Third-Quarter 2018 Earnings Call

Raised full-year 2018 adjusted EPS guidance a third time in 2018 to $8.00-$8.75 Currently expect to recover approximately 90% of the year-over-year increase in fuel costs in 2018 Incremental full-year 2018 fuel headwind versus January guidance currently expected to be $700M Commercial initiatives and asset utilization expected to contribute to improved results Plan to continue to grow at a pace that maximizes profitability ■ $6.50 - $8.50 January Guidance Target adjusted earnings per share, diluted $7.00 - $8.50 April Guidance 2018E 12% $7.25 $8.75 July Guidance 2018E $8.00-$8.75 2018E1 $11.00 $13.00 2020E² 2018E 1 Excludes special charges and the mark-to-market impact of equity investments, the nature of which are not determinable at this time, and imputed interest on certain capitalized leases. Accordingly, UAL is not providing earnings guidance on a GAAP basis. 2 Excludes special charges and the mark-to-market impact of equity investments, the nature of which are not determinable at this time. Accordingly, UAL is not providing earnings guidance on a GAAP basis. UNITED 5

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