Spirit Mergers and Acquisitions Presentation Deck

Σ (cents) 10.1¢ At Its Core, The JetBlue Proposal Represents a High-Fare Carrier Trying to Buy a Low-Fare Carrier 2019 Passenger Yield (¹) 2019 Average Fare(2) FRONTIER 10.7¢ AIRLINES 14.5¢ ($) Source: Company filings. 1. 2019 Passenger Revenue / Revenue Passenger Miles. 2. Spirit and Frontier based on 2019 Fare Revenue Per Passenger and JetBlue based on disclosed 2019 Average Fare. $53 spirit jetBlue JetBlue has stated it will reduce capacity and raise fares on Spirit routes...how will regulators approve that transaction? FRONTIER $55 AIRLINES spirit $182 jetBlue JetBlue's Unrealistic Regulatory Analysis Results in an Illusory Offer 7

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