#12Q 2020 EARNINGS PRESENTATION JULY 28, 2020 jetblue.com at Blue...@g.. CARING SAFETY INTEGRITY PASSION INSPIRING HUMANT CARING PASSION CARING SAFETY INTEGRITY JB FUN HUMANITY CARING FUN SAFETY INTEGRITY FUN PASSION RITY PASSION jetBlue#2SAFE HARBOR 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. When used in this document and in documents incorporated herein by reference, 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, 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; our significant fixed obligations and substantial indebtedness; 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; the impact of infectious diseases that affects demand for air travel or travel behavior, such as the ongoing impact of the coronavirus ("COVID-19"); 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 2019 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 the Appendix A section of this presentation. jetBlue 2020#3jetBlue 2Q 2020 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER 2020#4TAKING ACTIONS TO PROTECT OUR STAKEHOLDERS ● ● ● 2Q 2020 BALANCE SHEET $3.4B of liquidity at 2Q close, equal to 42% of 2019 revenue Cash burn at $7.7M/day (2) by end of 2Q, better than expectations; continue to expect $7-9M/day in 3Q Adjusted Debt to Cap ratio at 55% (1) (3) 2Q 2020 EARNINGS 2Q revenue down (90%) YoY; capacity down (85%) YoY; OpEx down (66%) YoY (GAAP), down (50%) (3) YoY (non-GAAP) jetBlue 2020 GAAP loss per share of ($1.18); non-GAAP loss per share of ($2.02) (3) *Current planning assumption as of July 28, 2020; does not constitute guidance ● ● 3Q 2020 PLANNING ASSUMPTIONS* Expect 3Q 2020 YoY revenue down ~(80%) ; recent trends denote high volatility; tracking broadly to L-shape forecast 3Q capacity down at least ~(45%) YoY OTHER LIQUIDITY ACTIONS Raised $750M through secured term loan and $118M through sale leaseback transactions; additional sale leaseback transactions under contract and review Evaluating CARES Act Loan Program of $1.14B (1) As of June 30, 2020 (2) Excluding CARES Act Payroll Support Program payment (3) Refer to reconciliations of non-GAAP financial measures in Appendix A 4#5FOCUSED ON NEAR AND LONG TERM RECOVERY PLAN jetBlue 2020 1. Reduce Cash Burn 2. Rebuild Margins 3. Repair Balance Sheet ● ● ● ● ● Balance capacity, aligning variable costs to revenue trends Support cash generation with tactical network actions Reduce working capital and near-term CAPEX Generate operating cash, working towards positive free cash flow Reduce fixed cost base to support recovery efforts Balance ROIC-accretive fleet and technology investments Aim to achieve pre-COVID investment grade metrics Balance CAPEX in light of required debt payments Maintain liquidity to mitigate impact of demand environment 5#6jetBlue COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER 2020#7EXECUTING STRATEGY TO MANAGE SHORT TERM AND ACCELERATE RECOVERY Los Angeles SHORT- MEDIUM TERM ACTIONS Leveraging Newark access to strengthen New York Focus City Reallocating assets to reflect demand environment, generate cash; maintaining flexibility to adjust capacity as needed Permanently closing Long Beach, and tactically suspending under-performing margin routes jetBlue 2020 Orlando. Boston New York ● Fort Lauderdale San Juan LONG TERM ACTIONS Partnering with American Airlines to bring low-fares, increase options for Northeast customers Consolidating Long Beach operation to LAX to drive efficiency in near-term; solidifying Transcon success, and setting up platform for future growth Improving connectivity in Fort Lauderdale to strengthen competitive advantage, complement point-to-point model 7#8MANAGING SHORT TERM BOOKINGS VOLATILITY -94% April jetBlue 2020 -93% REVENUE YOY GROWTH Actual -83% May June Estimate -15% 1Q Current planning assumption* 11 -80% -90% 2Q 3Q* *Current planning assumption as of July 28, 2020; does not constitute guidance ● Demand bottomed in mid-April; some improvement through 2Q started in late May 2Q 2020 revenue declined (90%) YoY, driven by acute demand challenges Small improvement in volumes stalled in July Expect continued volatility in 3Q bookings Based on latest forward bookings and current planning assumptions, estimating 3Q revenue decline of approximately (80%) YoY Demand continues to be driven by COVID-19 infection rates and quarantine measures in place 8#9ADJUSTING CAPACITY TO EVOLVING DEMAND TRENDS -85% April jetBlue 2020 -91% May ASM YOY GROWTH Flown -79% June Planned -4% 1Q Current planning assumption* | -85% 2Q -45% 3Q* *Current planning assumption as of July 28, 2020; does not constitute guidance ● Significant capacity reductions in 2Q in response to lower demand 2Q capacity down (85%) YoY; continued to manage scheduled and close-in cancels Near-term capacity actions aimed at generating cash 3Q capacity aimed at cash generation opportunities Planning Q3 capacity decline of at least ~(45%) YoY; managing capacity to drive improvements in bookings - and revenue Adapting quickly to volatile revenue trends; reduced August schedules ~20% in late July in response to demand stalling in July 9#10jetBlue FINANCIAL UPDATE & OUTLOOK STEVE PRIEST CHIEF FINANCIAL OFFICER 2020#11SUMMARY FINANCIALS 2Q 2020 jetBlue 2020 METRIC ASM (millions) RASM (cents) CASM (cents) CASM ex-Fuel(¹) (cents) Fuel ($/gallon) Earnings per Share (GAAP) Earnings per Share (¹) (Non-GAAP) 2Q 2020 2,413 8.91 25.90 36.95 0.96 (1.18) (2.02) (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 2Q 2019 16,029 13.14 11.58 8.46 2.16 0.59 0.60 Change YoY (84.9%) (32.2%) 123.7% 336.6% (55.4%) 11#12MAINTAINING A STRONG LIQUIDITY POSITION 1,799 3/31/20 Liquidity (¹) jetBlue 2020 691 Cash from Ops (2) 67 CAPEX 78 Debt Payments 150 Barclays Point Purchase 550 Credit Revolver 936 533 403 Payroll Support Program (3) 717 Term Loan After Fees 118 3,434 Total Sale Leaseback Liquidity as Transactions of 6/30/20(¹) (1) Cash, cash equivalents and short-term investments, and restricted cash for CARES Act PSP. (2) Operating cash burn through June 30, 2020. Cash burn includes net sales, operating cash outlays, working capital timing, and excludes financing for future aircraft deliveries. This cash burn includes SW & B paid with PSP funds (3) Includes $403M of PSP funds used to pay for SW&B and $533M of remaining restricted PSP funds 12#13REBUILDING OUR MARGINS THROUGH COST EXECUTION Actual GAAP -64% YOY OPERATING EXPENSES ||| -45% -55% -64% -71% Actual Non-GAAP (1) jetBlue 2020 -49% April May June 7% -4% 1Q Planned -50% -66% Current planning assumption* 2Q -35% 3Q* ● ● COST INITIATIVES Aggressive cost reductions and capacity actions in response to changes in demand Managing variable and fixed costs in the short term, with capacity actions to protect liquidity and generate cash Planning for margin recovery through cost restructuring efforts Permanently removing fixed costs, maximizing variable/fixed ratio *Current planning assumption as of July 28, 2020; does not constitute guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A 13