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