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Integration and Operations Overview

Total Rev Our credit card programs are growing and delivered ~$1 billion in cash flow last year Mileage Plan revenues have consistently grown far in excess of passenger growth... Total Mileage Plan Revenues ...and related affinity credit card programs generate substantial annual cash flow for the airline Alaska. Mileage Plan +86% 2013 2014 2015 2016 2017 % of 9% 10% 11% 12% 11% 4000 1234 5678 9123 CHRIS L MARTIN 1234 00/00 VISA Signature ~$1 billion in cash flows from card programs in 2017 30 30

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