jetBlue Mergers and Acquisitions Presentation Deck

JetBlue Has High Conviction Around Achieving Regulatory Approval... ... and Greater Commitment to Close than the Frontier Transaction JetBlue has a more significant impact on legacy fares Both transactions create 5th largest U.S. airline operator JetBlue has less overlap with Spirit than Frontier has jetBlue JetBlue offers a strong regulatory commitment and a reverse break-up fee JetBlue Preliminary economic analysis shows JetBlue's presence on a nonstop route decreases legacy fares by ~16%, or 3x as much as ultra-low-cost carriers Combined JetBlue / Spirit would have market share of 9%¹ JetBlue overlaps with Spirit on 48 nonstop routes² JetBlue's proposal includes a commitment to divest assets up to a Material Adverse Effect on Spirit and a $200mm reverse break-up fee Frontier ¹ Based on departure seats for full year 2022. 2 Based on Q1-Q3 2021 DOT data. 3 Based on scheduled flights / seats / ASMS for 2021 Ultra-low-cost airlines simply cannot compete with the "JetBlue Effect" in the legacy fare decreases they trigger Combined Frontier / Spirit would have market share of 8%¹ JetBlue has less overlap in flights, seats, and ASMS with Spirit than Frontier in the metropolitan areas served by both³ Frontier overlaps with Spirit on 76 nonstop routes² Frontier offers no divestiture commitment, despite similar regulatory profile, and could walk away from the merger without any penalty 7

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