Exhibit 99.1 Corporate Communications Contacts Connie Huff (847) 952-5501 Joe Hopkins (847) 952-5770 Tony Molinaro (847) 952-4971 Night (847) 952-4088 Investor Relations Contact: Mark Reiser (847) 952-7501 UAL CORPORATION TO REDEEM 6 3/8% CONVERTIBLE SUBORDINATED DEBENTURES; DISCUSSES HIGHER FIRST QUARTER EXPECTATIONS CHICAGO, March 19, 1996 -- UAL Corporation, the parent company whose primary subsidiary is United Airlines, today announced that it is issuing a redemption notice for its 6 3/8% convertible subordinated debentures with a redemption date of May 1, 1996. Debenture holders will receive $1,043.75, plus accrued interest of $15.9375, in cash for every $1,000 in principal amount of debentures redeemed. Alternatively, holders may convert their debentures on or before 5:00 p.m. April 30, 1996 (EST) and receive $541.90 in cash and approximately 3.192 shares of UAL common stock (with cash in lieu of fractional shares) for every $1,000 principal amount of debentures. The Bank of New York, whose address is 101 Barclay Street, New York, NY 10286, is the redemption and conversion agent. The redemption or conversion of the debentures will reduce UAL's gross interest expense by $38 million annually. If all debentures are converted prior to the May 1 redemption date, first quarter gross interest expense will be reduced by $6 million. Separately, UAL noted first quarter traffic and yields are expected to be stronger than originally estimated. Costs also will be slightly higher due to increasing fuel prices and costs associated with additional revenues. As a result, UAL expects its first quarter earnings will exceed the highest analyst's estimate reported to First Call of $2.05 per fully distributed share. The information set forth in the preceding paragraph is forward looking and actual results could differ materially from expected results. Factors that could significantly impact expected traffic, yields, revenue and costs include the airline pricing environment, the general economic environment, world oil prices and other factors discussed in company filings with the Securities and Exchange Commission.