Exhibit 12.1

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

	Year Ended December 31
	2003	2002	2001	2000	1999
Earnings:	(In Millions)
Earnings (loss) before income taxes,
extraordinary item and cumulative effect	$ (2,808)	$(3,205)	$(3,357)	$ 431	$ 1,942
Undistributed (earnings) losses of affiliates	(2)	8	30	13	(20)
Fixed charges, from below	643	775	864	1,046	993
Interest capitalized	(3)	(25)	(79)	(77)	(75)
Earnings	$ (2,170)	$(2,447)	$(2,542)	$ 1,413	$ 2,840
Fixed charges:
Interest expense	$ 527	$ 590	$ 525	$ 402	$ 362
Portion of rental expense representative
of the interest factor	116	185	339	644	631
Fixed charges	$ 643	$ 775	$ 864	$ 1,046	$ 993
Ratio of earnings to fixed charges	(a)	(a)	(a)	1.35	2.86

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(a) Earnings were inadequate to cover fixed charges by $2.8 billion in 2003, $3.2 billion in 2002 and $3.4 billion in 2001.