UAL Derivative Fuel Hedging Trend Since Merger

2010UAL’s average aircraft fuel price per gallon including related taxes was $2.39 in 2010

2011UAL’s average aircraft fuel price per gallon including related taxes was $3.06 in 2011 as compared to $2.39 in 2010

2012UAL’s average aircraft fuel price per gallon including related taxes was $3.27 in 2012 as compared to $3.06 in 2011.

2013UAL’s average aircraft fuel price per gallon including related taxes was $3.13 in 2013 as compared to $3.27 in 2013

2014UAL’s average aircraft fuel price per gallon including related taxes was $2.99 in 2014 as compared to $3.13 in 2013

2015UAL’s average aircraft fuel price per gallon including related taxes was $1.94 in 2015 as compared to $2.99 in 201410124

2016UAL’s average aircraft fuel price per gallon including related taxes was $1.49 in 2016 as compared to $1.94 in 2015

Commodity Price Risk (Aircraft Fuel). The price level of aircraft fuel can significantly affect the Company’s operations, results of operations, financial position and liquidity. Since 2014, the price of jet fuel has declined but remains volatile.

Our operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel. To provide adequate supplies of fuel, the Company routinely enters into purchase contracts that are customarily indexed to market prices for aircraft fuel, and the Company generally has some ability to cover short-term fuel supply and infrastructure disruptions at some major demand locations. The price of aircraft fuel has fluctuated substantially in the past several years and in order to lower its exposure to unpredictable increases in the market prices of aircraft fuel, the Company has historically hedged a portion of its planned fuel requirements. As of December 31, 2016, the Company did not have any outstanding fuel hedging contracts. The Company’s current strategy is to not enter into transactions to hedge its fuel consumption, although the Company regularly reviews its policy based on market conditions and other factors. The Company’s 2017 forecasted fuel consumption is presently approximately four billion gallons, and based on this forecast, a one dollar change in the price of a barrel of crude oil would change the Company’s annual fuel expense by approximately $95 million. (Excerpt from 2016 10-K)

Year Market Average Fuel Cost Per Gallon UAL Average Fuel Cost Per Gallon UAL's Net Fair Value of Fuel Hedges in Millions

2010 $2.15 $2.39 $375 Asset

2011 $2.99 $3.06 $73 Asset

2012 $3.06 $3.27 $46 Asset

2013 $2.92 $3.13 $104 Asset

2014 $2.69 $2.99 $717 Liability

2015 $1.52 $1.94 $124 Liability

2016 $1.25 $1.49 $0