Southwest Airlines Investor Presentation — December 2022

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New York Stock Exchange

December 7, 2022Ryan Martinez

Vice President Investor RelationsWelcomePage 3

Cautionary 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 stateme nts about, the Company’s current

estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of fut ureperformance. 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 unde rlying 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 Com pany’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 itsfleet, 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 ma nagement system modernization; (vii) the

Company’s goals related to diversity, equity, and inclusion, and environmental sustainability; (viii) the Company's plans and expectations regarding its fleet and fleet delivery