2006 Executive Compensation Summary

*The Associated Press calculates a total of $39.7 million in 2006 compensation for Glenn Tilton, alone.  Compensation includes salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. Not all of this compensation is included in the chart below.

UAL 2006 Security and Exchange Commission 10K
(Annual Report) Filing - Submitted March 26, 2007

2006 Full Proxy Statement

*The Associated Press calculates a total of $39.7 million in 2006 compensation for Glenn Tilton, alone.  Compensation includes salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. Not all of this compensation is included in the chart above.

(1) The Company did not pay any discretionary bonuses to the named executive officers in 2006.

(2) Amounts disclosed in the Stock Awards column relate to grants of restricted stock made under the Company’s 2006 Management Equity Incentive Plan (“MEIP”). In contrast to the Summary Compensation Table on page 36, in which the amounts disclosed generally reflect the compensation cost that the Company recognized for financial accounting purposes in 2006 in accordance with FAS 123R, the amounts disclosed in this table represent the grant date fair value of restricted stock awards that vested in 2006, but do not reflect an amount (if any) realized upon sale of the stock. Grant-date fair value of the restricted stock awards was determined by multiplying the number of restricted shares awarded by the volume weighted average price of a share of Company stock on the date of grant.

(3) Amounts disclosed in the Option Awards column relate to grants of stock options made under the MEIP. In contrast to the Summary Compensation Table on page 36, in which the amounts disclosed generally reflect the compensation cost that the Company recognized for financial accounting purposes in 2006 in accordance with FAS 123R, the amounts disclosed in this table represent the grant date fair value of stock option awards that vested and became fully exercisable during 2006, but does not reflect an amount (if any) realized upon exercise of the stock options or sale of the underlying stock. In order to realize gain upon exercise of these stock options equal to the amounts set forth in this column, the executives would need to exercise them at a stock price of approximately $57 a share. Grant-date fair value was determined using a generally accepted option valuation methodology referred to as the Black-Scholes Option Pricing Model. The assumptions used in calculating the grant-date fair value of each stock option award are disclosed in footnotes to the Company’s financial statements that are set forth in the Company’s 2006 Annual Report on Form 10-K.

(4) Amounts disclosed in the Non-Equity Incentive Plan Compensation column represent the aggregate amounts earned in 2006 under the Company’s 2006 Success Sharing Program, Key Employee Retention Program, and the Profit Sharing Program, respectively. Mr. Tilton voluntarily waived his rights to a payment under the KERP which was otherwise due him in 2006.

(5) Please refer to the table titled “Explanation of All Other Compensation Disclosure” for details regarding amounts disclosed in All Other Compensation column. In contrast to the amount shown in the “Summary Compensation Table” on page 36, the amount shown above for Mr. McDonald does not include the retention payment made to the irrevocable trust or earnings on that amount, which were unvested in 2006.

2005 Compensation Chart

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