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West Coast Market Relevance and Revenue Initiatives

1. ...and continues to drive growth in revenues and cash flows Mileage Plan revenues continue to grow rapidly... ...and our card programs generate substantial cash flow Total Mileage Plan Revenues, $ millions 17% CAGR ~1 billion 862 722 581 541 464 2013 1 2014 2015 2016 2017 2018F % of 9% 10% 11% 12% 11% 13% Total Rev 1H 2018 annualized run-rate Alaska. Mileage Plan 4000 1234 5678 9123 CHRIS L MARTIN 1234 00/00 VISA Signature ~$1 billion in cash flows from card programs in 2017 26

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