| Agreements with Retirees' Authorized Representatives
Will Deliver Cash Savings of More Than $300 Million Through
2010
CHICAGO, June 10, 2004 - UAL Corporation (OTCBB: UALAQ.OB) announced today that it has reached an agreement with a coalition representing the remaining retirees regarding modifications to retiree medical and life insurance benefits. This agreement, which covers more than 27,000 retirees, combined with the agreement previously announced in May with the Aircraft Mechanics Fraternal Association (AMFA), will deliver cash savings to the company of more than $300 million through 2010. Executive Vice President and Chief Operating Officer Pete McDonald said, "As part of our efforts to reorganize successfully and be competitive for the longer term, we needed to address our retiree medical benefits. The agreements with all our retirees contribute to achieving the durable savings that we need while recognizing the concerns of retirees expressed by their representatives. We appreciate the hard work of the retirees' authorized representatives in helping us to achieve these important savings." The coalition includes the Association of Flight Attendants (AFA), the International Association of Machinists and Aerospace Workers (IAM), the International Federation of Professional and Technical Engineers (IFPTE), the Professional Airline Flight Control Association (PAFCA), the Transport Workers Union (TWU), as well as authorized representatives of the retired pilots and the retired salaried and management employees. The Company will file a motion with the Bankruptcy Court on Monday seeking approval of this agreement to modify retiree medical and life insurance benefits. About United # # # |