jetBlue Mergers and Acquisitions Presentation Deck

Spirit's Board has continuously stonewalled JetBlue Spirit's Board misled investors about its willingness to negotiate with JetBlue; it did not engage in good faith X X X X jetBlue Spirit's Board provided very limited information making it impossible for JetBlue to complete its due diligence Spirit's Board responded to JetBlue's initial proposal only after a significant delay and after the JetBlue proposal was made public, and then made contractual demands that were unprecedented in airline transactions Not once did Spirit attempt to renegotiate with Frontier While JetBlue acted in good faith and gave Spirit's Board the benefit of the doubt for over a month, the Spirit Board's real objective was to defend the inferior transaction with Frontier 33

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