jetBlue Mergers and Acquisitions Presentation Deck

Analysts see similar regulatory profile for both Frontier and JetBlue transactions "We believe the proposed transaction has merit and would pass muster with regulators We are of the view that JetBlue's proposed acquisition of Spirit would not be blocked by regulators given the modest route overlap between both airlines." —Deutsche Bank "Their aggregate domestic and system seat share would put their FLL hub on par with Alaska's Portland hub and Southwest's Nashville operation. [...] If one were to analyze the 50 biggest US airports, the largest airlines at 22 of them would have seat shares that exceed JetBlue and Spirit's FLL operation. [...] Prior merger analyses conducted by the DOJ view FLL and MIA as a single market. If one were to adjust for precedent, then JetBlue-Spirit's combined domestic and system seat shares for the FLL/MIA market would drop to 27.2% and 24.6%, respectively." -Deutsche Bank "Frontier has a checkered history with respect to network planning (lacks staying power in its markets). JBLU combined with SAVE, in contrast, offers greater network stability for growth and thus, would be a more formidable competitor to the Big Four" -Seaport jetBlue "We see a path for either the JetBlue-Spirit or Frontier-Spirit merger to be cleared. Most notably, we believe there is a misconception on the level of overlap and see little variance in competitive implications outside of Fort Lauderdale airport (FLL)...” -Raymond James "Review [of] the HHI impact at key airports under each merger [...] The impacts are modest under both mergers with the exception of FLL and SJU under the JetBlue-Spirit deal. However, when considering South Florida as a whole, i.e., combining MIA and FLL, the impact is modest. Moreover, JetBlue's resulting increased Florida exposure (lowering reliance on the Northeast) could also reduce DOJ's concern around American's undue influence with the NEA." -Raymond James Spirit has significantly overstated and misrepresented the relative regulatory risk of JetBlue's proposal and ignores its own uphill regulatory battle 29

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