Forward-looking Statements This website contains forward-looking statements that reflect the Company's current expectations and beliefs with respect to certain current and future events. including its future plans with respect to the Board and Mr. Munoz's full-time return as President and Chief Executive O fficer. Factors that could cause actual events or results to differ significantly from those described in the forward-looking statements inc lude. but are not limited to. those described in Part I, Item 1A., "Risk Factors" of the Company's Form 1 O·K for the year ended December 31, 2015, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the U.S. Securities and Exchange Commission. All forward-looking statements in this release are based upon information available to the Company on the date of this report. The Company undertakes 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 la w. Additionallnfonmation and Where to Find It This website may be deemed to be solicitation material in connection with the matters to be considered at the 2016 annual meeting (the "2076 Annual Meeting") of stockholders of United Continental Holdings.Inc. ("UAL j. UAL intends to file a proxy statement and a WHITE proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connec tion with any such solicitation of proxies from UAL stockholders. UAL STOCKHOLDERS ARE STRONGLY ENCOUR AGED TO READ ANY SUCH PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE. BECAUSE THEY Wi CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain any proxy statement. any amendments or supplements thereto and other documents filed by UAL with the SEC for no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge at UAL's website at www. ir.united.com in the "Securities Filings" section or by writing to UAL at 233 South Wacker Drive Chicago. Illinois 60606, Attn: Corporate Secretary. Participants in the Solicitation UAL and its directors and executive officers may be deemed to be participants in the solicitation of proxies from UAL's stockholders in connection with the matters to be considered at the 2016 Annual Meeting. Investors may obtain information regarding UAL and it s directors and executive officers in UAL's Annual Report on Form 1Q-K for the year ended December 31, 2015, which was filed with the SEC on February 18, 2016, and UAL's definitive proxy statement for its 201 5 annual meeting of stockholders (the "2015Annual Meeting"). which was filed with the SEC on April 24. 201 5. To the extent holdings of UAL securities by UAL's directors or executive officers have changed since the amount s disclosed in the def initive proxy statement for the 2015 Annual Meeting. such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 and Statements of Change in Beneficial Ownership on Form 4 filed with the SEC. More detailed information regarding the identity of potential participants in the solicitation. and their direct or indirect interests. by security holdings or otherwise. will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the 2016 Annual Meeting. Agree I have read and agree to the terms of this website.

UNITED LATEST NEWS AND UPDATES W EBCASTS AND PRESENTATIONS FREQUENTLY ASKED QUESTIONS We are well on our way to restoring United as the world's greatest and most resilient airline.Our team has been focused on improving the operation and the customer experience,and the results are starting to show.Over the past several months,United has experienced significant improvements in on-time arrivals and completion factor. United's 2015 earnings were one of the best in the Company's history, and we made progress shrinking the margin gap with our closest competitors,strengthening our balance sheet, and returning significant cash to shareholders. We have a lot of positive momentum and an unwavering focus on delivering industry-leading operationalperformance.elevating our customer experience and improving our financial performance to create increased long-term shareholder value. Our Board of Directors is focused on creating substantial value for shareholders. and provides important perspective,strategic advice and business expertise to our management team and oversees our drive to operate the safest,most dependable and welcoming airline while also providing unparalleled access to the world. RECENT NEWS DATE TITLE United Comments on Proxy Contest 03/08/16 United Appoints Three New Independent Directors 03/07!16 United Airlines Announces Return of Pres1dent and CEO Oscar Munoz 03/06/16 More News © 2016United Airlines All rights reserved. Important lnfoiTTlation Contact example@email.com SUB MIT

UNITED WEBCASTS AND PRESENTATIONS LATEST NEWS AND UPDATES FREQUENTLY ASKED QUESTIONS DATE TITLE United Comments on Proxy Contest 03/08/16 United Appoints Three New Independent Directors 03/07!16 United Airlines Announces Return of Pres1dent and CEO Oscar Munoz 03/06/16 © 2016 United Airlines All rights reseJVed. Contact Important Information SUBMIT example@emall.com

UNITED d. News Release United Airlines Worldwide Media Relations 872.825.8640 media.relations@united.com A STAR ALLIANCE MEMBER y· · UNITED APPOINTS THREE NEW INDEPENDENT DIRECTORS James Kennedy, Robert Milton and James Whitehurst Join United Board CHICAGO, March 7, 2016-United Continental Holdings, Inc. (NYSE: UAL) today announced that its Board of Directors has appointed three new highly qualified independent directors to the Board: James A.C.Kennedy, Robert A.Milton and James M. Whitehurst, effective immediately. Henry L. Meyer Ill, Non-Executive Chairman of the Board, said, 'We are always looking at ways to enhance corporate governance at United. For some time, the Board has been evaluating potential director candidates with the assistance of a leading search firm and with the benefit of shareholder input. We are very pleased to announce the appointment of three new independent directors to the Board today and expect to announce a fourth in the near term." Meyer added, 'We believe these accomplished executives, who have deep airline or other relevant experience, will provide invaluable perspective as we build on our strong momentum by continuously working to improve operations. We remain focused on investing in our products and services to earn the trust of our customers and employees and to create long-term value for our shareholders." Oscar Munoz, who plans to resume the role of President and Chief Executive Officer on March 14, 2016, noted, "I am excited that three world-class, independent directors are joining the Board and believe they will help achieve our goal of generating superior value for shareholders. Ilook forward to working together with the Board and the management team to accelerate the positive momentum of our operational turnaround while continuing to innovate and elevate our employee and customer experience." United's three new directors will be nominated by the Board for re-election at the 2016 Annual Meeting. The Board expects to appoint a fourth new independent director in the near term, who would also be nominated for re-election at the 2016 Annual Meeting. In connection with the appointment of the new directors, certain current directors will step down from the Board at or in advance of the 2016 Annual Meeting. James Kennedy, 62, is the former President and Chief Executive Officer ofT. Rowe Price Group, Inc., a global investment management organization which provides mutual funds, sub-advisory services, and separate account management. During his tenure, T. Rowe more than doubled its assets under management, which increased from $335 biIlion at the

United Appoints Three New Independent Directors I Page 2 end of 2006 to $763 billion as of December 31, 2015. Prior to his appointment as President and Chief Executive Officer in 2006, Mr. Kennedy served in roles of increasing responsibility at T. Rowe since 1978, including VP & Director of the Equity Research Division beginning in 1997. He has been a director ofT. Rowe since 1987. Prior to joining T. Rowe, Mr. Kennedy participated in the Financial Management training Program at General Electric. He graduated from Princeton University with a BA degree and Stanford University with an MBA. He is a recipient of the Stanford University Graduate School of Business Excellence in Leadership Award. Robert Milton, 55, was Chairman and Chief Executive Officer of ACE Aviation Holdings Inc., and was Chairman, President and Chief Executive Officer of Air Canada. Having joined Air Canada in 1992 in a consulting capacity, Mr. Milton moved from the role of Senior Director of Scheduling to Vice President, Scheduling and Product Management, Senior Vice President, Marketing and In-Flight Service and Executive Vice President and Chief Operating Officer. Mr. Milton became President and Chief Executive Officer of Air Canada in 1999. He is currently the lead director of Air Lease Corporation, a director of the Smithsonian National Air and Space Museum, and a trustee of the Georgia Tech Foundation Inc. Mr. Milton was a past director of US Airways, Inc., and was also a past Chairman of the Board of Governors of lATA (The International Air Transport Association). Mr. Milton graduated from the Georgia Institute of Technology with a BS in Industrial Management. James Whitehurst, 48, is President and Chief Executive Officer of Red Hat, Inc., a leading provider of open source enterprise IT products and services. Since joining Red Hat in January 2008, he has more than tripled the company's revenue from $523 million to $1.8 billion, while the company's stock has returned over 250%. Under his leadership, Red Hat was named to Forbes' list of ''The World's Most Innovative Companies" in 2015, 2014, and 2012; added to Standard and Poor's 500 stock index in 2009; and named one of the best places to work by Glassdoor in 2014. Prior to Red Hat, Mr. Whitehurst spent six years at Delta Air Lines, Inc., where he managed airline operations and drove significant international expansion as Chief Operating Officer. Mr. Whitehurst helped put the company back on firm footing as it emerged from bankruptcy in 2007. Before Delta, he held several corporate development leadership roles at The Boston Consulting Group, with clients across a wide range of industries. Mr. Whitehurst currently serves on the Board of DigitaiGiobe, Inc. In June 2015, Whitehurst published a book with Harvard Business Review Press entitled "The Open Organization: Igniting Passion and Performance" showing how open principles of management, based on transparency, participation, and community, can help organizations navigate and succeed in a fast­ paced connected era. He is a graduate of Rice University with a BA in Computer Science and has an MBA from Harvard Business School. United has been focused on improving its operations and customer and employee experience. Over the past several months, United has experienced significant improvements in on-time arrivals and completion factor. United's 2015 earnings were one of the best in the Company's history, and United made progress shrinking the margin gap with its closest competitors, strengthening its balance sheet, and returning substantial cash to shareholders. A STAR AlLIANCE MEMBER

United Appoints Three New Independent Directors I Page 3 United has also been upgrading its customer experience with free snacks and premium coffee, providing improved WiFi onboard, and modernizing its United Clubs and airport lounges. These and other enhancements are delivering continued improvement in United's customer satisfaction, employee pride, and financial performance. Forward-looking Statements This release contains forward-looking statements that reflect the Company's current expectations and beliefs with respect to certain current and future events, including its Mure plans with respect to the Board, the expected impact of the new directors on the Company and Mr. Munoz's full-time return as President and Chief Executive Officer. Factors that could cause actual events or results to differ significantly from those described in the forward-looking statements include, but are not limited to, those described in Part I, Item 1A., "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the U.S. Securities and Exchange Commission. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, Mure events, changed circumstances or otherwise, except as required by applicable law. About United United Airlines and United Express operate an average of nearly 5,000 flights a day to 342 airports across six continents. In 2015, United and United Express operated nearly two million flights carrying 140 million customers. United is proud to have the world's most comprehensive route network, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. United operates more than 700 mainline aircraft, and this year, the airline anticipates taking delivery of 20 new Boeing aircraft, including 737 NGs, 787s and 777s. The airline is a founding member of Star Alliance, which provides service to 192 countries via 28 member airlines. Approximately 84,000 United employees reside in every U.S. state and in countries around the world. For more information, visit united.com, follow @United on Twitter or connect on Facebook. United Continental Holdings, Inc. common stock is traded on the NYSE under the symbol UAL. A STAR AlLIANCE MEMBER

UNITED d. News Release United Airlines Worldwide Media Relations 87 2.825.8640 media.relations@united.com A STAR ALLIANCE MEMBER y· · United Airlines Announces Return of President and CEO Oscar Munoz CHICAGO, March 6,2016-United Continental Holdings, Inc. (NYSE: UAL) today announced that President and Chief Executive Officer Oscar Munoz plans to return to those roles on a full-time basis on March 14, 2016 and resume all of his duties and responsibilities at that time. Munoz has already been participating actively in all major corporate decisions and meeting frequently with employees, shareholders, and other stakeholders during his recovery. Henry L. Meyer Ill, Non-Executive Chairman of United's Board of Directors, said, "The Board is confident in the strength and potential of United's business-and very pleased that Oscar will be returning to the roles of President and Chief Executive Officer on a full-time basis.We expect him to continue leading the company's improving operational and financial performance, driving increased shareholder value, and innovating and elevating United's customer and employee experience. We would also like to extend our sincere appreciation to Brett Hart for his superb leadership as acting CEO." Munoz said, "I am thrilled to return full-time to a job and the employees I love. Since September when I became CEO, our team has been focused on our employees, improving the operation and the customer experience, and the results are starting to show. In fact, over the past several months United has emerged as a top performer in on-time arrivals and completion factor among our largest industry peers. I am grateful to our 85,000 aviation professionals around the world at United for running such a great airline and taking care of our customers. "Our progress isn't just limited to the operation. Financially, we have been performing well. United's 2015 earnings were one of the best in the Company's history, and we made significant progress shrinking the margin gap with our closest competitors, strengthening our balance sheet, and returning significant cash to shareholders. United spent $1.2 billion repurchasing shares in 2015 and plans to spend $1.5 billion on share repurchases in the first quarter of 2016. We have a lot of positive momentum, but this is just the beginning. There is significant work underway and we see substantial upside yet to come." -more-

United Airlines Announces Return of President and CEO Oscar Munoz I Page 2 United has also been upgrading its customer experience with free snacks and premium coffee, providing improved WiFi onboard, and modernizing its United Clubs and airport lounges. These and other enhancements are delivering continued improvement in United's customer satisfaction, employee pride, and financial perfonnance. Forward-looking Statements This press release contains forward-looking statements that reflect the Company's current expectations and beliefs with respect to certain current and future events, including Mr. Munoz's full-time return as President and Chief Executive Officer and planned share repurchases. Factors that could cause actual events or results to differ significantly from those described in the forward­ looking statements include, but are not limited to, those described in Part I, Item 1A., "Risk Factors" of the Company's Form 10-K for the year ended December 31,2015, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the U.S. Securities and Exchange Commission. All forward-looking statements in this release are based upon information available to the Company on the date of this report. The Company undertakes 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. About United United Airlines and United Express operate an average of nearly 5,000 flights a day to 342 airports across six continents. In 2015, United and United Express operated nearly two million flights carrying 140 million customers. United is proud to have the world's most comprehensive route network, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. United operates more than 700 mainline aircraft, and this year, the airline anticipates taking delivery of 20 new Boeing aircraft, including 737 NGs, 787s and 777s. The airline is a founding member of Star Alliance, which provides service to 192 countries via 28 member airlines. Approximately 84,000 United employees reside in every U.S.state and in countries around the world. For more information, visit united.com, follow @United on Twitter or connect on Facebook.United Continental Holdings, Inc. common stock is traded on the NYSE under the symbol UAL. ### A STAR A LLIANCE MEMBER {'

UNITED LATEST NEWS A ND UPDATES FREQUENTLY ASKED QUESTIONS W EBCASTS AND PRESENTATIONS 1.What are United's views on PAR and Altimeter's nomination of an opposition slate? United is always open to constructive input from shareholders,and respects the right of shareholders to nominate directors. However,the Board is deeply disappointed that after we attempted to engage in a constructive,good-faith dialogue with PAR and Altimeter, repeatedly communicated our willingness to make meaningful changes in our Board,publicly announced our intention to name four new independent directors with deep relevant experience and named three of them, PAR and Altimeter have unilaterally taken this hostile action with no concern that a proxy fight could distract the Company from executing on Oscar's strategic plan. 2.Is the United Board open to adding new directors? Yes. The Board has been evaluating potential new director candidates since mid-2015 with the assistance of a leading search firm and with the benefit of shareholder input in the process. We recently appointed three new independent directors with deep relevant experience to the Board and intend to add one more in the near term: - Jim Kennedy is the former President and CEO ofT.Rowe Price Group,Inc.,a global investment management organization. During his tenure,T. Rowe has more than doubled its assets under management,which increased from $335 billion at the end of 2006 to $763 billion as of December 31, 201 5. - Robert Milton was Chairman and Chief Executive Officer of ACE Aviation Holdings Inc. and Chairman, President and Chief Executive Officer of Air Canada. He has worked in the airline industry for over 20 years,having joined Air Canada in 1992. He's also the lead director of Air Lease Corporation. - Jim Whitehurst is President and CEO of Red Hat,Inc., and previously Chief Operating Officer at Delta Air Lines,Inc.He has more than tripled the revenue at Red Hat, which is a leading provider of open source enterprise IT products and services,since joining in 2008. As Chief Operating Officer at Delta Air Lines, Inc.,he managed airline operations,drove significant internationalexpansion and helped put the Company back on firm footing as it emerged from bankruptcy in 2007. 3.Will United's new directors replace existing Board members? We expect that with the addition of new directors,certain current directors will step down from the Board at or in advance of the 2016 AnnualMeeting. 4.How many director seats are up for reelection at the annualmeeting? All of the directors on the Board who are elected by Untied's common stockholders are elected annually. Two of the Company's directors are elected by certain unions. 5.When is United's AnnualMeeting of Shareholders? The date of the 2016 Annual Meeting has not yet been set. 6.When does United planto file its definitive proxy materials for the 2016 Annual Meeting? United will file its proxy materials in advance of the Annual Meeting.once the date has been set. 7.What is the record date? The record date for the 2016 Annual Meeting has not yet been set. 8.How can I ensure receipt of timely updates from United on this matter? This website was created as the place to go for information about our upcoming AnnualMeeting. You may sign up for the automated e-news option on the website to be notified when new information is available on the website. 9.What does this mean for employees or customers of United? Customers and employees will not see any changes to their day-to-day experiences during this proxy contest. The United team remains focused on accelerating our progress and executing on all strategic initiatives, and United employees will keep working hard to earn the trust of our valued customers. 10.Why didn't United enter into a settlement agreement with PAR and Altimeter? Members of the Board met with representatives of PAR/Altimeter several times and repeatedly communicated the Board's willingness to make meaningful changes in Board composition.Despite the fact that the Board recently appointed three new independent directors with deep relevant experience to the Board and announced its intention to add one more in the near term,PAR and Altimeter have unilaterally taken this hostile action to launch a proxy fight that will distract the Company from executing on Oscar's strategic plan. 11.Where do Igo if Iwant to book a flight? Please go to our main site,United.com,where we would be happy to assist you with your travel needs. © 2016 United Arilines All rights reserved. mportant rmation Contact Info I SUBMIT example@emaol.com

UNITED LATEST NEWS AND UPDATES FREQUENTLY ASKED QUESTIONS WEBCASTS AND PRESENTATIONS DATE TITLE 03/08/16 JPMorgan Aviation. Transportation and Industrials Conference Presentation © 2016 United Airlines All rights reserved. Important Information Contact SUBMIT example@emall.com

J PMofgan Aviation, Transportation and Industrials Conference United Continental Holdings, Inc. March 8,2016 Gerry Laderman-SVP Finance and acting Chief FinancialOfficer Doug Leo-SVP Revenue Management, Pricing and Network A STAR ALLIANCE MEMBER vt.,..·· UNITED IIJl

Safe Harbor Statement Certain statements Included In this release are forward-looking and thus reflect our currant expectations and beliefs with respect to certain currant and future events and financial performance.Such forward-looking statements are and willbe subJect to many risks and uncertainties relating to our operations and business environment that may cause actualresults 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," "goals" and similar expressions are Intended to Identify forward-looking statements.Additionally, forward-looking statements Include statements that do not relate solely to historicalfacts,such as statements which Identify uncertainties or trends,discuss the possible future effects of currant 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 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 actualresults 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 operationalplans,including optimizing our revenue;our ability to controlour costa, 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 traveldemand or travelbehavior;demand for traveland the impact that globaleconomic conditions have on customer travelpatterns;excessive taxation and the inability to offset future taxable income; generaleconomic conditions (including interest rates, foreign currency exchange rates,investment or credit market conditions, crude oilprices,costs of aircraft fueland energy refining capacity in relevant markets);our ability to cost-effectively hedge against increases in the price of aircraft fuel;any potentialrealized or unrealized gains or losses related to fuelor currency hedging programs;the effects of any hostilities, act of war or terrorist attack;the ability of other air carriers with whom wa 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;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 governmentallegislation, regulation and other actions (Including open skies agreements and environmental regulations);the Impact of regulatory,Investigative and legalproceedings and legalcompliance risks;the Impact of any management changes;our CEO's health prognosis and return to work on a full-time basis; 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 potentialactions by our labor groups;weather conditions;and other risks and uncertainties set forth under Item 1A, Risk Factors,of UAL's AnnualReport 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. UNITED

Focused on making United the best airline for employees, customers and shareholders UNITED 2 Optimize capital allocation Continue sensible cost management Execute on revenue and network initiatives Improve the operation

Investing in people, processes improvement and systems to drive further FY14 FY15 97.5% FY14 FY15 UNITED 3

Investing in people, processes improvement and systems to drive further 51.2% YTD15 YTD16 Consolidated completion factor1 95.7% 96.0% YTD15 YTD16 UNITED 1Throughendoffebruary 2015 and2018 4

Focused on making United the best airline for employees, customers and shareholders Improve the operation Continue sensible cost management Optimize capital allocation UNITED 5 Execute on revenue and network initiatives

Network and fleet themes support margin improvement in line with demand J ...... ···" .• " ' I/ ,· .-;".:. ... ' ' / UNITED 6 Expect 1Q16 PRASM to decrease 6% - 8o/o year-over-year ,'1)'·.'/ ,. Grow capacity

Aligning capacity with demand to maximize revenue • Build capacity and network based on demand • Overall capacity growth at or below GDP on average FY16 expected capacity Year-over-year change 2.1%. 3.1% 1.5%. 2.5% • Shift capacity among markets to maximize profitability • Moving planned growth out of Houston and into Denver and San Francisco • Grow domestic hubs • Exit Kennedy and consolidate transcon flying out of Newark Domestic International Consolidated • Leverage leading internationalposition • New destinations include Auckland, Athens and Singapore UNITED 7 1.0o/o • 2.0o/o

Reducing reliance on 50-seat aircraft... • Address regionalpilot shortage 50 seat aircraft fleet • Lower cost per seat 357 % decrease 238 • Improve reliability <100 • Address customer preference YE13 YE14 YE15 YE16E YE19E • Add ancillary revenue opportunities UNITED Soura:SECflllnp. VE1BE as of January 21,20t8 lnnatorUpdata 8 318 -60 254

Upgauging fleet drives margin expansion addressing regional pilot shortage Average seats/departure Year-over-year change while also 7.0o/o -5.0% 3.1% (0.5%} FY13 FY14 FY15 FY16E UNITED 9 FY16E consolidated capacity Year-over-year change -S.Oo/o 1.5%-2.5% (-2.0%} Gauge DeparturesStage Capacity Length

Current structure features misalignment between customer willingness to Customer type pay, fares,and product/extras Fares Product/extras Lowest and ancillary .............................................................. No frills UNITED 10 Pure price Regular available fares

Entry level fares permit us to better align products/extras and prices with segmented expectations and willingness to pay Product/extras Customer type Fares I Pure price Entry level fares No frills I UNITED 11

Focused on making United the best airline for employees, customers and shareholders Improving long-term shareholder value Execute on revenue and network initiatives Optimize capital allocation UNITED 12 Continue sensible cost management

Demonstrating cycle good cost performance through a business Non-fuelCASM1 Year-over-year change -2.5% Pilot agreement 1.3% Excluding ne w labor agreements (0.7%) FY15 FY14 FY16E 1Exdudlng specialchargea.fuel,third-partybuslneu1111d proftt.harlng expense.2018Euof.2015 Annual Report Form1o.K. For•GIN' to Nort-ONIP reconciliation, ueAppendlx.A 13 UNITED 0.5o/o - 1.5o/o FY14-FY18E Average -1.0%

Making good progress non-fuel costs in improving efficiency and reducing Annual non-fuel savings ($M) $800 FY14 FY15 FY16E UNITED 14 $380

Will remain flexible in our management of future fuelexpense Build risk profile considering competitive environment Continually assess ability to absorb or self· insure net fuelexposure UNITED 15

Focused on making United the best airline for employees, customers and shareholders Improve the operation Execute on revenue and network initiatives Continue sensible cost management UNITED 16 Optimize capital allocation

Generating meaningful cash flow Operating cash flow ($8) Free cash flow1 ($8) $6.0 $2.5 $2.6 ($1.6) FY12 FY12 FY13 FY14 FY15 FY13 FY14 FY15 1For a GAN' to Non-GN!P n conclllallon.••Appendix A UNITED 17 ($0.5) ($0.9) $1.4

Optimize capital allocation Continue to make investments to support business priorities Achieve investment grade balance sheet and well-funded pension plans On track to complete $3B share repurchase authorization in 2016 UNITED 18 Maintain unrestricted liquidity balance of $58 - $68, including revolver Shareholder compensation Strengthen the balance sheet

Investing in aircraft to support business priorities UNITED 19

Recent fleet announcements Accelerating 747 retirement to 2018 Placed order for 25 737-700 aircraft • In order to meet capacity needs while also accelerating 747 retirements, converting 787s originally planned for delivery beyond 2019 into five 787-9s and four 777-300ERs with delivery beginning in 2017 No meaningful increase to long-term • • Brings total 737-700 order book to 65 Reduces 50 seat fleet to less than 100 by the end of 2019 Leverages commonality and reduces complexity • • capitalexpenditures .\ Now expect FY16 capitalexpenditures 1 to be $3.18-$3.38 and average annual capital expenditures to be $3.88-$4.08 from 2016-2019,including -$ 2.88 of aircraft capital expenditures U N IT E D , Groucapitalaxpanditurasinclude net purch8Hdapoaitund axcluda fullyreintlurublecap :rojects

United's balance sheet is well positioned among peers 2015 debt,pension,and post-retirement obligations (SB) 1 $36.9 $23.8 $20.4 AAL UAL DAL Debt DPension & post-retirement • 1:Yaar..nd 2015graas dabt lndudlng aircraft rwntcapitalized at 7x, pt nalon and po&nUN!Mnt liability Source:SEC ftllngs; peMion and postretiNrnant obligations obtAIInad from Nota 8-Pension and Othsr Postretlremant Plans, Nota • NSpectlvely hMfttPlansandNota 13 • RtltiN-nt Bandt&fromUAL'a,DAL's and AAL.'s 2015 Form10-K, UNITED 21 hareholder compensation $10.1 Strengthen the balance sheet busines Invest in

Significant progress in lowering interest expense and increasing unencumbered asset base Unencumbered assets3 ($8) Annual interest expense ($M) $1,047 $8.6 $669 _ ... _ $0.6 -..J FY101 FY15 YE101.2 YE16E DAircraft• Non-aircraft 4 12010 dataIs pro forma 2Numbal'll mar nat am d•lD raundlng 1.A.umaa ancumbarwd......become unencumbarwdatmaturity at'n lateddebttiMndng 4Non-elnnlt lncludllslplll'8 englnes,lplll'8 pa._ llats, llmulators, groundequipment.pa-nger IHdlngbrldgnandathlr property 22 UNITED $3.5

Have increased the pace of the buyback Share repurchases ($M) $520 1Q15 2Q15 3Q15 4Q15 -3% -6% % shares repurchasecJ1 -1% -2% -13% 1Curra lldlva parcant oflllwesrepun:huedalnc:e andof 4Q14 z tQtiE auumu average ciDM prlc.quartertodathrough March 4, 2018 and March 7•, 2011clou price Df $57.72 for tha r tDf tha quarter 23 UNITED Shareholder compensation trengthen the balance sheet busines Invest in

Focused on making United the best airline for employees, customers and shareholders I ,,l,.,I,Nt r . - --...;:;:;:----.:.,!...I:!JI ••••• 24 Optimize capital allocation Continue sensible cost management Execute on revenue and network initiatives Improve the operation

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Appendix A: reconciliation of GAAP to Non-GAAP financial measures UALIMluales its fii'BICial parbmance utilizing 'lllriauB IICCDI.Inling principlas ganarally accaplad in tl1a lililad staiBa al Amarica (GAAP) lnl Nan-GAAP fiiBlcial IIIIIIIIILnlll, including incorna Oils) baronl income IBxaa axeluding apeclaJ bms,net Income Oosa) excluding apeelalltama, net earnings (loaa) par alialll excluding apeclaJ Items,CASM, ong othenJ.CASM Ia a eommcn metric wed In the airline lnduny to measulll an aln cost atructnand emclency.Pwauant to SEC RI9JIIIlon G,UAL hu lncludecl111e tlllowlng reconclllllllon d Non-GAAP IIW!clal meuuretJ to comparable IIWICial -uretJ raported on •GAAP bull.UAL beiiiMII th8ll adjuetlng for special itama ia UBaful toinwBt<n bacalae apeeial chargea Bill nonof&CUning ctagea ncJt indicaliw d UAL'tJ angaing parbmanca. In adlltion. tha company bali-that IKijuating for MlM gains lnl los-tum tiEl darilatiw contracts aellling In futulll p&llods pi!or pertad gains and los-on tiEl darllallle contracts settled In tha current pa od Ia uaefulbecauee theIKI]ustmema alkJ,v lm.eetors tobetter underatend the c:ashlmpeet or settled fual darlletlle contracts In•glwn pe od. UAL al&a bell-that exc;ludlng third-party buslneu expenses,suchumalnterwlce, .,ound handling lnlcate ng aerAces b' third parties,lllel sales n non.-mileage redemptions, p101.4des more rneanlngill dlsciOII nbecauaalhasa IIXJ&l88ll annot dlractly ralalad toUAL'a caa bualneas.UAL also bal'-that axdudlng ilal coste tun csriBin maaauras Is useful to Ibacau88 Itpru.ldea an additional m-10 or rra agament's performance excluding the 8fJicts of a a9lllc8nt costItem rNIIIl wHch managemant has limited lnluence. UAL excludes PIOIIt shartng becauee thll exclualonalkMI IIMIIors to betterand our r'IIC\Ining coat perbmanca and pt!Ndea a mora mM'licomparilon of OtW core openlling coste to lhe ai ine industry.UAL 11110 bali-that -.usting capilrllaxpandituras li:lr lilly raimburubla projects is useill to i.-tots in adar toappropriately Alleel the IIOIHIIImbu111able funda apant: on capital axpendlt1.n111. Far addltblal Information ralatad to special Itema,-Note 17 to the flnanclal atataments Included In tha 2016 AnnualReport Form 10-K.. et thlatime. Forwerd Looking Projec11ona.UAL Ia una!Jie to lliCOnclle certain rar-d-loog proJecllone to GAAP aa the lllllulll or amount of Iiipeclalltema cannot be est!malad (InmJIIoM,acaptCABMIIIriCXRIIa) COMolldat.d CAIIM Openrtlng expense Speclel ch8lgea Third-party business expense& Aircl'lllt fuel and l'llllnd taxee PJOfit lhlrir(j Operating axpenaa axcluding alxMt ilans ASMs-consolidated CASM (cents) CASM,excluding special cllarges CASM,excluding special cllargee and lhird-party busineea axpensea CASM,excluding special chargea,thira-p.ty business axpenaas and fual CASM, axdudlng . dal Ghargaa, thlnl-pr rty b11IIM•axpen•a, fualand praftt llhaltng Source: Item IIof UAL'a 2014 Fomn 10-K and January 22,2015 EaTings Rai-NM:nol meaningful 2015 $32.698 326 291 7,522 698 $23861 250,003 13.08 12.95 12.83 9.82 1.114 2014 $36,528 443 534 11,675 235 $23641 2-46,021 14.115 14.67 14.45 9.70 1.61 2013 $37,030 520 694 12,345 190 5232§1 245,354 15.09 14.88 14.60 9.57 tAl PN-tax marvin Income oaa) llefcle Income taxes Add;Special charges Add:Economic Hadga Adjuatmanta Adjusted incarna bsbre incometaxes Operatlng Raw!UII8 AdJIIIIad PN-tax marvin 2015 2014 2013 2012 $4,219 528 !249) $4,498 $37,884 11.fto $1,128 517 327 1,972 $38.901 5.1" $539 520 ($724) 1,323 (45) See Note 1 1,014 $38.279 2.8% 599 $37,152 1.6% Note 1:l)!lted began rapgrtlng earnings acludlng Economic Hedge Adjustments In2014 for tl1a y_.ended 2014 and 2013. 26 UNITED

Appendix A: reconciliation of GAAP to Non-GAAP financial measures (continued) Retumon invested capital(ROIC) ia a Non-GMP financial measurethat webelieve provides useUsupplementalinfcrmation for management and investors by meas ngthe efl'ecliwnaas of our oparationa' use of moested capital to genende proftts. T\WIIw Mcnths Ended T\WIIw Months Ended Oeoember 31. 2015 TwaMI Montt.Endad T\WIIw Mcntlls Ended Oeoember 31. 2013 (d) n mllllcna) NHo,_ratlng Protlt Aftllr Tu{NOPAT) December 31.2014 December 31.2012 PI'IHMincome iteluding special iteml {a) NOPAT 814ualmenlll {b) NOPAT $1,059 1439 $59!l 1453 $4,498 1100 $1,972 1285 $5,598 Q237 .4811 .052 OA% (2.4%) 1.7% 0.3% lrwulled Capilli (tlw-quar1111r average) Totslussts l,_tad cepltel adluatmant. (c) A & giiMIIIted capilal $39,210 12507 $37,688 $37,198 12 302 $38,083 12 592 1 485 a.m 12!1 BSIIII 12:i l ao21 lP PI 2l Q% ROIC l llfl (a) Non.GAAP Financial Reconciliation T\WIIw Months Endad Dacember 31, 2015 TwaMI Montt.Endad December 31.2014 T\WIIw Mcntlls Ended Dacember 31,2013 T.,._ Mcnths Ended December 31.2012 PnH&x income (los&) Add:Special Items PnH&x i111Xl111e excluding spaciel itama $4,219 279 $1,128 844 $539 520 ($724] 1 323 $1@ SU72 S1[)5Q {b) NOPAT ad]uatiY81!s Include:adding back {lEI:af tax siWIId)lntarast axpsnae, thelntaraat compDnBIII: of capitalized aii'CIB1t 1&11:, sd nat lnt..tan pa18lan while nn!Nng .,._..t tax axpsnaa. (c)lnwsted capital adjUBirnanta Include: adding back capitalalrcndl rant (at 7.0X) and dBfarrad Income taxaa, leas adlance ticket salaa,hqLEnllyar dal'arrad nNnJe, tsx llllulllon allowance, and Dlhar ncn-lntaraet bearing llabiiHIBB. (d) lila 2013 ROIC calciJatlan VMS to lhlamounls presented In the ftscalyear 2013 earnings release..,2014, WI mcctltecl the ROtC calculation tonlllact economic hedge f141slments.If WI presented 2013 ROIC using tN2014 methodlllogy, 2013 ROIC wauld be 9.9%. UNITED 27

Appendix A: reconciliation of GAAP to Non-GAAP financial measures (continued) T\WIIw Months Endad Oeoember 31. 2015 T-MI Months Endad December 31.2014 T\WIIw Month& Endal Oeoember 31.2013 T\WIIw Months Endad Oec:ember 31.2012 CapltllEXpendlturH(Inmllllons) capitalExpenditures-GAAP Propertyandequipment acquiredthroughthe issuanceof debt Airportconstructionfinandng FullyreImbursableprojects AdJustedcapitaIeJCpendltures-Non-GAAP $2.016 544 50 (35) $2.747 $866 $17 ($124) $2.005 1.114 14 (49) $2.164 229 40 (45) $3,506 $2,388 $2.575 Fnaa C.h Flow (in millions) Netcashprovldedbyoperc tnl gactivities Less:adjustedcapitael xpenditures-Non-GAAP FreeCashFlow $5,992 3.506 $1,444 2,388 $935 2,575 ($450) ($944) $2.-486 ($1.640) UNITED 28

UNITED LATEST NEWS A ND UPDATES W EBCASTS AND PRESENTATIONS FREQUENTLY ASKED QUESTIONS Forward-looking S1atements This website contains forward-looking statements that reflect the Company's current expectations and beliefs with respect to certain current and future events,including its future plans with respect to the Board and Mr. Munoz's full-time return as President and Chief Executive Of ficer. Factors that could cause actualevents or results to differ significantly from those described in the forward-looking statements include,but are not limited to,those described in Part I,Item 1 A.,"Risk Factors" of the Company's Form 10-K for the year ended December 31,201 5,as well as other risks and uncertainties set forth from time to time in the reports the Company files with the U.S. Securities and Exchange Commission. All forward­ looking statements in this release are based upon information available to the Company on the date of this report. The Company undertakes 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. Additional Information and Where to Find It This website may be deemed to be solicitation materialin connection with the matters to be considered at the 2016 annualmeeting (the "2016 Annual Meeting") of stockholders of United Continental Holdings,Inc. ("UAL j . UAL intends to file a proxy statement and a WHITE proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connection with any such solicitation of proxies from UAL stockholders. UAL STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE,BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain any proxy statement,any amendments or supplements thereto and other documents filed by UAL with the SEC for no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge at UAL's website at www.ir.united.com in the "Securities Filings" section or by writing to UAL at 233 South Wacker Drive Chicago,Illinois 60606. Attn:Corporate Secretary. Participants in the Solicitation UAL and its directors and executive officers may be deemed to be participants in the solicitation of proxies from UAL's stockholders in connection with the matters to be considered at the 2016 Annual Meeting.Investors may obtain information regarding UAL and its directors and executive of ficers in UAL's Annual Report on Form 10-K for the year ended December 31,2015, which was filed with the SEC on February 18,2016.and UAL's definitive proxy statement for its 2015 annualmeeting of stockholders (the "2015 Annual Meeting"), which was filed with the SEC on April 24. 201 5. To the extent holdings of UAL securities by UAL's directors or executive officers have changed since the amounts disclosed in the definitive proxy statement for the 201 5 Annual Meeting.such changes have been or will be reflected on InitialStatements of Beneficial Ownership on Form 3 and Statements of Change in Beneficial Ownership on Form 4 filed with the SEC. More detailed information regarding the identity of potential participants in the solicitation.and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the 2016 Annual Meeting. Im portant Information © 2016 United Airlines All rights reserved. Contac t SUBMIT example@emall.com

UNITED LATEST NEWS A ND UPDATES W EBCASTS AND PRESENTATIONS FREQUENTLY ASKED QUESTIONS For Investors: Jonathan Ireland Managing Director Investor Relations Christina Coronios Senior Manager Investor Relations (872) 825-861 0 lnvestorRelations@united.com For Media: United Media Relations (872) 825-8640 media.relations@united.com Sard Verbinnen & Co George Sard I Denise DesChenes I Robin Weinberg (212) 687-8080 © 2016 United Airlines All rights reserved Important Information Contact . SUBMIT example@emall.com