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, traffic, load factors, yields, revenues, unit
revenues, expenses, costs, unit costs, capital spending, cash
flows, pre-tax margins, earnings, earnings per share and price to
earnings ratios include the airline pricing environment, the
effect of the U.S. excise tax on travel, the success of the
Company's cost reduction efforts, the cost of crude oil and jet 
fuel, the cost of security and safety measures, low-fare carrier 
expansion, actions of the U.S., foreign and local governments, 
foreign currency exchange rate fluctuations, the price of UAL common 
stock, the timing of the company's common stock repurchase program, 
inflation, the timing of aircraft deliveries from manufacturers, 
the economic environment of the airline industry, and the economic 
environment in general.