FORM 5	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549	OMB APPROVAL	
    Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
     Form 3 Holdings Reported
     Form 4 Transactions Reported	ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB Number: 3235-0362
Expires: January 31, 2005
Estimated average burden
hours per response. . .0.5

Filed By
Romeo and Dye's
Section 16 Filer
www.section16.net

	

1. Name and Address of Reporting Person*

Pinneo, Jeffrey D	2. Issuer Name and Ticker or Trading Symbol
Alaska Air Group, Inc. (ALK)	6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
     Director                                        10% Owner
X  Officer (give title below)           Other (specify below)

President & CEO Horizon Air                   	 	
(Last)      (First)     (Middle)

19300 Pacific Highway South
 	3. I.R.S. Identification Number
of Reporting Person,
if an entity (voluntary)

 	4. Statement for
Month/Year
December/2002	 	 	
(Street)

Seattle, WA 98188	 	5. If Amendment,
Date of Original
(Month/Year)
 	7. Individual or Joint/Group Filing (Check Applicable Line)
X  Form filed by One Reporting Person
     Form filed by More than One Reporting Person	 	
(City)     (State)     (Zip)	Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	 	
1. Title of Security
(Instr. 3)	2. Trans-
action
Date
(Month/ Day/
Year)	2A. Deemed
Execution
Date,
if any
(Month/Day/
Year)	3. Trans-
action Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 & 5)	5. Amount of
Securities
Beneficially
Owned at End of Issuer's
Fiscal year
(Instr. 3 & 4)	6. Owner-
ship Form:
Direct (D)
or Indirect (I)
(Instr. 4)	7. Nature of Indirect
Beneficial Ownership
(Instr. 4)	 	
 	 	 	 	Amount	(A)
or
(D)	Price	 	 	 	 	 	 	
Common Stock	12/31/02	 	J(1)	179	A	 (1)	2690	I	ESOP Trust	 	 	 	
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number	

FORM 5 (continued)	Table II- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)	
1. Title of Derivative Security

(Instr. 3)	2. Conver-
sion or
Exercise
Price of Derivative Security	3. Trans-
action Date

(Month/
Day/
Year)	3A. Deemed
Execution
Date,
if any
(Month/
Day/
Year)	4. Trans-
action
Code

(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)
	6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)	7. Title and Amount of Underlying Securities
(Instr. 3 & 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of
Derivative
Securities
Beneficially
Owned
at End of Year
(Instr. 4)	10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)	11. Nature of Indirect Beneficial Ownership
(Instr. 4)	 	
 	 	 	 	 	(A)	(D)	Date Exer-cisable	Expira-
tion
Date	Title	Amount or Number of
Shares	 	 	 	 	 	 	 	 	 	
Explanation of Responses:(1) Acquistion of shares of common stock under Company 401(k) program through new deferrals exempt pursuant to Rule 16b-3(c) at price ranges from $13.66-$33.90.
	
 	By: /s/ Shannon Alberts, Attorney in Fact for Jeffrey Pinneo, Alaska Air Group, Inc.
               
**Signature of Reporting Person	2/12/03
Date	
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
          If space is insufficient, See Instruction 6 for procedure.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.