ALASKA AIR GROUP, INC.

Reconciliation of Non-GAAP Financial Measures

The following table reconciles the Company's reported GAAP adjusted pre tax margin for the twelve months ended December 2024.

SCAN TO VIEW MATERIALS & VOTEw ALASKA AIR GROUP, INC. PO BOX 68947 VOTE BY INTERNET SEATTLE, WA 98168Before The Meeting - Go to www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time or on May 7, 2025 (11:59 P.M. Eastern Time on May 5, 2025 for the Employee Plans). Have your proxy card in hand when you access the web site and followthe instructions to obtain your records and to create an electronic voting instruction form. During The Meeting - Go to www.virtualshareholdermeeting.com/alk2025 You may attend the Meeting via the Internet and vote during the Meeting. Have the informationthat is printed in the box marked by the arrow available and follow the instructions. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Timeon May 7, 2025 (11:59 P.M. Eastern Time or on May 5, 2025 for the Employee Plans). Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope wehave provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. V64735-P22531 ALASKA AIR GROUP, INC.ForWithholdForAll To withhold authority to vote for any individualAll AllExceptnominee(s), mark "For All Except" and write the The Board of Directors recommends a vote FOR all the number(s) of the nominee(s) on the line below. nominees listed below. 1.Election of Directors to One-Year Terms!!! Nominees: 01)Patricia M. Bedient06)Adrienne R. Lofton 02)James A. Beer07)Ben Minicucci 03)Raymond L. Conner08)Helvi K. Sandvik 04)Daniel K. Elwell09)Peter A. Shimer 05)Kathleen T. Hogan10)Eric K. Yeaman The Board of Directors recommends a vote FOR each of ForAgainstAbstainThe Board of Directors recommends a vote AGAINST the ForAgainstAbstainthe following proposals 2-7.following proposal. 2.Approval (on an advisory basis) the compensation of the 8.AstockholderproposaltoamendtheCompany’s !!!!!! Company's Named Executive Officers.clawback policy. 3.Ratification of the appointment of KPMG LLP as the !!!9.Other business as may properly come before the meeting Company's independent registered public accountants or any postponement or adjournment thereof. for the fiscal year 2025. 4.Approval of amendments to the Company's Amended !!!The foregoing items of business are more fully described in the and Restated Certificate of Incorporation (CertificateProxy Statement accompanying this card. The Board of Directorsof Incorporation) to comply with foreign ownershipof the Company has fixed the close of business on March 14, 2025, limitations imposed by federal law on U.S. air carriers.as the record date for the determination of stockholders entitled to notice of, and to vote at, the Annual Meeting and at any adjournment or postponement thereof. Incorporation to provide for exculpation of certain officers!!! This proxy is solicited on behalf of the Company’s Board and remove obsolete provisions. 5.Approval of amendments to the Certificate of of Directors. The shares represented by this proxy will be voted in accordance with the instruction given by the undersigned Performance Incentive Plan. 6.Approval of amendments to the Company’s 2016!!! Stockholder(s). The Board of Directors recommends thefollowing votes on the proposals above: all the nominees 7.Approval of amendments to the Company’s Employee listed on Proposal 1, a vote FOR each of proposals 2 !!! Stock Purchase Plan.through 7 and a vote AGAINST proposal 8. Authorized Signatures Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Proxy Statement and Form 10-K are available at www.proxyvote.com. V64736-P22531 ALASKA AIR GROUP, INC. ANNUAL MEETING OF STOCKHOLDERS May 8, 2025, 8:00 A.M. PACIFIC TIME THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The stockholder hereby appoints Ben Minicucci and Kyle B. Levine, or either of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side of this card, all of the shares of Common Stock of Alaska Air Group, Inc. that the stockholder is entitled to vote at the Annual Meeting of Stockholders. If applicable, the undersigned has the right to give voting instructions to Fidelity Management Trust Company, Trustee of Alaska Airlines, Inc. Alaskasaver Plan, the Alaska Airlines, Inc. COPS, MRP and Dispatch 401(k) Plan, and the Horizon Air Savings Investment Plan, and the Alaska Airlines, Inc. Pilots Investment and Savings Plan, at the Annual Meeting of Stockholders. This form, when properly executed, will be voted as directed. If voting instructions are not received by the proxy tabulator by 11:59 p.m., Eastern Time, May 5, 2025, these shares will not be voted by the Trustees. The Annual Meeting of Stockholders is to be held online at www.virtualshareholdermeeting.com/alk2025 at 8:00 a.m. Pacific Time on Thursday, May 8, 2025 and at any adjournment or postponement thereof. When this proxy is properly executed, the shares to which the proxy relates will be voted as directed. If no such directions are made, this proxy will be voted FOR all the nominees listed and FOR Proposals 2 through 7 and AGAINST 8. Please mark, sign, date and return this proxy card promptly using the enclosed reply envelope or by voting over the Internet or by telephone. Continued and to be signed on reverse side

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Proxy Statement and Form 10-K are available at www.proxyvote.com. V64736-P22531 ALASKA AIR GROUP, INC. ANNUAL MEETING OF STOCKHOLDERS May 8, 2025, 8:00 A.M. PACIFIC TIME THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIREC