#12Q21 EARNINGS PRESENTATION JULY 27, 2021 N3008J AIRBUS A220-300 JetBlue jetBlue#2SAFE HARBOR Forward-Looking Information Statements in this Presentation (or otherwise made by JetBlue or on JetBlue's behalf) 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 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 Presentation, the words "expects," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "will," "should," "seeks,” “targets” and similar expressions are intended to identify forward-looking statements. 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 coronavirus ("COVID-19") pandemic 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 CARES Act, and the Consolidated Appropriations Act, 2021; 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; 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; and external geopolitical events and conditions. 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. 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 the Company's Securities and Exchange Commission filings, including but not limited to, the Company's 2020 Annual Report on Form 10-K and its 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 Appendices A and B of this Presentation.#32Q 2021 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER#4ROBUST PROGRESS TOWARDS EARNINGS RECOVERY ● 2Q 2021 EARNINGS jetBlue GAAP earnings per share of $0.20; non-GAAP loss per share of ($0.65) (1) Adjusted EBITDA of ($86M) (1) versus expected range of ($115M) - ($165M) (1) (2) • Revenue down (29%) Yo2Y; capacity down (15%) Yo2Y; OpEx down (27%) Yo2Y (GAAP), down (7%) Yo2Y (non-GAAP) ) (1) 2Q 2021 BALANCE SHEET $3.7B of liquidity at 2Q close, equal to 46% of 2019 revenue Adjusted Debt to Cap ratio at 55% (1) (3) Significantly reduced net debt by ~$1.2B to below pre-pandemic levels during the quarter (1) Refer to reconciliations of non-GAAP financial measures in Appendices A & B (2) EBITDA includes SW & B paid with PSP funds (3) As of June 30, 2021 ● ● ● ● 3Q 2021 PLANNING ASSUMPTIONS* Adjusted EBITDA between $75M to $175M Capacity between 0 - (3%) vs 3Q 2019 Revenue down between (4%) - (9%) vs 3Q 2019 CASM ex-Fuel up 11% -13% vs 3Q 2019 KEY LIQUIDITY UPDATE In 2Q21 received -$1.1B, inclusive of PSP2 & PSP3 funds as well as other sources of cash Fully paid down term loan of $722M *As of July 27, 2021; does not constitute guidance 4#5EXECUTING INITIATIVES TO REBUILD MARGINS AND REPAIR BALANCE SHEET jetBlue COMMERCIAL Execute margin accretive revenue and network initiatives Implementing Northeast Alliance Executing Fare Options Update Evolving Loyalty program and JetBlue Travel Products COSTS Remaining disciplined on cost control to drive superior margins Maintaining fixed cost savings Doubling-down on productivity Extending E190s to drive earnings growth CAPITAL ALLOCATION Focus on high-margin investments and repairing balance sheet Driving net debt to below pre- pandemic levels Investing in margin-accretive next-generation aircraft Targeting Debt to Capital ratio of 30 - 40% by end of 2024 Restore earnings and expand margins beyond 2019 levels 5#6ENSURING LONG TERM FUTURE SUCCESS THROUGH OUR ESG STRATEGY jetBlue FOCUS AREAS Sustainability Diversity, Equity & Inclusion Achieving domestic carbon neutrality today by using carbon offsets Expanding use of sustainable aviation fuel in our LAX operations Investing in margin-accretive next-generation aircraft • Integrating lower-carbon emitting operations and technologies. ● ● ● ● HIGHLIGHTS / KEY DEVELOPMENTS ● Rolling out new Crewmember education programs Broadening co-branded customer base through unique path to credit Growing spend with underrepresented and disadvantaged Business Partners 6#7COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER#8DEPLOYING INITIATIVES TO EXPAND REVENUE AND MARGINS jetBlue Northeast Alliance Fare Options Evolution Co-branded Credit Card JetBlue Travel Products NEA unlocking growth for both JetBlue and American in the Northeast • Codeshare performance exceeding expectations Early response from corporate travelers encouraging, including opening up new customers. ● ● Demand for Blue fare increased double-digits as customers seek guaranteed carry-on bag space and no change/cancel fees. • Increased buy up rate contributing ~2 points of incremental revenue • New Blue Basic Fare enhances ability to offer lower fares for most price sensitive customers ● ● • New Barclays and MasterCard agreement driving one point of incremental annualized revenue and margin • Industry-leading acquisition terms will supercharge account growth Evolved product set will expand portfolio relevancy ● • Vacations sales up -60% vs 2019, plus improved unit economics • Travel insurance take rate at historically high levels as we better tailor products to evolving. Customer needs Car rental revenue also at historically high levels, as we better target offers via Paisly platform Creating long-term value for our stakeholders 8#9RENEWED CO-BRANDED AGREEMENT AND EXPANDING LOYALTY PROGRAM jetBlue CO-BRANDED AGREEMENT Industry-Leading Terms Add 1 point of annualized ~ revenue and margin JetBlue Plus Card acquisition strength Portfolio total spend is up materially over 2019 levels Creatively providing credit to underserved jetBlue 5412 7500 1234 5678 5412 CARDMEMBER jetBlue 00/00 barclaycard CARDMEMBER mastercard. 5412 7500 1234 5678 5412 VALID AND 00/00 mastercard. LOYALTY PROGRAM GROWTH Evolving TrueBlue Program Enhancing product set Accelerating portfolio growth through Northeast Alliance Enhancing redemptions with JetBlue Travel Products Improving earn & burn on other airlines 9#10GENERATING CONTINUED SEQUENTIAL REVENUE IMPROVEMENT jetBlue -45% -30% REVENUE YO2Y GROWTH Actual -9% Apr '21 May '21 Jun '21 Estimate -29% (4%) - (9)% -61% 1Q21 2Q21 3Q21 Note: Versus 2019. Current planning assumption as of July 27, 2021; does not constitute guidance ● Strong revenue rebound during 2Q21 - Revenue declined 29% Yo2Y, following robust acceleration in leisure bookings beginning early February and a 1.5 pts benefit from a renewed co-branded agreement Revenue recovery remains solid into 3Q21 Resurgence in leisure travel for summer Expect continued TRASM improvement with system load factor nearing pre-pandemic levels aided by growing mix of business travel - Double-digit sequential growth in load factors with broad. improvement across all geographies Expecting business travel to improve after Labor Day Four key initiatives ramping and collectively contributing to significant Q3 revenue improvement 10#11CAPACITY DEPLOYMENT LEVERED TO DEMAND RECOVERY jetBlue -28% -13% ASM YO2Y GROWTH Flown -3% Apr '21 May '21 Jun '21 Planned |' -41% -15% 0% - (3%) O 1Q21 2Q21 3Q21 Note: Versus 2019. Current planning assumption as of July 27, 2021; does not constitute guidance ● ● Restoring capacity to pre-pandemic levels to rebuild margins and position for earnings recovery Deploying growing fleet into the top performing markets generating the best returns. Remaining nimble given risks from COVID variants Leveraging Northeast Alliance with American Airlines Re-building business market frequencies ahead of expected fall business travel recovery - - - Announced 32 new routes this year; doubling our presence in LGA by end of year 11#12FINANCIAL UPDATE & OUTLOOK URSULA HURLEY ACTING CHIEF FINANCIAL OFFICER#13SUMMARY FINANCIALS 2Q 2021 jetBlue METRIC Revenue (US$ million) Operating Expenses (GAAP) (US$ million) Operating Expenses (Adjusted) (US$ million) (¹) EBITDA (Adjusted) (US$ million) (1) Earnings/(Loss) per Share (GAAP) Earnings/(Loss) per Share (¹) (Non-GAAP) (¹) 2Q 2021 (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 1,499 1,352 1,718 (86) 0.20 (0.65) 2Q 2019 2,105 1,855 1,853 379 0.59 0.60 Change Yo2 (29%) (27%) (7%) NM NM NM 13#14MAINTAINING FOCUS ON COSTS AS OPERATION RAMPS UP Actual GAAP CASM jetBlue YO2Y CASM & CASM EX-FUEL -14% CASM ex-Fuel (1) 19% 2Q21 Planned CASM ex-Fuel 11% -13% 3Q21 ● Mitigating cost pressures through disciplined management - 2Q21 performance in-line with expectations on solid cost execution - Expect 3Q21 vs 3Q19 to increase partly driven by temporary headwinds from airport rents and landing fees, and operational ramp up costs Note: Versus 2019. Current planning assumption as of July 27, 2021; does not constitute guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A 14#15MITIGATING COST PRESSURES AND STRENGTHENING MARGINS Q3 2021 CASM ex-fuel mainly driven by short-term recovery headwinds and maintenance deferrals 11% -13% ● ● 5-6% Short-Term headwinds 6 - 7% Remaining headwinds 2021 Q3 } 2021 short-term headwinds expected to dissipate into 2022: Rents and landing fees pressure: ~3 - 4pts Ramp up labor related costs: ~2pts Remaining headwinds largely to be offset through ongoing Structural Cost Actions: Maintenance deferral: ~3 - 4pts Labor and external inflation: ~2pts Northeast Alliance investments: -1pts Structural cost actions to offset maintenance and inflationary headwinds Boosting productivity Lowering support center costs and driving IT efficiencies Optimizing business partner spend Managing volume of maintenance events jetBlue Note: Versus 2019. Current planning assumption as of July 27, 2021; does not constitute guidance Northeast Alliance expected to add ~2-4pts of CASM-ex pressure in 2022 2022 CASM-ex impacted by margin- accretive Northeast Alliance investments* Low single digits 2022 Delayed E190 retirements Accelerated growth in high-cost, high-value airports Investments in seamless customer experiences 15#16CONTINUING TO INVEST IN HIGH RETURN AIRCRAFT jetBlue ● $331 2Q21 Actual CAPEX Planned (US$ million) -$335 3Q21* - $1,000 2021* 2021 CAPEX expected to be ~$1B Prioritizing highest ROI non-aircraft CAPEX projects ● ● ● As of 12/31/2019 259 69 130 60 FLEET* As of 12/31/2020 267 1 76 130 60 As of 12/31/2021 282 8 3 81 130 60 2019 2020 E190 A320 A321 A321LR A220 2021* Taking next generation aircraft to improve margins, fuel efficiency and reduce carbon emissions In 2Q21, took delivery of 2 A220s, 2 A321neos and 2 A321LRs Anticipate delivery of 4 A220s and 1 A321LRs in 3Q21 *Current planning assumption as of July 27, 2021; does not constitute guidance. Please refer to Appendix C for latest order book 16#17DISCIPLINED APPROACH TO BALANCE SHEET REPAIR ● jetBlue 34% Dec 31 2019 LEVERAGE Adjusted Debt to Cap (1) 59% Mar 31 2021 55% Jun 30 2021 Actively lowering debt towers by paying off scheduled debt payments and additional prepayments Well-positioned to achieve investment grade metrics by end of 2024 (1) Refer to reconciliations of non-GAAP financial measures in Appendix B LIQUIDITY / ADJ. NET DEBT Cash & Cash Equivalents 1,328 1,189 Dec 31 2019 Net Adjusted Debt (US$ million) 3,225 2,113 Mar 31 2021 3,726 I 943 Jun 30 2021 In 2Q21, received -$1.1B collectively from multiple sources Below pre-pandemic net debt levels, reduced net debt levels to $0.9B 17#18REDUCING OUR DEBT SERVICE OBLIGATIONS ● jetBlue Scheduled Principal Payments $820 $722 PRINCIPAL PAYMENTS* $98 2Q21 $87 $87 3Q21** Principal Prepayments $1,681 $1,272 $409 FY21** 1Q21 repaid revolving credit facility for $550M 2Q21 repaid term loan for $722M *Cash outflows related to principal repayment schedule and P&L interest as of 6/30/2021; does not assume any future debt raises or additional prepayments and does not constitute guidance **Current planning assumption as of July 27, 2021; does not constitute guidance ● P&L INTEREST EXPENSE* / SAVINGS P&L Interest Expense 3 $54 2Q21 (US$ million) 14 $42 Interest Savings 3Q21* $31 $194 FY21** Optimized weighted average cost of debt to below pre- pandemic levels, and strengthened unencumbered asset base Interest expense savings -$31M in 2021 by prepaying revolving credit facility and Term Loan B 18#19SUMMARY OF CURRENT PLANNING ASSUMPTIONS FOR 3Q 2021* jetBlue METRIC EBITDA (Non-GAAP) Revenue Available Seat Miles (ASMS) CASM ex-Fuel Operating Expenses Related to Other Non-Airline Businesses. Estimated Fuel Consumption in Gallons Estimated Fuel Price per Gallon Tax Rate (excluding the impact of Special Items) Capital Expenditures Planning Assumption $75 $175 million (4%) - (9%) Yo2 0% - (3%) Yo2 11% 13% Yo2 - -$11 million ~213 million $2.09/gallon -28% -$335 million *Current planning assumption as of July 27, 2021; does not constitute guidance. 19#20jetBlue QUESTIONS? WELCOME ABOARD DIRECTV MOVIES MY TRIP SHOWS THE JETBLUE EXPERIENCE#212Q 2021 FINANCIAL RESULTS jetBlue * Refer to reconciliations of non-GAAP financial measures in this Appendix A US$ 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 (Loss) Income Other Income (Expense) Income (Loss) before income taxes Income tax (benefit) expense NET (LOSS) INCOME Pre-Tax Margin (Loss) Earnings per Share (EPS) (GAAP) Adj. Pre-Tax Margin* Adj. (Loss) Earnings per Share (EPS)* (Non- GAAP) 2Q 2021 1,499 336 577 174 133 26 47 164 261 (366) 147 (90) 57 (7) 64 3.8% $0.20 (20.6%) ($0.65) 2Q 2019 2,105 484 576 121 127 25 75 168 277 2 250 (14) 236 57 179 11.2% $0.59 11.3% $0.60 Yo2Y % (28.8) (30.6) 0.2 43.7 4.8 3.7 (36.8) (2.8) (5.9) NM (41.0) NM (76.1) NM (64.6) (7.4) pts (31.9) pts 21#22APPENDIX A Non-GAAP Financial Measures JetBlue sometimes 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 22#23Operating 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 Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. In the second quarter of 2021, special items include contra-expenses recognized on the utilization of payroll support grants received under the Consolidated Appropriations Act, 2021, and contra-expenses recognized on the Employee Retention Credits provided by the CARES Act. Special items in the second quarter of 2019 include one-time transition costs related to the Embraer E190 fleet exit as well as one-time costs related to the 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. 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) 1,352 2021 336 11 (366) 1,371 $ $ Three Months Ended June 30, per ASM 9.91 2.46 0.08 (2.68) 10.05 $ $ 1,855 484 12 2 1,357 2019 $ per ASM 11.58 3.02 0.09 0.01 8.46 $ 2,379 2021 530 20 (655) 2,484 Six Months Ended June 30, per ASM 10.46 2.33 0.09 (2.88) 10.92 $ 3,652 921 23 14 2,694 2019 $ per ASM 11.60 2.93 0.07 0.04 8.56 23#24Adjusted Earnings before interest, taxes, depreciation, amortization, and special Items Earnings before interest, taxes, depreciation, and amortization (EBITDA) 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 EBITDA to account for the impact of special items which are unusual or infrequent in nature. jetBlue Net income (loss) Less: Interest (expense) Capitalized interest Interest income and other Add back: NON-GAAP FINANCIAL MEASURE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AMORTIZATION, AND SPECIAL ITEMS (in millions) (unaudited) Income tax (benefits) Depreciation and amortization Earnings before interest, taxes, depreciation, and amortization Add back: Special items Earnings before interest, taxes, depreciation, amortization, and special items $ Three Months Ended June 30, 2021 64 (54) 3 (39) (7) 133 280 (366) (86) $ $ $ 2019 179 (19) 3 2 57 127 377 2 379 $ Six Months Ended June 30, 2021 (183) (112) 6 (37) (107) 258 111 (655) (544) $ $ 2019 221 (38) 6 1 73 251 576 14 590 24#25Operating expense, income (loss) before taxes, net income (loss) and earnings (loss) per share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. In the second quarter of 2021, special items include contra- expenses recognized on the utilization of payroll support grants received under the Consolidated Appropriations Act, 2021, and contra-expenses recognized on the Employee Retention Credits provided by the CARES Act. Special items in the second quarter of 2019 include one-time transition costs related to the Embraer E190 fleet exit as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. 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, INCOME (LOSS) BEFORE TAXES, NET INCOME (LOSS) AND EARNINGS (LOSS) PER SHARE EXCLUDING SPECIAL ITEMS (in millions, except per share amounts) (unaudited) Total operating revenues Total operating expenses Less: Special items Total operating expenses excluding special items Operating income (loss) Add back: Special items Operating income (loss) excluding special items Operating margin excluding special items Income (loss) before income taxes Add back: Special items Income (loss) before income taxes excluding special items Pre-tax margin excluding special items Net income (loss) Add back: Special items Less: Income tax (expense) benefit related to special items Net income (loss) excluding special items Earnings (Loss) Per Common Share: Basic Add back: Special items, net of tax Basic excluding special items Diluted Add back: Special items, net of tax Diluted excluding special items $ $ $ $ $ $ $ $ $ $ $ $ $ Three Months Ended June 30, 2021 1,499 $ 1,352 (366) 1,718 $ 147 (366) (219) -14.6% -20.6% $ 64 (366) (96) (206) 57 (366) (309) $ 0.20 (0.85) (0.65) $ $ $ $ $ $ $ $ 0.20 (0.85) (0.65) $ 2019 2,105 1,855 2 1,853 250 2 252 12.0% 236 2 238 11.3% 179 2 1 180 0.60 0.60 0.59 0.01 0.60 $ $ $ $ $ $ $ $ $ $ $ $ $ Six Months Ended June 30, 2021 2,232 $ 2,379 (655) 3,034 (147) (655) (802) -35.9% (290) (655) (945) -42.3% (183) (655) (173) (665) $ (0.58) (1.52) (2.10) $ $ $ $ $ $ (0.58) $ (1.52) (2.10) $ $ $ 2019 3,977 3,652 14 3,638 325 14 339 8.5% 294 14 308 7.7% 221 14 3 232 0.73 0.03 0.76 0.73 0.03 0.76 25#26APPENDIX 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 Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Adjusted debt 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 Stockholders' equity Adjusted capitalization Adjusted debt to capitalization ratio $ SA $ June 30, 2021 3,998 432 239 4,669 3,998 432 239 3,813 8,482 55% $ $ March 31, 2021 4,619 463 256 5,338 4,619 463 256 3,714 9,052 59% December 31, 2019 1,990 344 183 2,517 $ 1,990 344 183 4,799 7,316 34% 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 Operating lease liabilities aircraft Adjusted Debt Cash and cash equivalents Short-term investments Total Liquidity NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT (in millions) (unaudited) Adjusted Net Debt $ $ $ June 30, 2021 3,998 432 239 4,669 2,409 1,317 3,726 943 March 31, 2021 4,619 463 256 5,338 2,358 867 3,225 2,113 December 31, 2019 1,990 344 183 2,517 $ 959 369 1,328 1,189 27#28APPENDIX C: CONTRACTUAL ORDER BOOK jetBlue 2021* 2022 A220 7 9 A321NEO 5 Delivery schedule, as of July 27, 2021 *Includes 9 deliveries received in 1H21 A321NEO LR 3 3 Total 15 12 28#29APPENDIX D: RELEVANT JETBLUE MATERIALS jetBlue * www.investor.jetblue.com/investor-relations DOCUMENT Investor Presentations Earnings Releases Annual Reports SEC Filings Proxy Statements Investor Updates Traffic Reports ESG Reports* 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/traffic-releases http://blueir.investproductions.com/investor-relations/financial-information/reports/sustainable-accounting-standards-board-reports Environmental, Social, and Governance Reports 29