ring is included in the CASM guidance given below.

Cargo / Other Revenue Cargo / Other Revenue includes: cargo revenue, ticket change fees, excess/overweight baggage fees, contract services,
simulator rental, airport clubs, Materials Service Company (MSC), and inflight service revenues.

Fuel - US Airways uses costless collars on Heating Oil Futures as a fuel-hedging vehicle. For Q206, the Company has 41% of its fuel hedged, and expects
to pay between $2.15 and $2.20 per gallon of jet fuel (including taxes and hedges). The collar range of the hedges in place is between $1.71 and $1.90 per
gallon of heating oil, or an equivalent price of $67.37 per barrel of crude oil. Forecasted volume, fuel prices, hedge percentages, and equivalent price per
barrel of crude oil are provided in the table below.

Taxes/ NOLs - After the merger, US Airways and America West had a total of approximately $1.4 billion of net operating loss carryforwards (NOL) to
shelter future taxable income. Of this amount approximately $1.0 billion is available to shelter federal taxable income in the calendar year 2006. Due to
accumulated losses through the years ended December 31, 2005, the Companys deferred tax asset, which includes the $1.4 billion of NOL discussed
above, has been subject to a valuation allowance. As a result, when profitable, the Companys utilization of those NOL does not result in the recognition
of income tax expense for book purposes.

For Alternative Minimum Tax (AMT) purposes, only 90% of AMT NOL may offset AMT taxable income. Accordingly, of the $1.0 billion of NOL
available in 2006, 10% or up to $100 million would be deemed AMT taxable income and therefore subject to tax at the AMT rate of 20%. The Company
expects to book tax expense and pay cash taxes associated with AMT in 2006.

Share Count At the end of Q106, the Company had 81.7 million basic, and 93.4 million diluted shares outstanding. As previously announced, the
Company redeemed its 7.5% convertible notes, which accounts for an increase of 3.86 million basic shares. Both basic and diluted shares are provided in
the table below.

Cash - At the end of the first quarter 2006, the Company had approximately $2.6 billion in total cash. After the debt refinancing transaction in April 2006
the cash position increased to approximately $2.9 billion. The Company anticipates ending the second quarter with approximately $3.15 billion in total
cash.
`
Please refer to the footnotes and the forward looking statements page of this document for additional information
INVESTOR RELATIONS UPDATE
July 7, 2006






Mainline General Comments
Mainline data includes both US Airways and America West Airlines operated flights. All operating expenses are for mainline operated flights only. Please refer to the
following page for information pertaining to Express.

Mainline General Guidance
1Q06A
2Q06E
3Q06E
4Q06E
FY06E

Available Seat Miles (ASMs)
(bil)
18.2 19.6 20.2 19.2 77.2

CASM ex fuel, special items, & transition expense (cts)
1
7.82
7.50 to 7.75
7.00 to 7.25
7.25 to 7.50
7.25 to 7.50








Cargo / Other Revenues ($ mil)
228
220 to 230
225 to 235
225 to 235
910 to 920








Fuel Price (incl hedges and taxes) ($/gal)
1.92
2.15 to 2.20
2.26 to 2.31
2.32 to 2.37
2.17 to 2.22

Fuel Gallons Consumed (mil)
288
~305
~315
~300
~1,210








Percent
Hedged

41% 44% 37% 41%

Heating Oil Collar Range including taxes ($/gal)

1.78 to 1.97
1.89 to 2.03
1.89 to 2.09
1.83 to 2.02

Jet Fuel Equivalent (incl taxes, transport, and refining margin)

1.95 to 2.15
2.07 to 2.27
2.04 to 2.23
1.99 to 2.18

Crude Oil Equivalent ($/bbl)


67.37 71.93 68.43 69.13








Interest Expense ($ mil)
75
~72
~73
~74
~295

Interest Income ($ mil)
26
~32
~33
~32
~122







Merger Update ($ mil)






Transition
Expense
46 ~24 ~29 ~26 ~125

Capital Update ($ mil)
FY06





Merger
Related
90

Other
70





Total
160








Shares Outstanding (mil)
Basic
Diluted
Interest Addback










For Q206 through Q406






Earnings above $38.0 mil
85.9
94.4
$2.6



Earnings up to $38.0 mil
85.9
88.1
-


Net
Loss
85.9
85.9
-










Full Year 2006






Earnings above $152 mil
85.0
94.4
$10.4



Earnings up to $152 mil
85.0
87.2
-


Net
Loss
85.0
85.0
-





`
Please refer to the footnotes and the forward looking statements page of this document for additional information






Shares outstanding is based upon several estimates including average per share stock price and number of shares outstanding. The number of shares in the actual calculation of earnings
per share will likely be different from those set forth above.
Notes

1. CASM ex fuel, special items & transition expense is a non-GAAP financial measure. Please see the GAAP to non-GAAP reconciliation at the end of this document.
MAINLINE UPDATE
July 7, 2006







Express General Comments

US Airways Express is a network of nine regional airlines (2 wholly owned) operating under a code share and service agreement with US Airways and America West
Airlines. All operating expenses (including purchase agreements) associated with US Airways Express are included within the Express Non-Fuel Operating Expense line
item.
Express General Guidance

1Q06A
2Q06E
3Q06E
4Q06E
FY06E








Available Seat Miles (ASMs) (bil)
3.7
3.8
3.8
3.8
15.1

CASM ex fuel (cts)
1
12.12
12.00 to 12.25
11.75 to 12.00
11.50 to 11.75
11.75 to 12.00






Fuel Price (incl taxes) ($/gal)
2.03
2.26 to 2.31
2.31 to 2.36
2.38 to 2.43
2.24 to 2.29

Fuel Gallons Consumed (mil)
86
~90
~95
~95
~365














Express Carriers






Air Midwest Airlines, Inc.
4






Air Wisconsin Airlines Corporation






Chautauqua Airlines, Inc.






Colgan Air, Inc.
4






Mesa Airlines
3






Piedmont Airlines, Inc.
2






PSA Airlines, Inc
2






Republic Airways






Trans States Airlines, Inc.
4



















Notes:






1. CASM ex fuel expense is a non-GAAP financial measure. Please see the GAAP to non-GAAP reconciliation at the end of this
document.

2. Wholly owned subsidiary of US Airways Group, Inc.

3. Subsidiary of Mesa Air Group, Inc

4. Pro-rate agreement








`
Please refer to the footnotes and the forward looking statements page of this document for additional information
EXPRESS UPDATE
July 7, 2006







Fleet General Comments

As previously announced, the airline has a firm order for 25 Embraer 190 aircraft. The delivery schedule will begin with 3 in 4Q06, 8 in 2007, and 14 in 2008. The
airline does not have any additional aircraft deliveries scheduled until 2009.


















Mainline Fleet Update (End of Period)

1Q06A 2Q06E 3Q06E 4Q06E FY06E
Mainline





ERJ-190
0
0
0
3
3
737-300 63 58 56 56 56
737-400 40 40 40 40 40
A319 93 93 93 93 93
A320 77 75 75 75 75
A321 28 28 28 28 28
A330
9 9 9 9 9
B757 47 46 46 46 46
B767 10
10
10
10
10

Total 367
359
357
360
360














Express Fleet Update (End of Period)

1Q06A 2Q06E 3Q06E 4Q06E FY06E
Express





DH8 (100/200/300)
65
63
63
60
60
CRJ-200 123
123
123
123
123
CRJ-700 14
14
14
14
14
CRJ-900 38
38
38
38
38
EMB-145 38
30
30
30
30
ERJ-170
28
28
28
28
28
Total 306
296
296
293
293
`
Please refer to the footnotes and the forward looking statements page of this document for additional information
FLEET UPDATE
July 7, 2006







GAAP to Non-GAAP RECONCILIATION
July 7, 2006
Reconciliation of GAAP to Non-GAAP Financial Information

US Airways Group, Inc. (the Company) is providing disclosure of the reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The
Company believes that the non-GAAP financial measures provide investors the ability to measure financial performance excluding special items, which is more indicative of the Companys ongoing
performance and is more comparable to measures reported by other major airlines. The Company believes that the presentation of mainline CASM excluding fuel, special items & transition expense
and Express CASM excluding fuel is useful to investors as both the cost and availability of fuel are subject to many economic and political factors beyond the Companys control.

This update contains forward-looking statements that are not limited to historical facts, but reflect the Companys current beliefs, expectations or intentions regarding future events. All forward-
looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. For examples of such risks and uncertainties, please
see the risk factors set forth in the Companys 2005 Form 10-K and its other securities filings, including any amendments thereto, which identify important matters such as the consequences of fuel,
labor costs, competition, and industry conditions, including the demand for air travel, the airline pricing environment and industry capacity decisions, regulatory matters and the seasonal nature of the
airline business. The Company undertakes no obligation to p