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Investor Presentaiton

Significant Structural Improvement From 2009 to 2022 Strong Brand Preference Revenue Premium to Industry Discount 110%+ AMEX Remuneration +$3.5B Younger, More Efficient Fleet 認 Mainline Fleet Age 3 Years Younger Fully Funded Pension & Better Access to Capital Adj. Net Debt + Pension Liability $6B Lower² Fuel Efficiency 13% Better¹ Unencumbered Assets +$14B Delta Has Undergone Tremendous Change Over The Last Decade 1 Fuel efficiency defined as gallons per 1,000 ASMS 2 Adj. Net Debt + Pension Liability as of 2Q 2022 Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 17

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