Third-Quarter 2018 Earnings Call

Strong year-over-year earnings per share led by 11% total revenue growth $2.15 Earnings Per Share $2.25 3Q17 36% $3.06 $3.06 3Q18 GAAP As adjusted¹ ■ ■ Reported adjusted pre-tax earnings¹ of $1.1B with an adjusted pre-tax margin¹ of 9.7% Served record number of passengers in quarter ▪ Recaptured ~100% of the year-over-year increase in fuel expense in the quarter Reported pre-tax earnings of $1.1B with a pre-tax margin of 9.6% ■ 1 Excludes special charges, the mark-to-market impact of equity investments and imputed interest on certain capitalized leases. For a GAAP to non-GAAP reconciliation, see UNITED Appendix A 4

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