Continental Announces Effectiveness of Filing

Continental Airlines, Inc. (“Continental”) announced that the Securities
and Exchange Commission has declared effective the Form S-3 registration
statement relating to Continental`s $175 million 5.0% Convertible Notes
due in 2023 (“the Notes”).

This news release is being issued pursuant to and in accordance with
Section 3(o) of the Registration Rights Agreement, dated as of June 10,
2003, relating to the Notes, between Continental and the initial
purchasers of the Notes.

This news release does not and will not constitute an offer to sell or the
solicitation of an offer to buy the Notes, nor shall there be any sale of
the Notes in any state in which any such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state.

Continental Airlines is the world`s seventh-largest airline with more than
2,200 daily departures to 127 domestic and 96 international destinations
throughout the Americas, Europe and Asia. With 42,000 mainline employees,
the airline has hubs serving New York, Houston, Cleveland and Guam, and
carries approximately 41 million passengers per year. Fortune ranks
Continental one of the 100 Best Companies to Work For in America, highest
among major U.S. carriers in the quality of its service and products, and
No. 2 on its list of Most Admired Global Airlines. For more company
information, visit