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Investor Presentaiton

Financial Priorities For Value Creation 1 Cost Performance 2 Cash Generation 3 Capital Allocation Note: Adjusted for special items Efficiently rebuild the airline, capture fleet renewal benefits and drive operating leverage to produce a competitive cost structure Unit revenue premium and competitive cost structure expected to drive industry-leading margins and strong operating cash flow Reduce adjusted net debt to $15 billion by 2024 while strategically reinvesting for growth and productivity Produce Mid-Teens Return On Invested Capital 7

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