Spirit Mergers and Acquisitions Presentation Deck

> 》》》 107 jetBlue Destinations Served We Believe JetBlue's Real Motivation Is to Break Up The Spirit / Frontier Merger Spirit / Frontier Merger Creates National ULCC with Greater Reach than JetBlue... 85 With fares >3x higher than Spirit and Frontier, JetBlue appears to be worried about competing against a combined ULCC that has greater reach and a larger network than JetBlue! JetBlue vs. Spirit / Frontier(¹) S 145+ 30.1 Passengers (MM) jetBlue 30.8 51.5 ...And a Much Lower Cost Base to Undercut JetBlue on prices...JetBlue Loses but Consumers Win! 1. Based on FY2021 or as of December 31, 2021. 2. Based on average of Spirit and Frontier 2021 CASM Ex-Fuel vs. JetBlue 2021 CASM Ex-Fuel. 10.1¢ jetBlue CASM Ex-Fuel 7.0¢ 6.7¢ S JetBlue Seems Afraid to Compete with a Combined ULCC...and We Understand Why • True national ULCC with an expansive network Unit costs are ~32% below JetBlue's unit costs before cost savings (1)(2) JetBlue's high fares already repel many customers leading to its weak financial performance relative to ULCCS (or any other airline), but at least it has a scale advantage... ...With that scale advantage gone, JetBlue may be understandably afraid of becoming irrelevant JetBlue still wins if the Spirit / Frontier merger does not happen, but Spirit shareholders and the American public lose BIG TIME 24

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