July 9, 1999

FOR IMMEDIATE RELEASE

NATIONAL MEDIATION BOARD

[Continental Express and the International Brotherhood of Teamsters released the following statement concerning their conclusion of a tentative agreement reached in mediation.]

RE: IBT, CONTINENTAL EXPRESS REACH TENTATIVE AGREEMENT ON FIRST CONTRACT

Continental Express and the International Brotherhood of Teamsters announced today that, with the assistance of the National Mediating Board, they reached a tentative agreement for a first collective bargaining agreement covering the Company's 300 mechanics and related employees. The tentative agreement was reached late yesterday, July 8 at the offices of the Board. Terms of the agreement are not being released pending its ratification by the Continental Express mechanics.