jetBlue Mergers and Acquisitions Presentation Deck

JetBlue's Offer is Clearly Superior to Frontier's JetBlue's All-Cash Superior Proposal Offers Greater Value and Closing Certainty Price Consideration jetBlue Value Certainty Divestiture Commitment (New) Reverse Break-Up Fee (New) JetBlue $33.00 per share / $3.6bn¹ Equity Value All Cash All cash offer provides greater value certainty Commitment to divest assets up to a Material Adverse Effect on Spirit; carve-out for divestitures that adversely impact the NEA $200mm (~$1.80 / share) (~8% of Spirit share price prior to Frontier announcement and ~45% of Frontier's original premium) + 47% Frontier $22.42 total consideration² per Spirit share / $2.5bn Equity Value Mostly Stock Uncertain value given market risk; Offer value has declined by ~$3.40 per share / ~$370mm since announcement None, despite similar regulatory profile None, despite similar regulatory profile ¹ Assumes fully diluted shares outstanding of approximately 109.5 million per Spirit's Management. 2 Based on exchange ratio of 1.9126x, $2.13 of cash consideration per share, and Frontier closing price as of 29-Apr-2022.. LO 5

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