jetBlue Results Presentation Deck

APPENDIX B: CALCULATION OF LEVERAGE RATIOS Adjusted net debt to EBITDAR ratio Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Trailing 12 months EBITDAR consists of Earnings Before Interest, Taxes, Depreciation, Amortization, and Rents. jetBlue 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 Short term investments Total Liquidity Adjusted net debt Trailing 12 months operating income (loss) Add back: Depreciation & Amortization Aircraft rent Special items 12 months trailing EBITDAR NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT TO EBITDAR (in millions) (unaudited) Adjusted net debt to EBITDAR December 31, 2019 1,990 344 183 2,517 $ $ $ $ $ 959 369 1,328 1,189 800 525 99 14 1,438 0.8x December 31, 2018 1,361 309 256 1,926 $ 474 413 887 1,039 266 469 104 435 1,274 0.8x December 31, 2017 1,003 196 344 1,543 303 390 693 850 974 424 102 1,500 0.6x 23

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