For more than 70 years, Alaska Airlines and its people have been guided through thick and thin by a shared commitment to integrity, caring, resourcefulness, professionalism and spirit. Especially spirit - an Alaskan spirit, born in the land the airline is named after - a place where "can-do" and "neighbor-helping-neighbor" are facts of life.

The result? A long list of aviation milestones, as well as countless stories of people going out of their way to help others - both in the course of business and in the support of organizations that makes our communities better places to live.

In the process, Alaska has grown from a small regional airline to one of the most respected in the nation. Carrying more than 12 million customers per year, Alaska’s route system spans more than 40 cities and three countries. The Alaska Airlines fleet of 102 Boeing jets is one of the youngest among all major airlines. And its reputation for outstanding service consistently earns best U.S. airline recognition from the likes of Travel + Leisure and Condé Nast Traveler magazines.

Our Mission:
To have the best people, Provide the safest and best service, For the best value, To each customer, Each day.

Alaska Airlines and its sister carrier, Horizon Air, together provide passenger and cargo service to more than 80 cities in Alaska, the Lower 48, Canada, and Mexico.

Alaska Airlines Benefits & Travel Privileges

Health Benefits

Time Away From Work

401(k) and Profit Sharing

Income Protection

Survivor Protection

Alaska Air Group Converts Senior Convertible Notes Into Common Stock

4/27/2006 1:43 p.m.

SEATTLE —Alaska Air Group, Inc. (NYSE:ALK), parent company of Alaska Airlines, Inc. and Horizon Air Industries, Inc., announced today the successful conversion of all of the $150 million aggregate principal amount of its outstanding senior convertible notes due 2023 into Alaska Air Group common stock.

In connection with the previously announced redemption of the notes, note holders could elect to convert their notes into shares of Alaska Air Group common stock at a conversion rate of 38.4615 shares per $1,000 principal amount of notes rather than receive a cash redemption payment. All of the note holders chose to convert their notes, resulting in the issuance of approximately 5.8 million new shares of Alaska Air Group common stock. The transaction did not result in a cash outlay for the company.

"With this transaction, we have converted $150 million of debt into equity," said Brad Tilden, Alaska's chief financial officer. "Coupled with our recent equity offering, this conversion further improves our balance sheet and cuts future interest expense, putting us in a stronger position to fund long-term growth and our ongoing transformation."

The reduction in debt will lower the company's interest expense by about $11 million annually. Following the conversion, there were approximately 39.3 million shares of Alaska Air Group common stock outstanding.

Alaska Airlines and sister carrier, Horizon Air, together serve 88 cities through an expansive network throughout Alaska, the Lower 48, Canada and Mexico. For reservations visit alaskaair.com. For more news and information, visit the Alaska Airlines/Horizon Air newsroom at http://newsroom.alaskaair.com.

Diversity is one of our strengths at Alaska Airlines. We are not "groups" or "classes" of people. Each of us is unique. We share the common thread of being employees of Alaska Airlines. We welcome the wide variety of perspectives that come from a diverse employee population.

Our diversity also helps us to better understand our customers’ needs which is important for a company whose hallmark is customer service! The diversity of our employees is the key to the creative and innovative spirit that makes Alaska Airlines unique. We recognize that each employee brings a wealth of personal and professional experience and tapping that experience is our goal.

Alaska Airlines is committed to finding today's best and brightest students on college campuses throughout the nation. We want to ensure that today's college graduates understand that Alaska Airlines is a place where they can achieve their career goals. We offer a variety of internship opportunities in the fields of Customer Service, Maintenance, Accounting, Marketing, Sales and Information Technology.