Exhibit 99.1

                                    
                          Cautionary Statement
                          --------------------          
                          
UAL Corporation ("UAL") and its representatives from time to time 
participate in speeches and calls with market analysts, conferences 
with investors and potential investors of UAL and United Air Lines, 
Inc. securities, and other meetings and conferences.

Some of the information presented in such speeches, calls, meetings 
and conferences may be forward-looking and involves risks and 
uncertainties that could result in actual results differing materially 
from expected results.  It is not reasonably possible to itemize all 
of the many factors and specific events that could affect the outlook 
of an airline operating in the global economy.  Some factors that 
could significantly impact expected capacity, load factors, yields,
revenues, expenses, cash flows, pre-tax margins, earnings, earnings 
per share and price to earnings ratios include the airline pricing
environment, willingness of customers to travel, fuel costs, low-
fare carrier expansion, capacity decisions of other carriers,
actions of the U.S. and foreign governments, foreign currency
exchange rate fluctuations, costs of security and safety
measures, the price of UAL common stock, inflation, the economic
environment of the airline industry and the general economic
environment.