UAL CORPORATION INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE THIS CERTIFICATE IS TRANSFERABLE IN THE CITY OF NEW YORK CUSIP SEE REVERSE FOR CERTAIN DEFINITIONS This Certifies that is the Owner of FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK UAL Corporation transferable in person or by duly authorized attorney upon surrender of this certificate properly endorsed. This certificate and the shares represented hereby are issued and subject to all the provisions of the Certificate of Incorporation as amended (copies of which are on file with Transfer Agent) to all of which the holder hereof by the acceptance of this certificate assents. This certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. Witness the signatures of its authorized officers. DATED COUNTERSIGNED AND REGISTERED FIRST CHICAGO TRUST COMPANY OF NEW YORK BY TRANSFER AGENT AND REGISTRAR AUTHORIZED OFFICER SECRETARY CHAIRMAN UAL CORPORATION The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants in common UNIF GIFT MIN ACT Custodian ------------------------------- (Cost (Minor) TEN ENT -- as tenants by the entireties under Uniform Gifts to Minors JT TEN -- as joint tenants with right of survivorship and not as tenants in common Act___________________ (State Additional abbreviations may also be used though not in the above list. THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, THE POWERS, DESIGNATIONS,PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF OF THE CORPORATION AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE CORPORATION OR TO THE TRANSFER AGENT. This certificate also evidences and entities the holder hereof to certain Rights as set forth in a Rights Agreement between UAL Corporation and Morgan Shareholder Services Trust Company dated as of December 11, 1986, as amended (the "Rights Agreement"), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of UAL Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate. UAL Corporation will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. For value received, __________ hereby sell, assign and transfer unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE - ------------------------- - ------------------------- _____________________________________PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OR ASSIGNEE ________________________________________________________________________________ ________________________________________________________________________________ _________. Shares of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint________________________________ ________________________________________________________________________________ Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. Dated, ____________________ NOTICE: THE SIGNATURE TO THE ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.