<SEC-DOCUMENT>0000947871-22-000490.txt : 20220502
<SEC-HEADER>0000947871-22-000490.hdr.sgml : 20220502
<ACCEPTANCE-DATETIME>20220502151427
ACCESSION NUMBER:		0000947871-22-000490
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220502
DATE AS OF CHANGE:		20220502

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Spirit Airlines, Inc.
		CENTRAL INDEX KEY:			0001498710
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				381747023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35186
		FILM NUMBER:		22881455

	BUSINESS ADDRESS:	
		STREET 1:		2800 EXECUTIVE WAY
		CITY:			MIRAMAR
		STATE:			FL
		ZIP:			33025
		BUSINESS PHONE:		954-447-7920

	MAIL ADDRESS:	
		STREET 1:		2800 EXECUTIVE WAY
		CITY:			MIRAMAR
		STATE:			FL
		ZIP:			33025

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JETBLUE AIRWAYS CORP
		CENTRAL INDEX KEY:			0001158463
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				870617894
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		27-01 QUEENS PLAZA NORTH
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11101
		BUSINESS PHONE:		7182867900

	MAIL ADDRESS:	
		STREET 1:		27-01 QUEENS PLAZA NORTH
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11101
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>ss978929_dfan14a.htm
<DESCRIPTION>PROXY MATERIAL
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. ) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT>
Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 97%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>Spirit Airlines, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>JetBlue Airways Corporation</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if other
than the Registrant) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 94%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"></TD></TR></TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif; width: 94%"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Filed by JetBlue Airways Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Pursuant to Rule 14a-12 under the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Securities Exchange Act of 1934, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Subject Company: Spirit Airlines, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Commission File No.: 001-35186</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Date: May 2, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The following is a letter sent from JetBlue Airways Corporation (&ldquo;JetBlue&rdquo;)
to the board of directors of Spirit Airlines, Inc. (&ldquo;Spirit&rdquo;) containing JetBlue&rsquo;s enhanced superior proposal to acquire
all of the outstanding shares of common stock of Spirit.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject
to Contract</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">H. McIntyre Gardner</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chairman
of the Board</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Edward M. Christie
III</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">President
and Chief Executive Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Spirit Airlines,
Inc.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2800 Executive Way</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Miramar,
FL 33025</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 29,
2022</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dear Mr.
Gardner and Mr. Christie:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
behalf of JetBlue Airways Corporation (&ldquo;JetBlue&rdquo;), we are pleased to submit an update to our proposal dated March 29, 2022
(such proposal, our &ldquo;March Proposal,&rdquo; and together with this letter, our &ldquo;Proposal&rdquo;) to acquire all of the outstanding
common stock of Spirit Airlines, Inc. (&ldquo;Spirit&rdquo;) for $33 per share in cash.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Acquiring
Spirit has been a strategic objective of JetBlue for many years and, as such, we were disappointed that the Spirit Board of Directors
(the &ldquo;Spirit Board&rdquo;) elected not to have any discussions with us prior to the announcement of Sprit&rsquo;s transaction with
Frontier Group Holdings, Inc. (&ldquo;Frontier&rdquo;). This lack of engagement regrettably resulted in Spirit entering into a transaction
with Frontier that clearly does not maximize value for Spirit&rsquo;s stockholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Following
the determination of the Spirit Board on April 7, 2022 that our March Proposal could reasonably be likely to lead to a Superior Proposal<FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT>,
we have been ready, willing and able to work diligently with your team to complete a negotiated transaction. That said, while we appreciate
the limited information received to date and time spent by your management team, we have been disappointed by the lack of progress made
since submitting our March Proposal, including the fact that you have not facilitated the finalization of a customary clean team agreement,
a precursor to completing the limited diligence necessary to deliver to you and your stockholders a finalized &ldquo;Superior Proposal&rdquo;
for you to accept. By not receiving access to the basic diligence information that was provided to Frontier, and that we requested in
order to finalize a proposed transaction, we firmly believe your stockholders are being disadvantaged.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
legal counsel has spent considerable time discussing with your counsel the outcome of our regulatory analysis and the basis of our conviction
in our ability to complete the proposed transaction, summarized below. Despite these discussions, on April 25, 2022, you communicated
to us what you described as contractual precursors relating to the regulatory components of our proposal to your willingness to share
the diligence information we have requested. Your demands, including a &ldquo;hell or high water&rdquo; antitrust commitment, which is
unprecedented in airline transactions, and a reverse break-up fee that exceeds almost all precedent transactions, are off-market and
contrast starkly to the limited regulatory commitments made by Frontier, a transaction with a similar regulatory profile.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As defined in the Agreement and Plan of Merger, dated as of February
5, 2022 (the &ldquo;Frontier Agreement&rdquo;), among Top Gun Acquisition Corp., Frontier and Spirit.</FONT></P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Nonetheless,
to be responsive to your expressed concerns regarding JetBlue&rsquo;s ability to consummate a transaction, we are enclosing a merger
agreement (our &ldquo;Proposed Merger Agreement&rdquo;) that includes our proposed regulatory efforts covenant, the amount of the reverse
break-up fee and those other matters necessary to reflect the terms of our Proposal. The regulatory commitments in our Proposed Merger
Agreement represent a significant improvement from those offered by Frontier and demonstrate both our confidence in our ability to obtain
the required regulatory approvals, as well as our commitment to deliver substantial value to your stockholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
firmly believe these additional terms, as described below, further improve our Proposal, enhancing its already clear superiority to the
transaction with Frontier, and provide the Spirit Board with the necessary comfort around the certainty of closing our proposed transaction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
Proposal offers Spirit stockholders both superior financial value and greater certainty than the Frontier transaction &ndash; we therefore
fully expect the Spirit Board to allow us to complete our due diligence, finalize the definitive transaction documentation and conclude
that our Proposal is a Superior Proposal. Any different outcome would be puzzling and would deprive your stockholders of the most attractive
value creating opportunity available to them. It is inconceivable to us that the Spirit Board would conclude that the Frontier transaction
with no regulatory commitments would have greater odds of regulatory approval than our Proposal, given our meaningful regulatory commitment
and reverse break-up fee, or that Spirit&rsquo;s stockholders would prefer the ~$22 per share value<FONT STYLE="font-size: 8pt"><SUP>2
</SUP></FONT>of the Frontier transaction to our Proposal of $33 per share in cash.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proposed
Merger Agreement with Strong Regulatory Commitments</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
our legal counsel and our economists have shared with your advisors over the last few weeks, for the reasons discussed below, we are
highly confident that we will obtain the necessary regulatory clearances in approximately the same timeframe from entering into a definitive
agreement as the proposed transaction with Frontier. We expect the Spirit Board will take this information into account when assessing
our Proposal.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">More
generally, we disagree with any assessment that our Proposal presents significantly more regulatory risk than the Frontier transaction.
To the contrary, a combined JetBlue-Spirit will create a more compelling and viable competitor to the big four carriers that control
more than 80% of the U.S. market. Additionally, JetBlue&rsquo;s entry into new routes triggers fare decreases from legacy airlines that
are more significant than those resulting from ultra-low-cost carriers; this phenomenon has been described as the &ldquo;JetBlue Effect&rdquo;.
Our recent economic analysis shows JetBlue&rsquo;s presence on a nonstop route decreases legacy fares by ~16%, about three times as much
as the presence of an ultra-low-cost carrier on the same route. We believe that JetBlue&rsquo;s expedited expansion and the resulting
net fare decreases, coupled with the demonstrated ease of other ultra- low-cost carriers&rsquo; continued expansion and the divestitures
we are prepared to undertake, will address any regulatory concerns that the Spirit Board, the regulators, and the courts may have.</FONT><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
addition:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Both
                                            transactions would create the number 5 airline carrier; a combined JetBlue and Spirit would
                                            have a 9% market share based on full year 2022 seats compared to 8% for a combined Frontier
                                            and Spirit;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">JetBlue
                                            overlaps with Spirit only on 48 nonstop routes compared to Spirit and Frontier&#146;s overlap
                                            on 76 nonstop routes<FONT STYLE="font-size: 8pt"><SUP>3</SUP></FONT>; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">JetBlue
                                            has also less overlap in flights, seats, and ASMs than Frontier in the metropolitan areas
                                            served by both.<FONT STYLE="font-size: 8pt"><SUP>4</SUP></FONT></FONT></TD></TR></TABLE>

</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Implied value of Frontier transaction of $22.44, based on Frontier&rsquo;s $10.62 closing share price as of April 28, 2022 and terms
of the Frontier Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Based on Q1-Q3 2021 DOT data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>4
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Based on full-year data for both 2019 and 2021 based on scheduled
flights/seats/ASMs.</FONT></P>

</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To
be responsive, however, to the Spirit Board&rsquo;s concerns regarding closing certainty, in addition to the superior cash price, our
Proposed Merger Agreement includes regulatory commitments consistent with precedent airline transactions that are fundamentally more
favorable for Sprit stockholders than those contained in the Frontier Agreement. Importantly, as more fully described in our Proposed
Merger Agreement, JetBlue is prepared to agree to the following terms:</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231F20"><B><U>Regulatory
                                            Covenant</U></B>: we are willing to commit to use our reasonable best efforts to obtain regulatory
                                            approval, with an express obligation to litigate and to divest assets of JetBlue and </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Spirit
                                            <FONT STYLE="color: #231F20">up to a material adverse effect on Spirit, with a limited carve-out
                                            to this divestiture obligation for actions that would represent a &#147;Burdensome Condition&#148;
                                            under JetBlue&#146;s Northeast Alliance; and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231F20"><B><U>Reverse
                                            Break-Up Fee</U></B>: a $200 million reverse break-up fee, representing approximately ~$1.80
                                            per Spirit share, that would become payable to Spirit in the unlikely event our transaction
                                            is not consummated for antitrust reasons. This amount represents approximately 8% of Spirit&#146;s
                                            share price on February 4, 2022, before the announcement of the Frontier transaction, and
                                            approximately 45% of the original premium paid by Frontier.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Both
these concessions are far superior compared to those contemplated by the Frontier Agreement, as:</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Frontier
                                            <FONT STYLE="color: #231F20">is not required to undertake any divestitures to obtain the
                                            necessary regulatory approvals to close its transaction, despite having greater overlap with
                                            Spirit on non-stop routes than JetBlue does, among other regulatory hurdles; and</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231F20">Frontier
                                            is not required to pay a reverse break-up fee if the transaction is not consummated for antitrust
                                            reasons.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
addition to these contractual commitments more favorable than those offered by Frontier, in order to address the concerns identified
by your counsel, we will proactively offer to the DOJ a remedy package that contemplates the divestiture of all Spirit assets located
in New York and Boston so, as a result of the transaction, we do not increase our presence in the airports covered by our Northeast Alliance,
as well as gates and related assets at other airports, including Fort Lauderdale.&nbsp;</FONT><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
absence both of meaningful remedial obligations and a reverse break-up fee in the Frontier Agreement mean that despite obvious hurdles
for its own transaction, Frontier, at its own option, could simply decline to make any regulatory concessions and abandon the transaction
at no cost (or compensation to Spirit or its stockholders). In stark contrast to the transaction with Frontier, our Proposed Merger Agreement
offers Spirit and its stockholders a clear path to completion based on its merits, critical commitments to consummate our proposed transaction
according to its terms, and in the unlikely event it is not, financial compensation for Spirit. We firmly believe that it is in the best
interest of your stockholders for you to accept our Proposal, which has significantly greater odds of achieving regulatory clearance
given the stronger regulatory commitment on our part compared to Frontier.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Updated
Proposal Continues to Represent Superior Value for Spirit Stockholders</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Let
me also remind you of the superior value that our Proposal offers Spirit stockholders: $33 in cash per common share, which implies a
total Equity Value for Spirit of $3.6 billion and an Enterprise Value of $7.3 billion.<FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT>
This represents:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231F20">a
52%<FONT STYLE="font-size: 8pt"><SUP>6</SUP></FONT> premium to Spirit&rsquo;s closing share price as of February 4, 2022 (the </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">last
<FONT STYLE="color: #231F20">trading day prior to Spirit&rsquo;s announcement of its proposed transaction with Frontier);</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231F20">a
                                            50%<FONT STYLE="font-size: 12pt"><SUP></SUP></FONT><SUP><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font-size: 12pt">
                                            </FONT></SUP>premium to Spirit&rsquo;s closing share price as of April 4, 2022 (the last
                                            </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">trading <FONT STYLE="color: #231F20">day
                                            before our March Proposal being publicly disclosed); and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231F20">a
47%<FONT STYLE="font-size: 8pt"><SUP>8</SUP></FONT><SUP><FONT STYLE="font-size: 12pt"> </FONT></SUP>premium to the implied value of
the proposed transaction with Frontier on April 28, 2022.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
Proposal clearly provides superior economic value to the transaction with Frontier, including value certainty and immediate liquidity
for your stockholders given the all-cash consideration, and avoids the inherent uncertainty in the Frontier stock-for-stock transaction.
The value of Frontier&rsquo;s stock is subject to significant risks related to the realization of meaningful synergies, complex integration
plans, retention of key employees, as well as an industry-wide challenging operating environment and market conditions. The market clearly
appreciates these risks, with the value of the Frontier stock declining from $12.39 on February 4, 2022 to $10.62 on April 28, 2022 (a
decrease of 14.3%, underperforming the airline index which increased by 4.8%<FONT STYLE="font-size: 8pt"><SUP>9</SUP></FONT> over the
same period).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
value of the Frontier transaction has declined from $25.83 to $22.44 over the same period, resulting in approximately $370 million of
value erosion for the Spirit stockholders. Additionally, having had the opportunity to review the Spirit financial projections underpinning
the transaction with Frontier, we believe those projections to be based on unrealistically optimistic assumptions, including, in particular,
with respect to personnel attrition and wage inflation. The market more broadly shares our skepticism in the Spirit projections:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231F20">Frontier&#146;s
                                            and Spirit&#146;s management forecasts for their combined EBITDAR for 2022 and 2023 </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">are
                                            higher than analysts&#146; consensus estimates by approximately 25%;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Since
                                            Spirit&#146;s projections were made public in the joint proxy statement/registration statement
                                            for the transaction, no analyst increased its forecasts for EBITDAR and the Frontier stock
                                            price declined 3.5% on the day, demonstrating how investors are giving little credit to the
                                            companies&#146; forecasts; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
                                            average <FONT STYLE="color: #231F20">target price from analysts covering Frontier has declined
                                            by approximately 18% since the announcement of the transaction with Spirit.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
market has no confidence in those projections, gives little credit to future synergies, and significantly discounts the future value
creation of the Frontier transaction. We firmly believe that Spirit stockholders would be in a far superior position receiving our riskless,
substantial cash premium.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Compelling
Strategic Rationale and Unique Opportunity for Spirit Team Members</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Despite
our questions regarding the projected financial information we have seen, we remain committed to the strong strategic rationale of combining
our two businesses: enhanced scale, differentiated customer offering, route expansion, increased relevance of the network, creation of
a new strategic hub in Fort Lauderdale and more financial flexibility will allow the combined company to compete with &ldquo;Big Four&rdquo;
carriers more effectively.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additionally,
the transaction will better position the combined company to tackle the challenges specific to the current environment, such as aircraft
and pilot shortages, and elevated cost inflation, which can be mitigated with increased scale. A larger and more flexible network will
also enable more reliable and less volatile operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP></SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>5
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assumes fully diluted shares outstanding of approximately 109.5
million per Spirit&rsquo;s Management; Adj. Net Debt: $3.7 bn, including operating leases; Adj. EBITDAR of $927mm for 2019A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>6
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Represents premium over Spirit&rsquo;s $21.73 closing share price
on February 4, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>7
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Represents premium over Spirit&rsquo;s $21.99 closing share price
on April 4, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>8
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Represents premium over $22.44 implied value of Frontier transaction
as of April 28, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>9
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Represents performance of US GLOBAL JETS INDEX between February
4 and April 28, 2022.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
also look forward to onboarding the Spirit Team Members. We expect they will be instrumental in executing the integration following the
transaction. A combined JetBlue / Spirit will deploy best practices across the enlarged business, and we would look to select the best-in-class
team.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Summary
and Next Steps</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
Proposal <B>represents a compelling opportunity for your stockholders to receive a significant premium in cash, with greater value and
certainty than the proposed transaction with Frontier</B>. The additional terms of our Proposal, as reflected herein and in the Proposed
Merger Agreement, further widen the gap and unequivocally provide superior value and certainty to Spirit stockholders, making our Proposal
definitively a Superior Proposal. We strongly believe that accepting our Proposal is in the best interests of your stockholders, and
we urge you to consider it in order for them to realize the substantial benefits of our transaction. Any further delay in allowing us
access to the limited information we need to complete our diligence will deprive your stockholders of the opportunity to benefit from
a transaction that is clearly superior to your current transaction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
are willing to move swiftly to finalize our proposed transaction and we hope that we can continue to work together to achieve the optimal
outcome for your stockholders, customers and Team Members. We expect that the finalization of definitive documentation and confirmatory
due diligence, alongside obtaining committed financing, will be completed expeditiously through access to the limited information we
originally requested, which we have attached to this letter. We and our advisors remain ready and available to discuss and promptly finalize
the terms of our clearly superior proposal.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Given
the opportunity to benefit from the significant cash premium and immediate liquidity, we are confident that the Spirit stockholders will
embrace our Proposal, as evidenced by the Spirit stock price reaction upon the disclosure of our Proposal on April 5. While we would
unquestionably prefer to negotiate a transaction with you, if you continue to refuse to constructively engage with us so that we can
deliver this value to your stockholders, we are actively considering all other options available to us.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All
information contained herein or related to the contents of this letter, including the terms of our Proposal, are subject to the terms
of the Confidentiality Agreement, dated as of April 8, 2022, by and between Spirit and JetBlue. This letter is not intended to be and
is not a binding contract between us or an offer by us capable of acceptance, and there will be no legally binding contract or agreement
between JetBlue and Spirit regarding a transaction unless and until a definitive agreement is executed and delivered.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sincerely,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Robin
Hayes</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Executive
Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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