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