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Alaska Air Group

2004 Annual Report

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This Annual Report contains various forward-looking statements and projections–and certain assumptions from that information–that are based on the best information currently available to management. These forward-looking statements are denoted by phrases such as "the Company expects," "we anticipate," "the Company will," or any other language indicating a prediction of future events. Whether these statements and projections are ultimately accurate depends on a number of outside factors that the Company cannot predict or control. For a discussion of the principal foreseeable risks and uncertainties that may materially affect these predictions, please see item 1 of the Company’s Form 10-K for the year ended December 31, 2004, which is included in this Annual Report.