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Investor Presentaiton

Updated March Quarter Outlook ā—‰ Expect positive Free Cash Flow in the March quarter on strong spring and summer travel demand March quarter Air Traffic Liability expected to grow by more than $2 billion from the December quarter 2021 Expected March quarter pre-tax loss consistent with initial expectations - Expect a solid pre-tax profit in the month of March as higher fuel cost is offset by stronger revenue No change to March quarter non-fuel CASM outlook of up 15% versus March quarter 2019 March Quarter Guidance Updated Initial Capacity vs. 2019 ~83% 83-85% Total Revenue ~78% 72-76% Adj. vs. 20191 Adj. Fuel Price ($/gal) ~$2.80 $2.35 - $2.50 Adj. Net Debt ~$21 Billion ~$22 Billion 1 1 Adj. Total Revenue is a non-GAAP financial measure and excludes Third Party Refinery sales which are expected to be ~$1.3 Billion in the March quarter Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 50
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