The aforementioned investments were included in the Company's five-year annual targets through 2026 for operating costs and capital spending provided at its Investor Day in December 2021—annual inflation in operating expenses per available seat mile (CASM, or unit costs), excluding fuel, profit-sharing, and special items, in the low single digits range, and average annual capital spending of approximately $3.5 billion.

¹Fare difference may apply.

²Failure to cancel a reservation at least 10 minutes prior to scheduled departure may result in forfeited flight credits.

³Boarding positions will be automatically reserved for you and the Passengers on your reservation 36 hours prior to the flight. You and Passengers on your reservation will still need to check in within 24 hours of scheduled departure to retrieve your boarding passes. Some restrictions apply. These restrictions include, but are not limited to, your reservation must be booked 36 hours prior to scheduled departure; on group travel itineraries, priority boarding will only apply to A-List and A-List Preferred Members.

⁴Same-day change: On the day of travel, you can switch free of airline charges to another flight with space available departing on the same calendar day between the same origin airport and destination airport as your original flight. With the exception of A-List Preferred and A-List Members, Customers who purchase Wanna Get Away® fares are not eligible for free same-day change. Same-day standby: You can list for same-day standby for an earlier flight via a Southwest Customer Service Agent at the airport or the Southwest app or mobile web. You will receive a message based on the contact preference selected during booking if you are cleared on the flight. For both same-day change and same-day standby, you must change your flight or request to be added to the same-day standby list at least 10 minutes prior to the scheduled departure of your original flight or the no-show policy will apply. If using the app or mobile web for standby, you must list your name 30 minutes ahead of scheduled departure. You will be required to pay any government taxes and fees associated with these itinerary changes but refunds will be provided. Your original boarding position is not guaranteed. Southwest Business Customers booked through travel agencies may need to see a Southwest agent at the airport for both a same-day change or standby listing. See Southwest.com/standby for more details.

⁵Points can be earned from (a) Qualifying Flights (defined below) operated by Southwest, or (b) through qualifying purchases with our Rapid Rewards partners. For flights completed on or before 2:59 AM Central Standard Time (“CST”) on 1/1/25, “Qualifying Flights” include flights operated by Southwest Airlines® and paid entirely with dollars, Southwest LUV Vouchers®, gift cards, or flight credits and with no portion of the purchase price paid with Rapid Rewards points or Rapid Rewards Business points. For flights completed on or after 3:00 AM CST on 1/1/25, “Qualifying Flights” include flights operated by Southwest Airlines® and paid entirely with dollars, Southwest LUV Vouchers, gift cards, or flight credits and those paid with Cash + Points. NOTE: With a Cash + Points booking, points are earned only on the portion of the base fare that is paid with dollars. Qualifying Flights exclude reward flights, charter flights, nonrevenue travel, and Companion Pass travel. All Rapid Rewards rules and regulations apply and can be found at Southwest.com/rrterms.

⁶Priority Lane and Express Lane (where available) are designed to speed our Business Select and Anytime Customers, as well as A-List, and A-List Preferred Members, through check-in and security lines. Priority Lane is at the Southwest check-in counter, and Express Lane is at the security checkpoint.

⁷Where available. Available only on WiFi-enabled aircraft. Limited-time offer.

⁸Drink coupons for A-List Preferred Members: On select flights over 250 miles, A-List Preferred Members receive up to two complimentary premium drinks per leg. Service may be modified or limited at Southwest's discretion. Drink coupons are subject to availability. This coupon has no cash value. Drink coupon is void if altered, sold, purchased, brokered, or bartered. Non-exchangeable for other goods or services. Southwest Airlines reserves the right to discontinue its drink coupon program at any time. Coupon is invalid after expiration date and will not be updated or replaced. Must be 21 or older to consume alcoholic beverages. Alcohol purchased with drink coupons must be consumed onboard the aircraft. Beverage options may change at any time and are subject to availability.

⁹As of May 2024, there are 124 movies in our Library.

¹⁰iOS Customers only, branded by Apple as "Preview Flight."

¹¹Transferable Flight Credit™ allows you to transfer your flight credit to someone else. Both must be Rapid Rewards® Members and only one transfer is permitted. For bookings made through a Southwest® Business channel, there is a limitation to transfer only between employees within the organization.

¹²Companion Pass Qualifying Points Boost: As a Southwest Rapid Rewards Cardmember, you will earn one boost of 10,000 Companion Pass qualifying points each calendar year. The boost will be deposited into your eligible Rapid Rewards account by January 31st each calendar year or up to 30 days after account opening. To receive Companion Pass qualifying points boost your credit card account must be open and not in default at the time of fulfillment. Only one credit card account per Southwest Rapid Rewards Member (Rapid Rewards Member must be the primary Cardmember on that account), is eligible for one boost of 10,000 Companion Pass qualifying points per calendar year. JPMorgan Chase Bank, N.A. is not responsible for the provision of, or failure to provide, the stated benefits and services.

All Rapid Rewards® rules and regulations apply and can be found at Southwest.com/rrterms.

Cautionary Statement Regarding Forward-Looking Statements:

This website contains 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. Specific forward-looking statements include, without limitation, statements related to (i) the Company's initiatives, strategic priorities and focus areas, goals, and opportunities, including with respect to Customer experience enhancements, improved self-service options, upgraded Wi-Fi and ongoing improvements, in-seat power, larger overhead bins, new seating, refreshed cabin design, digital experience upgrades, and airport experience enhancements; (ii) the Company's plans and expectations with respect to assigned and premium seating, including expected benefits, Customer demand, timing of implementation and bookings, boarding process, and cabin layout; and (iii) the Company's financial and operational outlook, expectations, goals, plans, and projected results of operations, including with respect to its capital spending and initiatives, and including factors and assumptions underlying the Company's expectations and projections. These forward-looking statements are based on the Company's current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of fears or actual outbreaks of 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, banking conditions, fears or actual acts of terrorism or war, sociodemographic 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; (ii) the Company's ability to timely and effectively implement, transition, operate, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives, including with respect to revenue management; (iii) the cost and effects of the actions of activist shareholders; (iv) the Company's ability to obtain and maintain adequate infrastructure and equipment to support its operations and initiatives; (v) 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; (vi) the Company's dependence on The Boeing Company ("Boeing") and Boeing suppliers with respect to the Company's aircraft deliveries, Boeing MAX 7 aircraft certifications, fleet and capacity plans, operations, maintenance, strategies, and goals; (vii) the Company's dependence on the Federal Aviation Administration with respect to safety approvals for the new cabin layout and the certification of the Boeing MAX 7 aircraft; (viii) the Company's dependence on other third parties, in particular with respect to its technology plans, its plans and expectations related to revenue management, operational reliability, fuel supply, maintenance, Global Distribution Systems, and the impact on the Company's operations and results of operations of any third party delays or non-performance; (ix) the Company's ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (x) the impact of labor matters on the Company's business decisions, plans, strategies, and results; (xi) the impact of governmental regulations and other governmental actions on the Company's business plans, results, and operations; (xii) the Company's dependence on its workforce, including its ability to employ and retain sufficient numbers of qualified Employees with appropriate skills and expertise to effectively and efficiently maintain its operations and execute the Company's plans, strategies, and initiatives; (xiii) the emergence of additional costs or effects associated with the cancelled flights in December 2022, including litigation, government investigation and actions, and internal actions; and (xiv) 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, 2023, and in the Company's Form 10-Q for the fiscal quarter ended June 30, 2024.