CHICAGO, Nov. 8, 2007 – UAL Corporation (NASDAQ: UAUA), the holding company whose primary subsidiary is United Airlines, announced today that it had commenced distribution of an additional 608,000 shares of UAUA common stock to holders of allowed general unsecured claims against the company and certain of its subsidiaries pursuant to the terms of the Plan of Reorganization under which the company and its subsidiaries emerged from Chapter 11 protection on February 1, 2006. This marks the 5^th broad-based distribution of equity by the company.

Upon the completion of the current distribution, the company will have distributed a total of 112.2 million shares to holders of allowed and deemed general unsecured claims, out of a total expected distribution of 115 million shares under the Plan to holders of such claims. With this, the company will have 116,916,281 shares outstanding as of November 8, 2007.

As part of the current distribution, United employees will be issued, either directly or have monetized on their behalf, approximately 197,000 shares of new UAUA common stock.  Since February 2, 2006, and including the current distribution, employees will have been issued, directly and indirectly, a total of 35.7 million shares of new UAUA common stock. In connection with the reorganization, employees also received $726 million in notes proceeds which were distributed in August 2006. Including both the notes and the stock distribution, and based on the closing price of UAUA common stock on November 7, 2007, securities worth more than $2.0 billion have been distributed to employees pursuant to the company’s Plan of Reorganization.

As of today, holders of approximately 45,000 allowed general unsecured claims aggregating to approximately $29.2 billion in claim value have received common shares of the company to partially satisfy those claims. The company currently estimates its total unsecured claim exposure, including those that have been partially satisfied, to be between $29.3 billion and $29.6 billion.  The company currently holds approximately 2.8 million shares of UAUA common stock in reserve to satisfy the remaining disputed unsecured claims. Distributions of this stock will take place on a periodic basis as remaining claims disputes are resolved. 

To the extent that any such disputed claims become disallowed claims, the shares of the UAUA common stock reserved for issuance to the holders of such disputed claims will be distributed pro rata to holders of allowed general unsecured claims.

About United

United Airlines (NASDAQ: UAUA) operates more than 3,600* flights a day on United, United Express and Ted to more than 200 U.S. domestic and international destinations from its hubs in Chicago, Denver, Los Angeles, San Francisco and Washington, D.C.  With 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. 4, 2007 and Dec. 31, 2007.

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