Exhibit 12

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

	Six Months Ended
	June 30
	2001	2000
	(In Millions)
Earnings:
Earnings (loss) before income taxes and
cumulative effect of accounting change	$ (1,051)	$ 714
Fixed charges, from below	448	509
Undistributed losses of affiliates	13	3
Interest capitalized	(45)	(40)
Earnings	$ (635)	$ 1,186
	=====	=====
Fixed charges:
Interest expense	$ 254	$ 192
Portion of rental expense representative
of the interest factor	194	317
Fixed charges	$ 448	$ 509
	=====	=====
Ratio of earnings to fixed charges	(a)	2.33
	=====	=====

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(a) Earnings were inadequate to cover fixed charges by $1.1 billion in 2001.