CHICAGO, July 22, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- UAL Corporation (Nasdaq: UAUA),
the holding company whose primary subsidiary is United Airlines, today
announced that it reached an agreement in principle with its Mileage Plus
co-branded bank card partner, Chase Bank U.S.A., N.A. ("Chase"), and
Paymentech, one of its credit card processors, to extend the term of their
respective agreements.

As part of the transaction, United will receive a payment of $600 million
from Chase, which relates to the advance purchase of frequent flyer miles and
the extension of the contract. The company also expects this transaction will
improve cash flow by about $200 million in the next two years.

In addition, the level of reserve or holdback that United is required to
maintain under its credit card processing agreement with Chase / Paymentech
L.L.C. has been reduced to $25 million. This reduction will result in the
release of approximately $350 million in previously restricted cash.

As a result of its agreement with Chase, the company expects to increase
its cash position by approximately $1.2 billion, including $1 billion in the
short term and an additional $200 million over the next two years. Combined
with the previously announced approximately $550 million raised from new
transactions in the second and third quarters, the company will have increased
its total cash balance by $1.7 billion and continues to have more than $3
billion in unencumbered hard assets.

About United

United Airlines (Nasdaq: UAUA) operates more than 3,200* flights a day on
United and United Express to more than 200 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 965 destinations in
162 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 http://www.united.com/.

* Based on United's flight schedule between Jan. 1, 2008, and Dec. 31,

2008.

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 realize benefits from its resource optimization
efforts and cost reduction initiatives; 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 energy 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; industry consolidation;
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 the effect of open skies agreements; the
company's ability to utilize its net operating losses; 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.

SOURCE UAL Corporation

http://www.united.com/

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