Exhibit 99.1

INVESTOR RELATIONS UPDATE
October 27, 2011

General Comments

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2011 Capacity Guidance — 2011 total system capacity is expected to be up approximately one percent vs. 2010. Domestic capacity is expected to be up slightly and international up approximately three percent.

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Cash — As of September 30, 2011, the Company had $2.4 billion in total cash and investments, of which $384 million was restricted.

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Fuel — For the fourth quarter 2011, the Company anticipates paying an average of between $3.10 and $3.15 per gallon of mainline jet fuel (including taxes). Forecasted volume and fuel prices are provided in the table below.

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Profit Sharing / CASM — Profit sharing equals approximately 10% of pre-tax earnings excluding special items up to a 10% pre-tax margin and 15% above the 10% margin. Profit sharing is excluded in the CASM guidance given below.

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Cargo / Other Revenue — Cargo revenue, ticket change fees, excess / overweight baggage fees, first and second bag fees, contract services, simulator rental, airport clubs, and inflight service revenues.

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Taxes / NOL — As of December 31, 2010, net operating losses (NOL) available for use by the Company is approximately $1.9 billion, all of which is expected to be available for use in 2011. The Company’s net deferred tax asset, which includes the NOL, is subject to a full valuation allowance. As of December 31, 2010, the valuation allowances associated with Federal and state NOL are $368 million and $62 million, respectively. In accordance with generally accepted accounting principles, future utilization of the NOL will result in a corresponding decrease in the valuation allowance and offset the Company’s tax provision dollar for dollar. As a result, income tax benefits are not currently recognized in the Company’s statement of operations.

To the extent profitable, the Company generally will use NOL to reduce Federal and state taxable income. The Company also may be subject to AMT liability and obligated to record and pay state income tax related to certain states where NOL may be limited or not available to be used. The Company reported net income for the nine months ended September 30, 2011 and used NOL to reduce Federal and state taxable income. Accordingly, the Company did not recognize a tax provision in this period.

In connection with the sale of the Company’s final investment in auction rate securities in July 2011, the Company recorded a $21 million special non-cash tax charge in the third quarter of 2011. This recognizes in the statement of operations the tax provision recorded in Other Comprehensive Income, a subset of stockholders’ equity, in the fourth quarter of 2009.

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

MAINLINE UPDATE
October 27, 2011

Mainline Comments

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Mainline data includes US Airways operated flights and all operating expenses are for mainline operated flights only. Please refer to the following page for information pertaining to Express.

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Full-year 2011 non-aircraft capex was increased by $10 million from previous guidance due to the timing of cash flow on two aircraft interior projects: 1) the addition of first class seating on all of our large regional jet aircraft, and 2) the addition of new Envoy seats on our A330-300 aircraft.

Mainline Guidance		1Q11A				2Q11A				3Q11A				4Q11E				FY11E
Available Seat Miles (ASMs) (bil)			17.0				19.1				19.0				~17.4				~72.6
CASM ex fuel, special items and profit sharing (YOY % change)1			8.76				8.16				8.06			+3% to +5%				0% to +2%
Cargo Revenues ($ mil)			43				43				40				~44				~170
Other Revenues			333				345				333				~312				~1,320
Percent Hedged			—				—				—				—				—
Average Fuel Price (incl. taxes) ($/gal) (as of 10/24/2011)			2.87				3.29				3.13				3.10 – 3.15				3.09 – 3.14
Fuel Gallons Consumed (mil)			256				288				289				~262				~1,095
Interest Income ($ mil)			(1	)			(1	)			(1	)			~(2	)			~(6	)
Interest Expense ($ mil)			77				79				85				~86				~327
Other Non-Operating (Income)/Expense ex special items ($ mil)2			(1	)			(1	)			14				~(2	)			~12
Cash Flow/Capital Update ($ mil) Inflow/(Outflow)		1Q11A				2Q11A				3Q11A				4Q11E				FY11E
Cash Capex (non-aircraft)			(30	)			(37	)			(58	)			~(55	)			~(180	)
Net new aircraft Capex and PDPs			(10	)			4				(6	)			~0				~(11	)
Net Other Cash Flow Adjustments3			(88	)			37				(1	)			~(61	)			~(113	)

Notes:

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

EXPRESS UPDATE
October 27, 2011

Express Comments

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

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Express CASM excluding fuel and special items is forecasted to be up six to eight percent for the year primarily due to the timing of maintenance programs at the Company’s wholly-owned subsidiary, PSA. The maintenance honeymoon for the CRJ-200 fleet ended in 2010. The additional PSA CRJ-200 maintenance expense increases Express CASM excluding fuel and special items by approximately 4 points on a year-over-year basis.

Express Guidance		1Q11A				2Q11A				3Q11A				4Q11E				FY11E
Available Seat Miles (ASMs) (bil)			3.49				3.69				3.56				~3.32				~14.06
CASM ex fuel and special items (YOY % change) 1			15.10				14.21				14.63			+7% to +9%				+6% to +8%
Average Fuel Price (incl. taxes) ($/gal)			2.92				3.28				3.18				3.15 – 3.20				3.12 – 3.17
Fuel Gallons Consumed (mil)			83				88				86				~81				~337

Express Carriers
Air Wisconsin Airlines Corporation		Piedmont Airlines, Inc. 2
Chautauqua Airlines, Inc.		PSA Airlines, Inc. 2
Colgan Air, Inc. 4		Republic Airline Inc.
Mesa Airlines, Inc. 3		Trans States Airlines, Inc. 4
Mesaba Airlines 4

Notes:

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

FLEET UPDATE
October 27, 2011

Fleet Comments

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To date, the Company has taken possession of 4 of its 12 A321 aircraft deliveries scheduled for 2011 (three in Q3 and one in Q4). The Company expects to take delivery of the remaining 8 A321 aircraft in the fourth quarter 2011 and an additional 12 A320 family aircraft in 2012. These 24 aircraft will be used to replace legacy Boeing 737 aircraft, including retiring the 737-300 fleet. The Company has financing commitments secured for these aircraft.

Mainline Fleet Update (End of Period)

		YE10A				1Q11A				2Q11A				3Q11A				4Q11E
Mainline
EMB-190			15				15				15				15				15
737-300			19				19				17				15				7
737-400			40				40				40				40				40
A319			93				93				93				93				93
A320			72				72				72				72				72
A321			51				51				51				54				63
A330			16				16				16				16				16
B757			23				24				24				24				24
B767			10				10				10				10				10
Total			339				340				338				339				340

Express Fleet Update (End of Period)

		YE10A				1Q11A				2Q11A				3Q11A				4Q11E
Express
DH8			50				50				50				50				50
CRJ-200			112				112				112				112				112
CRJ-700			14				14				14				14				14
CRJ-900			38				38				38				38				38
EMB-170			20				20				20				20				20
ERJ-145			9				9				9				9				9
EMB-175			38				38				38				38				38
Total			281				281				281				281				281

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

SHARES OUTSTANDING
October 27, 2011

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The estimated weighted average shares outstanding for the remainder of the year are listed below. The interest addback to net income for purposes of computing diluted earnings per share is net of the related effect of profit sharing.

Shares Outstanding ($ and shares mil)1		Basic				Diluted				Interest Addback
For Q4
Earnings above $70 million			162.1				201.4			$	7
Earnings between $30 million and $70 million			162.1				201.2				7
Earnings up to $30 million			162.1				163.5				—
Net Loss			162.1				162.1				—
For FY 2011 (Average)
Earnings above $280 million			162.0				201.8			$	27
Earnings between $115 million and $280 million			162.0				201.6				27
Earnings up to $115 million			162.0				163.8				—
Net Loss			162.0				162.0				—

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

GAAP to Non-GAAP RECONCILIATION
October 27, 2011

Reconciliation of GAAP to Non-GAAP Financial Information

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 and profit sharing, which is more indicative of the Company’s 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 & profit sharing and Express CASM excluding fuel and special items is useful to investors as both the cost and availability of fuel are subject to many economic and political factors beyond the Company’s control.

		GAAP to Non-GAAP Reconciliation ($ mil except ASM and CASM data)
		1Q11				2Q11				3Q11				4Q11 Range*								FY11 Range
		Actual				Actual				Actual				Low				High				Low				High
Mainline
Mainline operating expenses		$	2,230			$	2,515			$	2,462			$	2,316			$	2,358			$	9,434			$	9,567
Less mainline fuel (net of (gains)/losses from fuel hedges)			734				948				905				812				825				3,399				3,412
Less special items			3				6				13				—				—				22				22
Less Profit Sharing			—				—				10				—				—				10				10
Mainline operating expense excluding fuel, special items and profit sharing			1,493				1,561				1,534				1,504				1,533				6,002				6,123
Mainline CASM (cts)			13.09				13.15				12.93				13.31				13.55				13.00				13.18
Mainline CASM excluding fuel, special items and profit sharing (Non-GAAP) (cts)			8.76				8.16				8.06				8.64				8.81				8.30				8.47
Mainline ASMs (bil)			17.0				19.1				19.0				17.4				17.4				72.6				72.6
Express
Express operating expenses		$	770			$	811			$	794			$	746			$	759			$	3,112			$	3,155
Less express fuel expense			242				287				273				255				259				1,057				1,061
Less special items			1				—				—				—				—				1				1
Express operating expenses excluding fuel and special items			527				524				521				491				500				2,054				2,094
Express CASM (cts)			22.06				22.01				22.29				22.46				22.86				22.14				22.44
Express CASM excluding fuel and special items (Non-GAAP) (cts)			15.10				14.21				14.63				14.78				15.05				14.62				14.89
Express ASMs (bil)			3.49				3.69				3.56				3.32				3.32				14.06				14.06
Other Non Operating (Income)/Expense
Reported other non-operating (income)/expense		$	(1	)		$	7			$	(1	)		$	(2	)		$	(2	)		$	3			$	3
Less special items			—				8				(15	)			—				—				(7	)			(7	)
Other non-operating (income)/expense excluding special items			(1	)			(1	)			14				(2	)			(2	)			12				12

Note: Amounts may not recalculate due to rounding.

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

FORWARD LOOKING STATEMENTS
October 27, 2011

FORWARD-LOOKING STATEMENTS

Certain of the statements contained or referred to herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue” and similar terms used in connection with statements regarding, among others, the outlook, expected fuel costs, revenue and pricing environment, and expected financial performance and liquidity position of the Company. Such statements include, but are not limited to, statements about future financial and operating results, the Company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties that could cause the Company’s actual results and financial position to differ materially from these statements. Such risks and uncertainties include, but are not limited to, the following: the impact of significant operating losses in the future; downturns in economic conditions and their impact on passenger demand, booking practices and related revenues; increased costs of financing, a reduction in the availability of financing and fluctuations in interest rates; the impact of the price and availability of fuel and significant disruptions in the supply of aircraft fuel; our high level of fixed obligations and our ability to fund general corporate requirements, obtain additional financing and respond to competitive developments; any failure to comply with the liquidity covenants contained in our financing arrangements; provisions in our credit card processing and other commercial agreements that may affect our liquidity; the impact of union disputes, employee strikes and other labor-related disruptions; our inability to maintain labor costs at competitive levels; interruptions or disruptions in service at one or more of our hub airports or our focus city; our reliance on third-party regional operators or third-party service providers; our reliance on and costs, rights and functionality of third-party distribution channels, including those provided by global distribution systems, conventional travel agents and online travel agents; changes in government legislation and regulation; our reliance on automated systems and the impact of any failure or disruption of these systems; the impact of changes to our business model; competitive practices in the industry, including the impact of industry consolidation; the loss of key personnel or our ability to attract and retain qualified personnel; the impact of conflicts overseas or terrorist attacks, and the impact of ongoing security concerns; our ability to operate and grow our route network; the impact of environmental laws and regulations; costs of ongoing data security compliance requirements and the impact of any data security breach; the impact of any accident involving our aircraft or the aircraft of our regional operators; delays in scheduled aircraft deliveries or other loss of anticipated fleet capacity; the impact of weather conditions and seasonality of airline travel; the impact of possible future increases in insurance costs or reductions in available insurance coverage; the impact of global events that affect travel behavior, such as an outbreak of a contagious disease; the impact of foreign currency exchange rate fluctuations; our ability to use NOLs and certain other tax attributes; and other risks and uncertainties listed from time to time in our reports to and filings with the Securities and Exchange Commission (“SEC”). There may be other factors not identified above of w hich the Company is not currently aware that may affect matters discussed in the forward-looking statements, and may also cause actual results to differ materially from those discussed. The Company assumes no obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law. Additional factors that may affect the future results of the Company are set forth in the section entitled “Risk Factors” in the Company’s Report on Form 10-Q for the quarter ended September 30, 2011 and in the Company’s other filings with the SEC, which are available at www.usairways.com.

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