PitchSend

Integration and Operations Overview

Our balance sheet is improving... Alaska Air Group Debt-to-Cap (%) 81% 67% 54% 27% Virgin Target 59% * 53%* 50% I I Mid 40s 2008 2010 2012 2015 2016 2017 *51% before adoption of new accounting standards 2018F 2020 Long-term leverage target consistent with other high-quality industrials 40

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