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IndustryAirline IndustryUpdate Michael LinenbergResearch Analyst+1-212-250-9254Hillary Cacanando, CFAResearch Analyst+1-212-250-3393Shannon DohertyResearch Associate+1-212-250-5935Doug Runte, CFAResearch Analyst+1-212-250-9319 Figure 5: Walk up fares - CaribbeanAirlineArrivalAlaska AirlinesCanibbeaLos AngelesAlaska AirlinesLos AngelesSan JoseJetBlueArubaNew York-JIFK三BridgetownNew York-JFKFort LauderdalelavanaJetBlveNew York-JIFKianto DomingeSantiagoJetBluePunta CandNew York-JFKSpirit ilinesFort LauderdaleSan JoseSpirit AirlinesFort LauderdaleGuayaquiSpirit AirlinesSpirit AirlinesSpirit AirlinesFort LauderdaleSan Pedro SulaSouthwest AirlinesBaltimoreMontego BaySouthwest AirlinesFort LauderdalelavanaSource : Deutsche Bank Airline Research and dbDIG, Deutsche Bank ResearchFigure 6: Walk-up fares - MexicoAlaska AirlineGuadalajara5an JosGuadalajaraLos AngelesAlaska AirlinesMexico CWYAlaska AirlinesPuerto VallartaAlaska AirlinesAlaska AirlinesPuerto VallartaSeattleAlaska AirlinesSan DiegoSan Jose del CaboJetBlueNew York-JFISpirit AirlinesCancunSpirit AirlinesCancunSpirit Airline:BaltirnorCanctSouthwest AirlinesCancunChicago-Midwayiouthwest AirlinesLos AngelesanculSouthwest AirlinesMexico CitySouthwest AirlinesLos AngelesPuerto VallartaMexico Markets AverageSource: Deutsche Banknd dbDIG, DeutsDeutscheBankSecuritiesInc. 21-day FaresFigure 28: 21-day fare summary5/27/25Geographic Market Averages1,488(2.19%)TranspaificLatin AmericaCaribbeanMexicoTranscontinentalHawaii4.8%Intra West Coast3.0%Florida116(8.8%)Domestic Market Averages by AirlineAmerican Airlines2578.6%Delta Air LinesUnited AirlinesSouthwest AirlinesAlaska AirlinesJetBlue AirwaysSpirit AirlinesHawaian AirlinesAllegiant Air(5.8%)International Market Averages by AirlineAmerican AirlinesSouthwest AirlinesAlaska AirlinesJetBlue AirwaysSpirit AirlinesHawaian AirlinesFigure 29: 21-day fares - TransatlanticArriveArmerican AirlinesLondon-HeathrowDallas/Fort WorthNew York-IFKAmerican Airlinesican AirlinesLondon-HeathrowDelta Air LinesAmsterdamDelta Air LinesAmsterdarmDelta Air LinesAtlantaParis-De GaulleDelta Air LinesNew York-JFKLondon-HeathrowNew York-JFKl Aviv-YafoNewarkd AirlinesTel Aviv-YafoUnited AirlinerankfurtUnited AirlinesWashington-Dulle:ondoron-HeathrowUnited AirlinesLondon-Heathrowiouston-IntercontinentalUnited AirlinesSan FranciscoSource : Deutsche Bank Airline Research and dbDIG, Deutsche Bank ResearchFigure 30: 21-day fares - TranspacificDallas/Fort Worth-NaritaDallas/Fort WorthHong KongAmerican AilinesHong KongLos AngelesDelta Air LinesSeouLos AngelesHawaiian AirlinesAucklandHonolulu/OahuHawaian AirlinesSydnean AirlinesHonolulu/Oahsiian Airlinesonolulu/oahuOsaka-KansaiHawaian AirlinesSeousiian AirlinesHonolulu/OahBrisbanelawNewarkUnited AilinesSanFralSan Franciscoocijfic MaSource : Deutsche Bank Airline Researchnd dbDIG, DeutPage 14 Figure 32: 21-day fares - CaribbeanAirlineAlaska AirlinesLos AngelesCanibbeaLiberiaAlaska AirlinesLos AngelesSan JoseletBlveArubaNew York-JFKAruba三BridgetownNew York-JFKFort LauderdalelavanaNew York-JFKianto DomingeletBlveNew York-JIFKSantiagoJetBluvePunta CansNew York-JFKSpirit ilinesFort LauderdaleSan JoseSpirit AirlinesFort LauderdaleGuayaquilSpirit AirlinesSantoSpirit AirlinesFort LauderdaleSan Pedro SulaSouthwest AirlinesMontego BayBaltimoreSouthwest AirlinesFort LauderdalelavanaSource : Deutsche Bank Airline Research and dbDIG, Deutsche Bank ResearchFigure 33: 21-day fares - MexicoAlaska AirlinesGuadalajaraSan JoseGuadalajaraLos AngelesAlaska AirlinesMexico CityAlaska AirlinesSan Jose del CaboPuerto VallartaPuerto VallartaSeattleAlaska AirlinesSan DiegoSan Jose del CaboJetBlueCancunNew York-JFISpirit AirlinesCancunSpirit AirlinesCancunpirit AirlinesBaltimmorCanctSouthwest AirlinesCancunChicago-Midwayiouthwest AirlinesLos AngelesSouthwest AirlinesSouthwest AirlinesLos AngelesPuerto VallartaMexico Markets AveragSource:DeutscheBankAirlinnddbDIG, DeutsDeutscheBankSecuritiesInc. 7 July 2025AirlinesAirline Industry UpdateAppendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the ,previous trading session unless otherwise indicated and are sourced from localour website at https://research.db.com/Research/Disclosures/EguityResearchDisclosures. Aside from,within this report,Investors are strongly encouraged to review this information before investing.Analyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anycompensation for providing a specific recommendation or view in this report. Michael Linenberg.Page 26 DeutscheBankSecuritiesInc 7 July 2025AirlinesAirline Industry UpdateEquity rating dispersion and banking relationshipscompanies covered Cos. w/ Banking Relationship MIFID Investment & Ancllary ServicesEquity Rating and Dispersion KeyThe Equity Rating Disper