 Deutsche Bank 2012 Airline Conference United Continental Holdings, Inc. September 6, 2012 Exhibit 99.1 |
 Jeff Smisek President and Chief Executive Officer |
 Safe Harbor Statement 3 3 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 aircraft fuel and energy refining capacity in relevant markets); our ability to cost-effectively hedge against increases in the price of aircraft 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 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 and environmental regulations); 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 the Company’s 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. |
 United is transforming We are building a new airline Broad, business-centric network Capacity discipline and business flexibility Creating economic value over the business cycle Investing in our people, customers, product and technology 4 Strengthening the balance sheet |
 The world’s best network Serving the most destinations of any global carrier Hubs in the four largest U.S. cities 50 of the Fortune 100 companies headquartered in hubs Note: Rankings for US carriers by ASMs as of 2011 Source: Earnings releases and SEC filings 5 Best Network for Business Customers |
 Driving strong revenue from business-centric network 1. Consolidated PRASM numbers for carriers other than UAL adjusted for length of haul versus UAL’s length of haul Source: Earnings releases and SEC filings 6 TME 2Q 2012 PRASM (in cents) 8.86 10.60 11.94 12.06 13.12 1 |
 1. Source: Kiodex – Platts US Gulf Coast Jet 2. Source: Earnings releases and SEC filings; Excludes special, one-time items. See non-GAAP reconciliation in Appendix; Results prior to 4Q10 proforma Pre-tax Earnings/(Loss) ($B) 7 $1.1 ($2.3) TME 2Q12 2008 Average Jet A ($/bbl) TME 2Q12 $127.4 2008 $124.7 Generating solid earnings despite elevated fuel prices 1 2 |
 Making steady progress in complex process of integrating two airlines 8 Operating a safe, clean and reliable airline Delivering highlevel of customer service Investing in our onboard product Improving our reliability and maintenance programs Building our Working Together culture Focused on Getting the Basics Right Awarded single operating certificate Converted to single passenger service system Reached ratified CBAs with 7 labor groups and an Agreement in Principle for a joint CBA with pilots Began aircraft redeployment Made Many Substantive Changes To Date |
 Setting the foundation for the future 9 Generating economic value Giving co-workers the tools to do their job Investing in products our customers value Improving the efficiency of our fleet Managing capacity for returns Growing high margin businesses Enhancing customer service |
 10 ROIC embedded in business decisions Fleet Strategy Network / Route Analysis Product Investment Balance Sheet Source: Earnings releases and SEC filings Return on invested capital in excess of 10% over the business cycle Return on Invested Capital (ROIC) Lower (-) Higher (+) Economic Value Added UAL 2010, 2011 UAL 2007 UAL 2006-2009 |
 11 Note: Rolling consolidated capacity for prior twelve months; industry includes AMR, DAL, LUV and LCC; capacity proforma for merged carriers Source: Earnings releases and SEC filings 4Q09 4Q08 4Q07 4Q06 4Q10 Industry ex-UAL 2Q12 4Q11 Maintaining capacity discipline is core to our long-term success (10%) (5%) 0% 5% |
 Source: SEC filings and investor updates 1. Results prior to 4Q 2010 pro forma 2. Capacity guidance from UAL form 8-K filed September 5, 2012 Further reducing 2012 capacity in response to economic outlook Consolidated Capacity Trend Year-over-Year % Change in ASMs 2010 2011 (0.2%) (1.75%) 2012E (0.75%) 1.1% Expect to reduce FY 2013 consolidated capacity year-over-year 12 1 2 |
 Serving customers as a single airline Loyalty program: MileagePlus Customer service procedures Website: united.com Passenger service system Operating certificate Single 13 |
 Giving co-workers the tools to do their jobs 14 Native SHARES New Interface for SHARES |
 15 Getting the basics right Working Together culture Direct, open & honest communication Dignity & respect We are a customer service business |
 Investing in our product and technology at our airports Global Services New United Club in ORD T-2 Mobile App 16 |
 Improving our customers’ onboard experience 17 International Flat-Bed Seats Global Satellite Wi-Fi Boeing Sky Interior |
 Launching game-changing aircraft 18 |
 Growing high margin components of our business 19 90 million members worldwide 100+ partnerships to earn Unmatched redemption opportunities Up to 5 more inches of space in coach Ancillary Revenue Economy Plus Value-add products & services Dynamic pricing Improved CRM targeting |
 Building our foundation for the future Broad, business-centric network Capacity discipline and business flexibility Creating economic value over the business cycle Investing in our people, customers, product and technology 20 Strengthening the balance sheet |
 21 Appendix: Non-GAAP Financial Reconciliation ($ millions) S-UA S-CO UCH UCH Pre-tax Margin Earnings / (Loss) Before Income Taxes ($5,427) ($695) ($6,122) $407 Add: Special Items 3,654 181 3,835 739 Adjusted Earnings / (Loss) Before Income Taxes (1,773) (514) (2,287) 1,146 Total Operating Revenue 20,194 15,241 35,435 $37,640 Adjusted Pre-tax Margin (8.8%) (3.4%) (6.5%) 3.0% Note: Non-GAAP financial measures are presented because they provide management and investors with the ability to measure and monitor UAL’s performance using similar criteria on a consistent basis. UAL believes that adjusting for special items is useful to investors because they are non-recurring items not indicative of UAL’s on-going performance. Special items relate to activities that are not central to UAL’s ongoing operations or are unusual in nature. 2008 2008 2008 TME 2Q12 |