jetBlue Mergers and Acquisitions Presentation Deck

jetBlue Adjusted Net Debt Adjusted net debt is a non-GAAP financial measure which we believe is helpful to investors in assessing our overall debt profile. We reduce our adjusted debt by cash, cash equivalents, and short-term investments resulting in adjusted net debt, to present the amount of assets needed to satisfy our debt obligations. Long-term debt and finance leases Current maturities of long-term debt and finance leases Capitalized aircraft rent (7* aircraft rent) Adjusted Debt Cash and cash equivalents Short-term investments Total Liquidity Adjusted Net Debt NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Adjusted debt Cash and Cash Equivalents STI + LTMS Total Liquidity Adjusted net debt December 31, 2015 1,379 448 854 2,681 $ $ $ $ $ December 31, 2019 1,990 344 183 2,517 $ 318 558 876 LA 1,805 959 369 1,328 1,189 December 31, 2010 2,850 183 883 3,916 $ $ $ $ 465 495 960 2,956 27

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