1. Bear Stearns
Global Transportation Conference
Kathryn Mikells
Kathryn Mikells
Vice President – Financial Planning & Analysis
Vice President – Financial Planning & Analysis
United Airlines
United Airlines
May 9, 2007
May 9, 2007

2. 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
presentation 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

3. Our Performance Agenda
• Our customer-driven strategy will drive margin
leadership
• We are optimizing revenue and successfully
controlling costs
• Revitalizing the workforce
• Continuous improvement is increasing efficiency
and enhancing the customer experience
Customers, employees and investors will benefit
as we execute against our performance agenda

4. Our Progress Is Reflected In Unit Earnings
Mainline Unit Earnings excluding Fuel Costs
(RASM minus CASM ex Fuel)
Twelve Months Ended 3/31/2007
3.96
4.03 3.94 3.82
3.31
3.61
¢/ASM
AMR UAUA LCC CAL LUV
TME 1Q07 B/(W)
25% 23% 27% 16% 25%
than TME 1Q06
United Adjusted
United Unadjusted
Sources: Company press releases. All results also exclude special items and regional affiliates. UAUA adjusted results also exclude severance expense and non-cash
fresh-start and exit-related impacts

5. Continuous Improvement Will Allow Us To Enhance
The Customer Experience While Controlling Costs
And Maintaining The Highest Safety Levels
Safety
Continuous
Improvement Operational
Customer
Efficiency
Experience
• Manpower efficiency
• Improved reliability
(Standard work)
• Consistent delivery
• Vendor partnership
for customer
• Increased asset utilization
• Reduce overall costs

6. We Are Developing And Implementing
New Cost-Effective Initiatives To Drive
Premium Traffic
Airport
Check-in Security lines Boarding
Pre and
Post Flight
Upgrades and fees
Contact center Trip protection
We are rolling out key initiatives over the course of 2007

7. Engaging, Enabling And Aligning Employees
Tools And Equipment
Training
• Business Education • Refreshed airport IT
equipment
• Customer Service
– Ticket printers
• Leadership/Performance – Bag scanners
Management
Shared Success
• Success Sharing
– rewards performance against reliability,
customer and financial goals
• Profit Sharing
– 15% of adjusted pre-tax earnings
Profit sharing pays out when annual adjusted pre-tax earnings exceed a threshold of $10 million

8. Our Strategy Will Continue To Improve
Unit Revenue
Mainline RASM
Twelve Months Ended 3/31/2007
11.65 11.56
11.37 11.28
9.83
11.23
¢/ASM
AMR LCC UAUA CAL LUV
TME 1Q07 B/(W) 8.3% 9.9% 6.7% 6.8% 7.7%
than TME 1Q06
United Adjusted
United Unadjusted
Sources: Company press releases. All results exclude regional affiliates. UAUA results exclude UAFC . UAUA adjusted results exclude non-cash fresh start
revenue impacts

9. Fresh Start Items Like Deferred Revenue Accounting
Have A Significant Non-Cash Impact
• Similar to Air Canada’s Aéroplan, United adopted conservative accounting
1Q 2007 Deferred
Revenue B/(W)
Before After Effect on Revenue
Than 1Q 2007
Incremental Cost
Portion of ticket
Ticket Total amount revenue
Revenue recognized deferred until • Lowers current
Recognition when flown mileage recognition
redemption
• Increased
$(107) million
Sale of Miles Straight-line Seasonality
When miles
(Pax Revenue over three
redeemed
Recognition) years
Mileage ~$170 million one-time
36 months 18 months
Expiration benefit in 2007
Increases Revenue Volatility with Ongoing
Competitive Comparison Disadvantages

10. Mitigating Inflation By Realizing $400
Million Of Cost Savings Through 2007
Reducing purchased Increasing operational
service costs efficiencies
• New flight planning system
• Facilities rent • New flight planning system
• Facilities rent
• Vendor contract management • Block time reduction
• Vendor contract management • Block time reduction
• Ground handling
• Ground handling • Standard work implementation
• Standard work implementation
• Telecom contracts
• Telecom contracts
• Outside legal services
• Outside legal services
Eliminating General and
Trimming advertising and
Administrative expense
marketing expenses
• Annualization of benefit from
• Full effect of reduced brand • Annualization of benefit from
• Full effect of reduced brand
1,000+ headcount reduction
advertising media buys, agency 1,000+ headcount reduction
advertising media buys, agency
and production
and production • Centralized crew desks
• Centralized crew desks
• Welfare program compliance
• Welfare program compliance
• Centralized absence management
• Centralized absence management
$135M of the $400M Goal Accomplished in 2006

11. CASM Is Competitive
Mainline Cost per Available Seat Mile (CASM) Excluding Fuel
Twelve Months Ended 3/31/2007
7.62 7.62 7.62
7.47
6.52
7.41
¢/ASM
LUV UAUA CAL AMR LCC
TME 1Q07 B/(W)
(0.7)% 0.5% (2.5)% (1.2)% (2.8)%
than TME 1Q06
United Adjusted
United Unadjusted
Sources: Company press releases. All results also exclude regional affiliates and special items; UAUA results also excludes UAFC. UAUA adjusted results exclude
non-cash fresh-start and exit-related impacts and severance expense.

12. United’s EBITDAR Margin
Appears Lower Than Our Peers
EBITDAR Margin (%)
Twelve Months Ended 3/31/2007
15.8
15.8
12.7
12.7
9.5
9.5
CAL AMR UAUA
CAL AMR UAUA
Sources: Company press releases. All results exclude special items. UAUA results also exclude severance expense.

13. Adjusting For Fresh Start And Regional Aircraft
Accounting Reveals A Competitive EBITDAR Margin
EBITDAR Margin (%)
Twelve Months Ended 3/31/2007
16.3
16.3
13.2
13.2 13.1
13.1
2.0
2.0
United Adjusted for Regional Aircraft
United Adjusted for Fresh Start and
Exit-Related Charges
11.2
CAL UAUA AMR
CAL UAUA AMR
• United does not own any regional aircraft
• United regional aircraft rental expense, which is expensed through
the Regional Affiliate line, should be added back to EBITDAR
Sources: Company press releases. All results exclude special items and FAS 123R expense. UAUA results also exclude severance expense, non-cash fresh-start and
exit-related impacts and aircraft rent expense paid to regional affiliates.

14. Free Cash Flow Metrics Are Not Obscured By
Exit Accounting And Are Comparable To Peers
Twelve Months Ended 3/31/2007
Free Cash Flow/Consolidated ASMs
Free Cash Flow/Total Revenue
$/1,000 ASMs
7.2%
7.2% $8.78
$8.78
$7.74
$7.74
6.4%
6.4%
$4.61
$4.61
3.9%
3.9%
UAUA AMR CAL UAUA AMR CAL
UAUA AMR CAL UAUA AMR CAL
Sources: Company press releases. FCF or Free Cash Flow defined as cash flows from operations less capital expenditures. UAUA revenue includes fresh start
revenue adjustment

15. At The Same Time We Have Significantly
Lower Fixed Obligations
• Limited non-aircraft capex of $550 million in 2007 focused on
customer and core airline needs
• United has been capitalizing on opportunities for
balance sheet improvement
– Limited debt maturities
– No material defined benefit pension funding
– No aircraft capex
• Using excess cash to pay down debt
– Reduced size of exit facility by $1 billion in February
– Simultaneously freed up significant collateral
• No current plans to raise capital

16. Our Performance Agenda
• Our customer-driven strategy will drive margin
leadership
• We are optimizing revenue and successfully
controlling costs
• Revitalizing the workforce
• Continuous improvement is increasing efficiency
and enhancing the customer experience
Customers, employees and investors will benefit
as we execute against our performance agenda

17. APPENDIX

18. United Can Wait For the Next-Generation
Of Narrowbody Aircraft
Narrowbodies 25 Years and Older
A/C
(Cumulative)
300
32
28
250 20
4 67
55
50
41
36
200 29
21
5
150 97 97
95
93
91
88 88 88
74
100 47
24 30 30 30 30 30 30 30 30 30
13
3
5
50
64 64 64 64 64 64 64 64 64 64 64
51
38
15
0 3
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
B733 B735 B757 A320 A319

19. Our Replacement Needs For
Widebodies Occurs Even Later
Widebodies 25 Years and Older
A/C (Cumulative)
100
90
40
80
32
70
29
60
25
50 33
30
13
40 7
4 25
30 21
21
21 21
21
20 13 30
29
4 22
10 19
14
12 12
11 11
10
6
2
0
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
B747 B767 B777

20. Non-GAAP To GAAP Reconciliation

21. Non-GAAP To GAAP Reconciliations
• The Company believes that the reported non-
GAAP financial results provide management and
investors a better perspective of the Company’s
core business and on-going financial performance
and trends by excluding special items, severance,
fresh-start items and fuel for comparative
purposes.

22. Mainline RASM
Twelve months ending
March 31, %
($ and ASMs in Millions) 2007 2006 Change
Consolidated operating revenues $ 19,248 $ 17,929
Less: Passenger - Regional Affiliates 2,907 2,574
Less: UAFC 271 394
Mainline operating revenues excl. UAFC $ 16,070 $ 14,961
Mainline available seat miles 143,142 140,529
Mainline RASM excl. UAFC (in cents) 11.23 10.65 5.4%
Mainline operating revenues excl. UAFC $ 16,070 $ 14,961
17
Add: Fresh Start 206
Mainline operating revenues excl. UAFC & fresh start $ 16,276 $ 14,978
11.37 10.66
Mainline RASM excl. UAFC and fresh start (in cents) 6.7%

23. Mainline CASM And Unit Earnings
Mainline CASM & Unit Earnings Excl. Fuel & Special
Twelve months ending
%
March 31,
($ and ASMs in Millions; Rates in cents) 2007 2006 Change
Mainline RASM excl. UAFC 11.23 10.65
Total operating expense $ 18,722 $ 18,069
Less: Regional Affiliates 2,820 2,797
Mainline operating expense $ 15,902 $ 15,272
Less: Fuel 4,798 4,294
Less: UAFC 260 387
Less: Special items (a) (58) 18
Mainline operating expense excl. fuel & special $ 10,902 $ 10,573
Available Seat Miles (ASM) 143,142 140,529
Mainline Cost per ASM (CASM) excl fuel & special 7.62 7.52 1.3%
Mainline Unit Earnings excl. fuel & special 3.61 3.13 15%
Mainline CASM & Unit Earnings Excl. Fuel, Special, Severance & Fresh-start
Adjusted Mainline RASM 11.37 10.66
Mainline operating expense excl. fuel & special $ 10,902 $ 10,573
Less: Fresh Start Adjustments & severance (a) 301 99
Adjusted Mainline Expenses $ 10,601 $ 10,474
Available Seat Miles (ASM) 143,142 140,529
Adjusted Mainline CASM 7.41 7.45 -0.5%
Adjusted Mainline Unit Earnings 3.96 3.21 23%
(a) For TME 3/31/07, special items include the net impact of a $58 million benefit from reorg-related items. TME 3/31/07 adjusted
CASM also excludes $22 million for severance. The $18 million special item for TME 3/31/07 relates to an asset impairment charge.

24. EBITDAR Margin
Twelve months Adjusted Regional
ending (excl. fresh Affiliates Reg. Affil.
March 31, Fresh Start & start) TME Adjustments Normalized
2007 Special (1) 1Q07 (2) TME 1Q07
($ in Millions)
Net Income $ 96 96 $ 96
$
Interest Expense 793 793 793
Interest Income (273) (273) (273)
(63)
Taxes (63) (63)
Depreciation and amortization 892 892 892
Aircraft Rent 410 410 410
(36)
Special Items and Severance (36) (36)
Regional affiliates – – 392 392
1,819
EBITDAR excluding special items & severance $ 1,819 $ $ 2,211
Stock Based Compensation – 105 105 105
266 266
Fresh Start, excl depr, amort, rent, interest – 266
–
EBITDAR excluding special, severance & fresh-start $ 2,190 $ 2,582
Revenues $ 19,248 245 $ 19,493 $ 19,493
EBITDAR Margin (%) 9.5% 11.2% 13.2%
(1) $266 million of fresh start expenses (credits) include $245 million to revenue for Mileage Plus; $(35) million to expense for Mileage
Plus and $56 million for eliminated postretirement plan amortization.
(2) Adjustment for aircraft rent to reflect regional affiliates on an quot;ownedquot; basis for comparison to our competitors

25. Free Cash Flow Metrics
Twelve months
ending
March 31,
2007
($ and ASMs in Millions)
Cash from operations $ 1,735
Less: capital expenditures 338
Free cash flow $ 1,397
Operating revenues $ 19,248
Add: Fresh-start impact 245
Adjusted operating revenues $ 19,493
Free cash flow/total revenue 7.2%
ASMs 159,077
Free cash flow/1,000 ASMs $ 8.78