Exhibit 99.2


                                   
                     Cautionary Statement
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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,
fully distributed unit costs, capital spending, cash flows,
pre-tax margins, earnings, fully distributed earnings,
earnings per share, fully distributed earnings per share and
price to earnings ratios include the airline pricing
environment; industry capacity decisions; the effect of the
U.S. excise tax on travel; the success of the company's cost
control 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 Asian economic
environment and travel patterns; the willingness of customers
to travel; the price of UAL common stock; inflation; the
timing of aircraft deliveries from manufacturers; the economic
environment of the airline industry and the economic
environment in general.

With respect to the proposed alliance transaction with Delta
Air Lines, factors, in addition to those factors noted above,
that could significantly affect the revenue, earnings, and  
other benefits from the alliance include: the implementation 
of alliances by competitors, and the outcome of discussions 
with both carriers' pilot unions, international partners, 
and commuter carriers regarding implementation of the proposed 
alliance transaction.