jetBlue Mergers and Acquisitions Presentation Deck

jetBlue Value of JetBlue's proposal is superior to Frontier's at nearly every assumed probability of closing Assumed probability of closing Implied Spirit stock price No deal Frontier transaction JetBlue transaction @ $30 JetBlue transaction @ $33 Hypothetical Spirit share price if transaction does not close 0% -$151 -$15 No RBF -$17 $1.83 / RBF ~$17 $1.83 / RBF Break-even probability of JetBlue $33 offer equals Frontier completed deal ~11% -$18 -$19 Break-even probability of JetBlue $30 offer equals Frontier completed deal -13% -$19 ~$19 Approx. probability implied by spread pre-JetBlue proposal leak - 50%² P -$17 ~$23 -$25 -75% -$27 -$29 100% -$19 $30 $33 Spirit shareholders are choosing ~$19 for the potential of a successful Frontier deal vs. ~$17 for a failed JetBlue deal OR the expected $30 (total upside potential of at least ~$12) upon closing of a JetBlue transaction Current Implied Frontier Offer Value Source: Bloomberg; market data as of May 13, 2022. 1 Reflects Spirit HUSP indexed against Frontier stock price performance since 04-Feb-2022 (undisturbed date before Frontier Transaction announcement). 2 As of April 4, 2022 (day before JetBlue proposal leak). Note: $33.00 represents the offer price that Spirit shareholders could receive if their Board engaged with JetBlue in a negotiated transaction. 15

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