The document is a presentation from United Airlines given at an airline conference in December 2007. It discusses United's financial performance and strategic plans. Some key points: - United's core business is performing well, with strong revenue growth and profitability compared to prior years. - United aims to strengthen its core airline business, improve customer service, and disaggregate its business units. - The presentation outlines strategic roadmaps to improve safety, serve customers better, support employees, and deliver returns to shareholders over the next 5 years. - Financial results show United has competitive unit earnings and margins compared to peers, as well as strong free cash flow.

1. United Air Lines Inc.
Calyon Securities
Calyon Securities
2007 Airline Conference
2007 Airline Conference
December 4, 2007
December 4, 2007

2. Safe Harbor Statement And
Non-GAAP Reconciliation
The information included in this presentation contains certain statements
The information included in this presentation contains certain statements
that are “Forward-Looking Statements” within the meaning of the Private
that are “Forward-Looking Statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are subject to
Securities Litigation Reform Act of 1995. These statements are subject to
a number of assumptions, risks and uncertainties related to the
a number of assumptions, risks and uncertainties related to the
Company’s operations and the business environment in which it
Company’s operations and the business environment in which it
operates. Actual results may differ materially from any future results
operates. Actual results may differ materially from any future results
expressed or implied in such Forward-Looking Statements due to
expressed or implied in such Forward-Looking Statements due to
numerous factors, many of which are beyond the Company’s control,
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
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
subsequent Company reports filed with the United States Securities and
Exchange Commission. Persons reviewing this presentation are
Exchange Commission. Persons reviewing this presentation are
cautioned that the Forward-Looking Statements speak only as of the date
cautioned that the Forward-Looking Statements speak only as of the date
made and are not guarantees of future performance. The Company
made and are not guarantees of future performance. The Company
undertakes no obligation to update any Forward-Looking Statements.
undertakes no obligation to update any Forward-Looking Statements.
Information regarding reconciliation of certain non-GAAP financial
Information regarding reconciliation of certain non-GAAP financial
measures is available on the company’s website at www.united.com/ir.
measures is available on the company’s website at www.united.com/ir.
2

3. We Are Driving Shareholder Value…
Core business is performing well
United’s financial results are fully competitive
Well positioned to compete in a changing global marketplace
– Best network
– Best network
– Star Alliance
– Star Alliance
– Leading international premium product
– Leading international premium product
Disaggregating businesses
– Clear line of sight to core airline business
– Clear line of sight to core airline business
– Eliminate cross subsidies and unlock value
– Eliminate cross subsidies and unlock value
..By Thinking And Working Differently
3

4. The Core Business Is Performing Well
Performance Highlights - Year to Date September 30, 2007
Strong revenue performance driven by capacity and pricing discipline,
Strong revenue performance driven by capacity and pricing discipline,
network optimization and introduction of new products and services
network optimization and introduction of new products and services
– Mainline PRASM up 5.1% year over year
– Mainline PRASM up 5.1% year over year
– Consolidated PRASM up 4.6% year over year
– Consolidated PRASM up 4.6% year over year
Continued focus on controlling costs through continuous
Continued focus on controlling costs through continuous
improvement regimen
improvement regimen
– Consolidated CASM, excluding fuel, up only 1.1% year over year
– Consolidated CASM, excluding fuel, up only 1.1% year over year
Pre-tax earnings of $700 million
Pre-tax earnings of $700 million
– Pre-tax margin - 4.7%; nearly 15 times higher than YTD 9/30/2006
– Pre-tax margin - 4.7%; nearly 15 times higher than YTD 9/30/2006
Generated operating cash flow of $2 billion
Generated operating cash flow of $2 billion
– Free cash flow of $1.6 billion, up 55% from YTD 9/30/2006
– Free cash flow of $1.6 billion, up 55% from YTD 9/30/2006
Note: Pre-tax earnings, PRASM and CASM numbers exclude special items and severance.
4

5. Operating Discipline Is Key To Recouping Higher
Fuel Costs
Cents Billion ASMs
Mainline RASM* Vs. Mainline Capacity
• Capacity
• Capacity Twelve Months Ended
– First carrier to begin process of
– First carrier to begin process of
moving capacity to int’l markets in
moving capacity to int’l markets in
2004
2004 Cents Billion ASMs
– Quick to take additional action this
– Quick to take additional action this
year
year
– Expect 2008 mainline domestic
– Expect 2008 mainline domestic
capacity to be down 3% -4%
capacity to be down 3% -4%
• Pricing
• Pricing
– Led 5 system wide fare increases in
– Led 5 system wide fare increases in
the last 6 months
the last 6 months
– Have initiated over 50 other tactical
– Have initiated over 50 other tactical
domestic increases in the same time
domestic increases in the same time
period
period
• Results
• Results
– Continuing trend of strong quarterly
– Continuing trend of strong quarterly
PRASM growth
PRASM growth
*Excludes UAFC and Special items
5

6. Our Progress Is Reflected In Our Competitive
Unit Earnings Performance…
Mainline Unit Earnings excluding Fuel Costs
(RASM minus CASM ex Fuel)
Twelve Months Ended 9/30/2007
¢/ASM
4.45 4.24 4.17 4.13 4.10
3.91
3.32
4.43 4.23 3.94
NWA DAL UAUA AMR LCC CAL LUV
TME 3Q07 B/(W)
19.4% 28.4% 13.0% 8.7% 12.8% 6.6% 4.3%
than TME 3Q06
UAUA Fresh Start Adjusted OA Fresh Start Adjusted
UAUA Unadjusted OA Unadjusted
Sources: Company press releases. All results also exclude special items, regional affiliates and any applicable non-cash fresh-start and exit-related impacts. YOY results reflect Fresh-Start adjustments, where applicable.
6

7. … As Well As Our Competitive Margin Performance
Pre-Tax Margin* (%)
Twelve Months Ended 9/30/2007
8.1%
6.9%
5.6%
4.7%
3.7%
2.8% 2.7%
3.7%
LUV NWA LCC UAUA CAL AMR DAL
Sources: Company press releases.
*All results also exclude special items and any applicable non-cash fresh-start impacts.
7

8. Free Cash Flow Metrics Are Not Obscured By
Exit Accounting; United Leads Peers
Twelve Months Ended 9/30/2007
Free Cash Flow/Consolidated ASMs
Free Cash Flow/Total Revenue
$/1,000 ASMs
8.9%
8.9%
$11.08
$11.08
6.4%
6.4% $7.96
$7.96
5.8% $6.98
5.8% $6.98
5.6%
5.6%
$5.70
$5.70
$5.07
$5.07
3.8%
3.8%
$1.86
$1.86
1.2% $0.30
1.2% $0.30
0.2%
UAUA AMR LUV CAL NWA LCC DAL UAUA AMR CAL LUV NWA LCC DAL
UAUA AMR LUV CAL NWA LCC DAL UAUA AMR CAL LUV NWA LCC DAL
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.
8

9. Our Strategic Plan Is A 5-Year Roadmap To
Create Value For All Stakeholders
We will be the global airline of choice
for premium customers, employees
and investors
Investors
Customers
Employees
Safety
Safety
Balancing the needs of all
stakeholders and strengthening the
core business
9

10. We Are Charting Our Own Course To Create
Value For Shareholders
• Strengthen the core airline
– Consistently delivering superior
service
– Delivering differentiated products
and services
– Building employees’ connection and
5 Year commitment to United
Plan
– Developing new sources of revenue
and controlling costs
• Disaggregating business units
• Participate in consolidation given the
right opportunity
10

11. Our Safety Roadmap: Increase Focus On Standard
Work, Lost-Time Injuries and Aircraft Damage
Safety
• Safety will always be our No. 1 priority. United is committed to
ensuring the safety of our customers and employees and to
maintaining our leadership position in the industry.
• Will improve performance to keep employees safe and reduce
aircraft damage
– Investing in additional training
– Using standard work practices
11

12. Our Customer Roadmap: Build Lifelong Relationships
Through Commitment to Products, Service and Action
Customers
• Attracting distinctive customer segments by providing unique,
differentiated products and services
• Consistently delivering superior service means excelling on the
basics
12

13. Our Employee Roadmap: Provide Resources, Support
To Enable Employees and Rebuild Commitment
Employees
• Providing the resources, work environment and training for employees to
be successful
13

14. Our Investor Roadmap: To Deliver Returns To
Shareholders
Investors
• Strengthening core business
• Driving revenue premiums by
– Strengthening network while exercising capacity and pricing discipline
− Providing unique differentiated products and services
− Improving customer service
− Unbundling products and services, allowing customer to tailor their
experience
• Leveraging continuous improvement across the company to improve
processes, efficiency, and control costs
– Transforming Strategic Sourcing to drive cost savings from vendor
relationships
– Continuing to shift toward lower cost distribution channels
• Disaggregating business units
• Participate in consolidation given the right opportunity
14

15. Going Forward, We Will Continue to Focus on
Generating Value for All Our Stakeholders
Modest capex helps fuel strong free cash flow
Modest capex helps fuel strong free cash flow
– Non-aircraft capex of $550MM in 2007 and $650M in 2008 focused
– Non-aircraft capex of $550MM in 2007 and $650M in 2008 focused
on customer, infrastructure and IT needs
on customer, infrastructure and IT needs
– No planned capital expenditure for new aircraft
– No planned capital expenditure for new aircraft
Limited fixed obligations results in strong cash position
Limited fixed obligations results in strong cash position
– Limited debt maturities; approximately $700M in 2008
– Limited debt maturities; approximately $700M in 2008
– No material defined benefit pension funding
– No material defined benefit pension funding
Primary use of free cash flow is to pay down debt
Primary use of free cash flow is to pay down debt
Considering using portion of free cash flow for shareholder
Considering using portion of free cash flow for shareholder
initiatives
initiatives
– Currently seeking amendment to credit agreement to create flexibility
– Currently seeking amendment to credit agreement to create flexibility
for dividends // stock repurchases
for dividends stock repurchases
– Convertibles also an option
– Convertibles also an option
15

16. We Are Driving Shareholder Value…
Core business is performing well
United’s financial results are fully competitive
Well positioned to compete in a changing global marketplace
– Best network
– Best network
– Star Alliance
– Star Alliance
– Leading international premium product
– Leading international premium product
Disaggregating businesses
– Clear line of sight to core airline business
– Clear line of sight to core airline business
– Eliminate cross subsidies and unlock value
– Eliminate cross subsidies and unlock value
..By Thinking And Working Differently
16

17. Non-GAAP To GAAP Reconciliation

18. 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.
18

19. PRASM
Nine months ended %
September 30,
(in millions, unless stated) Increase
2007 2006 (Decrease)
Mainline
Passenger - United Airlines $ 11,457 $ 10,978 4.4
Add: Income from special item 37 - -
Mainline passenger revenue 4.7
$ 11,494 $ 10,978
Mainline available seat miles 106,941 107,780 (0.8)
Adjusted Mainline PRASM (in cents) 10.71 10.19 5.1
Mainline PRASM (in cents) 10.75 10.19 5.5
Consolidated
Consolidated passenger revenues $ 13,755 $ 13,181 4.4
Add: Income from special item 45 - -
Consolidated passenger revenue 4.7
$ 13,800 $ 13,181
Consolidated available seat miles 119,243 119,547 (0.3)
Adjusted Consolidated PRASM (in cents) 11.54 11.03 4.6
Consolidated PRASM (in cents) 11.57 11.03 4.9
19

20. Mainline Unit Earnings
Mainline Unit Earnings Excl. Fuel & Special
Twelve months ending
September 30, %
($ and ASMs in Millions; Rates in cents) 2007 2006 Change
$ 242
$ 1,124
Total operating earnings
128 (4)
Less: Regional Affiliates
Mainline operating earnings 996 $ 246
$
Fuel 4,710 4,851
(10) (9)
UAFC
(8)
(87)
Special items (a)
Mainline operating earnings excl. fuel & special $ 5,609 $ 5,080
Available seat miles (ASM) 142,256 142,572
10.7%
3.94 3.56
Mainline Unit Earnings excl. fuel & special
Mainline Unit Earnings Excl. Fuel, Special & Fresh-start
$5,080
Mainline operating earnings excl. fuel & special $ 5,609
332 174
Adjusted for Fresh Start
$ 5,254
$ 5,941
Adjusted mainline earnings
142,572
142,256
Adjusted available seat miles (ASM)
13.0%
4.17 3.69
Adjusted Mainline Unit Earnings
(a) For TME 9/30/07, special items excludes the impact of $50 million in gains related to Airport Municipal bonds and other
bankruptcy-related items. TME 9/30/06 adjusted CASM also excludes a $22 million charge for severance and a $30 million gain
related to SFO Airport Municipal Bonds.
20

21. Free Cash Flow Metrics
Twelve Months
Ended, September 2007
($ and ASM in millions)
$ 2,295
Cash Flow from Operations
538
Less: Capital Expenditures
$ 1,757
Free Cash Flow
$19,699
Total Revenue
158,531
Consolidated ASM
8.9%
FCF / Total Revenue
11.08
FCF / 1,000 ASM
21

22. Pre-Tax Income, Free Cash Flow, CASM ex Fuel
Nine months Ended %
(in millions) September 30, Increase
Pre-tax income 2007 2006 (Decrease)
Earnings before income taxes (96.6)
$ 793 $ 22,988
(100.0)
Less: Reorganization income, net - (22,934)
Adjusted pre-tax income NM
793 54
-
Less: Income from special revenue items (45) -
46.7
Less: Income from special expense items (44) (30)
-
Less: Gain from debt retirement (22) -
Add: Severance (100.0)
- 22
-
Add: Credit facility amendment financing costs 23 -
Adjusted pre-tax income NM
$ 705 $ 46
$ 15,113 $ 14,721
Consolidated operating revenues 2.4
4.4 pt.
Adjusted pre-tax margin (percent) 4.7 0.3
Free cash flow
Operating cash flow $ 2,002 $ 1,269 57.8
Less: Capital Expenditures 428 252 69.8
Free Cash Flow $ 1,574 $ 1,017 54.8
Consolidated CASM excluding fuel
Consolidated operating expenses $ 14,012 $ 14,330 (2.2)
Less: Fuel and UAFC 4,258 4,614 (7.7)
Adjusted consolidated operating expenses $ 9,754 $ 9,716 0.4
Consolidated available seat miles 119,243 119,547 (0.3)
Adjusted consolidated CASM (in cents) 8.18 8.13 0.6
Consolidated operating expenses excluding fuel and UAFC $ 9,754 $ 9,716 0.4
Add: Income from special items 44 30 46.7
Less: Severance - (22) (100.0)
Adjusted consolidated CASM (in cents) $ 9,798 $ 9,724 0.8
8.22 8.13 1.1
22

23. Pre-Tax Margin
TME 3Q07
19,699
Total Revenue
Less: Special Revenue (45)
Plus: Fresh Start Adj. 186
19,840
Total Adjusted Revenue
18,575
Total Expenses
Plus: Special Expenses 50
Less: Fresh Start Adj. (174)
18,451
Total Adjusted Expenses
1,389
Operating Earnings
430
Non-Operating Expenses
Less: Special Non-Operating Gain 22
452
Total Adj. Non-Operating Expenses
937
Adjusted Pre-Tax Earnings
4.7%
Pre-Tax Earning Margin
23