 Air Group is well prepared to weather another downturn • Strong hedge portfolio • Young, fuel-efficient, simple fleet • Strong network of codeshare partners, poised to benefit from Trans-Pac growth • Good progress with cost reduction • Conservative balance sheet with strong liquidity • The PNW and Alaska may fare better economically than other regions • Management team committed to shareholder returns Exhibit 99.3 |
 Alaska’s aircraft are the most fuel-efficient in operation today • Alaska Domestic Mission Rules • 1,000 statute miles • Nominal fuel burn • Pax/Bag weight = 220 lb • 100% load factor Source: The Boeing Company Better 10.76 11.16 11.65 12.38 12.63 12.75 13.12 15.36 16.49 3 8 13 18 737-900W 172 seats 737-800W 157 seats A320 149 seats 757-200 182 seats 737-700W 124 seats 737-400 144 seats A319 122 seats MD-80 140 seats DC-9 140 125 seats Fuel gallons per passenger |
   Horizon’s aircraft are among the most fuel-efficient 5.8 6.2 6.7 7.1 7.2 7.3 7.7 10.6 3 4 5 6 7 8 9 10 11 Q400 76 seats CRJ900 88 seats E190 99 seats CRJ700 70 seats Q200 37 seats CRJ200 50 seats E170 72 seats B1900 19 seats • 400 statute miles • 100% load factor Source: Bombardier Better Fuel gallons per passenger |
 Horizon Air CASM comparison • Fuel assumed at oil price of $110/bbl 23.2¢ 24.1¢ 14.9¢ 45.3¢ 34.2¢ 17.7¢ 18.4¢ 28.8¢ 16.0¢ 13.9¢ 16.6¢ 0¢ 10¢ 20¢ 30¢ 40¢ 50¢ Seattle- Portland Seattle- Missoula Seattle- Santa Rosa System Average Q200 CRJ Q400 NA Stage length (miles) 129 399 618 365 |