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United Formally Exits Bankruptcy

February 2, 2006

United Formally Exits Bankruptcy
February 2, 2006 – UAL Corporation formally exited bankruptcy today, following confirmation of the company’s Plan of Reorganization by the United States Bankruptcy Court.

"Today, we have the business platform we need to compete with the strongest carriers and a clear strategy of offering the right service to the right customer at the right price," said Glenn Tilton, United’s chairman, chief executive officer and president. "As we move ahead, United is committed to continuous improvement in costs, revenue and operations to optimize our resources and sustain competitive margins. We have achieved a great deal in our restructuring to reposition this company and build upon our assets, an unrivaled global network and our dedicated employees. We can be better. We are in a very competitive industry, and we take nothing for granted."

Over the past three years, United has reduced its average annual costs by approximately $7 billion; substantially deleveraged its balance sheet; strengthened its network while eliminating unprofitable services; reconfigured its fleet to optimize the use of its aircraft; significantly increased the productivity of all its assets; and introduced new or expanded services targeted to specific customer groups.

UAL Corporation will begin to issue shares of common stock of the reorganized company on or about Wednesday, Feb. 1, 2006, the effective date of the Plan. Most shares will go to the company’s former unsecured creditors. Trading of these shares, which will be listed on NASDAQ under the ticker symbol "UAUA," will begin on Feb. 2.

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