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Beverly GouletBeverly GouletVice President of Corporate Development and TreasurerVice President of Corporate Development and Treasurer

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Safe HarborSafe Harbor• Please note that many of our statements, including

any comments on matters related to our outlook for revenue and earnings, cost estimates, and forecasts of capacity, traffic, load factor, fuel costs and other matters will constitute forward-looking statements. These matters are subject to a number of factors that could cause actual results to differ from our expectations. These factors include domestic and international economic conditions, commodity prices, general competitive factors including, but not limited to, government regulations, uncertainty in domestic or international operations, acts of war or terrorism, our ability to access the capital markets and changes in the Company's business strategy, any of which could affect our actual results.

• Please note that many of our statements, including any comments on matters related to our outlook for revenue and earnings, cost estimates, and forecasts of capacity, traffic, load factor, fuel costs and other matters will constitute forward-looking statements. These matters are subject to a number of factors that could cause actual results to differ from our expectations. These factors include domestic and international economic conditions, commodity prices, general competitive factors including, but not limited to, government regulations, uncertainty in domestic or international operations, acts of war or terrorism, our ability to access the capital markets and changes in the Company's business strategy, any of which could affect our actual results.

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Safe Harbor (cont.)Safe Harbor (cont.)• Additional information concerning these and other

factors is contained in our Securities and Exchange Commission filings, including but not limited to our Form 10-K for the year ended Dec. 31, 2007.

• Additionally, please refer to the slide presentation accompanying today’s webcast at www.aa.com for reconciliation of any non-GAAP financial measurement we may discuss to what we think is the most appropriate GAAP measurement.

• Additional information concerning these and other factors is contained in our Securities and Exchange Commission filings, including but not limited to our Form 10-K for the year ended Dec. 31, 2007.

• Additionally, please refer to the slide presentation accompanying today’s webcast at www.aa.com for reconciliation of any non-GAAP financial measurement we may discuss to what we think is the most appropriate GAAP measurement.

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3Q08 Results3Q08 ResultsNet Earnings(Ex-Special Items)Net Earnings(Ex-Special Items)

1/ Excludes gain of $432 million from the sale of American Beacon Advisors and $27 million in special charges related to aircraft impairment and severance costs1/ Excludes gain of $432 million from the sale of American Beacon Advisors and $27 million in special charges related to aircraft impairment and severance costs

20082008

(360) (360)

215 215

((400400 ))

((200200 ))

--

200 200

400 400

20072007

($ M

ILLI

ON

S)($

MIL

LIO

NS)

6

$40

$60

$80

$100

$120

$140

1/2007 4/2007 7/2007 10/2007 1/2008 4/2008 7/2008 10/2008

$ / Barrel

Oil PriceOil Price

1/ WTI Spot Prices1/ WTI Spot Prices

1/3/07 - $58.321/3/07 - $58.32

11/26/08 - $54.4411/26/08 - $54.44

1/1/

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HedgingHedging

• AMR employs a systematic approach to hedging– Calls and collars layered in over a 18-36 months

– To remain in line with the industry, historically AMR has targeted 30-45% of the prompt quarter’s consumption

• For 4Q08, 38% of consumption is hedged with average crude equivalent floors of $92 per barrel

• For 2009, we currently have hedged 34% of 2009 consumption

– Collars have average crude equivalent caps of $99 and floors of $71

• AMR employs a systematic approach to hedging– Calls and collars layered in over a 18-36 months

– To remain in line with the industry, historically AMR has targeted 30-45% of the prompt quarter’s consumption

• For 4Q08, 38% of consumption is hedged with average crude equivalent floors of $92 per barrel

• For 2009, we currently have hedged 34% of 2009 consumption

– Collars have average crude equivalent caps of $99 and floors of $71

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Total DebtTotal Debt

20.820.8

15.415.4

0

5

10

15

20

25

12/31/2002 9/30/2008

1/ Includes current and long-term debt, current and long-term capital lease obligations, principal amount of certain airport facility tax-exempt bonds and the present value of aircraft operating lease obligations1/ Includes current and long-term debt, current and long-term capital lease obligations, principal amount of certain airport facility tax-exempt bonds and the present value of aircraft operating lease obligations

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2009 Capacity2009 Capacity

Consolidated System ~ (6%)

Mainline Domestic ~ (8.5%)

Mainline International ~ (1%)

Note: Versus FY2008 expected values; as announced on 3Q08 conference call (10/15/2008)Note: Versus FY2008 expected values; as announced on 3Q08 conference call (10/15/2008)

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New and Modified FeesNew and Modified Fees

1st Checked Bag Fee

2nd Checked Bag Fee

Domestic Change Fee

Confirmed Flight Charge

Int’l Change Fee

Res Service Fee

Liquor and Food for Sale

1st Checked Bag Fee

2nd Checked Bag Fee

Domestic Change Fee

Confirmed Flight Charge

Int’l Change Fee

Res Service Fee

Liquor and Food for Sale

Several Several Hundreds of Hundreds of Millions of Millions of

DollarsDollars

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Investing in the FutureInvesting in the Future

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AlliancesAlliances

Current and proposed transatlantic antitrust immunity Current transatlantic antitrust immunity

Proposed transatlantic antitrust immunity

* Announced new alliance members

*

**

*

* *

*

*

*

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Beverly GouletBeverly GouletVice President of Corporate Development and TreasurerVice President of Corporate Development and Treasurer