United States Securities and Exchange Commission Form

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 19, 2008

Allegiant Travel Company (Exact name of registrant as specified in its charter)

Nevada 001-33166 20-4745737 (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation)

8360 S. Durango Drive Las Vegas, NV 89113 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (702) 851-7300

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7 Regulation FD

Item 7.01 Regulation FD.

The Company is furnishing under Item 7.01 of this Current Report on Form 8-K the information included as Exhibit 99.1 to this report. The Exhibit contains certain information about the Company, its financial and operating results, competitive position, fleet strategy and business strategy. This information is being presented at meetings with investors or is otherwise being made available to interested parties. Statements in the presentation included as Exhibit 99.1 regarding the airline industry and market conditions for aircraft are based on management’s views of current market conditions.

The information in Sections 7 and 9 of this Current Report on Form 8-K, including the information set forth in the Exhibit, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. As such, this information shall not be incorporated by reference into any of the Company’s reports or other filings made with the Securities and Exchange Commission.

Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements included in the presentation that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include statements regarding business strategies, competitive position, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause the Company’s results to differ materially from those expressed in the forward-looking statements generally may be found in the Company’s periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the effect of the economic downturn on leisure travel, increases in fuel prices, terrorist attacks, risks inherent to airlines, demand for air services to Las Vegas, Orlando, Tampa/St. Petersburg, Phoenix and Ft. Lauderdale from the markets served by the Company, the Company’s ability to implement its growth strategy, the Company’s fixed obligations, the Company’s dependence on its leisure destination markets, the ability to add, renew or replace gate leases, the competitive environment, problems with the Company’s aircraft, dependence on fixed fee customers, the Company’s reliance on its automated systems, economic and other conditions in markets in which the Company operates, governmental regulation, increases in maintenance costs and insurance premiums and cyclical and seasonal fluctuations in operating results.

Any forward-looking statements are based on information available to the Company today and the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Section 9 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(a) None

(b) None

(d) Exhibits

Exhibit No. Description of Document

99.1 Investor Presentations.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 19, 2008 ALLEGIANT TRAVEL COMPANY

By: /s/ Andrew C. Levy Name: Andrew C. Levy Title: Chief Financial Officer

EXHIBIT INDEX

Exhibit No. Description of Document 99.1 Investor Presentations.

3 Exhibit 99.1

Man ag em en t P resn taio n

N o v em b er 2 0 0 8

“C o m p an y ”) w il co n tain fo rw ard - lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard - lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e

C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard - lo o k in g staem en ts, w h eth er asu lt o f u tu re ev en ts, n ew in fo rm atio n o r o th erw ise.

T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 A leg ian t T rav el C o m p an y

$ m m H ig h lig h ts – B est o p eratin g m arg in s – E x celn t b aln ce sh et – L o w est co st – P ro fitab le ast2 3 q u artes (1 ) U n iq u e, ex p an d ab le & d efn sib le – L eisu re, sm al cites, MD -8 0 s – A n cilary rev en u e P ro fitab le in 1 Q 0 8 , 2 Q 0 8 , 3 Q 0 8 , u n iq u e in th e U S , aco m p lish ed w ith o u t h ed g es 6 .9 % Y E 3 Q 0 8 o p eratin g m arg in , h ig h est o f an y U S n o n -reg io n al

R ev en u e O p eratin g P ro fit O p eratin g Marg in (1 ) E x clu d in g n o n -cash m ark -to -m ark et h ed g e ad ju stm en ts an d 4 Q 0 6 o n e-tim e tax ad ju stm en t

3 N atio n w id e E x p ectd atD ec 3 1 ,

2 0 0 8 : 6 5 cites,1 1 6 ro u tes, 3 8 A ircaft

4 A n d G ro w in g 2 1 N ew R o u tes A n n o u n ced S in ce A u g u st 1

5 Min im al D irect C o m p etio n In 2 0 0 7 , h ead -to -h ead co m p etio n o n n in e ro u tes T o d ay : tw o H ead - to -h ead co m p etio n o n o n ly tw o ro u tes •T o d ate, o n ly o n e airln e h as en terd o n e o f o u r o u tes •T h at em p t lased a y ear n d h as n o t b en rep eatd •O th er ailn es ap p ear to seu s an an n o y an ce, n o t ah reat

6 C o m p etio n D im in ish in g E lim in atio n o f h ead -to -h ead co m p etio n – O rlan d o to T ri-C ites, G ren v ile, G ren sb o ro , K n o x v ile – L as V eg as to Med fo rd , E u g en e, C o lo rad o S p rin g s R ed u ctio n in h ead -to -h ead cap acity (L as V eg as to F resn o ) C o m p etio r sh rin k ag e o p en in g m o re o p p o rtu n ity

(P h o en ix to E u g en e, Med fo rd ) Weak er p lay ers u n d er p resu re, b en efitn g A leg ian t – C easd S erv ice -A T A , A lo h a, S k y b u s, C h am p io n – C h 1 1 – F ro n tier, S u n C o u n try – R estru ctu rin g -Mid w est ,S p irt R eg io n al Jets(R Js) p articu lary h u rt b y h ig h fu el p rices – cau sin g red u ctio n s in to sm al citesS tro n g g et sro n g er, w eak g et w eak er

7 C o m p etio n D im in ish in g O rlan d o , L as V eg as, T am p a B ay & P h o en ix h it p articu lary h ard L as V eg as – S ig n ifcan t ro o m ad d ito n s th ru 2 0 1 0 – R o o m ratesld y d ro p p in g & b eliv e w il d ro p fu rth er – L o w er o o m rateso fset n ecsary h ig h er aifsIm p ro v ed term s in ren tal crsn d o th er 3 rd p arty saleIn d u stry cap acity cu ts fal h ard est o n leisu re d estin atio n s S o u rce: A P G D A T .co m , 1 1 /1 4 /0 8 T am p a B ay = T am p a ,S arso ta & S t. P et S . F lo rid a = Miam i, F t L au d erd ale & West P alm B each 1 Q 0 9 4 Q 0 8 Y /Y C h an g e in S ch ed . S eats -7 .9 % - 8 .2 % U S D o m estic -8 .9 % -9 .3 % U S A L L -5 .0 % -8 .6 %

S o u th F lo rid a -1 1 .2 % - 1 1 .3 % P h o en ix -1 3 .5 % - 1 8 .4 % T am p a B ay -1 3 .5 % - 1 3 .2 % L as V eg as -1 2 .1 % - 1 1 .2 % O rlan d o -2 0 % -1 5 % - 1 0 % -5 % 0 %

8 R esp o n d in g to H ig h F u el: L as V eg as C ase S tu d y A s fu el p rices n creasd in 4 Q 0 7 , w e cu t aircfh o u rs in L as V eg as – N o te: 2 Q 0 8 h o u rs b elo w 2 Q 0 7 B u t w e p rim arily cu t lo n g - h au l ro u tes w h ile ad d in g sh o rt-h au l fly in g , m ean in g th e av erag e flig h t n o w ab so rb s few er aicfth o u rs – 2 Q 0 8 stag e ln g th w el b elo w 2 Q 0 7 In co m b in atio n w ith h ig h er y ear/y ear lo ad facto rs, w e carid m o re V eg as p asen g ers in 2 Q 0 8 th an in 2 Q 0 7 , d esp ite lsfy in g (an d fu el) F o r th e rsto f th e y ear, w e x p ect ju st lig h tly lo w er y /y p asen g er co u n ts fo r th e L A S sy stem , u sin g tw o few er aicft0 7 -0 8 0 8 -

0 9 3 ,8 0 0 3 ,6 0 0 3 ,4 0 0 3 ,2 0 0 3 ,0 0 0 2 ,8 0 0 2 ,6 0 0 2 ,4 0 0 2 ,2 0 0 2 ,0 0 0 L A S m o n th ly b lo ck h o u rs (9 /0 8 an d b ey o n d p ro jectd Ju l A u g S ep O ct N o v D ec Jan F eb Mar A p r May Ju n 1 ,1 0 0 1 ,0 5 0 1 ,0 0 0 9 5 0 9 0 0 8 5 0 8 0 0

L A S m o n th ly av erag e stag e ln g th (9 /0 / an d b ey o n d p ro jectd ) 2 0 0 1 8 0 1 6 0 1 4 0 1 2 0 1 0 0 Ju l A u g S ep O ct N o v D ec Jan F eb Mar A p r May Ju n Mo n th ly L as P asen g ers (0 0 0 ) (9 /0 8 an d b ey o n d p ro jectd )

9 In creasin g A n cilary R ev en u es & P ax /D ep artu re S ch ed u led serv ice 3 Q co m p ariso n : A n cilary rev en u es/p ax in creasd o v er 5 0 % y ear o v er y ear S ig n ifcan t in creas in y ear-o v er-y ear p ax /d ep t b en efits n clu d e: – Mo re p asen g ers m ean m o re an cilary – R ed u ces g alo n s/p asen g er K ey rev en u e fatu re – h ig h an cilary rev en u e/p ax 3 Q 0 7 3 Q 0 8 C h an g e R ev en u e/P asen g er $ 8 3 .0 2 $ 8 6 .3 2 4 % A n cilary /P asen g er 2 1 .3 1 3 2 .2 8 5 1 % T o tal R ev en u e/P asen g er $ 1 0 4 .3 3 $ 1 1 8 .6 0

1 4 % P asen g ers/D ep artu re 1 2 5 1 3 7 1 0 % A v erag e S tag e L en g th 8 9 8 8 1 5 (9 % ) F u el C o st/P asen g er $ 4 5 .4 5 $ 5 8 .2 7 2 8 % F u el G alo n s/P asen g er 1 9 .5 1 6 .9 (1 3 % )

1 0 In d u stry -L ead in g A n cilary R ev en u e/P asen g er S in ce 2 0 0 2 , an cilary /p asen g er h as g ro w n ato v er

7 5 % C A G R $ 2 5 $ 2 0 $ 1 5 $ 1 0 $ 5 $ 0 $ 1 .0 6 $ 3 .4 0 $ 5 .8 7 $ 1 1 .5 5 $ 1 6 .1 $ 2 1 .3 1 $ 1 .5 3 $ 3 2 .2 8 2 0 0 2 2 0 0 3 . 2 0 0 4 2 0 0 5 2 0 0 6 3 Q 0 7 2 0 0 7 3 Q 0 8

1 1 A n cilary R ev en u e V o lu n tary ex tra sp en d > $ 3 2 n et p er p asen g er sg m en t

– T rad ito n al irn e p ro d u ct u n b u n d lin g – h ig h m arg in s – T h ird p arty p ro d u ct saleH o w d o w e d o it:– P ro d u ct in n o v atio n – C u sto m resv atio n sy stem – k ey ad v an tag e O b stacle fo r o th er cais:– L eg acies lm ited b y m u ltip le sy stem s – Mo st L C C s d ep en d en t o n sy stem v en d o r – L o n g -stan d in g relatio n sh ip w ith V eg as h o tels h ard to d u p licate 2 3 1 h o tel ag rem en ts an d g ro w in g – L A S : 6 1 O rlan d o /D ay to n a: 6 3 S t P et: 1 7 – P h o en ix : 3 0 F t L au d erd ale: 2 0 S an D ieg o : 8 – R en o : 1 1 P alm S p rin g s: 1 0 O th er: 1 1 In d u stry lead in g p erfo rm an ce

1 2 A n cilary P ro d u cts T h ird P arty P ro d u cts – H o tels – C ar en tals – S h u tle b u s tran sfer – S h o w tick ets – T h em e p ark tick ets – V IP n ig h t clu b acesU n b u n d lin g th e trad ito n al p ro d u ct – C o n v en ien ce f

($ 1 1 .5 0 /p ax ; u se o f w eb site) – A sig n ed seat ($ 9 -2 5 /seg ) – P rio rity b o ard in g ($ 5 - 1 0 /seg ) – C h eck ed b ag ($ 1 5 + /b ag /seg m en t) – T rip F lex ($ 7 .5 0 + /seg ; flex ib ilty ) – B o o k in g fe ($ 1 0 /seg ; calen ter) – O n -b o ard saleB ev erag es, o ft & alco h o lic ($ 2 -7 ) S n ack s/an d w ich es/co o k ies/tc ($ 2 -6 ) T rav el p ilo w ($ 7 ) V eg as lo g o - b lan k ets ($ 1 5 ) S o u v en irs ($ 2 -1 0 ) C h arg in g ex tra fo r th e x tras

1 3 C o n tro l th e C u sto m er w w w .aleg ian tair.co m – L ev erag e d irect relatio n sh ip w ith cu sto m ers – Max im ize - co m m erc o p p o rtu n ites – 3 Q 0 8 u n iq u e v isto rs 3 .0 m m , u p 2 4 % y ear-o v er-y ear – In stan tly relv an t o leisu re cu sto m ers in o u r sm al cites– A co u n ts fo r alm o st 9 0 % o f sale– G en erats m ail stfo r fu tu re lo w -co st co m m u n icato n – S ig n ifcan t u n tap p ed p o ten tial o seln o n -A leg ian t trav el p ro d u cts A d v ertisn g – N o n sto p serv ice to L A S /F L /A Z A a b ig d eal – frem ed ia – S m al city m ed ia m ark ets in ex p en siv e – E m ail d v ertisn g (seab o v e) ev en ch eap er – Wo rd -o f-m o u th – sig n ifcan t & lo w est-co st fo rm o f ad v ertisn g B ig fish in sm al, u n d ersv ed p o n d s

1 4 L o w O p eratin g C o st –

S im p licty C ritcal K ey D riv ers: · C o st- d riv en sch ed u le · S im p le p ro d u ct, n o co n n ectio n s · C o m p reh en siv e au to m atio n · D irect d istrb u tio n , alm o st 9 0 % w eb · N o C R S /G D S – E x p ed ia, etc.· H ig h ly p ro d u ctiv e w o rk fo rce · L o w co st aircfY E 3 Q 0 8 C A S M E x -fu el (1 ) Y E 3 Q 0 8 C A S M (2 ) (1 ) S o u rce: p u b lic fn g s o f th e rsp ectiv e co m p an ies. In clu d es Main lin e C A S M ex clu d in g Main lin e g ro s fu el x p en se. (2 ) S o u rce p u b lic fn g s o f th e rsp ectiv e co m p an ies. In clu d es co m p an y rep o rted Main lin e C A S M. (¢ ) (¢ ) C A S M E x -fu el – 1 9 % B elo w N earst C o m p etio r 8 7 6 5 4 3 2 1 0 4 .6 5 .7 6 .0 7 .2 7 .5 A leg ian t JetB lu e A ir T ran S o u th w est A lask a 1 2 1 0 8 6 4 2 0 JetB lu e A leg ian t S o u th w est A irT ran A lask a

1 5 L o w A ircaft U tilzao n – R isn g

F u el C o st D aily U tilzao n (B H s) C o st/p ax D eclin in g N o n -F u el C o st/P ax U tilzao n C o st/P ax C o st/P ax ex -fu el 8 7 6 5 4 3 2 1 0 6 .4 7 .1 6 .1 6 .7 6 .7 6 .4 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 Y E 3 Q 0 8 $ 1 4 0 $ 1 2 0 $ 1 0 0 $ 8 0 $ 6 0 $ 4 0 $ 2 0 $ 0 U tilzao n C o st/P ax C o st/P ax ex -fu el

1 6 B est O p eratin g Marg in s – Y E 2 Q 0 8 Y E 3 Q 0 8 O p eratin g Marg in s Y E 3 Q 0 8 P re- T ax Marg in s S o u rce: p u b lic fn g s o f th e rsp ectiv e co m p an ies. With o u t S o u th w est H ed g e (1 4 .5 p p ) 8 % 6 % 4 % 2 % 0 % -2 % -4 % - 6 % -8 % -1 0 % -1 2 % A leg ian t S o u th w est JB lu e A lask a A ir T ran 1 0 % 8 % 6 % 4 % 2 % 0 % - 2 % -4 % -6 % -8 % A leg ian t S o u th w est JB lu e A lask a A ir T ran

1 7 A s o f A s o f 9 /3 0 /0 8 1 2 /3 1 /0 6 C ash , C ash E q u iv alen ts an d S h o rt-em In v estm en ts $ 1 3 8 .6 $ 1 4 4 .7 T o tal A set 4 0 2 .6 3 0 5 .7 T o tal D eb t R etain ed E arn in g s 7 0 .1 6 7 .6 7 2 .8 1 9 .1 T o tal S h areh o ld ers’ E q u ity $ 2 1 4 .5 $ 1 5 3 .5 T o tal C ap italzo n $ 2 8 4 .6 $ 2 2 6 .3 T o tal D eb t / B o o k C ap italzo n 2 4 .6 % 3 2 .2 % A d ju sted T o tal D eb t / A d ju sted B o o k C ap italzo n (1 ) 3 0 .4 % 4 1 .4 % A d ju sted D eb t / E B IT D A R (1 ) 1 .6 x 3 .2 x T o tal D eb t /C ash 0 .5 1 x 0 .5 0 x C ap italzo n (1 ) A d ju sted fo r 7 x L T M R en t E x p en se o f $ 5 .1 M in 2 0 0 6 an d $ 3 .3 M in Y E 3 Q 0 8 ($ in m ilo n s)

1 8 G o al: R eg ain Marg in s, R esu m e G ro w th We ad ap ted to ex trao rd in arily h ig h fu el p rices – R ed u ced stag e ln g th s E lim in ated u n d erp erfo rm in g lo n g - h au l ro u tes R ed u ced freq u en cy o n o th er lo n g -h au l ro u tes A d d ed sh o rt- h au l ro u tes & sh o rt-h au l freq u en cies – T em p erd g ro w th : red u ced su p p ly , in creasd y ield – F iled u p airp lan es: ach iev ed ex trao rd in arily h ig h lo ad s – In creasd an cilary rev en u e/p asen g ers – R ed u ced ex -fu el co st R esu m in g cau tio u s g ro w th , co n siten t w ith d o u b le-d ig it m arg in s – S o ftn es in eco n o m y sh o u ld b e m o re th an o fset b y red u ced fu el p rices – R e-o p tim ized ex istn g fletg iv en cap acity cu ts in early 2 0 0 8 – S ix aircftb o u g h t in 2 0 0 8 w il b e p laced in to serv ice starn g 4 Q 0 8 – L aten t g ro w th cap acity in ex istn g flet,g iv en lo w u tilzao n , ifu el p rices o n tin u e to rem ain reaso n ab le

Man ag em en t P resn taio n N o v em b er 2 0 0 8

2 0 A p p en d ix : Y E 3 Q 0 8 C o st B reak d o w n 1 0 .0 9 .8 1 0 .7 1 1 .0 1 1 .7 S o u rce: C o m p an y filn g s. (1 ) O w n ersh ip in clu d es D ep reciato n an d A m o rtizao n p lu s A ircaft R en t. (1 ) 6 .8 5 .4 5 .0 7 .0 6 .0 A ircaft L ab o r O th er 3 .2 4 .4 5 .7 4 .1 5 .8 T o tal C A S M MD -8 0 : reaso n ab le co st aircf

A L G T In v esto r D ay : In tro d u ctio n /O v erv iew N o v em b er 2 0 0 8 Mau ry G alg h er, C E O

1 N o tice o n F o rw ard L o o k in g S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el C o m p an y , its ad v iso rs an d afiltes(co lectiv ely o r sep artely , th e “C o m p an y ”) w il co n tain fo rw ard - lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard -lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard - lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard - lo o k in g staem en ts, w h eth er asu lt o f u tu re ev en ts, n ew in fo rm atio n o r o th erw ise. T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 In d u stry C o m p ariso n Y E

3 Q 0 8 A L G T L U V A A I JB L U R Y A A Y (1 )R ev en u e p er p asen g er $ 1 1 6 $ 1 0 5 $ 1 0 3 $ 1 5 1 $ 6 9 C o st p er p asen g er – fu el 5 7 3 2 4 9 6 1 2 0 C o st p er p asen g er – ex -fu el 5 0

6 7 5 8 8 6 3 5 C o st p er p asen g er 1 0 7 9 9 1 0 7 1 4 7 5 5

O p eratin g p ro fit p er p asen g er $ 9 $ 6 $ (4 ) $ 4 $ 1 4 C o st/p asen g er an aly si

(1 ) A su m es o n e E u ro = $ 1 .3

3 L o w A ircaft U tilzao n – R isn g F u el

C o st D aily U tilzao n (B H s) C o st/p ax D eclin in g N o n -F u el C o st/P ax

U tilzao n C o st/P ax C o st/P ax ex -fu el 0 1 2 3 4 5 6 7 8 2 0 0 3

2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 Y E 3 Q 0 8 $ 0

$ 2 0 $ 4 0 $ 6 0 $ 8 0 $ 1 0 0 $ 1 2 0 $ 1 4 0 6 .4

7 .1 6 .1 6 .7 6 .7 6 .4 $ 1 0 2 $ 1 0 0 $ 1 0 3 $ 1 0 1

$ 9 7 $ 1 0 8 $ 7 8 $ 7 0 $ 6 0 $ 5 4 $ 4 9 $ 4 9

4 A L G T R ecn t H isto ry 3 Q 0 7

4 Q 0 7 1 Q 0 8 2 Q 0 8 3 Q 0 8 R ev en u e p er p asen g er

$ 1 0 7 $ 1 1 3 $ 1 1 5 $ 1 1 4 $ 1 2 0 C o st p er p asen g er

– fu el 4 5 5 5 5 5 6 2 5 8 C o st p er p asen g er – ex -fu el 5 0 5 1 4 7

4 8 5 4 C o st p er p asen g er 9 5 1 0 6 1 0 2 1 1 0 1 1 2

O p eratin g p ro fit p er p asen g er $ 1 2 $ 7 $ 1 3 $ 4 $ 8 S ch ed u led serv ice rv en u es A n cilary $ 2 1 $ 2 4 $ 2 6 $ 2 8 $ 3 2 P asen g er 8 3

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2 0 .7 1 9 .1 1 7 .7 1 6 .9 R ev en u e co m p ariso n s

5 N o n -F u el C o st A n aly si

1 Q 0 8 2 Q 0 8 3 Q 0 8 C o st p er p asen g er – fu el $ 5 5

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6 T o tal $ 4 8 $ 4 8 $ 5 4 2 0 0 8 b y q u arte

6 N o n -F u el C o st A n aly si

2 0 0 6 2 0 0 7 Y E 3 Q 0 8 C o st p er p asen g er – fu el

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$ 5 5 $ 5 0 $ 5 0 L ast h re y ears

7 Im p act o f F u el R ed u ctio n – P er

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$ 2 3 .2 $ 2 .6 4 $ 2 .8 8

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1 1 /1 1 /0 8 th ru 1 1 /1 7 /0 8

8 In d u stry C o m p ariso n Y E

6 7 5 8 8 6 3 5 C o st p er p asen g er 1 0 7 9 9 1 0 7 1 4 7 5 5

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(1 ) A su m es o n e E u ro = $ 1 .3

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N o rth A m erica G reats im p act fro m red u ctio n in fu el p rices

9 T h e P o w er o f F u el T T M

3 Q 0 8 A v g D eclin e in R ev en u e 2 % R ed u ctio n 8 % R ed u ctio n

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$ 1 1 6 $ C o st/P asen g er* 1 0 8 $ 1 0 8 $ 1 0 8 $ 1 0 8

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$ (9 ) $ (1 4 ) $ F u el R ed u ctio n @

$ 5 5 /B arel 2 3 $ 2 3 $ 2 3 $ R ev ised O p eratin g P ro fit/P asen g er

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3 Q 0 8 5 8 $ 5 8 $ 5 8 $ F u el as% to tal C o st/P asen g er 5 4 %

A L G T In v esto r D ay :

In tro d u ctio n /O v erv iew N o v em b er 2 0 0 8 Mau ry G alg h er, C E O

A L G T In v esto r D ay : G ro w th

& F u el H ed g in g N o v em b er 1 9 , 2 0 0 8 A n d rew L ev y ,

C F O & MD P lan n in g

1 N o tice o n F o rw ard L o o k in g

S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el

C o m p an y , itsad v iso rs an d afiltes(co lectiv ely o r sep artely , th e “C o m p an y ”) w il co n tain fo rw ard -lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard -lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard -lo o k in g staem en ts, w h eth er asu lt o f u tu re v en ts, n ew in fo rm atio n o r o th erw ise. T h e

C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 R o u te N etw o rk atY ear-E n d

2 0 0 8 Y E 2 0 0 8 : 6 5 cites, 1 1 6 ro u tes, 3 8 A ircaft

3 R ecn t G ro w th 5 4 3 2 1 0

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3 2 3 8 · Y E aircftA d d ito n s · C ites 0 1 0 2 0 3 0 4 0 5 0

6 0 7 0 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 E 3 1 5 0

5 8 6 5 · R o u tes 0 2 0 4 0 6 0 8 0 1 0 0 1 2 0 1 4 0

3 8 6 7 1 0 5 1 1 6

4 G ro w th A d d sm al cites– b eliv e th er a an o th er 3 0 + /- C o n n ect h e d o ts – lev erag e cu ren t n etw o rk N ew d estin atio n s – sev eral m o re Mo re flig h ts o n ex istn g ro u tes – n o rm alized fu el an d d em an d en v iro n m en t w il m ak e th is g ro w th p ro fitab le atso m e p o in t In creasd fletu tilzao n – su b stan tial u n d er-u sed cap acity , p lan n ed d u e to h ig h fu el co st P rim ary g ro w th d riv ers

5 G ro w th – N ew S m al C ites 8 N ew

S m al C ites A n n o u n ced S in ce

A u g u st 1

6 G ro w th – C o n n ect h e D o ts 1 2 N ew R o u tes A n n o u n ced

S in ce A u g u st 1

7 G ro w th – P o ten tial N ew D estin atio n s S tared S an D ieg o &

O ak lan d serv ice n Ju n e 2 0 0 8

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3 .0 0 2 .5 0 2 .0 0 1 .5 0 1 .0 0 0 .5 0 -1 Q 0 7 1 Q 0 8

2 Q 0 7 2 Q 0 8 3 Q 0 7 3 Q 0 8 4 Q 0 7 4 Q 0 8 E

F Y 0 7 F Y 0 8 E D ep artu res/A ircaft/D ay

9 G ro w th – L o n g er T erm A d d larg er g au g e n aro w - b o d y aircft– B 7 3 7 -8 0 0 (1 8 9 seat)o r A 3 2 0 (1 7 9 seat)–

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U S A A l in v o lv e so m e d ep artu re fo m ex istn g m o d el

1 0 F u el H ed g in g S tared h ed g in g fu el in F eb ru ary

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F A S 1 3 3 fo r h ed g e aco u n tin g d u e to p ro ces iu es; i.,ty le o v er su b stan ce C easd fin an cial h ed g in g O cto b er 2 0 0 7

1 1 F u el H ed g in g N o t co re b u sin es – trav el co m p an y , n o t a co m m o d ites rad in g h o u se H ed g es ru n o u t – d o n ’t p ro tec fro m p erm an en t fu el p rice sh ift, ju st p ro v id e tem p o ray resp ite; w e m an ag e th e b u sin es fo r th e lo n g term We b eliv e in v esto rs lo o k p ast i– L U V q u estio n s fo cu s m o re o n stren g th o f u n d erly in g b u sin es O n e k ey stren g th isab ilty to q u ick ly ad ju st d u e to lo w fix ed co st – su p erio r w ay to m an ag e fu el risk

In co m e stam en t d isto rtio n – N o n -cash m ark -to -m ark et m ak es G A A P irelv an t o th o se in th e k n o w – O th ers lo o k at

G A A P Wh y d id w e sto p h ed g in g ?

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N o v em b er 1 7 ) – $ 2 .4 9 p er g alo n n et ($ 2 .7 0 p er g alo n g ro s; b efo re fix ed ferim b ) – 1 7 .8 g alo n s p er p asen g er F u el co st o f $ 4 4 p er p asen g er

E st. av in g s th ro u g h N o v 1 7 o f $ 1 4 p er p asen g er! T h is w ek ’s p rices, b ased o n lastw ek ’s d aily av erag e p rice: L as V eg as

$ 2 .0 2 O rlan d o $ 2 .2 7 Wh er w e stan d – fu el isk ey !

1 3 G u id an ce – R ev en u e A n cilary rev en u e p er p asen g er – $ 3 2 .2 8 in

3 Q 0 8 ; n o q u arte/q u arte d eclin e sin ce 1 Q 0 6 v s. 4 Q 0 5 A v erag e airf– atles

$ 8 1 v ersu s $ 8 6 in 4 Q 0 7 P rin cip al sch ed u led serv ice lv ers $ 1 2 0

$ 1 1 0 $ 1 0 0 $ 9 0 $ 8 0 $ 7 0 $ 6 0 $ 5 0 $ 4 0

$ 3 0 $ 2 0 $ 1 1 3 $ 1 1 1

$ 1 1 9 ?$ 8 7 $ 8 4 $ 8 6 $ 8 1 E stim ate $ 2 6 $ 2 8 $ 3 2 ?

1 Q 0 8 2 Q 0 8 3 Q 0 8

4 Q 0 8 E A v erag e F are · A n cilary /P asen g er

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7 9 .3 % (1 1 5 p ax /d ep ) in 4 Q 0 7 – O cto b er sch ed u led lo ad facto r 9 1 .2 % o r 1 3 4 p ax /d ep t P rin cip al sch ed u led serv ice lv ers

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1 1 5 8 2 % 8 6 % 9 1 % 8 8 % 9 0 % 9 4 % 9 5 % 9 3 % 9 2 % 9 1 % 1 0 0 % 9 5 % 9 0 % 8 5 % 8 0 %

7 5 % 1 2 1 1 2 6 1 3 3 1 2 8 1 3 3 1 3 7 1 3 9 1 3 7 1 3 5 1 3 4 Jan -0 8 F eb - 0 8 Mar-0 8 A p r-0 8 May -0 8

Ju n -0 8 Ju l-0 8 A u g -0 8 S ep - 0 8 O ct-0 8 L o ad F acto r – S ch ed u ler S y stem

A L G T In v esto r D ay : G ro w th & F u el H ed g in g N o v em b er 1 9 , 2 0 0 8 A n d rew L ev y ,

C F O & MD P lan n in g

A L G T In v esto r D ay : A n cilary N o v em b er 1 9 , 2 0 0 8 P o n d er H ariso n , MD Mark etin g

& S ales

1 N o tice o n F o rw ard L o o k in g S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el C o m p an y , its ad v iso rs an d afiltes(co lectiv ely o r sep artely , th e “C o m p an y ”) w il co n tain fo rw ard - lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard - lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard - lo o k in g staem en ts, w h eth er asu lt o f u tu re ev en ts, n ew in fo rm atio n o r o th erw ise. T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 In d u stry -L ead in g A n cilary R ev en u e /P ax S in ce 2 0 0 2 , an cilary /p ax h as g ro w n ato v er 7 5 % C A G R 2 0 0 2 $ 1 .0 6 2 0 0 3 $ 3 .4 0 2 0 0 4 $ 5 .8 7 2 0 0 5

$ 1 1 .5 5 2 0 0 6 $ 1 6 .1 1 3 Q 0 7 $ 2 1 .3 1 2 0 0 7 $ 2 1 .5 3 1 Q 0 8

$ 2 5 .7 5 2 Q 0 8 $ 2 7 .7 5 3 Q 0 8 $ 3 2 .2 8 1 4 0 0 1 2 0 0 1 0 0 0 8 0 0 6 0 0 4 0 0

2 0 0 0 $ 3 5 $ 3 0 $ 2 5 $ 2 0 $ 1 5 $ 1 0 $ 5 $ 0 $ /P ax A v g . S tag e L en g th

3 U .S . D o m estic L o ad F acto r L ead er 3 Q 0 8 resu lts: – In d u stry lead in g , b y far,lo ad facto r o f 9 3 .8 % – Y ear-o v er-y ear R A S M in creas o f + 3 3 % T ailo rin g cap acity to m et d em an d

S o u rce: C arie F iln g s /9 m o n th s en d ed 3 Q 0 8 A L G T N WA D A L C A L H A U A U A L C C F ro n tier

A MR JB L U A L K A A I L U V

4 In creasin g A n cilary R ev en u e & P ax / D ep artu re S ch ed u led serv ice 3 Q co m p ariso n A n cilary rev en u e /p ax in creasd o v er 5 0 % y ear o v er y ear T o tal an cilary rev en u e in creasd o v er 7 0 % y ear o v er y ear K ey rev en u e fatu re – h ig h an cilary rev en u e /p ax 3 Q 0 8 3 Q 0 7 C h an g e R ev en u e /P ax $ 8 6 .3 2 $ 8 3 .0 2 4 % A n cilary /P ax $ 3 2 .2 8

$ 2 1 .3 1 5 1 % T o tal R ev en u e / P ax $ 1 1 8 .6 0 $ 1 0 4 .3 3 1 4 % P ax /D ep artu re 1 3 7 1 2 5 1 0 % P ax 8 5 4 ,8 3 3

7 5 0 ,1 7 0 1 4 % P ax R ev en u e $ 7 3 .8 m $ 6 2 .3 m 1 9 % A n cilary R ev en u e $ 2 7 .6 m $ 1 6 .0 m 7 3 % % o f P ax R ev en u e 3 7 % 2 6 % A v erag e S tag e L en g th 8 1 5 8 9 8 (9 % )

5 A n cilary R ev en u e V o lu n tary ex tra sp en d > $ 3 2 n et p er p asen g er sg m en t

– T rad ito n al irn e p ro d u ct u n b u n d lin g – h ig h m arg in s – T h ird p arty p ro d u ct saleH o w d o w e d o it:– P ro d u ct in n o v atio n –

C u sto m resv atio n sy stem – k ey ad v an tag e O b stacle fo r o th er cais:– L eg acies lm ited b y m u ltip le sy stem s – Mo st L C C s d ep en d en t o n sy stem v en d o r –

R elatio n sh ip s w ith V eg as h o tels h ard to d u p licate 2 3 1 h o tel ag rem en ts an d g ro w in g – L A S : 6 1 O rlan d o /D ay to n a: 6 3 S t P et: 1 7 –

P h o en ix : 3 0 F t L au d erd ale: 2 0 S an D ieg o : 8 – R en o : 1 1 P alm S p rin g s: 1 0 O th er: 1 1 In d u stry lead in g p erfo rm an ce

6 A n cilary P ro d u cts T h ird P arty P ro d u cts – H o tels – C ar en tals – S h u tle b u s tran sfer –

S h o w tick ets (B lu e Man G ro u p ) – T h em e p ark tick ets U n b u n d lin g th e T rad ito n al P ro d u ct – C o n v en ien ce f ($ 1 1 .5 0 /p ax ; u se o f w eb site) – A sig n ed seat

($ 7 - $ 2 5 /seg ) – P rio rity b o ard in g ($ 7 .5 0 /seg ) – C h eck ed b ag ($ 1 5 + /b ag /seg m en t) – T rip F lex ($ 7 .5 0 + /seg ; flex ib ilty ) – B o o k in g fe

($ 1 0 /seg ; calen ter) – O n -b o ard sale.B ev erag es, o ft & alco h o lic ($ 2 -$ 7 ) S n ack s/an d w ich es/co o k ies/tc ($ 2 -$ 5 ) T rav el p ilo w ($ 7 ) V eg as lo g o - b lan k ets ($ 1 5 ) S o u v en irs ($ 2 -$ 2 0 )

C h arg in g ex tra fo r th e x tras

7 F ed eral E x p res D eliv ery F e Y o u th in k $ 1 5 fo r ach eck ed b ag isex cesiv e?

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N o v em b er 1 8 , 2 0 0 8 . 2 . P ack ag e an d S h ip m en t D etails H elp E d it P ack ag e d etails: 1 p ack ag e ,3 5 .0 lb s , Y o u r P ack ag in g ,3 6 in x 2 4 in x 1 2 in , 0 .0 0 U S D . 3 . R ates an d T ran sit T im es H elp A m o u n ts are sh o w n in U D S S elct D eliv ery D ate/T im e S erv ice R ate S am e d ay in sh o rtes im e p o sib le. C al 1 8 0 0 G o F ed E x fo r av ailb ilty an d rate.F ed E x S am e D ay ® Wed N o v 1 9 , 2 0 0 8

8 :3 0 A M F ed E x F irst O v ern ig h t® 1 7 4 .7 0 Wed N o v 1 9 , 2 0 0 8 1 0 :3 0 A M F ed E x P rio rity

O v ern ig h t® 1 4 2 .5 7 Wed N o v 1 9 , 2 0 0 8 3 :0 0 P M F ed E x S tan d ard O v ern ig h t® 1 1 7 .8 3 T h u N o v 2 0 ,

2 0 0 8 4 :3 0 P M F ed E x 2 D ay ® 7 7 .4 2 F ri N o v 2 1 , 2 0 0 8 4 :3 0 P M F ed E x E x p res S av er® 6 3 .9 9 E n d o f d ay (1 B u sin es D ay ) F ed E x G ro u n d ® 2 0 .3 9 Mo re in fo rm atio n ab o u t y o u r esu lts: • D im en sio n al Weig h t o f y o u r p ack ag e(s) w as u sed to calu late y o u r ate. F ed E x m easu rem en t o o ls $ C u ren cy C o n v ert R ate n o th er p ack ag e V iew /P rin t raed etails S h ip

8 A ir /H o tel P ack ag es “F ly F re” S ales R esu lts N et R ev en u e: U p 1 4 % Y /Y R o o m

N ig h ts: U p 2 4 % Y /Y C o st P er R o o m : D o w n 1 7 % Y /Y Main tain in g stro n g resu lts in ach alen g in g clim ate 2 0 0 8 2 0 0 7 C h an g e

R o o m N ig h ts B o o k ed 3 6 ,5 7 7 2 9 ,4 3 5 2 4 % D ep artu res 4 ,7 3 8 4 ,5 7 6 4 % R o o m N ig h ts/D ep artu re 7 .7 6 .4

2 0 % H o tel R ev en u e $ 4 .0 m $ 3 .8 m 5 % H o tel R ev en u e/D ep artu re $ 8 4 4 $ 8 3 0 2 % F ly F re sald ates: 1 0 /1 9 /2 0 0 8 –

1 1 /5 /2 0 0 8 , T rav el b y 0 2 /2 8 /2 0 0 9 F ly F re sald ates: 1 0 /1 4 /2 0 0 7 –

1 0 /3 1 /2 0 0 7 , T rav el b y 0 2 /0 1 /2 0 0 8

9 A n cilary R ev en u e B y D estin atio n B aln ced an d co n siten t

P erio d : 9 m o n th s en d ed 3 Q 0 8 $ 2 8 .3 4 L as V eg as O rlan d o -S an fo rd T am p a-S t.P et P h o en ix -Mesa F o rt L au d erd ale

1 0 U n iq u e Web site V isto rs In creasin g ey eb als /m ain tain in g w eb saleS o u rce:

A leg ian t G o o g le A n aly tics 1 Q 0 6 1 .4 2 Q 0 6 1 .1 3 Q 0 6 1 .3 4 Q 0 6 1 .6 1 Q 0 7 2 .2 2 Q 0 7 2 .1

3 Q 0 7 2 .4 4 Q 0 7 2 .6 1 Q 0 8 3 .5 2 Q 0 8 3 .0 3 Q 0 8 3 .0 4 .0 3 .5 3 .0 2 .5 2 .0 1 .5 1 .0 0 .5 0 .0

1 0 0 9 5 9 0 8 5 8 0 7 5 U n iq u e V isto rs (m ilo n s) % Web S ales

1 1 F u tu re O p p o rtu n ites L ev erag e P artn er R elatio n sh ip s E n h an ce

A u to m atio n P latfo rm Mo n etiz w eb site D riv e 3 rd p arty p ro d u ct co n v ersio n C u sto m ized o fers (“p ro d u ct re-b u n d lin g ”) In creas p ro d u ct sale– O n lin e T rav el A g en cy P o rtal – Im p ro v e o n b o ard rev en u e p o ten tial T rav el C lu b G ro w in g A n cilary R ev en u e

A L G T In v esto r D ay : A n cilary N o v em b er 1 9 , 2 0 0 8

P o n d er H ariso n , MD Mark etin g & S ales

A L G T In v esto r D ay : C ash , D eb t & B aln ce S h et N o v em b er

2 0 0 8 Ju d e B rick er, D irecto r o f F let P lan n in g an d C o rp o rate F in an ce

2 C ash Man ag em en t S u m m ary In v estm en t resico n s: – A 1 /P 1 co rp o rate p ap er – R ep o s w ith A 1 /P 1 rated – A g en cies n clu d e F H L B an d F ed eral F arm C red it o n ly – P re-fu n d ed m u n icp als o n ly – B an k d ep o sit areh er F D IC in su red S u b ject o o fset rig h ts A A o r b etr ad b an k We d o n ’t in v est in : – A u ctio n ratescu rites – A set- b ack ed secu rites O u r co n serv ativ e ap p ro ach to cash m an ag em en t p aid o f th is y ear O cto b er cash p o rtfo lio alo catio n C o m m ercial P ap er U S F ed eral A g en cies U S T reasu ries B an k R ep o s B an k D ep o sit Mu n icp al N o tes

3 D eb t S u m m ary A leg ian t d eb t tran sactio n s, Y T D 2 0 0 8 : – 1 Q &

2 Q : $ 7 .2 m m ,6 % , 7 5 % L T V – 2 Q : $ 1 8 m m , 6 % , 5 0 % L T V (n o n -selr fin an cin g ) –

2 Q : $ 7 .7 m m , 6 .7 % , 8 0 % L T V (n o n -selr fin an cin g ) 1 5 o u t o f 4 1 o w n ed aircftem ain u n en cu m b erd We h av e b en su cesfu l at fin an cin g th e fltN o tes: T o tal O u tsan d in g B aln ce o f ex istn g d eb t o n ly .

4 B aln ce S h et C o m p s C ash an d lev erag e m etrics S o u rce: C o m p an y m o st recn t q u arte rep o rts, 1 1 /1 7 m ark et cap N o tes: D ay s N et C ash isN et C ash / A d ju sted O p eratin g E x p en se N et C ash isT o tal C ash L es A T L s

A d ju sted O p E x p isO p E x p ad ju sted to $ 2 .5 0 /g al fu el p lu s In ters E x p E n terp rise V alu e isMark et C ap p lu s N et D eb t N et D eb t isT o tal D eb t lesU n resticd C ash

T o tal D eb t isD eb t (L T an d C u ren t) p lu s C ap L eas O b lig atio n s (L T an d C u ren t) p lu s cap italzed aircftR en t (@ 7 x ) T o tal D eb t/E n terp rise V alu e D ay s N et C ash

A L G T 1 2 % R Y A A Y 3 7 % L U V 4 8 % JB L U 8 1 % H A 9 1 % A A I 9 6 % A L K 1 0 6 % 1 8 0 1 6 0 1 4 0 1 2 0 1 0 0

8 0 6 0 4 0 2 0 0 -2 0 1 2 0 % 1 0 0 % 8 0 % 6 0 % 4 0 % 2 0 % 0 % -2 0 %

5 C h alen g in g A ircaft F in an ce

E n v iro n m en t F iv e y ear, flo atin g rate, n ew aircftseu red d eb t S o u rce: B o ein g C ap ital B o ein g cred it q u ality A p r-0 2 O ct-0 2 A p r-0 3 O ct-0 3 A p r-0 4

O ct-0 4 A p r-0 5 O ct-0 5 A p r-0 6 O ct-0 6 A p r-0 7 O ct-0 7 A p r-0 8 O ct-0 8 4 0 0 3 5 0 3 0 0 2 5 0 2 0 0 1 5 0 1 0 0 5 0

0 A v erag e Q u o ted sp read to L IB O R (b p s)

A L G T In v esto r D ay : C ash , D eb t

& B aln ce S h et N o v em b er 2 0 0 8 Ju d e B rick er, D irecto r o f F let P lan n in g an d C o rp o rate F in an ce

A L G T In v esto r D ay : Main ten an ce

N o v em b er 2 0 0 8 R o b ert B aro n , V P Main ten an ce & E n g in erin g

1 N o tice o n F o rw ard -L o o k in g

S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el C o m p an y , itsad v iso rs an d afiltes(co lectiv ely o r sep artely , th e “C o m p an y ”) w il co n tain fo rw ard -lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard -lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard -lo o k in g staem en ts, w h eth er asu lt o f u tu re v en ts, n ew in fo rm atio n o r o th erw ise. T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 N ew E x p erin ced L ead ersh ip T eam

P ro fesio n al P o sito n E x p erin ce R o b ert B aro n V P M& E 3 5 y ears K u rt C arp en ter D irecto r Main ten an ce 2 5 y ears D av id S h ep h erd D irecto r H eav y

Main ten an ce 2 5 y ears L eR o y P ain e D irecto r T ech n ical S erv ices 3 5 y ears Jck F raze D irecto r R eliab ilty & Mtc. 2 5 y ears S ean L an d ram D irecto r Q u ality A su ran ce 2 0 y ears

S u p erv isn g o v er 1 4 0 m ech an ics & in sp ecto rs

3 Main ten an ce O p eratio n s A l stafed w ith

A leg ian t-em p lo y ed m ain ten an ce p erso n n el T w o lin e m ain ten an ce h u b s (w h ich sh are th re “h o t sp are” icft)– L as V eg as – O rlan d o /S an fo rd S ev en lin e m ain ten an ce staio n s – S ch ed u led sy stem : – C h arte: S t. P etrsb u rg R en o F t. L au d erd ale L au g h lin P h o en ix -Mesa T u n ica B elin g h am P erfo rm lin e (ro u tin e) m ain ten an ce atn in e lo catio n s

4 H eav y Main ten an ce C -ch eck s req u ired th e m in im u m o f ev ery 1 8 m o n th s o r 3 6 0 0 h o u rs – 1 2 to 1 5 d ay tu rn tim es, d ep en d in g o n th e co m p lex ity o f th e rq u ired stru ctu ral ch eck s ao ciated w ith th e C -ch eck – Wil p erfo rm 2 1 C -ch eck s in 2 0 0 8 , ex p ect 2 9 C -ch eck s in 2 0 0 9 F o lo w B o ein g ’s

“MS G -3 ” m ain ten an ce p ro g ram fo r th e MD -8 0 Wo rk co m p letd atA m erican ’s T u lsa, O K m ain ten an ce b ase – Wo rld ’s larg est

MD -8 0 o p erato r, p erfo rm s alito w n m ain ten an ce – C o n trac in p lace 2 .5 y ears, ex p ires lat2 0 0 9 , ex p ect o ren ew – R ecn tly co m p letd firstC -ch eck s o n “P u lse” lin e H ig h ly eficn t “asem b ly -lin e” fo r A m erican ’s MD -8 0 C -ch eck s S av es 4 -6 d ay s relativ e to astn d ard C -ch eck lin e A m erican A irln es p erfo rm s o u r h eav y airfm e m ain ten an ce

5 In d u ctio n /E n g in es In d u ctio n aircft w o rk cu ren tly asig n ed to A A R O k lah o m a C ity – C -ch eck (ifn ecsary , so m e aircft co m e p o st C -ch eck ) – Mo d s n ecsary fo r U S certifao n (ifn ecsary ), su ch as:Mo re cap ab le “b lack b o x ”

Win d sh ear d etcio n eq u ip m en t – P ain t, sea– O n e in d u ctio n rem ain in g in 2 0 0 8 (cu ren tly u n d erw ay ) – F iv e in d u ctio n s sch ed u led (so far)o r 2 0 0 9 H eav y en g in e w o rk asig n ed to m u ltip le o catio n s, fo r in stan ce: – P rat & Wh itn ey (C h ristch u rch , N ew Z ealn d ) – T im co (O sco d a, MI) – B u t so m etim es w e p art-o u t/sel n g in es in stead o f rep airn g th em We also o v ers th e fo lo w in g m ain ten an ce

A L G T In v esto r D ay : Main ten an ce

N o v em b er 2 0 0 8 R o b ert B aro n , V P Main ten an ce & E n g in erin g

A L G T In v esto r D ay :

P u rch asin g N o v em b er 2 0 0 8 S ean H o p k in s, V P S u p p ly C h ain Man ag em en t

1 N o tice o n F o rw ard

L o o k in g S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el C o m p an y , its ad v iso rs an d afiltes(co lectiv ely o r sep artely , th e

"C o m p an y ") w il co n tain fo rw ard - lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard -lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard - lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard - lo o k in g staem en ts, w h eth er asu lt o f u tu re ev en ts, n ew in fo rm atio n o r o th erw ise. T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 S u p p ly C h ain Man ag em en t

A ircaft – F let ad d ito n s – A ircaft o r p art o u t F lig h t eq u ip m en t – A ircaft co m p o n en ts: p u rch ase, rp air, in v en to ry m an ag em en t – A ircaft ep air m aterils: p u rch ase, in v en to ry m an ag em en t G ro u n d eq u ip m en t – P u rch ase, rep air o f eq u ip m en t u sed to su p p o rt aicf o p eratio n s F u el – In to -tan k su p p ly : L as V eg as, B elin g h am (WA ), L ex in g to n (K Y ) – S F B F u elin g , o u r O rlan d o fu el su p p ly jo in t v en tu re In ital fo cu s

3 MD 8 0 F let U p d ate 4 3 to tal o f w h ich 3 7 in serv ice – 5 leasd to S w ed ish su b sid iary o f N o rw eg ian A ir S h u tle – 3 8 in serv ice b y

4 Q 0 8 – 4 1 in serv ice b y 2 Q 0 9 – 4 3 in serv ice b y Y E 0 9 A v erag e ag e o f in -serv ice flt– 1 8 y ears – 2 9 ,0 0 0 cy cles – 4 3 ,0 0 0 h o u rs L in eag e – 1 1 ex - S can d in av ian A irln es (S A S ) – 1 0 ex -F in n air – 1 2 ex -A ero m ex ico – 5 ex -K o rean A ir – 5 m iscelan eo u s

H ig h q u ality MD -8 0 s

4 Wh y th e MD -8 0 A p p ro p riate sz, ran g e an d co st o o p erat H ig h av ailb ilty o f th e ty p e L o w in -serv ice o st (acq u isto n p rice + p rep co st) R easo n ab le m ain ten an ce o st

O th er o p p o rtu n ites F o r m o re d etaild in fo , p leas ty ear’s p resn taio n o n E D G A R S til ag reat icfo r o u r b u sin es m o d el

5 A ircaft & F lig h t E q u ip m en t

P u rch asin g S y n erg ies MD 8 0 aircftp rices in afrel– S u rp lu s o f airctn m ark et: Ib eria, JA L , S A S , Mid w est, c.– Man y aircftd in g ato r b elo w p rev io u s “p art-o u t” v alu es – A cq u irn g aircfto r sev ice an d /o r p art-o u t creas o p tio n s Wh en w e p u rch ase n aircfto r p art o u t: – C o m p etio n isfro m relativ ely sm al trad in g sh o p s – T h e w h o le co st le th an th e su m o f th e p arts – P ro v id es en g in es atb arg ain p rices – P ro v id es a su b stan tial n v en to ry o f p arts g o o d p rices – P ick -ap art seg y In creasin g ly d o m in an t o n th e b id sid e o f th e MD -8 0 m ark et

6 F lig h t E q u ip m en t C o st Man ag em en t S traeg ies B u y v s. rep air d eciso n atech ev en t – P art o u t en g in es rath er th an p erfo rm h ig h co st rep airs – D eciso n s b ased o n eco n o m ic (rath er th an aco u n tin g ) an aly si T ear d o w n an d co n sig n m en t arn g em en t w ith A v io serv – V ery activ e m ark et x ist fo r in tern al en g in e p arts – A v ailb le in v en to ry red u ces n g in e rp air co st E n g in e rp air sh o p relatio n sh ip s – S elct sh o p b ased o n w o rk sco p e – D isco u n t o n m an u factu re p arts ed u ces h eav y v ist co st E n g in es

7 F lig h t E q u ip m en t C o st Man ag em en t S traeg ies R o tab le co m p o n en ts – P arts h at cn b e rp aired an d retu rn ed to serv ice – C o m p are to ex p en d ab les – p arts h at cn n o t b e rp aired R ev am p in g v en d o r elatio n sh ip s – T arg etin g h ig h est-p en d categ o ries ft– Wo rk m o re clo sely w ith v en d o rs to cu t co st P o ten tial fo r p o o lin g arn g em en ts w ith v en d o rs – P artin g o u t aircfesp are p arts – Main tain in g asu p p ly o f read y -to -g o p arts o n co n sig n m en t w o u ld p erm it u s to cary ad d ito n al sp ares tlico st: D raw fro m o u r p o o l ath e v en d o r to rep len ish o u r in v en to ries S el to ex tern al cu sto m ers to d efray co st R o tab le co m p o n en ts

A L G T In v esto r D ay : P u rch asin g N o v em b er 2 0 0 8 S ean H o p k in s, V P S u p p ly C h ain Man ag em en t

A L G T In v esto r D ay : C ap acity O p tim izato n & Iso latio n N o v em b er 2 0 0 8 R o b ert A sh cro ft, V P P lan n in g

1 N o tice o n F o rw ard - L o o k in g S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el C o m p an y , its ad v iso rs an d afiltes(co lectiv ely o r sep artely , th e "C o m p an y ") w il co n tain fo rw ard - lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard -lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard - lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard - lo o k in g staem en ts, w h eth er asu lt o f u tu re ev en ts, n ew in fo rm atio n o r o th erw ise. T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 C ap acity O p tim izato n & Iso latio n T w o k ey (an d lo n g - stan d in g ) p arts o f A leg ian t b u sin es m o d el: 1 . F ly o n ly w h en w e can m ak e m o n ey . F o r in stan ce: D o n ’t fly m u ch in S ep tem b er to F lo rid a D o n ’t fly m u ch o n T u /We/S a to L as V eg as 2 . S tay aw ay fro m o th er lo w co st carieC ap acity o p tim izato n : – D o ab etr jo b o f fly in g o n ly w h en w e can m ak e m o n ey Iso latio n : d o ab etr jo b o f stay in g aw ay fro m o th er lo w co st carie S h arp en o u r b u sin es m o d el

3 C ap acity O p tim izato n In p ast y ears, w e sized ro u te cap acity o n am o n th -b y - m o n th b asi u sin g p ast y ears n d recn t p erfo rm an ce asg u id e S tarin g in early

2 0 0 8 , w e stard sizn g ro u tes n tialy o n aw ek -b y -w ek b asi, ev en o casio n aly o n ad ay -b y -d ay b asi T h is cleary h ad an im p act o n o u r p ro fitab ilty – L ik ely p ro v id ed rev en u e b o o st o stay p ro fitab le in 2 Q G etin g m o re g ran u lar

4 C ap acity O p tim izato n C reat d aily rev en u e tim e srito id en tify h ig h /lo w d em an d p erio d s o n ag iv en ro u te (say , D es Mo in es to L as V eg as) P ro b lem : w e d o n ’t h av e d aily flig h ts S o lu tio n : u se “cn terd o n e-w ek av erag es” – R ev en u e p er U se H o u r atib u ted to ag iv en d ate (sy , Jan u ary 1 5 , 2 0 0 8 ) isth e rv en u e co lectd o n alth e flig h ts in th e w ek cen terd o n Jan u ary 1 5 , d iv id ed b y th e U se H o u rs o f th e flig h ts in th at w ek –

F o r ag iv en flig h t, U se H o u rs = B lo ck H o u rs p lu s tu rn aro u n d tim e (th e am o u n t o f airctm e tak en u p b y th at flig h t) R o lin g cen terd o n e-w ek rev en u e an d freq u en cy Jan 1 5 Jan 1 6 Jan 1 7 Jan 1 8 Jan 1 4 Jan 1 3 Jan 1 2

5 C ap acity O p tim izato n D es Mo in es to O rlan d o , D ec– Jan 2 0 0 6 & 2 0 0 7 2 0 0 7 R ev /U H 2 0 0 6 R ev /U H 2 0 0 7

F req /w k 2 0 0 6 F req /w k 1 - D ec 8 -D ec 1 5 -D ec 2 2 -D ec 2 9 -D ec 5 - Jan 1 2 -Jan $ 7 ,0 0 0 $ 6 ,0 0 0 $ 5 ,0 0 0

$ 4 ,0 0 0 $ 3 ,0 0 0 $ 2 ,0 0 0 $ 1 ,0 0 0 $ 0 7 6 5 4 3 2 1 0

6 C ap acity O p tim izato n D es Mo in es to O rlan d o , D ec– Jan 2 0 0 7 & 2 0 0 8 2 0 0 7 R ev /U H 2 0 0 7 F req /w k 2 0 0 8

F req /w k 1 -D ec 8 -D ec 1 5 -D ec 2 2 - D ec 2 9 -D ec 5 -Jan 1 2 -Jan $ 7 ,0 0 0 $ 6 ,0 0 0

$ 5 ,0 0 0 $ 4 ,0 0 0 $ 3 ,0 0 0 $ 2 ,0 0 0 $ 1 ,0 0 0 $ 0 7 6 5 4 3 2 1 0

7 L o n g er sao n al su sp en sio n s in F lo rid a O b v io u sly en ab led b y lo w cap ital-co st MD -8 0 fletA co u n ts fo r p art o f o u r 2 0 0 8 red u ctio n in g ro w th (th o u g h reactio n to fu el p rices b y farth e g reat p art) B etr jo b o f n o t fly in g (as m u ch ) w h en w e d o n ’t m ak e m o n ey – an d fly in g m o re w h en w e d o C ap acity O p tim izato n H ig h er p eak s, lo w er to u g h s sy stem w id e in 2 0 0 8 v s 2 0 0 7

2 0 0 7 2 0 0 8 P rio r fo rtn ig h t X m as/N Y r fo rtn ig h t + 1 % + 4 4 % V s p rio r fo rtn ig h t N u m b er o f “S am e S to re” F lig h ts

1 ,6 0 0 1 ,4 0 0 1 ,2 0 0 1 ,0 0 0 8 0 0 6 0 0 4 0 0 2 0 0 0

8 1 9 % red u ctio n in 4 Q 0 8 d ep artu res in m ark ets h at ex isted in 4 Q 0 7 Mask ed b y g ro w th in to n ew m ark ets F irst cu t a4 Q 0 8 cap acity sizn g w h en fu el w as h ig h C o lared ex istn g m ark et g ro w th b y en terin g m an y n ew m ark ets C ap acity O p tim izato n S ig n ifcan t m ark et-b y -m ark et rd u ctio n s * In clu d es d isco n tin u ed ro u tes 8 ,0 0 0 7 ,0 0 0 6 ,0 0 0 5 ,0 0 0 4 ,0 0 0 3 ,0 0 0 2 ,0 0 0 1 ,0 0 0 0 S ch ed u led d ep artu res N ew -S am e S to re* 4 Q 0 7

4 Q 0 8

9 Iso latio n R u le o f th u m b : – A t leas tw o h o u r d riv e fro m th e n earst lo w -co st carie airp o rt S o m e o f o u r b est p erfo rm ers ao u r m o st io lated cites– E x am p les: B ism arck , N D , G reat F als, MT – L o w p o p u latio n d en site b u t h u g e cath m en t aresN o t h e o n ly w ay to su ces w ith in th e A leg ian t sy stem . F o r in stan ce: – A len to w n , P A clo se to P h ilad elp h ia, b u t co n g estio n o f P H L an d d riv e h asle m ak es A B E atrciv e to p asen g ers – B o rd er fctsd riv e su ces at b o rd er citsH o w ev er, iso latio n isak ey p red icto r o f su ces Mark ets o f o u r o w n

1 0 Iso latio n P art o f th e h isto ric S o u th w est A irln es b u sin es m o d el (a p o p u lar m y th th at h is o n e o f th e scrt to su ces) Wo rk s w h en th es artu e (asth ey w er fo r S o u th w est): – A ltern ativ e isatl co n v en ien t o m an y p eo p le th an th e “m ain ” airp o rt L o v e v s D F W in D als, Mid w ay v s O ’H are in C h icag o , H o b b y v s B u sh in H o u sto n , etc.– Wh en th e airln e p ro v id es frq u en t serv ice to th e altrn ativ e airp o rt T h er sn tialy aren ’t an y m o re altn ativ es th at relsco n v en ien t We d o n ’t p ro v id e frq u en t serv ice A v estig ial p art o f o u r b u sin es m o d el th at w o rk s in term iten tly , atb est C las o f airp o rts: alen ativ e airp o rt fo r am ajo r m etro are

1 1 Iso latio n T ig h ten in g u p th e sy stem

A L G T In v esto r D ay : C ap acity O p tim izato n & Iso latio n N o v em b er 2 0 0 8 R o b ert A sh cro ft, V P P lan n in g

A L G T In v esto r D ay : F lig h t O p eratio n s N o v em b er 2 0 0 8 Jim C ar, V P F lig h t O p s

1 N o tice o n F o rw ard -L o o k in g S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el C o m p an y , itsad v iso rs an d afiltes(co lectiv ely o r sep artely , th e “C o m p an y ”) w il co n tain fo rw ard -lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard -lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard -lo o k in g staem en ts, w h eth er asu lt o f u tu re v en ts, n ew in fo rm atio n o r o th erw ise. T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 F lig h t O p eratio n s H ire, tan an d su p erv ise o v er 2 6 0 C ap tain s & F irst O ficers n n in e d o m icles aro s th e co u n try – In clu d es 2 0 F A A -ap p ro v ed ch eck airm en – F iv e m an ag ers/m an ag em en t p ilo ts O v ers y stem s o p eratio n s co n tro l (S O C ) – D isp atch : p lan s, relan d fo lo w s alfig h ts – C rew serv ices: sch ed u les afig h t crew in clu d in g flig h t aten d an ts – F lig h t o p s p o rtio n o f

S O C co m p rise 2 0 p erso n n el S u p erv ise p ilo ts, p ilo t h irn g & sy stem o p eratio n s co n tro l

3 F lig h t O p eratio n s We rciv e o v er 3 0 0 resu m es v ery m o n th A leg ian t A ir m in im u m p ilo t q u alifcto n s: – A ir T ran sp o rt P ilo t rain g – C u ren t S eco n d -C las Med ical ertfo n – A t leas

3 0 0 0 h rs to tal fix ed -w in g tim e Jtan d P ilo t-in -C o m m an d tim e p refd – P ilo ts m u st v erify th eir lo g b o o k s R ecn tly , su cesfu l can d id ates h av e co m e fro m airln es u ch asA T A , S k y b u s, Mid w est, U S A irw ay s/A m erica West, Mesa, A lo h a, B ig S k y . F in d in g q u ality n ew h ires cu ren tly n o t d ifcu lt – R ecn t h ires av erag e o v er 4 0 0 0 flig h ts h o u rs P ilo t av ailb ilty

4 F lig h t O p s R esu m es & letrso f reco m m en d atio n s fro m ex istn g A leg ian t p ilo ts rev iew ed b y S y stem C h ief P ilo t P erso n al in terv iew s w ith S y stem C h ief P ilo t, P eo p le S erv ices an d v o lu n ters fo m th e A leg ian t A ir P ilo t A d v iso ry G ro u p (A A P A G ) 1 0 y ear b ack g ro u n d ch eck Man d ato ry D O T p re- em p lo y m en t d ru g tesin g H irn g p ro ces

5 F lig h t O p s N ew h ire F irst O ficers – F o u r w ek s o f g ro u n d sch o o l O n e w ek o f A leg ian t p o lices, p ro ced u res, g u latio n s, w eath er, aicft p erfo rm an ce T h re w ek s aircfty stem s an d o p eratio n – 3 2 h o u rs o f u l m o tio n flig h t sim u lato r – 5 0 h o u rs o f lin e-o p eratin g ex p erin ce train in g w ith an F A A - ap p ro v ed ch eck airm an , tw ice th e F A A m in im u m req u irem en t T ak es ab o u t 9 0 d ay s to id en tify , h ire an d train an ew clas(ro u n d ad o zen p eo p le) o f q u alifed F irst O ficers F ew er th an o n e can d id ate p er clasw ash es o u t o f train in g o n av erag e F A A ap p ro v ed train in g p ro g ram

6 F lig h t O p s U p g rad in g fro m

F irst O ficer to C ap tain – T h re d ay s o f g ro u n d sch o o l – 2 0 h o u rs o f sim u lato r tain in g – 5 0 h o u rs o f o p eratin g ex p erin ce w ith an F A A - ap p ro v ed ch eck airm an (also tw ice th e F A A m in im u m req u irem en t) – F O to C ap tain u p g rad e cu ren tly h ap p en s afterb o u t w o y ears A n n u al recu ren t rain in g – T w o d ay s o f g ro u n d sch o o l – F irst O ficers h eck ed o u t in asim u lato r an n u aly – C ap tain s ch eck ed o u t in asim u lato r b i-an n u aly C ap tain s u n d erg o ap h y sical ev ery six m o n th s, F O s ev ery y ear – A l p ilo ts p articp ate in arn d o m D O T d ru g tes p ro g ram F A A ap p ro v ed train in g p ro g ram

7 F lig h t O p s F irst O ficer an d C ap tain p ay b ased o n p o sito n an d lo n g ev ity (tim e w ith th e co m p an y ) In cen tiv es fo r fly in g b ey o n d 8 1 h o u rs p er m o n th – F A A m ax im u m h o u rs ae3 0 h o u rs w ith in asev en d ay p erio d , 1 0 0 h o u rs p er m o n th , 1 0 0 0 p er y ear – S o m e o f o u r p ilo ts m ax o u t ev ery y ear C o n tin u in g an n u al p ilo t b o n u s p ro g ram – p ay o u t w as ig n ifcan t in 2 0 0 7

P ilo t co m p en satio n

8 F lig h t O p s B u sin es m o d el m ean s q u ality o f lieo r A leg ian t p ilo ts ih ig h – V irtu aly n o crew o v ern ig h ts – crew s at h o m e w ith fam ily ev ery n ig h t, asu m in g th e p ilo t liv es in th e d o m icle – R atio o f n o n -fly in g d u ty tim e to fly in g tim e islo w P ilo ts, lik e alm p lo y es, n o n -u n io n , b u t w e w o rk clo sely w ith A A P A G – E x istn g & fu tu re p ay /w o rk ru les th e rsu lt o f o n g o in g d iscu sio n s w ith p ilo ts m ed iated th ro u g h A A P A G R etn tio n isv ery g o o d – 2 0 0 7 : 1 1 0 ad d ed , 2 8 left– 2 0 0 8 to d ate: 3 0 h ired , 7 left– In clu d es w ash in g o u t, leav in g fo r o th er cais,tm en t, p u rsu in g o th er ca o p tio n s Q u ality o f liean d retn tio n

A L G T In v esto r D ay : F lig h t O p eratio n s N o v em b er 2 0 0 8 Jim C ar, V P F lig h t O p s

A L G T In v esto r D ay : F ix ed F e F ly in g N o v em b er 2 0 0 8 B rian D av is, D irecto r o f A irp o rt & C h arte P lan n in g

1 N o tice o n F o rw ard -L o o k in g S taem en ts T h is p resn taio n asw el aso ral stem en ts m ad e b y o ficers o r d irecto rs o f A leg ian t T rav el C o m p an y , itsad v iso rs an d afiltes(co lectiv ely o r sep artely , th e "C o m p an y ") w il co n tain fo rw ard -lo o k in g staem en ts h at reo n ly p red icto n s an d in v o lv e risk s an d u n certain ties. F o rw ard -lo o k in g staem en ts m ay in clu d e, am o n g o th ers, fn ces to fu tu re p erfo rm an ce an d an y co m m en ts ab o u t o u r staeg ic p lan s. T h er am an y risk facto rs th at co u ld p rev en t u s fro m ach iev in g o u r g o als n d cau se th e u n d erly in g asu m p tio n s o f th es fo rw ard -lo o k in g staem en ts, an d o u r actu al resu lts, o d ifer m aterily fro m th o se x p resd in , o r im p lied b y , o u r fo rw ard -lo o k in g staem en ts. T h es rik facto rs an d o th ers am o re fu ly d iscu sed in o u r filn g s w ith th e S ecu rites an d E x ch an g e C o m m iso n . A n y fo rw ard - lo o k in g staem en ts areb ased o n in fo rm atio n av ailb le to u s to d ay an d w e u n d ertak e n o o b lig atio n to u p d ate p u b licy an y fo rw ard -lo o k in g staem en ts, w h eth er asu lt o f u tu re v en ts, n ew in fo rm atio n o r o th erw ise. T h e C o m p an y cau tio n s u ser o f th is p resn taio n n o t o p lace u n d u e rlian ce o n fo rw ard lo o k in g staem en ts, w h ich m ay b e b ased o n asu m p tio n s an d an ticp ated ev en ts h at d o n o t m aterilz.

2 F ix ed -F e F ly in g R e-star o f A leg ian t in 2 0 0 2 b ased o n fix ed -fe co n tracs w ith H arh ’s – F o u n d atio n fo r ev ery th in g th at’s h ap p en ed sin ce C o m p lem en tary to sch ed u led sy stem – L o w u tilzao n o f sch ed u led fleto fers am p le o p p o rtu n ity to selch arte flig h ts – A leg ian t’s flex ib le, o w -co st ru ctu re w el-su ited to aco m m o d ate ch arte q u irem en ts S tab le b u sin es – F u el p ro tecd – L o w o v erh ead an d litem ark etin g req u ired to sel ch artes – G o o d lo n g -term relatio n sh ip s w ith m ajo r v en d o rs F o u n d atio n , co m p lem en tary & stab le b u sin es

3 F ix ed -F e F ly in g T rack ch artes – H arh ’s E n terain m en t B ase in R en o , N V , L au g h lin , N V , T u n ica, MS (n ew 1 /1 /0 8 ) E x ten sio n o f ag rem en t th ro u g h D ecm b er 3 1 , 2 0 1 1 – B ah a Mar E n terain m en t F lig h ts o N asu , T h e B ah am as fo r C ry stal P alce C asin o A p p ro x im ately 8 – 1 0 trip s p er m o n th flo w n o u t o f S an fo rd – P u rsu in g ad d ito n al o p p o rtu n ites A d h o c – m ajo r seao n al o p p o rtu n ites n clu d e: – March

Mad n es – F o o tb al U S D ep artm en t o f D efn se: u b m ited fin al d o cs O ct 2 0 0 8 A l fo u r MD -8 7 aircftw il b e d ed icated to ch artes in 2 0 0 9 B u sin es lin es

4 F ix ed -F e F ly in g R ecn t g ro w th T y p icaly slo w - g ro w in g relativ e to o u r sch ed u led b u sin es – B o o st h is y ear b ecau se o f n ew T u n ica fly in g – 1 0 % o f rev en u es fo r Y E 3 Q 0 8 C o n siten tly p ro fitab le – A d -h o c esp ecialy ism o re p ro fitab le th an av erag e co st an aly si h o w s, in ce it in cu rs o n ly m arg in al co st We x p ect o b e ab le to g ro w th is b u sin es b u t d o n o t p red ict h at g ro w th , ev en in o u r o w n m o d els B lo ck h o u rs R ev en u e (m m ) 2 0 0 5 2 0 0 6 2 0 0 7 Y E 3 Q 0 8 1 2 ,0 0 0 1 0 ,0 0 0 8 ,0 0 0 6 ,0 0 0 4 ,0 0 0 2 ,0 0 0 0

$ 6 0 $ 5 0 $ 4 0 $ 3 0 $ 2 0 $ 1 0 $ 0

5 F ix ed -F e F ly in g 2 0 0 7 - 2 0 0 8 b lo ck h o u r ev o lu tio n 2 Q , 3 Q in creas o v er p rio r y ear flctsp rim arily : – T u n ica, MS fly in g fo r H arh ’s (tared 1 /1 /0 8 ) – A n d in 3 Q esp ecialy , n ew fly in g fo r ML T v actio n s (n o w ceasd ) 2 0 0 7 2 0 0 8 Q 1 Q 2 Q 3 Q 4 3 ,0 0 0 2 ,5 0 0 2 ,0 0 0 1 ,5 0 0 1 ,0 0 0 5 0 0 0

6 F ix ed -F e F ly in g N ew ch arte p lan n in g team o n March 1 , 2 0 0 8 V ig o ro u s an d resp o n siv e salp p ro ach – A d -h o c b ro k er o u treach an d salecto track -ch arte v en d o rs – F o r in stan ce, h o sted firstev er ch arte b ro k er m etin g R en ew ed ex ecu tio n em p h asi – B etr co o rd in atio n w ith /o f o p eratio n s g ro u p s S p ecial rq u est: w h at ch arte cu sto m ers w an t, h ey g et – P o sitv e cu sto m er fd b ack an d req u est fo r ep eat srv ice T ig h ten ed p ro ces/rik m an ag em en t, su ch asn ew ch arte g rem en t: – C o n siten t w ith n ew D O T g u id an ce – In creasd secu rity d ep o sit req u irem en ts – E lim in ates fu el p rice o v ery risk R ecn t d ev elo p m en ts

7 F ix ed -F e F ly in g R ed u ctio n in ch arte cp acity fro m in d u stry d islo catio n s – A T A – C h am p io n – X tra – Q u estio n m ark s o v er P rim aris & S u n

C o u n try B u t n atu re ab h o rs a v acu u m , so o th er caish av e in creasd ch arte civ ity : – E x p resJt – JetB lu e – A irT ran – V irg in A m erica C o m p etiv e lan d scap e

8 H arh ’s C o n trac 2 0 0 9 an d b ey o n d C u ren tly efctiv ely p ay ab o u t $ 1 .2 5 /g alo n o n H arh ’s track fly in g F ro m Jan 1 , H arh ’s fly in g w il refctan efctiv e fu el p rice o f zero /g al – T h is m ean s co m m en su rate d u ctio n s in b o th rev en u e an d co st ao ciated w ith th is fly in g T h er isalo alim ited sh arin g m ech an ism fo r fu el p rice sk w ith ap ro fit m arg in cap an d flo o r – A s fu el p rice n creas, p ro fit m arg in d ecras n d v ice- v ersa w ith in arn g e o f u el p rices fo m L O W to H IG H A t L O W, o u r m arg in sh o u ld ex ced h isto rical m arg in s A t H IG H , o u r m arg in sh o u ld b e b elo w h isto rical m arg in s We’r cu ren tly m u ch clo ser to L O W th an H IG H – We x p ect h e v o lu m e o f ly in g w ith H arh ’s to rem ain co n stan t We w il n o t p ay fo r fu el o n H arh ’s fly in g , 2 0 0 9 an d b ey o n d

A L G T In v esto r D ay : F ix ed F e F ly in g N o v em b er 2 0 0 8 B rian D av is, D irecto r o f A irp o rt & C h arte P lan n in g