jetBlue Investor Conference Presentation Deck

APPENDIX C: CALCULATION OF LEVERAGE RATIOS Adjusted Net Debt to Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("EBITDAR") Ratio Adjusted net debt to earnings before interest, taxes, depreciation, amortization and rent ratio, or EBITDAR, is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted net debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations less cash and short term investments. EBITDAR is calculated by adjusting GAAP operating income (trailing twelve months) for depreciation and amortization, special items, and current aircraft operating lease liabilities. jetBlue 2020 NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT TO EBITDAR RATIO (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Less: Cash and short-term investments Adjusted debt Operating income Depreciation and amortization Special items (1) Current operating lease liabilities - aircraft EBITDAR Adjusted net debt to EBITDAR ratio Trailing Twelve Months December 31, 2019 1,990 344 183 (1,328) 1,189 $ 800 525 14 48 1,387 0.9x Trailing Twelve Months December 31, 2018 1,361 $ 309 256 (887) 1,039 266 469 435 54 1,224 0.8x (1) Special items include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the ratification and implementation of our pilots' collective bargaining agreement. 11

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