Continental Airlines And Air Europa Announce Codeshare Agreement

Continental
Airlines (NYSE: CAL) and Air Europa of Spain announced today that they have
agreed to form a cooperative marketing relationship to include codesharing on
selected flights and reciprocal frequent flyer program participation.

Subject to government approval, Continental and Air Europa plan to start
codesharing effective November 1, 2001 on Air Europa-operated flights between
Madrid and Barcelona, Malaga and Palma de Mallorca; and on Continental-
operated flights between Madrid and New York/Newark and between New
York/Newark and Atlanta, Boston, Chicago/Midway, Chicago/O`Hare, Cleveland,
Dallas/Fort Worth, Denver, Detroit, Houston, Las Vegas, Los Angeles, Miami,
Minneapolis/St. Paul, New Orleans, Orlando, Philadelphia, Phoenix, Pittsburgh,
St. Louis, San Antonio, San Diego, San Francisco, Seattle, Washington/Dulles
and San Juan, Puerto Rico.  These flights will display the designator codes of
both Continental (CO) and Air Europa (UX) and will be marketed by both
carriers.

Effective November 1, 2001, members of Continental`s frequent flyer
program, OnePass, will be able to earn and redeem miles on all Air Europa
flights and members of Air Europa`s frequent flyer program, Fidelitas, will be
able to do the same anywhere on Continental`s network.
 
Continental operates a daily Boeing 767-400ER non-stop flight between
Madrid and New York/Newark featuring its award-winning BusinessFirst service.
 
“We`re delighted to sign this alliance agreement with Air Europa, who
share our commitment to excellent customer service,” said David Grizzle,
Senior Vice President of Corporate Development for Continental Airlines.  “We
look forward to working together to deliver further benefits to our respective
customers.”

Manuel Panadero, Air Europa`s General Manager, said:  “We are really proud
to sign an agreement with a company which has achieved the highest quality of
customer service, and which considers its employees as an asset in reaching
its goals.”

Air Europa is the second largest airline in Spain and Portugal, with hubs
at Madrid/Barajas and Barcelona airports and a fleet of 52 aircraft operating
nearly 400 departures daily.  Its 13 international destinations include Milan,
Rome, Paris, London, Lisbon, Oporto, Havana, Santo Domingo, Cancun and—
beginning November 1, 2001—Caracas and Panama.  Air Europa`s alliance
carriers are TAP Air Portugal, Alitalia, Aeropostal and Copa Airlines.
 
Air Europa (air-europa.com ) is owned by Globalia Corporacion, Spain`s
largest transport and tourism group, which also includes tour operator
Travelplan and Halcon Viajes, the largest travel agency group in Spain and
Portugal.

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Continental Airlines is the fifth largest airline in the U.S., offering
more than 2,500 departures daily to 136 domestic and 92 international
destinations.  Operating hubs at New York/Newark, Houston, Cleveland and Guam,
Continental (continental.com ) serves more international cities than any other
U.S. carrier, including extensive service throughout the Americas, Europe and
Asia.

Continental was named the 2001 Airline of the Year by Air Transport World,
as well as the 1996 Airline of the Year, making it the only carrier to receive
this honor twice in five years.  Continental is in the top quarter of Fortune
magazine`s “100 Best Companies to Work for in America,” and is ranked the
nation`s No. 1 airline in customer satisfaction for long and short-haul
flights by Frequent Flyer Magazine and J.D. Power and Associates.  Continental
has received numerous awards for its BusinessFirst premium cabin (Conde Nast
Traveler, OAG, Entrepreneur and SmartMoney magazines), OnePass frequent flyer
program (InsideFlyer`s Freddie Awards) and overall operations and management
(Fortune magazine).

In Europe and the Middle East, Continental serves 18 airports in
11 countries, operating up to 168 departures weekly to its U.S. gateway hubs
at New York/Newark, Houston and Cleveland, with onward connections to cities
throughout North America, Latin America and the Caribbean.  Continental won
five awards, more than any other airline, at the OAG Airline of the Year
Awards 2001, including Best Trans-Atlantic Airline and Best Long-Haul
Executive/Business Class.  Continental`s alliance carriers in Europe include
Air France, BMI British Midland and Virgin Atlantic Airways.


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