United Announces Pricing of $175 Million in Senior Secured Notes

CHICAGO, June 29 /PRNewswire-FirstCall/ -- United Air Lines, Inc. (United),
the primary subsidiary of UAL Corporation (Nasdaq: UAUA), announced today the
pricing of its offering of $175 million in aggregate principal amount of
senior secured notes due 2012. The notes were issued at a discount to their
face value, and will carry a coupon interest rate of 12.75% per annum. The
notes will be secured initially by a lien on all aircraft spare parts owned by
United that are located in the United States, subject to certain exceptions.
UAL Corporation will be a guarantor of the notes. The company intends to use
the net proceeds from the offering for general corporate purposes.

The notes are being offered under the Company's existing effective shelf
registration statement. A prospectus supplement and accompanying prospectus
describing the terms of the offering have been filed with the Securities and
Exchange Commission.

Copies of the registration statement (including the base prospectus), the
prospectus supplement and other documents United has filed with the SEC
containing more complete information about United and the offering are
available for free by visiting EDGAR on the SEC web site at www.sec.gov.
Alternatively, United, any underwriter or any dealer participating in the
offering will arrange to send investors the prospectus if requested by
contacting Goldman, Sachs & Co. at 1-866-471-2256 or Citigroup Global Markets
Inc. at 212-723-6230.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sales of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such
jurisdiction.

About United
United Airlines (NASDAQ: UAUA) operates over 3,300* flights a day on United
and United Express to more than 200 U.S. domestic and international
destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and
Washington, D.C. With key global air rights in the Asia-Pacific region,
Europe and Latin America, United is one of the largest international carriers
based in the United States. United also is a founding member of Star
Alliance, which provides connections for our customers to 912 destinations in
160 countries worldwide. United's 48,500 employees reside in every U.S. state
and in many countries around the world. News releases and other information
about United can be found at the company's Web site at united.com.

*Based on United's forward-looking flight schedule for July 1, 2009, to July
1, 2010

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: Certain statements contained in or incorporated by reference in this
prospectus supplement and the accompanying prospectus are forward-looking and
thus reflect United Air Lines, Inc.'s (referred to herein as "United") and UAL
Corporation's (referred to herein as "UAL") current expectations and beliefs
with respect to certain current and future events and financial performance.
Such forward-looking statements are and will be subject to many risks and
uncertainties relating to United's and UAL's operations and business
environment that may cause actual results to differ materially from any future
results expressed or implied in such forward-looking statements. Words such
as "expects," "will," "plans," "anticipates," "indicates," "believes,"
"forecast," "guidance," "outlook" and similar expressions are intended to
identify forward-looking statements. Additionally, forward-looking statements
include statements that do not relate solely to historical facts, such as
statements which identify uncertainties or trends, discuss the possible future
effects of current known trends or uncertainties, or which indicate that the
future effects of known trends or uncertainties cannot be predicted,
guaranteed or assured. All forward-looking statements contained or
incorporated by reference in this prospectus supplement or the accompanying
prospectus are based upon information available to us on the date such
statements are made. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future
events, changed circumstances or otherwise. United's and UAL's actual results
could differ materially from these forward-looking statements due to numerous
factors including, without limitation, the following: our ability to comply
with the terms of our amended credit facility and other financing
arrangements; the costs and availability of financing; our ability to maintain
adequate liquidity; our ability to execute our operational plans; our ability
to control our costs, including realizing benefits from our resource
optimization efforts and cost reduction initiatives; our ability to utilize
our net operating losses; our ability to attract and retain customers; demand
for transportation in the markets in which we operate; an outbreak of a
disease that affects travel demand or travel behavior; the demand for travel
and the impact the economic recession has on customer travel patterns; the
increasing reliance on enhanced video-conferencing and other technology as a
means of conducting virtual meetings; general economic conditions (including
interest rates, foreign currency exchange rates, investment or credit market
conditions, crude oil prices, costs of aviation fuel and refining capacity in
relevant markets); our ability to cost-effectively hedge against increases in
the price of aviation fuel; any potential realized or unrealized gains or
losses related to fuel or currency hedging programs; the effects of any
hostilities, act of war or terrorist attack; the ability of other air carriers
with whom we have alliances or partnerships to provide the services
contemplated by the respective arrangements with such carriers; the costs and
availability of aviation and other insurance; the costs associated with
security measures and practices; industry consolidation; competitive pressures
on pricing and on demand; capacity decisions of United and/or our competitors;
U.S. or foreign governmental legislation, regulation and other actions
(including open skies agreements); labor costs, our ability to maintain
satisfactory labor relations and the results of the collective bargaining
agreement process with our union groups; any disruptions to operations due to
any potential actions by our labor groups; weather conditions; and other risks
and uncertainties, including those set forth under the caption "Risk Factors"
in Item 1A. of the 2008 Annual Report, as well as other risk and uncertainties
set forth from time to time in the reports we file with the Securities
Exchange Commission. Consequently, forward-looking statements should not be
regarded as representations or warranties by United or UAL that such matters
will be realized.

SOURCE United Airlines

Worldwide Press Office of United, +1-312-997-8640