Goldman Sachs in $726 Million Sale of UAL Corporation Convertible Notes

July 26, 2006

Cleary Gottlieb advised Goldman Sachs & Co. in its purchase and resale of $726 million of 4.50% senior limited-subordination convertible notes due 2021 issued by UAL Corporation. UAL initially issued the notes to various trusts benefiting its employees as part of the company’s reorganization in bankruptcy. Goldman subsequently purchased the notes from the various trusts and resold them privately in accordance with Rule 144A.

UAL is the parent company of United Air Lines, Inc., one of the world’s largest passenger airlines. United operates more than 3,600 flights per day to over 200 domestic and international destinations.