Item 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in Part I, Item 1A. Risk Factors of the 2023 Form 10-K except for the following risk factor related to the Company's share repurchase program.

We cannot guarantee that our share repurchase program will enhance long-term stockholder value.

As part of our capital deployment program, the Board has authorized a share repurchase program. The Company believes the price of its stock should reflect expectations that the share repurchase program will be fully consummated. However, the program does not obligate us to purchase any specific dollar amount or to acquire any specific number of shares of UAL common stock or Warrants. The specific timing and amount of any share or Warrant purchases will depend on the capital needs of the business, the market price of UAL common stock, general market conditions, securities law limitations and other factors. Our future repurchases of UAL common stock and Warrants, if any, may be limited, suspended or discontinued at any time at our discretion and without prior notice, which could adversely affect our stock price. We, therefore, cannot guarantee that the share repurchase program will enhance long-term stockholder value.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) None

(b) None

The following table presents information with respect to the Company's repurchases of its UAL common stock during the quarter ended September 30, 2024.


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Period	(a) Total number of shares (or units) purchased	(b) Average price paid per share (or unit)		Total number of shares (or units) purchased as part of publicly announced plans or programs	(c) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
July 1 - 31	—	$	—	—	$	—
August 1 - 31	2,043,906	39.99		—	—
September 1 - 30	—	—		—	—
Total	2,043,906			—

(a) These UAL common stock repurchases were executed outside a publicly announced plan or program through open market purchases to offset the Company's issuance of UAL common stock in a net share settlement of certain of the Warrants issued to the U.S. Department of the Treasury and subsequently assigned to a holder unaffiliated with the Company.
(b) Average price paid per share is calculated on a settlement basis and excludes commission.
(c) On October 15, 2024, the Company announced that its Board of Directors authorized a new share repurchase program, allowing for purchases of up to $1.5 billion in the aggregate of outstanding UAL common stock and Warrants, subject to a limit of $500 million in the aggregate through 2024. See Note 2 to the financial statements included in Part I, Item 1 of this report for additional information on the share repurchase program.

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