Gerry Laderman SVP Finance, Procurement and Treasurer

Gerry Laderman SVP Finance, Procurement and Treasurer

Safe Harbor Statement Certain statements included in this release are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and financial performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forwardlooking statements. Words such as expects, will, plans, anticipates, indicates, believes, forecast, guidance, outlook 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 forwardlooking statements in this report are based upon information available to us on the date of this report. 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: our ability to comply with the terms of our various financing arrangements; the costs and availability of financing; our ability to maintain adequate liquidity; our ability to execute our operational plans; our ability to control our costs, including realizing benefits from our resource optimization efforts, cost reduction initiatives and fleet replacement programs; our ability to utilize our net operating losses; our ability to attract and retain customers; demand for transportation in the markets in which we operate; an outbreak of a disease that affects travel demand or travel behavior; demand for travel and the impact that global economic conditions have on customer travel patterns; excessive taxation and the inability to offset future taxable income; 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); our ability to cost-effectively hedge against increases in the price of aircraft fuel; any potential realized or unrealized gains or losses related to fuel or currency hedging programs; the effects of any hostilities, act of war or terrorist attack; 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; the costs and availability of aviation and other insurance; the costs associated with security measures and practices; industry consolidation or changes in airline alliances; competitive pressures on pricing and on demand; our capacity decisions and the capacity decisions of our competitors; U.S. or foreign governmental legislation, regulation and other actions (including open skies agreements and environmental regulations); labor costs; our ability to maintain satisfactory labor relations and the results of the collective bargaining agreement process with our union groups; any disruptions to operations due to any potential actions by our labor groups; weather conditions; the possibility that expected merger synergies will not be realized or will not be realized within the expected time period; and other risks and uncertainties set forth under Item 1A, Risk Factors, of UAL s Annual Report on Form 10-K, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC. 2

Committed to running a great airline and improving returns Deliver reliability Provide flyer-friendly experience Expand industry leading unit revenue Improve efficiency and quality Strengthen balance sheet 3

Operational investments have paid off Implemented new arrival and departure procedures to reduce aircraft turn times On-time departures (D:0) YOY mainline on-time arrival improvement (2013) 2.8 pts. 4Q12 2Q13 4Q13 Enhanced boarding process and new agent interface to improve speed and experience On-time boarding Implemented programs to improve fleet reliability 4Q12 2Q13 4Q13 Maintenance delays (%) (1.0 pt.) 4Q12 2Q13 4Q13 United Industry ex-ual 4

Improving the experience we deliver our customers In the air Economy Plus Flat-bed seats On the ground New EWR GS Lobby New SFO Terminal 5

Strengthening our powerful digital tools 6

Our customer satisfaction scores are improving Customer satisfaction scores Feb-14 Jul-12 1 Higher satisfaction at any given level of operational on-time performance Indicates that all of the things that contribute to satisfaction beyond on-time arrival are improving < -30-30 -25 1: February results are through Feb. 17, 2014-20 -15-10 -5 0 5 10 15 20 25 30 35 Arrival delay minutes 40 45 50 55 60 90 120 150 180+ 7

United has the most extensive network for business customers Hubs ideally located in the four largest U.S. cities 50 of the Fortune 100 companies headquartered in United hubs Serving the most destinations of any carrier worldwide 8

Using 787 efficiency improvements to unlock profitable new markets Right sizes capacity and increases efficiency Opens valuable new route opportunities 275 787-8 777-200 250 Operating Margin 777-200 Seats 225 200 2 Class 767-300 787-8 3 Class 767-300 0% 5% 10% 15% Relative Trip Cost Improvement Note: Operating margin reflects operating performance of 787 on select market 175 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,000 Range (miles) 9

Introduction of Embraer 175 aircraft will enhance service and improve efficiency and profitability Improved revenue 26 additional seats Ancillary revenue opportunities Regional fleet mix 1 Increased efficiency Greater flexibility Customer pleasing Replaces less efficient 50 seat RJs 10%+ fuel efficiency improvement Better match capacity with demand 500 mile range improvement United First and Economy Plus Wider seats and aisles 28% 6% 66% 41% 6% 53% Large RJs (70-76 seats) Large props (71 seats) Other (50 seats) 2013 2015E 1: Mix of regional aircraft 50 seats and larger 10

Capacity discipline is central to our strategy United s capacity declined nearly 2% per year since 2008 (0.3%) (2.3%) (2.8%) United s capacity vs. U.S. GDP growth (year-over-year) (6.4%) 2.5% 1.1% 1.8% (0.2%) 2.8% (1.5%) 1.9% (1.4%) 2.7% 1%-2% Long-term capacity outlook Annual capacity growth below GDP, or 1% - 2% over next 4 years Expect consolidated fleet count to remain roughly flat between 1,250 and 1,300 aircraft 2008 2009 2010 2011 2012 2013 2014E GDP United consolidated capacity Sources: SEC filings and IHS Global Insight Note: 2008 2010 data is pro forma 11

Expect to continue steadily growing ancillary revenue, providing better choice and experience to our customers Comprehensive and relevant portfolio Ancillary revenue ($B) Dynamic pricing capabilities Powerful and nimble technology platforms $2.2 $2.4 +7% CAGR $2.5 $2.8 $3.5+ Expand availability through other channels 2010 1 2011 2012 2013 2017E 1: 2010 results are pro-forma 12

Expect to achieve $2 billion in annual cost savings by 2017 Fuel consumption ~$1B Maintenance ~$100M Productivity ~$500M Sourcing ~$150M Distribution ~$100M Efficiency benefit from new aircraft, engineering upgrades and efficient operating processes Realign work with our strengths and implement lean practices Reduce overtime, improve efficiency and deploy selfservice technology Reduce sourcing costs through total cost of ownership Shift traffic mix towards optimal distribution channels 13

Expect 2014 CASM ex-fuel to grow between 1 and 2% YOY 8.0% 6.0% 6.3% 4.0% 2.0% 1.7% 2.0% 3.4% 1% - 2% 2010-2013 avg. CASM ex-fuel 2 growth 0.0% -2.0% 2010 1 YOY capacity growth 2011 2012 YOY CASM ex-fuel 1: 2010 data is pro forma 2: CASM ex-fuel numbers also exclude profit sharing, third party business expense and special charges 14 2 2013 2014E

Improving balance sheet Total debt outstanding 1 $23.8 ($B) $20.1 $19.0 Unfunded pension liability ($B) $1.5 $1.8 $2.4 $1.6 2009 2 2012 2013 2010 2 2011 2012 2013 1: Includes aircraft rent capitalized at 7x 2: 2009 and 2010 data is pro forma Note: Estimates assume all new aircraft are financed 15

Full array of unsecured debt Principal outstanding ($M) Senior notes due 2018 Senior notes due 2020 Notes due Notes due 2026 1 2028 1 300 300 326 326 Coupon 6.375% 6.0% 6.0% 6.0% Maturity 6/1/18 12/1/20 7/15/26 7/15/28 Current price (bid) Current yield (bid) 106.25 102.50 93.00 90.00 4.74% 5.55% 6.85% 7.12% 1: Formerly held by PBGC Note: Current yields and prices provided by undisclosed investment bank as of February 19, 2014 16

Significant portion of convertible debt converted to equity $M 979 345 (287) 6% Convertible Notes (due 2029) 4.5% Convertible Notes (due 2021) 4.5% Convertible Notes (due 2015) TIDES 156 (156) 536 58 (58) 230 230 (230) 248 248 248 12/31/2012 6% due 2029 exchange 4.5% due 2021 redemption transactions/conversions 1: As of Feb. 19, 2014 2: Assumes bonds are converted by or called on Oct. 15, 2014 Current 1 17 6% due 2029 exchange/ redemption 2 4.5% due 2015 maturity 1/15/2015

Our cash flow allocation continues to evolve 2010 2013 2014 Future Integration Debt reduction Product & infrastructure investments High-return product and technology investment Balance sheet optimization Allocate capital to shareholders Metered, disciplined fleet replacement 18

Improving long-term value Expand unit revenue premium Increase ancillary revenue by $700M+ Reduce annual costs by $2B Increase earnings by 2-4x Improve capital structure Balance free cash flow allocation 19

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