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Southwest Airlines Co Southwest Airlines Co. June 8, 2021– Investor Booklet Cautionary Statement Regarding Forward-Looking Statements This booklet contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company’s Vision; (ii) the Company’s financial position, outlook, expectations, strategies, and projected results of operations; (iii) the Company’s network plans, expectations, and opportunities; (iv) the Company's plans and expectations regarding its fleet, including with respect to its fleet delivery schedule, planned retirements, and carbon emissions; (v) the Company’s environmental sustainability goal; (vi) the Company’s expectations with respect to capital expenditures; (vii) the Company’s initiatives and related plans and expectations, including with respect to its global distribution system and related alliances and capabilities; and (viii) the Company’s expectations with respect to liquidity and cash burn. These forward-looking statements are based on the Company’s current intent, expectations, and projections and are not guarantees of future performance. These statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the extent of the COVID-19 pandemic, including the duration, spread, severity, and any recurrence of the COVID- 19 pandemic, including through any new variant strains of the underlying virus; the effectiveness of and accessibility to vaccines; the pace and rate at which vaccines are administered; the duration and scope of related government orders and restrictions; the duration and scope of the Company’s actions to address Customer and Employee health concerns; the extent of the impact of the COVID-19 pandemic on overall demand for air travel and the Company’s related business plans and decisions; any negative impact of the COVID-19 pandemic on the Company’s ability to retain key Employees; and any negative impact of the COVID-19 pandemic on the Company’s access to capital; (ii) the impact of fears or actual outbreaks of other diseases, economic conditions, extreme or severe weather and natural disasters, fears of terrorism or war, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), consumer perception, and other factors beyond the Company's control, on consumer behavior and the Company's results of operations and business decisions, plans, strategies, and results; (iii) the impact of fuel price changes, fuel price volatility, volatility of commodities used by the Company for hedging jet fuel, and any changes to the Company’s fuel hedging strategies and positions, on the Company's business plans and results of operations; (iv) the Company’s ability to obtain necessary approvals for new service and the impact of governmental regulations and other governmental actions related to the Company’s plans, strategies, and operations; (v) the Company's dependence on Boeing with respect to the Company's fleet order book, delivery schedule, and other performance requirements under its agreements with the Company; (vi) the Company's and Boeing's dependence on other third-party providers to perform in accordance with expectations in connection with the manufacture and delivery of aircraft; (vii) the Company's dependence on other third parties, in particular with respect to corporate travel enhancements, and the impact on the Company's operations and results of operations of any third party delays or non-performance; (viii) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; (ix) the impact of labor matters, including the Company’s ability to align staffing levels to support the Company’s schedules, on the Company's results of operations, business decisions, plans, and strategies; and (x) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Notice Regarding Third Party Content This presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as S&P Global Ratings. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of their content, including ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. 2 Company Overview 3 Purpose and Vision Deliver an efficient operation with a highly- Purpose: Connect engaged workforce people to what’s Offer Customers low fares, convenient important in their flights, and industry- lives through friendly, leading Customer Service reliable, low-cost air Invest in airplanes travel. and People to grow and develop market leadership Vision: To become the world’s most loved, most efficient, and most profitable Drive Customer Generate profit and loyalty and grow airline. strengthen financial share position of wallet Our successful business model starts with an efficient operation and highly-engaged Employees. This combination makes Southwest unique and has produced the U.S. airline industry’s most successful low-cost, low-fare, growth carrier for nearly five decades 4 Unparalleled brand consistently loved by Customers Unmatched profitability record in the U.S. airline industry with cost discipline and a strong balance sheet Outstanding Customer Service and Hospitality that drives brand loyalty and recognition The best People and Culture in the industry Low fares and a robust point-to-point network that support market leadership and non-stop service Reliable, efficient, low-cost operations 5 Robust point-to-point, non-stop route network 2010 2021 Including the AirTran acquisition in 2011, added 51 airports to the Southwest route network since 2010, now serving 14 near-international destinations in 10 countries Source: Diio Mi. Diio scheduled for FY2021 as of 6/8/21. 6 Note: Includes some seasonal/less than daily routes, one announced airport that has not yet been published (BLI), and four international stations with suspended service (BZE, GCM, NAS, and PLS). Announced 17 new airports Pursuing new revenue opportunities by utilizing idle aircraft and Employees; enhancing options in large metro areas and adding new leisure destinations New airport timeline and map with service launch date Airports announced in 2020 and 2021 Nov BLI Bellingham, WA Miami Palm Springs 2H 2021 Dec EUG Eugene, OR 8/29/21 Steamboat Springs Telluride BZN Bozeman, MT Seasonal 5/27/21 ✔ Jan 2021 MTJ Telluride, CO Seasonal 12/19/20 ✔ HDN Steamboat Springs, CO ORD Chicago (O’Hare), IL Feb FAT Fresno, CA 12/19/20 ✔ 2/14/21 ✔ Chicago (ORD) Sarasota 4/25/21 ✔ Mar SBA Santa Barbara, CA Savannah Colorado Springs COS Colorado Springs, CO 4/12/21 ✔ 3/11/21 ✔ MYR Myrtle Beach, SC Apr 5/23/21 ✔ Houston (IAH) Santa Barbara PSP Palm Springs, CA JAN Jackson, MS Fresno 11/15/20 ✔ 6/6/21 ✔ May Destin/Ft. Walton Beach SAV Savannah, GA IAH Houston (Bush), TX 3/11/21 ✔ Myrtle Beach 4/12/21 ✔ VPS Destin, FL Jun Bozeman 5/6/21 ✔ MIA Miami, FL 1 11/15/20 ✔ Jackson City access via new co-terminals SRQ Sarasota, FL New sources of Customers 2/14/21 ✔ 2H Eugene Bellingham New leisure destinations Station placement illustrative, map not to scale 7 1Co-terminal: Airports that share a common city or region; for example, Baltimore, Washington Reagan, and Washington Dulles are considered co-terminals to one another. Strong presence in top business and leisure markets Market leader in top 50 U.S. metro areas1 22 10 6 4 3 2 2 SWA AAL DAL UAL ALK JBLU HA ALGT SAVE Legacy LCC ULCC Southwest has 22% of total domestic market share and is the market leader in 22 of the top 50 U.S. metro areas1 (including co-terminal airports2). International operations represent <5% of total capacity3 Source: Data presented herein as measured by the U.S. DOT O&D Survey for the twelve months ended December 31, 2020 based on domestic originating passengers boarded. O&D stands for Origin and Destination.
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