unbundling products that have traditionally been part of the basic offering can generate $200M-$300M
• The initial set of seven new products are expected to generate $400M per year or more
• Several initiatives will be launched by Fall 2008, with full deployment over the next few years
• Seat up-sell can double to $300M or more per year
• Unbundling products that have traditionally been part of the basic offering can generate $200M-$300M
• The initial set of seven new products are expected to generate $400M per year or more
• Several initiatives will be launched by Fall 2008, with full deployment over the next few years
Questions & Answers Questions & Answers
Building Best-In-Class Operations & Customer
Experience
Building Best-In-Class Operations & Customer
Experience
Graham AtkinsonGraham AtkinsonEVP & Chief Customer OfficerEVP & Chief Customer Officer
Our Goal Is To Create A Best-In-Class Experience For Premium Customers
Our Goal Is To Create A Best-In-Class Experience For Premium Customers
• Use unique portfolio of products and services to target distinct customer segments
• Win the premium “travel experience” by creating best-in-class customer experience on and off the plane
• Enroll frontline to ensure efforts are sustainable
Best-in-class experience worth >$200M in gross revenueBest-in-class experience worth >$200M in gross revenue
Capture greater share of premium customers
Capture greater share of premium customers
• Our segmentation work shows that Premium Customers are growing in size and contribution
Premium Customer Contribution To Industry Revenue Continues To Grow
15%20%25%30%35%40%45%50%
Premium
2004 2005 2007
Industry Share of Revenue as Estimated by Market Research
CAGR 16%
Source: United Market Research
• Reliability
• Cleanliness
• Courtesy
• Easy Processes
• Helpful Employees
• Problem Resolution
• Engaging and Thoughtful Service
• Relaxing Experience
• Personalized Rewards
Best-In-Class Service Must Be Built On A Foundation Of Strong
Operating Performance
Best-In-Class Service Must Be Built On A Foundation Of Strong
Operating Performance
CreatingMemorable
Experiences
CreatingMemorable
Experiences
Meeting And ExceedingIndustry Standards
Consistently Getting The Basics Right
Consistently Getting The Basics Right
SafetySafety
+
To improve the basics and exceed industry standards
To improve customer service through tools, training and front-line leadership
To create lasting customer impressions with game-changing initiatives
ProcessImprovements
Employee Service Delivery
SignatureService
Elements
We Have A Clear Strategy To Create A Best-In-Class Customer ExperienceWe Have A Clear Strategy To Create A Best-In-Class Customer Experience
+ =Best-In-Class
CustomerExperience
Alex MarrenAlex MarrenVP – Operational Services
& United ExpressVP – Operational Services
& United Express
+Process
ImprovementsEmployee
Service Delivery
SignatureService
Elements
Best-In-Class Customer Experience Starts By Getting The Fundamentals Right
Best-In-Class Customer Experience Starts By Getting The Fundamentals Right
+ =Best-In-Class
CustomerExperience
To improve the basics and exceed industry standards
To improve customer service through tools, training and front-line leadership
To create lasting customer impressions with game-changing initiatives
Delivering Quality Service By Consistently Getting The Basics Right
Delivering Quality Service By Consistently Getting The Basics Right
Reliability
Courtesy
Cleanliness
Continuous Improvement Principles
Continuous Improvement Principles
Getting The Basics Right
Standard Work
Root Cause Analysis
Performance Management
Collaboration
Standard Work
Root Cause Analysis
Performance Management
Collaboration
Employee Engagement and Enablement
Employee Engagement and Enablement
Tools and Technology
Work Environment
Employee Communication
Leadership
Employee Development and Recognition
Teamwork and Collaboration
Tools and Technology
Work Environment
Employee Communication
Leadership
Employee Development and Recognition
Teamwork and Collaboration
SafetySafety
Reliability Starts With Operating An On-Time Airline
Reliability Starts With Operating An On-Time Airline
70% 71%72%
74%
78%
AA DL UA CO NW US% o
f Sch
edul
ed D
epar
ture
s
70% 71%72%
74%
78%
AA DL UA CO NW US% o
f Sch
edul
ed D
epar
ture
s
75%77%
68%72%71%70%
US AA NW UA CO DL
% o
f Flig
hts 75%
77%
68%72%71%70%
US AA NW UA CO DL
% o
f Flig
hts
UnitedDomestic Network Carriers Arrival :14
(Dec ’06-Nov ’07)
Improved to the #3 network carrier in 2007 from #5 in 2006
Source: DOT Statistics
79%
AA DL UA CO NW US
US AA NW UA CO DLUnited Express
Commuter Operations Arrival :14(Dec ’06-Nov ’07)
United Also Performs Well On Other Reliability Metrics That Matter
To Customers
United Also Performs Well On Other Reliability Metrics That Matter
To Customers
Percent Of Domestic Flights Diverted0.34% 0.33%
0.22% 0.20% 0.19% 0.19%
AA CO DL US NW UA
Perc
ent o
f Flig
hts
Percent Of Domestic Flights Diverted0.34% 0.33%
0.22% 0.20% 0.19% 0.19%
AA CO DL US NW UA
Perc
ent o
f Flig
hts
Percent Of Flights Delayed 70% Or More Of The Time
0.16%0.13%
0.08%0.05% 0.04%
0.02%
AA US DL CO NW UA
Perc
ent o
f Flig
hts
Percent Of Flights Delayed 70% Or More Of The Time
0.16%0.13%
0.08%0.05% 0.04%
0.02%
AA US DL CO NW UA
Perc
ent o
f Flig
hts
Percent Of Flights With Taxi-Out Times Greater Than 2 Hours
0.29%
0.21%0.17% 0.16% 0.15%
0.06%
CO AA DL UA US NW
Perc
ent o
f Flig
hts
Percent Of Flights With Taxi-Out Times Greater Than 2 Hours
0.29%
0.21%0.17% 0.16% 0.15%
0.06%
CO AA DL UA US NW
Perc
ent o
f Flig
hts
Chronically Late Flights
Long Taxi TimesDiversions
Source: DOT Statistics
Nov ‘08 ConfigurationNov ‘08 Configuration
New 9L-27RNew 9L-27R
Exposure To 10 Most Delayed AirportsPercent Of Carrier Arrivals
37%30%
27% 24% 22%15%
UA NW CO AA US DL
Perc
ent O
f Sch
edul
ed
Arr
ival
s
Exposure To 10 Most Delayed AirportsPercent Of Carrier Arrivals
37%30%
27% 24% 22%15%
UA NW CO AA US DL
Perc
ent O
f Sch
edul
ed
Arr
ival
s
Top 10 Most Delayed U.S. AirportsPercent Of Arrivals Issued FAA Delay
29% 29%
18%14% 13% 12%
9%6% 4% 4%
LGA EWR ORD JFK PHL SFO BOS TEB MSP HPN
Perc
ent O
f Ind
ustr
y A
rriv
als
Top 10 Most Delayed U.S. AirportsPercent Of Arrivals Issued FAA Delay
29% 29%
18%14% 13% 12%
9%6% 4% 4%
LGA EWR ORD JFK PHL SFO BOS TEB MSP HPN
Perc
ent O
f Ind
ustr
y A
rriv
als
ATC Constraints Disproportionately Challenge United, But Some Relief
Is In Sight
ATC Constraints Disproportionately Challenge United, But Some Relief
Is In SightORD North Runway
Potential to reduce delays by 20%- 40%
ATC Impact
Airline Exposure
Source: DOT Statistics
2008 Initiatives Will Further Improve Reliability
2008 Initiatives Will Further Improve Reliability
Maintenance• Adding heavy maintenance capabilities internationally• New technology enables early-diagnosis of maintenance issues
Flight Operations/On-board Services• New crew recovery tools during irregular operations
Other Actions• Tighter integration across the company for IRROPS management• Increasing spare aircraft and ground times• Enhancing employee training and front-line leadership• Refining United Express scheduling practices and improving
aircraft turnaround times
Maintenance• Adding heavy maintenance capabilities internationally• New technology enables early-diagnosis of maintenance issues
Flight Operations/On-board Services• New crew recovery tools during irregular operations
Other Actions• Tighter integration across the company for IRROPS management• Increasing spare aircraft and ground times• Enhancing employee training and front-line leadership• Refining United Express scheduling practices and improving
aircraft turnaround times
United Express Is Of Increasing Importance To Our Customers
United Express Is Of Increasing Importance To Our Customers
United Express Percent Of Consolidated Capacity
14.8%15.8% 16.7%
11.4%
2004 2005 2006 2007
United Express Percent Of Consolidated Capacity
14.8%15.8% 16.7%
11.4%
2004 2005 2006 2007
United Express is becoming a more significant part of our portfolio
D:0061%
59%
UA
D:0061%
59%
UA
Our Actions Are Improving The UAX Customer Experience And Increasing Profitability
Our Actions Are Improving The UAX Customer Experience And Increasing Profitability
Better Departure Performance
3%
United Express 2 Class (and E-Plus) Aircraft Percent Of Total Express Capacity
12%
33%
53% 56%
2004 2005 2006 2007
United Express 2 Class (and E-Plus) Aircraft Percent Of Total Express Capacity
12%
33%
53% 56%
2004 2005 2006 2007
Better Aircraft
5.79¢
6.36¢
UA
5.79¢
6.36¢
UA
Regional Unit Earnings excluding Fuel
10%
2006 20072006 2007
14.3
22.7
UA
14.3
22.7
UA
Higher Customer Satisfaction*
59%
2006 2007
*Source: United Track Customer Survey
2004 2005 2006 2007
Enhanced Automation Will Improve Delivery Of Information To CustomersEnhanced Automation Will Improve
Delivery Of Information To Customers• New technology allows United to notify customers of known
delays, cancellations and diversions more quickly via:– Better Internal Systems:
EasyRebook and Flight Monitoring System– Better Customer Facing Systems:
united.comEasyUpdate messages
Focusing On Several Areas To AchieveBest-In-Class Customer Experience
Focusing On Several Areas To AchieveBest-In-Class Customer Experience
Fixing The BasicsFixing The Basics Problem ResolutionProblem Resolution Better ServiceBetter Service
• Flights that arrive on time
• Operating clean aircraft
• Improving aircraft condition
• Flights that arrive on time
• Operating clean aircraft
• Improving aircraft condition
• Handling of delays
• Handling of cancels
• Improving information delivery
• Handling of delays
• Handling of cancels
• Improving information delivery
• Lobby Agents are courteous
• Gate Agents are courteous
• Flight Attendants are courteous
• Lobby Agents are courteous
• Gate Agents are courteous
• Flight Attendants are courteous
Scott DolanScott DolanSVP – Airport Operations & CargoSVP – Airport Operations & Cargo
+Process
ImprovementsEmployee
Service Delivery
SignatureService
Elements
Best-In-Class Customer Experience Is All About Consistency And Service DeliveryBest-In-Class Customer Experience Is All About Consistency And Service Delivery
+ =Best-In-Class
CustomerExperience
To improve the basics and exceed industry standards
To improve customer service through tools, training and front-line leadership
To create lasting customer impressions with game-changing initiatives
Standard Work Enables ConsistentService Delivery At A Lower Cost
Standard Work Enables ConsistentService Delivery At A Lower Cost
• Train employees to consistently deliver superior service
• New tools
• Balance financial and operational goals
• Execute
• Measure performance
• Recalibrate plans with performance feedback
• Alignment with Leadership
ApproachApproach Key AreasKey AreasAbove The Wing
• Lobbies• Gates
• Customer Service Centers
• Baggage Claim
• Planeside Operations
• Bag Rooms• Bag Transfers
Below The Wing
Standard Work Practices Produced Significant Results In 2007
Standard Work Practices Produced Significant Results In 2007
Standard work improved operational performance …• DOT Baggage: #3 in 2007, #1 in 3Q• Customer satisfaction drivers increased in 2007
– Check-in, gate and boarding process– Baggage delivery
… and improved costs measurably• Cost containment at +2%• Sick time down 16%, best since 1999• Overtime down 23%
Improvement in safety performance• Lost time injuries down 24%• Ground environment aircraft damage down 15%
Standard work improved operational performance …• DOT Baggage: #3 in 2007, #1 in 3Q• Customer satisfaction drivers increased in 2007
– Check-in, gate and boarding process– Baggage delivery
… and improved costs measurably• Cost containment at +2%• Sick time down 16%, best since 1999• Overtime down 23%
Improvement in safety performance• Lost time injuries down 24%• Ground environment aircraft damage down 15%
Innovative Training Is Improving Employee Service Delivery
Innovative Training Is Improving Employee Service Delivery
212212oo
• Designed for service directors
• Focuses importance of every action on customer experience by drawing parallels with a fast paced restaurant
• 47% of service directors and all station leadership trained
• Designed for service directors
• Focuses importance of every action on customer experience by drawing parallels with a fast paced restaurant
• 47% of service directors and all station leadership trained
Pit Crew UPit Crew U
• Designed for lead ramp professionals and service directors
• Focus on safety, team work and standard work of a pit crew
• 90% of ramp leads trained
• Designed for lead ramp professionals and service directors
• Focus on safety, team work and standard work of a pit crew
• 90% of ramp leads trained
Problem ResolutionProblem Resolution
• Designed for customer service agents
• Focused on improving customer service skills by using problem resolution tools
• Over 75% of LAX customer service agents and management trained
• Designed for customer service agents
• Focused on improving customer service skills by using problem resolution tools
• Over 75% of LAX customer service agents and management trained
New Tools And Standard Processes Are Enhancing Airport Lobby Performance . . .New Tools And Standard Processes Are
Enhancing Airport Lobby Performance . . .
Lobby Staff Manager with Cameras
Lobby Improvement at O’HareLobby Improvement at O’Hare
• Enables higher service levels to our premium customers with less staffing
• O’Hare premium check-in times improved significantly
– Line wait satisfaction increased 81%– Improved utilization of customer
service agents across the airport, leading to higher employee satisfaction
• Cost savings used to fund other special services
Source: United Track Customer Survey
. . . And Performance At Our Gates. . . And Performance At Our Gates
• Loading bridge performance up 17%
• Customer service delays down 37%
• Utilization of customer service agents up 15%
• Customer satisfaction with the gate personnel up 11%
• Both employees and the operations benefit from more streamlined, accurate and timely assignment notification
Gate Staff Manager Equipped with Blackberries
Gates Improvement at O’HareGates Improvement at O’Hare
Standard Work Will Improve Customer Satisfaction During Delays And CancelsStandard Work Will Improve Customer
Satisfaction During Delays And Cancels
• Provide transparent and consistent information across channels
• Cancel flights preemptively and notify customers
• Deploy IRROPS Easy Check-in Units to top 18 stations
• Integrate customer service center staffing with lobby and gate staffing management system
• Increase service training for front line
Implementing Standard Work During Irregular Operations
Implementing Standard Work During Irregular Operations Customer Benefits
• To know where and when they’re going
• To be aware of any changes or new arrangements
• To board the flight/next flight with minimal stress
In 2008, We Will Continue To Roll Out These Programs Across Our System
In 2008, We Will Continue To Roll Out These Programs Across Our System
• Additional cameras and resource management systems to all hubs in 2008
• New camera systems for hub concourse customer service centers in 2008
• Deployment of Blackberry devices and gate staffing systems to all hubs in 2009
• New ramp planeside resource management system to hubs in 2008 and 2009
• Develop transfer baggage tools in 2008, deploy at hubs in 2009
• Additional cameras and resource management systems to all hubs in 2008
• New camera systems for hub concourse customer service centers in 2008
• Deployment of Blackberry devices and gate staffing systems to all hubs in 2009
• New ramp planeside resource management system to hubs in 2008 and 2009
• Develop transfer baggage tools in 2008, deploy at hubs in 2009
Gates
PlanesideOperations
Lobby
Barbara HigginsBarbara HigginsVP – Customer ExperienceVP – Customer Experience
+Process
ImprovementsEmployee
Service Delivery
SignatureService
Elements
We Will Build On Our Progress With New Process And Product Improvements
We Will Build On Our Progress With New Process And Product Improvements
+ =Best-In-Class
CustomerExperience
To improve the basics and exceed industry standards
To improve customer service through tools, training and front-line leadership
To create lasting customer impressions with game-changing initiatives
UAUA
In 2007, We Created New Benefits That Increased Our Share Of Premium Customers
Upgrades and Freebies
Security Lines
Boarding Trip Protection
Contact Center
Check-in
UAQ4 ’06
UAQ4 ’06
UAQ4 ’07
UAQ4 ’07
+25%
Premium Customers Are Consolidating More
Business with United*
*Source: United Market Research
Going Forward, We Are Improving The Customer Experience On The GroundGoing Forward, We Are Improving The Customer Experience On The Ground
• Refurbishing lounges
• Enhancing gate information displays
• Enabling mobile/PDA check-in
• Testing document-less travel
. . . Improving The Customer Experience In The Air . . .
. . . Improving The Customer Experience In The Air . . .
• Increasing cabin cleaning depth and frequency
• Expanding refurbishment capacity between heavy maintenance visits
• Installing leather on all domestic narrowbody aircraft beginning in 2008
. . . And Improving The Customer Experience Behind The Scenes
. . . And Improving The Customer Experience Behind The Scenes
• Improving infrastructure and database for storing and accessing customer data
• Using information to better build lifelong relationships with customers
• Global Reception at O’Hare – a private lobby to: – Complement the new International First Class – Reward the loyalty of our Global Services guests
Entrance
Exit to front of security
ORD Global Reception Lobby Will BeA Very Visible New Signature Element ORD Global Reception Lobby Will Be
A Very Visible New Signature Element
The New Int’l First And Business Class Is An Industry-Leading Signature Element
The New Int’l First And Business Class Is An Industry-Leading Signature Element• Terrific early customer response• Customer satisfaction doubled on upgraded aircraft • Expected to increase First and Business Class market share
Product upgrade will be substantially complete by end of 2009
New First Suite New Business Class Seat
Developing Individualized Service Delivery As A Signature Element For Global ServicesDeveloping Individualized Service Delivery
As A Signature Element For Global Services
Global Services (GS) Standard Work and Training• Defining more personalized standard work• Instituting new training with Disney Institute
Global Services (GS) Standard Work and Training• Defining more personalized standard work• Instituting new training with Disney Institute
New Tools• Enhancing back office systems• Upgrading communication devices • New uniforms to enhance employee pride
New Tools• Enhancing back office systems• Upgrading communication devices • New uniforms to enhance employee pride
Frontline Leadership• Creating Supervisor positions to manage
Global Services at our hubs
Frontline Leadership• Creating Supervisor positions to manage
Global Services at our hubs
Pete McDonaldPete McDonaldEVP & Chief Operating OfficerEVP & Chief Operating Officer
• Reliability
• Cleanliness
• Courtesy
• Easy Processes
• Helpful Employees
• Problem Resolution
• Engaging and Thoughtful Service
• Relaxing Experience
• Personalized Rewards
Best-In-Class Service Must Be Built On A Foundation Of Strong
Operating Performance
Best-In-Class Service Must Be Built On A Foundation Of Strong
Operating Performance
CreatingMemorable
Experiences
CreatingMemorable
Experiences
Meeting And ExceedingIndustry Standards
Consistently Getting The Basics Right
Consistently Getting The Basics Right
SafetySafety
Questions & Answers Questions & Answers
Providing A Return To Shareholders
Providing A Return To Shareholders
Jake BraceJake BraceEVP & Chief Financial OfficerEVP & Chief Financial Officer
We Are Pursuing Multiple ApproachesTo Create Shareholder Value
We Are Pursuing Multiple ApproachesTo Create Shareholder Value
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
The Core Business Is Performing WellThe Core Business Is Performing Well
• Most profitable year since 1999 despite $72 per barrel fuel– Over $1 billion of operating income – Over $600 million of pre-tax profit
• $2.1 billion in operating cash flow– 37% higher than 2006
• $2.3 billion in debt reduction – Combined with refinancings, creating a run-rate savings of
over $120 million in net interest expense in 2008 and beyond
• Shareholder distribution of $250M
Kathy MikellsKathy MikellsVP – Investor RelationsVP – Investor Relations
Our Financial Performance Reflects Focus On Strengthening The Core Airline
Our Financial Performance Reflects Focus On Strengthening The Core Airline
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
Fresh Start Accounting SignificantlyImpacts Restructured Carriers
Fresh Start Accounting SignificantlyImpacts Restructured Carriers
• Not all fresh start accounting is the same – there are major differences between carriers
• New accounting method for frequent flyer program recognizes the full liability caused by awarded miles, unlike the prior method – Significant differences in revenue recognition, due to different
valuations put on miles awarded post-exit
• Depreciation and amortization expense changes due to asset revaluation– New intangible assets added to the balance sheet resulting in an
increase in amortization expense, e.g. customer list and alliance and marketing agreements
• Because liabilities are reset at exit, some deferred gains are eliminated– Results in higher aircraft rent for carriers like United which have
greater numbers of leased aircraft
• Not all fresh start accounting is the same – there are major differences between carriers
• New accounting method for frequent flyer program recognizes the full liability caused by awarded miles, unlike the prior method – Significant differences in revenue recognition, due to different
valuations put on miles awarded post-exit
• Depreciation and amortization expense changes due to asset revaluation– New intangible assets added to the balance sheet resulting in an
increase in amortization expense, e.g. customer list and alliance and marketing agreements
• Because liabilities are reset at exit, some deferred gains are eliminated– Results in higher aircraft rent for carriers like United which have
greater numbers of leased aircraft
Total Pre-Tax Impact
Non-Operating Expense
Revenue Impact:Deferred Revenue Accounting
Change in Expiration Policy
Other Expense Impacts
Aircraft Rent
Depreciation & Amortization
Expense Impact:Stock-based Compensation
Postretirement Welfare Cost
$ Millions
$(277)M
$(76)M
$(72)M
$(49)M
$(19)M
$(99)M
Information based on the fourth quarter 2007 press releases
Impact Varies Widely Among Carriers
$(248)M
UAUA DAL NWA
Fresh Start And Exit Related Impact vs. Pre-Bankruptcy Accounting
$0
$0
$(39)M
$(43)M
$5M
$20M
$30M $11M
$6M $67M
$188M
$52M
$0 $0$246M
$(105)M $(20)M
$(56)M $0 $0
Fresh Start Adjustments On Pre-TaxMargin Are Significant . . .
Fresh Start Adjustments On Pre-TaxMargin Are Significant . . .
$(52)
$43
Impact on Pre-Tax Income - Full Year 2007
$300M
$205M
Pre-Tax MarginUnadjusted
Adjustment
2.7% 3.2 % 6.2%
1.2% (0.2)% 0.3%
$248
UAUA DAL NWA
Sources: Company press releases. All results exclude special items and one-time gains.
. . . And Make A Difference To Competitive Comparisons
. . . And Make A Difference To Competitive Comparisons
Pre-Tax Margin(Adjusted for fresh start accounting)
Full Year 2007
Sources: Company press releases. All results exclude special items and one-time gains.
3.0%
6.5%
4.6%3.9% 3.8%
1.6%
0.1%
0.0
NWA LCC UAUA CAL DAL AMR LUV
Fuel
Hedge
Benefit
10.7%
2007 B/(W) 2006(percentage points)
3.9 0.9 1.4 1.5 7.3 0.6 (0.5)
Our Performance Is Reflected In Unit Earnings
Our Performance Is Reflected In Unit Earnings
Mainline Unit Earnings excluding Fuel Costs(RASM minus CASM ex Fuel)
Full Year 2007
Sources: Company press releases. All results also exclude special items, regional affiliates and any applicable non-cash fresh-start and exit-related items.
3.34
4.51 4.46
3.844.104.204.28
NWA DAL UAUA AMR CAL LCC LUV
¢/ASM
2007 B/(W) 2006 4.2% 25.3% 9.2% 6.2% 9.5% (1.3)% 0.6%
Free Cash Flow Metrics Are Not Obscured By Exit Accounting; United Leads Peers
Free Cash Flow Metrics Are Not Obscured By Exit Accounting; United Leads Peers
Sources: Company press releases and Earnings Calls. Free Cash Flow defined as cash flows from operations less capital expenditures.
Free Cash Flow/Total Revenue
Twelve Months Ended Sep 30, 2007
1.86
10.297.96
6.985.70
5.36 5.07
UAUA AMR CAL LUV DAL NWA LCC
1.86
10.297.96
6.985.70
5.36 5.07
UAUA AMR CAL LUV DAL NWA LCC
Free Cash Flow/Consolidated ASMs$/1,000 ASMs
8.1%
6.4%5.8% 5.6%
4.3%3.8%
1.2%
UAUA AMR LUV CAL DAL NWA LCC
8.1%
6.4%5.8% 5.6%
4.3%3.8%
1.2%
UAUA AMR LUV CAL DAL NWA LCC
FY 2007 cash-flow numbers for UAUA and DAL; Full year cash-flow numbers not yet available for other carriers
Greg TaylorGreg TaylorSVP – Corporate Planning & StrategySVP – Corporate Planning & Strategy
We Are Creating Value For Stakeholders Starting With The Core Airline
We Are Creating Value For Stakeholders Starting With The Core Airline
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
Integrated Business Planning Is Critical To Long-Term Performance
Integrated Business Planning Is Critical To Long-Term Performance
• Integrated corporate strategy, performance targets, divisional business plans and budgets (“vertical alignment”)
• Enterprise level strategic initiative roadmap (“horizontal alignment”)
• Enhanced performance management
• Continuous improvement across business initiatives
Employees
Investors
Customers
Our 2012 Aspiration Is To Become Best-In-Class Among
U.S. Network Carriers
Our 2012 Aspiration Is To Become Best-In-Class Among
U.S. Network CarriersCorporate aspirations
SafetySafety
InvestorsInvestors
CustomersCustomers
EmployeesEmployees
• Deliver uncompromising excellence in safety
• Provide the best-in-class customer experience for premium customers, while improving the non-premium customer experience
• Achieve best-in-class reliability
• Become the most profitable U.S. carrier• Deliver shareholder value competitive with industrial
company returns
• Deliver best-in-class airline employee experience
Defined Goals On The Balanced Scorecard Create Accountability
Defined Goals On The Balanced Scorecard Create Accountability
EmployeesEmployees
SafetySafety
CustomersCustomers
• Engagement• Enablement• Retention
• Passenger unit revenue
• Pre-tax margin• Consolidated unit cost
• Non-passenger business contribution
• Lost time injuries• Aircraft damage
• Departure completion• Arrival OnTime:14• Departure OnTime:00
• Premium customer promoter score• Non-premium customer promoter score
Focus area Metric
InvestorsInvestors
Investments In 2008 Initiatives Will Enable Improvement Across The Scorecard
Investments In 2008 Initiatives Will Enable Improvement Across The Scorecard
• Next generation revenue management and scheduling systems• Merchandising opportunities• $200M cost reduction program• Enterprise Resource Planning (ERP) Implementation
• Front-line leadership development• New online training system• End-user technology refresh
Major 2008 Initiatives
• New international premium product • New leather seats in economy cabins• Self service technology enhancements• Maintenance program enhancements to improve aircraft reliability• Management tools to improve performance in irregularities
• IT enhancements to improve safety reporting• Process improvement, training and organizational structure changes
SafetySafety
CustomersCustomers
EmployeesEmployees
InvestorsInvestors
$650M Capital Investment In 2008, With 50% On Aircraft Mods And
Customer Projects
$650M Capital Investment In 2008, With 50% On Aircraft Mods And
Customer Projects
30%
50%
35%
25%35%
25%
2007 2008 Plan
IT and Other
Infrastructure
Aircraft and Customer
$500M
$650M
Inflationary Pressures Create Cost Challenges In 2008
Inflationary Pressures Create Cost Challenges In 2008
• Revenue improvement leads to increased distribution costs
• Maintenance continues to be a challenge– Increased engine and airframe volumes – Material and component inflation
• Medical and dental inflation at 9% to 10%
• Airport rents and landing fees rates increase 5% to 6%
• Contractual salary increases of 2%
• Revenue improvement leads to increased distribution costs
• Maintenance continues to be a challenge– Increased engine and airframe volumes – Material and component inflation
• Medical and dental inflation at 9% to 10%
• Airport rents and landing fees rates increase 5% to 6%
• Contractual salary increases of 2%
Fuel Efficiency Programs Will Yield $40M Of Savings In 2008Fuel Efficiency Programs Will Yield $40M Of Savings In 2008
Major Initiatives Include:• Flight Planning System
replacement
• Winglets
• Other initiatives– Single engine taxi– Selectively reduced speeds– Improved climb/descent profiles– Streamlining fuel supply chain
• United Express– Implementation of mainline fuel
programs at Express partners
Major Initiatives Include:• Flight Planning System
replacement
• Winglets
• Other initiatives– Single engine taxi– Selectively reduced speeds– Improved climb/descent profiles– Streamlining fuel supply chain
• United Express– Implementation of mainline fuel
programs at Express partners
C44K gal
B48K gal
A47K gal
Targeting Non-Fuel Expense Savings Of $200M In 2008
Targeting Non-Fuel Expense Savings Of $200M In 2008
Expected to result in 2008 CASM, excluding fuel, increasing by 1.5% – 2.5%
$200 MillionSavings
Strategic SourcingTransformation
Distribution CostReduction
Health and BenefitsOptimization
Support our strategic goals
while containing and reducing
cost
Pressure on rates and creative channel
management
Safety initiatives lower expense and sick leave
Dependent audit
ContinuousImprovement
Improvements in process, tools, and technology
across the enterprise
Grace PumaGrace PumaSVP - Strategic SourcingSVP - Strategic Sourcing
We Are Taking Costs Out Of Every Piece Of The Business
We Are Taking Costs Out Of Every Piece Of The Business
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
Goal of Strategic Sourcing Is To Reduce Total Cost of Ownership To United
ImplementationCost
Total Cost of
Ownership
Cost of Quality Level
VendorPrice
Five Key Changes Will Lower Costs While Improving Quality And Turnaround Time
• Standardizing strategic sourcing process focused on total cost of ownership
• Leveraging cross-functional United resources to focus on purchased services areas where maximum value can be realized
• Implementing multi-year sourcing plan for purchased service areas using total cost of ownership sourcing process
• Establishing clear financial accountability to achieve 3% annual savings from $1.7 billion of current addressable spend
• Transforming strategic sourcing organization
• Standardizing strategic sourcing process focused on total cost of ownership
• Leveraging cross-functional United resources to focus on purchased services areas where maximum value can be realized
• Implementing multi-year sourcing plan for purchased service areas using total cost of ownership sourcing process
• Establishing clear financial accountability to achieve 3% annual savings from $1.7 billion of current addressable spend
• Transforming strategic sourcing organization
Integration Of Strategic Sourcing Will Support Company Goals While Containing Costs
Integration Of Strategic Sourcing Will Support Company Goals While Containing Costs
Business strategyBusiness strategy
Supplier Supplier business business
relationshiprelationship
UAL business model
• How United works cross-functionally to reduce total cost of ownership
• Category strategy developed in support of business goals
• Enterprise level strategy (~5-year horizon)• Division business plans – in support of
enterprise goals
• Improve quality and timeto delivery by leveraging
supplier capabilities• Enhance efficiency
through supplier manage-ment and development of new supplier relationships
Shapes the specification and demand
Supports the business model
Provides growth opportunities
Offers innovation and expertise
Establishes standard process for the way UAL does business
Strategic Strategic sourcingsourcing
Develop the Fact Base
Design SourcingStrategies
Create SupplierPortfolio
Negotiate andImplement
Implementing A World-Class, Standard Process For United Sourcing
Focus On Areas Of Highest Sourcing Complexity And Leveraged Buying
Opportunities
Focus On Areas Of Highest Sourcing Complexity And Leveraged Buying
Opportunities
Business/Function specialty items
Example: Credit Card Fees
Low
High Highest complexity total cost of ownership items
Example: Catering
Commodity items
Example: Office Supplies
Leveraged items
Example: Cargo Warehousing
Low HighStrategic Sourcing impact on value
Utilize strategic sourcing
resources and application of processes to
maximize impactComplexityComplexity
We Will Deliver $50M In 2008 Savings And Are Building A Pipeline
For The Future• Strategic Sourcing process has focused on $1.7
billion of addressable spend– Looking at Operations, IT, Telecom, Maintenance,
and Catering among others– Estimated 2008 savings: $50 million – Estimated steady state savings: $120 million
• Future pipeline targets additional $700 million of spend, with a goal of 6% cost reduction for 2009 and beyond
• Strategic Sourcing process has focused on $1.7 billion of addressable spend– Looking at Operations, IT, Telecom, Maintenance,
and Catering among others– Estimated 2008 savings: $50 million – Estimated steady state savings: $120 million
• Future pipeline targets additional $700 million of spend, with a goal of 6% cost reduction for 2009 and beyond
United Is Transforming Its Strategic Sourcing Organization To Ensure Success
United Is Transforming Its Strategic Sourcing Organization To Ensure Success
• New leadership team is in place with significant strategic sourcing experience
• Realigning strategic sourcing and business resources by buying category
• Extensive training is underway to expand capability
• Focused and clear execution plans are in place
• New leadership team is in place with significant strategic sourcing experience
• Realigning strategic sourcing and business resources by buying category
• Extensive training is underway to expand capability
• Focused and clear execution plans are in place
Stephen LiebermanStephen LiebermanVP & TreasurerVP & Treasurer
Moving To An Optimal Capital Structure Creates Additional Value
Moving To An Optimal Capital Structure Creates Additional Value
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
Our Long-Term Goal Is To Minimize Our Cost Of Capital
Our Long-Term Goal Is To Minimize Our Cost Of Capital
AA A BBB BB B C
• Approach considers company and industry specific factors that impact optimal WACC– Variability in cash flow generation– Minimal debt tax shield– Low cost of secured debt
• Approach considers company and industry specific factors that impact optimal WACC– Variability in cash flow generation– Minimal debt tax shield– Low cost of secured debt
AAAUAUA2007
Debt Reduction Actions Significantly Improved Key Credit Metrics
Debt Reduction Actions Significantly Improved Key Credit Metrics
$2,324Total 2007 Debt Reduction
178EETC Repurchases and Other Debt Reductions
500December 2007 Credit Facility Reduction
986February 2007 Credit Facility Reduction
$ 660Scheduled Principal Payments in 2007
25% - 35% improvementin key credit metrics
11.1%
6.6x
1.9x
YE2006
18.5%Cash-Flow from Operations/Debt*
4.7xDebt/EBITDAR (x)*
2.5xEBITDAR Interest & A/C Rent Coverage (x)*
YE2007
*Adjusted for fresh start accounting
Greater Share Of Success Flows To Shareholders As Credit Metrics Improve
Greater Share Of Success Flows To Shareholders As Credit Metrics Improve
Disproportionate Share to Debt
Disproportionate Share to Equity
2006 & 2007$2.6BDebtReductionApprox. $250MShareholderDistribution
AA A BBB BB B CAAA
Jake BraceJake BraceEVP & Chief Financial OfficerEVP & Chief Financial Officer
We Are Pursuing Multiple Approaches To Create Shareholder Value
We Are Pursuing Multiple Approaches To Create Shareholder Value
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
We Have Completed Phase One Of Our Mileage Plus Plan
We Have Completed Phase One Of Our Mileage Plus Plan
• Developed market-based transfer pricing for miles, award seats, and other inter-company services
• Instituted internal financial reporting for Mileage Plus
• Identified management processes that will need to change
• Developed market-based transfer pricing for miles, award seats, and other inter-company services
• Instituted internal financial reporting for Mileage Plus
• Identified management processes that will need to change
Part of The AirlinePart of The AirlineCreation of StandCreation of Stand--
Alone Business Alone Business UnitUnit
Unlocking Value Unlocking Value of Ancillary Unitsof Ancillary Units
Starting Point Phase 1 Phase 2
• To achieve optimal Phase 2, we are– “Test driving” processes in an arms-length relationship – Balancing each entity’s interests– Continuing to develop Mileage Plus organizational capabilities
• To achieve optimal Phase 2, we are– “Test driving” processes in an arms-length relationship – Balancing each entity’s interests– Continuing to develop Mileage Plus organizational capabilities
The Next Phase Involves Creation Of A Commercially Independent Entity
Part of The AirlinePart of The AirlineCreation of StandCreation of Stand--
Alone Business Alone Business UnitUnit
Unlocking Value Unlocking Value of Ancillary Unitsof Ancillary Units
Starting Point Phase 1 Phase 2
We Are Further Along In The MRO ProcessWe Are Further Along In The MRO Process
• Created detailed business and financial plan for carving out United’s MRO business– Includes maintenance business (excluding line
maintenance) and its associated assets– Long term, market-based maintenance services agreement
• Conducted due diligence with interested strategic and financial investors
• Received multiple proposals from both strategic and financial investors– Continuing evaluation process of proposals during 1Q 2008
• Created detailed business and financial plan for carving out United’s MRO business– Includes maintenance business (excluding line
maintenance) and its associated assets– Long term, market-based maintenance services agreement
• Conducted due diligence with interested strategic and financial investors
• Received multiple proposals from both strategic and financial investors– Continuing evaluation process of proposals during 1Q 2008
Part of The AirlinePart of The AirlineCreation of StandCreation of Stand--
Alone Business Alone Business UnitUnit
Unlocking Value Unlocking Value of Ancillary Unitsof Ancillary Units
Starting Point Phase 1 Phase 2
We Are Pursuing Multiple ApproachesTo Create Shareholder Value
We Are Pursuing Multiple ApproachesTo Create Shareholder Value
Return To Shareholders
StrengtheningThe Core
Airline
CapitalStructureInitiatives
Unlocking Value In Ancillary Businesses
Consolidation
Questions & Answers Questions & Answers
Non-GAAP To GAAP Reconciliation
Non-GAAP To GAAP Reconciliation
Year Ended 12/31/07 Year Ended 12/31/06($ in Millions)Consolidated Operating Revenue 20,143$ 19,340$ Less: Specials (45) - Consolidated Operating Revenue Ex Specials 20,098 19,340 Less: Fresh Start 31 158 Consolidated Operating Revenue Ex Specials & Fresh Start 20,129$ 19,498$
Consolidated Income Pre-Tax 695$ (45)$ Less: Specials and One-time Gains (152) - Pre-Tax Income Ex Specials 543 (45) Less: Fresh Start 248 532 Consolidated Income Pre-Tax- Ex Specials & Fresh Start 791$ 487$
GAAP Margin 3.4% -0.2%Margin Ex Specials 2.7% -0.2%Margin Ex Fresh Start & Specials 3.9% 2.5%
Pre-Tax MarginPre-Tax Margin
A - 2006 excludes reorganization items of $22.9 Billion.
B - Includes special items of $89 million and one time gains of $41M from ARINC sale and $22M from early debt retirement.
A
B
Mainline Unit Earnings Excluding Fuel CostsMainline Unit Earnings Excluding Fuel CostsYear Ended 12/31/07 Year Ended 12/31/06
($ and ASM in Millions; Rates in cents)
Consolidated Operating Revenues 20,143$ 19,340 Less: Passenger - Regional Affiliates (3,063) (2,901) Less: Regional Affiliates Specials (8) - Mainline Operating Revenues 17,072$ 16,439$ Less: UAFC (45) (352) Less: Mainline Specials (37) - Less: Mainline Fresh Start Adjustments 26 133 Adjusted Mainline 17,016$ 16,220
Mainline available seat miles 141,890 143,095 GAAP Mainline RASM (in cents) 12.03$ 11.49$ Adjusted Mainline RASM (in cents) 11.99$ 11.34$
Consolidated Operating Expenses 19,106$ 18,893 Less: Regional Affiliates (2,941) (2,824) Mainline Operating Expense 16,165$ 16,069$ Less: Fuel (5,003) (4,824) Less: UAFC (35) (342) Less: Special Items 44 36 Mainline Operating Expense ex. Fuel and Specials 11,170$ 10,939$ Less: Mainline Fresh Start Adjustments (223) (323) Adjusted Mainine Expenses 10,947$ 10,616$ GAAP Mainline CASM (in cents) 11.39$ 11.23$ Adjusted Mainline CASM (in cents) 7.72$ 7.42$
GAAP Mainline Unit Earnings 0.64$ 0.26$ Adjusted Mainline Unit Earnings 4.28$ 3.92$
Free Cash Flow MetricsFree Cash Flow Metrics
Twelve Months EndedDecember 2007($ and ASM in millions)
Cash Flow from Operations 2,134$Less: Capital Expenditures (507)Free Cash Flow 1,627$
Total Revenue 20,143$
Consolidated ASM 158,191
FCF/Total Revenue 8.1%FCF/1,000 ASM 10.29
A - GAAP capital expenditures as reported in its statement of cash flows are $658 million. The lower Non-GAAP capital expenditures is primarily due to the exclusion of $197 million of aircraft expenditures and inclusion of capitalized IT labor expenditures, which are reported as an “Other” investing outflow in the GAAP statement of cash flows.
A
Credit MetricsCredit MetricsYear En ded 12 /31/07 Year Ended 12/31/06
Operating Earn ings 1,037 447 Add Back: Deprecia tion & Amortization 925 888 Add Back: Aircra ft Rent 406 415 Fresh-start Adjustments 106 341 Adju sted EBIT DAR 2,474 2,091 EBITDAR 2,368 1,750
Adju sted In terest (Interest and Aircraft Rent Coverage)In terest on Debt 661 770 Aircra ft Ren t 406 415 Fresh-start ad justm ent fo r Aircra ft Rent (72) (66) Adju sted In terest & Rent 995 1,119
Adju sted EBIT DAR / In terest & Ren t 2 .5 1.9 EBITDAR / GAAP Interest & Rent 2 .2 1.5
Cashflow from Op erat ionsCashf low from Operations 2,134 1,562 Cashf low used by reorganizat ion activit ies - (23) To tal 2,134 1,539
Deb tReported Debt (on Balance Sheet) 8,449 10,600 Repurchased EETC securities (98) - Cap ita l value of AC leases and m un i bonds 3,177 3,252 Adju sted Debt 11,528 13,852
Cashflow from Op erat ions / Ad justed Debt 18.5% 11.1%Cashflow / GAAP Deb t 25.3% 14.5%
Adju sted Debt / EBITDAR 4.7 6.6 GAAP Debt / EBIT DAR 3.6 6.1
Quarterly Mainline PRASMQuarterly Mainline PRASM($ and ASMs in millions)
2007 Q1 Q2 Q3 Q4 YTDMainline Passenger revenues 3,264 3,968 4,262 3,797 15,291 Less: special item (37) (37) Less: fresh start 90 (2) (12) (50) 26 Adjusted Mainline revenues 3,354 3,966 4,213 3,747 15,280
ASMs 34,535 35,875 36,531 34,949 141,890 PRASM 9.45 11.06 11.67 10.86 10.78 Adjusted PRASM 9.71 11.06 11.53 10.72 10.77
2006Mainline Passenger revenues 3,256 3,806 3,916 3,389 14,367 Less: fresh start 17 22 14 80 133 Adjusted Mainline revenues 3,273 3,828 3,930 3,469 14,500
ASMs 34,488 36,191 37,101 35,315 143,095 PRASM 9.44 10.52 10.55 9.60 10.04 Adjusted PRASM 9.49 10.58 10.59 9.82 10.13
Adjusted PRASM % Change 2.3% 4.5% 8.9% 9.2% 6.3%
(a) - Q3 2007 GAAP revenues include special item of $37 million
Mainline PRASM by RegionMainline PRASM by Region
($ and ASMs in millions)2007 Domestic Pacific Atlantic Latin YTD
Mainline Passenger revenues 9,155 3,261 2,365 510 15,291 Less: special item (22) (6) (8) (1) (37) Less: fresh start 14 7 4 1 26 Adjusted Mainline revenues 9,147 3,262 2,361 510 15,280
ASMs 83,966 32,466 20,396 5,062 141,890 PRASM 10.90 10.04 11.60 10.08 10.78 Adjusted PRASM 10.89 10.05 11.58 10.08 10.77
2006Mainline Passenger revenues 9,034 2,888 1,942 503 14,367 Less: fresh start 70 34 23 6 133 Adjusted Mainline revenues 9,104 2,922 1,965 509 14,500
ASMs 86,803 31,556 19,098 5,638 143,095 PRASM 10.41 9.15 10.17 8.92 10.04 Adjusted PRASM 10.49 9.26 10.29 9.02 10.13
Adjusted PRASM % Change 3.8% 8.5% 12.5% 11.8% 6.3%
Top Related