Exhibit 12

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Exhibit 12

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31

2000 1999 1998 1997 1996

Earnings: (In Millions)

Earnings before income taxes, extraordinary

item and cumulative effect
$ 431

$ 1,942

$ 1,256

$ 1,524

$ 970

Undistributed (earnings) losses of affiliates
13

(20)

(62)

(16)

(49)

Fixed charges, from below
1,046

993

986

991

1,112

Interest capitalized
(77)

(75)

(105)

(104)

(77)

Earnings
$ 1,413

$ 2,840

$ 2,075

$ 2,395

$ 1,956

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Fixed charges:

Interest expense
$ 402

$ 362

$ 355

$ 286

$ 295

Portion of rental expense representative

of the interest factor
644

631

631

705

817

Fixed charges
$ 1,046

$ 993

$ 986

$ 991

$ 1,112

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Ratio of earnings to fixed charges
1.35

2.86

2.10

2.42

1.76

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	Year Ended December 31
	2000	1999	1998	1997	1996
Earnings:	(In Millions)

Earnings before income taxes, extraordinary
item and cumulative effect	$ 431	$ 1,942	$ 1,256	$ 1,524	$ 970
Undistributed (earnings) losses of affiliates	13	(20)	(62)	(16)	(49)
Fixed charges, from below	1,046	993	986	991	1,112
Interest capitalized	(77)	(75)	(105)	(104)	(77)
Earnings	$ 1,413	$ 2,840	$ 2,075	$ 2,395	$ 1,956
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Fixed charges:

Interest expense	$ 402	$ 362	$ 355	$ 286	$ 295
Portion of rental expense representative
of the interest factor	644	631	631	705	817
Fixed charges	$ 1,046	$ 993	$ 986	$ 991	$ 1,112
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Ratio of earnings to fixed charges	1.35	2.86	2.10	2.42	1.76
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