We will expand service for our guests on the West Coast, in Hawaii, in Alaska, and beyond, while
maintaining robust Neighbor Island service, which we know provides a critical link for families, business, and everyday life, and also increasing cargo capacity as well.
By combining our complementary networks, we will serve 138 destinations directly and more than 1,200 globally through the oneworld Alliance.
We will maintain and grow union-represented jobs in Hawaii, continue to invest in our employees careers, and continue to expand the workforce
development programs pioneered by both airlines.
We will be stronger together to compete, to maintain and grow jobs, to build careers, and to
invest in communities and in a sustainable future for our airlines.
I am sincerely grateful to the employees of both companies, who continually raise the
bar for service and hospitality, and I look forward to what we can create together in the years to come.
PETER
As companies that proudly reflect the cultures, geographies, and spirit of the 49th and 50th states, both of which are uniquely reliant on air travel, Alaska and Hawaiian are a strong cultural fit. We are aligned in our commitment to service and excellence in the way in which we take care
of our ohana and in our support for our communities. This commitment will continue now and into the future.
We are optimistic for this next chapter of
Hawaiians journey, and for the bright future ahead for our combined airlines.
***
Forward-Looking Statements
This communication
contains forward-looking statements subject to the safe harbor protection provided by the federal securities laws, including statements relating to the expected timing of the closing of the pending acquisition (the Transaction) of
Hawaiian Holdings Inc. (Hawaiian Holdings) by Alaska Air Group, Inc. (Alaska Air Group); considerations taken into account by Alaska Air Groups and Hawaiian Holdings Boards of Directors in approving the
Transaction; and expectations for Alaska Air Group and Hawaiian Holdings following the closing of the Transaction. There can be no assurance that the Transaction will in fact be consummated. Risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward‐looking statements include: the possibility that Hawaiian Holdings shareholders may not approve the adoption of the merger agreement; the risk that a condition to closing of the Transaction
may not be satisfied (or waived); the ability of each party to consummate the Transaction; that either party may terminate the merger agreement or that the closing of the Transaction might be delayed or not occur at all; possible disruption related
to the Transaction to Alaska Air Groups or Hawaiian Holdings current plans or operations, including through the loss of customers and employees; the diversion of management time and attention from ongoing business operations and
opportunities; the response of competitors to the Transaction; a failure to (or delay in) receiving the required regulatory clearances for the Transaction; uncertainties regarding Alaska Air Groups ability to successfully integrate the
operations of Hawaiian Holdings and Alaska Air Group and the time and cost to do so; the outcome of any legal proceedings that could be instituted against Hawaiian Holdings, Alaska Air Group or others relating to the Transaction; Alaska Air
Groups ability to realize anticipated cost savings, synergies or growth from the Transaction in the timeframe expected or at all; legislative, regulatory and economic developments affecting the business of Alaska Air Group and Hawaiian
Holdings; general economic conditions including those associated with pandemic recovery; the possibility and severity of catastrophic events, including but not limited to, pandemics, natural disasters, acts of terrorism or outbreak of war or
hostilities; and other risks and uncertainties detailed in periodic reports that Alaska Air Group and Hawaiian Holdings file with the Securities and Exchange Commission (SEC). All forward-looking statements in this communication are
based on information available to Alaska Air Group and Hawaiian Holdings as of the date of this communication. Alaska Air Group and Hawaiian Holdings each expressly disclaim any obligation to publicly update or revise the forward-looking statements,
except as required by law.
Additional Information and Where to Find It
Hawaiian Holdings, its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with the
Transaction. Hawaiian Holdings plans to file a proxy statement (the Transaction Proxy Statement) with the SEC in connection with the solicitation of proxies to approve the Transaction.
Daniel W. Akins, Wendy A. Beck, Earl E. Fry, Lawrence S. Hershfield, C. Jayne Hrdlicka, Peter R. Ingram, Michael E. McNamara, Crystal K. Rose, Mark D.
Schneider, Craig E. Vosburg, Duane E. Woerth and Richard N. Zwern, all of whom are members of Hawaiian Holdings board of directors, and Shannon L. Okinaka, Hawaiian Holdings chief financial officer, are participants in Hawaiian
Holdings solicitation. None of such participants owns in excess of one percent of Hawaiian Holdings common stock. Additional information regarding such participants, including their direct or indirect interests, by security holdings or
otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Please refer to the information relating to the foregoing (other than for Messrs. Akins and
Woerth) under the caption Security Ownership of Certain Beneficial Owners and Management in Hawaiian Holdings definitive proxy statement for its 2023 annual meeting of stockholders (the 2023 Proxy Statement), which was
filed with the SEC on April 5, 2023 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1172222/000117222223000022/ha-20230405.htm#i2d8a68908cc64c37bbeca80e509abb72_31. Since the filing of
the 2023 Proxy Statement, (a) each director (other than Mr. Ingram) received a grant of 13,990 restricted stock units that will vest upon the earlier of (i) the day prior to Hawaiian Holdings 2024 annual meeting of stockholders
or (ii) a change in control of Hawaiian Holdings; (b) Mr. Ingram received a grant of 163,755 restricted stock units; and (c) Ms. Okinaka received a grant of 57,314 restricted stock units. In the Transaction, equity awards
held by Mr. Ingram and Ms. Okinaka will be treated in accordance with their respective severance and change in control agreements. As of December 1, 2023, Mr. Ingram beneficially owns 340,964 shares and Ms. Okinaka
beneficially owns 86,903 shares. The 2023 proxy statement, under the caption Executive CompensationPotential Payments Upon Termination or Change in Control, contains certain illustrative information on the payments that may be owed
to Mr. Ingram and Ms. Okinaka in a change of control of Hawaiian Holdings. As of December 1, 2023, (a) Mr. Woerth beneficially owns 37,389 shares and (b) Mr. Akins beneficially owns no shares. Mr. Akins received a
grant of 13,990 restricted stock units that will vest upon the earlier of (a) the day prior to Hawaiian Holdings 2024 annual meeting of stockholders or (b) a change of control.
Promptly after filing the definitive Transaction Proxy Statement with the SEC, Hawaiian Holdings will mail the definitive Transaction Proxy Statement and a
WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the Transaction. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT
DOCUMENTS THAT HAWAIIAN HOLDINGS WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement,
any amendments or supplements thereto, and any other relevant documents filed by Hawaiian Holdings with the SEC in connection with the Transaction at the SECs website (http://www.sec.gov). Copies of Hawaiian Holdings definitive
Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Hawaiian Holdings with the SEC in connection with the Transaction will also be available, free of charge, at Hawaiian Holdings
investor relations website (https://newsroom.hawaiianairlines.com/investor-relations), or by writing to Hawaiian Holdings, Inc., Attention: Investor Relations, P.O. Box 30008, Honolulu, HI 96820.