<SEC-DOCUMENT>0001193125-22-153998.txt : 20220518
<SEC-HEADER>0001193125-22-153998.hdr.sgml : 20220518
<ACCEPTANCE-DATETIME>20220518154400
ACCESSION NUMBER:		0001193125-22-153998
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220518
DATE AS OF CHANGE:		20220518

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:		22938857

	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
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
INFORMATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. ) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, For Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to &#167; <FONT STYLE="white-space:nowrap">240.14a-12</FONT>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Spirit Airlines, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JetBlue Airways Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sundown Acquisition Corp. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item&nbsp;25(b) per Exchange Act
<FONT STYLE="white-space:nowrap">Rules&nbsp;14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed by JetBlue Airways Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Securities Exchange Act of 1934, as amended </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Subject Company: Spirit Airlines, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Commission File No.: <FONT STYLE="white-space:nowrap">001-35186</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Date: May&nbsp;18, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The following is a
transcript of a presentation by JetBlue Airways Corporation (&#147;JetBlue&#148;) Chief Executive Officer Robin Hayes and Chief Financial Officer Ursula Hurley at Bank of America, N.A.&#146;s &#147;Securities 2022 Transportation, Airlines, and
Industrials Conference,&#148; held on May&nbsp;17, 2022. </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATE PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive Officer&nbsp;&amp; Director, JetBlue Airways Corp. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ursula Hurley </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial Officer, JetBlue
Airways Corp. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OTHER PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of America </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MANAGEMENT DISCUSSION SECTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of America </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good afternoon, and welcome, everyone, to our next presentation. I&#146;m Fitz Middleton, the industrial specialty salesperson at Bank of America, and
we&#146;re thrilled to have JetBlue with us today. From JetBlue on the stage, you can see we have Robin Hayes, the CEO; and we have Ursula Hurley, CFO. On behalf of Bank of America, thank you both for being here and supporting the conference in
person. It&#146;s a pleasure to have you here. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So the plan will be Robin is going to kick us off with some comments, what&#146;s on his mind. I&#146;m
sure you&#146;ve had a busy day full of meetings, so we&#146;d love to hear about that. And then we will turn it over to Q&amp;A and open to the audience for questions. So, Robin, thank you again for &#150; both of you for being here, and the floor
is yours. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive Officer&nbsp;&amp; Director, JetBlue Airways Corp. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Fitz. Okay. I&#146;m going to go over here, because I do have a few prepared remarks on one subject in particular. But first of all, thank you,
everyone, for staying here this afternoon for the 4:00 shift. Also, isn&#146;t it great to be back in person? So no wonder all the revenue numbers are going up because all this business travel is just fantastic. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to Ursula from the JetBlue team, we have Scott and Joe from our Investor Relations team. And for the first time ever, I brought antitrust attorneys
to our investor meetings because that&#146;s what we had most conversations about, so Rich and Jessica, our partners at Shearman&nbsp;&amp; Sterling over there as well. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, Joe, you put this on pink paper, and it&#146;s a bit hard to read in low light, so maybe &#150; but we&#146;re webcasting it so they wanted me to stick to
the script. Anyway, thanks very much. So I&#146;d like to talk today about our proposed acquisition of Spirit Airlines. We put a lot of effort into this, because it has the potential to deliver more value and more certainty for all the stakeholders
at both companies. We are confident it&#146;s going to create a bigger, better JetBlue, delivering more low fares and great service for our customers, as well as more opportunities for team members and crew members of both companies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that in mind, we felt we had a responsibility to bring our proposal directly to Spirit shareholders. We&#146;ve already heard from some of them who wanted
the option to vote against the Frontier transaction, and given the value being left on the table, we decided to take action. While it may appear that this decision was one we made quickly, there was literally years of analysis and consideration
behind it. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have a long history at JetBlue of periodically evaluating strategic alternatives to enhance our competitive position in the industry. And
we&#146;ve been considering Spirit as a strategic alternative for some time. But the moment to outreach never seemed quite right. But when they announced the Frontier transaction without having previously reached out to us, we saw that as an
opportunity. We thought that any rational, reasonable board should welcome a potentially superior offer, especially one with such a premium and with so much strategic logic. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But it didn&#146;t turn out the way we expected. I&#146;ll talk a little bit more about that. But suffice to say, we&#146;ve ended up with a Vote No proxy
campaign and an <FONT STYLE="white-space:nowrap">all-cash</FONT> tender offer as a way to get Spirit shareholders &#150; to give Spirit shareholders the say in determining which transaction is indeed superior, something that Spirit shareholders had
already let us know they wanted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ultimately, the goal is to give the Spirit shareholders the opportunity to compel the Spirit board back to the
negotiating table with us. Our proposal is clearly superior for the Spirit shareholders, and we are passionate about bringing out award-winning products and low fares to more customers throughout the country. I know there&#146;s been a lot in the
news and many people showing their opinions on this deal. Airline mergers always cause a lot of talk and speculation, but let&#146;s look at the facts. It&#146;s important to sit back and level set, because the Spirit shareholders have an important
decision to make, a decision that affects the ability for airline competition to grow and flourish for years to come. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As I mentioned, this transaction
would benefit all stakeholders, including JetBlue&#146;s crew members, customers, and owners. For our shareholders, the combination would result &#150; would accelerate our organic growth plan and enhance our financial return profile, approximately
doubling our annual revenue growth through the middle of the decade and driving significant margin and earnings accretion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We recognize the realities that our industry is facing over the coming several years, ranging from limited
aircraft order books to pilot shortages to constrained airport real estate in some locations. We believe we have a unique opportunity with Spirit integrating all their bus fleet and order book to provide a platform for efficient and sustainable
growth, and to ensure valuable access to airport facilities to turbocharge our focus city strategy while further diversifying our network. And in doing so, we reinvigorate our culture and ensure that JetBlue remains a truly great place to work,
something we&#146;re very proud of. We&#146;ve always had a deep admiration for the team members at Spirit, and look forward to bringing together the best of both companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is an extremely compelling, value-creating opportunity that would significantly enhance our strategic market position and long-term earnings power, which
in turn will allow us to quickly <FONT STYLE="white-space:nowrap">de-lever</FONT> the balance sheet again post-close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For our customers, our focus is on
increasing competition among US carriers, and it didn&#146;t start with just this Spirit proposal. We have been long advocating for government policies and competitive access so we can level the playing field and bring competition to the legacy
carriers, whether it was our entry into the transatlantic market, entry to legacy hubs like Atlanta and South Florida, or travel between the East Coast and West Coast, which we transform with our Mint experience. Our brand is built on our proven
track record of bringing low fares and award-winning service to new markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s what we&#146;re known for, and any attempt to label us otherwise
flies in the face of our <FONT STYLE="white-space:nowrap">20-year-plus</FONT> history as a <FONT STYLE="white-space:nowrap">low-fare</FONT> airline. JetBlue customers do not have to choose between low fare and a great experience. And there&#146;s
really no other airline in the US that sits in the sweet spot of low fares and great service like we do. And that&#146;s why we have such a powerful competitive effect on legacy pricing, known as the JetBlue Effect, why wouldn&#146;t you want more
of that on a national scale? We will gladly accept the challenge of going up against the legacy carriers in more markets. When JetBlue comes to down, you don&#146;t just pay a lower fare on us, you end up paying a lower fare on the other airlines,
too. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Competition in the US faces a big challenge that we&#146;ve been flagging for years: the Big Four airlines controlling 80% of the market. Our
proposed acquisition of Spirit would create a national <FONT STYLE="white-space:nowrap">low-fare</FONT> challenger to the Big Four, helping us immediately grow from a 5% player to an 8% player, and bring our unique value proposition to even more
customers across the country. Our combined network would turbocharge our focus city strategy, strengthening relevance for customers with greater schedule depth and increased connectivity options. We firmly believe this is the best path for promoting
competition in the airline industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This track record is the foundation of our confidence in our ability to get this transaction approved. Creating an
even bigger, better JetBlue is better for airline competition. Bringing the JetBlue Effect to more customers, our own and other airlines customers will generate more benefits and more competition than combining two ULCCs alone. Based on economic
analysis, using DOT&#146;s own data, JetBlue&#146;s presence on a nonstop route decreases legacy fares by about 16%, which is about 3 times as much as an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT>
carrier. That&#146;s the JetBlue Effect in action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I know we are in litigation with the DOJ right now, but even in their complaint, they applaud the
JetBlue Effect, and it&#146;s specifically called out. On that point, Spirit has presented the overly simplistic assertion that just because the DOJ is suing over the NEA, they will block the transaction. If you think about that proposition with the
benefit of just a few facts, you&#146;ll immediately see how wrong it is. The DOJ will look at every transaction on its own merits. And if we look at what they&#146;ve said in the NEA complaint, remember, this is not us saying, this is what the DOJ
had said in the NEA complaint, that we know that the DOJ recognizes and acknowledges the JetBlue Effect and thinks it&#146;s good for consumers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
rationale supports the JetBlue-Spirit transaction, because it will enable us to expand the JetBlue Effect to more consumers and in more geographies. Making assumptions about the DOJ&#146;s reaction to this transaction, based solely on an inaccurate
representation of their position in the NEA litigation, is just wrong. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, I am very confident that we will win the NEA litigation in court later this year. But
ultimately, win or lose, the outcome is irrelevant to the Spirit transaction. Our proposal contemplates a remedy package, including the divestiture of all Spirit assets in the airports covered by the Northeast Alliance. And if we win in court, as we
expect, Spirit&#146;s concerns will be mute, and it will be clear that the NEA is in fact <FONT STYLE="white-space:nowrap">pro-competition</FONT> and enhancing competition. If we were to lose, not a result that we expect, but if we were to lose, it
would be off the table anyway. So the NEA is a red herring. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the regulatory front, Spirit would have you ignore the current regulatory climate and
think Frontier&#146;s odds are 100%, while [ph] ours are put at (10:15) significantly less. Neither is true. Both deals are subject to regulatory review, and we believe that both deals have a similar risk profile. Both transactions would create the
number five player with a similar market share. JetBlue-Spirit would be about 8%; JetBlue-Frontier about 7%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But Frontier faces high risk and a high
hurdle, given that they actually overlap with Spirit on twice as many nonstop routes as JetBlue. And Frontier has more overlap in flights, seats, and ASMs than JetBlue in the metropolitan areas served by both. While the Spirit brand would retire in
our proposed combination, the ULCC competition is vibrant and will continue to grow substantially. We&#146;re seeing a lot of ULCC growth right now. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Right out of the gate, there were a lot of questions whether Frontier and Spirit could get this &#150; that deal done. We all understand the current antitrust
landscape. So it&#146;s quite disingenuous for Spirit to imply a transaction with Frontier will be any easier. Frontier are not offering any meaningful shareholder protections or divestiture commitments. All things being equal on the regulatory
front, Spirit shareholders are much better off with a JetBlue offer. Our deal is worth more in a failure, and it&#146;s worth more as a success, essentially, the same percentage of risk exposure &#150; for essentially the same risk exposure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we have a compelling story on the competitive effect that JetBlue brings to the table and a thoughtful and realistic analyst &#150; analysis of the
regulatory environment. Then why won&#146;t the Spirit board take us seriously? You don&#146;t have to look much further than the history of Spirit and Frontier and Spirit&#146;s proxy statement. It is clear that the two airlines have been
contemplating a merger for years, and that there is a deep history and relationship between Frontier&#146;s controlling shareholder and members of the Spirit board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is noticeable that five of Spirit&#146;s eight current board members will end up on the board of the combined company. When you look at their proxy, you
see all the work that they put into this transaction. They met repeatedly over many months. Frontier&#146;s controlling shareholder met with the Spirit CEO and Spirit Chair on numerous occasions. They even lunch together. Volumes of data and
diligence were shared, and in those months of discussions, they never bothered to do a simple market check to see if there were any buyers who were interested. They put themselves up for sale without exploring their options. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now look at Spirit&#146;s engagement with JetBlue, which is outlined actually in both of our SEC filings. After we sent the original proposal, they did not
respond for a week. The Spirit Chair refused to accept a call from the JetBlue Chair. Despite all the calls and discussions Spirit had with Frontier&#146;s Chair about the transaction, Spirit&#146;s Chair never once felt the need to substantially,
substantively engage with our Chair. Over the course of a month, we had one phone call between JetBlue leaders and Spirit leaders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">They did not offer us
access to the same data room and diligence information they allowed Frontier to have, and they responded to less than 20% of our information requests, which were completely customary in the context of a traditional M&amp;A diligence. Despite this
limited engagement, we submitted a enhanced proposal on Friday, April&nbsp;29, with significant regulatory commitments in response to requests from Spirit. But on Monday morning, May&nbsp;2, we woke up to a public rejection. No question, no meeting
requests, no <FONT STYLE="white-space:nowrap">follow-up,</FONT> nothing. It was not reasonable for us to expect &#150; it was not unreasonable, I should say, for us to expect the same level of engagement and access as Frontier. There is no question
that this simply did not happen. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So when Spirit says we had a full and constructive engagement, it feels like a recasting of events. I think
it&#146;s pretty clear that the Spirit board was set on a deal with Frontier, and did the minimal amount of engagement possible to respond to our clearly superior offer. As a result, we&#146;re moving [ph] forward with our effort (14:42) to acquire
Spirit by filing a Vote No proxy statement, urging Spirit shareholders to vote against the inferior, high-risk, and <FONT STYLE="white-space:nowrap">low-value</FONT> Frontier transaction at their upcoming special meeting. We also commenced an <FONT
STYLE="white-space:nowrap">all-cash</FONT> tender offer to purchase Spirit at $30 a share. We believe a no vote will compel the Spirit board to come back and negotiate with us in good faith, which, unfortunately, up to this point, they have refused
to do, to the detriment of Spirit shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me be clear. If Spirit shareholders do vote this transaction down, there is no way forward for
JetBlue to succeed with this offer. The transaction will be finding &#150; be binding and enforceable with no remaining decisions for any shareholders, unless they voted no and requested an appraisal. So it is critical for shareholders to vote
against this deal and preserve the ability for the JetBlue proposal to move forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our current proposal is not only clearly superior, offering more
value and certainty, but it&#146;s also in the best interest of crew members, team members, customers, and shareholders of both JetBlue and Spirit. We have offered Spirit shareholders an <FONT STYLE="white-space:nowrap">all-cash</FONT> offer of $30
per share, with the potential to go up to $33, if we can have the same diligence opportunity as Frontier. This is a significant premium, a 77% premium from Spirit&#146;s closing price last Friday, and a 60% premium to the value of Frontier&#146;s
transaction as of close last Friday, the day before our tender offer went public. And it offers significantly more value certainty compared to Frontier&#146;s mostly stock deal, which has already declined by approximately $770&nbsp;million since it
was announced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have also put in a reverse <FONT STYLE="white-space:nowrap">break-up</FONT> fee and divestiture commitments, offering shareholders
substantially more regulatory certainty. And we are serious. Our offer is fully financed by Goldman Sachs and Bank of America. We are passionate that this is the best opportunity for all of our stakeholders, and we are urging Spirit shareholders to
vote no and tender their shares to us, sending a clear message to the Spirit board that it&#146;s time to consider our offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I&#146;m happy
to take your questions. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>QUESTION AND ANSWER SECTION </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. Thanks, Robin. So maybe I&#146;ll start it off, and then we&#146;ll open it up to the audience, if there&#146;s &#150;
maybe dive into two of the topics that you brought up. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sure. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You mentioned that your antitrust team is here. I imagine that regulatory approval has been the most common question in the
meetings today. Is that fair and/or is that accurate? And kind of what specifics do you think shareholders or investors are most focused on, when it comes to getting the deal &#150; any potential deal across the finish line, not just kind of
comparing the odds of the two? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sure. No, yes, I mean, obviously, to bring our antitrust attorneys to a shareholder meeting, we knew it was going to be a big
topic. And that&#146;s fair enough, right, because we have a clearly superior financial offer. So investors are trying to weigh the regulatory odds of both transactions. I mean, let&#146;s be honest, both of these transactions are going to get a
great deal of regulatory scrutiny. And it is possible that neither transaction gets approved by the DOJ and is going to end up in a litigation. So I think that&#146;s a fact for both of the potential opportunities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In terms of the JetBlue-Spirit combination, we did a lot of work on this before we stepped forward. We knew the regulatory path was the one that would create
the most scrutiny. And so we did a lot of work, and it&#146;s really predicated on some of the things I outlined earlier: first of all, the JetBlue Effect. And don&#146;t believe the JetBlue guy, read the DOJ complaint in 2021. We&#146;ve done a lot
of work to substantiate and make sure that the JetBlue Effect is alive and well. And the reason that the JetBlue Effect is much more significant than an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT>
carrier effect is that when JetBlue arrives on a market, that our competitors react, they respond, they match pricing, they&#146;ll add flights, they&#146;ll change schedules. That doesn&#146;t always happen with the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT> carriers. So we bring a much broader effect to the market than just flying the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT> carriers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Secondly, we&#146;ve made very clear divestiture
commitments upfront. So in the Northeast, NEA airports, Boston, LaGuardia, JFK and Newark, we will divest all of Spirit&#146;s assets, allowing those &#150; that
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT> capacity to be replaced by another <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT> airline or whoever we
are instructed to consider. We&#146;ve also &#150; when you look at the overlap, the only market that really kind of goes up to anything like a level of concern potentially is Fort Lauderdale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, we could take a line on that and say we&#146;re going to leave that where it is, because there are still 22 airports in the US that have an airline with
more share than we would have in Fort Lauderdale, but we recognize the challenge. And so we&#146;ve upfront enabled the divestiture of gates in Fort Lauderdale. So, that will allow the <FONT STYLE="white-space:nowrap">ultra-low-cost</FONT> carrier
segment to continue to grow. The <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT> carrier segment in the US is alive and well. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You&#146;re still going to have a Frontier, you&#146;ve got Avelo, you&#146;ve got Breeze, you&#146;ve got Sun Country, Allegiant. There are lots of airlines
around that can backfill that capacity to make sure that it can fly. So all of that, plus this complete red herring of the NEA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Look, we&#146;ll win the
NEA, because &#150; which we believe we will because it&#146;s <FONT STYLE="white-space:nowrap">pro-competition,</FONT> and so it&#146;s a moot point, or we&#146;ll lose the NEA, in which case it&#146;s gone and it&#146;s a moot point. So, the fact
that Spirit say to us, we can&#146;t even consider this with the NEA, again, is a red herring designed to protect the deal that they had already created with Frontier. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. And then maybe one <FONT STYLE="white-space:nowrap">follow-on</FONT> to that is you&#146;ve walked through the scenario
in which you would consider raising the bid. Have you thought about or had discussions around what scenarios you would consider raising the <FONT STYLE="white-space:nowrap">break-up</FONT> fee and kind of how does that work into your thought
process? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, I mean, again, let&#146;s take this one step at a time. I mean, we think what we put forward is a very reasonable offer.
It&#146;s a clearly superior offer. It&#146;s cash, it&#146;s certain, the <FONT STYLE="white-space:nowrap">break-up</FONT> fee is really we did a lot of work in terms of transactions of what the right
<FONT STYLE="white-space:nowrap">break-up</FONT> fee is. So, we feel that our transaction is already superior. Frontier have offered no <FONT STYLE="white-space:nowrap">break-up</FONT> fee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By the way, again, there&#146;s a lot of misinformation flying around here. So when this was initially launched, it was always this East Coast and West Coast
airline, and comments were made about all the overlap between JetBlue and Spirit. There was a lot more &#150; there&#146;s double the amount of route overlap between Frontier and Spirit, and JetBlue and Spirit. And so, again, we believe that all of
those things mean that the offer we put on the table is very strong. We just want the ability to engage and have a negotiation the same way that Spirit or Frontier had been negotiating this for months. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fair. And then maybe I&#146;ll ask one more and open it up to the room. You talked about the crew members and stakeholders. How
do you think about the employees of both companies and winning them over? And how important is that to the overall process? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. Look, we have a great deal of admiration for all the team members at Spirit. A lot of &#150; we hyphen Spirit regularly
as well. And so, we&#146;re very excited about that. We are in an environment, as you know, where staffing and skill shortages in certain professions exist. The pilot issue is quite well-known, but there&#146;s maintenance and tech ops and other
areas. And so to have this kind of skilled, talented workforce that we could integrate with our own, we&#146;re very excited about that. And I believe that team members at Spirit are excited about potentially becoming JetBlue crew members as well.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. Maybe we&#146;ll open it up to the audience and give anybody a chance to ask a question, if there are any. Okay.
We&#146;ll keep going. So maybe <FONT STYLE="white-space:nowrap">follow-up</FONT> on the pilots, changing gears a bit, how do you think about the pilot workforce right now? How do you think about attrition or recruiting kind of long term having a
compelling place to work and hiring pilots with or without... </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sure. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">...the deal? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, I mean, I think the &#150; I think everyone understands what&#146;s happened with the supply of pilots. With COVID, we did
have a number of pilots take early retirement. And as the industry is coming back now, we&#146;re needing to hire to replace those pilots. We definitely, like other airlines, have seen an increase in that pilot attrition. So what that means is, if
your attrition rates are, say, 2x to 3x of what you&#146;ve historically seen, then you need to hire more pilots just to stand still. And so that creates a lot more training capacity you have to create. So you&#146;ve got to go out and get more
flying instructors, you&#146;ve got to make sure you&#146;ve got additional sim time available, check airmen. You need to hire more check airmen, and they&#146;re the pilots that sort of take the new pilots out the training school and get them ready
for their first flight. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So all of those things have to be scaled up. And I think some of the bumps and bruises that you&#146;ve seen
in the last several months on different airlines, including JetBlue on this, have just been really teething pains as we kind of made that adjustment. So, I certainly think that we&#146;re going to be in a heightened world of attrition here. I think
the other thing you are likely to see is a convergence of pay rates between pilots in different airlines. Now historically the legacy airlines have paid the most. You&#146;ve had airlines, the middle ranking airlines like JetBlue, and then you have
the <FONT STYLE="white-space:nowrap">low-cost</FONT> airlines. I think you&#146;re going to see that converge, and I think you&#146;re going to continue to see pilot wage inflation over the next several years until the supply/demand &#150; until the
supply/demand equation is better in balance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We got ahead of this at JetBlue. I mean, we created our own Gateway programs. We started four years ago.
We&#146;ve already now got well over 100 pilots coming &#150; who have come out of that, flying with us today. We have hundreds of pilots in the pipeline, who will be coming out the next few years. And so &#150; and we&#146;ve also opened it up to
families of JetBlue. So if you work for JetBlue, and you work for JetBlue for three years, and you got family member who wants to learn to be a pilot, we&#146;ll put you through one of our Gateway programs. We have a lot of JetBlue crew members from
other professions, whether it&#146;s <FONT STYLE="white-space:nowrap">in-flight,</FONT> ground ops, who have now trained to be pilots or in that process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, it&#146;s a great cultural opportunity. It&#146;s also a way of maintaining people in your company and giving them a sense of why working at JetBlue is
truly different, because I can really do whatever I want to do, including flying an airplane. And in fact, I was talking to &#150; we got one of our pilots who started on the ramp, and then he was <FONT STYLE="white-space:nowrap">in-flight,</FONT>
and now he&#146;s a 320/321 captain. And then I just said goodbye to one of our <FONT STYLE="white-space:nowrap">in-flight</FONT> crew members the other day, and she&#146;s off to go through the Gateway program to learn to fly. So there&#146;s
amazing stories. We have a new first officer, and she&#146;s the daughter of a former &#150; our former general manager in Bermuda. Now she&#146;s a JetBlue first officer. So there&#146;s all these amazing stories that really are truly inspiring to
see how these people have kind of developed their career and ended up flying an airplane. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. Anyone in the audience? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s tough crowd. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ursula Hurley</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial
Officer, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[ph] Quite fun (27:19). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
America</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Q</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Over here. All right. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Q </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hey, from a former JetBlue first officer, I believe you have an amazing training program. So that&#146;s where I got my start, so thank you for that. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Why don&#146;t you &#150; [indiscernible] (27:35). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Q </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s my third airline, can you believe it? Did the pandemic delay your move to move forward with this merger attempt? Was this something that was
possibly delayed by world events? And why did it now come to fruition that, when Frontier made the move, then you made the move... </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Q </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">...to say we&#146;re interested also? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. Well, I think a couple of things. So, certainly, every airline is always looking at sort of the landscape and what the
options are. And as many of you know, we did make an effort to acquire Virgin America several years ago which didn&#146;t work. So, we certainly &#150; we were &#150; we&#146;ve been looking at Spirit and other airlines potential combinations. We
felt Spirit made a lot of sense because of the fleet simplicity and some of the sort of geographic overlap. Because how I think about this transaction is not transformational in terms of strategy for JetBlue, but it&#146;s transformational in terms
of our timeline to accelerate that much more quickly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Also, airline valuations were much higher back then in 2018, 2019, so when is the right time? Of
course then you come into COVID, I think we were very creative during COVID, because the NEA came out of COVID, and it was really was how do we find a way to make sure as we come out of COVID, JetBlue can accelerate its growth rate, and do it in a
way that&#146;s very efficient from a capital perspective? And so, the NEA was born out of that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And it really &#150; considering an investment of this
size, you really want to kind of make sure that you&#146;re sort of well into the recovery period before you do it. And then, obviously, once the Frontier thing was announced, then you have a period of time to react. The good news is we&#146;ve done
a lot of the work many years ago, so it was still there that we can sort of go back and update. Normally, you get a call, because people want to do a market check. I mean, we got engaged effectively with Virgin America because we got a call saying,
hey, we&#146;re thinking of this, and [ph] we&#146;re (29:43) thinking of putting the airline up for sale, and we want to know if there&#146;s an interest. That didn&#146;t happen here, so we were surprised about that. It&#146;s not like it&#146;s a
long list of people to call. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of
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</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anyone else? Okay. We have a little over a minute. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive
Officer&nbsp;&amp; Director, JetBlue Airways Corp.</I></P></TD>
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</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[ph] You probably just have one (30:01) question for Ursula. </P>
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America</I></P></TD>
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</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. That&#146;s where we&#146;re going. So, Ursula, can you maybe &#150; I&#146;m going to throw two out there. One, how do
you think about the balance sheet right now? And then two, as you kind of look at costs and CASM ex, are there any buckets in there that we could see costs ease, whether it&#146;s on a unit cost or a total cost basis? </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ursula Hurley</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial
Officer, JetBlue Airways Corp.</I></P></TD>
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<TD VALIGN="top">A</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. So on the balance sheet, we entered COVID with the second best balance sheet in the industry. We obviously fared pretty
well as we navigated through COVID. We tapped a multitude of markets. I don&#146;t think there was a market we didn&#146;t tap like everyone else, but we already started <FONT STYLE="white-space:nowrap">de-levering.</FONT> I mean, we target 30% to
40% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-cap,</FONT></FONT> and we&#146;re at 54%. So still a little ways to go. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Obviously, in the context of the Spirit transaction, we still have a really strong balance sheet, which puts us in a position to have an <FONT
STYLE="white-space:nowrap">all-cash</FONT> offer. So, I feel very confident that even at the peak leverage that we would incur, if the transaction is successful, it&#146;s still going to be below the median within the industry in terms of debt
level. And so, very quickly, we envision producing cash to start to <FONT STYLE="white-space:nowrap">de-lever</FONT> once the combination occurs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And so
as to balance sheet, on our cost structure, costs, we continue to be laser-focused on the underlying cost story. We had made significant progress with our structural cost program coming into COVID. We printed the best unit cost performance we had
had in over 10 years in 2019. And as we&#146;ve navigated through COVID, and obviously we had a misstep in April operationally, it&#146;s been hard to see the underlying cost improvement because it&#146;s been masked. We will see progressive
improvement throughout the remainder of this year in the underlying unit cost structure. Then next year, the goal is to get back to <FONT STYLE="white-space:nowrap">low-single-digit</FONT> CASM <FONT STYLE="white-space:nowrap">ex-fuel</FONT> growth.
We believe that that&#146;s the right level for us. We&#146;ve been working with some external consultants to come up with and define the next set of structural cost initiatives that we&#146;re going to be driving and implementing to ensure that we
do hit that <FONT STYLE="white-space:nowrap">low-single-digit</FONT> CASM <FONT STYLE="white-space:nowrap">ex-fuel</FONT> number. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, we intend to share
more about that program in the months ahead, but continue, I mean, having a better cost structure than the legacies is key to JetBlue&#146;s success not only in the short term but the long term. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of America </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. Perfect. Anyone else in the audience before we let them go? Okay. Well, thank you both, Robin, Ursula, and JetBlue, the whole team, for being here
today. We appreciate your support of the conference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive Officer&nbsp;&amp; Director, JetBlue Airways Corp. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#146;s just great being back in person. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ursula Hurley </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial Officer, JetBlue Airways Corp. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robin Hayes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Executive Officer&nbsp;&amp;
Director, JetBlue Airways Corp. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Can we all be excited about that? Yeah. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitz Middleton </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Analyst, Bank of America </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. </P>
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