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West Coast Market Relevance and Revenue Initiatives

Our balance sheet is improving, and we will leverage lower capital spending in 2019-2020 to reduce debt further Alaska Air Group Debt-to-Cap (%) 81% 67% 54% 27% Merger Year 59% 2008 2010 2012 2015 2016 Target * 53% 50% <45% 2017 *51% before adoption of new accounting standards 2018F 2020 Our leverage target is consistent with other high-quality industrials 36

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