Continental Airlines Mechanics Ratify New Four-Year Contract

Continental Airlines (NYSE: CAL) today announced that its mechanics and related employee groups have overwhelmingly ratified a new four-year contract agreement between the company and the International Brotherhood of Teamsters.

“Once again, our employees have demonstrated that they understand the issues facing our industry and have taken a leadership role at Continental to position themselves and our company to succeed,” said Continental Airlines Chairman and CEO Gordon Bethune. “This contract underscores the value of working together to reach agreements that are fair to employees and the company.”

The four-year agreement makes an adjustment to current pay. It also recognizes current industry conditions with a provision to re-look at wages in January 2004 and establishes work rules and other contract items through 2006.

Continental Airlines is the world`s sixth-largest airline and has more than 2,000 daily departures. With 121 domestic and 90 international destinations, Continental has the broadest global route network of any U.S. airline, including extensive service throughout the Americas, Europe and Asia. Continental has hubs serving New York, Houston, Cleveland and Guam, and carries approximately 45 million passengers per year on the newest jet fleet among major U.S. airlines. With 48,000 employees, Continental is one of the “100 Best Companies to Work For in America.” Fortune ranked Continental the No. 2 Most Admired Global Airline and No. 30 Most Admired Global Company in March 2002. For more company information, visit