1. Comparison of Current Contract and 11/5/13 Company Proposal

2. Conclusions Overall companys proposal for the initial year costs approximately the same as current contract Increases in pay from extended longevity and higher license pay is largely offset from savings from changes in welfare plans, and further offset by other changes in existing contracts e.g. recall / more flexible labor utilization / shift restrictions Going forward medical trend will erode the modest pay increases

3. Methodology The analysis compares the overall compensation package Starts with the pay rates Subtracts average welfare premiums currently by subgroup and proposed for the group as a whole Adds costs for retiree medical programs by subgroup (no retiree medical under proposal) Adds company pension costs for UAL 401(k), CARP + Continental match, and proposed pension Adds difference in cost of current 15% profit sharing and proposed 3% profit sharing to subgroups (United costing) Adds cost of other concessions to subgroups (United costing)

4. Comments Analysis looks at averages, results for individuals could be markedly different, e.g. Sub United medical costs today are $0 for 2/3 rd of the subgroup and will be several hundred dollars per month under companys proposal Some more targeted examples follow

5. United – 12 year S-UA Employee CURRENTPROPOSED Pay $ 31.17$ 30.85 + $1.50 VEBA License4.255.50 Longevity1.00 Line0.50 GROSS PAY$ 36.92$ 37.85 + $1.50 VEBA Welfare0.00-1.66 15% Profit Sharing0.00-0.56 Lifetime Recall0.00-0.46 Retiree Medical0.00-0.52 LOA 31 & Utility Spec. Restrictions0.00-0.31 NET PAY$ 36.92$ 34.34 + $1.50 VEBA

6. United – 20 year S-UA Employee CURRENTPROPOSED Pay $ 31.17$ 30.85 + $1.50 VEBA License4.255.50 Longevity1.001.50 Line0.50 GROSS PAY$ 36.92$ 38.35 + $1.50 VEBA Welfare0.00-1.66 15% Profit Sharing0.00-0.56 Lifetime Recall0.00-0.46 Retiree Medical0.00-0.52 LOA 31 & Utility Spec. Restrictions0.00-0.31 NET PAY$ 36.92$ 34.84 + $1.50 VEBA

7. United – 20 year S-UA SFO Employee CURRENTPROPOSED Pay $ 31.17$ 30.85 + $1.50 VEBA License4.255.50 Longevity1.001.50 Line0.500.00 GROSS PAY$ 36.92$ 37.85 + $1.50 VEBA Welfare0.00-1.66 15% Profit Sharing0.00-0.56 Lifetime Recall0.00-0.46 Retiree Medical0.00-0.52 LOA 31 & Utility Spec. Restrictions0.00-0.31 NET PAY$ 36.92$ 34.34 + $1.50 VEBA

8. United – 20 year S-CO Employee CURRENTPROPOSED Pay $ 31.17$ 30.85 + $1.50 VEBA License4.255.50 Longevity1.001.50 Line0.50 GROSS PAY$ 36.92$ 38.35 + $1.50 VEBA Welfare-1.62-1.53 15% Profit Sharing0.00-0.56 Lifetime Recall0.00 Retiree Medical0.00-0.84 LOA 31 & Utility Spec. Restrictions0.00-0.31 NET PAY$ 35.32$ 35.11 + $1.50 VEBA

9. United – 12 year S-CO Employee CURRENTPROPOSED Pay $ 31.17$ 30.85 + 1.50 VEBA License4.255.50 Longevity1.00 Line0.50 GROSS PAY$ 36.92$ 37.85 + 1.50 VEBA Welfare-1.62-1.53 15% Profit Sharing0.00-0.56 Lifetime Recall0.00 Retiree Medical0.00-0.84 LOA 31 & Utility Spec. Restrictions0.00-0.31 NET PAY$ 35.30$ 34.61 + 1.50 VEBA