Let’s Fly Together Steamboat Presentation

1. Let’s Fly TogetherSteamboat Presentation

2. 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 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 forward-looking 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 which 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: 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 aviation fuel and energy refining capacity in relevant markets); our ability to cost-effectively hedge against increases in the price of aviation 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); 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 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. Consequently, forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. 2

3. The merger of Continental and United creates the world’s leading airline An unparalleled global network serving over 370 destinations worldwide Industry-leading on-time performance Industry-leading frequent flyer program Award-winning customer service The New United

4. Substantial Benefits to All Stakeholders >>> Expanded global network and superior product and service Customers Enhanced service and single-carrier access to best global network through strategically located hubs >>> Communities Improved long-term career opportunities and enhanced job stability >>> Employees Platform for increased profitability and sustainable long-term value >>> Shareholders

5. The World’s Leading Airline: At a Glance Hub Cities Domestic • Chicago O’Hare Int’l Airport • Cleveland Hopkins Int’l Airport • Denver Int’l Airport • Houston George Bush Intercontinental Airport • Los Angeles Int’l Airport • Newark Liberty Int’l Airport • San Francisco Int’l Airport • Washington Dulles Int’l Airport • Guam A. B. Won Pat Int’l Airport International • Narita Int’l Airport (Tokyo, Japan)

6. Extensive Global Network And Frequencies Positions United As Industry Leading Carrier Trans-Pacific Service Latin American & Caribbean Service Trans-Atlantic Service 26 Destinations 13 Countries 62 Average Daily Departures 69 Destinations 24 Countries 156 Average Daily Departures 34 Destinations 21 Countries 74 Average Daily Departures Figures for destinations with regular service in 2010 Source: OAG, Full Year 2010 6

7. Our Global Presence Is Based In Comprehensive Domestic Network With Unmatched Hub Structure New York Chicago San Francisco Denver Cleveland Washington D.C. Los Angeles Houston Guam 7

8. Youngest Fleet Among Major U.S. Network Carriers Average Mainline Fleet Age(Years) As of 12/31/09

9. Superior Products and Services Continued commitment to award-winning customer service and industry-leading on-time performance Award-winning international premium seat products 69 lounges around the world Financial strength to invest in on-board product and state-of-the-art technology Combines best-in-class products and services from both companies

10. Industry-Leading Loyalty Program 2009 Frequent Flyer Program Total Members(millions) * Subject to overlap between current programs Source: Based on data from public sources including 10-Ks

11. Industry-Leading Loyalty Program Industry-Leading Frequent Flyer Program Complimentary space-available domestic elite upgrades System-wide upgrades for top elites Priority check-in, pre-boarding and baggage benefits Elite recognition across Star Alliance World’s largest frequent flyer earnings and redemption network Flights to 370 destinations Access to Star Alliance network with unparalleled global coverage Extensive mileage upgrade award opportunities Vast array of travel and retail partners for earning and redemption Earn miles and other benefits with an unmatched choice of affinity cards Card products include premium, debit and small business Combined Networks ServeLeisure Destinations Customers Value Europe 27 Asia 31 Florida 11 Latin America 47 Caribbean 25 Hawaii 4

12. The Industry Is Climbing Out of a Deep Hole Net Income ($Billions) for U.S. Passenger and Cargo Airlines* Margin: (2.7%) Margin: (4.4%) Margin: 0.6% Margin: 3.5% Margin: 1.1% * DOT Form 41 P-12, Accounts 9899 and 4999/Provided by Air Transport Association

13. The Airline Industry is a Strong Driver of Economic Growth • “Economic growth and prosperity are determined in large part by access to the global economy. And, just as islands require bridges to the mainland….communities require bridges to the global economy. Air transportation is that bridge, providing the necessary access for U.S. cities…to enjoy a ‘Virtuous Circle of Economic Growth.’” • “The Plane Truth About Air Service and Economic Development,” • Global Aviation Improvement Network, Booz Allen (March 2001)

14. At the Local Level Watch for continued cost oversight of proposed expansion/capital projects. Expect airlines to be heavily involved in Master Plan projects. Airlines will continue to strongly partner with broader business community on general business issues at legislative level.

15. Where Do We Go From Here? World-Class Global Airline Brings Together the Best of Both • THE NEW UNITED Over the next 12 to 18 months, Continental and United will begin to integrate systems and standardize policies, procedures and customer benefits

16. Merger Timeline • October 1, 2010: United and Continental close merger. • Spring 2011: Customer Day 1 – key customer service and marketing activities will be combined, providing improved ability to serve United and Continental customers as a single airline. • October 2011 or later: The FAA is expected to issue a single operating certificate, allowing the two carriers to operate as a single airline

17. For now… • Continental and United continue to operate as two separate airlines with separate carrier codes • Airport lounge access remains the same • Presidents/Red Carpet Club members can visit each other’s lounges • Each airline delivers its own customer service • Customer miles and frequent flyer program status are safe • Continue to earn/redeem as usual • Interim benefits for Elite frequent-flier members flying on Continental and Continental elite members flying on United • Reciprocal preferred economy seating • Unlimited domestic upgrades on United flights

18. Merger Execution On Track And We Continue On Our Path To Achieve Our Full Potential • Our objective is to generate sustained and sufficient profitability to return cost of capital • Merger builds on strong foundation of industry leading performance • United will continue to pursue improvement in every area of the business in order to drive towards our full potential 18

19. DEN Schedule Stats • Despite growing competition, the combined United Airlines is still the leading airline in Denver • We maintain control of nearly half of all departures Average Daily Departure Share (July 2011) Average Daily Seat Share (July 2011)

20. Hayden Stats • United is the only carrier to serve HDN year-round • Our summer schedule is nearly as robust as winter • During the peak winter season we are still the largest carrier • We compete directly with OA in 2 of our 3 markets (DEN and ORD) Average Daily Departures

21. United’s On-Time & Cancel Reliability Into Hayden (HDN) Has Been Similar To Last Year. Weather Events Produce The Greatest Challenge, Typically During Winter Months

22. Competitively, United Is Similar In On-Time Performance (Based on Department of Transportation Data – Dec, 2010 To Mar, 2011. (UA has twice as many flights as other airlines, which allows for passenger protection in the event of a cancellation)