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, fully distributed unit costs, wage rates, 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
success of the Company's cost control efforts; Year 2000
readiness; wage rates of employee peer groups of competitors;
industry compensation levels; the status of the Company's
relationships with its unions; the outcome of negotiations on
new contracts with unionized employee groups; the cost of
crude oil and jet fuel; actions of the U.S., foreign and local
governments; willingness of customers to travel; foreign
currency exchange rate fluctuations; the Asian economic
environment and travel patterns; the stability of the U.S.
economy; the price of UAL common stock; inflation; the
economic environment of the airline industry and the economic
environment in general.