Continental Airlines Announces Public Offering

Continental Airlines, Inc. (NYSE: CAL)
(“Continental”) 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 .
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.  For
more information, visit

The shares will be issued pursuant to a shelf registration statement that
was previously filed.  This press release shall not constitute an offer to
sell or a solicitation of an offer to buy shares of Continental common stock.
An offering of shares of Continental common stock will be made only by means
of a prospectus.  The prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.

Statements in this press release contain “forward-looking” information
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934.  Such statements involve a number
of risks and uncertainties.  Those factors include conditions in the financial
markets and customary offering closing conditions.  Please see Continental`s
filings with the Securities and Exchange Commission for certain other factors
that may affect forward-looking information.