Exhibit 99.1

This investor update provides forward-looking information about United Continental Holdings, Inc. (“the Company”) for the fourth quarter and full year of 2010. All year over year comparisons are based on the pro-forma combined company financial statements published in our Investor Update on Nov. 22, 2010.

Combined Company (United and Continental) Outlook Highlights

Capacity

The Company estimates its fourth quarter consolidated available seat miles (ASM) to be up 4.2% and full year ASM to be up 1.1% year-over-year.

Revenue

The Company estimates its fourth quarter consolidated passenger unit revenue (PRASM) to be up 9.75% to 10.75% year-over-year, and mainline PRASM to be up 11.0% to 12.0% year-over-year.

Effective December 14th, the Company implemented a revenue sharing structure for its trans-Atlantic joint venture, which is retroactive to January 1, 2010. The revenue sharing obligations for the first nine months of 2010 related to this agreement will be accounted for as other operating expense in the fourth quarter. Beginning with the fourth quarter activity, the agreement will be accounted for as an adjustment to passenger revenue. The Company expects to book the entire fourth quarter impact in its December results, and it is incorporated in the above guidance.

Non-Fuel Expense Guidance

Fourth quarter consolidated cost per ASM (CASM), excluding fuel, profit sharing, certain accounting charges and merger-related expenses for the Company is expected to be up 2.25% to 2.75%. For the full year, the Company estimates consolidated CASM excluding fuel, profit sharing, certain accounting charges and merger-related expenses will be up 2.4% to 2.5%.

As described above, the Company will be accounting for the impact of the revenue sharing structure for its trans-Atlantic joint-venture for the first nine months of the year as other operating expenses. The Company currently estimates the impact of this obligation to be approximately $130 million, which is incorporated in to the non-fuel cost guidance herein.

Fuel Expense

The Company estimates its consolidated fuel price, including the impact of settled cash hedges, to be $2.43 per gallon for the fourth quarter and $2.34 per gallon for the full year.

Profit Sharing

United and Continental have separate employee profit sharing plans for the employees of each respective subsidiary. The Company’s profit sharing plan for United pays 15% of total GAAP pre-tax profits, excluding special items and stock compensation expense, to the employees of United when pre-tax profit excluding special items, profit sharing expense and stock-based compensation program expense exceeds $10 million. The Company currently expects that stock compensation program expense for United to be $28 million in the fourth quarter, and $58 million for the full year which should be added back to earnings when calculating profit sharing expense.

The Company’s profit sharing plan for Continental creates an award pool of 15% of annual pre-tax income excluding special, unusual or non-recurring items.

For both United and Continental, profit sharing expense is accrued on a year-to-date basis.

Non-Operating Income/(Expense)

Non-operating expense for the Company is estimated to be between $250 million and $260 million for the fourth quarter, and between $980 million and $990 million for the full year. Non-operating income/(expense) includes interest expense, capitalized interest, interest income and other non-operating income/(expense).

Pension Expense and Contributions

The Company estimates that its non-cash pension expense for the pro-forma combined company will be approximately $107 million for 2010 including the impact of purchase accounting. This amount excludes non-cash settlement charges related to lump-sum distributions. Settlement charges are possible during 2010, but the Company is not able at this time to estimate the amount of these charges.

Unrestricted Cash Balance

The Company expects to end the year with approximately $8.6 billion to $8.7 billion in unrestricted cash and short term investments.

Taxes

The Company expects to record a $10 million income tax expense in the fourth quarter for income tax obligations to the State of California.

Advance Booked Seat Factor (Percentage of Available Seats that are Sold)

Compared to the same period last year, for the next six weeks, mainline domestic advance booked seat factor is up 0.2 points, mainline international advance booked seat factor is down 1.9 points, mainline Atlantic advance booked seat factor is down 5.2 points, mainline Pacific advance booked seat factor is up 4.3 points and mainline Latin America advance booked seat factor is down 3.6 points. Regional Affiliates advance booked seat factor is flat to up 0.1 points.

Combined Company Outlook

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Combined Company Outlook

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Combined Company Outlook

Share Count

These share count charts are based upon several assumptions including market stock price and number of shares outstanding. The number of shares used in the actual EPS calculation will likely be different from those set forth above.

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Historical Quarterly Pro Forma Passenger Revenue and Operating Statistics

Going forward, the Company will allocate charter revenue and operating statistics to the Mainline operating unit. Below are updated historical results reflecting this new presentation and include the impact of unaudited purchase accounting.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Certain statements included in this investor update are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and financial performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as “expects,” “will,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook” and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements which do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this investor update are based upon information available to us on the date of this investor update. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: our ability to comply with the terms of our various financing arrangements; the costs and availability of financing; our ability to maintain adequate liquidity; our ability to execute our operational plans; our ability to control our costs, including realizing benefits from our resource optimization efforts, cost reduction initiatives and fleet replacement programs; our ability to utilize our net operating losses; our ability to attract and retain customers; demand for transportation in the markets in which we operate; an outbreak of a disease that affects travel demand or travel behavior; demand for travel and the impact that global economic conditions have on customer travel patterns; excessive taxation and the inability to offset future taxable income; general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices, costs of aviation fuel and energy refining capacity in relevant markets); our ability to cost-effectively hedge against increases in the price of aviation fuel; any potential realized or unrealized gains or losses related to fuel or currency hedging programs; the effects of any hostilities, act of war or terrorist attack; the ability of other air carriers with whom we have alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; the costs and availability of aviation and other insurance; the costs associated with security measures and practices; industry consolidation or changes in airline alliances; competitive pressures on pricing and on demand; our capacity decisions and the capacity decisions of our competitors; U.S. or foreign governmental legislation, regulation and other actions (including open skies agreements); labor costs; our ability to maintain satisfactory labor relations and the results of the collective bargaining agreement process with our union groups; any disruptions to operations due to any potential actions by our labor groups; weather conditions; the possibility that expected merger synergies will not be realized or will not be realized within the expected time period; and other risks and uncertainties set forth under Item 1A., Risk Factors of Annual Report on Form 10-K, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC. Consequently, forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized.

For further questions, contact Investor Relations at (312) 997-8610 or investorrelations@united.com

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Non-GAAP To GAAP Reconciliations

Pursuant to SEC Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial measures reported on a GAAP basis. The Company believes that excluding fuel costs and certain other items from some measures is useful to investors because it provides an additional measure of management’s performance excluding the effects of a significant cost item over which management has limited influence, and the effects of certain other items that would otherwise make analysis of the Company’s operating performance more difficult.

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