United Airlines Announces Call for Optional Redemption of 6.0 Percent Convertible Preferred Securities, Term Income Deferrable Equity Securities (TIDES) Due 2030

CHICAGO, Sept. 22, 2014 /PRNewswire/ — United Airlines, Inc. (formerly known as Continental Airlines, Inc., the “Company”) on Sept. 19 announced that it has elected to effect an optional redemption of its remaining outstanding 6.0 percent Convertible Junior Subordinated Debentures Due 2030 (the “Debentures”) on Oct. 10, 2014, (the “Redemption Date”) at a price equal to $50 per $50 principal amount of the Debentures, and that, upon such redemption, the proceeds will be simultaneously applied to redeem the remaining outstanding TIDES.

The TIDES are convertible into shares of common stock of United Continental Holdings, Inc. (NYSE: UAL), the parent of the Company. The current conversion price of the TIDES is $57.1429 per share of common stock for each $50 principal amount of Debentures (equivalent to a conversion rate of approximately 0.8750 shares of UAL common stock for each $50 in aggregate principal amount of Debentures). Holders will retain the right to convert their TIDES (or portions thereof) into UAL common stock until 5 p.m. New York City time on Oct. 9, 2014, which is the business day immediately preceding the Redemption Date.

The paying agent and conversion agent for the TIDES is Wilmington Trust Company, 1100 North Market Street, Wilmington, DE 19890, Attention Chad May, Phone: (302) 636-6294, Fax: (302) 636-4140, email: cmay@wilmingtontrust.com.