Item 7.01 Regulation FD Disclosure.

As a result of the coronavirus ("COVID-19") outbreak, as of the date of this report, United Airlines, Inc. ("United"), a wholly-owned subsidiary of United Airlines Holdings, Inc. ("UAL", and together with United, the "Company"), has suspended flights between the United States and each of Beijing, Chengdu, Shanghai and Hong Kong through April 24, 2020. These routes represented approximately 5% of the Company's 2020 planned capacity and the Company's other trans-Pacific routes represented an additional 10% of the Company's 2020 planned capacity. As a result of COVID-19, we are currently seeing an approximately 100% decline in near-term demand to China and an approximately 75% decline in near-term demand on the rest of our trans-Pacific routes. We are managing our business to minimize the operational and financial disruption.

For the first quarter of 2020, we currently expect the reduced revenue on our trans-Pacific routes to be partially offset by the related decline in fuel prices and other cost savings. The incremental earnings headwind is also expected to be offset by higher earnings from our recently extended co-brand partnership with JPMorgan Chase Bank, N.A. and Visa U.S.A. Inc. Accordingly, we expect first quarter adjusted diluted earnings per share ("EPS") to remain within our previously provided guidance range of $0.75 to $1.25.(1) Beyond the first quarter, we believe the range of possible scenarios is too wide to provide earnings guidance at this time. If COVID-19 were to run its course by mid-May, and normal travel patterns on trans-Pacific routes resume gradually over five months,we would expect to be tracking to deliver 2020 adjusted EPS within our previously provided guidance range of $11.00 to $13.00.(1) However, due to the heightened uncertainty surrounding this outbreak, its duration, its impact on overall demand for air travel and the possibility the outbreak spreads to other regions, the Company is withdrawing all full-year 2020 guidance issued on January 21, 2020.

Despite these short-term impacts, the Company continues to believe it will be in a strong position to deliver earnings growth in 2021 and beyond. We currently expect 2022 adjusted EPS1 to be $15.00 to $18.00, 2022 adjusted free cash flow (2) to be over $2.0 billion and 2023 adjusted free cash flow (2) to be over$3.0 billion. In addition, we are providing investors with a target cap on leverage, defined as adjusted debt (3) to adjusted earnings before interest, income taxes, depreciation, amortization and aircraft rent (EBITDAR) (4) not to exceed 3.5 times, as a demonstration of our commitment to maintaining a strong balance sheet.

The incremental earnings headwind is also expected to be offset by higher earnings from our recently extended co-brand partnership with JPMorgan Chase Bank, N.A. and Visa U.S.A. Inc.