1. United Airlines (UAUA) Presentation By: Jean-Laurent PelissierMagda Besser Thomas OConnor Keith McCulloch

2. Company Profile Founded in 1968 as a Delaware corporation as a part of a Reorganization of United Airlines Founded in 1968 as a Delaware corporation as a part of a Reorganization of United Airlines UAL Corporation is a holding company that controls United Air Lines, United Express, Air Wis Services Inc., Four Star insurance Company Ltd., among others. UAL Corporation is a holding company that controls United Air Lines, United Express, Air Wis Services Inc., Four Star insurance Company Ltd., among others. Through its subsidiaries, UAL mainly provides domestic and international air transportation services of persons, property, and mail Through its subsidiaries, UAL mainly provides domestic and international air transportation services of persons, property, and mail United Air Lines, Inc. is one of the worlds largest air carriers in the world and controls several key air rights. United Air Lines, Inc. is one of the worlds largest air carriers in the world and controls several key air rights.

3. Recent News Recently changed auditors from Deloitte and Touche LLP to Ernest and Young Recently changed auditors from Deloitte and Touche LLP to Ernest and Young Finalized order for 25 787-8 Dreamliner Jetliner Aircrafts and has the option to buy 50 more from Boeing Co. Finalized order for 25 787-8 Dreamliner Jetliner Aircrafts and has the option to buy 50 more from Boeing Co. Seasonal variables causing flight delays and cancelations Seasonal variables causing flight delays and cancelations Top on-time performance for November/December 09 Top on-time performance for November/December 09

4. Key Statistics (03/01/10) Market Cap: 3.01B Market Cap: 3.01B Enterprise Value: 8.15B Enterprise Value: 8.15B Currently Trading at $18.03/share Currently Trading at $18.03/share Forward P/E: 10.30 Forward P/E: 10.30 PEG Ratio: 0.29 PEG Ratio: 0.29 Price/Sales: 0.18 Price/Sales: 0.18 Enterprise Value/Revenue: 0.50 Enterprise Value/Revenue: 0.50 Enterprise Value/EBITDA: 7.165 Enterprise Value/EBITDA: 7.165

5. Industry Analysis Declining Profits Declining Profits Less margin, unfilled seats Less margin, unfilled seats More Fees attached to flying More Fees attached to flying Pay per bag, no meals/drinks Pay per bag, no meals/drinks Higher security Higher security No liquids, scanning technology No liquids, scanning technology American + British + Iberia American + British + Iberia granted antitrust immunity for their transatlantic operations granted antitrust immunity for their transatlantic operations Business Travelers Business Travelers More frequent/ higher margin More frequent/ higher margin Leisure Travelers Leisure Travelers Dont upgrade Dont upgrade

6. UAUA vs. Competitors UAUA – United Airlines AMR – AMR Corporation LLC – US Airways Group DAL –Delta Air Lines

7. SWOT Analysis StrengthsPerformance Ranked first in performance for on-time domestic flights by US Department of Transportation in 2009 Ranked first in performance for on-time domestic flights by US Department of Transportation in 2009 Reorganization after declaring bankruptcy – Lowering debt and labor costs Reorganization after declaring bankruptcy – Lowering debt and labor costs Leading US carrier to Hawaii and largest to Asia and Australia Leading US carrier to Hawaii and largest to Asia and AustraliaWeaknesses Company reputation Fallout from Bankruptcy Fallout from BankruptcyFinancials High debt to asset ratio High debt to asset ratio Negative profits Negative profits

8. SWOT Analysis Opportunities Opportunities Rumored mergers Increased volume as economy recovers Futures Rebuild brand in a poorly performing industry Threats Threats Low cost competitors High price of oil Low demand due to poor economy Labor Unions

9. Technical Analysis

11. Recommendation Our Recommendation – BUY Our Recommendation – BUY United Airlines is one of the top performers in the industry. United Airlines is one of the top performers in the industry. Still has a lot of room for growth Still has a lot of room for growth As economy picks back up, business travel will increase which is one of Uniteds main source of income As economy picks back up, business travel will increase which is one of Uniteds main source of income Despite technical analysis showing the stock price as riding the top Bollinger band, fundamental analysis points towards future increase in stock price Despite technical analysis showing the stock price as riding the top Bollinger band, fundamental analysis points towards future increase in stock price