Filed by UAL Corporation

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: Continental Airlines, Inc.

Commission File No.: 1-10323

Let’s Fly Together

May 3, 2010

2

Important Information For Investors And Stockholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
The proposed merger of equals transaction between UAL Corporation (“UAL”) and Continental Airlines, Inc. (“Continental”) will be submitted to the
respective stockholders of UAL and Continental for their consideration.UAL will file with the Securities and Exchange Commission (“SEC”) a
registration statement on Form S-4 that will include a joint proxy statement of Continental and UAL that also constitutes a prospectus of UAL.UAL
and Continental also plan to file other documents with the SEC regarding the proposed transaction.INVESTORS AND SECURITY HOLDERS OF
CONTINENTAL ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL
BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.Investors and stockholders will be able to obtain free copies of the joint
proxy statement/prospectus and other documents containing important information about UAL and Continental, once such documents are filed with
the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by UAL will be available
free of charge on UAL’s website at www.united.com under the tab “Investor Relations” or by contacting UAL’s Investor Relations Department at
(312) 997-8610.Copies of the documents filed with the SEC by Continental will be available free of charge on Continental’s website at
www.continental.com under the tab “About Continental” and then under the tab “Investor Relations” or by contacting Continental’s Investor
Relations Department at (713) 324-5152.

UAL, Continental and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from
the stockholders of Continental in connection with the proposed transaction.Information about the directors and executive officers of Continental is
set forth in its proxy statement for its 2010 annual meeting of stockholders, which was filed with the SEC on April 23, 2010.Information about the
directors and executive officers of UAL is set forth in its proxy statement for its 2010 annual meeting of stockholders, which was filed with the SEC
on April 30, 2010.These documents can be obtained free of charge from the sources indicated above.Other information regarding the
participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the
joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Reconciliation of Non-GAAP Financial Measures

Financial measures highlighted in this presentation may be considered non-GAAP financial measures such as Earnings Before Income Tax,
Depreciation, Amortization, and Rent (“EBITDAR”) Margin excluding special items. Comparable GAAP financial measures and a reconciliation of
GAAP financial measures to non-GAAP financial measures are available in the Appendix to this presentation.

3

Forward-Looking Statements

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 that are not limited to historical facts, but reflect Continental’s and UAL’s current beliefs, expectations or intentions regarding
future events.Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.These forward-looking
statements include, without limitation, Continental’s and UAL’s expectations with respect to the synergies, costs and other anticipated financial
impacts of the proposed transaction; future financial and operating results of the combined company; the combined company’s plans, objectives,
expectations and intentions with respect to future operations and services; approval of the proposed transaction by stockholders and by
governmental regulatory authorities; the satisfaction of the closing conditions to the proposed transaction; and the timing of the completion of the
proposed transaction.

All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward
-looking statements, many of which are generally outside the control of Continental and UAL and are difficult to predict.Examples of such risks
and uncertainties include, but are not limited to, (1) the possibility that the proposed transaction is delayed or does not close, including due to the
failure to receive required stockholder or regulatory approvals, the taking of governmental action (including the passage of legislation) to block the
transaction, or the failure of other closing conditions, and (2) the possibility that the expected synergies will not be realized, or will not be realized
within the expected time period, because of, among other things, significant volatility in the cost of aircraft fuel, the high leverage and other
significant capital commitments of Continental and UAL, the ability to obtain financing and to refinance the combined company’s debt, the ability of
Continental and UAL to maintain and utilize their respective net operating losses, the impact of labor relations, global economic conditions,
fluctuations in exchange rates, competitive actions taken by other airlines, terrorist attacks, natural disasters, difficulties in integrating the two
airlines, the willingness of customers to travel by air, actions taken or conditions imposed by the U.S. and foreign governments or other regulatory
matters, excessive taxation, further industry consolidation and changes in airlines alliances, the availability and cost of insurance and public health
threats.

UAL and Continental caution that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is
contained in Continental’s and UAL’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent
Current Reports on Form 8-K, and other SEC filings.All subsequent written and oral forward-looking statements concerning Continental, UAL, the
proposed transaction or other matters and attributable to Continental or UAL or any person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above.Neither Continental nor UAL undertakes any obligation to publicly update any of these forward-
looking statements to reflect events or circumstances that may arise after the date hereof.

Glenn Tilton

Chairman, President & CEO
UAL Corporation

5

Today We’re Proud to Introduce…

6

•Creates the world’s most
comprehensive global network

•Carriers of choice for business and
premium travelers

•Superior products and services

•Highly collaborative partnership built on
strong alliance relationship

•Merger is pro-consumer and pro-
competitive

•Shared commitment to safety and
excellence in customer service and
operational performance

Combines The U.S. Industry’s Two
Most Complementary Networks

The Right Deal

Hawaii

Latin
America

Caribbean

7

•Platform for sustainable profitability for our
customers, our shareholders, our
employees, and the communities we
serve

•Current conditions provide the platform for
structural change

•Economic recovery taking hold

•Competitive landscape has fundamentally
changed over the last 10 years

•Consolidation reshaping the global
competitive landscape

•Consumers have a low cost carrier
choice in 80% of all domestic markets

Unrestricted Liquidity*

Percent of Revenue

* As of 3/31/2010; UAUA includes proceeds from Secured Note Financing

The Right Time

25.0%

24.8%

24.6%

22.6%

19.8%

14.4%

0%

5%

10%

15%

20%

25%

30%

8

•Providing customers and communities
with access to an unparalleled network
serving 370 destinations worldwide

•Award-winning customer service
combining with industry-leading on-time
performance

•Employees benefit from a stronger
global competitor and improved long-
term career prospects

•Platform for improved profitability and
sustainable long-term value for
shareholders

•Targeted annual net synergies of
$1.0 billion to $1.2 billion

•Flexibility to adapt to industry
dynamics as conditions change

World-Class Global Airline Brings Together the Best of Both

9

A True Merger of Equals

Transaction

Corporate Structure

Corporate Headquarters

Management and Board Structure

•All-stock transaction with a combined equity value of
over $8 billion

•CAL shareholders receive 1.05 UAUA shares per
CAL share

•Ownership*

•45% CAL shareholders

•55% UAUA shareholders

•Holding Company: United Continental Holdings, Inc.

•Airline name: United Airlines

•Marketing brand: Combination of Continental livery and
logo and United name

•Corporate and operational headquarters in Chicago

•Significant presence maintained in Houston

•CEO to maintain offices in both Chicago and Houston

* Measured as of April 30, 2010

•Glenn Tilton: Non-executive Chairman of the Board for
two years

•Jeff Smisek: CEO; to become executive Chairman in two
years

•Equitable and balanced selection of executives from
both companies of roughly equal numbers

•Board consists of 6 independent directors from both
companies, Glenn Tilton, Jeff Smisek, and 2 union
representatives

Jeff Smisek

Chairman, President & CEO
Continental Airlines, Inc.

12

Substantial Benefits to All Stakeholders

Customers

Expanded global network and
superior product and service

>>>

Communities

Enhanced service and single-carrier
access to best global network
through strategically located hubs

>>>

Employees

Improved long-term career
opportunities and enhanced job stability

>>>

Shareholders

Platform for increased profitability and
sustainable long-term value

>>>

13

World-Class Global Network

31 Destinations

14 Countries

62 Daily Departures

Trans-Pacific Service

72 Destinations

24 Countries

156 Daily Departures

Latin American & Caribbean Service

34 Destinations

21 Countries

74 Daily Departures

Trans-Atlantic Service

Source: OAG, Full Year 2010

14

Comprehensive Domestic Network

Los Angeles

San Francisco

Denver

Chicago

Cleveland

New York

Washington D.C.

Houston

14

Source: OAG, Full Year 2010

Guam

15

Superior Products and Services

•Continued commitment to award-
winning customer service and
industry-leading on-time
performance

•Award-winning international
premium seat products

•69 lounges around the world

•Financial strength to invest in on-
board product and state-of-the-art
technology

Combines best-in-class products and services from both companies

16

Industry-Leading Loyalty Program

Source: Based on data from public sources including 10-Ks

2009 Frequent Flyer Program Total Members
(millions)

* Subject to overlap between current programs

17

Working Together

18

Significant Synergies

•Improves efficiencies and eliminates redundancies

•Enhanced products and services will drive revenues

$1.0 - - $1.2 Billion of Expected Net Annual Synergies by 2013

Synergies	Value
Revenue Synergies	$0.8 - 0.9 billion
Net Cost Synergies	$0.2 - 0.3 billion
Total Expected Net Annual Synergies	$1.0 - 1.2 billion

19

Significant Revenue and Cost Synergies

•Greater ability to match capacity with demand, improve aircraft utilization and optimize
connectivity

•Improved access from Continental’s hubs to United’s Asia network

•Improved access from United’s hubs to Continental’s Latin America and European
networks

•Single-carrier network is very attractive to corporate customers

•Streamlined corporate overhead

•Efficiencies of combined marketing, sales and advertising functions

•Efficiencies of common IT platforms

•Facilities and service integration due to larger scale

•75% of synergies expected to be achieved in second year, with full run-rate expected
to be achieved in year three

20

Transition to Be Completed by 2013

Operational
Transition

Target single operating certificate by
first half of 2012;
network optimization; airport co-locations

Corporate & Other

Eliminate redundancies;

streamline management

Technology
Transition

Common technology
platform

•Expected one-time consolidation costs of $1.2 billion over 3 years

21

Fleet Optimization

Range

B757

B777

B747

B737 &

A320 Families

Aircraft
Boeing 747	24	--	24
Boeing 777	52	20	72
Boeing 767	35	26	61
Boeing 757	96	61	157
Boeing 737	--	226	226
Airbus 320 Family	152	--	152
Total	359	333	692

•Utilizing right aircraft in the right markets

•Aircraft size and range offer flexibility to optimize gauge on routes to meet market
demand

Aircraft Range and Capacity
Current Mainline Fleet

As of 3/31/10

22

Youngest Fleet Among Major U.S. Network Carriers

Average Mainline Fleet Age
(Years)

Fuel Efficiency Gallons/1,000 ASM 15.2 15.1 16.5 15.9

As of 12/31/09

23

Merger Creates Flexibility and Fleet Efficiency

•Combined fleet and best new order book in industry allow for maximum flexibility to better match
aircraft capacity to network demand and to accelerate replacement of older aircraft with more fuel
efficient aircraft with lower operating costs and less environmental impact

Maximum Retirements

Maximum Options

Mainline Fleet Flexibility

24

Industry-Leading RASM

*LOH adjusted; See Appendix

**Industry consists of all carriers shown

25

25

Industry-Leading Margin Performance

EBITDAR Margin*
Excluding Special Items - Non-GAAP

Twelve Months Ended First Quarter
2010

First Quarter 2010

Delta shading represents $700MM annual synergy reported in 4Q09
earnings release

*See Appendix

26

Industry-Leading Liquidity

United Airlines cash balances include proceeds of $700MM from secured debt financing issued in 1Q10

Cash balances include unrestricted cash, cash equivalents, and short-term investments.Excludes restricted cash

27

Target: Complete Transaction by Year End

May 2010

File HSR notice

May

June

July

August

September

October

November

December

2011

May 3, 2010

Sign Merger Agreement

September 2010

Shareholder approvals

November/December 2010

Closing

May 2010 to Closing

Integration planning

First Half 2012

Single Operating
Certificate

2012

28

World’s Leading Airline and Strong Global Competitor

•World-class global airline, with expanded reach and superior service

•Great employees committed to Working Together culture, operational excellence and
customer service

•Strong competitor within U.S. and from U.S. to Asia, Europe, Latin America, Middle
East and Canada

•Strategically located international gateways and well-placed domestic hubs in East,
West, South and Midwest

•Complementary route networks with minimal domestic and no international route
overlap

•Fuel efficient, modern fleet and best new aircraft order book among major U.S.
network carriers

•Expected net annual synergies of $1.0 billion to $1.2 billion

Platform for Increased Profitability and Sustainable Long-Term Value

Questions & Answers

Appendix

31

Improved Benefits for Customers and Communities

World-Class Global Network

•Broad coverage in Asia, Europe, Latin America and the Middle East from 10 hubs

Comprehensive Domestic Network

•Strategically positioned hubs provide convenient access to U.S. travelers

•Enhanced service to small and medium sized communities

Complementary Networks Enhance Industry Competition

•Combining the two most complementary U.S. networks, with minimal overlap, is
pro-consumer and pro-competitive

Superior Products and Services

•Award-winning products and services from both companies

•Committed to continued operational excellence and customer service

Industry-Leading Loyalty Program

•Enhanced opportunities to earn and redeem miles

•Industry-leading elite benefits

32

Comprehensive Global Network

Source: OAG, Full Year2010

International Network|96 Unique Continental Destinations|17 Unique United Destinations

Singapore

Bangkok

Ho Chi Minh City

Kuwait City

Winnipeg

Victoria

CO Unique Cities - Asia and South Pacific

Cairns, Australia

Delhi, India

Fukuoka, Japan

Hiroshima, Japan

Koror, Palau

Kosrae, Micronesia

Kwajalein, Marshall Islands

Majuro, Marshall Islands

Manila, Philippines

Mumbai/Bombay, India

Nadi, Fiji

Nagoya, Japan

Niigata, Japan

Okayama, Japan

Ponape, Micronesia

Sapporo, Japan

Sendai, Japan

Truk, Micronesia

Yap, Micronesia

Acapulco, Mexico

Aguascalientes, Mexico

Andros Town, Bahamas

Antigua, Antigua And Barbuda

Belize City, Belize

Bimini, Bahamas

Bogota, Colombia

Bonaire, Netherlands Antilles

Caracas, Venezuela

Chihuahua, Mexico

Ciudad Del Carmen, Mexico

Curacao, Netherlands Antilles

Durango, Mexico

Freeport, Bahamas

Georgetown, Bahamas

Governors Harbour, Bahamas

Grand Cayman Isl, Cayman Islands

Guadalajara, Mexico

Guatemala, Guatemala

Hamilton, Bermuda

Queretaro, Mexico

Quito, Ecuador

Roatan, Honduras

Saltillo, Mexico

San Jose, Costa Rica

San Luis Potosi, Mexico

San Pedro Sula, Honduras

San Salvador, El Salvador

Santo Domingo, Dominican Republic

St. Johns, Canada

Tampico, Mexico

Tegucigalpa, Honduras

The Bight, Bahamas

Toluca, Mexico

Torreon, Mexico

Treasure Key, Bahamas

Tuxtla Gutierrez, Mexico

Veracruz, Mexico

Villahermosa, Mexico

Huatulco, Mexico

Ixtapa, Mexico

Leon/Guanajuato, Mexico

Lima, Peru

Managua, Nicaragua

Manzanillo, Mexico

Marsh Harbour, Bahamas

Mazatlan, Mexico

Merida, Mexico

Moncton, Canada

Mont Tremblant, Canada

Monterrey, Mexico

Morelia, Mexico

Nassau, Bahamas

North Eleuthera, Bahamas

Oaxaca, Mexico

Panama City, Panama

Port Of Spain, Trinidad And Tobago

Puebla, Mexico

Puerto Plata, Dominican Republic

CO Unique Cities - North, Central and South America

Athens, Greece

Barcelona, Spain

Belfast, United Kingdom

Berlin, Germany

Birmingham, United Kingdom

Copenhagen, Denmark

Dublin, Ireland

Edinburgh, United Kingdom

Glasgow, United Kingdom

Hamburg, Germany

Lisbon, Portugal

Madrid, Spain

Manchester, United Kingdom

Milan, Italy

Oslo, Norway

Shannon, Ireland

Stockholm, Sweden

Tel Aviv, Israel

CO Unique Cities - Europe and Middle East

Taipei

Saskatoon

London

Dubai

Moscow

Accra

Sydney

Melbourne

Continental Airports Not Served By United

United Airports Not Served By Continental

33

Source: OAG, Full Year2010

The Most Complementary Networks with Minimal Overlap

Continental Airports Not Served By United

United Airports Not Served By Continental

Domestic Network|42 Unique Continental Destinations|81 Unique United Destinations

Victoria

Tyler

Beaumont

Gulfport/Biloxi

Alexandria

Flint

Brownsville

Fargo

Bakersfield

Redding

Crescent City

Springfield

Charlottesville

Clarksburg

Yuma

Fresno

Helena

Idaho Falls

Altoona

Grand Junction

Gunnison

Burbank

Eugene

West Palm Beach

Fort Lauderdale

Key West

Valparaiso

Bradford

Fort Wayne

Morgantown

Muskegon

Palm Springs

Clearfield

Staunton

Guam

Aguadilla

Rota

Saipan

34

The Most Complementary Networks with Minimal Overlap

•No international route overlaps

•Minimal domestic overlap (only 14 domestic overlaps)

•Hubs all subject to strong competition, with 76% of all domestic markets
subject to low cost carrier competition

•Merger sustains and improves service to small communities and offsets risk
to further reductions

•Enables new online destinations and connections and positions us to
compete in new communities and routes

•Poses no significant competitive issues

35

Breadth of Service Benefits Small Communities

Source: OAG Full Year 2010;

*Small communities defined by the FAA as a non-metropolitan city that has been served by a low cost or legacy carrier between 1989 and 2009

Provides access to more destinations, enhances choice and convenience

3

6

11

1

129

142

154

168

205

237

37

58

64

66

Small Communities in the U.S.*

Large, Medium, and Small Metro Areas in the U.S.

36

Industry-Leading Loyalty Program

•Industry- Leading Frequent Flyer Program

•Complimentary space-available domestic elite
upgrades

•System-wide upgrades for top elites

•Priority check-in, pre-boarding and baggage benefits

•Elite recognition across Star Alliance

•World’s largest frequent flyer earnings and
redemption network

•Flights to 370 destinations

•Access to Star Alliance network with unparalleled
global coverage

•Extensive mileage upgrade award opportunities

•Vast array of travel and retail partners for earning and
redemption

•Earn miles and other benefits with an unmatched
choice of affinity cards

•Card products include premium, debit and small
business

Combined Networks Serve Leisure
Destinations Customers Value

Europe27

Asia31

Florida11

Latin America 47

Caribbean 25

Mountain West 62

Hawaii4

37

Investors Benefit From Significant Synergies

Expected annual steady state synergies of $1.0 - $1.2B

•Merger-enabled gains beyond what standalone companies or alliance can deliver

•Full synergy ramp-up expected by 2013

Optimized network, fleet and loyalty program

•Expanded network presence and connecting opportunities will drive incremental traffic
and revenue

•Right aircraft in the right market improves economics by better matching capacity with
demand

•Unmatched loyalty program is more attractive to customers, retailers and partners

More efficient, more competitive carrier

•Synergies strengthen CASM performance and competitiveness versus peers

•Builds on strong standalone track records of operational excellence

38

Investors Benefit From Significant Synergies

Greater financial flexibility

•Larger cash balance helps combined carrier to better withstand macro volatility

•Combined carrier has low fixed obligations compared to peers

Combined carrier more attractive to corporate customers

•Increased frequencies

•Wider selection of destinations

•Loyalty program of choice in metro areas

Combined network creates nearly 1,000 new online connection options

GAAP to Non-GAAP
Reconciliations

40

Non-GAAP to GAAP Reconciliation

•Twelve Months Ending March 31, 2010 Length of Haul Adjusted Revenue per Available Seat Mile (RASM)

•RASM formula: Yield * Load Factor

•Length of Haul (LOH) formula:(Revenue Passenger Miles (RPMs) / Enplanements) * 1000

•LOH Adjusted RASM formula: RASM * (Carrier’s LOH / CAL+UAUA’s LOH) ^0.5

	CAL + UAUA	AMR	DAL	LCC	Industry**
LTM1Q10
Yield (cents)	11.91	12.40	11.43	11.87	11.87
Load Factor	83.1%	81.2%	83.4%	82.0%	82.6%
RASM (cents)	9.89	10.07	9.53	9.73	9.81
LTM4Q09
RPMs (millions)	180,139	122,366	162,711	57,854	523,131
Enplanements (thousands)	101,143	85,719	108,584	50,975	346,420
LOH	1,781	1,428	1,499	1,135	1,510
Adjusted RASM*	9.89	9.01	8.74	7.77	9.03

*These financial measures provide management and investors the ability to measure and monitor the industry’s performance on a comparable basis

LOH adjustment of LTM 1Q10 RASM uses weighted average LOH of combined company based on LTM 4Q09 results (RPMs and enplanements)

**Industry includes LCC, DAL, AMR, and the pro forma combined CAL/UAUA

Source: Company reports, Form 41, and ATA Monthly Traffic Report

41

Non-GAAP to GAAP Reconciliation

•Twelve Months Ended March 31, 2010 Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent
(EBITDAR) Margin:

•EBITDAR Margin formula: EBITDAR/Operating Revenue

1 See next page for detailed list of items excluded

2 These financial measures provide management and investors the ability to measure and monitor the industry’s
performance on a comparable basis

($ Millions)	DL	CAL + UAUA	US	AA
Operating Revenue	28,227	29,679	10,654	20,146
Net Income	(699)	(647)	(146)	(1,598)
Add Back Tax Expense/(Credit)	(334)	(144)	(38)	(284)
Add Back Interest Expense	1,259	926	292	697
Add Back Depreciation Expense	1,537	1,399	243	1,099
Add Back Aircraft Rent Expense	471	1,265	689	510
EBITDAR - Non-GAAP	2,234	2,799	1,040	424
Excludes Special and One-Time Items1	455	476	62	394
Excludes Non-cash MTM Hedge (Gains)/Losses	0	(633)	(205)	0
EBITDAR Excluding Special Items and MTM Hedge Impact - Non-GAAP	2,689	2,642	897	818
EBITDAR Margin - Non-GAAP2	7.9%	9.4%	9.8%	2.1%
EBITDAR Margin Excluding Special Items and MTM Hedge Impact - Non-GAAP	9.5%	8.9%	8.4%	4.1%

Company reports; mark-to-market (MTM) gainsaretreated as special items

42

Non-GAAP to GAAP Reconciliation

•Three Months Ended March 31, 2010 Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent
(EBITDAR) Margin:

•EBITDAR Margin formula: EBITDAR/Operating Revenue

1 See next page for detailed list of items excluded

2 These financial measures provide management and investors the ability to measure and monitor the industry’s
performance on a comparable basis

($ Millions)	CAL + UAUA	DL	US	AA
Operating Revenue	7,410	6,848	2,651	5,068
Net Income	(229)	(256)	(45)	(505)
Add Back Tax Expense/(Credit)	1	10	0	0
Add Back Interest Expense	260	306	77	194
Add Back Depreciation Expense	347	385	61	267
Add Back Aircraft Rent Expense	310	112	171	129
EBITDAR - Non-GAAP	689	557	264	85
Exclude Specials and One-Time Items1	30	64	(44)	53
Exclude Non-cash MTM Hedge (Gains)/Losses	(31)	0	0	0
EBITDAR Excluding Special Items and MTM Hedge Impact - Non-GAAP	688	621	220	138
EBITDAR Margin - Non-GAAP2	9.3%	8.1%	10.0%	1.7%
EBITDAR Margin Excluding Special Items and MTM Hedge Impact - Non-GAAP	9.3%	9.1%	8.3%	2.7%

Company reports; mark-to-market (MTM) gainsaretreated as special items

43

EBITDAR - - Special Items Excluded

AMERICAN:

1Q10:$53MM loss related to the devaluation of the Venezuelan currency

4Q09:$177MM primarily from Latin America routes impairment, ERJ-135 aircraft write down, and charges related to A300 aircraft retirement

3Q09:$94MM charge related to sale of certain aircraft and the grounding of leased A300 aircraft prior to lease expiration

2Q09:$70MM charge related to sale of certain aircraft and the grounding of leased A300 aircraft prior to lease expiration

CONTINENTAL:

1Q10:$6MM aircraft related charge and $4MM severance charge

4Q09:$36MM aircraft related charge, $29MM pension settlement charge, and $12MM route impairment

3Q09:$9MM charge related to unused facilities, $6MM aircraft related charge, and $5MM severance charge

2Q09:$44MM aircraft related charges

DELTA:

1Q10:$8MM severance charge, $46MM in merger related expenses, and $10MM charge related to the devaluation of the Venezuelan currency

4Q09:$121MM in merger related expenses

3Q09:$51MM severance charge, $78MM in merger related expenses, and $83MM loss in extinguishment of debt

2Q09:$58MM in merger related expenses

UNITED:

1Q10:$17MM aircraft and spare part impairment, $1MM lease termination charge, $4MM accelerated depreciation related to aircraft groundings, and $2MM
benefit related to a severance adjustment

4Q09:$74MM aircraft deposit impairment, $50MM lease termination charge, $10MM accelerated depreciation related to aircraft groundings, $10MM
severance charge, and $2MM employee benefit obligation adjustment

3Q09:$19MM charge related to aircraft and deposit impairments, $24MM lease termination charge, $6MM accelerated depreciation related to aircraft
groundings, $22MM severance charge, and $11MM gain on asset sales

2Q09:$40MM intangible impairment charge, $27MM LAX municipal bond secured interest, $21MM lease termination charge, $10MM accelerated
depreciation related to aircraft groundings, $6MM severance charge, and $1MM employee benefit

US AIRWAYS:

1Q10:$5MM aircraft charge related to capacity reductions and $49MM gain related to the sale of auction rate securities

4Q09:$19MM international routes impairment,$6MM severance charge,$6MM in liquidity improvement program expenses, $5MM aircraft charge related
to capacity reductions, and $49MM in non-cash charges associated with sale of aircraft and write offof related debt discount

3Q09:$10MM aircraft charge related to capacity reductions, $5MM severance and other charges, and $3MM charge related to auction rate securities

2Q09:$1MM lease return charge and $2MM impairment charge