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EXHIBIT 99.1
THE SOCIETY OF AIRLINE ANALYSTS
SEPTEMBER 21, 2000
CONTINENTAL AIRLINES
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Please note that the discussion today may contain forward looking statements.
Actual results could differ materially from those described in the forward
looking statements. Additional information concerning factors that could cause
actual results to differ materially from those in the forward looking statements
are contained in the company's Form 10-K and other securities filings with the
Securities and Exchange Commission.
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o First Rate Global Airline
o Moderate 2001 Growth Plan
o Focus on Strong Employee Relations
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GLOBALLY WELL-BALANCED
<TABLE>
<CAPTION>
% CAPACITY
CO AA DL NW UA US
--- --- --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
DOMESTIC 63% 69% 78% 61% 65% 89%
ATLANTIC 18% 13% 16% 12% 13% 10%
LATIN 11% 16% 3% 0% 5% 2%
PACIFIC 8% 3% 3% 27% 17% 0%
</TABLE>
Source: Form 41 Last Twelve Months 1Q00
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ENHANCING A GLOBAL BRAND
[MAP OF CONTINENTAL'S INTERNATIONAL DESTINATIONS]
o 1st non-stop to be offered between NY-HKG
o Reduces travel time by about five hours roundtrip
o Longest non-stop operated by US carrier
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MODERATE GROWTH PLAN FOR 2001
<TABLE>
<CAPTION>
PRIOR NEW MARKETS/
ESTIMATE ADD'L FREQUENCIES NY - HONG KONG 2001E
-------- ----------------- -------------- -----
<S> <C> <C> <C> <C>
% INCREASE/(DECREASE) 2.5% 0.7% 1.6% 4.8%
</TABLE>
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2001 GROWTH PLAN BY REGION
<TABLE>
<CAPTION>
TRANSPAC/ LATIN
MICRONESIA DOMESTIC AMERICA TRANSATLANTIC SYSTEM
---------- -------- ------- ------------- ------
<S> <C> <C> <C> <C> <C>
% INCREASE/(DECREASE) 23.0% 4.6% 0.5% 0.5% 4.8%
</TABLE>
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CONTINENTAL EXPRESS STRENGTHENS
NETWORK STRUCTURE
[MAP OF CONTINENTAL EXPRESS'S NETWORK STRUCTURE]
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EXPRESS MOVING TO ALL JET FLEET
% OF ASMS BY EQUIPMENT TYPE
<TABLE>
<CAPTION>
1999 2000E 2001E
---- ----- -----
<S> <C> <C> <C>
JET 57% 74% 84%
PROPS 43% 26% 16%
% ASM GROWTH: 30% 40% 20%
</TABLE>
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RASM GROWTH HAS GENERATED ADDITIONAL
$2.3B OVER LAST FIVE YEARS
<TABLE>
<CAPTION>
1994 1995 1996 1997 1998 1999 2000E
---- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
RASM VS. INDUSTRY 80% 96% 101% 104% 105% 108% 111%
</TABLE>
Length of Haul Adjusted
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EXCELLENT EMPLOYEE RELATIONS
o Employee Agreements in Place
<TABLE>
<CAPTION>
LABOR GROUP AMENDABLE DATE
----------- --------------
<S> <C>
Mechanics 01/02
Pilots 10/02
Dispatchers 10/03
Flight Attendants 09/04
</TABLE>
o Above Industry Average Productivity for All Employee Groups
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POOR EMPLOYEE RELATIONS ARE EXPENSIVE
<TABLE>
<CAPTION>
AA PILOT NW PILOT AA/RENO US US FLIGHT UA PILOT
ACTION STRIKE PILOT MECHANICS ATTENDANTS OT ISSUE
1Q97 3Q98 1Q99 3Q99 2Q00 2Q00
-------- -------- ------- --------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
PRE-TAX IMPACT ($MILLIONS) $70 $1,000 $225 $25 $40 $350
</TABLE>
Source: Wall Street Analyst Reports
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o Strong Revenue Environment
o New York's "Hometown" Airline
o Improved On-Time Performance
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INDUSTRY LEADING DOMESTIC RASM
<TABLE>
<CAPTION>
1994 1995 1996 1997 1998 1999 2000E
---- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
RASM VS. INDUSTRY 80% 96% 101% 104% 105% 108% 111%
</TABLE>
Length of Haul Adjusted
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IMPROVED INTERNATIONAL RASM
SECOND QUARTER 2000 VS. 1999
<TABLE>
<CAPTION>
MICRONESIA LATIN AMERICA TRANSATLANTIC
---------- ------------- -------------
<S> <C> <C> <C>
YEAR-OVER-YEAR % CHANGE 26.2% 11.5% 4.8%
ASM YOY % CHANGE (13.0)% 9.6% 28.4%
</TABLE>
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NEW YORK DOMESTIC MARKET SHARE LEADER
1999 NEW YORK CITY REVENUE%
<TABLE>
<CAPTION>
CO AA DL UA US NW
-- -- -- -- -- --
<S> <C> <C> <C> <C> <C> <C>
1999 NEW YORK
CITY REVENUE % 24.3% 17.9% 14.7% 14.1% 8.2% 4.7%
</TABLE>
Source: O&D Plus database - full year, domestic revenue only
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INCREASED NEW YORK DOMESTIC MARKET SHARE
NEW YORK CITY REVENUE SHARE
1999 VS 1995
<TABLE>
<CAPTION>
CO UA NW DL AA US
-- -- -- -- -- --
<S> <C> <C> <C> <C> <C> <C>
MARKET SHARE
CHANGE (POINTS) 4.4 1.6 (0.3) (0.8) (1.6) (1.8)
</TABLE>
Source: O&D Plus database - full year, domestic revenue only
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NEW YORK TOTAL MARKET SHARE LEADER
1999 NEW YORK CITY
<TABLE>
<CAPTION>
CO AA DL UA NW US
-- -- -- -- -- --
<S> <C> <C> <C> <C> <C> <C>
MARKET SHARE 19.9% 13.3% 11.1% 8.2% 2.6% 2.4%
</TABLE>
Source: OAG Schedules, ASM Data; Includes Top 6 US Major Carriers
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INCREASED NEW YORK TOTAL MARKET SHARE
NEW YORK CITY SHARE
1999 VS 1995
<TABLE>
<CAPTION>
CO DL NW US AA UA
-- -- -- -- -- --
<S> <C> <C> <C> <C> <C> <C>
MARKET SHARE
CHANGE (POINTS) 7.6 0.9 0.0 (0.5) (1.7) (2.4)
</TABLE>
Source: OAG Schedules, ASM Data; Includes Top 6 US Major Carriers
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NEW YORK - GLOBAL GATEWAY AHEAD OF SCHEDULE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CARRIER AA AA UA NW DL US CO CO
HUB JFK MIA SFO DTW BOS PHL EWR REVISED
BUDGET $1.3B $1.3B $2.4B $1.2B $0.4B $0.4B $1.0B SCHEDULE
DURATION (YEARS) 11 8 6-8 5-7 5 5 4 3
</TABLE>
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DIRECT RAIL SERVICE TO NEWARK
[MAP OF PLANNED DIRECT RAIL SERVICE TO NEWARK FROM NEW YORK CITY
PENN STATION, INCLUDING CONSTRUCTION OF AIRPORT RAIL STATION
AND EXTENSION OF EXISTING MONORAIL]
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LGA EXPANSION ENHANCES NY PRESENCE
YEAR 2000 DESTINATIONS
[MAP OF CONTINENTAL'S YEAR 2000 DESTINATIONS]
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TOP TIER SUMMER ON-TIME PERFORMANCE
SUMMER 2000
<TABLE>
<CAPTION>
NW CO DL TW AA US HP UA
--- --- --- --- --- --- --- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C>
% ARRIVALS WITHIN 14 MINUTES 78% 77% 76% 74% 71% 68% 62% 44%
</TABLE>
Rankings based on average (Jun-Aug) from DOT reports, August figures are
estimated
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SUMMER ON-TIME PERFORMANCE IMPROVES
<TABLE>
<CAPTION>
SYSTEM NEWARK
---------------- ----------------
1999 2000 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
% ARRIVALS WITHIN 14 MINUTES 71% 77% 67% 69%
</TABLE>
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o Realizing Cost Efficiencies
o Returning Value to Shareholders
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STRONG GROWTH WITH ABOVE AVERAGE MARGINS
LAST TWELVE MONTHS ENDING 2Q00
<TABLE>
<CAPTION>
CONTINENTAL INDUSTRY
----------- --------
<S> <C> <C>
EBITDAR MARGIN* 19.5% 18.2%
ASM GROWTH 8.8% 4.9%
</TABLE>
*Excludes special gains and charges
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DISTRIBUTION COSTS DECLINE
<TABLE>
<CAPTION>
1998 1999 2000E 2004E
---- ---- ----- -----
<S> <C> <C> <C> <C>
DISTRIBUTION COSTS AS A % OF SALES 16.4% 15.8% 14.5% 7.0%-10.0%
E TICKETS AS
% OF SALES 29% 41% 56% 100%
</TABLE>
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RAPID GROWTH OF INTERNET SALES
<TABLE>
<CAPTION>
1997 1998 1999 2000E
---- ---- ---- -----
$MILLIONS
<S> <C> <C> <C> <C>
ON-LINE TRAVEL AGENCY SALES $15 $45 $139 $510
CONTINENTAL WEBSITE SALES $12 $62 $170 $320
% OF SYSTEM SALES 0.4% 1.3% 3.3% 8.0%
</TABLE>
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YOUNG FLEET IS FUEL EFFICIENT
<TABLE>
<CAPTION>
YEAR-OVER-YEAR % INCREASE
1997 1998 1999 2000E
---- ---- ---- -----
<S> <C> <C> <C> <C>
ASMs 9.9% 10.6% 9.7% 5.4%
GALLONS CONSUMED 10.5% 9.6% 3.7% (1.3)%
</TABLE>
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NEW WIDEBODY AIRCRAFT OFFER COST SAVINGS
<TABLE>
<CAPTION>
777-200 767-400ER 767-200ER
------- --------- ---------
<S> <C> <C> <C>
% TRIP COST
SAVINGS VS. DC10 4% 19% 28%
% SEATS VS. DC10 +17% (3)% (28)%
</TABLE>
Assumes fuel price of $1.00 per gallon
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2000 FLEET FINANCING SUBSTANTIALLY COMPLETE
o 2000 Fleet Financing 25 Boeing Aircraft
- Amount Financed: $994 Million
- Average Interest Rate: 7.95%
- New Aircraft: 15 Boeing 737
3 Boeing 757
5 Boeing 767
2 Boeing 777
o 3 Boeing Aircraft to be financed in Bank Market
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MARKET DRIVEN FLEET PLAN
<TABLE>
<CAPTION>
TOTAL JET AIRCRAFT
(EXCLUDING REGIONAL JETS)
1999 2000 2001 2002 2003 2004
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Minimum = Committed fleet less lease expirations 363 371 390 391 367 354
Maximum = Committed fleet and all options are exercised 6 46 103 149
Fleet Types 6 5 5 5 4 4
</TABLE>
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REDUCED DILUTED SHARE COUNT BY 26%
CUMULATIVE SHARE REPURCHASES
<TABLE>
<CAPTION>
1998 1999 9/8/00
---- ---- ------
<S> <C> <C> <C>
$MILLIONS $223 $751 $1,155
SHARES PURCHASED (MILLIONS): 27.2
</TABLE>
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RETURNING VALUE TO SHAREHOLDERS
<TABLE>
<CAPTION>
CASH FROM DEBT
12/31/99 OPS PAYMENTS/ PREPAID SHARE 8/31/00
CASH YTD 8/00 CAPEX OTHER DEBT REPURCHASES CASH
-------- --------- ----- --------- ------- ----------- -------
$MILLIONS
<S> <C> <C> <C> <C> <C> <C>
$1,590 $682 $(195) $(87) $(405) $(388) $1,197
</TABLE>
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CONTINENTAL'S HIGH RETURN
LOW RISK OPPORTUNITIES
<TABLE>
<CAPTION>
--------Goal-----------
Annual
Today 2005 Pretax Benefits
----- ---- ---------------
<S> <C> <C> <C>
o Dist. Cost % of Revenue 14.5% 7-10% $275 Million
o Alliance Partners 18 20 $175 Million
o Low Risk Growth 2,448 2,750 $175 Million
(Daily Departures)
o Fleet Types 6 4 $125 Million
o Business Mix 47.5% 50-55% $100 Million
------------
$850 Million
</TABLE>
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CONTINENTAL AIRLINES
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