EX-99.1

Cowen and Company 8th

Annual Global

Transportation Conference

United Continental Holdings, Inc.

Gerry Laderman –

Senior Vice President Finance

and

Acting Chief Financial Officer

Jim Compton –

Vice Chairman and Chief Revenue

Officer

September 9, 2015

Exhibit 99.1

Safe Harbor Statement

Certain statements included in this investor update 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 that 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

report are based upon information available to us on the date of this report. 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 and revenue-generating initiatives, including optimizing our revenue; 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); economic and political instability and other

risks of doing business globally; 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; disruptions to our

regional network; the costs and availability of aviation and other insurance; industry consolidation or changes in airline alliances; competitive pressures

on pricing and on 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); the impact of regulatory, investigative and legal proceedings and legal

compliance risks; 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; and other risks and uncertainties set

forth under Part I, Item 1A., Risk Factors, of UAL’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.

Improving long-term shareholder value

Grow CASM less than inflation

Balance cash flow allocation

Maintain capacity discipline

Execute on revenue initiatives

Several initiatives in place to improve revenue performance

Enhance revenue

management

Improve

reliability

Optimize the

network

Expand ancillary

revenue

Upgauge

simplify Express

operation

Expect PRASM to be down 5% -

7% for third-quarter 2015

Several initiatives in place to improve revenue performance

Enhance revenue

management

Improve

reliability

Optimize the

network

Expand ancillary

revenue

Upgauge

simplify Express

operation

Expect PRASM to be down 5% -

7% for third-quarter 2015

Making progress towards becoming the most reliable carrier in

our hubs

Other major carriers

94.4%

UAL

95.1%

YTD Consolidated Completion Factor

at Major Hubs

1,2

Chicago

Houston/Dallas

New York City

2015

97.1

2014

95.3

YTD

consolidated

completion

factor

Other major carriers

96.5%

UAL

96.8%

97.2%

Other major carriers

UAL

98.3%

Weighted average of major carriers. Major carriers defined as UAL, AAL, DAL, LUV. Airports include - New York City: EWR, LGA, JFK; Chicago: ORD,

MDW; Houston/Dallas: IAH, HOU, DFW, DAL

Year-to-date (YTD) January – August 2015

Current network priorities

Keep total capacity in line

with demand

Re-allocate assets across

network to address market

level demand changes

Consolidate frequencies,

increasing gauge while

decreasing departures

Utilize flexible fleet plan to

address regional pilot

shortage

Jan

1.5%

2.5%

Apr

Jul

1.0%

1.5%

1.0%

2.0%

3.0%

Jan

Apr

2.7%

3.7%

Jul

2.0%

2.5%

Strong U.S. dollar puts pressure

on international markets,

especially during off-peak months

Decreased demand in oil-centric

markets

Lower international surcharges in

Pacific

Source: SEC filings

Jul

Apr

Jan

0.2%

1.2%

0.5%

1.5%

0.25%

0.75%

We have taken steps to adjust capacity to match

current revenue environment…

2015 Capacity Guidance

Consolidated

Domestic

International

Consolidated

0.5%

1.5%

International

0.0%

1.0%

Domestic

1.0%

2.0%

Source: SEC filings

…and will continue to do so going forward…

4Q15 capacity

Year-over-year change

Consolidated

0.5% -

1.5%

International

0.0% -

1.0%

Domestic

1.0% -

2.0%

Source: SEC filings

…and will continue to do so going forward…

4Q15 capacity

Year-over-year change

1Q16 capacity

Year-over-year change

Consolidated

capacity

2.0% -

3.0%

2016 H/(L) vs. 2014

2.1% -

3.1%

2016 H/(L)

vs. 2013

1.8% -

2.8%

2016 H/(L)

vs.

2012

(2.2%) –

(3.2%)

1% -

2% growth

excluding leap year

Consolidated

0.5% -

1.5%

International

0.0% -

1.0%

Domestic

1.0% -

2.0%

Source: SEC filings

…and will continue to do so going forward…

4Q15 capacity

Year-over-year change

1Q16 capacity

Year-over-year change

Consolidated

capacity

2.0% -

3.0%

1% -

2% growth

excluding leap year

2016 H/(L) vs. 2014

2.1% -

3.1%

2016 H/(L)

vs. 2013

1.8% -

2.8%

2016 H/(L)

vs.

2012

(2.2%) –

(3.2%)

…while consolidating frequencies and increasing gauge

~6.0%

(~5.5%)

Gauge

Capacity

Departures

1.0% -

1.5%

FY15 frequency consolidation

Year-over-year change

~5.0%

(~3.0%)

2.0% -

3.0%

1Q16 frequency consolidation

Year-over-year change

Gauge

Departures

Capacity

Fleet upgauging

results in a larger mainline fleet

United fleet mix

~60%

~20%

70/76 seat

Mainline

50 seat

& below

YE 2015E

14%

YE 2012

30%

56%

Seats per

departure

103

Upgauging

benefits:

More cost efficient

Improved reliability

Additional ancillary revenue

opportunities

Improving long-term shareholder value

Grow CASM less than inflation

Balance cash flow allocation

Maintain capacity discipline

Execute on revenue initiatives

Demonstrating strong cost performance; on track to achieve

$1B in non-fuel annual savings by 2016

FY14

1.3%

0.0% -

0.5%

FY15E

Non-fuel CASM

Year-over-year change

Excluding special charges, fuel, third-party business and profit sharing expense. 2015E as of July 23, 2015 Investor Update. For a GAAP to Non-GAAP reconciliation, see

Appendix A.

$800

$380

FY15E

FY14

Project Quality

non-fuel savings

($M)

Lowered full-year cost

guidance despite lowering

capacity

expectations by

~0.75 points

Improving long-term shareholder value

Grow CASM less than inflation

Balance cash flow allocation

Maintain capacity discipline

Execute on revenue initiatives

Balanced capital allocation

Average

capital

expenditures

$2.7B

$2.9B

through

2018

Invest in

business

Achieve ~$15B gross debt target and progress toward investment

grade credit metrics

Debt reduction

Achieve well-funded pension plan status

Pension funding

Return $4B to shareholders by 2017 and continue to evolve

shareholder compensation

Shareholder

compensation

Maintain unrestricted liquidity balance of $5B -

$6B, including revolver

Capital expenditures include net purchase deposits and exclude fully reimbursable capital projects and capital leases

Debt reduction

Pension funding

Shareholder

compensation

Investing in the business while maintaining capital discipline

Capital expenditures include net purchase deposits and exclude fully reimbursable capital projects and capital leases

Expect

average

capital

expenditures¹

$2.7B

$2.9B

through

2018

Technology

Aircraft acquisition

Aircraft modifications

Airport enhancements

Invest in business

767-300ER interior improvements

2 class configuration

with BusinessFirst

More overhead storage, larger seat-back

video screens and slimline

seats

Process electronic payments for onboard

purchases

Replace printed safety and training

manuals

Real-time reporting and improved follow-

up on aircraft cabin issues and repairs

Flight attendant handheld devices

Airport enhancements

Lobby design

Gate furniture

Technology

Through end of 2Q15, have pre-paid $920M of debt and

eliminated

all

high

interest

prepayable

debt

Progressing toward investment grade credit metrics

Continuing to pay down debt and de-risk the business

Total

debt

outstanding

($B)

Includes annualized aircraft rent capitalized at 7x

2010 data is pro-forma

Source: SEC filings

~$15B

Debt reduction

Pension funding

Shareholder

compensation

Invest in business

Intermediate

target

2Q15

YE14

$17.0

$18.3

YE10

$22.3

Funding pension in excess of minimum required

Source: SEC filings

Debt reduction

Pension funding

Shareholder

compensation

Invest in business

Through end of 2Q15, have funded approximately

$800M, substantially all of which is in excess of

minimum required

Expect minimal contributions for remainder of 2015

Beyond 2015, expect to contribute ~$400 million

annually

Continuing to return cash to shareholders

2014 share repurchase authorization progress

($M)

$230

$770

Through 2Q15

Remaining

In July 2015, announced new $3B authorization to be

completed by 2017

Expect to complete 2014 $1B authorization in 3Q15,

almost 2 years ahead of schedule

Debt reduction

Invest in business

Shareholder

compensation

Pension funding

Source: SEC filings

Return on invested capital

Pre-tax margin

12.9%

18.2%

FY14

TME 2Q15

FY13

FY12

8.0%

10.0%

FY12

2.6%

1.6%

5.1%

8.8%

TME 2Q15

FY13

FY14

3.7%

FY12

16.1%

5.8%

FY13

TME 2Q15

FY14

10.5%

Cash

return

capital

United’s financial results continue to improve

5.2x

5.5x

6.4x

5.2x

FY11

FY14

FY13

FY12

Debt

EBITDA

Note: For a GAAP to Non-GAAP reconciliation, see Appendix A

Twelve months ended cash flows from operations divided by average invested capital. Average invested capital is shown in Appendix A

Based on Moody’s airline credit rating methodology; includes Moody’s adjustments to credit metrics

Improving long-term shareholder value

Grow CASM less than inflation

Balance cash flow allocation

Maintain capacity discipline

Execute on revenue initiatives

Appendix A: reconciliation of GAAP to Non-GAAP financial

(in millions, except CASM amounts)

Consolidated CASM

2014

2013

Percentage

Change

Operating expense

$36,528

$37,030

(1.4)

Special charges

443

520

Third-party business expenses

534

694

(23.1)

Aircraft fuel and related taxes

11,675

12,345

(5.4)

Profit sharing

235

190

23.7

Operating expense excluding above items

$23,641

$23,281

1.5

ASMs –

consolidated

246,021

245,354

0.3

CASM (cents)

14.85

15.09

(1.6)

CASM, excluding special charges

14.67

14.88

(1.4)

CASM, excluding special charges and third-party business expenses

14.45

14.60

(1.0)

CASM, excluding special charges, third-party business expenses and fuel

9.70

9.57

1.4

CASM, excluding special charges, third-party business expenses, fuel and profit sharing

9.61

9.49

1.3

Source: Item 6 of UAL’s 2014 Form 10-K

NM: not meaningful

Pre-tax margin

2014

2013

2012

Income (loss) before income taxes

$1,128

$539

($724)

Add: Special charges

517

520

1,323

Add: Economic Hedge Adjustments

327

(45)

See Note 1

Adjusted income before income taxes

1,972

1,014

599

Operating Revenues

$38,901

$38,279

$37,152

Adjusted pre-tax margin

5.1%

2.6%

1.6%

Note 1: United began reporting earnings excluding Economic Hedge Adjustments in 2014 for the years ended 2014 and 2013.

UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and Non-GAAP financial measures, including income (loss) before

income taxes excluding special items, net income (loss) excluding special items, net earnings (loss) per share excluding special items, and CASM, among others. CASM is a common metric used in the airline

industry to measure an airline's cost structure and efficiency. Pursuant to SEC Regulation G, UAL has included the following reconciliation of reported Non-GAAP financial measures to comparable financial

measures reported on a GAAP basis. UAL believes that adjusting for special items is useful to investors because special charges are non-recurring charges not indicative of UAL's ongoing performance. In

addition, the company believes that adjusting for MTM gains and losses from fuel derivative contracts settling in future periods and prior period gains and losses on fuel derivative contracts settled in the current

period is useful because the adjustments allow investors to better understand the cash impact of settled fuel derivative contracts in a given period. UAL also believes that excluding third-party business

expenses, such as maintenance, ground handling and catering services for third parties, fuel sales and non-air mileage redemptions, provides more meaningful disclosure because these expenses are not

directly related to UAL's core business. UAL also believes that excluding fuel costs from certain measures is useful to investors because it provides an additional measure of management's performance

excluding the effects of a significant cost item over which management has limited influence. UAL excludes profit sharing because this exclusion allows investors to better understand and analyze our recurring

cost performance and provides a more meaningful comparison of our core operating costs to the airline industry. UAL also believes that adjusting capital expenditures for fully reimbursable projects and capital

leases is useful to investors in order to appropriately reflect the non-reimbursable funds spent on capital expenditures. UAL excludes capital leases, as capital expenditures shown should only represent those

assets acquired through the issuance of debt. For additional information related to special items, see Note 17 to the financial statements included in the 2014 Annual Report Form 10-K.

Forward Looking Projections. UAL is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of special items cannot be estimated at this time.

measures

Appendix A: reconciliation of GAAP to Non-GAAP financial

measures (continued)

Return on invested capital (ROIC) is a Non-GAAP financial measure that we believe provides useful supplemental information for management and investors by measuring the effectiveness of our

operations' use of invested capital to generate profits.

(in millions)

Twelve Months Ended

June 30, 2015

Twelve Months Ended

December 31, 2014

Twelve Months Ended

December 31, 2013 (d)

Twelve Months Ended

December 31, 2012

Net Operating Profit After Cash Tax (NOPAT)

Pre-tax income excluding special items (a)

$3,385

$1,972

$1,059

$599

NOPAT adjustments (b)

1,195

1,265

1,439

1,453

NOPAT

$4,580

$3,237

$2,498

$2,052

Effective tax rate

0.2%

0.3%

(2.4%)

1.7%

Invested Capital (five-quarter average)

Total assets

$38,454

$37,568

$37,198

$38,083

Invested capital adjustments (c)

13,270

12,495

12,302

12,592

Average invested capital

$25,184

$25,073

$24,896

$25,491

ROIC

18.2%

12.9%

10.0%

8.0%

Notes:

(a) Non-GAAP Financial Reconciliation

Twelve Months Ended

June 30, 2015

Twelve Months Ended

December 31, 2014

Twelve Months Ended

December 31, 2013

Twelve Months Ended

December 31, 2012

Pre-tax income (loss)

$2,651

$1,128

$539

($724)

Add: Special items

734

844

520

1,323

Pre-tax income excluding special items

$3,385

$1,972

$1,059

$599

(b) NOPAT adjustments include: adding back (net of tax shield) interest expense, the interest component of capitalized aircraft rent, and net interest on pension while

removing interest tax expense.

(c) Invested capital adjustments include: adding back capital aircraft rent (at 7.0X) and deferred income taxes, less advance ticket sales, frequent flyer deferred revenue,

tax valuation allowance, and other non-interest bearing liabilities.

(d) The 2013 ROIC calculation agrees to the amounts presented in the fiscal year 2013 earnings release. In 2014, we modified the ROIC calculation to reflect economic

hedge adjustments. If we presented 2013 ROIC using the 2014 methodology, 2013 ROIC would be 9.9%.