ALASKA AIR GROUP, INC. — Director's Dealing 2016

May 13, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALASKA AIR GROUP, INC. (ALK)
CIK: 0000766421
Period of Report: 2016-05-12

Reporting Person: CAMPBELL PHYLLIS J (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-12	COMMON STOCK	A	1372	$65.57	Acquired	18574	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
DEFERRED STOCK UNIT	21344	Direct

Footnotes

F1: FULLY VESTED STOCK UNITS UNDER THE ISSUER'S 2008 PERFORMANCE INCENTIVE PLAN; PAYABLE IN SHARES OF THE ISSUER'S COMMON STOCK ON A ONE-FOR-ONE BASIS FOLLOWING THE TERMINATION OF THE REPORTING PERSON'S SERVICE ON THE BOARD OF DIRECTORS.

F2: COMMON SHARES ISSUED UNDER ALASKA AIR GROUP'S 2008 PERFORMANCE INCENTIVE PLAN IN CONNECTION WITH THE REPORTING PERSON'S RE-ELECTION TO SERVE ON THE COMPANY'S BOARD OF DIRECTORS EFFECTIVE 5/12/2016.

F3: THE PRICE REPORTED IN COLUMN 4 REPRESENTS THE COST BASIS FOR THE SHARES ISSUED.