<SEC-DOCUMENT>0001214659-22-006273.txt : 20220504
<SEC-HEADER>0001214659-22-006273.hdr.sgml : 20220504
<ACCEPTANCE-DATETIME>20220504133151
ACCESSION NUMBER:		0001214659-22-006273
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220504
DATE AS OF CHANGE:		20220504
EFFECTIVENESS DATE:		20220504

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United Airlines Holdings, Inc.
		CENTRAL INDEX KEY:			0000100517
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				362675207
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06033
		FILM NUMBER:		22890858

	BUSINESS ADDRESS:	
		STREET 1:		E. ANNA HA - WHQLD
		STREET 2:		233 SOUTH WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		872-825-4000

	MAIL ADDRESS:	
		STREET 1:		E. ANNA HA - WHQLD
		STREET 2:		233 SOUTH WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	United Continental Holdings, Inc.
		DATE OF NAME CHANGE:	20100930

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UAL CORP /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLEGIS CORP
		DATE OF NAME CHANGE:	19880613

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SERVICE EMPLOYEES INTERNATIONAL UNION
		CENTRAL INDEX KEY:			0001076439
		IRS NUMBER:				360852885

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1800 MASSACHUSETTS AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202-730-7000

	MAIL ADDRESS:	
		STREET 1:		1800 MASSACHUSETTS AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SERVICE EMPLOYEE INTERNATIONAL
		DATE OF NAME CHANGE:	19990107
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">Megan Sweeney<BR>
Trustee, SEIU Benefit Plans Master Trust<BR>
SEIU Master Trust<BR>
1800 Massachusetts Avenue, NW<BR>
Washington, DC 20036</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Filing this communication on EDGAR is not
required by the SEC&rsquo;s rules, but is being done voluntarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">May 4, 2022<BR>
<BR>
Dear United Shareholder,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Though companies have a legitimate business interest
in influencing laws and regulations, such activities carry numerous risks. Shareholders should receive full information about policy influence
activities to enable them to assess the risks as well as the adequacy of a company&rsquo;s oversight of them, and to evaluate whether
those activities are in the best interests of long-term shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">United Airlines Holdings Inc. (&ldquo;United&rdquo;
or the &ldquo;Company&rdquo;) shareholders can call for greater disclosure of United&rsquo;s direct and indirect lobbying expenditures
at the Company&rsquo;s annual shareholder meeting on May 25, 2022. Item 4 on United&rsquo;s proxy card, &ldquo;Stockholder Proposal Regarding
Disclosure of Lobbying Policies and Activities&rdquo; (the &ldquo;Proposal&rdquo;), sponsored by John Chevedden, asks United to disclose
policies and procedures governing lobbying, payments used for direct or indirect lobbying as well as grassroots lobbying communications,
membership in and payments to tax-exempt organizations that write and endorse model legislation, and the board and management&rsquo;s
decision-making process for making those payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that full disclosure would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Allow shareholders to assess whether United&rsquo;s lobbying is in long-term
shareholders&rsquo; best interests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Highlight potential areas of misalignment between United&rsquo;s lobbying
activities and its values and public statements;&nbsp;and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Permit shareholders to gauge the quality of United&rsquo;s oversight of lobbying
activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Trade associations and social welfare organizations
can be used by companies to engage indirectly in lobbying with which a company would prefer not to be publicly associated. United discloses
its memberships in some of its trade associations, including Airlines for America (&ldquo;A4A&rdquo;), the International Air Transport
Association (&ldquo;IATA&rdquo;), and the U.S. Chamber of Commerce. The Company does not, however, disclose other kinds of indirect lobbying,
including that done by social welfare organizations (or &ldquo;dark money&rdquo; groups) or organizations to which its trade associations
contribute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The recent bribery scandal at FirstEnergy shows
the dangers of payments to dark money groups. FirstEnergy, an electric utility with distribution companies in five states, including Ohio,<SUP>1</SUP>
disclosed payments to trade associations. It did not, however, disclose payments to dark money groups used for lobbying. From 2017 to
2020, FirstEnergy gave $60 million to Generation Now, a non-profit affiliate of a dark money group controlled by the Speaker of the Ohio
House, who in return ensured that legislation bailing out two FirstEnergy power plants would pass (and helped himself to $500,000 of FirstEnergy&rsquo;s
contribution). Generation Now also contributed to other dark money groups. FirstEnergy settled federal criminal bribery charges related
to the scheme last year.<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">United does not disclose lobbying it does outside
the United States, though it engages in direct and indirect foreign lobbying. In 2020, A4A spent between 300,000&euro; to 399,999&euro;
in lobbying in the EU.<SUP>3</SUP> In a 2020 EU consultation response, A4A rejected EU mandates on sustainable aviation fuels (&ldquo;SAF&rdquo;),
claiming they are &ldquo;a long way from being commercially viable at scale.&rdquo;<SUP>4</SUP> A November 2021 EU consultation response
opposed the EU's proposed SAF mandate, stating that &quot;If the EU nevertheless proceeds with a mandate: The regulation should not be
applied to non-EU carriers' international flights.&quot;<SUP>5</SUP> According to InfluenceMap, IATA has &ldquo;<FONT STYLE="color: #5A5758; background-color: white">actively
opposed key national and EU aviation climate policies including the full inclusion of aviation in the EU Emissions Trading System, kerosene
fuel taxes, and ticket taxes on flights.</FONT>&rdquo;<SUP>6</SUP> The EU transparency register indicates that in 2020, United also spent
an estimated 50,000&euro; to 99,999&euro; on lobbying in the EU.<SUP>7</SUP> <FONT STYLE="background-color: white">United&rsquo;s own
submission to the 2020 EU consultation suggests United does not support an EU SAF mandate.<SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">State and local lobbying efforts, direct and indirect,
are not disclosed by United outside of legally-mandated filings. Reports indicate that A4A has engaged in extensive lobbying related to
airport worker pay and benefits. A4A lobbied against requirements that San Francisco airport workers be provided with health insurance
benefits,<SUP>9</SUP> as well as living wage agreements or improvements to such agreements covering workers at LAX, the Minneapolis-St.
Paul airport, and Chicago- and D.C.-area airports.<SUP>10</SUP> In 2018, A4A lobbied heavily against the minimum wage increases approved
by the Port Authority of New York and New Jersey and later argued that the Port Authority&rsquo;s &ldquo;assertion of safety and security
to justify higher wages is &lsquo;gloss&rsquo; to mask social goals.&rdquo;<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://firstenergycorp.com/about/utilities.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.npr.org/2021/07/23/1019567905/an-energy-company-behind-a-major-bribery-scandal-in-ohio-will-pay-a-230-million-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://lobbyfacts.eu/representative/09833ba116874869bbbb7334774800cc/airlines-for-america</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 10pt">Airlines for America Comments
on the ReFuelEU Aviation &ndash; Sustainable Aviation Fuels Roadmap, Apr. 21, 2020, https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12303-Sustainable-aviation-fuels-ReFuelEU-Aviation/F513318_e</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="font-size: 10pt">A4A Comments on Key Pieces
of the European Commission&rsquo;s (EC) &ldquo;Fit for 55&rdquo; Package: ReFuelEU Aviation, RED III, and EU ETS for Aviation, Nov. 8,
2021, https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12494-EU-emissions-trading-system-updated-rules-for-aviation/F2751094_en</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://influencemap.org/report/Aviation-Industry-Lobbying-European-Climate-Policy-131378131d9503b4d32b365e54756351</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> United Airlines Transparency Registry, <U>https://ec.europa.eu/transparencyregister/public/consultation/displaylobbyist.do?id=371838712280-15</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8
</SUP><FONT STYLE="font-size: 10pt">Sustainable aviation fuels &ndash; ReFuelEU Aviation public consultation; Available at: https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12303-ReFuelEU-Aviation-Sustainable-Aviation-Fuels/public-consultation_en</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.bizjournals.com/sanfrancisco/news/2020/11/03/healthy-airport-ordinance-passes-board-supes-sf.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://drive.google.com/file/d/1qpgWSO5EacS1qSJCLIUN0X407OoykosP/view;
https://www.washingtonpost.com/local/trafficandcommuting/contract-workers-at-national-and-dulles-look-to-2017-for-a-wage-increase-win/2016/12/29/6d87eb12-c3a2-11e6-9578-0054287507db_story.html;
https://chicago.suntimes.com/2017/9/6/18395163/13-45-an-hour-wage-cleared-for-takeoff-at-o-hare-midway-airports; https://chicago.suntimes.com/city-hall/2022/1/24/22899874/higher-hourly-pay-airport-contract-workers-ohare-midway-chicago-city-council-committee-vote;
https://www.twincities.com/2015/04/19/airport-commission-gets-pushback-on-possible-msp-wage-hike/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> RE: Supplemental Comments Regarding Proposed Minimum
Wage Mandate, Airlines for America, Port Authority of NY &amp; NJ, 07/27/2018, at 30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in United&rsquo;s
proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">United also does not report on direct or indirect
grassroots lobbying efforts. In 2017, press reports highlighted the machinations of a &ldquo;grassroots&rdquo; organization, Flyers for
Fairness, which advocated for privatization of the air traffic control system. Although Flyers for Fairness did not disclose its funders,
its head referred reporters to A4A when they inquired about where the group obtained funding.<SUP>12</SUP> During debate over a privatization
bill, U.S. Rep. Peter DeFazio referred to Flyers for Fairness as a &ldquo;fake Astroturf group.&rdquo;<SUP>13</SUP> Astroturfing is <FONT STYLE="color: #303336; background-color: white">&ldquo;</FONT><FONT STYLE="background-color: white">organized
activity that is intended to create a false impression of a widespread, spontaneously arising, grassroots movement in support of or in
opposition to something (such as a political policy) but that is in reality initiated and controlled by a concealed group or organization
(such as a corporation)</FONT>.&rdquo;<SUP>14</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indirect grassroots lobbying poses particular risks
for companies, as they often have little or no control over astroturf organizations and their vendors. These risks are illustrated by
a supposedly grassroots lobbying campaign conducted by Broadband for America (&ldquo;BfA&rdquo;), which was funded by cable and internet
companies. Two years after the campaign, BuzzFeed News reported that a BfA vendor had <FONT STYLE="color: #222222">misappropriated </FONT>personal
information exposed in a large data breach to generate over a million nearly identical comments, many from commenters who denied submitting
them.<SUP>15</SUP> Last year, New York&rsquo;s attorney general Letitia James settled claims related to the incident, issuing a report
finding that nearly 18 million of the 22 million comments th<FONT STYLE="font-size: 10pt">e FCC received on net neutrality were fraudulent<SUP>16</SUP>
and that nine of the 18 million were generated by BfA&rsquo;s campaign.<SUP>17</SUP> According to AG James, BfA &ldquo;hid its role in
the campaign by recruiting anti-regulation advocacy groups &mdash; unrelated to the broadband industry &mdash; to serve as the campaign&rsquo;s
public faces,&rdquo;<SUP>18</SUP> creating an unaccountable environment that was &ldquo;ripe for fraud.&rdquo;<SUP>19</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.aviationacrossamerica.org/news/2017/09/08/the-astroturf-is-greener-on-the-other-side-of-air-traffic-debate/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> &ldquo;Washington: Improving Aviation,&rdquo; U.S. Official
News, Sept. 14, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.merriam-webster.com/dictionary/astroturfing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.buzzfeednews.com/article/jsvine/net-neutrality-fcc-fake-comments-impersonation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://ag.ny.gov/press-release/2021/attorney-general-james-issues-report-detailing-millions-fake-comments-revealing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://ag.ny.gov/sites/default/files/oag-fakecommentsreport.pdf,
at 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://ag.ny.gov/sites/default/files/oag-fakecommentsreport.pdf,
at 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://ag.ny.gov/sites/default/files/oag-fakecommentsreport.pdf,
at 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in United&rsquo;s
proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Corporate lobbying activities create risks when
they contradict a company&rsquo;s stated values or public statements, or when they are inconsistent with customers&rsquo; or the public&rsquo;s
interest. There are examples of such misalignment involving United. United says it is committed to &quot;providing a level of service
to our customers that makes us a leader in the airline industry&quot; and that its goal is to &quot;make every flight a positive experience
for our customers.&quot;<SUP>20</SUP> However, A4A has taken positions inconsistent with that commitment. For example, it opposed rules
requiring that airlines show the full price of tickets, including fees and taxes,<SUP>21</SUP> and establishing specific requirements
to display information about on-time flight performance and cancellation data on airline websites, in easy to find locations during the
booking process.<SUP>22</SUP> A4A also urged the Department of Transportation to scale back enforcement of a requirement for prompt wheelchair
assistance to passengers with disabilities.<SUP>23</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Similarly, United has publicly committed to a carbon
emissions reduction target.<SUP>24</SUP> But three of its trade associations have lobbied against regulations aligned with the goals of
the Paris Climate Agreement. In addition to A4A&rsquo;s and IATA&rsquo;s EU lobbying discussed above, the U.S. Chamber of Commerce has
a long history of lobbying to roll back specific U.S. climate regulations and has promoted regulation that would significantly slow a
transition away from a greenhouse gas (GHG) emission-intense energy mix.<SUP>25</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In its statement in opposition to the Proposal,
United&rsquo;s board claims that the Company &ldquo;has already provided certain lobbying disclosures and reports on lobbying expenditures
as required by federal, state, or local jurisdictions.&rdquo; The Proposal asks United to go beyond legal disclosure requirements, which
are weak or nonexistent in some places, in order to give shareholders a full picture of the Company&rsquo;s lobbying activities. United&rsquo;s
board also urges that &ldquo;the company&rsquo;s lobbying expenditures are not financially material to the Company.&rdquo; The amount
spent on lobbying does not determine the risks created by those activities, however. Reputational damage can be costly for a company:
Estimates peg the value of corporate reputation at over one-third of market capitalization<SUP>26 </SUP>and one researcher concluded that
reputation drives between three and 7.5% of annual revenues.<SUP>27&nbsp;</SUP>According to the Reputation Institute, a one-point increase
in overall reputation score is correlated with a 2.6% increase in share value.<SUP>28</SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.united.com/ual/en/us/fly/customer-commitment.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="font-size: 10pt">Comments of Airlines for
America Part Two: Proposals for Specific Repeal or Amendment of Specific DOT Economic Regulations Docket DOT-OST-2017-0069 https://www.regulations.gov/comment/DOT-OST-2017-0069-2751</FONT>,
at 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <U>Id.</U> at 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> <U>Id.</U> at 30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> Environmental sustainability _ United Airlines Corporate
Responsibility Report, https://crreport.united.com/environmental-sustainability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://insideclimatenews.org/news/29062021/us-chamber-of-commerce-downplay-climate-threat-new-report-concludes/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> &ldquo;The 2018 U.K. Reputation Dividend Report,&rdquo;
at 1 (http://reputationdividend.com/files/6215/1939/6597/UK_2018_report_Final.pdf); https://mumbrella.com.au/new-research-finds-strong-corporate-reputation-helps-companies-weather-financial-storms-587354</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> <U>See</U> https://instituteforpr.org/reputation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.reputationinstitute.com/</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in United&rsquo;s
proxy statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">For the reasons discussed
above, we urge you to vote FOR Item 4 on United&rsquo;s proxy card. If you have any questions, please contact Renaye Manley via email
at renaye.manley@seiu.org.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in United&rsquo;s
proxy statement.</P>

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