Spirit Mergers and Acquisitions Presentation Deck
> JetBlue Continues to Spread Misinformation
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The Fiction
"Spirit Board members
are conflicted"
"Spirit's Chairman didn't
return our call"
"Frontier has similar
regulatory risk"
"Spirit's standalone
projections are
unreasonably optimistic"
The Fact
On Spirit's Board, 7 out of 8 members are independent
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
Board has been advised by top-tier legal, economic and financial advisors, and thoroughly evaluated the proposals
When JetBlue's Chairman called, our Chairman was contractually prohibited from speaking to would-be suitors
until the Spirit Board acted according to the customary non-solicitation provision in the Frontier merger agreement
JetBlue is a high-fare airline acquiring a low-fare airline and vowing to reduce capacity and increase prices to
consumers
Frontier is a merger of two ULCCS producing $1B of annual consumer benefit and $500MM in annual operating
synergies derived from more flying on existing assets
Doesn't take an antitrust attorney to see that JetBlue is a much tougher story to sell!
As the leading ULCC serving price-sensitive leisure customers, Spirit is seeing a historically strong demand
environment
Spirit's ultra-low-cost structure and fuel-efficient fleet makes us a relative winner in a higher fuel environment; we
believe that the Street will catch-up to our long-term targets as we continue to outperform quarter over quarter
Summary of JetBlue's Propaganda
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