Southwest Airlines Company Presentation

Delivering strong returns on investment 35% 30% 25% 20% 15% 10% 5% 0% Y/Y Pt. Change ROIC1 7.2% 2012 0.4 21.2% 5.9 13.1% I || 2013 2014 32.7% 8.1 2015 11.5 30.0% 2016 (2.7) ● • • ❤ Drivers of ROIC Expansion ¹ROIC is defined as annual pre-tax return on invested capital, excluding special items. ROIC is for the 12 months ended December 31 in each year shown. Note: See reconciliation of reported amounts to non-GAAP financial measures. Air Tran integration All New Rapid Rewards International Fleet modernization/Boeing 737-800 Network optimization Low fuel prices ROIC for the 12 months ended September 30, 2017 was 26.8 percent 7

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