Continental Announces Extension of Exchange Offer

Continental Airlines, Inc. today announced that it is extending the
expiration date for its offer to exchange up to $97,000,000 aggregate
principal amount of its unregistered Floating Rate Secured Subordinated
Notes due 2007, which were issued on May 9, 2003 (the “Old Subordinated
Notes”), for a like principal amount of Floating Rate Secured Subordinated
Notes due 2007 that have been registered under the Securities Act of 1933,
as amended. The exchange offer will now expire at 5:00 p.m., New York City
time, on January 5, 2004, unless extended further. All other terms of the
exchange offer remain unchanged.
As of 5:00 p.m., New York City time, on December 29, 2003, the original
expiration date, Continental Airlines, Inc. was advised by the exchange
agent that an aggregate principal amount of approximately $94,000,000 of
Old Subordinated Notes had been validly tendered in the exchange offer.

This announcement is neither an offer to exchange nor a solicitation of an
offer to exchange any securities.

Requests for assistance regarding the exchange offer or for copies of the
exchange offer materials should be directed to the exchange agent,
Wilmington Trust Company, Corporate Trust Reorg Services, 1100 North
Market Street, Wilmington, Delaware 19890-1615, telephone: (302) 636-6469,
facsimile: (302) 636-4145.