Spirit Mergers and Acquisitions Presentation Deck

》》 (% Margin) 6% ULCCS (% Completion Factor) 96% Investors Want JetBlue to Get Its Own House in Order... Q1 2022 EBITDAR Margin (¹) (3%) Big Four Q1 2022 Completion Factor (2) 95% (11%) JetBlue ULCCS 94% JetBlue's Q1 2022 Earnings Call Highlights "...operational setback here in April that has significantly impacted our second quarter outlook... 33 "...90% completion factor, 9 points lower than our historical average." - Robin Hayes, CEO JetBlue "Many investors [believed] the implied growth acceleration you were guiding to felt ambitious, aggressive last quarter." "...what specifically broke down here in just three months' time...?" - Broker A "...it's worth noting there's precedent for senior leaders being let go when operations have suffered." Big Four JetBlue's financial and operational performance are in disarray, and its stock is down 31% (worst in airline industry) since its offer was made public, resulting in brokers calling into question their ability to run the company "How would you characterize your recent conversations with the board?... how much [time] has been split between discussing the merger and discussing the operational challenges?" - Broker B Source: Company filings, DOT, Earnings Transcripts, FactSet (Market data as of May 20, 2022). 1. ULCCS is an average of Allegiant, Frontier, Spirit and Sun Country; Big Four is an average of American, Delta, United and Southwest. 2. ULCCS is an average of Allegiant, Frontier and Spirit; Big Four is an average of American, Delta, United and Southwest. JetBlue's Shareholders Are Saying "STOP!" 18

View entire presentation