#1#2Welcome Ryan Martinez Vice President Investor Relations#3Cautionary Statement Regarding Forward-Looking Statements The Company's 2022 Investor Day presentations and slides contain 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. Forward-looking statements are based on, and include statements about, the Company's current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, statements related to (i) the Company's financial outlook, goals, expectations, plans, position, strategies, and projected results of operations, including factors and assumptions underlying the Company's expectations and projections; (ii) the Company's strategic priorities and initiatives, including the Company's plans for focus areas in 2023; (iii) the Company's Vision; (iv) the Company's hiring plans and expectations; (v) the Company's network and growth plans, expectations, and opportunities, and the associated utilization of its fleet, including with respect to the restoration of the Company's network and maturation of new markets; (vi) the Company's plans and expectations with respect to its revenue management system modernization; (vii) the Company's goals related to diversity, equity, and inclusion, and environmental sustainability; (viii) the Company's plans and ex ns regarding its fleet and fleet delivery schedule, including fleet retirements and modernization and other factors and assumptions underlying the Company's plans and expectations; (ix) the Company's plans and expectations with respect to Southwest Business and Global Distribution Systems (GDS), including with respect to managed business revenues; (x) the Company's plans, expectations, and goals with respect to capacity; (xi) the Company's expectations with respect to fuel costs, fuel efficiency, hedging gains, and the Company's related management of risks associated with changing jet fuel prices, including factors underlying the Company's expectations; (xii) the Company's plans, estimates, and assumptions related to repayment of debt obligations, interest expense, and capital spending; (xiii) the Company's capital allocation priorities, including its goals and expectations with respect to dividends and share repurchases; (xiv) the Company's plans and expectations with respect to Customer experience enhancements, including upgrades to WiFi hardware, larger bins, and seat power installations; (xv) the Company's productivity goals, including factors and assumptions underlying the Company's plans and expectations; (xvi) the Company's plans for improving operating leverage; (xvii) the Company's plans for improving operating quality; (xviii) the Company's plans for frontline staffing and tools; and (xix) the Company's plans for driving value from the Southwest Business Model. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary from those expressed in or indicated by them. Factors include, among others, (i) the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), consumer perception, economic conditions, fears of terrorism or war, socio-demographic trends, 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; (ii) any negative developments related to the COVID-19 pandemic, including, for example, with respect to the duration, spread, severity, or any recurrence of the COVID-19 pandemic or any new variant strains of the underlying virus; the effectiveness, availability, and usage of COVID-19 vaccines; the impact of government mandates, directives, orders, regulations, and other governmental actions related to COVID-19 on the Company's business plans and its ability to retain key Employees; the extent of the impact of COVID-19 on overall demand for air travel and the Company's related business plans and decisions; and the impact of the COVID-19 pandemic on the Company's access to capital; (iii) the Company's dependence on its workforce, including its ability to employ sufficient numbers of qualified Employees to effectively and efficiently maintain its operations; (iv) 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; (v) the Company's dependence on Boeing with respect to the Company's fleet delivery schedule, operations, strategies, and goals; (vi) the Company's dependence on other third parties, in particular with respect to its fuel supply; environmental sustainability initiatives and the production, transport, storage, blending, and distribution of sustainable aviation fuel; operational improvements; and corporate travel enhancements; and the impact on the Company's operations and results of operations of any third party delays or nonperformance; (vii) the impact of governmental regulations and other governmental actions on the Company's business plans and operations; (viii) 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; (ix) the impact of legislative and regulatory activity related to environmental sustainability, in particular with respect to carbon emissions, sustainable aviation fuel tax credits, and compliance requirements; (x) the Company's ability to timely and effectively implement and maintain the necessary processes to support the utilization of sustainable aviation fuel; (xi) the continuation of government support for renewable fuels generally; (xii) the consequences of competition with other existing and new sources of aviation fuel, whether or not sustainable; (xiii) the Company's dependence on Boeing and the Federal Aviation Administration with respect to the certification of the Boeing MAX 7 aircraft; (xiv) the impact of labor matters on the Company's business decisions, plans, and strategies; and (xv) 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, 2021, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. Southwest Page 3#4Presentation Bob Jordan Chief Executive Officer#5Proven Track Record We have an unmatched record of financial performance in the U.S. airline industry, emerging from the pandemic with an improved competitive position Page 5 Southwest has a proven track record of industry leadership, and its business model and Vision remain intact Southwest has improved its competitive position in the industry due to managing well through the pandemic Southwest is restoring its route network and preparing for growth, with a goal to return to its superior pre-pandemic financial performance Southwest#6Strategic Priorities Support our Purpose and Vision Our five strategic priorities remain unchanged through 2026 Page 6 Reinvigorate our winning Culture Win more Customers and grow revenue Modernize the operation Do well by doing good Maintain our low-cost advantage Purpose Connect People to what's important in their lives through friendly, reliable, and low-cost air travel Vision To be the world's most loved, most efficient, and most profitable airline Southwest#72022 Focus Areas We focused on the basics' this year with a goal to stabilize our business, and we made significant progress in each area Return to consistent profitability Get properly staffed Restore our Customer Service advantage Focus on our People and our Culture Get back to our historic operational reliability and efficiency Get properly staffed • Expect to hire >10,000 net Employees in 2022 Surpassed 2019 staffing levels in May 2022 Focus on our People and our Culture Implemented initiatives to champion inclusive environment and experience for all Employees Get back to our historic operational reliability and efficiency • Significant operational performance improvement since May 2022 Restore our Customer Service advantage Returned to #1 Customer Service position and remain in lead per DOT reporting ¹ ● Return to consistent profitability Returned to profitability in March 2022, and continue to expect full year 2022 profit Page 71. The Department of Transportation (DOT) ranks all U.S. carriers based on the lowest ratio of complaints per 100,000 passengers enplaned, as published in the DOT Air Travel Consumer Southwest Report (ATCR). Southwest earned the best Customer Satisfaction ranking among U.S. Marketing Carriers for January through September 2022, the most recent time period published in the ATCR.#82023 Focus Areas We are ready to move past 'the basics' of recovering from the pandemic as our business has stabilized, and we aim to thrive in 2023 Produce strong financial results and improve our low-cost edge Page 8 Live our Southwest Way Values Restore our network and fly the full fleet Build on our legendary Hospitality Be consistently reliable and operate with excellence Live our Southwest Way Values We win when we support each other, serve others, and work together as a Team ● Build on our legendary Hospitality Offer service our Employees are proud of and our Customers trust This is how we create Customer loyalty Be consistently reliable and operate with excellence Provide modern tools and procedures that enable an energetic pace, while keeping Safety our top focus ● Restore our network and fly the full fleet Staff properly and show up to support each other and our Customers, which allows for better productivity Produce strong financial results and improve our low-cost edge Win Customers and out-hustle the competition Southwest#9#10Diversity, Equity, and Inclusion Our Diversity, Equity, and Inclusion (DEI) goals are aimed at strengthening our Culture, and our Board of Directors set a goal to increase diverse representation by 2025 In 2020, we set the following Company goals: Executive diversity Double the percentage of racial diversity and increase gender diversity of our Senior Management Committee (Executive group) by 2025 Senior Leadership diversity Measure progress in increasing diversity in Senior Leaders Hiring and development Evolve hiring and development practices to support diversity goals, including posting all open Leadership positions (Supervisor to Vice President) Community partners Engage breadth of community partners to leverage the Company's relationships as we source diverse talent Key actions taken: Formed cross-functional Executive Steering Committee to support strategic direction of DEI efforts and progress Page 10 ● ● ● ● ● ● Launched DEI Report Expanded and increased our Diversity Council Held Company-wide Inclusion Summit Bolstered DEI talent pipeline and Leadership hiring requirements Published Human Rights Policy Refined our Supplier Diversity Program Provided DEI Training for Employees and required Diversity Hiring training for Hiring. Leaders We made great progress toward our goals in 2022 and were named one of Forbes' 2022 Best Employers for Diversity in America Southwest#11Environmental Sustainability We have made progress toward our goal to achieve full carbon neutrality by 2050 and continue to expect to achieve our near-term goals by 2030 Environmental sustainability targets through 2030: Maintain carbon neutral growth to 2019 levels every year through 2030 Cap net carbon emissions at 2019 levels as available seat mile (ASM) growth resumes Reduce: At least 20% reduction in carbon emissions intensity by 2030 vs. 2019 Reduce carbon emissions per ASM through a combination of fleet modernization and operational fuel conservation efforts Replace: 10% of total fuel replaced with SAF by 2030 Secure diverse portfolio of sustainable aviation fuel (SAF) through offtake agreements Offset: Purchase carbon offsets for remaining gap to meet 2030 target Launch a Customer carbon offset program, with matching and Rapid Rewards points; and purchase additional carbon offsets, as needed Key actions taken: ● Published SAF policy Secured SAF offtake agreements with Neste and Velocys Launched SAF use at Oakland Airport Invested in SAFFIRE Renewables Continued fleet modernization and plan to retire 26 older 737-700 aircraft in 2022 Launched Wanna Offset Carbon program Purchased carbon offsets to offset Employee business and charitable travel for 20211 Launched work to support TCFD² reporting for 2022 reporting year Committed $10M to Yale University's Center for Natural Carbon Capture We made great progress in 2022 with line of sight to achieving 2030 goals 1. The funds used to purchase the 2021 offsets came from the Southwest Airlines Foundation, a corporate advised fund facilitated by Silicon Valley Community Foundation. The 2021 offsets were purchased through a donation to Carbonfund, a non-profit that provides carbon offsetting and greenhouse gas reduction options to individuals, businesses, and organizations. Business Page 11 travel represents Company Non-Revenue Must Ride (NRMR) flights, inclusive of all Frontline and Headquarters Employees' work-related travel, including deadheading Employees. This Southwest excludes flights flown on other airlines. Charitable travel represents E-passes donated to national and local charitable partners and programs. 2. Task Force on Climate-Related Financial Disclosures (TCFD)#12#13#14#15#16#17#18#19#20#21#22#23#24#25#26#27#28#29#30#31#32#33#34#35#36#37#38#39#40#41#42