Today, the airline industry continues to be impacted by increasing fuel prices
with Brent crude oil prices exceeding $120 per barrel in March 2012. Our economic fuel
expense is currently anticipated to increase more than $200 million in first quarter 2012,
alone (based on current and forward hedged prices and as compared to first quarter
2011 combined economic fuel expense). To combat ever-rising fuel costs, we are
adapting our business to drive more revenues while staying true to low fares and no
hidden fees. In 2011, we grew revenues through revenue management and route
network optimization, while continuing our focus on value-add products such as
Business Select and EarlyBird Check-InTM. Compared to four years ago, we generated
$4 billion more in 2011 revenue due to a variety of successful initiatives.