2021 Investor Day New York Stock Exchange

Cautionary statement regarding forward-looking statements The Company's 2021 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, strategies, and projected results of operations, including factors and assumptions underlying the Company's expectations and projections; (ii) the Company's Vision; (iii) the Company's strategic priorities and initiatives, including the Company's plans for focus areas in 2022 and goals related to diversity, equity, and inclusion, and environmental sustainability; (iv) the Company's plans and expectations with respect to load factor; (v) the Company's plans, expectations, and goals with respect to capacity; (v) 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; (vi) the Company's expectations regarding passenger demand, fares, and bookings, including with respect to managed business revenues; (vii) the Company's productivity goals, including factors and assumptions underlying the Company's plans and expectations; (viii) the Company's plans and expectations regarding its fleet and fleet delivery schedule, including fleet modernization and other factors and assumptions underlying the Company's plans and expectations; (ix) the Company's plans, estimates, and assumptions related to repayment of debt obligations, interest expense, and capital spending; (x) the Company's goals with respect to dividends and share repurchases; (xi) the Company's goals and opportunities with respect to Southwest Business, Global Distribution Systems, distributing fares to business travelers, and growing managed business revenues; (xii) the Company's network plans and expectations and the associated utilization of its fleet, including with respect to the restoration of the Company's network and maturation of new markets; (xiii) the Company's plans and expectations with respect to its expected new fare product; (xiv) the Company's plans and expectations with respect to a new revenue management system; (xv) the Company's plans and expectations with respect to its co-brand loyalty agreement; (xvi) the Company's plans for a more robust Southwest Vacations program; (xvii) the Company's plans and strategies to improve operational performance, efficiency, and reliability, including its plans to modernize its fleet, processes, and technical infrastructure; to mobilize its Customers and Employees with information and tools; and to optimize its decision support tools; and (xviii) the Company's plans and expectations related to labor matters. 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) 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 vaccine mandates required by Executive Order and other governmental actions 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; (ii) the impact of labor matters on the Company's business decisions, plans, and strategies; (iii) the Company's dependence on Boeing with respect to the Company's operations, strategies, and goals; (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 impact of fears or actual outbreaks of other 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 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; (vi) the Company's dependence on other third parties, in particular with respect to its fuel supply, environmental sustainability initiatives, 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 Company's dependence on its workforce, including its ability to employ sufficient numbers of qualified Employees to effectively and efficiently maintain its operations; (x) 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; (xi) the Company's ability to timely and effectively implement and maintain the necessary processes to support the utilization of sustainable aviation fuel; (xii) the Company's dependence on Boeing and the Federal Aviation Administration with respect to the certification of the Boeing MAX 7 aircraft; (xiii) 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; (xiv) the impact of the Company's obligations and restrictions related to its participation in the U.S. Department of Treasury's payroll support programs and any related negative impact on the Company's ability to retain key Employees; 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, 2020, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. 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