Alaska Air : 2021 Shareholders Meeting Presentation

AlaskaAir

Group

2021 Shareholders Meeting

We have protected our strong balance sheet

2020 Debt to Capitalization		Adjusted Net Debt
	Change 2020 vs 2019

Note: Debt to capitalization calculated amounts reported in Form 10-K for the period ending 12/31/2020

Liquidity as a % of revenue includes cash and cash equivalents as of 12/31/2020 divided by revenues for the year ending 12/31/2019. Industry average is weighted by 2020 ASMs, and includes the following peers: AAL, DAL, UAL, LUV, JBLU

3

Vaccinations	4m
2m
	0m
Hospitalizations	160k
80k
	0k

Vaccinations have helped drive down hospitalizations and deaths, enabling demand recovery

(14-day avg.) Daily new vaccinations

Vaccinations

(14-day avg.) Daily new hospitalizations v. deaths

				4k
			Hospitalizations	2k	Deaths
Jan	Feb	Mar	Deaths	0k
Apr
				3

Note: All figures sourced from the CDC

4

We are investing in our future