group project, part 1 and 2

Deutsche Bank

Leveraged Finance Conference October 2, 2018

Mike Leskinen Managing Director

Investor Relations

Ted North Managing Director

Corporate Finance

1

Safe Harbor Statement

Certain statements included in this presentation are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and

future events and anticipated financial and operating performance. Such forward-looking statements are and will be subject to many risks and uncertainties

relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such

forward-looking statements. Words such as “expects,” “will,” “plans,” “anticipates,” “indicates,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,”

“goals” and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not

relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or

uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking

statements in this presentation are based upon information available to us on the date of this presentation. We undertake no obligation to publicly update or

revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by

applicable law. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the

following: general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices,

costs of aircraft fuel and energy refining capacity in relevant markets); economic and political instability and other risks of doing business globally, including

political developments that may impact our operations in certain countries; demand for travel and the impact that global economic and political conditions have

on customer travel patterns; competitive pressures on pricing and on demand; demand for transportation in the markets in which we operate; our capacity

decisions and the capacity decisions of our competitors; the effects of any hostilities, act of war or terrorist attack; the effects of any technology failures or

cybersecurity breaches; the impact of regulatory, investigative and legal proceedings and legal compliance risks; disruptions to our regional network; the ability

of other air carriers with whom we have alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; costs

associated with any modification or termination of our aircraft orders; potential reputational or other impact from adverse events in our operations, the

operations of our regional carriers or the operations of our code share partners; our ability to attract and retain customers; our ability to execute our operational

plans and revenue-generating initiatives, including optimizing our revenue; our ability to control our costs, including realizing benefits from our resource

optimization efforts, cost reduction initiatives and fleet replacement programs; the impact of any management changes; our ability to cost-effectively hedge

against increases in the price of aircraft fuel if we decide to do so; any potential realized or unrealized gains or losses related to any fuel or currency hedging

programs; labor costs; our ability to maintain satisfactory labor relations and the results of any collective bargaining agreement process with our union groups;

any disruptions to operations due to any potential actions by our labor groups; an outbreak of a disease that affects travel demand or travel behavior; U.S. or

foreign governmental legislation, regulation and other actions (including Open Skies agreements and environmental regulations); industry consolidation or

changes in airline alliances; our ability to comply with the terms of our various financing arrangements; the costs and availability of financing; our ability to

maintain adequate liquidity; the costs and availability of aviation and other insurance; weather conditions; our ability to utilize our net operating losses to offset

future taxable income; the impact of changes in tax laws; the success of our investments in airlines in other parts of the world; and other risks and uncertainties

set forth under Part I, Item 1A., “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as well as other risks and

uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.

2

The U.S. airline industry is now generating consistent profits

U.S. passenger airlines Pre-tax earnings

Structural changes in the business have led to financial stability

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%$30B

$20B

$10B

$0B

($10B)

($20B)

($30B)

200720062005 20192012201120102009200820012000 201520142013 201820172016200420032002

Profit/(Loss)Margin

Source: U.S DOT Form 41 Data; 2018 and 2019 figures based on Wall Street consensus industry growth projections

2000-2013

averaged ~$5B

annual pre-tax loss

and negative (3%)

pre-tax margin

2014-2019

projected to average

~$18B annual pre-tax

income and ~10%

pre-tax margin

Profit/(Loss) Margin

3

Business Highlights

4

Delivering top-tier operational performance continues to be our focus

D:001

1 Consolidated system flights

Source: masFlight

70.0% 69.7%

68.7%

2Q16 2Q182Q17

2Q18 D:001

69.8%

UA

70.0%

WN

46.3%

AA

65.2%

DL

Completion factor1

2Q16

98.3%

98.7%

2Q182Q17

98.6%

5

Improving customer service and experience is a top priority

▪ Equipping employees with modern tools

▪ Completed rollout of 10,000 mobile devices for airport agents in 1Q18

▪ Continue to train our team on core4, United’s customer service hierarchical decision framework

- Designed to drive improved customer service and experience

- Key core4 principles: safe, caring, dependable, and efficient

6

Network strategy

Network is

our

foundation

Leverage our

strengths

“Uniquely

United”

opportunities

▪ Our network has tremendous potential – capitalizing on our strengths and improving our hub

quality

▪ Other commercial elements require a strong network to succeed

▪ Overall strategy returns United to profitable growth

▪ Our international gateways are a structural advantage that we will continue to grow and enhance

▪ Enhance and improve our alliances and JVs

▪ Geographic position of our hubs

▪ Grow our domestic network to strengthen our mid-continent hubs

▪ Greater scale at our hubs reinforces our relevance and value proposition to customers

▪ Continue to improve connectivity at our hubs

7

Fleet flexibility in the event of a downturn

63 66

31 43

109

Lease expirations

2020E2019E

94

Aircraft late in life-cycle

with heavy maintenance due

Flexibility levers in mainline fleet

Estimated resulting

capacity reduction (~12%) (~12%)

▪ Leased aircraft can be returned to lessor at time of contract expiration

▪ Aircraft late in life-cycle and due for heavy maintenance overhauls can be retired and used for spare parts

8

Segmentation

Loyalty

Revenue Management

Commercial initiatives running in-line with expectations

▪ Gemini running on all flights and all cabins

▪ Results exceeded expectations in the first half of the year

▪ Rolled out Basic Economy in select Latin markets

▪ Launched a Basic Economy-like product across the Atlantic

▪ Launched a new United Explorer card in June

▪ New card acquisitions grew over 10% year-over-year in 2Q

Rebanking ▪ Strong 2Q results following our rebank initiatives in Houston and Chicago

▪ Revenue to small cities from large/medium cities up over 10% year-over-year in 2Q

9

Financial Update

10

Adjusted debt1

2Q18 Debt, pension and post-retirement obligations ($B)2

United’s balance sheet is well positioned among peers

1 Adjusted debt and adjusted EBITDA are non-GAAP measures; adjusted EBITDA excludes special charges. For a GAAP to non-GAAP reconciliation, see Appendix A 2 Source: SEC filings for Delta Air Lines and American Airlines Group 3 Annual aircraft rent capitalized at 7x, see Appendix A

United Leverage

2Q18 LTM

Net Income ($B) $2.1

Adj. EBITDA1 ($B) $5.7

Debt / Adj. EBITDA1 3.1x

Adj. Debt / Adj. EBITDA1 3.8x

$14.5 $9.9

$24.1

$3.8

$2.6

$8.5

$3.4

$9.1

$7.1

$21.7

+$18.0

$39.7

$21.6

Pension and post-retirement liability Debt and capital lease obligations

Aircraft rent, capitalized3

Moody’s Fitch S&P

Ba2 BB BB

Upgraded

January 2017

Upgraded

October 2016

Upgraded

April 2018

UAL credit ratings

11

$5B - $6B is the optimal liquidity level

▪ Absorb seasonality of the business

(~$1.5B peak to trough)

▪ Meets debt and capital expenditure

commitments

▪ Provides sufficient liquidity under extreme

stress-test (e.g. Sept. 11th) scenario

Strong liquidity position

$3.8

$5.1

$2.0

$2.0

Minimum

target balance

$5.0B

YE17

$5.8

YE16

$5.8

$4.45

$1.35

2Q18

$7.1

Unrestricted liquidity ($B)

Unrestricted cash and short-term investments

Revolving credit facility

Increased revolving credit facility to $2B in 1Q17

with the full amount undrawn as of June 30, 2018

12

Capital allocation and fleet update

Share Repurchases

• Repurchased ~$1B worth of shares in the first half of the year, representing ~5% of shares outstanding as of year-end 2017

• ~$2.0B in repurchase authority remaining

• Plan to continue to opportunistically return cash to shareholders through share repurchases

Fleet

• Announced new order for 9 Boeing 787 aircraft, with expected delivery starting in 2020

• Purchasing 20 used Airbus A319 aircraft with expected delivery in 2020 and 2021

• Pursuing additional used aircraft transactions to supplement new aircraft deliveries

13

Capital expenditures in 2018 expected to be $3.6B - $3.8B

▪ 24 scheduled aircraft deliveries in 2018

▪ Opportunistic purchases of aircraft off-lease

▪ Continue to invest in product, technology and

infrastructure

Adjusted capital expenditures ($B)

$4.0

$4.7

$3.6 - $3.8

2017

~($1.0)

2018E

1 Adjusted capital expenditures is a non-GAAP measure and excludes non-cash capital expenditures and fully reimbursable projects. For a GAAP to non-GAAP reconciliation, see Appendix A 2 Excludes non-cash capital expenditures and fully reimbursable projects, the amount and timing of which are not determinable at this time. Accordingly, the company is not providing capital

expenditure guidance on a GAAP basis.

Non-GAAP

GAAP

1 2

14

Reaching financial targets will guide our long term network strategy

▪ Primary focus areas:

- Strengthening and growing our domestic network

- Driving asset efficiency and productivity

▪ Target ~25% CAGR adj. EPS from 2018 through 2020

2020E

$11.00 - $13.00

2018E 1Q Update

$7.00 - $8.50

2018E Initial

$6.50 - $8.50

2018E 2Q Update

$7.25 - $8.75

Target adjusted earnings per share, diluted1

1 Excludes special charges and the impact of mark-to-market adjustments on equity investments, the nature of which are not determinable at this time.

Accordingly, the company is not providing earnings guidance on a GAAP basis

16

Appendix A: reconciliation of GAAP to Non-GAAP financial measures

UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and Non-GAAP financial measures. UAL provides financial

metrics, including earnings before interest, taxes depreciation and amortization (EBITDA), excluding special charges and market-to-market losses on equity investments, and adjusted debt, that we

believe provides useful supplemental information for management and investors. This financial metric is also adjusted for special items that management believes are not indicative of UAL’s

ongoing performance. Aircraft rent is annualized and adjusted times seven per industry standards.

1 Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) and Accounting Standards Update No. 2017-07, Improving the Presentation of Net Periodic

Pension Cost and Net Periodic Postretirement Benefit Cost. For additional information related to adjustments, see the press release issued by UAL dated February 28, 2018, filed on that date with the SEC as an exhibit to UAL’s Form

8-K.

2 For additional information related to special charges. See Note 14 in Part II, Item 8 of United’s Annual Report on Form 10-K for fiscal year ended December 31, 2017

(In millions)

EBITDA

Twelve Months Ended

June 30, 20181

Net income $2,055

Adjusted for:

Depreciation and amortization 2,193

Interest expense 695

Interest capitalized (73)

Interest income (75)

Income tax expense 599

Special charges before income taxes2 250

MTM losses on equity investments 90

Adjusted EBITDA, excluding special charges and MTM losses on equity investments - Non-GAAP $5,734

(In millions)

Adjusted Debt

Quarter Ended

June 30, 2018

Current maturities of long-term debt $887

Current maturities of capital leases 117

Long-term debt 12,460

Long-term obligations under capital leases 1,039

Postretirement benefit liability 1,585

Pension liability 1,815

Balance sheet debt 17,903

Aircraft rent at 7x 3,752

Adjusted debt - Non-GAAP $21,655

17

Appendix A: reconciliation of GAAP to Non-GAAP financial measures (continued)

UAL believes that adjusting capital expenditures for assets acquired through the issuance of debt and capital leases, airport construction financing and excluding fully reimbursable projects is

useful to investors in order to appropriately reflect the non-reimbursable funds spent on capital expenditures

(In millions)

Capital Expenditures

Year Ended

December 31, 2017

Capital expenditures $ 3,998

Property and equipment acquired through the issuance of debt and capital leases 935

Airport construction financing 42

Fully reimbursable projects (246)

Adjusted capital expenditures – Non-GAAP $ 4,729