#1 The acquisition resulted from the vesting of Performance Stock Units (PSUs) pursuant to the attainment of certain performance goals over a three-year period ending December 31, 2023, in accordance with the terms of a PSU award agreement originally granted on February 9, 2021, under the Issuer's 2016 Performance Incentive Plan and per approval by the Board's Compensation Committee on February 13, 2024.

#2 The shares withheld were an exempt disposition to the Issuer under Rule 16b-3(e) to satisfy tax withholding obligations arising out of the vesting of PSUs and settled with shares by the reporting person.

#1 The price reported in column 4 is a weighted average price. These shares sold in multiple transactions at prices ranging from $63.5403 to $63.5900, inclusive. The reporting person undertakes to provide to Alaska Air Group, Inc., any security holder of Alaska Air Group, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

#2 Includes 211 shares acquired under the Alaska Air Group, Inc. Employee Stock Purchase Plan (ESPP) on April 30, 2024, and 163 shares acquired under the ESPP on October 31, 2024, in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).

#1 Restricted Stock Units (RSUs) convert to common stock on a one-for-one basis.

#2 The shares withheld were an exempt disposition to the Issuer under Rule 16b-3(e) to satisfy tax withholding obligations arising out of the vesting of RSUs and settled with shares by the reporting person.

#1 Restricted Stock Units (RSUs) convert to common stock on a one-for-one basis.

#2 The shares withheld were an exempt disposition to the Issuer under Rule 16b-3(e) to satisfy tax withholding obligations arising out of the vesting of RSUs and settled with shares by the reporting person.