jetBlue Mergers and Acquisitions Presentation Deck

Pro-competitive Features Support High Conviction in Ability to Close Transaction jetBlue Proposed combination is pro-competitive: "JetBlue Effect" is more effective than ultra-low-cost carriers in lowering legacy fares and bringing heightened competition to new cities O Greater customer benefits through increased availability of JetBlue's unique combination of low fares and award-winning service Both established and newer ultra-low-cost carriers face lower barriers to entry, likely expanding in a timely manner Leading to high conviction in achieving regulatory approval and consummating the transaction: Proposal contemplates that the definitive agreement for the proposed transaction would contain contractual commitments designed to address any regulatory concern - Includes "reverse break-up fee" that would become payable to Spirit in the unlikely event the proposed transaction is not consummated for antitrust reasons These features are more favorable than those offered to Spirit in pending transaction with Frontier 7

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