CONTINENTAL AIRLINES REPORTS JULY 2002 PERFORMANCE

1 August 2002

Continental Airlines (NYSE: CAL) today reported a July 2002 systemwide mainline jet load factor of 79.4 percent, 1.2 points above last year's July load factor. For July 2002, Continental reported a record July domestic mainline jet load factor of 79.2 percent and an international mainline jet load factor of 79.9 percent.

Continental reported an on-time arrival rate of 82.8 percent and a completion factor of 99.5 percent for its mainline jet operations in July 2002.

In July 2002, Continental flew 5.7 billion mainline jet revenue passenger miles (RPMs) and 7.2 billion mainline jet available seat miles (ASMs) systemwide, resulting in a traffic decrease of 8.6 percent and a capacity decrease of 10.1 percent as compared to July 2001. Domestic mainline jet traffic was 3.4 billion RPMs in July 2002, down 10.4 percent from July 2001, and July 2002 domestic mainline jet capacity was 4.3 billion ASMs, down 12.7 percent from July last year.

Systemwide July 2002 mainline jet passenger revenue per available seat mile (RASM) is estimated to have decreased between 3 and 5 percent compared to July 2001 as a result of lower year-over-year yields, slightly offset by higher load factors. For June 2002, RASM declined 5.5 percent as compared to June 2001.

Consolidated breakeven load factor for August 2002 is estimated to be 78.0 percent. Actual consolidated breakeven load factor may vary significantly from this estimate depending on actual passenger revenue yields, fuel price and other factors. 

ExpressJet Airlines, a subsidiary of Continental Airlines doing business as Continental Express, separately reported a load factor of 67.4 percent for July 2002, 0.5 points below last year's July load factor. ExpressJet flew 362.7 million RPMs and 538.4 million ASMs in July 2002, resulting in a traffic increase of 7.8 percent and a capacity increase of 8.7 percent versus July 2001.