Spirit Mergers and Acquisitions Presentation Deck

》》》 Yes Spirit Shareholders Lose in All NEA Litigation Scenarios Potential Litigation Outcomes NEA Allowed Further limits ability for JetBlue to engage in M&A Still a high-fare airline trying to buy a low-fare airline and raise fares Will JetBlue win the NEA litigation? Inability to consummate a transaction with Spirit No NEA Blocked JetBlue and / or American likely appeals which can take a year or longer to resolve Still a high-fare airline trying to buy a low-fare airline and raise fares ● We consider JetBlue's simplistic view on litigation outcomes to be severely flawed, inaccurate and misleading If JetBlue wins or settles the NEA litigation, the DOJ will be even more determined to stop a JetBlue acquisition of Spirit as JetBlue will have just completed a de facto merger with American Airlines (the largest airline in the world) - this is not a reasonable risk for Spirit's shareholders to bear If JetBlue loses the NEA litigation, JetBlue (and / or American) would likely appeal in a last-ditch effort to save the anticompetitive alliance that it has implied is more important than an acquisition of Spirit - that process could take well over a year to resolve Neither outcome changes the fact that JetBlue is a high-fare airline trying to buy a low-fare airline and raise fares In all cases, Spirit shareholders lose with JetBlue's proposal as it is not reasonably capable of being consummated The anticompetitive NEA should be blocked and Spirit cannot commit to a deal that leaves its shareholders on the sidelines while JetBlue engages in a litigation marathon with DOJ JetBlue's Unrealistic Regulatory Analysis Results in an Illusory Offer 6

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