Spirit Mergers and Acquisitions Presentation Deck

>> JetBlue's Offer is Illusory ...primarily because JetBlue cannot, or will not, address the issues that create substantial obstacles to regulatory approval Offer is illusory: The proposed JetBlue acquisition of Spirit is unlikely to be approved by regulators, who are already suing JetBlue over the anticompetitive Northeast Alliance ("NEA") Offer is illusory: JetBlue has not protected Spirit's shareholders, offering instead a weak divestiture proposal and a reverse termination fee inadequate to address the significant closing risks Offer is illusory: An 18-24 month timeline to closure creates enormous risk to our business - and thus to our shareholders if JetBlue ultimately does not win regulatory approval 13

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