Continental Airlines Reports March 2008 Operational Performance

Continental Airlines (NYSE: CAL) reported a March consolidated (mainline plus regional) load factor of 82.3 percent, 0.3 points below the March 2007 consolidated load factor, and a mainline load factor of 82.6 percent, 0.5 points below the March 2007 mainline load factor.

Houston – In addition, the carrier reported a record domestic mainline March load factor of 85.2 percent, 1.0 point above March 2007, and an international mainline load factor of 80.0 percent, 1.9 points below March 2007. During the month, Continental recorded a U.S. Department of Transportation on-time arrival rate of 68.4 percent and a mainline segment completion factor of 98.9 percent.

In March 2008, Continental flew 8.3 billion consolidated revenue passenger miles (RPMs) and 10.1 billion consolidated available seat miles (ASMs), resulting in a traffic increase of 4.3 percent and a capacity increase of 4.6 percent as compared to March 2007. In March 2008, Continental flew 7.4 billion mainline RPMs and 9.0 billion mainline ASMs, resulting in a mainline traffic increase of 4.8 percent and a mainline capacity increase of 5.4 percent as compared to March 2007. Domestic mainline traffic was 3.9 billion RPMs in March 2008, up 0.9 percent from March 2007, and domestic mainline capacity was 4.5 billion ASMs, down 0.3 percent from March 2007.

For March 2008, both consolidated and mainline passenger revenue per available seat mile (RASM) are estimated to have increased between 5.5 and 6.5 percent compared to March 2007. For February 2008, consolidated passenger RASM increased 5.4 percent compared to February 2007, while mainline passenger RASM increased 5.3 percent from February 2007.

Continental ended the first quarter of 2008 with unrestricted cash and short-term investments balance of $2.51 billion. This balance excludes $237 million in par value of student loan-related auction rate securities that were previously classified as short-term investments on our consolidated balance sheets. These securities were reclassified as long-term investments during the quarter.

Continental’s regional operations had a record March load factor of 79.7 percent, 1.3 points above the March 2007 load factor. Regional RPMs were 878.8 million and regional ASMs were 1,102.7 million in March 2008, resulting in flat traffic and a capacity decrease of 1.6 percent versus March 2007.

Continental Airlines is the world’s fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 2,900 daily departures throughout the Americas, Europe and Asia, serving 144 domestic and 139 international destinations. More than 550 additional points are served via SkyTeam alliance airlines. With more than 45,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express, carries approximately 69 million passengers per year. Continental consistently earns awards and critical acclaim for both its operation and its corporate culture.

For the fourth consecutive year, FORTUNE magazine named Continental the No. 1 World’s Most Admired Airline on its 2007 list of World’s Most Admired Companies. Continental was also named the No. 1 airline on the publication’s 2007 America’s Most Admired airline industry list. Additionally, Continental again won major awards at the OAG Airline of the Year Awards including „Best Airline Based in North America“ for the fourth year in a row, and „Best Executive/Business Class“ for the fifth consecutive year. For more company information, visit continental.com.

This press release contains forward-looking statements that are not limited to historical facts, but reflect the company’s current beliefs, expectations or intentions regarding future events. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. For examples of such risks and uncertainties, please see the risk factors set forth in the company’s 2007 10-K and its other securities filings, including any amendments thereto, which identify important matters such as the consequences of the company’s high leverage, the significant cost of aircraft fuel, delays in scheduled aircraft deliveries, its high labor and pension costs, service interruptions at one of its hub airports, disruptions to the operations of its regional operators, disruptions in its computer systems, and industry conditions, including the airline pricing environment, industry capacity decisions, industry consolidation, terrorist attacks, regulatory matters, excessive taxation, the availability and cost of insurance, public health threats, an economic downturn in the U.S. and global economies and the seasonal nature of the airline business. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law.