Chase Manhattan and Continental Airlines Launch New Co-Branded Credit Card

Business Wire, March 19, 1998

NEW YORK/HOUSTON--(BUSINESS WIRE)--March 19, 1998--The Chase Manhattan Corporation (NYSE:CMB) and Continental Airlines (NYSE:CAI.B and CAI.A) announced today that they are launching a new co-branded credit card. The two companies signed an 8-year contract in January. Terms of the agreement were not disclosed.

The new Continental Airlines Visa(R) from Chase and new Continental Airlines MasterCard(R) from Chase will be issued in classic and platinum, and will be launched this month to consumers throughout the U.S. The card offers consumers the opportunity to earn frequent flyer miles on Continental Airlines. Continental's OnePass frequent flyer program was named 1997 Program of the Year and Best Elite-Level program in Inside Flyer's annual Freddie Awards. To apply for the card, customers may call 1-800-377-0601, 24-hours a day, 7 days a week.

The Continental Airlines credit cards from Chase will offer one mile for every dollar spent on purchases credited to the customer's Continental OnePass account. New customers will earn 4,000 Bonus Miles on sign-up and 1,000 additional Bonus Miles each year on the anniversary date of the Classic card, which has a $45 annual fee and an APR of Prime(a) +9.4%. New customers will earn 6,000 Bonus Miles on sign-up and an additional 1,000 Bonus Miles each year on the anniversary date of the Platinum card, which has a $65 annual fee and an APR of Prime(a) +8.4%.

"Having two companies that are the leaders in their respective industries working together to bring our customers an exceptional product is something that Continental is very proud of," said Bonnie Reitz, Senior Vice President, Marketing and Sales. "We feel strongly that the level of customer satisfaction that this relationship will provide proves to our customers that they are top of mind in every aspect of our business."

"We are extremely pleased that Continental Airlines chose Chase as its partner in a new co-branded credit card," said Michael Urkowitz, Chase Executive Vice President in charge of its credit card business. "In addition to our relationship with Continental, Chase issues a number of other very successful co-branded cards with the world's largest retailer, a telecommunications giant, and a major oil company, demonstrating our commitment to maintaining reward and value programs that meet our customers' needs," Mr. Urkowitz said.

Chase's credit card portfolio has more than 20 million accounts and approximately $30 billion in outstandings. Chase is the fourth largest bank card issuer in the United States, and its joint venture with First Data Corporation is the largest merchant processor in the U.S.

The Chase Manhattan Corporation is the largest banking company in the United States, with over $365 billion in assets, and relationships with more than 30 million consumers. Chase provides integrated solutions that meet its customer's payment, savings, investment, insurance, credit and financial planning needs. For all those who work hard to achieve or sustain a good life in a world of enormous opportunity and challenge, Chase is the complete financial resource and ally that makes life easier.

Continental is the fifth largest airline in the U.S., offering more than 2,000 departures daily to 125 domestic and 67 international destinations. Operating major hubs in Newark, Houston, Cleveland, and Guam, Continental is strategically positioned for Transcontinental travel, and offers extensive service to Latin America and Europe via its Houston and Newark gateways.

Recently, Continental became the only airline in history to earn the Frequent Flyer magazine/J.D. Power and Associates award two years in a row for best customer satisfaction on long-haul flights. The Continental OnePass frequent flyer program was named 1997 Program of the Year and Best Elite-Level Program, as well as having Best Overall Customer Service, Best Program Newsletter and Best Website in InsideFlyer's annual Freddie Awards. In addition, Continental was named 1996 "Airline of the Year" by Air Transport World and was rated as having the best business class product among U.S. carriers by both Entrepreneur and Smart Money magazines.

(a) The Prime Rate is as published on the last business day of the month in The Wall Street Journal.

CONTACT: The Chase Manhattan Corporation

Charlotte Gilbert-Biro, 212/270-7455

or

Continental Airlines

Sarah Anthony, 713/834-5080