Southwest Airlines Investor Presentation — March 2022

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J.P. Morgan Industrials Conference

Southwest Airlines Co.

Tammy Romo, EVP & CFO

March 15, 2022Page 2

Cautionary statement regarding forward -looking statements

This presentation contains forward -looking statements within the meaning of Section 27A of the Securities Act of 1933, as amende d, 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 perform ance. 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

priorities, focus areas, and strategic initiatives, including with respect to hiring plans, route network restoration, and ne twork investment; (ii) the Company's financial

and operational outlook, goals, plans, expectations, strategies, and projected results of operations, including factors and a ssumptions underlying the Company's

expectations and projections; (iii) the Company’s goals and opportunities with respect to Southwest Business, Global Distribu tion Systems, distributing fares to

business travelers, and growing managed business revenues; (iv) the Company’s plans and expectations with respect to its expe cted new fare product and the

modernization of its revenue management system; (v) the Company’s plans and expectations with respect to its co -brand loyalty ag reement; (vi) the Company’s

plans and strategies to improve operational performance, efficiency, and reliability, including its plans to provide Employee s with new tools and processes and to