Leave the Room Better

Invest in Risk 2016 Investor targets: - Achieve annual EBITDAR margin of 15% to 18% (18.9% in 2016) Achieve ROIC of 9% to 12% (14.7% in 2016) Target leverage ratio of 2.2 by 2018 (2.6 at year end) - Reduce overall unit cost structure, making progress each quarter to reduce CASM by 21% 90% YEAR 1 100 75% YEAR 2 50% YEAR 3 80 YEAR 4 60 100 YEAR 5 YEAR 6 40 75 EARN 20 100 75 50 25 35% 50% 25 70% 100% +5% 416 growth 75%

View entire presentation