Investor Presentaiton

$ Billions 6 Focus on Free Cash Flow 4.8 5 4.1 4 3.8 3 2.6 2 1 0 -1 -2 Historical Capital Spending and Operating Cash Flow 4.1 2.9 1.8 1.3 1.2 0.9 2.6 2.1 ▲ DELTA Capex Operating Cash Flow 2.1 2.1 1.2 1.3 1.3 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Note: Includes pre-merger NWA * 2012 includes $300M of refinery capex; 2013 estimate includes $360M Virgin Atlantic equity investment Est* Est* 7

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