United Airlines Holdings, Inc. · NASDAQ:UAL

United Airlines — United Continental Holdings — JP Morgan High Yield Conference (March 2011)

15 slides from United Airlines's conference presentation, Mar 1, 2011

  1. Slide 1: JP Morgan High Yield Conference

    JP Morgan High Yield Conference United Continental Holdings, Inc. March 1, 2011 Exhibit 99.1

  2. Slide 2: Gerry Laderman, Senior Vice President Finance and Treasurer

    Gerry Laderman Senior Vice President Finance and Treasurer United Continental Holdings, Inc.

  3. Slide 3: UAL fourth quarter 2010 results

    UAL fourth quarter 2010 results • Earned net income of $160M or $0.44 per diluted share • Pre-tax earnings of $172M and pre-tax margin of 2.0% • Passenger unit revenue increased 11.5% year-over-year vs. pro forma 4Q 2009 • Generated $106M of operating cash flow • Year end unrestricted cash balance o

  4. Slide 4: Top tier financial performance driven by industry leading revenue premium

    Top tier financial performance driven by industry leading revenue premium • Well diversified global network • Carrier of choice for business and premium travelers • Award winning loyalty programs and industry leading operational performance FY 2010 PRASM FY 2010 Pre-tax Income Margin -1.9% 3.9% 4.6%

  5. Slide 5: World's leading network with unsurpassed presence

    #1 across the Pacific #2 across the Atlantic #2 to Latin America #1 in US / Canada World’s leading network with unsurpassed presence Rankings by ASMs as of TME 4Q10 Source: Earnings releases and SEC filings.

  6. Slide 6: Best-in-class products, including Economy Plus seating

    Best-in-class products, including Economy Plus seating Lie-flat seats in premium cabins Boeing Sky Interior on new B-737 Economy Plus® seating with up to 5 inches of more legroom

  7. Slide 7: United

    UNITED ®

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    a w F z =) ajeas jo sajsuepunpay sa]luou0sy jo uoneuluiyy

  9. Slide 9: We remain focused on achieving our Go Forward Plan goals

    We remain focused on achieving our Go Forward Plan goals Fly to Win • Be profitable every year, across the business cycle Fund the future • Maintain appropriate liquidity and use our assets to build our future Make reliability a reality • Deliver clean, safe and reliable air transportation and a com

  10. Slide 10: United continues to manage fleet for profitability, fuel efficiency and flexibility

    United continues to manage fleet for profitability, fuel efficiency and flexibility • Expected 2011 deliveries: 4 Boeing 737 • 1Q: 2 Boeing 737-800 • 2Q: 1 Boeing 737-900 • 3Q: 1 Boeing 737-800 • New 737 equipped with winglets; will replace older less fuel efficient aircraft • Firm orders for 50 Boe

  11. Slide 11: Capacity and hedge strategies help to mitigate risk due to rising fuel

    Capacity and hedge strategies help to mitigate risk due to rising fuel FY 2011 capacity guidance remains disciplined Approximately 40% of expected 2011 fuel needs hedged 2Q11 1Q11 17% 4Q11 3Q11 34% 50% 63% Consolidated 1.0% - 2.0% International 4.5% - 5.5% Domestic (0.5)% - (1.5%) Guidance Range Sou

  12. Slide 12: United generated more than $3.2B of operating cash flow during 2010

    United generated more than $3.2B of operating cash flow during 2010 FY 2010 Operating Cash Flow ($B) 1. Revenue defined as 2010 FY consolidated revenue. Source: Carrier Form 10-Ks. OCF % of Revenue 9.4% 8.7% 12.9% 5.6% 6.8% 0.8 1.2 1.6 2.8 3.2

  13. Slide 13: United has strong liquidity position and announced plans to prepay debt

    United has strong liquidity position and announced plans to prepay debt 2010 Year End Liquidity (Percent of 2010 Revenue) 1. Liquidity is calculated based on 4Q10 ending unrestricted cash balance and 2010 FY consolidated revenue. 2. Source: Carrier Earnings Release 8Ks • Prepaid $150M of debt in Jan

  14. Slide 14: In 2011 United will work to:

    In 2011 United will work to: Achieve sustained, sufficient profitability through the business cycle Capture synergies through network optimization and cost savings Maintain focus on operating a clean, reliable and safe airline Continue to systematically hedge to reduce fuel volatility exposure Manag

  15. Slide 15: Appendix A: GAAP to non-GAAP reconciliation

    Appendix A GAAP to non-GAAP reconciliation Three Months Ended Twelve Months Ended 12/31/2010 12/31/2010 PRE-TAX MARGIN ($M) Earnings/(Loss) before income taxes and after equity in earnings of affiliates ($324) $854 Add: impairments, special items and other charges and non-cash, net mark- to-market g

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