#1JetBlue flight over Manhattan's Central Park Photo Courtesy of Dave Clark 3Q22 EARNINGS PRESENTATION OCTOBER 25, 2022 jetBlue#2SAFE HARBOR This Presentation (or otherwise made by JetBlue or on JetBlue's behalf) contains 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 our 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 document, 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 us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, the COVID-19 pandemic including existing and new variants, and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under various federal government support programs such as the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act, and the American Rescue Plan Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; the outcome of the lawsuit filed by the Department of Justice and certain state Attorneys General against us related to our Northeast Alliance entered into with American Airlines; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; adverse weather conditions or natural disasters; external geopolitical events and conditions; the occurrence of any event, change or other circumstances that could give rise to the right of JetBlue or Spirit Airlines, Inc. ("Spirit") or both of them to terminate the Merger Agreement; failure to obtain applicable regulatory approval in a timely manner or otherwise and the potential financial consequences thereof; failure to satisfy other closing conditions to the transaction with Spirit; failure of the parties to consummate the transaction; JetBlue's ability to finance the transaction with Spirit and the indebtedness JetBlue expects to incur in connection with the 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; 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 transaction with Spirit; 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 with Spirit; 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 transaction with Spirit; and ongoing and increase in costs related to IT network security. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Any outlook or forecasts in this document have been prepared without taking into account or consideration the transaction with Spirit. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. You should understand that many important factors, in addition to those discussed or incorporated by reference in this Presentation, could cause our results to differ materially from those expressed in the forward-looking statements. Further information concerning these and other factors is contained in JetBlue's filings with the Securities and Exchange Commission, or SEC, including but not limited to, JetBlue's 2021 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this Presentation might not occur. Our forward-looking statements speak only as of the date of this Presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. This Presentation also includes certain "non-GAAP financial measures" as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within this Presentation.#33Q 2022 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER#4CREATING VALUE FOR CUSTOMERS, CREW MEMBERS, AND OWNERS ● 3Q 2022 EARNINGS GAAP earnings per share of $0.18; non-GAAP earnings per share of $0.21 (1) Adjusted pre-tax profit of $118M; adjusted pre-tax margin of 4.6% (1) • RASM up 23.4% Yo3Y; CASM up 32.4% Yo3Y (GAAP); CASM ex-Fuel up 16.3% Yo3Y (non-GAAP) (¹) 3Q 2022 BALANCE SHEET In 3Q22, paid down $66M of debt; $260M in CAPEX; $25M cash outflow related to Spirit break fee ● ● ● ● ● ● 4Q 2022 OUTLOOK Capacity up between 1% -4% vs 4Q 2019 RASM up between 15% -19% vs 4Q 2019 CASM ex-Fuel up between 8.5% -10.5% vs 4Q 2019 (1) $272M pre-payment to Spirit shareholders $2.3B of liquidity (2) (3), equal to 28% of 2019 revenue Adjusted Debt to Cap ratio at 53% (1) (3) (1) Refer to reconciliations of non-GAAP financial measures in Appendices A & B jetBlue (2) Liquidity defined as unrestricted cash, cash equivalents, short-term investments and long-term marketable securities (3) As of September 30, 2022 FY 2022 OUTLOOK Capacity up between 0% -2% vs 2019 CASM ex-Fuel up between 13% -14% vs 2019 Generating solid pre-tax margins in 4Q22 4#5ENHANCING OUR BUSINESS FOR THE LONG-TERM jetBlue Revenue Cost jetp N316 JB B EMBRAER 190 ● ● ● ● The Northeast Alliance (NEA) is promoting competition and delivering substantial benefits for consumers traveling to or from New York and Boston with significant growth, new routes, and reciprocal frequent-flyer benefits Loyalty program growth continues to close gap to peers and drive strong cash. flows; co-branded card acquisitions hit a new record in September JetBlue Travel Products (JTP) remains on track to generate close to $100M in annualized run-rate EBIT Driving strong sequential unit cost improvement into 4Q22 Committed to keeping CASM ex-Fuel 'flat or better' in 2023, year-over-year New structural cost program, combined with ~$75M of one-time savings from accelerated E190 retirements, to deliver ~$250M of cost reductions through 2024 to help offset unique cost headwinds and inflationary pressures Establishing a new foundation for profitable growth Structurally improving our profitability with strategic initiatives 5#6COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER#7DELIVERING FOR OUR CUSTOMERS AND BUILDING RELEVANCE jetBlue ASM GROWTH VERSUS 2019 (0.5%) 3Q22 Flown *Denotes guidance I 1 Estimate 1% -4% 4Q 22* 0% -2% T FY22* Executing well in a challenging environment - - Strong completion factor trends prior to late-September storms - Hurricanes Fiona and lan impacted flown capacity by -0.7% points in 3Q22 Planning prudently in the context of fragile industry operating environment. Bringing low fares and great service to more customers and destinations The NEA has grown materially above the rest of the industry domestically and internationally Continuing transatlantic expansion as we build even more relevance in our Focus Cities Returning to historical mid-to-high single digit capacity growth year-over-year in 2023 7#8CARRYING THROUGH STRONG REVENUE MOMENTUM jetBlue RASM GROWTH VERSUS 2019 13.5% 2Q22 Actual *Denotes guidance Estimate 23.4% 3Q22 15% - 19% - 4Q22* ● ● Strong demand trends continue into the fall - - Expect strong load factor trends into the fall and well above 2019 levels - Mint revenue continues to outperform rest of system Contracted corporate revenue bookings now roughly 90% recovered from pre-pandemic levels Commercial initiatives bolstering strong revenue performance NEA RASM accelerating faster than the rest of the system Loyalty engagement at record highs, with spend growth persistently above pre-pandemic levels Low-fare segmentation strategy performing well with strength across all customer types 8#9FINANCIAL UPDATE & OUTLOOK URSULA HURLEY CHIEF FINANCIAL OFFICER#10SUMMARY FINANCIALS 3Q 2022 jetBlue US$ Millions Revenue Operating Expenses Adjusted Operating Expenses (1) Adjusted Pre-Tax Income (Loss) (1) RASM CASM ex-Fuel (1) Earnings per Diluted Share Adjusted Earnings per Share (1) (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 3Q 2022 2,562 2,423 2,410 118 15.80 9.69 0.18 0.21 3Q 2019 2,086 1,839 1,839 239 12.80 8.33 0.63 0.59 Change vs '19 23% 32% 31% (51%) 23% 16% (71%) (64%) 10#11FORGING A STRONG COST TRAJECTORY (0.5%) CASM EX-FUEL VERSUS 2019 Actual 3Q22 1% -4% ASM 16.3% Estimate 4Q 22* 8.5% 10.5% - CASM ex-Fuel (1) 32.4% CASM ● Planning conservatively given fragile industry operating environment - 3Q22 CASM ex-Fuel in-line with guidance, despite impact from hurricanes. - - Forecasting -7% points of sequential CASM ex-Fuel improvement in 4Q22 (-5% points after adjusting for capacity) Paring back some of the operational investments from the summer Early progress from structural cost program as well as savings from E190 retirements. Expect to see incremental cost traction into 2023 jetBlue *Denotes guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A 11#12KEEPING OUR COSTS LOW TO SUPPORT MARGINS jetBlue ||| L به Network Efficiency Crew Planning End-of-Life Maintenance Optimization Maximizing Asset Productivity Accelerated E190 Transition to A220s 2024 Savings $40M - $50M $35M - $50M $45M - $60M $30M - $40M $75M ~$250M of structural cost savings through 2024 to support 'flattish' CASM ex-Fuel 12#13FOCUSING ON CAPITAL PRESERVATION AND MAINTAINING LIQUIDITY ● jetBlue $2 $66 $25 $260 3Q22 USES OF CASH (US$ million) Other Debt paydown Spirit break fee CAPEX ~$75 $112 $272 -$420 4Q22 Other Scheduled debt paydown Spirit shareholder pre-payment CAPEX In 4Q22, we expect a sizable cash outflow largely driven by the pre-payment to Spirit shareholders and a step-up in CAPEX No significant near-term debt maturities; vast majority of debt maturing in 2026 and beyond (1) Refer to reconciliations of non-GAAP financial measures in Appendix B *Denotes guidance ● $260 3Q22 Actual CAPEX Estimate (US$ million) -$420 4Q22* -$1,000 2022* Funded $260M in CAPEX in 3Q22, comprised of 2 aircraft deliveries, pre-delivery payments and engine investments Prioritizing highest ROI non-aircraft CAPEX projects 13#14SUMMARY OF OUTLOOK jetBlue METRIC Available Seat Miles (ASMS) RASM CASM ex-Fuel Operating Expenses Related to Other Non-Airline Businesses Estimated Fuel Price per Gallon Tax Rate Capital Expenditures Note: Fuel price based on forward curve as of October 14, 2022 4Q22 Guidance 1% -4% Yo3 15% -19% Yo3 8.5% -10.5% Yo3 -$13 million $3.65 -12% -$420 million 14#15jetBlue QUESTIONS? JetBlue 00 AIRBUS A321neo 15#163Q 2022 FINANCIAL RESULTS * Refer to reconciliations of non-GAAP financial measures in this Appendix A jetBlue US$ Millions Total operating revenues Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs Other operating expenses Special items Operating Income/(Loss) Other Income/(Expense) Income/(Loss) before income taxes Income tax expense/(benefit) NET INCOME/(LOSS) Pre-Tax Margin Earnings/(Loss) per Diluted Share (GAAP) Adj. Pre-Tax Margin* Adj. Earnings/(Loss) per Diluted Share (Non-GAAP)* 3Q 2022 2,562 825 675 131 147 30 81 178 343 13 139 (34) 105 48 57 4.1% $0.18 4.6% $0.21 3Q 2019 2,086 471 580 125 134 26 74 158 271 247 7 254 67 187 12.2% $0.63 11.5% $0.59 Change vs '19 23% 75% 16% 5% 10% 15% 9% 13% 27% NM (44%) NM (59%) (28%) (70%) (8.1) pts (6.9) pts 16#17APPENDIX A Non-GAAP Financial Measures JetBlue uses non-GAAP financial measures in this presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. 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. The information in Appendices A and B provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. jetBlue 17#18Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items ("CASM Ex-Fuel") Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non- airline businesses, such as JetBlue Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. For the three and nine months ended September 30, 2022, special items include an impairment on our E190 fleet as well as retirement costs related to our E190 fleet, an ALPA ratification bonus and associated payroll taxes, expenses related to our takeover bid of Spirit airlines, and expenses related to implementation of our flight attendants' collective bargaining agreement. Special items for three and nine months ended September 30, 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs relate implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. With respect to JetBlue's CASM ex-fuel guidance, JetBlue is unable to provide a reconciliation of the non-GAAP financial measure to GAAP because the excluded items have not yet occurred and cannot be reasonably predicted. The reconciling information that is unavailable would include a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors. Accordingly, a reconciliation to CASM is not available without unreasonable effort. jetBlue Total operating expenses Less: Aircraft fuel and related taxes Other non-airline expenses Special items Operating expenses, excluding fuel $ $ NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) $ 2,423 825 14 13 1,571 2022 $ $ Three Months Ended September 30, per ASM 14.94 5.08 0.09 0.08 9.69 $ $ $ 1,839 471 10 1,358 2019 $ $ per ASM 11.29 2.89 0.07 8.33 $ $ $ 7,084 2,305 29 57 4,693 2022 $ $ Nine Months Ended September 30, per ASM 14.76 4.80 0.06 0.12 9.78 $ $ $ 5,490 1,392 32 14 4,052 2019 $ $ per ASM 11.50 to the 2.92 0.07 0.03 8.48 18#19Operating expense, (loss) income before taxes, net (loss) income, and (loss) earnings per share, excluding special items and net gain (loss) on investments Our GAAP results in the applicable periods were impacted by charges that are deemed special items. For the three and nine months ended September 30, 2022, special items include an impairment on our E190 fleet as well as retirement costs related to our E190 fleet, an ALPA ratification bonus and associated payroll taxes, expenses related to our takeover bid of Spirit airlines, and expenses related to implementation of our flight attendants' collective bargaining agreement. Special items for the three and nine months ended September 30, 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. Mark-to-market and certain gains and losses on our investments were also excluded from our 2022 GAAP results. We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non- GAAP amounts excluding the impact of these items. jetBlue NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, (LOSS) INCOME BEFORE TAXES, NET (LOSS) INCOME, AND (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS AND NET GAIN (LOSS) ON INVESTMENTS (in millions, except per share amounts) (unaudited) Total operating revenues Total operating expenses Less: Special items Total operating expenses excluding special items (Loss) earnings per common share: Basic $ Operating (loss) income Add back: Special items Operating (loss) income excluding special items Operating margin excluding special items (Loss) income before income taxes Add back: Special items Less: Net gain (loss) on investments (Loss) income before income taxes excluding special items and net gain (loss) $ on investments Pre-tax margin excluding special items and net gain (loss) on investments Net (loss) income Add back: Special items Add back: Special items, net of tax Less: Net gain (loss) on investments, net of tax Basic excluding special items and net gain (loss) on investments $ Diluted Add back: Special items, net of tax Less: Net gain (loss) on investments, net of tax Diluted excluding special items and net gain (loss) on investments $ $ $ Less: Income tax (expense) benefit related to special items Less: Net gain (loss) on investments Less: Income tax (expense) benefit related to net gain (loss) on investments Net (loss) income excluding special items and net gain (loss) on investments $ $ $ $ $ $ $ Three Months Ended September 30, 2019 2022 2,562 $ 2,423 13 2,410 139 13 152 5.9% 118 4.6% 57 13 1 105 $ 13 69 0.18 0.03 0.21 0.18 0.03 $ 0.21 $ $ $ $ $ $ $ $ $ $ 2,086 1,839 1,839 247 11.8% 247 $ 254 15 239 11.4% 187 15 (4) 176 0.63 0.04 0.59 0.63 $ 0.04 0.59 $ $ $ $ $ $ $ $ $ $ $ Nine Months Ended September 30, 2022 6,743 (341) 57 (284) 7,084 57 7,027 $ -4.2% (443) 57 (4) (382) -5.7% (386) 57 7 (4) (332) (1.20) 0.16 (0.01) (1.03) $ (1.20) 0.16 (0.01) (1.03) $ $ $ $ $ $ $ $ $ $ $ 2019 6,063 5,490 14 5,476 573 14 587 9.7% 548 14 15 547 9.4% 408 14 3 15 (4) 408 1.36 0.03 0.04 1.35 1.35 0.03 0.03 1.35 19#20APPENDIX B: CALCULATION OF LEVERAGE RATIOS Adjusted debt to capitalization ratio Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. jetBlue NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Adjusted debt Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Stockholders' equity Adjusted capitalization Adjusted debt to capitalization ratio September 30, 2022 $ 3,235 524 216 3,975 $ $ 3,235 524 216 3,507 7,482 53% December 31, 2021 3,651 355 $ 256 4,262 3,651 355 256 3,849 8,111 53% 20#21APPENDIX C: ORDER BOOK jetBlue Deliveries 2022 2023 Returns 2023 A220 6 18 A220 A321NEO 6 A321NEO A321NEO LR 3 5 A321NEO LR A320 A320 (4) E190 E190 (6) Total 9 29 Total (10) Note: Delivery and return assumptions as of October 25, 2022. The above includes an amended agreement and represents the current delivery schedule set forth in our Airbus order book. However, we note that due to Airbus delivery delays, our capacity planning assumptions assume delivery in 2023 of a minimum of 14 A220 aircraft, 5 A321neo aircraft, and 3 A321neo LR, for a total of at least 22 aircraft. 21#22APPENDIX D: RELEVANT JETBLUE MATERIALS jetBlue * www.investor.jetblue.com/investor-relations DOCUMENT Spirit Acquisition Investor Presentations Earnings Releases Annual Reports SEC Filings Proxy Statements Investor Updates ESG Reports* https://lowfaresgreatservice.com LOCATION http://blueir.investproductions.com/investor-relations/events-and-presentations/presentations http://blueir.investproductions.com/investor-relations/financial-information/quarterly-results http://blueir.investproductions.com/investor-relations/financial-information/reports/annual-reports http://blueir.investproductions.com/investor-relations/financial-information/sec-filings http://blueir.investproductions.com/investor-relations/financial-information/reports/proxy-statements http://blueir.investproductions.com/investor-relations/financial-information/investor-updates http://blueir.investproductions.com/investor-relations/financial-information/reports/sustainable-accounting-standards-board-reports Environmental, Social, and Governance Reports 22