Investor Presentaiton

43 44 New era of lower capital intensity Operational, technological, and digital innovation to maximize utilization Rigorous 'ROIC lens' to all new capital outlays CAPITAL EXPENDITURES 7.9% of revenue 7.2% of revenue 6.5% of revenue FY18 - FY21 FY22 FY25 Target Steady reduction over forecast period and committed to continue reduction beyond FY25 Aircraft fleet investments ramp down to FY25 and beyond AIRCRAFT CAPEX OUTLOOK $2.4B $1.9B $1.7B $1.5B Completing intense phase of fleet modernization Youngest, most fuel- efficient fleet vs. competitors Partner network to optimize cost of lift FY21/22 FY23 FY24 FY25 6/28/22 22

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