Slide 1: Summary Going Concern Valuation Report (Preliminary Draft)
‘Preliminary Draft Subject to Substantial Revision ‘September7, 205, In re UAL Corp et al ] Summary Going Concern Valuation Report (Preliminary Draft)
Slide 2: Disclaimer
‘Preliminary Draft Subject to Substantial Revision | Disclaimer This exhibit was prepared by Rothschild Inc, (Rothschild) for the benefit and intemal use of United Aiines, Inc. CUAL", “Unites” or the “Company’). In providing tis presertation Rothschild has relied upon information that is publicly ‘a
Slide 3: Preliminary Valuation: Summary enterprise valuation range
rotininary Draft Subject to Substantial Revision | 1. Preliminary Valuation | 4:4: Summary enterprise valuation range ‘The summary TEV range of $10.9 billion and $14. billion set forth below is based on an equal weighting of the three methodologies = — sn pana 8 9% ciscount rae ema! vates Discounted
Slide 4: Preliminary Valuation: Summary equity valuation
‘Preliminary Draft Subject to Substantial Revision 1. Preliminary Valuation 1.2 Summary equity valuation Total Equity Value is derived by subtracting net debt from TEV and adding Rothschild’s valuation of the Company's NOL ‘The range of Total Equity Value is $0.3 billion to $3.5 billion, with a mid-
Slide 5: Comparable Companies Analysis: Summary overview
‘Preliminary Draft Subject to Substantial Revision | 2. Comparable Companies Analysis | 24 Summary overview ‘The Comparable Companies Analysis provides insight into how the public markets value comparable businesses with similar industry and growth profiles to UAL ‘= For UAL, this analysis is inhere
Slide 6: Comparable Companies Analysis: Summary overview (cont'd)
‘Preliminary Draft Subject to Substantial Revision | 2. Comparable Companies Analysis | 24 Summary overview (cont'd) = Rothschild ultimately incorporated the network carriers’ current and historical market multiples into the ‘Comparable Companies Analysis, with the preponderance of its weighting on
Slide 7: Precedent Transactions Analysis overview
‘Preliminary Draft Subject to Substantial Revision 3. Precedent Transactions Analysis 3.1 Precedent Transactions Analysis overview ‘The Precedent Transaction Analysis provides a valuation range based on analysis of M&A and recapitalization transactions that have similar risks and opportunities as Un
Slide 8: Discounted Cash Flow Analysis overview
‘Preliminary Draft Subject to Substantial Revision 4. Discounted Cash Flow Analysis 4.1 Discounted cash flow analysis overview ‘The DCF analysis values the Company's business plan by discounting future cash flows ata rate reflecting the company-speeifie risk factors and an assumed time value of mone
Slide 9: Searchable text section of graphics shown above
Searchable text section of graphics shown above Pr eliminary Draft Subject to Substantial Revision September 7, 2005 In re UAL Corp et al Summary Going Concern Valuation Report (Preliminary Draft) Di sclaimer This exhibit was prepared by Rothschild Inc. (“Rothschild”) for the benefit and internal us