X0306 4 2016-04-21 0 0000100517 United Continental Holdings, Inc. UAL 0001168692 SHAPIRO EDWARD P. O. BOX 66100 HDQLD CHICAGO IL 60666 1 0 0 0 Common Stock 2016-04-21 4 P 0 1125000 53.03 A 15514711 I See Footnote Common Stock 2016-04-22 4 P 0 780000 50.76 A 16294711 I See Footnote These shares were purchased by PAR Investment Partners, L.P. ("PAR Investment Partners"). The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $52.72 to $53.21, inclusive. The reporting person undertakes to provide to United Continental Holdings, Inc., any security holder of United Continental Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this Form 4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $50.49 to $51.13, inclusive. The reporting person undertakes to provide to United Continental Holdings, Inc., any security holder of United Continental Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this Form 4. These shares (the "Shares") are owned by PAR Investment Partners. PAR Capital Management, Inc. ("PAR Capital Management") is the general partner of PAR Group, L.P. ("PAR Group"), which is the general partner of PAR Investment Partners. The reporting person is a Managing Partner of PAR Capital Management but has taken a leave of absence from his role at PAR Capital Management during his tenure as a director of the issuer and, as such, has no investment discretion with regard to the Shares. The reporting person disclaims beneficial ownership of the Shares, except to the extent of his pecuniary interest, if any, therein by virtue of his equity ownership of PAR Capital Management and PAR Group. /s/ Jennifer L. Kraft for Edward L. Shapiro 2016-04-25