Exhibit 99.2
Cautionary Statement
UAL Corporation ("UAL") and its representatives from time
to time participate in speeches and calls with market
analysts, conferences with investors and potential
investors of UAL and United Air Lines, Inc. securities, and
other meetings and conferences. Some of the information
presented in such speeches, calls, meetings and conferences
may be forward-looking and involves risks and uncertainties
that could result in actual results differing materially
from expected results.
It is not reasonably possible to itemize all of the many
factors and specific events that could affect the outlook of
an airline operating in the global economy. Some factors
that could significantly impact expected capacity, traffic,
load factors, yields, revenues, unit revenues, expenses,
costs, unit costs, fully distributed unit costs, capital
spending, cash flows, pre-tax margins, earnings, fully
distributed earnings, earnings per share, fully distributed
earnings per share, price to earnings ratios, and the
results and benefits of the pending merger between United
and US Airways include, without limitation, the airline
pricing environment; industry capacity decisions;
competitors' route decisions; the inability to obtain
regulatory approvals for the United and US Airways merger;
the inability to successfully integrate the businesses of
United and US Airways; costs related to the United and US
Airways merger; the inability to achieve cost cutting
synergies resulting from the United and US Airways merger;
labor integration issues; the success of the Company's cost
control efforts; the cost of crude oil and jet fuel; the
success of fuel hedging strategies; the results of union
contract negotiations and their impact on labor costs;
operational disruptions as a result of bad weather, air
traffic control-related difficulties and the impact of labor
issues; the growth of e-commerce and off-tariff distribution
channels; the implementation of customer service improvement
strategies; actions of the U.S., foreign and local
governments; foreign currency exchange rate fluctuations;
the Pacific economic environment and travel patterns; the
stability of the U.S. economy; inflation; the economic
environment of the airline industry and the economic
environment in general.
