The Path Forward

Targeting Return on Invested Capital to Exceed Cost of Capital 7.7% 2012 actual 10-13% Roadmap ● Increase return on invested capital through strategic investments in aircraft and technology, lower CASM and debt reduction • Reduce weighted average cost of capital 2015 objective - - 9.6% (pre-tax) - 7.6% (after tax) Return is calculated based on adjusted net income, excluding interest expense and implied interest on off-balance-sheet aircraft operating leases. Invested capital includes average long-term debt, average finance lease obligations, market capitalization and off-balance-sheet aircraft operating leases. 2013 INVESTOR DAY 13

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