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Acquisition of Hawaiian by Alaska

Cost Revenue COMBINATION CREATES SUBSTANTIAL SYNERGY OPPORTUNITY HIGH CONFIDENCE IN ABILITY TO REALIZE SYNERGIES ■ New domestic pathways Network ■ International connection growth ■ Improved Neighbor Island proposition Annual EBITDA Contribution VALUE CREATION UPSIDE FROM OTHER OPPORTUNITIES ■ Accelerated Asia-Pacific travel recovery ~$110M ■ Co-brand cardholder growth ☐ ■ Improvement of co-brand card Loyalty ~$85M economics to Alaska levels ■ Increased network relevance in California Cargo ☐ ■ Expand beyond status quo ~$20M SG&A ■ Volume purchase benefits and eliminating duplication ■ Attract Neighbor Island connecting passengers ~$20M ■ Net of $60M labor dis-synergies ■ Additional cargo service. TARGETING ANNUAL RUN-RATE SYNERGIES OF $235M | ONE-TIME INTEGRATION COSTS OF APPROXIMATELY $400-$500M 17

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