#1jetBlue Bringing Low Fares and Great Service to More Customers A JetBlue and Spirit Combination Will Provide a Compelling Alternative to the 'Big Four' Carriers spirit 8 jetBlue *******. ******** soirit spirit.com •00...jetBlue. jetbluecom#2Important Information for Investors and Stockholders jetBlue Forward Looking Statements Certain statements in this presentation, including statements concerning JetBlue, Spirit, the proposed transaction and other matters, contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent JetBlue management's beliefs and assumptions concerning future events. These statements are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. When used in this presentation, the words "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "goals," "targets" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to JetBlue and Spirit. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, those listed in JetBlue's and Spirit's U.S. Securities and Exchange Commission ("SEC") filings, matters of which JetBlue or Spirit may not be aware, the coronavirus pandemic including new and existing variants, the outbreak of any other disease or similar public health threat that affects travel demand or behavior, the occurrence of any event, change or other circumstances that could give rise to the right of JetBlue or Spirit or both of them to terminate the merger agreement; failure to obtain applicable regulatory or Spirit stockholder approval in a timely manner or otherwise and the potential financial consequences thereof; failure to satisfy other closing conditions to the proposed transactions; failure of the parties to consummate the proposed transaction; JetBlue's ability to finance the proposed transaction and the indebtedness JetBlue expects to incur in connection with the proposed transaction; the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Spirit's operations with those of JetBlue, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the proposed transaction; failure to realize anticipated benefits of the combined operations; demand for the combined company's services; the growth, change and competitive landscape of the markets in which the combined company participates; expected seasonality trends; diversion of managements' attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; risks related to investor and rating agency perceptions of each of the parties and their respective business, operations, financial condition and the industry in which they operate; risks related to the potential impact of general economic, political and market factors on the companies or the proposed transaction; ongoing and increase in costs related to IT network security. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in JetBlue's and Spirit's SEC filings, including but not limited to, JetBlue's and Spirit's 2021 Annual Reports on Form 10-K and their Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward- looking events discussed in this presentation might not occur. JetBlue's and Spirit's forward-looking statements included in this presentation speak only as of the date the statements were written or recorded. JetBlue and Spirit undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, changed circumstances, or otherwise. Additional Information and Where to Find It This communication is being made in respect to the proposed transaction involving JetBlue, Sundown Acquisition Corp., and Spirit. A meeting of the stockholders of Spirit will be announced as promptly as practicable to seek stockholder approval in connection with the proposed transaction. Spirit expects to file with the SEC a proxy statement and other relevant documents in connection with the proposed transaction. The definitive proxy statement will be sent or given to the stockholders of Spirit and will contain important information about the proposed transaction and related matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN THEIR ENTIRETY CAREFULLY WHEN THEY BECOME AVAILABLE, INCLUDING ALL PROXY MATERIALS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Any definitive proxy statement (if and when available) will be mailed to stockholders of Spirit. Investors and stockholders may obtain a free copy of any proxy statement and (when available) other documents filed by JetBlue and Spirit at the SEC's web site at https://www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of any proxy statement (when available) and other documents filed by JetBlue and Spirit with the SEC on JetBlue's Investor Relations website at http://investor.jetblue.com and on Spirit's Investor Relations website at https://ir.spirit.com. Participants in the Solicitation JetBlue and Spirit, and certain of their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the holders of Spirit common stock. Information regarding JetBlue's directors and executive officers is contained in JetBlue's Definitive Proxy Statement for its 2022 Annual Meeting of Stockholders filed with the SEC on April 7, 2022, and in JetBlue's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 22, 2022. Information regarding Spirit's directors and executive officers is contained in Spirit's Definitive Proxy Statement for its 2022 Annual Meeting of Stockholders filed with the SEC on March 30, 2022. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement and other relevant materials regarding the proposed transaction when they become available. These documents can be obtained free of charge as described in the preceding paragraph. No Offer or Solicitation This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 2#3jetBlue Strategic Rationale and Financial Impact 3#4Will Create Long-Term Value for All Stakeholders jetBlue Will Provide Significant Value for JetBlue and Spirit Shareholders Exhibits Strong Strategic Rationale Will Create a Compelling National Low-fare Challenger Will Accelerate Existing Growth Plan while Complementing JetBlue's Northeast Alliance (NEA) Strategy Will Significantly Enhance JetBlue's Long-term Financial Returns spirit jetBlue RALLY spirit H ...jetBlue -0... jetlucom SAY 4#5Bringing the Airline Customers Love to Fly to More People jetBlue jetBlue 2019 Annual Revenues Annual Customers Aircraft Aircraft in Order Book Daily Flights Destinations Available Seat Miles Crewmembers $ 8.1 billion 43 million 282 156 1,019 98 64 billion 24,000 + spirit $ 3.8 billion 34 million 176 157 821 90 42 billion 10,000 jetBlue + spirit $11.9 billion 77 million 458 313 1,700+ 125+ unique destinations 106 billion 34,000 Source: 2021, 2019 company filings; number of daily flights and destinations are based on December 2022 schedule data as of 7/21/22, and includes upfront divestitures. Note: JetBlue and Spirit annual passengers and ASMs as of December 31, 2019. JetBlue and Spirit Aircraft and Crewmembers / Team Members as of the most recently reported date. 5#6jetBlue Transaction Overview JetBlue will acquire Spirit for $33.50 per share in cash Includes a prepayment of $2.50 per share in cash, payable promptly following Spirit shareholders' approval of the transaction Includes a ticking fee prepayment of $0.10 per share per month starting in January 2023 through closing In the event the transaction is consummated on or before December 2023, the transaction consideration will be $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction is consummated on the outside date of July 24, 2024 ● Overview of Transaction Terms ● The transaction consideration of $33.50 per share implies an aggregate fully diluted equity value of approximately $3.8 billion¹ and an adjusted enterprise value of $7.6 billion¹ $600-700 million in net annual synergies once integration is complete, driven in large part by expanded customer offerings resulting from the greater breadth and depth of the network Transaction expected to close following completion of regulatory process, no later than the first half of 2024 In the unlikely event the transaction is not consummated for antitrust reasons, JetBlue will pay (i) Spirit a reverse break-up fee of $70 million and (ii) shareholders of Spirit a reverse break-up fee of $400 million less any amounts prepaid to shareholders of Spirit prior to termination This transaction represents a compelling opportunity for Spirit shareholders to receive a cash premium, with regulatory commitments and value certainty 1 Assumes fully diluted shares outstanding of approximately 112.4 million and adjusted net debt of $3.8 billion, including operating leases of $2.0 billion (as of 31-Mar-2022, based on Spirit Q1 2022 10Q). 6#7Transaction Creates a Significant Challenger to the 'Big Four,' Which Account for ~80% of Market Share jetBlue || American Airlines Departure Seats 11 I Delta Southwest United spirit Alaska jetBlue spirit Frontier jetBlue Notes: Based on departure seats for full year 2022. Sources: Diio MI, DOT data. Allegiant Hawaiian Sun Country Breeze Avelo JetBlue Competitive Advantages Name Breadth and Depth of Network in Focus Cities / Hubs Best-in-Class Core Product Offering Premium Cabin Offering Robust Loyalty Program Lower Costs vs Legacy Airlines Legacies JetBlue Ultra-low- cost carriers < 7#8Spirit Assets Will Enhance JetBlue's Relevance in Legacy Hubs, Bringing the JetBlue Effect to Significantly More Customers Paying High Fares JetBlue's contemplated combined network plan includes: ~140 new domestic non-stop routes, bringing more than $500 million of annual consumer savings to customers on those routes via the JetBlue Effect Enhances JetBlue's unique ability to drive market relevance in key legacy hubs like South Florida and Los Angeles Strong divestiture commitment to provide ULCC(s) access to Spirit's NYC and Boston infrastructure and Fort Lauderdale growth A unique product offering aimed at serving a wider array of customer demographics (e.g., leisure, VFR, premium, small and large businesses, etc.) jetBlue 68 LAX 34 83 LAS 9 Additional South American network 27 DFW 2 31 IAH 3 27 ORD 4 35 DTW 5 34 ATL 7 142 MCO 58 NYC 22 269 BWI 3 145 FLL 37 77 ΜΙΑ 11 Note: Based on average departures/day per respective schedule for December 2022 for JetBlue and Spirit. Includes upfront divestitures. Sources: Diio MI, DOT data. BOS 135 48 SJU 33 FOCUS CITIES Additional U.K. network LEGACY HUBS JetBlue departures JetBlue and Spirit combined departures Map key JetBlue departures JetBlue and Spirit combined departures SERVED BY JETBLUE AND SPIRIT SERVED BY JETBLUE ONLY SERVED BY SPIRIT ONLY 8#9Bringing Award-Winning Service and Lower Fares to More Customers jetBlue Enhancing a unique customer offering More customers get low fares and award-winning service across more destinations JetBlue has won hundreds of awards since its inception and continues to do so ● Top publications and readers' choice surveys including best domestic U.S. airline Increase in flight schedules to a combined 127 destinations to/from some of the largest U.S. cities S O ● Welcoms ● Welcome Welcome MEET Magnifying the "JetBlue Effect" Increased scale will drive heightened competition with legacy carriers, resulting in lower fares for more customers and communities Walcema 。"JetBlue Effect" leads to lower legacy fares on routes JetBlue enters Combination would introduce JetBlue for the first time to new destinations, including St. Louis, Memphis, Louisville, Atlantic City, Myrtle Beach, and four additional destinations in Colombia Even more airport access in valuable cities such as Los Angeles, Las Vegas, Chicago, Detroit, and Atlanta where further JetBlue growth would benefit travelers Welcome Welcome 9#10Significant Benefits to Spirit Team Members and JetBlue Crewmembers jetBlue Greater career opportunities for Team Members and Crewmembers Commitment to maintain Fort Lauderdale support center 24-month job / income commitment to all Spirit Team Members, measured from signing of merger agreement Strong combined team with complementary expertise Leverage best practices and learnings from both companies to enhance our culture 23 22 WELCOME ADGARD ⒸHICTY THE PLANE 29.999 spirit 24 10#11jetBlue Transaction Turbocharges Existing Industry-Leading ESG Efforts * + Focus Areas Strong Commitment to Sustainability Opportunity to Expand Diversity, Equity & Inclusion Efforts ● ● ● Recent Highlights/Key Developments All-Airbus combined fleet would include new A220s and A320neo family, proven to deliver double- digit improvements in fuel and carbon emissions Expect to extend industry-leading climate commitments to combined company, including target to achieve net zero carbon emissions by 2040, 10 years ahead of the broader industry's goal JetBlue would extend its goal to convert 10% of jet fuel to sustainable aviation fuel (SAF) by 2030 to the combined company, with plans to introduce regular use of SAF into Spirit's West Coast operations after closing Women and people of color represent 46% and 59% of JetBlue Crewmembers, respectively Opportunity to expand JetBlue Gateways program to more families; provides a career path in Aviation with dedicated mentors to under-represented groups Women represent ~40% of JetBlue's first group of selected Gateways Direct candidates People of color represent more than 44% of JetBlue's Gateways Select classes 11#12jetBlue Platform for Efficient and Sustainable Growth Built on a Common Airbus Family Fleet The combined order book will create natural synergies, with the potential to double current JetBlue growth rate Provides platform for growth when OEM order books allow limited options Retain significant flexibility to adjust growth via: Accelerating retirement of existing E190 and A320ceo fleet Exercising options to increase A220 and A320neo deliveries ● ● O O JetBlue Pre-Transaction Net Fleet Count A320 family A220 282 60 8 214 E190 +3% CAGR 346 100 246 2021 2027 Source: Latest company filings, investor presentations. Note: Does not include any anticipated retirements / lease returns for Spirit. Post-Transaction Net Fleet Count A320 family A220 455 60 8 387 2021 E190 +7% CAGR 675 100 575 2027 12#13A Younger, Lower-Cost, Lower-Carbon Fleet Centered around the Pratt & Whitney Geared Turbofan Engine jetBlue Aircraft With New Engine Technology 17% 77 % of Total Fleet 2021 5.0x growth 58% 389 Transaction Increases Efficiency, Reduces Emissions Provides optionality to retire older fleet faster Fleet simplification and modernization drive cost savings O O Transition to an all-Airbus fleet by no later than 2026 58% of the combined fleet with new engine technology by 2027 A220 offers nearly 30 percent lower direct operating costs per seat compared to the fleet it is replacing 2027 Source: Latest company filings, investor presentations. Note: Assumes no returns or retirements in Spirit existing fleet and order book New engine technology delivers double-digit improvements in fuel and carbon emissions 13#14Transaction Economics Supported by Compelling $600-700M Net Synergies $600 6.0% America West jetBlue U.S. Airways Forecasted Run-Rate Synergy (% of Pro-Forma Revenue in Millions) $2,000 6.0% Delta Northwest Airlines $650 4.5% spirit jetBlue $1,100 3.5% United Continental $225 3.1% Alaska Virgin America >$400 Median: 3.5% 2.7% Southwest Air Tran $1,050 2.6% American Airlines U.S. Airways Key drivers include: ● ● ● Commentary Increased network relevance Schedule optimization Economies of scale on existing cost bases Greater JetBlue Travel Products and Loyalty relevance Expect transaction to be EPS accretive in year one and -50% accretive by year three ● Anticipate 4-5 years to achieve run-rate synergies, with updated guidance driven by: Extended retrofit program IT integration processes Source: Merger announcement press releases, investor presentations, company filings, management calculations. Note: Midpoint of announced synergies projection range used where available; "greater than" sign denotes instances where synergies are listed as expected to be at least the corresponding value. 14#15JetBlue Expected to Maintain Balance Sheet Flexibility Post-Transaction jetBlue Expect Leverage¹ Inside Historical Levels and a Return to Deleveraging Trajectory Post-close 4.4x 2010² 1.1x 2015² 0.8x 2019 - 3.5-4.0x 2022E Post-transaction leverage inside of historical levels ~ 3.0 - 3.5x Post- Transaction JetBlue expected to return to historical deleveraging trajectory as it captures synergies 1 <2.0x Run-rate synergy capture 5.5x 2022E Industry Median One of the best balance sheets in the industry allows flexibility for all- cash transaction Post-close, expect to maintain $2B+ of unencumbered collateral No significant debt maturities before 2026 Source: Management projections, historical financials, consensus estimates. Note: 2022E industry median excludes JetBlue and is based on consensus estimates as of July 19, 2022. Post-transaction net leverage is based on management projections for 2023E Adjusted Net Debt to 2023E EBITDAR and use leveragable EBITDAR where there is 50% synergy credit given to post-transaction figure and 100% synergy credit given to run-rate synergy capture figure. ¹ Leverage metric references adjusted net debt to EBITDAR, which is a non-GAAP metric. Refer to reconciliations of non-GAAP financial measures in Appendix A. 22010 and 2015 metrics pre-date IFRS 16 lease accounting changes and are calculated using the capitalized aircraft rent methodology. Refer to reconciliations of non-GAAP financial measures in Appendix A. 15#16jetBlue Conviction in Regulatory Approval 16#17The "JetBlue Effect" is Real, Demonstrable, and Foundational to its Business Model... The "JetBlue effect" is widely recognized and longstanding; as recently as 2021, the Department of Justice recognized its benefits¹: "JetBlue's reputation for lowering fares is so well known in the airline industry that it has earned a name: the 'JetBlue Effect.' JetBlue's record in Boston and New York City illustrates why." jetBlue "In the face of consolidation, JetBlue has provided an important and steadfast source of competition." "JetBlue is uniquely disruptive... as a result, JetBlue has a long and public track record of significantly lowering fares when it enters a market." "[JetBlue] has saved consumers a total of more than $10 billion since the airline's founding, offering lower fares and better service and forcing competitors to do the same." A 2013 study from the MIT International Center for Air Transportation² concluded that "JetBlue is now the airline that is associated with the largest decline in average fares at U.S. airports" JetBlue is and has been the most significant challenger airline in lowering legacy fares on the routes it flies 1 Source: September 2021 DOJ complaint and press release. 2 "Evolving Trends of U.S. Domestic Airlines," MIT Airline Industry Consortium Study (August 2013). 17#18II- jetBlue and Continues to Deliver Consumer Benefits Today DOT data analysis as recent as this year supports the fact that JetBlue's presence on a nonstop route decreases legacy fares -16%, three times more than that of ULCCs (~5%) Since the 2013 MIT study, JetBlue has launched service on each of the routes below and continues to serve each today - in every case, prices declined significantly after JetBlue entry 282 +43% 402 110 C Passengers Daily Each Way (PDEWS) MCO-SLC 217 +97% BUF-LAX $208 $168 (19%) Avg. Fare $239 $177 (26%) 395 499 +26% 398 E 674 +69% FLL-LAS JFK-ATL (16%) $175 $146 (14%) $170 $146 785 BOS-LGA 1163 +48% (36%) $196 $125 Prior to JetBlue entry After JetBlue entry Source: DOT data via Cirium. PDEWs and Avg. Fare prior to JetBlue entry represents most recent full year average daily passengers and one-way fare. PDEWS and Avg. Fare after JetBlue entering represent following year's average daily passengers and one-way fare. 18#19Fundamentally, the JetBlue-Spirit Transaction Creates a Platform for Sustainable Growth and Establishes a National Challenger to the 'Big Four' (3 jetBlue Increased network and customer relevance Access to new assets and deeper Crewmember base Expands JetBlue Effect Combined network will turbocharge JetBlue focus city strategy: Provides immediate benefit in existing focus cities (FLL, LAX, MCO) Diversifies network Combined asset base provides sustainable growth: Facilitates access for future growth (ATL, LAS, ORD) O O O Complements existing NEA strategy Leverages a common leisure and VFR customer base Product offering will bring the JetBlue Effect to more customers and communities: JetBlue reduces legacy fares in the markets it enters significantly more than ULCCS Positions JetBlue as a more relevant low-cost carrier in a concentrated US market O O Mitigates aircraft availability risk and optimizes manufacturer support Enhances fleet commonality and simplifies integration while increasing optionality Accelerates transition to new engine technology Unifies Crewmember bases, establishing fair wages for all and creating more opportunities for growth Expands our award-winning customer service to a multitude of new markets Provides a customer-centric alternative to legacy hub networks Source: 2021 company filings; number of daily flights and destinations includes upfront divestitures and are based on December 2022 schedule data as of July 21, 2022 145 Combined flights at strategic Fort Lauderdale focus city 127 Total unique destinations 458 Combined fleet size 313 Aircraft in order book 19#20ULCC Competition Will Continue to Grow... ULCC expansion will combat any potential negative effects from the JetBlue-Spirit transaction • ULCC model does not require scale or brand awareness • ULCCs are growing rapidly ● Frontier, with 110 aircraft already, has 230 new Airbus planes on order Sun Country launched 34 new markets in 2021 Allegiant reported flying more capacity in 2H21 than in 2019 Avelo and Breeze launched in the first half of 2021 Avelo expects its fleet will consist of at least 15 737 NGs by the end of 2022 Breeze is already flying 15 planes, with plans to take delivery of one new plane/month for the next six years (reaching more than 80 total aircraft by 2029) Midwest Express announced in April 2022 that it plans to return Precedent transactions show courts credit new market entrants in decision to allow mergers to proceed (e.g., Sprint / T-Mobile) ● ● FRONTIER LOW FARES DONE RIGHT sun country airlines Breeze avelo allegiant 20#21...as New ULCC Entrants Continue to Expand Rapidly jetBlue Breeze routes in year 1 and year 2 1st year of operations 2nd year of operations Based on 2021-2022 Department of Transportation schedule data. Avelo routes in year 1 and year 2 1st year of operations 2nd year of operations 21#22jetBlue Summary and Preliminary Transaction Timeline 22#23Transaction Will Create a Compelling National Low-fare Challenger, Benefitting All Stakeholders jetBlue Will accelerate JetBlue's strategic plan, creating more value for all stakeholders of combined airline Combined airline would fly under the JetBlue brand, bringing its unique combination of lower fares and great experience to more customers Will provide combined Crewmember base enhanced career opportunities Pro-competitive combination as "JetBlue Effect" is more effective in lowering legacy fares 23#24Preliminary Timeline Implies Transaction Close by 1Q24, with Formal Integration Processes Beginning Thereafter Today Transaction announcement Oct Nov 2022 Spirit shareholder approval jetBlue Integration planning 4Q23 - 1Q24 Note: Preliminary timeline is illustrative and subject to change. 1H24 Transaction close Regulatory approval 1H25 Single operating certificate Combined company Two operating certificates The companies expect to close following receipt of regulatory approvals, no later than the first half of 2024, followed by a four to five year integration process with full fleet retrofitting driving the extended integration timeline Other major integration milestones (e.g., fleet retrofitting, labor, etc.) 24#25jetBlue Appendix 25#26Appendix A jetBlue Non-GAAP Financial Measures JetBlue presents the ratio of Adjusted Net Debt to EBITDAR, which is a non-GAAP financial measures, in this presentation. This non-GAAP financial measure, and the non-GAAP financial measures used to calculate it, are derived from our consolidated financial statements, but are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. The most comparable GAAP measure is total debt to net income (loss). We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. In the following pages, we provide an explanation of each non-GAAP financial measure and provide a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. Please note that we present an estimated ratio of Adjusted Net Debt to EBITDAR on a prospective basis. We are not able to provide, without unreasonable effort, a reconciliation of these estimated non-GAAP financial measures to the most directly comparable GAAP measure because we do not currently have sufficient data to accurately estimate the individual adjustments included in the most directly comparable GAAP measure that would be necessary for such reconciliations. As these adjustments are inherently variable and uncertain and depend on various factors that are beyond our control, we are also unable to predict their probable significance. 26#27jetBlue Adjusted Net Debt Adjusted net debt is a non-GAAP financial measure which we believe is helpful to investors in assessing our overall debt profile. We reduce our adjusted debt by cash, cash equivalents, and short-term investments resulting in adjusted net debt, to present the amount of assets needed to satisfy our debt obligations. Long-term debt and finance leases Current maturities of long-term debt and finance leases Capitalized aircraft rent (7* aircraft rent) Adjusted Debt Cash and cash equivalents Short-term investments Total Liquidity Adjusted Net Debt NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Adjusted debt Cash and Cash Equivalents STI + LTMS Total Liquidity Adjusted net debt December 31, 2015 1,379 448 854 2,681 $ $ $ $ $ December 31, 2019 1,990 344 183 2,517 $ 318 558 876 LA 1,805 959 369 1,328 1,189 December 31, 2010 2,850 183 883 3,916 $ $ $ $ 465 495 960 2,956 27#28jetBlue Earnings before interest, taxes, depreciation, amortization, rent, and special Items Earnings before interest, taxes, depreciation, amortization, and aircraft rent (EBITDAR) is a non-GAAP financial measure. We believes this measure allows investors to better understand the financial performance of the company by presenting earnings from our business operations without including the effects of capital structure, tax rates, depreciation, and amortization. We further adjusted EBITDAR to account for the impact of special items which are unusual or infrequent in nature. Special items Operating income Add back: Depreciation and amortization Earnings before interest, taxes, depreciation, and amortization Add back: Add back: EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AMORTIZATION, AIRCRAFT RENT, AND SPECIAL ITEMS (in millions) (unaudited) NON-GAAP FINANCIAL MEASURE Aircraft rent expense, as reported Earnings before interest, taxes, depreciation, amortization, rent, and special items $ Adjusted Net Debt Adjusted Net Debt to EBITDAR 2019 800 525 1,325 14 99 1,438 1,189 0.8 Twelve Months Ended December 31, 2015 $ 1,216 345 1,561 122 1,683 1,805 1.1 $ 2010 333 220 553 126 679 2,956 4.4 28