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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 1997
Employees' Stock Purchase Plan of UAL Corporation
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(Full title of the Plan)
UAL Corporation
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(Employer sponsoring the Plan, issuer of the
participations in the Plan and issuer of
the shares held pursuant to the Plan)
1200 Algonquin Road, Elk Grove Township, Illinois
Mailing Address:
UAL Corporation, P.O. Box 66919, Chicago, Illinois 60666
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(Address of principal executive offices)
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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To UAL Corporation:
We have audited the accompanying statements of financial position
of the Employees' Stock Purchase Plan of UAL Corporation (the
"Plan") as of December 31, 1997 and 1996 and the related
statements of changes in participants' equity for each of the
three years in the period ended December 31, 1997. These
financial statements are the responsibility of the Plan's
administrator. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by the Plan's administrator, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Plan as of December 31, 1997 and 1996 and the changes in
its participants' equity for each of the three years in the
period ended December 31, 1997, in conformity with generally
accepted accounting principles.
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Chicago, Illinois
March 26, 1998
Signature
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Pursuant to the requirements of the Securities Exchange Act of
1934, the sponsor and issuer of the participants of the Plan, UAL
Corporation has duly caused this Annual Report to be signed on
its behalf by the undersigned thereunto duly authorized.
UAL Corporation
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Administrator
Dated March 26, 1998 By /s/ Douglas A. Hacker
Douglas A. Hacker
Senior Vice President and
Chief Financial Officer
EMPLOYEES' STOCK PURCHASE PLAN
OF UAL CORPORATION
STATEMENTS OF FINANCIAL POSITION
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(In Thousands, Except Number of Shares)
Exhibit 23
Consent of Independent Public Accountants
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As independent public accountants, we hereby consent to the
incorporation of our report included in this Form 11-K for the
year ended December 31, 1997, into UAL Corporation's previously
filed Post-Effective Amendment No. 1 to Form S-8 (File No. 2-
67368) and Post-Effective Amendment No. 2 to Form S-8 (File No.
33-37613) for the Employees' Stock Purchase Plan of UAL
Corporation.
/s/ Arthur Andersen
Arthur Andersen LLP
Chicago, Illinois
March 26, 1998