Spirit Mergers and Acquisitions Presentation Deck

» JetBlue's Offer is Not Credible ($ / share) $40 $35 $30 $25 $20 The market saw through JetBlue's proposal, and continues to trade as though the deal is unlikely to be consummated Spirit Share Price & Spread to JetBlue Offer Since April 5, 2022(¹) Spread Spirit Share Price $15 JetBlue's initial $33 offer made public 4/5/2022 4/9/2022 4/13/2022 4/17/2022 JetBlue Offer 4/21/2022 4/25/2022 JetBlue announces hostile $30 tender 4/29/2022 5/16/2022 Source: FactSet. 1. Market data as of May 20, 2022. Data presented from April 5, 2022 to April 29, 2022 ($33 per share offer) and from May 16, 2022 to May 20, 2022 ($30 per share offer). JetBlue's Credibility Gap 5/20/2022 15

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