The proceeds from these debt offerings will refinance existing aircraft lease and mortgage debt associated with 13 widebody aircraft and the existing Special Facility Revenue Bonds at Denver International Airport.  Excluding any non-cash gains associated with the extinguishment of debt, these transactions are expected to save United approximately $10 million in interest and rent expense for the remainder of 2007 and $22 million for the full year 2008.

"The market’s reaction to these transactions reflects our solid financial performance and the capital market's confidence in United,” said Jake Brace, executive vice president and chief financial officer.   “Combined with the $1 billion dollar debt pay down in February, United expects to save nearly $100 million in annual financing costs from these transactions."

Earlier this year, United paid down $972 million of its original $3 billion exit facility, and refinanced the remaining $2 billion. The transaction enabled the company to reduce its financing costs significantly by 175 basis points to 200 basis points over the London Interbank Offered Rate (LIBOR), resulted in less restrictive covenants and released approximately $2.5 billion of collateral. The lower pricing also set a market benchmark for network carriers and is expected to result in net pre-tax savings of approximately $70 million per annum.

About United

United Airlines (NASDAQ:   UAUA) operates more than 3,600** flights a day on United, United Express and Ted to more than 210 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 855 destinations in 155 countries worldwide.  United's 55,000 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 the flight schedule between Jan. 1, 2007 and Dec. 31, 2007.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:   Certain statements included in this press release are forward-looking and thus reflect the company’s 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 the operations and business environment of the company that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements.  Factors that could significantly affect net earnings, revenues, expenses, costs, load factor and capacity include, without limitation, the following: the company’s ability to comply with the terms of its credit facility; the costs and availability of financing; the company’s ability to execute its business plan; the company’s ability to attract, motivate and/or retain key employees; the company’s ability to attract and retain customers; demand for transportation in the markets in which the company operates; general economic conditions (including interest rates, foreign currency exchange rates, crude oil prices and refining capacity in relevant markets); the effects of  any hostilities or act of war or any terrorist attack; the ability of other air carriers with whom the company has alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; the costs and availability of aircraft insurance; the costs of jet fuel; our ability to cost-effectively hedge against increases in the price of jet fuel; the costs associated with security measures and practices; labor costs; competitive pressures on pricing and on demand; capacity decisions of United and/or its competitors; U.S. or foreign governmental legislation, regulation and other actions, including open skies agreements; the ability of the company to maintain satisfactory labor relations and our ability to avoid any disruptions to operations due to any potential actions by our labor groups; weather conditions; and other risks and uncertainties set forth from time to time in UAL’s reports to the United States Securities and Exchange Commission. Consequently, the forward-looking statements should not be regarded as representations or warranties by the company that such matters will be realized.  The company disclaims any intent or obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.