jetBlue Mergers and Acquisitions Presentation Deck

Spirit regulatory arguments are unfounded Spirit claims X X X X "The JetBlue Effect on fares is not real..." jetBlue "The JetBlue deal is about a high-cost, high-fare airline buying a low-cost, low-fare airline..." "JetBlue's Northeast Alliance is antithetical to Spirit Transaction..." "Frontier's transaction has materially less risk than JetBlue's..." Regulatory facts 1 Conditional upon negotiated merger with Spirit. The JetBlue Effect is established and flourishes today Fundamentally, the JetBlue-Spirit transaction is about creating the best positioned national challenger to the dominant "Big Four" carriers JetBlue has made a commitment to divest Spirit's assets at Northeast Alliance airports Northeast Alliance litigation (regardless of outcome) is irrelevant to closing of JetBlue-Spirit Frontier transaction has far more route overlap than JetBlue and combination would have very similar market share to JetBlue + Spirit JetBlue has strong conviction in its ability to close, and supports it with a significant divestiture commitment¹ and a substantial reverse break-up fee¹. JetBlue will weigh incremental regulatory concessions against the payment of a reverse break-up fee Spirit and Frontier have received in-depth DOJ information requests 18

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