PitchSend

Integration and Operations Overview

Our relative cost advantage remains substantial despite marking our pilot pay scales to market in 2018 9.16¢ ALK Total CASM excluding Fuel 10.82¢ 10.69¢ 8.51¢-8.56¢ Stage-Length Adjusted CASMx – ALK vs. Legacies ALK Legacy Carriers ALK 18% advantage ALK 20% advantage I I I I 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2012 2013 2014 2015 2016 2017 2018F ALK CASMX ALK at Industry CASMX Growth ALK at LCC CASMX Growth 36 36

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