UAL Reports November Results

UAL Corporation (BULLETIN BOARD: UALAQ) , the holding company whose
primary subsidiary is United Airlines, today filed its November Monthly
Operating Report (MOR) with the United States Bankruptcy Court, confirming
that UAL met the requirements of its debtor-in-possession (DIP) financing
for the tenth straight month.

“United`s turnaround remains on track. Even with the seasonal downturn in
November, cash flow was positive and remained strong at more than $2
million per day,” said Jake Brace, United`s executive vice president and
chief financial officer. “Systemwide passenger unit revenue improvement
continued to outpace the industry, and the company increased its cash
balance to $2.6 billion. We met the requirements of our DIP covenants and
expect to meet them for December as well.”

The Company reported net earnings before reorganization expenses of $3
million, including an $81 million gain from the sale of Hotwire, an
improvement of more than $500 million compared to November a year ago.
Including reorganization expenses and the gain from the sale of Hotwire,
the Company reported a net loss for November of $75 million. The majority
of reorganization expenses were non-cash items resulting from the
rejection of aircraft as the company aligns its fleet with the market.
Mainline passenger unit revenue improved 14% year-over-year, well-ahead of
the industry average.

UAL generated positive cash flow of about $69 million in November,
excluding the proceeds from the sale of Hotwire, or more than $2 million
per day. UAL ended November with a cash balance of about $2.6 billion,
which included $633 million in restricted cash (filing entities only). As
part of its DIP financing agreements, UAL`s lenders required the Company
to achieve a cumulative EBITDAR (earnings before interest, taxes,
depreciation, amortization and aircraft rent) of $112 million between
December 1, 2002 and November 30, 2003. United`s performance exceeded that
level.
United and United Express operate more than 3,400 flights a day on a route
network that spans the globe. News releases and other information about
United may be found at the company`s website at http://www.united.com/ .

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