Exhibit 12.1

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

 
 
 

	Six Months Ended
	June 30
	2004	2003
	(In Millions)
Earnings:
Loss before income taxes	$(706)	$(1,965)
Fixed charges, from below	317	358
Undistributed losses of affiliates	2	2
Interest capitalized	(1)	(2)
Loss	$(388)	$(1,607)
Fixed charges:
Interest expense	$ 237	$ 286
Portion of rental expense representative
of the interest factor	80	72
Fixed charges	$ 317	$ 358
Ratio of earnings to fixed charges	(a)	(a)

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(a)  Earnings were inadequate to cover fixed charges by $705 million in 2004 and $2.0 billion in 2003.