United Announces First-Quarter 2013 Results

                 United Announces First-Quarter 2013 Results

UAL Reports $325 Million First-Quarter 2013 Loss Excluding Special Charges;
$417 Million Loss Including Special Charges

PR Newswire

CHICAGO, April 25, 2013

CHICAGO, April 25, 2013 /PRNewswire/ --United Airlines (NYSE: UAL) today
reported a first-quarter 2013 net loss of $325 million, or $0.98 per share,
excluding $92 million of special charges. Including special charges, UAL
reported a first-quarter 2013 net loss of $417 million, or $1.26 per share.

  oThe company achieved its best first-quarter on-time performance in a
    decade, with 81.0 percent of mainline flights, including both domestic and
    international flights, arriving within 14 minutes of scheduled arrival
    time.
  oUAL's first-quarter 2013 consolidated passenger revenue increased 0.7
    percent year-over-year on a consolidated capacity reduction of 4.9
    percent. First-quarter consolidated passenger revenue per available seat
    mile (PRASM) increased 5.9 percent compared to the same period in 2012.
  oFirst-quarter 2013 consolidated unit costs (CASM), holding fuel rate and
    profit sharing constant and excluding special charges and third-party
    business expense, increased 7.2 percent year-over-year on a consolidated
    capacity reduction of 4.9 percent. First-quarter 2013 consolidated CASM
    increased 6.5 percent year-over-year.
  oUAL ended the first quarter with $6.4 billion in unrestricted liquidity.

"Our co-workers pulled together in the first quarter to significantly improve
our operational performance and customer service despite challenging weather
and high load factors, and I want to thank them for their hard work," said
Jeff Smisek, chairman, president and chief executive officer. "Although this
was a difficult quarter financially, I'm very proud of our team."

First-Quarter Revenue and Capacity

For the first quarter of 2013, total revenue was $8.7 billion, an increase of
1.4 percent year-over-year. First-quarter consolidated passenger revenue
increased 0.7 percent to $7.6 billion, compared to the same period in 2012.

Consolidated revenue passenger miles (RPMs) decreased 1.2 percent on a
consolidated capacity (available seat miles) decrease of 4.9 percent
year-over-year for the first quarter. First-quarter 2013 consolidated load
factor was 81.1 percent, an increase of 3.0 points versus the first quarter of
2012.

First-quarter 2013 consolidated PRASM increased 5.9 percent compared to the
same period in 2012. Consolidated yield for the first quarter of 2013
increased 1.9 percent year-over-year.

Mainline RPMs in the first quarter of 2013 decreased 1.6 percent on a mainline
capacity decrease of 5.0 percent year-over-year, resulting in a first-quarter
mainline load factor of 81.4 percent. Mainline yield for the first quarter of
2013 increased 1.3 percent compared to the same period in 2012. First-quarter
2013 mainline PRASM increased 5.0 percent year-over-year.

"We are encouraged by our unit revenue performance this quarter, and we are
working hard to build on our overall revenue progress this year," said Jim
Compton, UAL's vice chairman and chief revenue officer. "My co-workers'
continued focus on our operational performance and customer service directly
contributed to our improved revenue results."

Passenger revenue for the first quarter of 2013 and period-to-period
comparisons of related statistics for UAL's mainline and regional operations
are as follows:

                1Q 2013           Passenger                       Available
                Passenger         Revenue vs.   PRASM   Yield    Seat Miles
                Revenue                       vs. 1Q   vs. 1Q   vs.
                                  1Q 2012       2012     2012     1Q 2012
                (millions)
Domestic        $2,909            (1.1%)        3.6%     1.1%     (4.5%)
Atlantic        1,185             (0.3%)        11.0%    6.9%     (10.2%)
Pacific         1,143             4.0%          7.2%     0.7%     (3.0%)
Latin America   701               (3.4%)        (2.6%)   (5.6%)   (0.8%)
International   3,029             0.5%          6.5%     1.5%     (5.6%)
Mainline        5,938             (0.3%)        5.0%     1.3%     (5.0%)
Regional        1,621             4.3%          8.8%     2.9%     (4.1%)
Consolidated    $7,559            0.7%          5.9%     1.9%     (4.9%)

Year-over-year cargo and other revenue in the first quarter of 2013 increased
6.2 percent, or $68 million, to $1.2 billion.

First-Quarter Costs

First-quarter total operating expenses increased $112 million, or 1.3 percent,
year-over-year. Third-party business expense was $121 million in the first
quarter.

Consolidated and mainline CASM, excluding special charges and third-party
business expense, increased 6.8 percent and 8.3 percent, respectively, in the
first quarter of 2013 compared to the same period of 2012. First-quarter
consolidated and mainline CASM, including special charges, increased 6.5 and
7.9 percent year-over-year, respectively.

In the first quarter, consolidated and mainline CASM, excluding special
charges and third-party business expense and holding fuel rate and profit
sharing constant, increased 7.2 percent and 8.6 percent, respectively,
compared to the results for the same period in 2012.

"We are focused companywide on operating more efficiently. Moreover, we are
building an infrastructure to achieve our return-on-invested-capital goals and
generate long-term returns," said John Rainey, UAL's executive vice president
and chief financial officer. "Our balance sheet is the healthiest it's been in
years, and that benefits everyone—co-workers, customers and investors."

Liquidity, Cash Flow and Return on Invested Capital

UAL ended the quarter with $6.4 billion in unrestricted liquidity, including
$1.0 billion of undrawn commitments under its new revolving credit facility.
During the first quarter, the company generated $393 million of operating cash
flow and had gross capital expenditures and purchase deposits of $526 million.
The company made debt and capital lease principal payments of $1.3 billion in
the first quarter, including $1.0 billion of prepayments. The company's return
on invested capital for the 12 months ended March 31, 2013, was 8.0 percent,
below the company's goal of 10 percent.

First-Quarter 2013 Events

  oUnited Airlines achieved a U.S. Department of Transportation first-quarter
    domestic on-time arrival rate of 81.4 percent, exceeding 80 percent in
    each month of the quarter. For international flights, United recorded an
    on-time arrival rate of 79.7 percent for the quarter. The on-time arrival
    rates are based on flights arriving within 14 minutes of scheduled arrival
    time. This was the best first-quarter on-time performance for the carrier
    in a decade.
  oUnited co-workers earned cash incentive payments totaling $22 million for
    on-time performance during the first quarter.
  oCo-workers earned $4.4 million for reaching the company's
    customer-satisfaction target for the first quarter, as measured through
    online surveys of MileagePlus members flying United and United Express.
    United also awarded $125,000 to select employees of United and United
    Express for excellence in customer service as part of the company's
    Outperform Recognition Program.
  oUnited continued its comprehensive customer service training program for
    all customer-facing agents and flight attendants worldwide, and nearly
    13,000 co-workers completed the training in the first quarter.
  oDuring the first quarter, United replaced its $1.2 billion term loan due
    2014 with a new $900 million term loan due 2019, and reduced the principal
    balance by $300 million in the process. Simultaneously, United entered
    into a new $1.0 billion revolving credit facility due 2018 that replaced
    the company's $500 million undrawn revolving credit facility due 2015,
    bolstering the company's unrestricted liquidity position.
  oThe company pre-paid $400 million of its 9.875 percent Senior Secured
    Notes and $200 million of its 12.0 percent Senior Second Lien Notes during
    the first quarter.
  oUnited broke ground on a new widebody aircraft maintenance hangar at
    Newark Liberty International Airport and is constructing a new maintenance
    hangar at Washington Dulles International Airport, boosting United's
    maintenance capabilities on the East Coast. The company signed a 10-year
    lease extension on its Maintenance Operations Center at San Francisco
    International Airport, United's largest maintenance facility.
  oUnited opened the airline's new employee health clinic at Chicago O'Hare
    International Airport, offering convenient on-site health services to
    co-workers at no charge.
  oThe company took delivery of six Boeing 737-900ERs and removed from
    service three Boeing 737-500s and two Boeing 757-200s.
  oThe company reached an agreement to sell up to 30 Boeing 757-200 aircraft
    to FedEx.
  oDuring the quarter, the company expanded its industry-leading global route
    network, launching new nonstop service to Nassau, Bahamas; Fort
    Lauderdale, Fla.; and Oklahoma City, Okla. United also added two new
    cities to its network, Fayetteville, N.C., and Thunder Bay, Ontario,
    Canada. The company announced future new nonstop markets, including the
    company's first nonstop service to Dickinson, N.D., as well as additional
    service to Portland, Ore.; Austin, Texas; San Jose del Cabo, Mexico;
    Saskatoon, Saskatchewan, Canada; Anchorage, Alaska; Traverse City, Mich.;
    and Charleston, S.C. The airline also announced it will resume nonstop
    daily service from Chicago to San Juan, Puerto Rico.
  oUnited relaunched the Premier Access program offering customers access to
    expedited check-in and security checkpoint lanes along with priority
    boarding.
  oUnited launched a new baggage delivery option, enabling customers to have
    their checked bags delivered directly to their final destinations and skip
    baggage claim upon arrival. The airline will expand the service to more
    than 190 domestic airports in the coming months.
  oThe company unveiled a new lounge standard at its United Club in Terminal
    2 at Chicago O'Hare International Airport, the first to feature a new
    design that the airline will use when building and renovating lounges
    worldwide. The airline is investing more than $50 million to renovate many
    of its United Clubs, with three more United Clubs to be renovated this
    year.
  oThe carrier introduced its first reconfigured transcontinental "p.s.,"
    Premium Service, aircraft equipped with flat-bed seats, all-new interiors,
    personal on-demand entertainment, Wi-Fi connectivity, in-seat power and
    USB ports. United offers p.s. on all nonstop flights between New York
    Kennedy and both Los Angeles and San Francisco.
  oThe company ramped up installation of global satellite-based Wi-Fi on its
    mainline fleet and currently offers satellite-based Wi-Fi on 38 of its
    aircraft, becoming the first U.S.-based international carrier to offer
    customers the ability to stay connected while traveling on long-haul
    overseas routes.
  oUnited introduced a new application for Windows Phone 8 users. With the
    launch of the Windows app, United is now available on all mobile
    platforms, including iPhone, Android and Blackberry.
  oThe company continued to install flat-bed seats in premium cabins on its
    international fleet and now has more than 7,000 new flat-bed seats on 182
    aircraft, more than any other U.S. carrier. In addition, Economy Plus is
    now available on nearly all of United's mainline fleet.
  oUAL merged its two operating subsidiaries, United and Continental, into a
    single operating entity, United, on March 31, 2013.

About United

United Airlines and United Express operate an average of 5,446 flights a day
to more than 370 airports across six continents. In 2012, United and United
Express carried more passenger traffic than any other airline in the world and
operated nearly two million flights carrying 140 million customers. United is
investing in upgrading its onboard products and now offers more flat-bed seats
in its premium cabins and more extra-legroom economy-class seating than any
airline in North America. In 2013, United became the first U.S.-based
international carrier to offer satellite-based Wi-Fi on long-haul overseas
routes. The airline also features DIRECTV® on nearly 200 aircraft, offering
customers more live television access than any other airline in the world.
United operates nearly 700 mainline aircraft and has made large-scale
investments in its fleet. In 2013, United will continue to modernize its fleet
by taking delivery of more than two dozen new Boeing aircraft. The company
expanded its industry-leading global route network in 2012, launching nine new
international and 18 new domestic routes. Business Traveler magazine awarded
United Best Airline for North American Travel for 2012, and readers of Global
Traveler magazine have voted United's MileagePlus program the best frequent
flyer program for nine consecutive years. United is a founding member of Star
Alliance, which provides service to 194 countries via 27 member airlines. More
than 85,000 United employees reside in every U.S. state and in countries
around the world. For more information, visit united.com or follow United on
Twitter and Facebook. The common stock of United's parent, United Continental
Holdings, Inc., is traded on the NYSE under the symbol UAL.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: Certain statements included in this release 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 release are based upon information
available to us on the date of this release. 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 aviation fuel and energy
refining capacity in relevant markets); our ability to cost-effectively hedge
against increases in the price of aviation 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 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, environmental regulations and FAA imposed furloughs on air
traffic controllers); 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 our 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.

-tables attached-



UNITED CONTINENTAL HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2013 AND 2012
                                    Three Months Ended
                                    March 31,           %
 (In millions, except per share     2013       2012     Increase/ (Decrease)
 data)
 Operating revenue:
 Passenger:
 Mainline                           $5,938     $5,954   (0.3)
 Regional                           1,621      1,554    4.3
 Total passenger revenue            7,559      7,508    0.7
 Cargo                              227        264      (14.0)
 Other                              935        830      12.7
 Total operating revenue            8,721      8,602    1.4
 Operating expenses:
 Aircraft fuel (A)                  3,050      3,229    (5.5)
 Salaries and related costs         2,127      1,897    12.1
 Regional capacity purchase (B)     588        616      (4.5)
 Landing fees and other rent        497        469      6.0
 Aircraft maintenance materials and 438        407      7.6
 outside repairs
 Depreciation and amortization      408        380      7.4
 Distribution expenses              328        337      (2.7)
 Aircraft rent                      240        251      (4.4)
 Special charges (C)                92         164      NM
 Other operating expenses           1,217      1,123    8.4
 Total operating expenses           8,985      8,873    1.3
 Operating loss                     (264)      (271)    (2.6)
 Nonoperating income (expense):
 Interest expense                   (201)      (216)    (6.9)
 Interest capitalized               11         8        37.5
 Interest income                    5          5        -
 Miscellaneous, net                 23         27       (14.8)
 Total nonoperating expense         (162)      (176)    (8.0)
 Loss before income taxes           (426)      (447)    (4.7)
 Income tax expense (benefit) (D)   (9)        1        NM
 Net loss                           $(417)     $(448)   (6.9)
 Loss per share, basic and diluted  $(1.26)    $(1.36)  (7.4)
 Weighted average shares, basic and 332        330      0.6
 diluted
 NM Not meaningful







UNITED CONTINENTAL HOLDINGS, INC.
CONSOLIDATED NOTES (UNAUDITED)
    UAL's results of operations include fuel expense for both mainline
(A) and regional operations.
                                  Three Months Ended
                                  March 31,              %
    (In millions, except per      2013         2012      Increase/
    gallon)                                              (Decrease)
    Mainline fuel expense         $2,461       $2,598    (5.3)
    excluding hedge impacts
    Hedge losses reported in fuel (9)          (31)      NM
    expense (a)
    Total mainline fuel expense   $2,470       $2,629    (6.0)
    Regional fuel expense         580          600       (3.3)
    Consolidated fuel expense     3,050        3,229     (5.5)
    Settled hedge gains not       17           -         NM
    recorded in fuel expense (b)
    Fuel expense including all
    gains (losses) from settled   $3,033       $3,229    (6.1)
    hedges (c)
    Mainline fuel consumption     748          790       (5.3)
    (gallons)
    Mainline average aircraft
    fuel price per gallon
    excluding hedge losses        329.0        328.9     0.0
    recorded in fuel expense
    (cents)
    Mainline average aircraft     330.2        332.8     (0.8)
    fuel price per gallon (cents)
    Mainline average aircraft
    fuel price per gallon         327.9        332.8     (1.5)
    including all gains (losses)
    from settled hedges (cents)
    Regional fuel consumption     176          177       (0.6)
    (gallons)
    Regional average aircraft     329.5        339.0     (2.8)
    fuel price per gallon (cents)
    Consolidated consumption      924          967       (4.4)
    (gallons)
    Consolidated average aircraft
    fuel price per gallon
    excluding hedge losses        329.1        330.7     (0.5)
    recorded in fuel expense
    (cents)
    Consolidated average aircraft 330.1        333.9     (1.1)
    fuel price per gallon (cents)
    Consolidated average aircraft
    fuel price per gallon         328.2        333.9     (1.7)
    including all gains (losses)
    from settled hedges (cents)

    (a) Includes gains (losses) from settled hedges that were designated for
    hedge accounting. UAL allocates 100% of hedge accounting gains (losses)
    to mainline fuel expense.
    (b) Includes ineffectiveness gains (losses) on settled hedges and gains
    (losses) on settled hedges not designated for hedge accounting. These
    amounts are recorded in Nonoperating income (expense): Miscellaneous,
    net.
    (c) This figure does not include mark-to-market ("MTM") gains. MTM gains
    were $34 million and $26 million for the three months ended March 31,
    2013 and 2012 respectively. The company records MTM gains (losses) to
    Nonoperating income (expense): Miscellaneous, net.
    UAL has contractual relationships with various regional carriers to
(B) provide regional aircraft and turboprop service branded as United
    Express. Under these agreements, UAL pays the regional carriers
    contractually agreed fees for crew expenses, maintenance expenses and
    other costs of operating these flights. These costs include aircraft rent
    of $162 million for the three months ended March 31, 2013, of which $110
    million and $52 million is included in regional capacity purchase expense
    and aircraft rentals, respectively, in our Statements of Consolidated
    Operations.



UNITED CONTINENTAL HOLDINGS, INC.
CONSOLIDATED NOTES (UNAUDITED)
(C) Special charges include the following:
                                                        Three Months Ended
                                                        March 31,
    (In millions)                                       2013        2012
    Merger integration-related costs                    $70         $134
    Voluntary severance and benefits                    14          49
    Charges for temporarily grounded 787 aircraft       11          -
    Gains on sales of assets and other special items,   (3)         (19)
    net
    Total special charges                               92          164
    Income tax benefit                                  -           (2)
    Special charges, net of tax                         $92         $162

    2013 - Special charges
    Merger integration-related costs: Merger integration-related costs include
    compensation costs related to systems integration and training, costs to
    repaint aircraft and other branding activities, new uniform costs, costs
    to write-off or accelerate depreciation on systems and facilities that are
    no longer used or planned to be used for significantly shorter periods,
    relocation costs for employees and severance primarily associated with
    administrative headcount reductions.
    Voluntary severance and benefits: The company recorded $14 million
    associated with a voluntary program offered by United under which flight
    attendants took an unpaid 13-month leave of absence. The flight
    attendants continue to receive medical benefits and other company benefits
    while on leave under this program. Approximately 1,300 flight attendants
    opted to participate in the program.
    Charges for temporarily grounded 787 aircraft: The company recorded $11
    million associated with the temporary grounding of its Boeing 787
    aircraft. The charges are comprised of aircraft depreciation expense and
    dedicated personnel costs that the company continues to incur while the
    aircraft are grounded.
    Gains on sales of assets and other special items, net: The company
    recorded a $5 million gain related to a contract termination and $2
    million in losses on the sale of assets. 
    2012 - Special charges
    Merger integration-related costs: Merger integration-related costs include
    compensation costs related to systems integration and training, costs to
    repaint aircraft and other branding activities, costs to write-off or
    accelerate depreciation on systems and facilities that are no longer used
    or planned to be used for significantly shorter periods, relocation costs
    for employees and severance primarily associated with administrative
    headcount reductions. 
    Voluntary severance and benefits: The company recorded $49 million
    associated with two voluntary employee programs. In one program,
    approximately 400 mechanics offered to retire early in exchange for a cash
    severance payment that was based on the number of years of service the
    employee had accumulated. The other program is a voluntary
    company-offered leave of absence that approximately 1,800 flight
    attendants accepted, which allows for continued medical coverage during
    the leave of absence period.
    Gains on sales of assets and other special items, net: The company sold
    six aircraft and its interest in a crew hotel in Hawaii during the first
    quarter of 2012. The company also recorded an impairment charge on an
    intangible asset related to certain take-off and landing slots to reflect
    the discontinuance of one of the frequencies on an international route.
    The company also made adjustments to legal reserves. 
    We are required to provide a valuation allowance for our deferred tax
    assets in excess of deferred tax liabilities because UAL concluded that it
(D) is more likely than not that such deferred tax assets will ultimately not
    be realized. As a result, pre-tax losses for the three months ended March
    31, 2013, and March 31, 2012, were not tax benefited.







UNITED CONTINENTAL HOLDINGS, INC.
STATISTICS
                                    Three Months Ended
                                    March 31,           %
                                    2013       2012     Increase/ (Decrease)
Mainline:
Passengers (thousands)              21,479     21,909   (2.0)
Revenue passenger miles (millions)  40,547     41,191   (1.6)
Available seat miles (millions)     49,820     52,469   (5.0)
Cargo ton miles (millions)          546        632      (13.6)
Passenger load factor:
Mainline                            81.4 %     78.5 %   2.9       pts.
Domestic                            84.2 %     82.2 %   2.0       pts.
International                       78.6 %     74.9 %   3.7       pts.
Passenger revenue per available
seat mile                           11.92      11.35    5.0

(cents)
Average yield per revenue passenger 14.64      14.45    1.3
mile (cents)
Average fare per passenger          $276.46    $271.76  1.7
Cost per available seat mile (CASM)
(cents):
CASM (a)                            14.90      13.81    7.9
CASM, excluding special charges (b) 14.72      13.49    9.1
CASM, excluding special charges and
third-party                         14.48      13.37    8.3

business expenses (b)
CASM, excluding special charges,
third-party                         9.52       8.36     13.9

business expenses and fuel (b)
CASM, holding fuel rate and profit
sharing

constant, excluding special charges 14.52      13.37    8.6
and third-

party business expenses (b)
Average aircraft fuel price per
gallon excluding

hedge gains (losses) recorded in    329.0      328.9    0.0
fuel expense

(cents) (c)
Average aircraft fuel price per     330.2      332.8    (0.8)
gallon (cents) (c)
Average aircraft fuel price per
gallon including
                                    327.9      332.8    (1.5)
all gains (losses) from settled
hedges (cents) (c)
Fuel gallons consumed (millions)    748        790      (5.3)
Aircraft in fleet at end of period  703        698      0.7
Average stage length (miles) (d)    1,876      1,868    0.4
Average daily utilization of each   9:59       10:25    (4.2)
aircraft (hours)
Regional:
Passengers (thousands)              10,876     10,618   2.4
Revenue passenger miles (millions)  5,997      5,916    1.4
Available seat miles (millions)     7,552      7,875    (4.1)
Passenger load factor               79.4 %     75.1 %   4.3       pts.
Passenger revenue per available
seat mile                           21.46      19.73    8.8

(cents)
Average yield per revenue passenger 27.03      26.27    2.9
mile (cents)
Aircraft in fleet at end of period  558        576      (3.1)
Average stage length (miles) (d)    536        541      (0.9)



UNITED CONTINENTAL HOLDINGS, INC.
STATISTICS (Continued)
                                      Three Months Ended
                                      March 31,           %
                                      2013       2012     Increase/ (Decrease)
Consolidated (Mainline and
Regional):
 Passengers (thousands)           32,355     32,527   (0.5)
 Revenue passenger miles          46,544     47,107   (1.2)
(millions)
 Available seat miles (millions)  57,372     60,344   (4.9)
 Passenger load factor            81.1%      78.1%    3.0       pts.
 Passenger revenue per available  13.18      12.44    5.9
seat mile (cents)
 Total revenue per available seat 15.20      14.25    6.7
miles (cents)
 Average yield per revenue        16.24      15.94    1.9
passenger mile (cents)
 CASM (a)                         15.66      14.70    6.5
 CASM, excluding special charges  15.50      14.43    7.4
(b)
 CASM, excluding special charges  15.29      14.32    6.8
and third-party business expenses (b)
 CASM, excluding special charges,
third-party business expenses and     9.97       8.97     11.1
fuel (b)
 CASM, holding fuel rate and
profit sharing constant, excluding    15.35      14.32    7.2
special charges and third-party
business expenses (b)
 Average aircraft fuel price per
gallon excluding hedge gains (losses) 329.1      330.7    (0.5)
recorded in fuel expense (cents) (c)
 Average aircraft fuel price per  330.1      333.9    (1.1)
gallon (cents) (c)
 Average aircraft fuel price per
gallon including all gains (losses)   328.2      333.9    (1.7)
from settled hedges (cents) (c)
 Fuel gallons consumed (millions) 924        967      (4.4)
 Average full-time equivalent     84.3       83.7     0.7
employees (thousands)



(a) Includes impact of special charges (See Note C).
(b) These financial measures provide management and investors the ability to
monitor the company's performance on a consistent basis.
(c) Fuel price per gallon includes aircraft fuel and related taxes.
(d) Average stage length equals the average distance a seat travels adjusted
for size of aircraft (available seat miles/seats).





UNITED CONTINENTAL HOLDINGS, INC.
NON-GAAP FINANCIAL RECONCILIATION
UAL evaluates its financial performance utilizing various accounting
principles generally accepted in the United States of America ("GAAP") and
non-GAAP financial measures including, net income/loss, net earnings/loss per
share 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 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 also believes that adjusting for
special charges is useful to investors because they are non-recurring charges
not indicative of UAL's on-going performance. 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.

                         Three Months Ended
(in millions)            March 31,          $           %
                         2013      2012     Increase/   Increase/
                                            (Decrease)  (Decrease)
Operating revenue        $8,721    $8,602   $119        1.4
Operating expenses       $8,985    $8,873   $112        1.3
Less: Special charges    92        164      (72)        NM
(C)
Operating expenses,
excluding special        8,893     8,709    184         2.1

charges
Less: Third-party
business                 121       65       56          86.2

expenses
Less: Fuel expense       3,050     3,229    (179)       (5.5)
Less: Profit sharing
programs,                -         -        -           NM

including taxes
Operating expenses,
excluding fuel,

profit sharing, special  $5,722    $5,415   $307        5.7
charges and

third-party business
expenses
Net loss                 $(417)    $(448)   $(31)       (6.9)
Less: Special charges,   92        162      (70)        NM
net (C)
Net loss, excluding      $(325)    $(286)   $39         13.6
special charges
Diluted loss per share   $(1.26)   $(1.36)  $(0.10)     (7.4)
Less: Special charges,   0.28      0.49     (0.21)      NM
net
Diluted loss per share,
excluding                $(0.98)   $(0.87)  $0.11       12.6

special charges













UNITED CONTINENTAL HOLDINGS, INC.
NON-GAAP FINANCIAL RECONCILIATION (Continued)
                                         Three Months Ended
                                         March 31,           %
                                         2013       2012     Increase/
                                                             (Decrease)
CASM Mainline Operations (cents)
Cost per available seat mile (CASM)      14.90      13.81    7.9
Less: Special charges (C)                0.18       0.32     NM
CASM, excluding special charges          14.72      13.49    9.1
Less: Third-party business expenses      0.24       0.12     100.0
CASM, excluding special charges and
third-party business                     14.48      13.37    8.3

expenses
Less: Fuel expense                       4.96       5.01     (1.0)
CASM, excluding special charges,
third-party business                     9.52       8.36     13.9

expenses and fuel
Less: Profit sharing per available seat  -          -        NM
mile
CASM, excluding special charges,
third-party business                     9.52       8.36     13.9

expenses, fuel, and profit sharing
Add: Profit sharing held constant at
prior year expense                       -          -        NM

per available seat mile
Add: Current year fuel cost at prior
year fuel price per                      5.00       -        NM

available seat mile
Add: Prior year fuel cost per available  -          5.01     NM
seat mile
CASM, holding fuel rate and profit
sharing constant and

excluding special charges and            14.52      13.37    8.6
third-party business

expenses
CASM Consolidated Operations (cents)
Cost per available seat mile (CASM)      15.66      14.70    6.5
Less: Special charges (C)                0.16       0.27     NM
CASM, excluding special charges          15.50      14.43    7.4
Less: Third-party business expenses      0.21       0.11     90.9
CASM, excluding special charges and
third-party business                     15.29      14.32    6.8

expenses
Less: Fuel expense                       5.32       5.35     (0.6)
CASM, excluding special charges,
third-party business                     9.97       8.97     11.1

expenses and fuel
Less: Profit sharing per available seat  -          -        NM
mile
CASM, excluding special charges,
third-party business                     9.97       8.97     11.1

expenses, fuel, and profit sharing
Add: Profit sharing held constant at
prior year expense                       -          -        NM

per available seat mile
Add: Current year fuel cost at prior
year fuel price per                      5.38       -        NM

available seat mile
Add: Prior year fuel cost per available  -          5.35     NM
seat mile
CASM, holding fuel rate and profit
sharing constant and

excluding special charges and            15.35      14.32    7.2
third-party business

expenses





UNITED CONTINENTAL HOLDINGS, INC.
RETURN ON INVESTED CAPITAL (ROIC)
                                                         Twelve Months Ended
(in millions)
                                                         March 31, 2013
Net Operating Profit After Tax (NOPAT)
Pre-tax income excluding special charges (a)             $548
Add: Interest expense (b)                                823
Add: Interest component of capitalized aircraft rent (b) 483
Add: Net interest on pension (b)                         161
Less: Adjusted income tax (expense) / benefit            2
NOPAT                                                    $2,017
Effective tax rate                                       (0.4%)
Invested Capital (five-quarter average)
Total assets                                             $37,854
Add: Capitalized aircraft rent (@ 7.0x)                  6,978
Less: Non-interest bearing liabilities                   (19,688)
Average Invested Capital                                 $25,144
Return on Invested Capital                               8.0%
                                                         Twelve Months Ended

                                                         March 31, 2013
(a) Non-GAAP Financial Reconciliation
Loss before income taxes                                 ($703)
Add: Special charges                                     1,251
Pre-tax income excluding special charges                 $548
(b) Net of tax shield.

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SOURCE United Airlines

Website: http://www.united.com
Contact: United Airlines Worldwide Media Relations, +1-872-825-8640,
media.relations@united.com
 
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