Investor Presentaiton

Demonstrated Ability To Pass Through Fuel Expense $125 $35B TTM Passenger Revenue Less Fuel¹ Weekly Brent Crude Passenger Revenue Less Fuel ¹ ~8% CAGR Pax-Rev Less Fuel $25B $85 Capacity 2 ~2% CAGR $29 $15B 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3 Fuel as % of Passenger Revenue 2008: 47% 1H22: 30% 1 Passenger Revenue Less Fuel is Total Passenger Revenue less Total Adj. Fuel Expense ($15.5B as of 4Q09; $33.8B as of 4Q19). Adj. Fuel Expense is a non-GAAP financial measure. In 2009 and 2019, there were no material adjustments to fuel expense, the corresponding GAAP measure 2 Capacity is measured in system wide Available Seat Miles (ASMS) 3 Adj. Fuel price per gallon was $3.29 in 2008 and $3.34 in 1H22 Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 14

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