CONTINENTAL AIRLINES ANNOUNCES PUBLIC OFFERING

Continental Airlines, Inc. (“Continental”) (NYSE: CAL) today announced the pricing of a public offering of 6.74 million shares of its Class B Common Stock at a price to the public of $22.50 per share. Continental expects the issuance and delivery of the shares to occur on December 3, 2001.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) acted as sole underwriter for the offering. When available, copies of the prospectus supplement and prospectus relating to the offering may be obtained from Merrill Lynch, 4 World Financial Center, North Tower, New York, NY 10281-1200. These documents will also be filed with the Securities and Exchange Commission and will be available at the SEC's website at https://www.sec.gov.

Continental intends to use the net proceeds from the offering for general corporate purposes.

Continental Airlines is the fifth largest airline in the U.S., offering more than 1,900 departures daily to 122 domestic and 89 international destinations. Operating hubs in Newark, Houston, Cleveland and Guam, Continental serves more international cities than any other U.S. carrier, including extensive service throughout the Americas, Europe and Asia.