EX-4.3





 Exhibit 4.3 

EXECUTION VERSION 
 TRUST
SUPPLEMENT NO. 2020-1B 
 Dated as of July 2, 2020 

between 
 ALASKA AIRLINES, INC.

 HORIZON AIR INDUSTRIES, INC. 

and 
 U.S. BANK TRUST NATIONAL
ASSOCIATION, 
 as Trustee, 
 to

 PASS THROUGH TRUST AGREEMENT 

Dated as of July 2, 2020 

Alaska Air Pass Through Trust 2020-1B 

Alaska Air Pass Through Certificates, Series 2020-1B 

  

					
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 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
	 Section 1.01
	 	Definitions	  	 	2	 
		
	 ARTICLE II DECLARATION OF TRUST
	  	 	10	 
	 Section 2.01
	 	Declaration of Trust	  	 	10	 
	 Section 2.02
	 	Permitted Activities	  	 	10	 
		
	 ARTICLE III THE CERTIFICATES
	  	 	10	 
	 Section 3.01
	 	The Certificates	  	 	10	 
	 Section 3.02
	 	Terms and Conditions	  	 	10	 
		
	 ARTICLE IV ISSUANCE AND TRANSFER OF THE CLASS B CERTIFICATES
	  	 	12	 
	 Section 4.01
	 	Issuance of Class B Certificates	  	 	12	 
	 Section 4.02
	 	Legends	  	 	13	 
	 Section 4.03
	 	Book-Entry Provisions for Global Certificates	  	 	16	 
	 Section 4.04
	 	Special Transfer Provisions	  	 	17	 
	 Section 4.05
	 	Transfer and Exchange	  	 	19	 
		
	 ARTICLE V DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS
	  	 	20	 
	 Section 5.01
	 	Statements to Certificateholders	  	 	20	 
		
	 ARTICLE VI DEFAULT
	  	 	21	 
	 Section 6.01
	 	Purchase Rights of Certificateholders	  	 	21	 
		
	 ARTICLE VII THE TRUSTEE
	  	 	24	 
	 Section 7.01
	 	Delivery of Documents; Issuance Date	  	 	24	 
	 Section 7.02
	 	[Reserved]	  	 	25	 
	 Section 7.03
	 	The Trustee	  	 	25	 
	 Section 7.04
	 	Representations and Warranties of the Trustee	  	 	26	 
	 Section 7.05
	 	Trustee Liens	  	 	27	 
		
	 ARTICLE VIII ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS
	  	 	27	 
	 Section 8.01
	 	Amendment of Sections 5.02 and 6.07 of the Basic Agreement	  	 	27	 
	 Section 8.02
	 	Supplemental Agreements Without Consent of Class B Certificateholders	  	 	28	 
	 Section 8.03
	 	Supplemental Agreements with Consent of Class B Certificateholders	  	 	29	 
	 Section 8.04
	 	Consent of Holders of Certificates Issued under Other Trusts	  	 	29	 
	 Section 8.05
	 	Amendment of Section 3.04 of the Basic Agreement	  	 	29	 
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
	  	 	30	 
	 Section 9.01
	 	Final Termination Date	  	 	30	 


  

					
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	 Section 9.02
	 	Basic Agreement Ratified	  	 	30	 
	 Section 9.03
	 	Governing Law	  	 	30	 
	 Section 9.04
	 	Counterparts	  	 	30	 
	 Section 9.05
	 	Intention of Parties	  	 	30	 
	 Section 9.06
	 	Submission to Jurisdiction	  	 	31	 
	 Section 9.07
	 	Successor and Assigns	  	 	31	 
	 Section 9.08
	 	No Recourse against Others	  	 	31	 
	 Section 9.09
	 	Patriot Act	  	 	31	 

  

			
	EXHIBITS	  	
		
	Exhibit A	  	- Form of Certificate
	Exhibit B	  	- DTC Letter of Representations
	Exhibit C	  	- Form of Parent Guarantee
	Exhibit D-1	  	- Form of Alaska Airlines Guarantee
	Exhibit D-2	  	- Form of Horizon Guarantee
		
	SCHEDULES	  	
		
	Schedule I	  	- Series B Equipment Notes, Principal Amounts, Maturities and Aircraft
	Schedule II	  	- Note Documents

  

  

					
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 TRUST SUPPLEMENT NO. 2020-1B 

This TRUST SUPPLEMENT NO. 2020-1B, dated as of July 2, 2020 (as amended from time to time, the
“Trust Supplement”), between ALASKA AIRLINES, INC., an Alaska corporation (together with any successor in interest pursuant to Section 5.02 of the Basic Agreement, “Alaska Airlines”), HORIZON AIR INDUSTRIES,
INC., a Washington corporation (together with any successor in interest pursuant to Section 5.02 of the Basic Agreement, “Horizon” and, together with Alaska Airlines, the “Airlines”, and each, an
“Airline”) and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee (together with any successor in interest and any successor or other trustee appointed as
provided in the Basic Agreement, the “Trustee”) under the Pass Through Trust Agreement, dated as of July 2, 2020, among Alaska Airlines, Horizon and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association (the
“Basic Agreement”). 
 W I T N E S S E T H: 

WHEREAS, the Basic Agreement, which is unlimited as to the aggregate face amount of Certificates that may be issued and authenticated
thereunder, has heretofore been executed and delivered; 
 WHEREAS, Alaska Airlines is the owner of the 42 aircraft, each as described in
Schedule I hereto (each, an “Alaska Aircraft” and, collectively, the “Alaska Aircraft”) and wishes to finance each Alaska Aircraft through the issuance of Equipment Notes; 

WHEREAS, Horizon is the owner of the 19 aircraft, each as described in Schedule I hereto (each, a “Horizon Aircraft”
and, collectively, the “Horizon Aircraft” and, together with the Alaska Aircraft, the “Aircraft”) and wishes to finance each Horizon Aircraft through the issuance of Equipment Notes; 

WHEREAS, with respect to each Aircraft owned by an Airline, pursuant to the Indenture relating to such Aircraft, the applicable Airline will
issue on a recourse basis two series of Equipment Notes secured by, among other things, such Aircraft and may issue one or more series of Additional Equipment Notes and one or more series of Refinancing Equipment Notes; 

WHEREAS, the Trustee shall hereby declare the creation of the Class B Trust (as defined below) for the benefit of Holders of the
Class B Certificates (as defined below) to be issued in respect of such Class B Trust, and the initial Holders of the Class B Certificates, as grantors of such Class B Trust, by their respective acceptances of the Class B
Certificates, shall join in the creation of the Class B Trust with the Trustee; 
 WHEREAS, all Certificates to be issued by the
Class B Trust will evidence Fractional Undivided Interests in the Class B Trust and will have no rights, benefits or interests in respect of any other separate Trust or the property held therein; 

WHEREAS, pursuant to the terms and conditions of the Basic Agreement, as supplemented by this Trust Supplement and the Participation
Agreements, the Trustee on behalf of the Class B Trust shall on the Issuance Date purchase the Series B Equipment Notes issued by the applicable Airline pursuant to the Indentures relating to the Aircraft owned by such Airline having the
identical interest rate as, and final maturity dates not later than the final expected Regular Distribution Date of, the Class B Certificates issued hereunder, and shall hold such Series B Equipment Notes in trust for the benefit of the
Class B Certificateholders; 

  

					
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 WHEREAS, pursuant to the terms and conditions of the Guarantees (as defined below), Alaska
Airlines, Horizon and the Parent are providing guarantees for the benefit of the Trustee, the Subordination Agent and the Loan Trustee in respect to certain obligations under the Indentures, the Participation Agreements and the Equipment Notes; 

WHEREAS, pursuant to the terms and conditions of the Intercreditor Agreement referred to in Section 3.02(j) hereof,
the Trustee and the other parties thereto will agree to the terms of subordination set forth therein; 
 WHEREAS, all of the conditions and
requirements necessary to make this Trust Supplement, when duly executed and delivered, a valid, binding and legal instrument in accordance with its terms and for the purposes herein expressed, have been done, performed and fulfilled, and the
execution and delivery of this Trust Supplement in the form and with the terms hereof have been in all respects duly authorized; and 

WHEREAS, the Basic Agreement, as supplemented by this Trust Supplement, is subject to the provisions of the Trust Indenture Act and shall, to
the extent applicable, be governed by such provisions. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of
other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. Unless otherwise specified herein or the context otherwise requires, capitalized terms
used but not defined herein, including in the recitals hereto, shall have the respective meanings set forth, and shall be construed and interpreted in the manner described, in the Basic Agreement. As used herein, the term “Agreement” shall
mean the Basic Agreement, as supplemented by this Trust Supplement. For all purposes of the Basic Agreement as supplemented by this Trust Supplement, the following capitalized terms have the following meanings (any term used herein which is defined
in both this Trust Supplement and the Basic Agreement shall have the meaning assigned thereto in this Trust Supplement for purposes of the Basic Agreement as supplemented by this Trust Supplement). 

Additional Certificateholder: Has the meaning specified in the Intercreditor Agreement. 

Additional Certificates: Has the meaning specified in the Intercreditor Agreement. 

  

					
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 Additional Equipment Notes: Has the meaning specified in the
Intercreditor Agreement. 
 Additional Trust: Has the meaning specified in the Intercreditor Agreement. 

Additional Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Additional Trustee: Has the meaning specified in the Intercreditor Agreement. 

Affiliate: Has the meaning specified in the Intercreditor Agreement. 

Agreement: Has the meaning specified in the first paragraph of Section 1.01 of this Trust
Supplement. 
 Aircraft: Has the meaning specified in the third recital to this Trust Supplement and shall include any
Replacement Aircraft (as defined in the applicable Indenture) in replacement thereof in accordance with the applicable Indenture. 

Airline or Airlines: Has the meaning specified in the preamble to this Trust Supplement. 

Alaska Aircraft: Has the meaning specified in the second recital to this Trust Supplement. 

Alaska Airlines: Has the meaning specified in the preamble to this Trust Supplement. 

Alaska Airlines Guarantee: Means the guarantee provided by Alaska Airlines, dated as of the date hereof, substantially
in the form of Exhibit D-1 hereto, as the same may be amended, supplemented or otherwise modified from time to time, in accordance with its terms. 

Applicable Participation Agreement: Has the meaning specified in Section 7.01(b) of this Trust
Supplement. 
 Basic Agreement: Has the meaning specified in the preamble to this Trust Supplement. 

Benefit Plan Investor: (a) Any employee benefit plan (as defined in Section 3(3) of ERISA), that is subject to
the fiduciary provisions of Title I of ERISA, (b) any plan to which Section 4975 of the Code applies and (c) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or a plan’s
investment in the entity or otherwise. 
 Business Day: Has the meaning specified in the Intercreditor Agreement. 


  

					
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 Certificate: Means a Class A Certificate or a Class B
Certificate, as applicable. 
 Certificate Buy-Out Event: Has the meaning
specified in the Intercreditor Agreement. 
 Certificate Purchase Agreement: Means the Purchase Agreement, dated
June 24, 2020, with respect to the Class B Certificates among the Representative(s) (as defined in the Certificate Purchase Agreement) of the Initial Purchasers, Parent, Alaska Airlines and Horizon, as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms. 
 Certificateholder: Means, with respect to any
Class of Certificates, the Person in whose name a Certificate is registered in the Register for the Certificates of such Class. 

Class: Has the meaning specified in the Intercreditor Agreement. 

Class A Certificateholder: Has the meaning specified in the Intercreditor Agreement. 

Class A Certificates: Has the meaning specified in the Intercreditor Agreement. 

Class A Liquidity Provider: Has the meaning specified in the Intercreditor Agreement. 

Class A Trust: Has the meaning specified in the Intercreditor Agreement. 

Class A Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Class A Trustee: Has the meaning specified in the Intercreditor Agreement. 

Class B Certificateholder: Means, at any time, any Certificateholder of one or more Class B
Certificates. 
 Class B Certificates: Has the meaning specified in
Section 3.01 of this Trust Supplement. 
 Class B Liquidity Facility: Has
the meaning specified in the Intercreditor Agreement. 
 Class B Liquidity Provider: Has the
meaning specified in the Intercreditor Agreement. 
 Class B Trust: Has the meaning specified in
Section 2.01 of this Trust Supplement. 
 Code: Means the Internal Revenue Code of 1986, as
amended. 

  

					
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 Corporate Trust Office: Has the meaning specified in the
Intercreditor Agreement. 
 Definitive Certificates: Has the meaning specified in
Section 4.01(e) of this Trust Supplement. 
 Distribution Date: Means a Regular Distribution
Date or a Special Distribution Date. 
 DTC: Has the meaning specified in Section 3.02(f) of
this Trust Supplement. 
 DTC Participants: Has the meaning specified in Section 4.01(b) of
this Trust Supplement. 
 Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

ERISA: Means the Employee Retirement Income Security Act of 1974, as amended. 

Event of Default: With respect to any Indenture, has the meaning specified in Section 4.01 of such Indenture. 

Fractional Undivided Interests: Has the meaning specified in the Intercreditor Agreement. 

Global Certificate: Has the meaning specified in Section 4.01(b) of this Trust Supplement.

 Global Certificate Legend: Has the meaning specified in Section 4.02(b) of this Trust
Supplement. 
 Guarantees: Means the Intercompany Guarantees and the Parent Guarantee. 

Holder: Means a Certificateholder. 

Horizon: Has the meaning specified in the preamble to this Trust Supplement. 

Horizon Aircraft: Has the meaning specified in the third recital to this Trust Supplement. 

Horizon Guarantee: Means the guarantee provided by Horizon, dated as of the date hereof, substantially in the form of
Exhibit D-2 hereto, as the same may be amended, supplemented or otherwise modified from time to time, in accordance with its terms 

Indenture: Has the meaning specified in the Intercreditor Agreement. 

Indirect Participants: Has the meaning specified in Section 4.01(b) of this Trust Supplement.


  

					
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 Initial Purchasers: Means BofA Securities, Inc., Citigroup Global
Markets Inc., Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc. and UBS Securities LLC. 

Intercompany Guarantees: Means the Alaska Airlines Guarantee and the Horizon Guarantee. 

Intercreditor Agreement: Has the meaning specified in Section 3.02(j) of this Trust
Supplement. 
 Issuance Date: Has the meaning specified in Section 7.01(a) of this Trust
Supplement. 
 Junior Additional Certificateholder: Means, with respect to any Additional Certificateholder exercising
its right to purchase Certificates under Section 6.01 of this Trust Supplement, any holder of any class of Additional Certificates that rank junior, in priority of payment of “Expected Distributions” for such
class under the Intercreditor Agreement, to the class of Additional Certificates held by such Additional Certificateholder. 

Liquidity Provider: Has the meaning specified in the Intercreditor Agreement. 

Loan Trustee: Means, with respect to any Indenture, the bank, trust company or other financial institution designated as
loan trustee thereunder, and any successor to such loan trustee. 
 Note Documents: Means, collectively, the
Participation Agreements, the Indentures, each Indenture Supplement (as defined in any Indenture), the Equipment Notes and the Guarantees, if any. 

Offering Memorandum: Means the final offering memorandum, dated June 24, 2020, relating to the offering of the
Class B Certificates. 
 Operative Agreements: Has the meaning specified in the Intercreditor Agreement. 

Other Agreements: Means (i) the Class A Trust Agreement, (ii) the Basic Agreement as supplemented by a
Trust Supplement (as defined in the Basic Agreement) relating to any Additional Trust and (iii) the Basic Agreement as supplemented by a Trust Supplement (as defined in the Basic Agreement) relating to any Refinancing Trust. 

Other Trustees: Means the trustees under the Other Agreements, and any successor or other trustee appointed as provided
therein. 
 Other Trusts: Means the Class A Trust, any Additional Trust or Trusts, or any Refinancing Trust or
Trusts, in each case created by the applicable Other Agreement. 
 Parent: Means Alaska Air Group, Inc., a Delaware
corporation. 

  

					
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 Parent Guarantee: Means the guarantee provided by the Parent, dated
as of the date hereof, substantially in the form of Exhibit C hereto, as the same may be amended, supplemented or otherwise modified from time to time, in accordance with its terms  

Participation Agreement: Has the meaning specified in the Intercreditor Agreement. 

Paying Agent: Means, with respect to the Class B Certificates, the paying agent maintained and appointed for such
Class B Certificates pursuant to Section 7.12 of the Basic Agreement. 
 Person: Means any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 

Plan: Means (i) a retirement plan or other employee benefit plan or arrangement, including for this purpose an
individual retirement account, annuity or Keogh plan, that is subject to Title I of ERISA or Section 4975 of the Code, (ii) any other entity whose underlying assets are deemed to include the assets of any plan or arrangement described
in (i) above by virtue of the U.S. Department of Labor regulation in 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA (or any successor to such regulation), or (iii) such
a plan or arrangement which is a foreign, church or governmental plan or arrangement exempt from Title I of ERISA and Section 4975 of the Code but subject to a Similar Law. 

Plan Fiduciary: Has the meaning specified in Section 3.02(i) of this Trust Supplement. 

Pool Balance: Means, as of any date, (i) the original aggregate face amount of the Class B Certificates less
(ii) the aggregate amount of all distributions made as of such date in respect of the Class B Certificates other than distributions made in respect of interest or Premium or reimbursement of any costs or expenses incurred in connection
therewith. The Pool Balance as of any date shall be computed after giving effect to any distribution with respect to the payment of principal, if any, of the Series B Equipment Notes or payment with respect to other Trust Property and the
distribution thereof to be made on such date. 
 Pool Factor: Means, as of any Distribution Date, the quotient
(rounded to the seventh decimal place) computed by dividing (i) the Pool Balance by (ii) the original aggregate face amount of the Class B Certificates. The Pool Factor as of any Distribution Date shall be computed after giving effect
to any distribution with respect to the payment of principal, if any, of the Series B Equipment Notes or payment with respect to other Trust Property and the distribution thereof to be made on such date. 

Premium: Has the meaning specified in the Intercreditor Agreement. 

Rating Agencies: Has the meaning specified in the Intercreditor Agreement. 

  

					
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 Refinancing Certificateholders: Has the meaning specified in the
Intercreditor Agreement. 
 Refinancing Certificate: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Trust: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Register: Has the meaning specified in Section 4.05 of this Trust Supplement. 

Registrar: Has the meaning specified in Section 4.05 of this Trust Supplement. 

Regular Distribution Date: Has the meaning specified in Section 3.02(c) of this Trust
Supplement. 
 Regulation S: Has the meaning specified in Section 4.01(b) of this Trust
Supplement. 
 Replacement Liquidity Facility: Has the meaning specified in the Intercreditor Agreement. 

Replacement Liquidity Provider: Has the meaning specified in the Intercreditor Agreement. 

Responsible Officer: Has the meaning specified in the Intercreditor Agreement. 

Restricted Legend: Has the meaning specified in Section 4.02 of this Trust Supplement. 

Rule 144A: Has the meaning specified in Section 4.01(b) of this Trust Supplement. 

Scheduled Payment: Has the meaning specified in the Intercreditor Agreement. 

Securities Act: Means the Securities Act of 1933, as amended. 

Series A Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

Series B Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

  

					
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 Similar Law: Means a foreign, federal, state, or local law which is
substantially similar to the prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code. 

Special Distribution Date: Means, with respect to the Class B Certificates, each date on which a Special Payment is
to be distributed as specified in this Agreement. 
 Special Payment: Means any payment (other than a Scheduled
Payment) in respect of, or any proceeds of, any Equipment Note or the Collateral (as defined in any Indenture). 
 Special
Payments Account: Means, with respect to the Class B Certificates, the account or accounts created and maintained for such series pursuant to Section 4.01(b) of the Basic Agreement (as modified by
Section 7.01(c) of this Trust Supplement) and this Trust Supplement. 
 Subordination Agent:
Has the meaning specified in the Intercreditor Agreement. 
 transfer: Has the meaning specified in Section 4.04
of this Trust Supplement. 
 Triggering Event: Has the meaning specified in the Intercreditor Agreement. 

Trust: Means the Class B Trust, or the Class A Trust, as applicable. 

Trust Indenture Act: Means the Trust Indenture Act of 1939, as amended. 

Trust Property: Means (i) subject to the Intercreditor Agreement, the Series B Equipment Notes held as the property
of the Class B Trust, the Parent Guarantee with respect to the Series B Equipment Notes, the Alaska Airlines Guarantee with respect to the Horizon Equipment Notes acquired and held by the Class B Trust, the Horizon Guarantee with respect
to the Alaska Airlines Equipment Notes acquired and held by the Class B Trust, all monies at any time paid thereon and all monies due and to become due thereunder, (ii) funds from time to time deposited in the Certificate Account and the
Special Payments Account and, subject to the Intercreditor Agreement, any proceeds from the sale by the Trustee pursuant to Article VI of the Basic Agreement of any Equipment Notes and (iii) all rights of the Class B Trust and the Trustee,
on behalf of the Class B Trust, under the Intercreditor Agreement, the Guarantees and the Class B Liquidity Facility, including, without limitation, all rights to receive certain payments thereunder, and all monies paid to the Trustee on
behalf of the Class B Trust pursuant to the Intercreditor Agreement, the Guarantees or the Class B Liquidity Facility. 

Trust Supplement: Has the meaning specified in the preamble hereto. 

Trustee: Has the meaning specified in the preamble to this Trust Supplement. 

  

					
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 ARTICLE II 

DECLARATION OF TRUST 

Section 2.01 Declaration of Trust. The Trustee hereby declares the creation of a Trust, designated the “Alaska Air
Pass Through Trust 2020-1B” (the “Class B Trust”), for the benefit of the Holders of the Class B Certificates to be issued in respect of such Class B Trust,
and the initial Holders of the Class B Certificates, as grantors of such Class B Trust, by their respective acceptances of the Class B Certificates, join in the creation of such Class B Trust with the Trustee. The Trustee, by the
execution and delivery of this Trust Supplement, acknowledges its acceptance of all right, title and interest in and to the Trust Property to be acquired pursuant to Section 7.01(b) of this Trust Supplement and the
Participation Agreements and the Trustee will hold such right, title and interest for the benefit of all present and future Holders of the Class B Certificates, upon the trusts set forth in the Basic Agreement and this Trust Supplement. The
provisions of this Section 2.01 supersede and replace the provisions of Section 2.03 of the Basic Agreement with respect to the Class B Trust. 

Section 2.02 Permitted Activities. The Class B Trust may engage only in the transactions contemplated by the Operative
Agreements, subject to Section 9.05 of this Trust Supplement. 
 ARTICLE III 

THE CERTIFICATES 

Section 3.01 The Certificates. There is hereby created a series of Certificates to be issued under this Agreement
designated as “Alaska Air Pass Through Certificates, Series 2020-1B” (the “Class B Certificates”). Each Class B Certificate represents a Fractional Undivided
Interest in the Class B Trust created hereby. The Class B Certificates shall be the only instruments evidencing a Fractional Undivided Interest in the Class B Trust. The Class B Certificates do not represent indebtedness of the
Class B Trust, and references herein to interest accruing on the Class B Certificates are included for purposes of computation only. 

Section 3.02 Terms and Conditions. The terms and conditions applicable to the Class B Certificates and the
Class B Trust are as follows: 
 (a) The aggregate face amount of the Class B Certificates that may be authenticated and delivered
under this Agreement (except for Class B Certificates authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Class B Certificates pursuant to Sections 3.03, 3.04, 3.05 and 3.06 of the Basic
Agreement and Sections 4.03, 4.04 and 4.05 of this Trust Supplement) is $208,147,000. 
 (b) [Reserved] 

  

					
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 (c) The distribution dates with respect to any payment of Scheduled Payments (each such
distribution date, a “Regular Distribution Date”) shall be each February 15 and each August 15, commencing on February, 2021, until payment of all of the Scheduled Payments to be made under the Equipment Notes has been made;
provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without additional interest. 

(d) The Special Distribution Date with respect to the Class B Certificates means any Business Day on which a Special Payment is to be
distributed pursuant to this Agreement. 
 (e) [Reserved] 

(f) The Class B Certificates shall be in the form attached hereto as Exhibit A, shall be Book-Entry Certificates (subject to
Section 3.05(d) of the Basic Agreement and Section 4.03 of this Trust Supplement), and shall be subject to the conditions set forth in the Letter of Representations between the Class B Trust and The Depository
Trust Company and any successor agency thereto (“DTC”), as initial Clearing Agency, attached hereto as Exhibit B. 

(g) The proceeds of the offering of Class B Certificates issued by the Class B Trust shall be used on the date hereof to acquire the
Series B Equipment Notes described in Schedule I hereto that relate to the Aircraft and to the Note Documents described in Schedule II hereto. 

(h) Any Person acquiring or accepting a Class B Certificate or an interest therein will, by such acquisition or acceptance, be deemed to
(i) represent and warrant to the Airlines, the Parent, the Loan Trustees and the Trustee that either (A) no assets of a Plan or any trust established with respect to a Plan have been used to purchase or hold Class B Certificates or an
interest therein or (B) the purchase and holding of Class B Certificates or interests therein by such Person are exempt from the prohibited transaction restrictions of ERISA and the Code or provisions of Similar Law pursuant to one or more
prohibited transaction statutory or administrative exemptions or similar exemptions under Similar Law, and (ii) direct the Trustee to invest the assets held in the Trust pursuant to, and take all other actions contemplated by, the terms and
conditions of the Basic Agreement, this Trust Supplement, the Intercreditor Agreement, each Participation Agreement and the Guarantees. 

(i) Each Person or transferee of any Class B Certificate or beneficial interest therein that is a Benefit Plan Investor will be deemed to
represent, warrant and agree that (i) none of the Airlines, the Parent, the Initial Purchasers or any of their respective affiliates or other persons that provide marketing services, nor any of their affiliates, has provided, and none of them
will provide, any investment recommendation or investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor (“Plan Fiduciary”), has relied or will rely as a primary basis in
connection with its decision to invest in the Class B Certificates, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan
Fiduciary in connection with the Benefit Plan Investor’s acquisition of the Class B Certificates; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Class B Certificates.


  

					
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 (j) The Class B Certificates will be subject to the following Intercreditor Agreement
(and to the extent the terms thereof (including the definitions of defined terms) are inconsistent with the terms of this Agreement, such Intercreditor Agreement shall control): that certain Intercreditor Agreement
(2020-1), dated as of the date hereof, among U.S. Bank Trust National Association, as Trustee, Crédit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class B
Liquidity Provider, and U.S. Bank Trust National Association, as Subordination Agent thereunder (as may be amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Intercreditor Agreement”).
Upon the occurrence of a Certificate Buy-Out Event, the holders of Additional Certificates (if any) or Refinancing Certificates (if any) shall have the rights set forth in Article VI hereof. The Trustee
and, by acceptance of any Class B Certificate, each Certificateholder thereof, agrees to be bound by all of the provisions of the Intercreditor Agreement, including the subordination provisions of Section 9.09 thereof. 

(k) [Reserved] 
 (l) The
Class B Certificates will have the benefit of the following liquidity facility: that certain Revolving Credit Agreement (2020-1B), dated as of the date hereof, between the Subordination Agent under the
Intercreditor Agreement, as agent and trustee for the Class B Trust, and the Class B Liquidity Provider. 
 (m) The Responsible
Party is each Airline, as applicable. 
 (n) Each Airline, the Parent, any other obligor upon the Class B Certificates, and any
Affiliate of any thereof may acquire, tender for, purchase, own, hold, become the pledgee of and otherwise deal with any Class B Certificate. 

(o) The Parent will provide a guarantee, substantially in the form of Exhibit C hereto, and each Airline will provide a guarantee,
substantially in the form of Exhibit D hereto. 
 ARTICLE IV 

ISSUANCE AND TRANSFER OF THE CLASS B CERTIFICATES 

Section 4.01 Issuance of Class B Certificates. (a) The Class B Certificates will be issued in minimum
denominations of $2,000 (or such other denomination that is the lowest integral multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) and integral multiples of $1,000 in excess thereof, except that one Certificate may
be issued in a different denomination. Each Class B Certificate shall be dated the date of its authentication. 
 (a) The Class B
Certificates offered and sold in reliance on Rule 144A under the Securities Act, or any successor regulation thereto (“Rule 144A”) or Regulation S under the Securities Act, or any successor regulation thereto (“Regulation
S”), shall be issued initially in the form of one or more global Certificates in definitive, fully registered form without interest coupons, substantially in the form of Exhibit A hereto (each, a “Global
Certificate”), duly executed and authenticated by the Trustee as hereinafter provided. Each Global Certificate will 

  

					
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be registered in the name of a nominee for DTC for credit to the account of members of, or participants in, DTC (“DTC Participants”) or to the account of indirect participants
that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect Participants”), and will be deposited with the Trustee, at its Corporate Trust Office, as custodian for DTC.
The aggregate face amount of a Global Certificate may from time to time be increased or decreased by adjustments made on the records of DTC or its nominee, or of the Trustee, as custodian for DTC or its nominee for such Global Certificate, which
adjustments shall be conclusive as to the aggregate face amount of any such Global Certificate. 
 (b) [Reserved] 

(c) [Reserved] 
 (d) Certificated
Certificates in registered form shall be issued in substantially the form set forth as Exhibit A hereto (the “Definitive Certificates”) and shall be issued in fully physical, registered form and shall be typed, printed,
lithographed or engraved or produced by any combination of these methods or may be produced in any other manner, all as determined by the officers of the Trustee executing such Definitive Certificates, as evidenced by their execution of such
Definitive Certificates. 
 Section 4.02 Legends. (a) Subject to Sections 4.03, 4.04 and 4.05,
each Global Certificate and each Definitive Certificate shall bear, for as long as so required, a legend to the following effect (the “Restricted Legend”) on the face thereof: 

THIS CERTIFICATE IS SUBJECT TO TRANSFER RESTRICTIONS. THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED, PLEDGED, SOLD OR OTHERWISE TRANSFERRED WITHIN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS [IN THE CASE OF RULE 144A CERTIFICATES: A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT(“RULE 144A”))][IN THE CASE OF REGULATION S CERTIFICATES: NOT A “U.S. PERSON” (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT
(“REGULATION S”) NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS CERTIFICATE IN AN “OFFSHORE TRANSACTION” (AS DEFINED IN REGULATION S) IN ACCORDANCE WITH REGULATION S]; (2) AGREES THAT IT WILL NOT,
PRIOR TO THE DATE THAT IS [IN THE CASE OF RULE 144A CERTIFICATES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH EITHER OF THE ISSUERS OR ANY AFFILIATE OF EITHER ISSUER WAS THE OWNER OF THIS CERTIFICATE (OR ANY
PREDECESSOR OF SUCH CERTIFICATE)] [IN THE CASE OF 

  

					
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REGULATION S CERTIFICATES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS CERTIFICATE (OR ANY PREDECESSOR OF SUCH CERTIFICATE) WAS FIRST OFFERED TO PERSONS
OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S) IN RELIANCE ON REGULATION S] OFFER, PLEDGE, RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE EXCEPT (I)(A) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
(B) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE); (C) PURSUANT TO OFFERS AND SALES TO PERSONS OTHER THAN U.S. PERSONS (AS DEFINED IN REGULATION S) THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S; (D) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER) OR (E) TO ALASKA AIRLINES, INC.,
HORIZON AIR INDUSTRIES, INC., ALASKA AIR GROUP, INC. OR ANY AFFILIATE THEREOF; AND (II) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OF AMERICA AND OTHER APPLICABLE JURISDICTIONS; (3) AGREES THAT
PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER PURSUANT TO CLAUSES 2(I)(A), (C) OR (D) ABOVE), IT WILL FURNISH TO THE TRUSTEE, ALASKA AIRLINES, INC., HORIZON AIR INDUSTRIES, INC. AND ALASKA AIR GROUP, INC. SUCH CERTIFICATIONS, LEGAL OPINIONS OR
OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE IN COMPLIANCE WITH THE FOREGOING CLAUSE (2) AND PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CERTIFICATE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS CERTIFICATE PRIOR TO THE EXPIRATION OF
THE HOLDING PERIOD APPLICABLE TO SALES OF THE CERTIFICATES UNDER [RULE 144] [REGULATION S] (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT
THIS CERTIFICATE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER UPON THE EARLIER OF THE TRANSFER OF THE CERTIFICATE PURSUANT TO CLAUSE 2(I)(C) ABOVE OR UPON ANY TRANSFER OF THE CERTIFICATES UNDER [RULE 144][REGULATION S]
(OR ANY SUCCESSOR PROVISION). TRUST SUPPLEMENT NO. 2020-1B TO THE PASS THROUGH TRUST AGREEMENT CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION
OF THE FOREGOING RESTRICTIONS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

  

					
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 (a) Each Global Certificate shall bear the following legend (the “Global
Certificate Legend”) on the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

(b) Each Class B Certificate shall bear the following legend on the face thereof: 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (A) REPRESENTS AND WARRANTS TO ALASKA AIRLINES, INC., HORIZON AIR INDUSTRIES, INC.,
ALASKA AIR GROUP, INC., THE LOAN TRUSTEE AND THE TRUSTEE THAT EITHER (1) NO ASSETS OF A PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN HAVE BEEN USED TO PURCHASE OR HOLD THIS CERTIFICATE OR AN INTEREST HEREIN OR (2) THE PURCHASE AND
HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR PROVISIONS OF SIMILAR LAW PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE
EXEMPTIONS OR SIMILAR EXEMPTIONS UNDER SIMILAR LAW, AND (B) DIRECTS THE TRUSTEE TO INVEST IN THE ASSETS HELD IN THE CLASS B TRUST PURSUANT TO THE TERMS AND CONDITIONS DESCRIBED IN THE OFFERING MEMORANDUM RELATED THERETO. 

FURTHER, BY ITS ACQUISITION OR ACCEPTANCE HEREOF, A HOLDER WHO IS AN ERISA PLAN REPRESENTS AND WARRANTS (I) NONE OF ALASKA AIRLINES, INC.,
HORIZON AIR INDUSTRIES, INC., ALASKA AIR GROUP, INC., THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES OR OTHER PERSONS THAT PROVIDE MARKETING SERVICES, NOR ANY OF THEIR AFFILIATES, HAS PROVIDED, AND NONE OF THEM WILL PROVIDE, ANY
INVESTMENT RECOMMENDATION OR INVESTMENT ADVICE ON WHICH IT, OR ANY FIDUCIARY OR OTHER PERSON INVESTING THE ASSETS OF THE BENEFIT PLAN INVESTOR (“PLAN FIDUCIARY”), HAS RELIED OR 

  

					
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WILL RELY AS A PRIMARY BASIS IN CONNECTION WITH ITS DECISION TO INVEST IN THIS CERTIFICATE, AND THEY ARE NOT OTHERWISE ACTING AS A FIDUCIARY, AS DEFINED IN SECTION 3(21) OF ERISA OR
SECTION 4975(E)(3) OF THE CODE, TO THE BENEFIT PLAN INVESTOR OR THE PLAN FIDUCIARY IN CONNECTION WITH THE BENEFIT PLAN INVESTOR’S ACQUISITION OF THIS CERTIFICATE; AND (II) THE PLAN FIDUCIARY IS EXERCISING ITS OWN INDEPENDENT JUDGMENT
IN EVALUATING THE INVESTMENT IN THIS CERTIFICATE. 
 CERTAIN TERMS USED IN THE FOREGOING PARAGRAPHS SHALL HAVE THE MEANINGS SPECIFIED IN THE
AGREEMENT. 
 Section 4.03 Book-Entry Provisions for Global Certificates. (a) DTC Participants shall have no rights
under this Agreement with respect to any Global Certificate held on their behalf by DTC, or the Trustee as its custodian, and DTC may be treated by the Trustee and any agent of the Trustee as the absolute owner of such Global Certificate for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Trustee or any agent of the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or shall impair, as between DTC
and its DTC Participants, the operation of customary practices governing the exercise of the rights of a holder of any Class B Certificate. Upon the issuance of any Global Certificate, the Registrar or its duly appointed agent shall record
Cede & Co. or another nominee of DTC as the registered holder of such Global Certificate. 
 (a) Transfers of any Global Certificate
shall be limited to transfers of such Global Certificate in whole, but not in part, to nominees of DTC, DTC’s successor or such successor’s nominees. Beneficial interests in Global Certificates may be transferred in accordance with the
rules and procedures of DTC and the provisions of Article IV of this Trust Supplement. Definitive Certificates shall be delivered to all beneficial owners of beneficial interests in Global Certificates, if (i) DTC notifies the Trustee in
writing that it is no longer willing or able to discharge properly its responsibilities as depositary for the Global Certificates, and a successor depositary is not appointed by the Trustee within 90 days of such notice, (ii) either Airline or
the Parent, at its option, advises the Trustee in writing that it elects to terminate the book-entry system through DTC or (iii) after the occurrence and during the continuance of an Event of Default, Class B Certificateholders with
Fractional Undivided Interests aggregating not less than a majority in interest in the Class B Trust advise the Trustee, the Parent, each Airline and DTC through DTC Participants in writing that the continuation of a book-entry system through
DTC (or a successor thereto) is no longer in the Class B Certificateholders’ best interests. None of the Parent, either Airline nor the Trustee shall be liable if any such Person is unable to locate a qualified successor clearing system.

 (b) [Reserved] 
 (c) In
connection with the transfer of the entire amount of a Global Certificate to the beneficial owners thereof pursuant to Section 4.03(b) hereof, such Global Certificate shall be deemed to be surrendered to the Trustee for
cancellation, and the Trustee shall execute, 

  

					
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authenticate and deliver to each beneficial owner, in exchange for the beneficial interest thereof in such Global Certificate, an equal aggregate face amount of Definitive Certificates of
authorized denominations, in each case as such beneficial owner and related aggregate face amount shall have been identified and otherwise set forth (together with such other information as may be required for the registration of such Definitive
Certificates) in registration instructions that shall have been delivered by or on behalf of DTC to the Trustee. None of the Parent, either Airline, the Registrar, the Paying Agent nor the Trustee shall be liable for any delay in delivery of such
registration instructions and each such Person may conclusively rely on, and shall be protected in relying on, such registration instructions. Upon the issuance of any Definitive Certificate, the Trustee shall recognize the Person in whose name such
Definitive Certificate is registered in the Register as a Certificateholder hereunder. 
 (d) Any Definitive Certificate delivered in
exchange for an interest in a Global Certificate pursuant to Section 4.03(b) hereof shall, except as otherwise provided by paragraph (c) of Section 4.04 hereto, bear the Restricted Legend. 

(e) The registered Holder of a Global Certificate may grant proxies and otherwise authorize any Person, including DTC Participants and Persons
that may hold interests through DTC Participants, to take any action which a Holder is entitled to take under this Agreement or the Class B Certificates. 

(f) Neither the Parent, nor either Airline, nor the Trustee, nor the Registrar, nor the Paying Agent shall have any responsibility or liability
for: (i) any aspect of the records relating to or payments made on account of beneficial ownership interests in the Global Certificates, (ii) maintaining, supervising or reviewing any records relating to such beneficial ownership interests
or (iii) the performance by DTC, any DTC Participant or any Indirect Participant of their respective obligations under the rules, regulations and procedures creating and affecting DTC and its operation or any other statutory, regulatory,
contractual or customary procedures governing their obligations. 
 Section 4.04 Special Transfer Provisions.
(a) With respect to any proposed offer, pledge, resale or other transfer (each a “transfer”) of (A) a beneficial interest in any Global Certificate bearing a Restricted Legend to a Definitive Certificate bearing a
Restricted Legend or (B) a beneficial interest in any Definitive Certificate bearing a Restricted Legend to a Global Certificate bearing a Restricted Legend, the Registrar shall receive the following: 

(i) if the transferee will take delivery in the form of a beneficial interest in a Global Certificate or Definitive Certificate
offered and sold in reliance on Rule 144A, then the transferor must deliver the form of transfer notice attached to the Class B Certificate, including the certifications in item (1) thereof; 

(ii) if the transferee will take delivery in the form of a beneficial interest in a Global Certificate or a Definitive
Certificate offered and sold in reliance on Regulation S, then the transferor must deliver the form of transfer notice attached to the Class B Certificate, including the certifications in item (2) thereof; or 

  

					
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 (iii) if the transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act or is being transferred to the Parent, either Airline or an affiliate thereof, the transferor must deliver the form of transfer notice attached to the Class B Certificate, including the certifications in item
(3) thereof. 
 (b) If the proposed transferee is a DTC Participant and the Class B Certificate to be transferred consists of
Definitive Certificates, upon receipt by the Registrar of the documents referred to in clause (a) above and instructions given in accordance with DTC’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books
and records the date of such transfer and an increase in the principal amount of Global Certificates in an amount equal to the principal amount of the Definitive Certificates being transferred, and the Trustee shall cancel such Definitive
Certificates so transferred. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and
“Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Class B Certificates offered and sold in reliance on Regulation S that are held by participants through Euroclear or Clearstream. 

(c) Restricted Legend. Upon the transfer, exchange or replacement of Class B Certificates not bearing the Restricted Legend, the
Registrar shall deliver Class B Certificates that do not bear the Restricted Legend. Upon the transfer, exchange or replacement of Class B Certificates bearing the Restricted Legend, the Registrar shall deliver only Class B
Certificates that bear the Restricted Legend, unless there is delivered to the Registrar, the Parent and the Airlines an Opinion of Counsel to the effect that neither such legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act. 
 (d) General. The Registrar shall not register a transfer of any
Class B Certificate unless such transfer complies with the restrictions on transfer of such Class B Certificate set forth in this Trust Supplement. In connection with any transfer of Class B Certificates, each Class B
Certificateholder agrees, by its acceptance of the Class B Certificates to furnish the Registrar or the Trustee and the Parent and the Airlines such certifications, legal opinions or other information as either of them may reasonably require to
confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act and in accordance with the terms and provisions of this Article IV; provided that the
Registrar and the Trustee shall not be required to determine the sufficiency of any such certifications, legal opinions or other information and shall be fully protected in relying thereon. 

Until such time as no Class B Certificates remain outstanding, the Registrar shall retain copies of all letters, notices and other
written communications received pursuant to this Section 4.04. The Trustee, if not the Registrar at such time, shall have the right to inspect and make copies of all such letters, notices or other written communications at
any reasonable time upon the giving of reasonable written notice to the Registrar. 

  

					
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 Section 4.05 Transfer and Exchange. The Registrar shall cause to be kept
at the office or agency to be maintained by it in accordance with the provisions of Section 7.12 of the Basic Agreement a register (the “Register”) of the Class B Certificates in which, subject to such
reasonable regulations as it may prescribe, the Registrar shall provide for the registration of such Class B Certificates and of transfers and exchanges of such Class B Certificates as herein provided. The Trustee shall initially be the
registrar (the “Registrar”) for the purpose of registering such Class B Certificates and transfers and exchanges of such Class B Certificates as herein provided. Promptly upon the Trustee’s request therefor, (a) the
Registrar shall provide to the Trustee a true and complete copy of the Register, and (b) the Registrar shall provide to the Trustee such information regarding the Class B Certificates and the Class B Certificateholders as is
reasonably available to the Registrar. 
 All Class B Certificates issued upon any registration of transfer or exchange of Class B
Certificates shall be valid obligations of the Class B Trust, evidencing the same interest therein, and entitled to the same benefits under this Agreement, as the Class B Certificates surrendered upon such registration of transfer or
exchange. 
 Upon surrender for registration of transfer of any Class B Certificate at the Corporate Trust Office or such other office
or agency designated by the Registrar with the form of transfer notice thereon duly completed and executed, and otherwise complying with the terms of this Agreement, including providing evidence of compliance with any restrictions on transfer, in
form satisfactory to the Trustee, the Registrar, the Parent and each Airline, the Trustee shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Class B Certificates, in authorized
denominations of a like aggregate Fractional Undivided Interest. Whenever any Class B Certificates are surrendered for exchange, the Trustee shall execute, authenticate and deliver the Class B Certificates that the Class B
Certificateholder making the exchange is entitled to receive. Every Class B Certificate presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form
satisfactory to the Trustee and the Registrar duly executed by the Class B Certificateholder thereof or its attorney duly authorized in writing. The Registrar and/or the Trustee may request and shall be entitled to receive as a prerequisite to
the registration of transfer of any Class B Certificate signature guarantees or corporate signing authorities and incumbency certificates, each authenticated by an appropriate officer of the transferor satisfactory to it in its reasonable
discretion. 
 The Registrar shall not register the transfer or exchange of any Class B Certificate in the name of any Person unless
and until evidence satisfactory to the Parent, each Airline and the Trustee that the conditions to any such transfer or exchange set forth in Sections 4.02 through 4.04 shall have been satisfied is submitted to them and the Parent and
each Airline has so notified the Trustee and the Registrar in writing of such satisfaction. The Registrar and the Trustee shall not be liable to any Person for registering any transfer or exchange, or for executing, authenticating or delivering any
Class B Certificate based on such certification. The Registrar and the Trustee may treat the Person in whose name any Class B Certificate is registered as the sole owner of the beneficial interest in the Class B Trust evidenced by
such Class B Certificate. 

  

					
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 To permit registrations of transfers and exchanges in accordance with the terms, conditions
and restrictions hereof, the Trustee shall execute and authenticate Class B Certificates at the Registrar’s request. No service charge shall be made to a Class B Certificateholder for any registration of transfer or exchange of
Class B Certificates, but the Trustee and the Registrar shall require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Class B Certificates. All
Class B Certificates surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Trustee. Notwithstanding anything contained herein or elsewhere to the contrary, neither the Registrar nor the Trustee
shall have any duty or obligation with respect to any transfer, exchange or other disposition of an economic interest in a Class B Certificate (other than a transfer of a Class B Certificate itself) or any personal liability to any Person
in connection with the same. 
 ARTICLE V 

DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS 

Section 5.01 Statements to Certificateholders. (a) On each Regular Distribution Date and Special Distribution Date,
the Trustee will include with each distribution to the Class B Certificateholders a statement, giving effect to the distribution to be made on such Regular Distribution Date or Special Distribution Date, setting forth the following information
(per $1,000 aggregate face amount of Class B Certificates as to clauses (ii) and (iii) below): 
 (i)
the aggregate amount of funds distributed on such Distribution Date under this Agreement, indicating the amount, if any, allocable to each source (including any portion thereof paid by the Class B Liquidity Provider); 

(ii) the amount of such distribution under this Agreement allocable to principal and the amount allocable to Premium (if any);

 (iii) the amount of such distribution under this Agreement allocable to interest (including any portion thereof paid by
the Class B Liquidity Provider); and 
 (iv) the Pool Balance and the Pool Factor. 

With respect to the Class B Certificates registered in the name of DTC or its nominee, on the Record Date prior to each Regular
Distribution Date and Special Distribution Date, the Trustee will request that DTC post on its Internet bulletin board a securities position listing setting forth the names of all the DTC Participants reflected on DTC’s books as holding
interests in the Class B Certificates on such Record Date. On each Regular Distribution Date and Special Distribution Date, the Trustee will mail to each such DTC Participant whose name has been provided by DTC the statement described above and
will make available additional copies as requested by such DTC Participants for forwarding to holders of interests in the Class B Certificates. 

  

					
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 (b) Within a reasonable period of time after the end of each calendar year but not later
than the latest date permitted by law, the Trustee shall furnish to each Person who at any time during such calendar year was a Class B Certificateholder of record a statement containing the sum of the amounts determined pursuant to clauses
(a)(i), (a)(ii) and (a)(iii) above for such calendar year or, in the event such Person was a Class B Certificateholder of record during a portion of such calendar year, for the applicable portion of such year, and such other items as
are readily available to the Trustee and which a Class B Certificateholder may reasonably request as necessary for the purpose of such Certificateholder’s preparation of its United States federal income tax returns or foreign income tax
returns. With respect to Class B Certificates registered in the name of DTC or its nominee, such statement and such other items shall be prepared on the basis of information supplied to the Trustee by the DTC Participants and shall be delivered
by the Trustee to such DTC Participants to be available for forwarding by such DTC Participants to the holders of beneficial interests in the Class B Certificates. 

(c) Promptly following the date of any early redemption or purchase of, or any default in the payment of principal or interest in respect of,
any of the Series B Equipment Notes held in the Class B Trust, the Trustee shall furnish to Class B Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each subsequent Regular
Distribution Date following the date of such early redemption, purchase or default, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal distribution schedule of the Series B Equipment Notes, in
the aggregate, held as Trust Property at the date of such notice. With respect to the Class B Certificates registered in the name of DTC, on the date of such early redemption, purchase or default, the Trustee will request from DTC a securities
position listing setting forth the names of all DTC Participants reflected on DTC’s books as holding interests in the Class B Certificates on such date. The Trustee will mail (or, in the case of Global Certificates, send electronically in
accordance with DTC’s applicable procedures) to each such DTC Participant the statement described above and will make available additional copies as requested by such DTC Participant for forwarding to holders of interests in the Class B
Certificates. 
 (d) [Reserved] 

(e) The provisions of this Section 5.01 supersede and replace the provisions of Section 4.03 of the Basic
Agreement in their entirety with respect to the Class B Trust. 
 ARTICLE VI 

DEFAULT 

Section 6.01 Purchase Rights of Certificateholders. (a) By acceptance of its Class B Certificate, each
Class B Certificateholder agrees that at any time after the occurrence and during the continuation of a Certificate Buy-Out Event: 

(i) so long as no Additional Certificateholder has elected to exercise its rights to purchase the Class A Certificates and the
Class B Certificates pursuant to, and given notice of such election in accordance with, this Section 6.01(a) (upon such election and notification thereof, the right specified in this
Section 6.01(a)(i) shall be suspended and (x) upon consummation of the purchase pursuant to such election, be terminated with respect to such Certificate Buy-Out Event, or
(y) upon failure to consummate such purchase on the proposed purchase date, such right shall be revived), each Class B Certificateholder (other than each 

  

					
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Airline, the Parent or any of their respective Affiliates) shall have the right to purchase, for the purchase price set forth in the Class A Trust Agreement, all, but not less than all, of
the Class A Certificates upon ten days’ prior written irrevocable notice to the Class A Trustee, the Trustee and each other Class B Certificateholder, on the third Business Day following the expiration of such ten-day notice period, provided that (A) if prior to the end of such ten-day period any other Class B Certificateholder(s) (other than each Airline, the
Parent or any of their respective Affiliates) notifies such purchasing Class B Certificateholder that such other Class B Certificateholder(s) want(s) to participate in such purchase, then such other Class B Certificateholder(s) (other
than each Airline, the Parent or any of their respective Affiliates) may join with the purchasing Class B Certificateholder to purchase all, but not less than all, of the Class A Certificates pro rata based on the Fractional Undivided
Interest in the Class B Trust held by each such Class B Certificateholder and (B) upon consummation of such purchase no Class B Certificateholder shall have a right to purchase the Class A Certificates pursuant to this
Section 6.01(a)(i) during the continuance of such Certificate Buy-Out Event; 

(ii) if any Additional Certificates are issued by an Additional Trust, so long as no Junior Additional Certificateholder (if any) has elected
to exercise its rights to purchase Certificates pursuant to, and given notice of such election in accordance with, this Section 6.01(a) (upon such election and notification thereof, the right specified in this
Section 6.01(a)(ii) shall be suspended and (x) upon consummation of the purchase pursuant to such election, be terminated with respect to such Certificate Buy-Out Event, or
(y) upon failure to consummate such purchase on the proposed purchase date, such right shall be revived), each Additional Certificateholder (other than each Airline, the Parent or any of their respective Affiliates) shall have the right (which
shall not expire upon any purchase of the Class A Certificates pursuant to Section 6.01(a)(i)) to purchase, for the purchase price set forth in the Class A Trust Agreement with respect to the Class A Certificates, herein with
respect to the Class B Certificates and in the applicable Additional Trust Agreement with respect to any Additional Certificates that rank senior, in priority of payment of “Expected Distributions” under the Intercreditor Agreement,
to the Additional Certificates held by the purchasing Additional Certificateholder, all, but not less than all, of the Class A Certificates, the Class B Certificates and any Additional Certificates ranked senior, in priority of payment of
“Expected Distributions” under the Intercreditor Agreement, to the Additional Certificates held by the purchasing Additional Certificateholder upon ten days’ prior written irrevocable notice to the Class A Trustee, the Trustee,
the trustee of any Additional Trust with respect to any Additional Certificates that rank senior, in priority of payment of “Expected Distributions” under the Intercreditor Agreement, to the Additional Certificates held by the purchasing
Additional Certificateholder and each other Additional Certificateholder of the same class, on the third Business Day following the expiration of such ten-day notice period, provided that (A) if
prior to the end of such ten-day period any other Additional Certificateholder(s) of such class (other than each Airline, the Parent or any of their respective Affiliates) notifies such purchasing Additional
Certificateholder that such other Additional Certificateholder(s) want(s) to participate in such purchase, then such other Additional Certificateholder(s) (other than each Airline, the Parent or any of their respective Affiliates) may join with the
purchasing Additional Certificateholder to purchase all, but not less than all, of the Class A Certificates, the Class B Certificates and such senior Additional Certificates pro rata based on the Fractional Undivided Interest in the
applicable Additional Trust held by each such Additional Certificateholder and (B) upon consummation of such purchase no Additional Certificateholder of such class shall have a right to purchase the Class A Certificates, the Class B
Certificates and such senior Additional Certificates pursuant to this Section 6.01(a)(ii) during the continuance of such Certificate Buy-Out Event; and 

  

					
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 (iii) if any Refinancing Certificates are issued, each Refinancing Certificateholder shall
have the same right (subject to the same terms and conditions) to purchase Certificates pursuant to this Section 6.01(a) (and to receive notice in connection therewith) as the Certificateholders of the Class that such
Refinancing Certificates refinanced. 
 The purchase price with respect to the Class B Certificates shall be equal to the Pool Balance
of the Class B Certificates, together with accrued and unpaid interest in respect thereof to the date of such purchase, and any other amounts then due and payable to the Class B Certificateholders under this Agreement, the Intercreditor
Agreement, any Series B Equipment Note held as the property of the Class B Trust or the related Indenture and Participation Agreement or on or in respect of the Class B Certificates but without any Premium, provided, however,
that if such purchase occurs after the Record Date relating to any Distribution Date, such purchase price shall be reduced by the amount to be distributed hereunder on such related Distribution Date (which deducted amounts shall remain distributable
to, and may be retained by, the Class B Certificateholders as of such Record Date); provided, further, that no such purchase of Class B Certificates pursuant to this Section 6.01(a) shall be
effective unless the purchaser(s) shall certify to the Trustee that contemporaneously with such purchase, such purchaser(s) is purchasing, pursuant to the terms of this Agreement, the Class A Trust Agreement, the applicable Additional Trust
Agreement (if any) or the applicable Refinancing Trust Agreement (as the case may be), and the Intercreditor Agreement, all of the Class A Certificates, the Class B Certificates, and, if applicable, the Additional Certificates that rank
senior, in priority of payment of “Expected Distributions” under the Intercreditor Agreement, to the Additional Certificates held by the purchasing Additional Certificateholder(s) and, if applicable, the Refinancing Certificates that are
senior to the securities held by such purchaser(s). Each payment of the purchase price of the Class B Certificates referred to in the first sentence of this paragraph shall be made to an account or accounts designated by the Trustee and each
such purchase shall be subject to the terms of this Section 6.01(a). Each Class B Certificateholder agrees by its acceptance of its Class B Certificate that it will, upon payment from such Additional
Certificateholder(s) or Refinancing Certificateholder(s), as the case may be, of the purchase price set forth in the first sentence of this paragraph, forthwith sell, assign, transfer and convey to the purchaser(s) thereof (without recourse,
representation or warranty of any kind except as to its own acts) all of the right, title, interest and obligation of such Class B Certificateholder in this Agreement, the Intercreditor Agreement, the Class B Liquidity Facility, the Note
Documents and all Class B Certificates held by such Class B Certificateholder (excluding all right, title and interest under any of the foregoing to the extent such right, title or interest is with respect to an obligation not then due and
payable as respects any action or inaction or state of affairs occurring prior to such sale) and the purchaser(s) shall assume all of such Class B Certificateholder’s obligations under this Agreement, the Intercreditor Agreement, the
Class B Liquidity Facility, the Note Documents and all such Class B Certificates. The Class B Certificates will be deemed to be purchased on the date payment of the purchase price is made notwithstanding the failure of any
Class B Certificateholder to deliver any Class B Certificate and, upon such a purchase, (i) the Class B Certificateholders shall have no further rights with 

  

					
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respect to the Class B Certificates and (ii) if the purchaser(s) shall so request, each such Class B Certificateholder will comply with all the provisions of Section 3.04 of
the Basic Agreement and the applicable provisions of this Trust Supplement to enable new Class B Certificates to be issued to the purchaser(s) in such denominations otherwise authorized under this Agreement as it shall request. All charges and
expenses in connection with the issuance of any such new Class B Certificates shall be borne by the purchaser(s) thereof. 
 (b) This
Section 6.01 supplements and, to the extent inconsistent with any provision of Section 6.01(d) of the Basic Agreement, replaces the provisions of Section 6.01(d) of the Basic Agreement. Notwithstanding anything to
the contrary set forth herein or in any Operative Agreement, the provisions of this Section 6.01 may not be amended in any manner without the consent of each Class A Certificateholder, each Class B
Certificateholder and each Additional Certificateholder (if any) or, as the case may be, each Refinancing Certificateholder (if any) (in each case, other than each Airline, the Parent or any of their respective Affiliates in its respective capacity
as a Certificateholder) that would be adversely affected thereby; provided that the purchase price under Section 6.01(a) (as in effect on the date hereof) for any Certificate held by any Airline, the Parent or any of
their respective Affiliates shall not be modified without the prior written consent of such Airline or the Parent, as applicable. For the avoidance of doubt, if a Certificate Buy-Out Event ceases to exist and
another Certificate Buy-Out Event occurs and is continuing, the purchase rights set forth in this Section 6.01 shall be revived notwithstanding any exercise of such rights during the
continuance of any preceding Certificate Buy-Out Event. 
 ARTICLE VII 

THE TRUSTEE 

Section 7.01 Delivery of Documents; Issuance Date. (a) The Trustee is hereby directed (i) to execute and deliver
the Intercreditor Agreement on or prior to the Issuance Date, in the form delivered to the Trustee by the Airlines, and (ii) subject to the terms thereof, to perform its obligations thereunder. Upon request of each Airline and the satisfaction
or waiver of the closing conditions specified in the Certificate Purchase Agreement, the Trustee shall execute, deliver, authenticate, issue and sell Class B Certificates in authorized denominations equaling in the aggregate the amount set
forth, with respect to the Class B Trust, in Schedule I to the Certificate Purchase Agreement evidencing the entire ownership interest in the Class B Trust, which amount equals the maximum aggregate principal amount of Series B Equipment
Notes which may be purchased by the Trustee. Except as provided in Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement or Sections 4.03, 4.04 and 4.05 of this Trust Supplement, the Trustee shall not execute, authenticate
or deliver Class B Certificates in excess of the aggregate amount specified in this paragraph. The provisions of this Section 7.01(a) supersede and replace the first three sentences of Section 2.02(a) of the Basic
Agreement and the first sentence of Section 3.02(a) of the Basic Agreement, with respect to the Class B Trust. 

  

					
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 (a) On the Issuance Date, the Trustee shall enter into and perform its obligations under the
Participation Agreement (the “Applicable Participation Agreement”) with respect to each Aircraft and cause such certificates, documents and legal opinions relating to the Trustee to be duly delivered as required by the Applicable
Participation Agreement. Upon satisfaction of the conditions specified in the Applicable Participation Agreement, the Trustee shall purchase the applicable Series B Equipment Notes with the proceeds of the Class B Certificates on the Issuance
Date. The purchase price of such Series B Equipment Notes shall equal the principal amount of such Series B Equipment Notes. The provisions of this Section 7.01(b) supersede and replace the provisions of Section 2.02
of the Basic Agreement with respect to the Class B Trust, and no provisions of the Basic Agreement relating to Postponed Notes Section 2.02 of the Basic Agreement shall apply to the Class B Trust. 

(b) With respect to the Class B Trust, Section 4.01(b) of the Basic Agreement is superseded and replaced in its entirety with the
following: “The Trustee shall establish and maintain on behalf of the Class B Certificateholders a Special Payments Account as one or more accounts, which shall be non-interest bearing except as
provided in Section 4.04 of the Basic Agreement. The Trustee shall hold the Special Payments Account in trust for the benefit of the Class B Certificateholders and shall make or permit withdrawals therefrom only as provided in the
Agreement or the Intercreditor Agreement. On each day when one or more Special Payments are made to the Trustee under the Intercreditor Agreement, the Trustee, upon receipt thereof, shall immediately deposit the aggregate amount of such Special
Payments in the Special Payments Account.” 
 (c) With respect to the Class B Trust, the second sentence of Section 4.02(c) of
the Basic Agreement shall be superseded and replaced in its entirety with the following sentence: “Subject to the provisions of the Intercreditor Agreement: (i) in the event of redemption or purchase of Series B Equipment Notes held in the
Class B Trust, such notice shall be mailed (or, in the case of Global Certificates, sent electronically in accordance with DTC’s applicable procedures) not less than 15 days prior to the Special Distribution Date for the Special Payment
resulting from such redemption or purchase, which Special Distribution Date shall be the date of such redemption or purchase; and (ii) in the case of any other Special Payments, such notice of Special Payment shall be mailed (or, in the case of
Global Certificates, sent electronically in accordance with DTC’s applicable procedures) as soon as practicable after the Trustee has confirmed that it has received funds for such Special Payment and shall state the Special Distribution Date
for such Special Payment, which shall occur 15 days after the date of such notice of Special Payment or (if such 15th day is not practicable) as soon as practicable thereafter.” 

(d) With respect to the Class B Trust, clause (ii) of the third sentence of Section 4.02(c) of the Basic Agreement shall be
amended by deleting in its entirety the parenthetical phrase “(taking into account any payment to be made by the Responsible Party pursuant to Section 2.02(b)).” 

Section 7.02 [Reserved] 

Section 7.03 The Trustee. (a) Subject to Section 7.04 of this Trust Supplement and
Section 7.15 of the Basic Agreement, the Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Trust Supplement, any Guarantee or the Intercreditor Agreement or the due execution
hereof or thereof by either Airline or the other parties thereto (other than the Trustee), or for or in respect of the recitals and 

  

					
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statements contained herein or therein, all of which recitals and statements are made solely by such Airline or the other parties thereto (other than the Trustee), except that the Trustee hereby
represents and warrants that each of this Trust Supplement, the Basic Agreement, each Class B Certificate and the Intercreditor Agreement has been executed and delivered by one of its officers who is duly authorized to execute and deliver such
document on its behalf. 
 (a) The Trustee shall at all times be a bank or trust company, organized and doing business under the laws of the
United States or any state thereof, a substantial part of the business of which consists of (i) receiving deposits and making loans or (ii) exercising fiduciary powers similar to those permitted to national banks by the Comptroller of the
Currency, and which is subject to supervision and examination by state or federal authority having supervision over banking institutions. 

Section 7.04 Representations and Warranties of the Trustee. The Trustee hereby represents and warrants that: 

(a) the Trustee has full power, authority and legal right to execute, deliver and perform this Trust Supplement, the Intercreditor Agreement,
the Class B Certificates and the Note Documents to which it is or is to become a party and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Supplement, the Intercreditor Agreement, the
Class B Certificates and the Note Documents to which it is or is to become a party; 
 (b) the execution, delivery and performance by
the Trustee of this Trust Supplement, the Intercreditor Agreement, the Class B Certificates and the Note Documents to which it is or is to become a party (i) will not violate any provision of any United States federal law or the law of the
state of the United States where it is located governing the banking and trust powers of the Trustee or any order, writ, judgment, or decree of any court, arbitrator or governmental authority applicable to the Trustee or any of its assets,
(ii) will not violate any provision of the articles of incorporation or by-laws of the Trustee, and (iii) will not violate any provision of, or constitute, with or without notice or lapse of time, a
default under, or result in the creation or imposition of, any lien on any properties included in the Trust Property pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which
violation, default or lien could reasonably be expected to have an adverse effect on the Trustee’s performance or ability to perform its duties hereunder or thereunder or on the transactions contemplated herein or therein; 

(c) the execution, delivery and performance by the Trustee of this Trust Supplement, the Intercreditor Agreement, the Class B Certificates
and the Note Documents to which it is or is to become a party will not require the authorization, consent, or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental
authority or agency of the United States or the state of the United States where it is located regulating the banking and corporate trust activities of the Trustee; and 

  

					
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 (d) this Trust Supplement, the Intercreditor Agreement, the Class B Certificates and
the Note Documents to which it is or is to become a party have been, or will be, as applicable, duly executed and delivered by the Trustee and constitute, or will constitute, as applicable, the legal, valid and binding agreements of the Trustee,
enforceable against it in accordance with their respective terms; provided, however, that enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and (ii) general principles of equity. 
 Section 7.05 Trustee Liens. The Trustee in its
individual capacity agrees, in addition to the agreements contained in Section 7.17 of the Basic Agreement, that it will at its own cost and expense promptly take any action as may be necessary to duly discharge and satisfy in full any
Trustee’s Liens on or with respect to the Trust Property which are attributable to the Trustee in its individual capacity and which are unrelated to the transactions contemplated by the Intercreditor Agreement. 

ARTICLE VIII 

ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS 

Section 8.01 Amendment of Sections 5.02 and 6.07 of the Basic Agreement. (a) Section 5.02 of the Basic Agreement
shall be amended, with respect to the Class B Trust, by (i) replacing the phrase “of this Agreement” set forth in paragraph (a) thereof with the phrase “of the Note Documents and of this Agreement”, (ii) replacing
the phrase “under this Agreement” set forth in paragraph (b) thereof with the phrase “under this Agreement and any Note Document” and (iii) deleting the phrase “and an Opinion of Counsel of such Airline” in
paragraph (c) thereof. 
 (b) Section 6.07 of the Basic Agreement shall be amended and restated in its entirety with respect to the
Class B Trust to read as follows: 
 “Section 6.07. Certificateholders May Not Bring Suit Except Under Certain
Conditions. 
 A Certificateholder of any series shall not have the right to institute any suit, action or proceeding at law or in equity
or otherwise with respect to this Agreement, the related Trust Supplement or the Certificates or otherwise, or for the appointment of a receiver or for the enforcement of any other remedy under this Agreement, the related Trust Supplement or the
Certificates or otherwise, unless: 
  

	 	(1)	 such Certificateholder previously shall have given written notice to the Trustee of a continuing Event of
Default; 


  

	 	(2)	 Certificateholders holding Certificates of such series evidencing Fractional Undivided Interests aggregating
not less than 25% of the related Trust shall have requested the Trustee in writing to institute such suit, action or proceeding and shall have offered to the Trustee indemnity as provided in Section 7.03(e); 



  

					
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	 	(3)	 the Trustee shall have refused or neglected to institute any such suit, action or proceeding
for 60 days after receipt of such notice, request and offer of indemnity; and 


  

	 	(4)	 no Direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by either Certificateholders holding Certificates of such series evidencing Fractional Undivided Interests aggregating not less than a majority in interest in the related Trust or the
Controlling Party under the related Intercreditor Agreement. 


 Except to the extent provided in any applicable
Intercreditor Agreement or in any applicable Trust Supplement, it is understood and intended that no one or more of the Certificateholders of any series shall have any right in any manner whatsoever hereunder or under the related Trust Supplement or
under the Certificates of such series to (i) surrender, impair, waive, affect, disturb or prejudice any property in the Trust Property of the related Trust, or the lien of any related Indenture on any property subject thereto, or the rights of
the Certificateholders of such series or the holders of the related Equipment Notes, (ii) obtain or seek to obtain priority over or preference with respect to any other such Certificateholder of such series or (iii) enforce any right under
this Agreement, the related Trust Supplement or under the Certificates of such series, except in the manner provided in this Agreement and for the equal, ratable and common benefit of all the Certificateholders of such series.” 

Section 8.02 Supplemental Agreements Without Consent of Class B Certificateholders. Without limitation of
Section 9.01 of the Basic Agreement, (i) (a) clauses (2) and (3) of such Section 9.01 shall also be deemed to include the Airlines’ obligations under (in the case of clause (2)), and such Airlines’ rights and powers
conferred by (in the case of clause (3)), any Participation Agreement or any Guarantee, (b) references in clauses (4) and (5) of such Section 9.01 to “any Intercreditor Agreement, any Note Purchase Agreement, any Liquidity
Facility, any Intercompany Guarantee or any Parent Guarantee” shall be deemed to refer to “the Intercreditor Agreement, the Class B Liquidity Facility, any Participation Agreement or any Guarantee”, (c) references to “any
Intercreditor Agreement, any Liquidity Facility, any Intercompany Guarantee or any Parent Guarantee” in clause (7) of such Section 9.01 shall be deemed to refer to “the Intercreditor Agreement, the Class B Liquidity
Facility, any Participation Agreement or any Guarantee” and (d) references to “any Intercreditor Agreement, any Note Purchase Agreement, any Indenture, any Liquidity Facility, any Intercompany Guarantee or any Parent Guarantee”
and to “any Intercreditor Agreement, any Liquidity Facility, any Intercompany Guarantee or any Parent Guarantee” in clause (8) of such Section 9.01 shall be deemed to refer to “the Intercreditor Agreement, any Indenture, the
Class B Liquidity Facility, any Participation Agreement or any Guarantee”, (ii) under the terms of, and subject to the limitations contained in, Section 9.01 of the Basic Agreement, the Airline may (but will not be required to), and
the Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the request of any Airline at any time and from time to time, enter into one or more agreements supplemental to any Operative Agreement to provide for the formation of one
or more Additional Trusts in existence at any one time, the issuance of one or more Classes of Additional Certificates from time to time, the purchase by any Additional Trust of applicable Additional Equipment Notes and other matters incidental
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2.01(b) of the Basic Agreement, all as provided in Section 8.01(d) of the Intercreditor Agreement and (iii) under the terms of, and subject to the limitations contained in,
Section 9.01 of the Basic Agreement, each Airline may (but will not be required to), and the Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the request of such Airline at any time and from time to time, enter into one
or more agreements supplemental to any Operative Agreement to provide for the formation of one or more Refinancing Trusts, the issuance of one or more Classes of Refinancing Certificates, the purchase by any Refinancing Trust of applicable
Refinancing Equipment Notes and other matters incidental thereto or as otherwise contemplated by Section 2.01(b) of the Basic Agreement, all as provided in Section 8.01(c) of the Intercreditor Agreement. In addition, the following
provisions of Section 9.01 of the Basic Agreement shall be amended, with respect to the Class B Trust, as follows: (A) Section 9.01(6) of the Basic Agreement shall be amended by inserting the phrase “(or to facilitate any
listing of any Certificates on any exchange or quotation system) or any requirement of DTC or like depositary,” after the phrase “any exchange or quotation system on which the Certificates of any series are listed” but before the
phrase “or of any regulatory body”; (B) Section 9.01(7) of the Basic Agreement shall be amended by inserting the phrase “to establish or” after the phrase “to such extent as shall be necessary” but before the
phrase “to continue”; and (C) Section 9.01(8) of the Basic Agreement shall be amended by inserting the phrase “, or to evidence the substitution of a Liquidity Provider with a Replacement Liquidity Provider or to provide for
a Replacement Liquidity Facility (and if such Replacement Liquidity Facility is to be comprised of more than one instrument, to incorporate appropriate provisions for multiple instruments for such Replacement Liquidity Facility for a single pass
through trust), all as provided in any Intercreditor Agreement”, after the phrase “one or more Trusts” but before the phrase “and to add to or change”. 

Section 8.03 Supplemental Agreements with Consent of Class B Certificateholders. Without limitation of
Section 9.02 of the Basic Agreement, the provisions of Section 9.02 of the Basic Agreement shall apply to agreements or amendments for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Class B Liquidity Facility or any Guarantee modifying in any manner the rights and obligations of the Class B Certificateholders under the Class B Liquidity Facility or any Guarantee. 

Section 8.04 Consent of Holders of Certificates Issued under Other Trusts. Notwithstanding any provision in
Section 8.02 or Section 8.03 of this Trust Supplement to the contrary, no amendment or modification of Section 6.01 of this Trust Supplement shall be effective unless the
trustee for each Class of Certificates affected by such amendment or modification shall have consented thereto. 
 Section 8.05
Amendment of Section 3.04 of the Basic Agreement. Sections 4.04 and 4.05 of this Trust Supplement supersede and replace Section 3.04 of the Basic Trust Agreement with respect to the Class B Trust. 

  

					
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 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01 Final Termination Date. The respective obligations and responsibilities of the Airlines and the Trustee
created hereby and the Class B Trust created hereby shall terminate upon the distribution to all Class B Certificateholders and the Trustee of all amounts required to be distributed to them pursuant to this Agreement and the disposition of
all property held as part of the Trust Property; provided, however, that in no event shall the Trust created hereby continue beyond one hundred ten (110) years following the date of execution of this Trust Supplement. 

Section 9.02 Basic Agreement Ratified. Except and so far as herein expressly provided, all of the provisions, terms and
conditions of the Basic Agreement are in all respects ratified and confirmed; and the Basic Agreement and this Trust Supplement shall be taken, read and construed as one and the same instrument. To the extent that any provisions of the Basic
Agreement are superseded by any provisions of this Trust Supplement, any reference to such provisions of the Basic Agreement herein or in the Basic Agreement shall be deemed to be references to such provisions of this Trust Supplement. 

Section 9.03 Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND THIS AGREEMENT AND THE CLASS B
CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

Section 9.04 Counterparts. This Trust Supplement may be executed in any number of counterparts (and no party shall be
required to execute the same counterpart). Each counterpart of this Trust Supplement including a signature page or pages executed by each of the parties hereto shall be an original counterpart of this Trust Supplement, but all of such counterparts
together constitute one instrument. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly
delivered, if requested. 
 Section 9.05 Intention of Parties. The parties hereto intend that the Class B Trust be
classified for United States federal income tax purposes as a grantor trust under Subpart E, Part I, Subchapter J, Chapter 1 of Subtitle A of the Code, and not as a trust or association taxable as a corporation or as a partnership. Each
Certificateholder of, and each Person acquiring a beneficial interest in, a Class B Certificate, by its acceptance of its Class B Certificate or a beneficial interest therein, agrees to treat the Class B Trust as a grantor trust for
all United States federal, state and local income tax purposes. The Trustee shall not be authorized or empowered to do anything that would cause the Class B Trust to fail to qualify as a grantor trust for such tax purposes (including as subject
to this restriction, acquiring any Aircraft by bidding the Equipment Notes relating thereto or otherwise, or taking any action with respect to any such Aircraft once acquired). 

  

					
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 Section 9.06 Submission to JurisdictionSection 9.07 . Each of the parties
hereto, to the extent it may do so under applicable law, for purposes hereof and of all other Operative Agreements hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of the courts of
the State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York, for the purposes of any suit, action or
other proceeding arising out of this Agreement, the subject matter hereof or any of the transactions contemplated hereby brought by any party or parties hereto or thereto, or their successors or permitted assigns, (ii) waives, and agrees not to
assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this
Agreement or the subject matter hereof or any of the transactions contemplated hereby may not be enforced in or by such courts, (iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 12.04 of the Basic Agreement, or at such other address of which the other parties shall have
been notified pursuant thereto; and (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 

Section 9.07 Normal Commercial Relations. Anything contained in this Agreement to the contrary
notwithstanding, the Trustee and any Class B Certificateholder, or any bank or other affiliate of any such party, may conduct any banking or other financial transactions, and have banking and other commercial relationships, with the Airlines
fully to the same extent as if this Agreement were not in effect, including without limitation the making of loans or other extensions of credit to the Airlines for any purpose whatsoever, whether related to any of the transactions contemplated
hereby or otherwise. 
 Section 9.08 Successor and Assigns. All covenants, agreements, representations and warranties in
this Agreement by the Trustee and the Airlines shall bind and, to the extent permitted hereby, shall inure to the benefit of and be enforceable by their respective successors and assigns, whether so expressed or not. Any request, notice, direction,
consent, waiver or other instrument or action by any Class B Certificateholder shall bind the successors and assigns of such Class B Certificateholder. 

Section 9.09 No Recourse against Others. No past, present or future director, officer, employee, agent, member, manager,
trustee or stockholder, as such, of any Airline, the Parent or any successor Person shall have any liability for any obligations of such Airline, the Parent or any successor Person, either directly or through such Airline, the Parent or any
successor Person, under the Class B Certificates, this Agreement or any Guarantee or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law, statute or constitutional
provision of by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. By accepting a Class B Certificate, each Class B Certificateholder agrees to the provisions of this
Section 9.08 and waives and releases all such liability. Such waiver and release shall be part of the consideration for the issue of the Class B Certificates. 

  

					
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 Section 9.10 Patriot Act. In accordance with the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Trustee is required to obtain, verify and record information that identifies its clients, including the Airlines,
which information may include the name and address of its clients, as well as other information that will allow the Trustee to properly identify its clients. Each party to this Trust Supplement agrees for itself that it will provide the Trustee with
such information relating to such party as it may reasonably request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

[Remainder of Page Intentionally Blank; Signature Pages Follow] 

 

  

					
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 IN WITNESS WHEREOF, the parties have caused this Trust Supplement to be duly executed by
their respective officers thereto duly authorized as of the date first written above. 
  

			
	ALASKA AIRLINES, INC.
		
	By:	 	 /s/ Nathaniel Pieper

		 	 Name:  Nathaniel Pieper

		 	 Title:   Senior Vice President, Fleet, Finance and Alliances, and
Treasurer

	
	HORIZON AIR INDUSTRIES, INC.
		
	By:	 	 /s/ Nathaniel Pieper

		 	 Name:  Nathaniel Pieper

		 	 Title:   Treasurer



  

  
 [Signature Page to
Trust Supplement 2020-1B] 













 
			
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Richard Krupske

		 	 Name:  Richard Krupske

		 	Title: Assistant Vice President


  
  

  
 [Signature Page to
Trust Supplement 2020-1B] 













 EXHIBIT A to 

TRUST SUPPLEMENT NO. 2020-1B 

FORM OF CERTIFICATE 

[THIS CERTIFICATE IS SUBJECT TO TRANSFER RESTRICTIONS. THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED, PLEDGED, SOLD OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS [IN THE CASE OF RULE 144A CERTIFICATES: A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT(“RULE 144A”))][IN THE CASE OF REGULATION S CERTIFICATES: NOT A “U.S. PERSON” (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION
S”) NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS CERTIFICATE IN AN “OFFSHORE TRANSACTION” (AS DEFINED IN REGULATION S) IN ACCORDANCE WITH REGULATION S]; (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE
THAT IS [IN THE CASE OF RULE 144A CERTIFICATES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH EITHER OF THE ISSUERS OR ANY AFFILIATE OF EITHER ISSUER WAS THE OWNER OF THIS CERTIFICATE (OR ANY PREDECESSOR OF
SUCH CERTIFICATE)] [IN THE CASE OF REGULATION S CERTIFICATES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS CERTIFICATE (OR ANY PREDECESSOR OF SUCH CERTIFICATE) WAS FIRST OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN REGULATION S) IN RELIANCE ON REGULATION S] OFFER, PLEDGE, RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE EXCEPT (I)(A) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
(B) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE); (C) PURSUANT TO OFFERS AND SALES TO PERSONS OTHER THAN U.S. PERSONS (AS DEFINED IN REGULATION S) THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S; (D) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER) OR (E) TO ALASKA AIRLINES, INC.,
HORIZON AIR INDUSTRIES, INC., ALASKA AIR GROUP, INC. OR ANY AFFILIATE THEREOF; AND (II) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OF AMERICA AND OTHER APPLICABLE JURISDICTIONS; (3) AGREES THAT
PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER PURSUANT 

  

					
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Alaska Air Aircraft EETC















 
TO CLAUSES 2(I)(A), (C) OR (D) ABOVE), IT WILL FURNISH TO THE TRUSTEE, ALASKA AIRLINES, INC., HORIZON AIR INDUSTRIES, INC. AND ALASKA AIR GROUP, INC. SUCH CERTIFICATIONS, LEGAL OPINIONS OR
OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE IN COMPLIANCE WITH THE FOREGOING CLAUSE (2) AND PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CERTIFICATE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS CERTIFICATE PRIOR TO THE EXPIRATION OF
THE HOLDING PERIOD APPLICABLE TO SALES OF THE CERTIFICATES UNDER [RULE 144] [REGULATION S] (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT
THIS CERTIFICATE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER UPON THE EARLIER OF THE TRANSFER OF THE CERTIFICATE PURSUANT TO CLAUSE 2(I)(C) ABOVE OR UPON ANY TRANSFER OF THE CERTIFICATES UNDER [RULE 144][REGULATION S]
(OR ANY SUCCESSOR PROVISION). TRUST SUPPLEMENT NO. 2020-1B TO THE PASS THROUGH TRUST AGREEMENT CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION
OF THE FOREGOING RESTRICTIONS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.]1 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2 

 

	1 	 To be included on the face of each Global Certificate and each Definitive Certificate issued in exchange for
beneficial interests in a Global Certificate that is required to bear pursuant to this Trust Supplement a Restricted Legend 



	2 	 This legend to appear on Book-Entry Certificates to be deposited with The Depository Trust Company.















 BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (A) REPRESENTS AND WARRANTS TO
ALASKA AIRLINES, INC., HORIZON AIR INDUSTRIES, INC., ALASKA AIR GROUP, INC., THE LOAN TRUSTEE AND THE TRUSTEE THAT EITHER (1) NO ASSETS OF A PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN HAVE BEEN USED TO PURCHASE OR HOLD THIS
CERTIFICATE OR AN INTEREST HEREIN OR (2) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR PROVISIONS OF SIMILAR LAW PURSUANT TO ONE
OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR SIMILAR EXEMPTIONS UNDER SIMILAR LAW, AND (B) DIRECTS THE TRUSTEE TO INVEST IN THE ASSETS HELD IN THE CLASS B TRUST PURSUANT TO THE TERMS AND CONDITIONS DESCRIBED IN THE
OFFERING MEMORANDUM RELATED THERETO. 
 FURTHER, BY ITS ACQUISITION OR ACCEPTANCE HEREOF, A HOLDER WHO IS AN ERISA PLAN REPRESENTS AND
WARRANTS (I) NONE OF ALASKA AIRLINES, INC., HORIZON AIR INDUSTRIES, INC., ALASKA AIR GROUP, INC., THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES OR OTHER PERSONS THAT PROVIDE MARKETING SERVICES, NOR ANY OF THEIR AFFILIATES, HAS
PROVIDED, AND NONE OF THEM WILL PROVIDE, ANY INVESTMENT RECOMMENDATION OR INVESTMENT ADVICE ON WHICH IT, OR ANY FIDUCIARY OR OTHER PERSON INVESTING THE ASSETS OF THE BENEFIT PLAN INVESTOR (“PLAN FIDUCIARY”), HAS RELIED OR WILL RELY AS A
PRIMARY BASIS IN CONNECTION WITH ITS DECISION TO INVEST IN THIS CERTIFICATE, AND THEY ARE NOT OTHERWISE ACTING AS A FIDUCIARY, AS DEFINED IN SECTION 3(21) OF ERISA OR SECTION 4975(E)(3) OF THE CODE, TO THE BENEFIT PLAN INVESTOR OR THE PLAN
FIDUCIARY IN CONNECTION WITH THE BENEFIT PLAN INVESTOR’S ACQUISITION OF THIS CERTIFICATE; AND (II) THE PLAN FIDUCIARY IS EXERCISING ITS OWN INDEPENDENT JUDGMENT IN EVALUATING THE INVESTMENT IN THIS CERTIFICATE. 

CERTAIN TERMS USED IN THE FOREGOING PARAGRAPHS SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 












 [GLOBAL CERTIFICATE]1 

ALASKA AIR PASS THROUGH TRUST 2020-1B 

ALASKA AIR PASS THROUGH CERTIFICATE, SERIES 2020-1B 

Final Expected Regular Distribution Date: August 15, 2025 

evidencing a fractional undivided interest in the Trust, the property of which includes or will include, among other things,
certain Equipment Notes each secured by an Aircraft owned by Alaska Airlines, Inc. or Horizon Air Industries, Inc., as applicable 
  

					
	Certificate No. ____	  	$ ____________ Fractional Undivided Interest representing ___% of the Trust per $1,000 face amount	  	 CUSIP No. 01166W AA5 2

U01150 AA6 3  

ISIN No. US01166WAA534

USU01150AA645


 THIS CERTIFIES THAT __________ , for value received, is the registered owner of a $_________ (__________
dollars) Fractional Undivided Interest (or such lesser amounts as shall be the aggregate outstanding face amount hereof as set forth in the records of the Trustee) in the Alaska Air Pass Through Trust 2020-1B
(the “Trust”) created by U.S. Bank Trust National Association, as trustee (together with any successor in interest and any successor or other trustee appointed pursuant to the Trust Supplement referred to below, the
“Trustee”) under a Pass Through Trust Agreement, dated as of July 2, 2020 (the “Basic Agreement”), between U.S. Bank Trust National Association, a national banking association, Alaska Airlines, Inc., an Alaska
corporation (together with any successor in interest pursuant to Section 5.02 of the Basic Agreement, “Alaska Airlines”) and Horizon Air Industries, Inc., a Washington corporation (together with any successor in interest
pursuant to Section 5.02 of the Basic Agreement, “Horizon” and, together with Alaska Airlines, the “Airlines”, and each, an “Airline”), as supplemented by Trust Supplement No. 2020-1B thereto, dated as of July 2, 2020 (collectively with the Basic Agreement, and as may be amended from time to time, the “Agreement”), between the Trustee and the Airlines, a summary of
certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Agreement. This Certificate is one of the duly authorized
Certificates designated as “Alaska Air Pass Through Certificates, Series 2020-1B” (herein called the “Certificates”). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement. By virtue of its acceptance hereof, the Certificateholder of this Certificate assents to and agrees to be bound by all of the provisions of the Agreement and the Intercreditor Agreement, including the
subordination provisions of Section 9.09 of the Intercreditor Agreement. The Trust Property is 
  

	1 	 To be included on the face of each Global Certificate. 



	2 	 To be included for restricted Global Certificates. 



	3 	 To be included for Regulation S Global Certificates. 



	4 	 To be included for restricted Global Certificates. 



	5 	 To be included for Regulation S Global Certificates. 



  

					
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expected to include certain Equipment Notes, each Guarantee with respect to any such Equipment Notes and includes all rights of the Trust and the Trustee, on behalf of the Trust, to receive any
payments under the Intercreditor Agreement, the Class B Liquidity Facility and the Guarantees. Each issue of the Equipment Notes will be secured by, among other things, a security interest in the Aircraft owned by the applicable Airline issuing
such Equipment Note. 
 The Certificates represent Fractional Undivided Interests in the Trust and the Trust Property, and will have no
rights, benefits or interest in respect of any other separate trust established pursuant to the terms of the Basic Agreement for any other series of certificates issued pursuant thereto. 

Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement, from funds then available to the Trustee, there
will be distributed on each February 15 and each August 15 (each, a “Regular Distribution Date”), commencing on February 15, 2021, to the Person in whose name this Certificate is registered at the close of business on
the 15th day preceding the applicable Regular Distribution Date, an amount in respect of the Scheduled Payments on the Series B Equipment Notes due on such Regular Distribution Date, the receipt of which has been confirmed by the Trustee, equal to
the product of the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Scheduled Payments. Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement, in the event
that Special Payments on the Series B Equipment Notes are received by the Trustee, from funds then available to the Trustee, there shall be distributed on the applicable Special Distribution Date, to the Person in whose name this Certificate is
registered at the close of business on the 15th day preceding the applicable Special Distribution Date, an amount in respect of such Special Payments on the Series B Equipment Notes, the receipt of which has been confirmed by the Trustee, equal to
the product of the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Special Payments so received. If a Regular Distribution Date or Special Distribution Date is not a Business Day, distribution
shall be made on the immediately following Business Day and no interest shall accrue during the intervening period. The Trustee shall mail (or, in the case of Global Certificates, send electronically in accordance with DTC’s applicable
procedures) notice of each Special Payment and the Special Distribution Date therefor to the Certificateholder of this Certificate. 

Distributions on this Certificate will be made by the Trustee by check mailed to the Person entitled thereto, without the presentation or
surrender of this Certificate or the making of any notation hereon, except that with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distributions shall be made by wire transfer. Except
as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after notice mailed (or, in the case of Global Certificates, sent electronically in accordance with DTC’s applicable
procedures) by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Trustee specified in such notice. 

  

					
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 The Certificates do not represent a direct obligation of, or an obligation guaranteed by, or
an interest in, the Airlines, the Parent, the Trustee, the Subordination Agent, any Loan Trustee or any Affiliate of any thereof. The Certificates are limited in right of payment, all as more specifically set forth on the face hereof and in the
Agreement. All payments or distributions made to Certificateholders under the Agreement shall be made only from the Trust Property and only to the extent that the Trustee shall have sufficient income or proceeds from the Trust Property to make such
payments in accordance with the terms of the Agreement. Each Certificateholder of this Certificate, by its acceptance hereof, agrees that it will look solely to the income and proceeds from the Trust Property to the extent available for any payment
or distribution to such Certificateholder pursuant to the terms of the Agreement and that it will not have any recourse to the Airlines, the Parent, the Trustee, the Loan Trustees or any Affiliate of any thereof except as otherwise expressly
provided in the Agreement, in any Note Document or in the Intercreditor Agreement. This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby. A copy of the Agreement may be examined during normal business hours at the principal office of the Trustee, and at such other places, if any, designated by the Trustee, by any Certificateholder
upon request. 
 The Agreement permits, with certain exceptions therein provided, the amendment thereof, and the modification of the rights
and obligations of either Airline, the Parent and the rights of the Certificateholders under the Agreement, at any time by the Parent, either Airline and the Trustee with the consent of the Certificateholders holding Certificates evidencing
Fractional Undivided Interests aggregating not less than a majority in interest in the Trust. Any such consent by the Certificateholder of this Certificate shall be conclusive and binding on such Certificateholder and upon all future
Certificateholders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Certificateholders of any of the Certificates. 
 As provided in the
Agreement and subject to certain limitations set forth therein, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee in
its capacity as Registrar, or by any successor Registrar, duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and the Registrar, duly executed by the Certificateholder hereof or such
Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest in the Trust will be issued to the designated transferee
or transferees. 
 The Certificates are issuable only as registered Certificates without coupons in minimum denominations of $2,000
Fractional Undivided Interest (or such other denomination that is the lowest integral multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) and integral multiples of $1,000 in excess thereof except that one Certificate
may be issued in a different denomination. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of authorized denominations evidencing the same aggregate Fractional
Undivided Interest in the Trust, as requested by the Certificateholder surrendering the same. 

  

					
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 No service charge will be made for any such registration of transfer or exchange, but the
Trustee shall require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
 The Airlines,
the Parent, the Trustee, the Registrar and any Paying Agent shall deem and treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Airlines, the Parent, the Trustee, the Registrar or any
such agent shall be affected by any notice to the contrary. 
 Each Certificateholder and Person with a beneficial interest herein, by its
acceptance of this Certificate or such interest, agrees to treat the Trust as a grantor trust for all U.S. federal, state and local income tax purposes. 

The obligations and responsibilities created by the Agreement and the Trust created thereby shall terminate upon the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to the Agreement and the disposition of all property held as part of the Trust Property. 

Any Person acquiring or accepting this Certificate or an interest herein will, by such acquisition or acceptance, be deemed to
(a) represent and warrant to the Airlines, the Parent, the Loan Trustees and the Trustee that either: (i) no assets of a Plan or any trust established with respect to a Plan have been used to purchase or hold this Certificate or an
interest herein or (ii) the purchase and holding of this Certificate or interest herein by such Person are exempt from the prohibited transaction restrictions of ERISA and the Code or provisions of Similar Law pursuant to one or more prohibited
transaction statutory or administrative exemptions or similar exemptions under Similar Law; and (b) direct the Trustee to invest the assets held in the Trust pursuant to, and take all other actions contemplated by, the terms and conditions of
the Agreement, the Intercreditor Agreement, each Participation Agreement and the Guarantees. 
 THIS CERTIFICATE AND THE AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

Unless the certificate of authentication hereon has been executed by the Trustee, by manual signature, this Certificate shall not be entitled
to any benefit under the Agreement or be valid for any purpose. 

  

					
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 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed. 

 

			
	ALASKA AIR PASS THROUGH TRUST 2020-1B
		
	By:	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  

		 	Name:
		 	Title:



  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC















 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Agreement. 

 

			
	 U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	  

		 	Authorized Officer



  

					
		  		  	 Trust Supplement No. 2020-1B

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 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto _____________ (the “Transferee”)

 Insert Taxpayer Identification No.  
  

					
	                 	 	  
	 	

 Please print or typewrite name and address including zip code of assignee 

 

					
	                 	 	  
	 	

 the within Certificate and all rights thereunder, hereby irrevocably constituting and appointing _______________________
attorney to transfer said Certificate on the books of the Trustee with full power of substitution in the premises (the “Transfer”). 
 In
accordance with Section 4.04(a) of the Agreement, in connection with any transfer of this Certificate occurring prior to the date that is the end of the restricted period referred to in Rule 144 under the Securities Act of 1933 as amended
(“the Securities Act”) or Regulation S under the Securities Act, as applicable, the undersigned transferor (the “Transferor”) confirms that without utilizing any general solicitation or general advertising that: 

[Check One] 
 [ ] Item 1. Check if
Transferee will take delivery of a beneficial interest in the Global Certificate or a Definitive Certificate pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and,
accordingly, the Transferor hereby further certifies that the beneficial interest or the Certificate is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Certificate for its own account,
or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the
requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Trust Supplement, the
transferred beneficial interest or Certificate will be subject to the restrictions on transfer enumerated in the Restricted Legend printed on the Global Certificate and/or the Definitive Certificate and in the Trust Supplement and the Securities
Act. 
 [ ] Item 2. Check if Transferee will take delivery of a beneficial interest in the Global Certificate or a Definitive
Certificate pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not
being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither 

  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC















 such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer
in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S.
Person (other than the Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Trust Supplement, the transferred beneficial interest or Definitive Certificate will be subject to the restrictions on Transfer
enumerated in the Restricted Legend printed on the Global Certificate or the Definitive Certificate and in the Trust Supplement and the Securities Act. 

[ ] Item 3. Check and complete if Transferee will take delivery of a beneficial interest in the Global Certificate or Definitive
Certificate pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in the Global Certificate and
Definitive Certificate and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) [ ] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) [ ] such Transfer is
being effected to the Company or an affiliate thereof. 
 If none of the foregoing boxes is checked, the Trustee or other Registrar shall
not be obligated to register this Certificate in the name of any Person other than the Transferor unless and until the conditions to any such transfer of registration set forth herein and in Section 4.04 of the Trust Supplement shall have been
satisfied. 
  

			
	Date: _____________	  	  

		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.
		  	SIGNATURE GUARANTEE: _________________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

					
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 EXHIBIT B to 

TRUST SUPPLEMENT NO. 2020-1B 

DTC LETTER OF REPRESENTATIONS 

  

					
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 The Depository Trust Company 

A subsidiary of the Depository Trust & Clearing Corporation 

ISSUER LETTER OF REPRESENTATIONS 

(To be completed by Issuer and Co-Issuer(s), if applicable) 

 

	
	 Alaska Air Pass Through Trust
2020-1B

	(Name of Issuer and Co-Issuer(s), if applicable)
	
	 8.000% Alaska Air Pass Through Certificates, Series
2020-1B

	(Security Description, Including series designation if applicable)
	
	 144A CUSIP: 01166W AA5

Reg S CUSIP: U01150 AA6

	(CUSIP Number(s) of the Securities)

  

	
	            [•], 2020                
	(Date)                

 The Depository Trust Company 

18301 Bermuda Green Drive 
 Tampa, FL 33647 

Attention: Underwriting Department 
 Ladies and Gentlemen: 

This letter sets forth our understanding with respect to the Securities represented by the CUSIP number(s) referenced above (the
“Securities”). Issuer requests that The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC. 
 Issuer
is: (Note: Issuer must represent one and cross out the other.) 
 [       ] [formed under the laws of]
Delaware                                       
                                         
                                         
                                         
  . 
 The DTC Clearing Participant
[•]                                        
                                 will distribute the Securities through DTC. 

To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the
Securities, Issuer represents to DTC that Issuer will comply with the requirements stated in DTC’s Operational Arrangements, as they may be amended from time to time. 

  
 ILOR 06-2013 














															
		 		 	Very truly yours,
								
	Note:	 		 		 		  		  		  		  	
	Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting book-entry transfers of securities distributed through DTC, and certain related matters.	 		 		 		  	 Alaska Air Pass Through Trust 2020-1B

By: [•], as Trustee

	  	(Issuer)
	 	By:	 		  	  

		 		 		 		  	Authorized Officer
					
		 		 		 		  	  

		 		 		 		  	(Print Name)
					
		 		 		 		  	  

		 		 		 		  	(Street Address)
					
		 		 		 		  	  

		 		 		 		  	(City)	  	(State)	  	(Country)	  	(Zip Code)
					
		 		 		 		  	  

		 		 		 		  	(Phone Number)
					
		 		 		 		  	  

		 		 		 		  	(E-mail Address)


  
 ILOR 06-2013 













 SCHEDULE A 

(To Issuer Letter of Representations) 

SAMPLE OFFERING DOCUMENT LANGUAGE 

DESCRIBING BOOK-ENTRY-ONLY ISSUANCE 

(Prepared by DTC--bracketed material may be applicable only to certain issues) 

1. The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities (the
“Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One
fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of [any] issue exceeds
$500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.] 

2. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a
“banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency”
registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues,
corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of
sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates.
Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The
Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DT CC is owned
by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations
that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its
Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. 
 3.
Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial
Owner “) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written
confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the
Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in
the event that use of the book-entry system for the Securities is discontinued. 

  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC
















 SCHEDULE A 

(To Issuer Letter of Representations) 
  

 4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with
DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of
Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose
accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. 

5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct
Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take
certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of
Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the
registrar and request that copies of notices be provided directly to them.] 
 [6. Redemption notices shall be sent to DTC. If less than all
of the Securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.] 

6. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a
Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’ s consenting or voting
rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy). 

7. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as
may be requested by an authorized representative of DTC. DTC’ s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance
with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer
form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption
proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants
will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. 

  
 ILOR 06-2013 














 SCHEDULE A 

(To Issuer Letter of Representations) 
  

 [9. A Beneficial Owner shall give notice to elect to have its Securities purchased or
tendered, through its Participant, to [ Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to
[Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants
on DTC’s records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent’s DTC account.] 
 8. DTC
may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates
are required to be printed and delivered. 
 9. Issuer may decide to discontinue use of the system of book-entry-only transfers through DT C
(or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC. 
 10. The information in
this section concerning DTC and DTC’s book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof. 

  
 ILOR 06-2013 













 The Depository Trust Company 

A subsidiary of the Depository Trust & Clearing Corporation 

Representations for Rule 144A Securities 

to be included in DTC Letter of Representations 
  

	
	 Alaska Air Pass Through Trust
2020-1B

	(Name of Issuer and Co-Issuer(s), if applicable)
	
	 8.000% Alaska Air Pass Through Certificates, Series
2020-1B

	(Security Description, Including series designation if applicable)
	
	 01166W AA5

	(CUSIP Number(s) of the Securities)

 I. Issuer represents that at the time of initial registration in the name of DTC’s nominee,
Cede & Co., the Securities were Legally or Contractually Restricted Securities,1 eligible for transfer under Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), and identified by a CUSIP or CINS identification number that was different from any CUSIP or CINS identification number assigned to any securities of the same class that were not Legally or Contractually Restricted Securities. Issuer
shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities of the same class that is different from any CUSIP or CINS identification number assigned to a Legally or Contractually Restricted Security of such
class, and shall notify DTC promptly in the event that it is unable to do so. Issuer represents that it has agreed to comply with all applicable information requirements of Rule 144A. 

II. Issuer and Agent2 acknowledge that, so long as Cede & Co. is a record owner
of the Securities, Cede & Co. shall be entitled to all applicable voting rights and receive the full amount of all distributions payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any DTC Participant
(“Participant”) having Securities credited to its DTC accounts as entitled to the full benefits of ownership of such Securities. Without limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat
any Participant having Securities credited to its DTC accounts as entitled to receive distributions (and voting rights, if any) in respect of the Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent recognize that
DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with any of the provisions: (a) of Rule 144A; (b) of other exemptions from
registration under the Securities Act or any other state or federal securities laws; or (c) of the offering documents. 
  

			
	Very truly yours,
		
		 	 Alaska Air Pass Through Trust 2020-1B

By: [•], as Trustee

		 	(Issuer)
		
	By:	 	
		 	 Authorized Officer

		 	(Print Name)


  

	1 	 A “Legally Restricted Security” is a security that is a restricted security, as defined in Rule
144(a)(3). A “Contractually Restricted Security” is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the
registration requirements of the Securities Act pursuant to Section 4 of the Securities Act and not involving any public offering; provided, however, that once the security is sold pursuant to the provisions of Rule 144, including Rule
144(b)(I), it will thereby cease to be a “Contractually Restricted Security.” For purposes of this definition, in order for a depositary receipt to be considered a “Legally or Contractually Restricted Security,” the underlying
security must also be a “Legally or Contractually Restricted Security.” 


  

	2 	 “Agent” shall be defined as Depositary, Trustee, Trust Company, Transfer Agent or Paying Agent as
such definition applies in the DTC Letter of Representations to which this rider may be appended. 


  

  
 144A Rider 06-2013 














 SCHEDULE A 

(To Issuer Letter of Representations) 
  

 The Depository Trust Company 

A subsidiary of the Depository Trust & Clearing Corporation 

Representations for Rule 144A Securities 

to be included in DTC Letter of Representations 

(Additional Signature Page for use with Co-Issuers 

 
  

Name of Issuer and Co-Issuer(s) 

In signing this Representations for Rule 144A Securities rider dated as of _______________ 

Co-Issuer agrees to and shall be bound by all “Issuer” representations. 

 

			
		 	  

		 	Co-Issuer, if applicable
		
	By:	 	  

		 	Authorized Officer’s Signature
		
		 	  

		 	(Print Name)
		
		 	  

		 	Date



  
 144A Rider 06-2013 













 The Depository Trust Company 

A subsidiary of the Depository Trust & Clearing Corporation 

Representations for Regulation S Securities 

to be included in DTC Letter of Representations 
  

	
	 Alaska Air Pass Through Trust
2020-1B

	(Name of Issuer and Co-Issuer(s), if applicable)
	
	 8.000% Alaska Air Pass Through Certificates, Series
2020-1B

	(Security Description, Including series designation if applicable)
	
	 U01150 AA6

	(CUSIP Number(s) of the Securities)

 I. Issuer represents that at the time of initial registration in the name of DTC’s nominee,
Cede & Co., the Securities were Legally or Contractually Restricted Securities,1 and were eligible for transfer under Regulation S under the Securities Act of 1933, as amended (the
“Securities Act”), and identified by a CUSIP or CINS identification number that was different from any CUSIP or CINS identification number assigned to any securities of the same class that were not Legally or Contractually Restricted
Securities. Issuer shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities of the same class that is different from any CUSIP or CINS identification number assigned to a Legally or Contractually Restricted
Security of such class, and shall notify DTC promptly in the event that it is unable to do so. 
 II. Issuer and Agent2 acknowledge that, so long as Cede & Co. is a record owner of the Securities, Cede & Co. shall be entitled to all applicable voting rights and receive the full amount of all
distributions payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any DTC Participant (“Participant”) having Securities credited to its DTC accounts as entitled to the full benefits of ownership of such
Securities. Without limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat any Participant having Securities credited to its DTC accounts as entitled to receive distributions (and voting rights, if any)
in respect of the Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent recognize that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any
transactions in the Securities with any of the provisions: (a) of Rule 144A; (b) of other exemptions from registration under the Securities Act or any other state or federal securities laws; or (c) of the offering documents. 

 

			
	Very truly yours,
		
		 	 Alaska Air Pass Through Trust 2020-1B

By: [•], as Trustee

		 	(Issuer)
		
	By:	 	  

		 	Authorized Officer
		
		 	  

		 	(Print Name)


  

	1	 A “Legally Restricted Security” is a security that is a restricted security, as defined in Rule
144(a)(3). A “Contractually Restricted Security” is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the
registration requirements of the Securities Act pursuant to Section 4 of the Securities Act and not involving any public offering; provided, however, that once the security is sold pursuant to the provisions of Rule 144, including Rule
144(b)(I), it will thereby cease to be a “Contractually Restricted Security.” For purposes of this definition, in order for a depositary receipt to be considered a “Legally or Contractually Restricted Security,” the underlying
security must also be a “Legally or Contractually Restricted Security.” 



	2	 Agent shall be defined as Depositary, Trustee, Trust Company or Paying Agent as such definition applies in the
DTC Letter of Representations to which this rider may be appended. 



  
 Regulation S Rider 09-2013. 













 EXHIBIT C to 

TRUST SUPPLEMENT NO. 2020-1B 

FORM OF PARENT GUARANTEE 

  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC















 EXHIBIT D to 

TRUST SUPPLEMENT NO. 2020-1B 

FORM OF INTERCOMPANY GUARANTEE 

  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC















 SCHEDULE I to 

TRUST SUPPLEMENT NO. 2020-1B 

SERIES B EQUIPMENT NOTES, 

PRINCIPAL AMOUNTS, MATURITIES AND AIRCRAFT 
  

									
	 Airline
	  	Initial Principal
Amount of Series B
Equipment Notes	  	 Maturity
	  	 Aircraft
	  	 Aircraft

Registration

Number

	 Alaska Airlines
	  	$2,517,000	  	August 15, 2025	  	Boeing 737-890	  	N568AS
	 Alaska Airlines
	  	$2,900,000	  	August 15, 2025	  	Boeing 737-890	  	N566AS
	 Alaska Airlines
	  	$2,477,000	  	August 15, 2025	  	Boeing 737-890	  	N569AS
	 Alaska Airlines
	  	$2,453,000	  	August 15, 2025	  	Boeing 737-890	  	N570AS
	 Alaska Airlines
	  	$1,900,000	  	August 15, 2025	  	Boeing 737-890	  	N577AS
	 Alaska Airlines
	  	$1,929,000	  	August 15, 2025	  	Boeing 737-890	  	N579AS
	 Alaska Airlines
	  	$1,927,000	  	August 15, 2025	  	Boeing 737-890	  	N581AS
	 Alaska Airlines
	  	$2,493,000	  	August 15, 2025	  	Boeing 737-890	  	N583AS
	 Alaska Airlines
	  	$2,008,000	  	August 15, 2025	  	Boeing 737-890	  	N584AS
	 Alaska Airlines
	  	$2,508,000	  	August 15, 2025	  	Boeing 737-890	  	N585AS
	 Alaska Airlines
	  	$2,071,000	  	August 15, 2025	  	Boeing 737-890	  	N586AS
	 Alaska Airlines
	  	$2,111,000	  	August 15, 2025	  	Boeing 737-890	  	N587AS
	 Alaska Airlines
	  	$2,076,000	  	August 15, 2025	  	Boeing 737-890	  	N588AS
	 Alaska Airlines
	  	$2,538,000	  	August 15, 2025	  	Boeing 737-890	  	N589AS
	 Alaska Airlines
	  	$2,762,000	  	August 15, 2025	  	Boeing 737-890	  	N590AS
	 Alaska Airlines
	  	$2,175,000	  	August 15, 2025	  	Boeing 737-890	  	N594AS
	 Alaska Airlines
	  	$2,197,000	  	August 15, 2025	  	Boeing 737-890	  	N596AS
	 Alaska Airlines
	  	$2,195,000	  	August 15, 2025	  	Boeing 737-890	  	N597AS
	 Alaska Airlines
	  	$2,198,000	  	August 15, 2025	  	Boeing 737-890	  	N508AS
	 Alaska Airlines
	  	$2,363,000	  	August 15, 2025	  	Boeing 737-890	  	N518AS
	 Alaska Airlines
	  	$2,376,000	  	August 15, 2025	  	Boeing 737-890	  	N519AS
	 Alaska Airlines
	  	$2,318,000	  	August 15, 2025	  	Boeing 737-890	  	N520AS
	 Alaska Airlines
	  	$2,395,000	  	August 15, 2025	  	Boeing 737-890	  	N524AS
	 Alaska Airlines
	  	$2,388,000	  	August 15, 2025	  	Boeing 737-890	  	N525AS
	 Alaska Airlines
	  	$2,385,000	  	August 15, 2025	  	Boeing 737-890	  	N526AS
	 Alaska Airlines
	  	$2,606,000	  	August 15, 2025	  	Boeing 737-890	  	N532AS
	 Alaska Airlines
	  	$4,619,000	  	August 15, 2025	  	Boeing 737-990ER	  	N494AS
	 Alaska Airlines
	  	$5,044,000	  	August 15, 2025	  	Boeing 737-990ER	  	N273AK
	 Alaska Airlines
	  	$5,100,000	  	August 15, 2025	  	Boeing 737-990ER	  	N275AK
	 Alaska Airlines
	  	$5,129,000	  	August 15, 2025	  	Boeing 737-990ER	  	N277AK
	 Alaska Airlines
	  	$5,213,000	  	August 15, 2025	  	Boeing 737-990ER	  	N282AK
	 Alaska Airlines
	  	$5,242,000	  	August 15, 2025	  	Boeing 737-990ER	  	N283AK
	 Alaska Airlines
	  	$5,242,000	  	August 15, 2025	  	Boeing 737-990ER	  	N284AK
	 Alaska Airlines
	  	$5,389,000	  	August 15, 2025	  	Boeing 737-990ER	  	N288AK
	 Alaska Airlines
	  	$5,450,000	  	August 15, 2025	  	Boeing 737-990ER	  	N290AK
	 Alaska Airlines
	  	$5,480,000	  	August 15, 2025	  	Boeing 737-990ER	  	N292AK
	 Alaska Airlines
	  	$5,510,000	  	August 15, 2025	  	Boeing 737-990ER	  	N293AK
	 Alaska Airlines
	  	$5,540,000	  	August 15, 2025	  	Boeing 737-990ER	  	N294AK
	 Alaska Airlines
	  	$5,570,000	  	August 15, 2025	  	Boeing 737-990ER	  	N296AK
	 Alaska Airlines
	  	$5,663,000	  	August 15, 2025	  	Boeing 737-990ER	  	N298AK
	 Alaska Airlines
	  	$5,663,000	  	August 15, 2025	  	Boeing 737-990ER	  	N214AK
	 Alaska Airlines
	  	$5,694,000	  	August 15, 2025	  	Boeing 737-990ER	  	N215AK
	 Horizon Air
	  	$3,014,000	  	August 15, 2025	  	Embraer E175 LR	  	N626QX
	 Horizon Air
	  	$3,051,000	  	August 15, 2025	  	Embraer E175 LR	  	N627QX
	 Horizon Air
	  	$3,050,000	  	August 15, 2025	  	Embraer E175 LR	  	N628QX


  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC
















									
	 Horizon Air
	  	$3,067,000	  	August 15, 2025	  	Embraer E175 LR	  	N629QX
	 Horizon Air
	  	$3,068,000	  	August 15, 2025	  	Embraer E175 LR	  	N630QX
	 Horizon Air
	  	$3,255,000	  	August 15, 2025	  	Embraer E175 LR	  	N631QX
	 Horizon Air
	  	$3,263,000	  	August 15, 2025	  	Embraer E175 LR	  	N632QX
	 Horizon Air
	  	$3,263,000	  	August 15, 2025	  	Embraer E175 LR	  	N633QX
	 Horizon Air
	  	$3,298,000	  	August 15, 2025	  	Embraer E175 LR	  	N634QX
	 Horizon Air
	  	$3,310,000	  	August 15, 2025	  	Embraer E175 LR	  	N635QX
	 Horizon Air
	  	$3,371,000	  	August 15, 2025	  	Embraer E175 LR	  	N636QX
	 Horizon Air
	  	$3,401,000	  	August 15, 2025	  	Embraer E175 LR	  	N637QX
	 Horizon Air
	  	$3,404,000	  	August 15, 2025	  	Embraer E175 LR	  	N638QX
	 Horizon Air
	  	$3,415,000	  	August 15, 2025	  	Embraer E175 LR	  	N639QX
	 Horizon Air
	  	$3,416,000	  	August 15, 2025	  	Embraer E175 LR	  	N641QX
	 Horizon Air
	  	$3,416,000	  	August 15, 2025	  	Embraer E175 LR	  	N642QX
	 Horizon Air
	  	$3,418,000	  	August 15, 2025	  	Embraer E175 LR	  	N643QX
	 Horizon Air
	  	$3,425,000	  	August 15, 2025	  	Embraer E175 LR	  	N644QX
	 Horizon Air
	  	$3,428,000	  	August 15, 2025	  	Embraer E175 LR	  	N645QX


  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC















 SCHEDULE II to 

TRUST SUPPLEMENT NO. 2020-1B 

NOTE DOCUMENTS 

Participation Agreement 
 Indenture

 Guarantees 
 For each of the
aircraft listed in Schedule I. 

  

					
		  		  	 Trust Supplement No. 2020-1B

Alaska Air Aircraft EETC