Spirit Mergers and Acquisitions Presentation Deck

》》》 Third-Party Experts Agree That the Frontier Merger Provides Far Greater Certainty than JetBlue's Offer Informed market participants consistently assess substantial completion risk in a JetBlue / Spirit combination Experts Agree JetBlue's Proposal Faces Substantial Regulatory Risk... "A big surprise to us...greater regulatory hurdles for JBLU since it's bigger with higher fares (i.e. JBLU/SAVE would eliminate a ULCC with lower fares)" "We struggle with the idea given both airlines are concentrated on the East Coast with significant operations in Fort Lauderdale, and would suspect there will be heavy regulatory pushback" MKM Partners - Wolfe Research "The regulatory process doesn't look challenging...for example, of 86 overlapping nonstop domestic markets, none will consolidate to solely the combined entity" - JP Morgan Source: Analyst Reports, Law360 "The question of antitrust approvals is never easy, but in the current climate, I would say a pass by DOJ is all but impossible" ...In Stark Contrast to the Positive Commentary Surrounding Frontier / Spirit's Ability to Close "Little route overlap should lead to few regulatory issues...Other mergers have focused on network carriers with large hub exposures...not the case in this deal, and we anticipate few regulatory hurdles" - Bank of America "This is a merger between two small airlines joining forces to drive greater competition, while the NEA is about JetBlue helping a large (big = bad) airline" - Max Huffman, Indiana U. Antitrust Professor, in Law360 - Raymond James 12

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