Spirit Mergers and Acquisitions Presentation Deck
》》》 JetBlue has Offered False and Misleading Statements
to Advance its Illusory Offer
!
The Fiction
"Spirit Board is
Conflicted"
"JetBlue's Offer is
Superior"
"Spirit Board Refused
to Engage on Proposal
JetBlue's public statements are profoundly misleading
>
The Fact
Bill Franke has not been involved with Spirit since he resigned from the Board and sold his last shares of
Spirit over 9 years ago
On Spirit's Board, 7 out of 8 members are independent - five of whom joined after Mr. Franke departed
in 2013
Board has been advised by top-tier legal, economic and financial advisors, and thoroughly evaluated
the proposals
JetBlue's offer is worthless without regulatory approval - yet JetBlue seriously underestimates
regulatory risk, just as they did when establishing the NEA, which currently faces DOJ scrutiny
JetBlue acknowledges the possible 2-year timeline to close, but does nothing to alleviate the risk of the
value destruction Spirit will suffer while JetBlue fights with the DOJ... much less if JetBlue loses that fight
Spirit Board's rejection of JetBlue's proposal followed a careful, thorough review as described in our proxy
statement
JetBlue's own background section of its Tender Offer describes several weeks of engagement
In a two-hour call with JetBlue CEO, CFO and other members of management team, Spirit answered all their
due diligence questions, and JetBlue thanked our team for their openness and transparency
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