Title Slide—do not deletePort of Seattle
SAF Study Session
Tom Michels
Director, Government Affairs
United
April 27, 2021

      United is the only airline globally to commit to net-zero
without offsets—here’s our path to decarbonization
New aircraft                                 Capturing CO2       Appealing to eco-
Ample, affordable
and engine                             directly from the         conscious
low-carbon fuel
technology                               atmosphere           customers


 Aviation demand             Reducing fuel use isn’t       Likely not enough SAF,      Making customers feel
continues to grow, so         enough—low-carbon         but carbon capture can       good about flying—on
fuel efficiency must           sustainable aviation fuel      achieve the remainder         airlines innovating and
continue to improve as       (SAF) offers ~80% CO2                                     leading decarbonization
well                           reductions
 Launch customer for 18        First airline to fly on SAF       Only airline investment in      First U.S. airline with a
new aircraft types                on an ongoing basis (2016)      carbon capture and              carbon offset calculator
 Nearly 300 new aircraft on     Largest airline investment       sequestration via                (2007)
order—with 15%-20% CO2     in a SAF producer ($30M)      multimillion-dollar            Testing display of CO2
reductions                    Purchased more SAF than      investment in 1PointFive        emissions in booking
 Invested in Archer Aviation      any other airline                (2020)                          process
to scale up urban air            Nearly half of publicly                                             Greening onboard product
mobility—with potential for       announced SAF                                                   and airport facilities
future larger applications         commitments
(2021)                                                  2

      United backs its ambitious decarbonization goals by
leading the airline industry in developing SAF

Flights using sustainable fuel1            Sustainable fuel contracted2
millions of gallons
~219,000                                                  925



130     99
~7,700  ~3,200  ~1,200    25       0                                       24       9  Undisclosed
UA   AS   AA   B6   DL   WN       UA   DL   B6   WN   AA   AS


1 Bureau of Transportation Statistics, 2019
2 Includes two ties
1 Through December 31, 2020; scheduled departures at airports with SAF contracts, test flights, and announced delivery flights
2 Publicly announced commitments
3

      United backs its ambitious decarbonization goals by
leading the airline industry in developing SAF



Nearly half of
First ongoing    Purchased
all future SAF
Largest airline     SAF use        more SAF
purchases
First U.S.       investment        globally      than any other  Based on publicly
SAF flight     $30M in Fulcrum    World Energy in   airline globally     announced
Two hours         BioEnergy        Los Angeles        as of Dec 31       commitments
2009       2015       2016       2020      Today

4

      United works with two SAF producers and has the
largest purchase agreement and investment globally

 Purchase agreement for up to 5M      Equity investment of $30M in
gallons/year for 5 years, starting in        2015, the largest airline
2016                             investment in SAF
 SAF produced from waste fats, oils,     Purchase agreement for up to
and greases using HEFA process       90M gallons/year for 10 years, the
 Nearly 80% CO2 emissions              largest globally
reduction                              SAF to come from landfill waste
using Fischer-Tropschprocess
 Production in Paramount,
California—then delivered to Los       Greater than 80% CO2 emissions
Angeles International Airport             reduction
 Reno, Nevada facility under
construction; Gary, Indiana
planned
5

      Corporate adoption of SAF would significantly
accelerate supply and reduce price premiums
 U.S. SAF supply has increased 25% since 2016, but has yet to
achieve needed exponential growth
 Modest SAF commitments by corporates would result in a large
increase in SAF supply—and long-term, a decrease in costs
U.S. SAF supply1                   Economies of scale4
Gallons (M)                                    5% / 10% curves
Cost
3.4
+25%                                  $6
Current gap
2.4                                 $5           $4.50       $4.25                   $4. 05
1.9                 1.8                        +19 1%             $4
1.7                                                                                                                 Incentives
1.3                                 $3
Other2   0.9      0.7                                                         $3.30
1.2                                                                     $3.00
$2                                        $2.70
United   1.1      1.0               1.2                              $1                                                   Conventional
0.6
$0
2016    2017    2018    2019   Apr 13                     0x        50x      100x      150x      200x  Volume increase /
commitments3               0.01%     0.7%     1.3%     2.0%     2.7%  % of U.S. jet fuel5
1 RIN issuances by EPA
2 Primarily foreign airlines buying in the U.S.
3 Commitments from over a dozen United customers announced on April 13
4 Wright’s Law (aka Learning Curve): for every doubling of output, unit costs will decrease by x%; for illustrative purposes only
5 U.S. jet fuel demand of ~20B gallons in 2019
6

      The Eco-Skies Alliance program offers a new way
to decarbonize via sustainable aviation fuel (SAF)
Over a dozen United customers          Direct reductions
are funding SAF’s green premium,    SAF provides direct reductions within aviation, rather
including:                            than buying carbon offsets that don’t solve the core
underlying problem
 Autodesk
 Boston Consulting Group                   ~80% less CO2
SAF provides a nearly 80% reduction in CO2
 CEVA Logistics                       emissions—far more effective than the 15%-20% of
 Deloitte                               flying on a newer aircraft
 DHL Global Forwarding                      Made in California
 DSV Panalpina                       United’s SAF is produced ~15 miles from Los Angeles
International Airport, the closest and fastest delivery to
 HP Inc.                               an airline from any SAF producer
 Nike
Brand differentiation
 Palantir
Flying on SAF offers significant opportunities to
 Siemens                              differentiate a customer’s brand and demonstrate
sustainability leadership—with customers and
 Takeda Pharmaceuticals              employees
7

                                             uniTEDASTAR ALLIANCE MEMBER7;he

We plan to land
on the green side
of history.
United is going 100% green by 2050 by reducing
our greenhouse gas emissions by 100%.
Learn more at united.com/100green8