Here's the body of the letter:

This past year, the word "adaptability" has been crucial to the survival of American businesses, and the airline industry is no exception. As a result of the economic slowdown and associated decline in business travel, we're reducing our capacity and making changes for 2003. These changes, less extensive than other airlines, will streamline our business and allow us to maintain an industry-leading product. While these measures affect both Continental Airlines and OnePass, our intent is to ensure they have the least impact on Elite members and the benefits you value most. And rest assured that the same quality service you've come to expect from Continental continues.

While we're evolving with the times, our focus remains the same, keeping award-winning OnePass the best Elite program available. At the core of this program are unlimited complimentary Elite upgrades, which you?ll continue to enjoy as one of our best travelers. We've already made our First Class cabin more accessible to Elites purchasing full Y fares, and are taking steps to maintain the quality of front-cabin travel on Continental by limiting fares eligible for mileage upgrades for non-Elite members.

And we're continuing to improve opportunities for all our customers through strategic alliances, such as our recent announcement with Delta Air Lines. If government approval is received, this partnership will bring you more destinations, more frequent-flyer benefits and more access to airport lounges.

As always, flying Continental means choosing safe and reliable service on board the cleanest and most comfortable planes in the sky. In fact, we're proud to fly the newest jet fleet of any major U.S. airline. Even in this challenging financial environment, we've made significant investments, both in the air and on the ground, to ensure we meet your travel needs well into the future. We've introduced the industry's widest business-class seat on our Boeing 777 fleet. We've made our hubs even more convenient with major expansion projects, an increasing number of eService Centers and special Elite security lines. And we've redesigned our Web site, where you can now book reward travel online.

As we look toward the future, our employees are working hard to uphold the winning reputation of Continental and OnePass, the best combination of service and benefits among frequent-flyer programs. More than ever, we appreciate your continued loyalty and support. We look forward to welcoming you on board again soon.



------------------
Thank you for choosing Continental Airlines, a proud member of the SkyTeam Alliance.