CONTINENTAL AIRLINES ANNOUNCES SPECIAL STOCKHOLDERS MEETING

Continental Airlines (NYSE: CAL and CAL.A) announced today that it will hold a special stockholders meeting on January 22, 2001 in connection with its previously announced recapitalization proposal.

Continental has agreed to repurchase for $450 million approximately 6.7 million shares of its Class A common stock from Northwest Airlines Corporation and its affiliates, and at the special meeting stockholders will be asked to vote on a recapitalization proposal to reclassify each remaining share of Class A common stock into 1.32 shares of Class B common stock.

Holders of record of Continental common stock on December 18, 2000 will be entitled to notice of and to vote at the special stockholders meeting.

As previously announced, Northwest Airlines Corporation and its affiliates have agreed to cause the Continental stock owned by them to be voted in favor of the proposed recapitalization and, as a result, approval of the recapitalization is assured.