Statement by UAL Corporation Regarding Avolar


CHICAGO, Mar. 8, 2002 å- UAL Corporation announced today that Avolar is pursuing a new business plan that will enable it to realize its value without additional investment from UAL or the involvement of private equity investors.


In making the announcement, United CEO John W. Creighton said, “This move is consistent with our previously stated intentions to protect United Airlines from further financial exposure to this business and to achieve the best return for UAL on its investment.”


To conserve cash following the events of September 11th, UAL Corporation decided to sell a majority interest in Avolar to private equity investors, a business strategy which eliminated the need for UAL to provide additional funding while enabling UAL to continue to benefit from its original investment.  With today’s announcement, Avolar’s management team is continuing to refine the new business plan to maximize Avolar’s value.


To conserve cash following the events of September 11th, UAL Corporation decided to sell a majority interest in Avolar to private equity investors, a business strategy which eliminated the need for UAL to provide additional funding while enabling UAL to continue to benefit from its original investment.  With today’s announcement, Avolar’s management team is continuing to refine the new business plan to maximize Avolar’s value.


Creighton recognized Oran’s many contributions, saying, “Stuart has worked diligently for the past two years to bring the Avolar vision to life, and tirelessly since September 11 to preserve and enhance Avolar’s value.  Stuart has worked in many capacities at United over the past seven years and we are appreciative of all of his efforts and wish him well in his future endeavors.”

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UAL Corporation launched Avolar last spring with the intent to participate in the fast-growing fractional-ownership market while offering a range of general-aviation products and services to United customers that are complementary to United’s mainline service.  Avolar is a wholly owned subsidiary of UAL Corporation.


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