Exhibit 99.1
Cautionary Statement
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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, debt load, 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 and operations;
operational disruptions as a result of bad weather, air traffic contol-
related difficulties, and labor issues; the growth of e-commerce and
off-tariff distribution channels; the success of customer win-back
strategies; the effective deployment of customer service tools and
resources; the continued benefits of strategic airline alliances;
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; UAL common stock price
fluctuations; inflation; the economic environment of the airline
industry and the economic environment in general.
