jetBlue Results Presentation Deck

APPENDIX B: CALCULATION OF LEVERAGE RATIOS Adjusted Debt to Capitalization Ratio Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. jetBlue 2020 NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Short-term borrowings Operating lease liabilities - aircraft Adjusted debt Long-term debt and finance leases Current maturities of long-term debt and finance leases Short-term borrowings Operating lease liabilities aircraft Stockholders' equity Adjusted capitalization Adjusted debt to capitalization ratio $ March 31, 2020 1,908 326 983 174 3,391 1,908 326 983 174 4,366 7,757 44% December 31, 2019 1,990 344 $ 183 2,517 1,990 344 183 4,799 7,316 34% 20

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