Continental Airlines, Inc.
2009-2 EETC Investor Presentation
Issuer Free Writing Prospectus
Filed pursuant to Rule 433(d)
Registration No. 333-158781
October 27, 2009

 The issuer has filed a registration statement (including a prospectus) with the
 SEC for the offering to which this communication relates. Before you invest, you
 should read the prospectus in that registration statement and other documents
 the issuer has filed with the SEC for more complete information about the issuer
 and this offering. You may get these documents for free by visiting EDGAR on the
 SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any
 dealer participating in the offering will arrange to send you the prospectus if you
 request it by calling Morgan Stanley at 1-866-718-1649, Goldman Sachs at 1-866-
 471-2526 or Credit Suisse at 1-212-538-5441 (institutional investors)

Continental Airlines 2009-2 EETC
  Continental Airlines, Inc. (“Continental”) is offering $579,273,000 of Pass
 Through Certificates, Series 2009-2
  Two classes of Pass Through Certificates: Class A of $474,273,000 and Class B
 of $105,000,000
  The proceeds from the offering will be used by Continental to:
  Finance the purchase of 2 new Boeing 777-200ER aircraft and 7 new Boeing 737-
 800 aircraft to be selected from a pool of 9 Boeing 737-800 aircraft, which are
 scheduled for delivery in the first half of 2010
  Refinance the following 8 aircraft originally delivered new to Continental in 1999-
  3 Boeing 737-800s
  3 Boeing 757-200s
  1 Boeing 767-400ER
  1 Boeing 777-200ER
  Joint Bookrunners and Joint Structuring Agents: Morgan Stanley, Goldman
 Sachs and Credit Suisse

Summary of the Offering
 Principal Amount
 Expected Ratings
 Initial and Highest LTV(1)
 Interest Rate
 Initial Average Life
 Regular Distribution Dates
 Final Expected Distribution Date
 Final Maturity Date
 Section 1110 Protection
 Liquidity Facility
 Liquidity Provider
1. Calculated as of November 10, 2010, the first Regular Distribution Date, after all 17 aircraft are expected to have been financed
  Class A   Class B
 $474,273,000  $105,000,000
 A- / Baa2   BBB- / Ba2
 54.0%   65.6%
 Fixed, semi-annual,   Fixed, semi-annual,
 30/360 day count   30/360 day count
 7.9 years   4.9 years
 May 10 and November 10  May 10 and November 10
 November 10, 2019  May 10, 2017
 May 10, 2021  November 10, 2018
 Yes   Yes
 3 semi-annual    3 semi-annual
 interest payments   interest payments
 Natixis S.A., New York Branch   Natixis S.A., New York Branch
 (P-1 / A-1)   (P-1 / A-1)
 The Bank of New York Mellon   The Bank of New York Mellon
 (P-1 / A-1+)   (P-1 / A-1+)

Key Structural Elements
  Classes Offered: Two tranches of amortizing debt offered, each of which will
 benefit from a liquidity facility covering three semi-annual interest payments
  Waterfall: Interest on the Preferred Pool Balance on the Class B paid ahead
 of Class A principal (same as CAL 2007-1)
  Buy Out Rights: Class B Certificateholders have the right to purchase all (but
 not less than all) of the Class A certificates at par plus accrued and unpaid
 interest upon Continental bankruptcy or certain other events
  Cross-Default: Yes, from day one
  Cross Collateralization: Yes, from day one
  Collateral: Core aircraft types to Continental’s fleet operations, including 9
 new delivery aircraft

Collateral Summary
1. The collateral list assumes the first 7 of the 9 Boeing 737-800 aircraft from which Continental may choose are financed hereunder
2. The currently owned aircraft are subject to existing security interests. Such security interests are scheduled to be discharged prior to June 2010, and each currently owned
aircraft will be available for financing under this Offering once such existing security interest with respect to such aircraft has been discharged
3. The lesser of the mean and median values as appraised by AISI, BK Associates and Morten Beyer & Agnew (Maintenance Adjusted Base Value in the case of the
currently owned Aircraft and Base Value in the case of the new Aircraft)
$B$6:$H$27 copied at 26-
Oct-09 09:22:43:
AL 2009-2 Tables for
ProSup 10 26 09.xls (Eq
Notes and AC)

Diverse Collateral Pool
  The collateral pool benefits from diversification of aircraft types and vintage
  57% Narrowbody / 43% Widebody Mix(1)
  69% New / 31% Vintage
CAL 2009-2 Collateral Mix
Distribution of Appraised Value(1)
1. The percentages were calculated assuming the first 7 Boeing 737-800 aircraft of the 9 from which Continental may choose from are financed hereunder

Aircraft Appraisals
  Continental has obtained Base Value Desktop Appraisals from three
 appraisers (AISI, BK Associates and Morten Beyer & Agnew)
  Owned Aircraft: Maintenance Adjusted Base Value
  New Aircraft: Base Value
  Maintenance Adjusted Base Value includes adjustments from the mid-time,
 mid-life baseline to account for the actual maintenance status of the aircraft
  Appraisers looked at specific maintenance records of each of the currently
 owned aircraft
  Provides a more precise valuation of a given aircraft than Base Value
  Aggregate aircraft appraised value of $878.29 million(2)
  Appraisals available in the Preliminary Prospectus Supplement
  Appraisals indicate initial collateral cushion of 46.0% on the Class A
 certificates and 34.4% on the Class B certificates(3)
1. BK Associates and AISI assumed completion of 8C checks due in the near term for aircraft serial numbers 30584 and 30779 while MBA did not
2. Aggregate aircraft appraised value of the 8 currently owned aircraft, 2 new B777-200ERs and the first 7 Boeing 737-800 aircraft. Appraised value is the lesser of the average and
median values of each aircraft as appraised by three appraisers. The appraisal is only an estimate of value and should not be relied upon as a measure of realizable value
3. The percentages were calculated assuming the first 7 Boeing 737-800 aircraft of the 9 from which Continental may choose from are financed hereunder

Collateral Overview
Boeing 737-800
  Overview: Member of the Boeing 737 Next Generation (NG) family which has
 become a mainstay of the US short-haul fleet
  737-NG family is the world’s all-time best selling family of narrowbody commercial
  B737-800 is the best selling model within the 737 family
  #1 in terms of order book (3,251)
  #2 in terms of operators (118)
1. The Boeing Company, Morten Beyer & Agnew

Collateral Overview
Boeing 757-200
  Overview: Twin engine 757-200 is known for its fuel efficiency, low noise
 levels and operating performance and is well-suited for thin long-haul routes
  The only aircraft type currently operated by all six U.S. legacy carriers
  Offers the lowest seat-mile costs in its capacity and range class
  Currently has no direct replacement - values have stabilized as U.S. airlines have
 retained the type and invested in improvements such as winglets
  Increasingly used on long-haul routes connecting smaller cities which would be
 uneconomical to serve using widebody aircraft
  Long term value retention is supported by the development of freighter conversion
 programs and by the potential acquisition by air carriers based in developing nations
1. SH&E, Morten Beyer & Agnew

Collateral Overview
Boeing 767-400ER
  Overview: Newest and largest of the Boeing 767 family
  Medium size widebody of choice for Continental and Delta Airlines
  Extended Range Twin-Engine Operations (ETOPS) capability makes the B767-400ER
 a highly cost efficient aircraft for trans-Atlantic routes
  Highly effective in larger markets which do not require Boeing 777 size or range
1. The Boeing Company, SH&E, BK Associates, Morten Beyer & Agnew

Collateral Overview
Boeing 777-200ER
  Overview: Most popular widebody aircraft in service and a staple of the trans
 -Atlantic and trans-Pacific fleets of many operators
  Second best selling widebody family in Boeing history and fourth best selling
 aircraft in Boeing history(2)
  Strong potential for freighter conversion, which can extend the life of the aircraft
 and support residual values
  Availability is limited with most surplus aircraft now absorbed
  In the medium term, the 777-200ER is well-positioned with a broad operator and
 distribution base
1. The Boeing Company, SH&E, BK Associates
2. Excludes MD-80