1. United Air Lines Inc.
Goldman Sachs
Goldman Sachs
Global Industrials Conference 2007
Global Industrials Conference 2007
November 2007
November 2007

2. Safe Harbor Statement And
Non-GAAP Reconciliation
The information included in this presentation contains certain statements
that are “Forward-Looking Statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are subject to
a number of assumptions, risks and uncertainties related to the
Company’s operations and the business environment in which it
operates. Actual results may differ materially from any future results
expressed or implied in such Forward-Looking Statements due to
numerous factors, many of which are beyond the Company’s control,
including factors set forth in the Company’s Form 10-K for 2006 and other
subsequent Company reports filed with the United States Securities and
Exchange Commission. Persons reviewing this presentation are
cautioned that the Forward-Looking Statements speak only as of the date
made and are not guarantees of future performance. The Company
undertakes no obligation to update any Forward-Looking Statements.
Information regarding reconciliation of certain non-GAAP financial
measures is available on the company’s website at www.united.com/ir.
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3. Our Progress Is Reflected In Unit Earnings
Mainline Unit Earnings excluding Fuel Costs
(RASM minus CASM ex Fuel)
Twelve Months Ended 9/30/2007
¢/ASM
4.45 4.24 4.17 4.13 4.10
3.91
3.32
4.43 4.23 3.94
NWA DAL UAUA AMR LCC CAL LUV
TME 3Q07 B/(W)
19.4% 28.4% 13.0% 8.7% 12.8% 6.6% 4.3%
than TME 3Q06
UAUA Fresh Start Adjusted OA Fresh Start Adjusted
UAUA Unadjusted OA Unadjusted
Sources: Company press releases. All results also exclude special items, regional affiliates and any applicable non-cash fresh-start and exit-related impacts. YOY results reflect Fresh-Start adjustments, where applicable.
3

4. Free Cash Flow Metrics Are Not Obscured By
Exit Accounting And Are Better Than Peers
Twelve Months Ended 9/30/2007
Free Cash Flow/Consolidated ASMs
Free Cash Flow/Total Revenue
$/1,000 ASMs
8.9%
8.9%
$11.08
$11.08
6.8%
6.8% $8.43
$8.43
6.4% $7.96
6.4% $7.96
5.8%
5.8%
$5.70
$5.70
$1.86
$1.86
1.2%
1.2% $0.30
$0.30
0.2%
UAUA CAL AMR LUV LCC DAL UAUA CAL AMR LUV LCC DAL
UAUA CAL AMR LUV LCC DAL UAUA CAL AMR LUV LCC DAL
Sources: Company press releases. FCF or Free Cash Flow defined as cash flows from operations less capital expenditures. UAUA revenue includes fresh start revenue adjustment.
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5. Going Forward, We Will Continue to Focus on
Generating Value for All Our Stakeholders
Limited fixed obligations enables strong free cash flow
– Limited debt maturities; approximately $700M in 2008
– No material defined benefit pension funding
– No planned capital expenditure for new aircraft
Non-aircraft capex of $550MM in 2007 and $650M in 2008
focused on customer, infrastructure and IT needs
Continuing to focus on strengthening balance sheet using
excess cash to pay down debt
Considering using portion of excess cash for shareholder
friendly initiatives
Continued capacity discipline
– Expect mainline capacity domestic capacity down 3.0% -
4.0%; consolidated capacity flat to up 1 percent
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6. Our Strategic Plan Is A 5-Year Roadmap To
Create Value For All Stakeholders
We will be the global airline of choice
for premium customers, employees
• Strengthen the core airline
and investors
– Consistently delivering
superior service
– Delivering differentiated
products and services
Investors
Customers
– Building employees’
connection and
5 Year
commitment to United
Plan
– Developing new sources
of revenue and
Employees
controlling costs
• Unlock economic value of
business units
• Participate in consolidation
Safety
Safety given the right opportunity
Balancing the needs of all
stakeholders and strengthening the
core business
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7. Non-GAAP To GAAP Reconciliation

8. Non-GAAP To GAAP Reconciliations
The Company believes that the reported non-GAAP
financial results provide management and investors a
better perspective of the Company’s core business
and on-going financial performance and trends by
excluding special items, severance, fresh-start items
and fuel for comparative purposes.
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9. Mainline Unit Earnings
Mainline Unit Earnings Excl. Fuel & Special
Twelve months ending
September 30, %
($ and ASMs in Millions; Rates in cents) 2007 2006 Change
$ 242
$ 1,124
Total operating earnings
128 (4)
Less: Regional Affiliates
Mainline operating earnings 996 $ 246
$
Fuel 4,710 4,851
(10) (9)
UAFC
(8)
(87)
Special items (a)
Mainline operating earnings excl. fuel & special $ 5,609 $ 5,080
Available seat miles (ASM) 142,256 142,572
10.7%
3.94 3.56
Mainline Unit Earnings excl. fuel & special
Mainline Unit Earnings Excl. Fuel, Special & Fresh-start
$5,080
Mainline operating earnings excl. fuel & special $ 5,609
332 174
Adjusted for Fresh Start
$ 5,254
$ 5,941
Adjusted mainline earnings
142,572
142,256
Adjusted available seat miles (ASM)
13.0%
4.17 3.69
Adjusted Mainline Unit Earnings
(a) For TME 9/30/07, special items excludes the impact of $50 million in gains related to Airport Municipal bonds and other
bankruptcy-related items. TME 9/30/06 adjusted CASM also excludes a $22 million charge for severance and a $30 million gain
related to SFO Airport Municipal Bonds.
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10. Free Cash Flow Metrics
Twelve Months
Ended, September 2007
($ and ASM in millions)
Cash Flow from Operations $ 2,295
Less: Capital Expenditures 538
Free Cash Flow $ 1,757
Total Revenue $19,699
Consolidated ASM 158,531
FCF / Total Revenue 8.9%
FCF / 1,000 ASM 11.08
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