#1THERMAL 3Q21 EARNINGS PRESENTATION OCTOBER 26, 2021 ZNAVANZ Joel Peterson 4022 jetBlue DO +LQQL-> jetblue.com QAL TANZNZNZN N402 AIRBUS A320 jetBlue JetBlue#2SAFE HARBOR Forward-Looking Information Statements in this Presentation (or otherwise made by JetBlue or on JetBlue's behalf) contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management's beliefs and assumptions concerning future events. These statements are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. When used in this Presentation, the words "expects," "plans,” “anticipates,” “indicates," "believes,” “forecast," "guidance," "outlook," "may," "will," "should," “seeks,” “targets" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, the coronavirus ("COVID-19") pandemic and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under various federal government support programs such as the CARES Act, the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act; and the outcome of the lawsuit filed by the DOJ related to our Northeast Alliance; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber- attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs, and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to, the Company's 2020 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this Presentation might not occur. Our forward-looking statements speak only as of the date of this Presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. This Presentation also includes certain "non-GAAP financial measures" as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within Appendices A and B of this Presentation.#33Q 2021 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER#4BUILDING TOWARDS EARNINGS RECOVERY ● ● 3Q 2021 EARNINGS jetBlue GAAP earnings per diluted share of $0.40; non-GAAP loss per share of ($0.12) (1) • Revenue down (5.5%) Yo2Y; CASM down (2.1%) Yo2Y (GAAP); CASM ex-Fuel up 12.7% Yo2Y (non-GAAP) (1) Adjusted EBITDA of $140M (1) versus expected range of $75M - $125M (1) 3Q 2021 BALANCE SHEET $3.3B of liquidity at 3Q close, equal to 41% of 2019 revenue Adjusted Debt to Cap ratio at 53% (1) (2) (1) Refer to reconciliations of non-GAAP financial measures in Appendices A & B (2) As of September 30, 2021 ● ● ● ● ● 4Q 2021 PLANNING ASSUMPTIONS* Adjusted EBITDA between ($50M) to $50M (1) Capacity between (4%) - (7%) vs 4Q 2019 Revenue down between (8%) - (13%) vs 4Q 2019 CASM ex-Fuel up between 14% -16% vs 4Q 2019 (¹) KEY LIQUIDITY UPDATE In 3Q21, paid down $115M CARES Act loan and $105M of bank loans Unencumbered asset base grew by ~$500M *As of October 26, 2021; does not constitute guidance#5ACCELERATING ESG EFFORTS AND DOUBLING DOWN ON COMMITMENTS jetBlue FOCUS AREAS Sustainability Diversity, Equity & Inclusion • Now well ahead of pace to convert 10% of total fuel usage to sustainable aviation. fuel (SAF) on a blended basis by 2030 ● HIGHLIGHTS / KEY DEVELOPMENTS ● Expanding use of sustainable aviation fuel in NYC with recent deal, doubling prior commitment with pricing expected near parity to Jet-A Publishing ESG reports annually aligned to SASB and TCFD frameworks since 2017 • Doubling down on crewmember education programs by adding more development opportunities and increasing accessibility to certain roles • Supporting STEM and aviation programs focused on underrepresented communities Growing spend with underrepresented Business Partners. 5#6RESTORING MARGINS AND BALANCE SHEET STRENGTH jetBlue COMMERCIAL Executing margin accretive revenue and network initiatives Implementing Northeast Alliance to deliver customer benefits Executing Fare Options Update to give customers choice Enhancing value proposition for Loyalty program and JetBlue Travel Products COSTS Remaining focused on cost control to drive superior margins Maintaining fixed cost savings as enterprise scales Doubling-down on productivity to drive operating leverage Managing maintenance events thoughtfully CAPITAL ALLOCATION Taking a balanced approach to capital allocation to maximize value Maintaining net debt below pre- pandemic levels Investing in fuel efficient, margin-accretive aircraft Targeting debt to capital ratio of 30-40% by end of 2024 Restoring earnings and expanding margins beyond 2019 levels 6#7THE NEA SUPERCHARGES COMPETITION jetBlue The NEA expands low fares, increased choices, and a high-quality product to more customers ● Benefitting Consumers. ● Increasing frequencies and launching 58 new routes, including 18 international routes Meaningfully expanding in the Northeast: JetBlue plans to grow daily departures by ~20% at JFK & BOS JetBlue has a path to grow daily departures by ~2x at EWR and ~3x at LGA, enabled by the NEA Spurring Competition The NEA challenges the dominance of entrenched carriers in New York and Boston by creating a third, full-scale competitor Competitors have announced significant expansion in New York and Boston in response to the NEA The "virtual" NEA network offers a third option for customers, providing greater choice without diminishing competition Delivering Broader Benefits The NEA is estimated to generate more than $800 million in consumer benefits annually ● ● JetBlue and American are investing in a seamless experience, including: $50 million in airport CAPEX $7.5 million in IT investments Increasing capacity by delaying retirement of 30 owned E190s JetBlue plans to hire 1,800 new crew members for the NEA Generating benefits for all of our stakeholders 7#8COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER#9REVENUE TRENDS NORMALIZING jetBlue (3.3%) (2.9%) REVENUE YO2Y GROWTH Actual (12.3%) Jul '21 Aug '21 Sep '21 Estimate (28.8%) (5.5%) (8) - (13) % 2Q21 3Q21 4Q21* Note: Versus 2019. *Current planning assumption as of October 26, 2021; does not constitute guidance Strong revenue performance during summer Delta-variant predominantly impacted September with its thinner leisure demand and higher mix of business traffic Bookings began recovering in mid-September Strong baggage revenue fueling continued Fare Options outperformance 4Q21 reflecting seasonality and delayed corporate travel recovery - - While corporate travel recovery is delayed, the NEA will help accelerate recovery VFR and leisure travel continue to lead recovery Thanksgiving and December peak holiday bookings holding up relatively well compared to troughs Expect demand improvement throughout the quarter 9#10CAPACITY DEPLOYMENT ALIGNED WITH DEMAND TRENDS jetBlue (1.9%) (0.4%) ASM YO2Y GROWTH Flown 0.0% Jul '21 Aug '21 Sep '21 Planned (14.9%) (0.8%) (4%) - (7%) 2Q21 3Q21 4Q21* Note: Versus 2019. *Current planning assumption as of October 26, 2021; does not constitute guidance 4Q21 capacity aligned with demand trends - Adapting network for long-term success - Seeing progressive normalization of booking patterns Sequential capacity deployment reflects seasonality of leisure demand, coupled with delay in corporate traffic. Remaining nimble given future risks from COVID variants, yet optimistic about current trends - Executing on long-term strategy and building relevance in our focus cities Operating near 2019 capacity levels, partly enabled by Northeast Alliance Expect corporate recovery, albeit delayed, to continue through 2022 10#11FINANCIAL UPDATE & OUTLOOK URSULA HURLEY CHIEF FINANCIAL OFFICER#12SUMMARY FINANCIALS 3Q 2021 jetBlue METRIC Revenue (US$ million) Operating Expenses (GAAP) Operating Expenses (Non-GAAP) (1) EBITDA (Adjusted) (US$ million) (¹) Earnings per Diluted Share (GAAP) Earnings/(Loss) per Share(1) (Non-GAAP) (1) (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 3Q 2021 1,972 1,786 1,972 140 0.40 (0.12) 3Q 2019 2,086 1,839 1,839 381 0.63 0.59 Change vs $19 (5%) (3%) 7% (63%) (36%) NM 12#13OFFSETTING NEAR-TERM UNIT COST PRESSURE TIED TO SEQUENTIAL CAPACITY jetBlue (0.8%) YO2Y CASM EX-FUEL Actual 3Q21 L (4%)-(7%) ASM Planned 4Q 21* 14% -16% 12.7% CASM ex-Fuel (1) 14% -16% (2.1%) CASM ● Diligently managing cost pressures tied to the recovery - 3Q21 performance in-line with prior expectations despite operational challenges and incremental labor costs tied to financial incentives to ensure appropriate staffing levels. Sequential increase expected in 4Q21 driven by capacity reduction to align with demand trends. and continued ramp-up to support 2022 growth Managing rate pressures tied to rents and landing fees, which is expected to normalize in 2022 Note: Versus 2019. *Current planning assumption as of October 26, 2021; does not constitute guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A 13#14EXPECTING SIGNIFICANT UNIT COST REDUCTION IN 2H22 jetBlue Double digits ● Key Assumptions: ● 2H21 ● 2H22 Note: Chart not to scale Low single digits 1H22 Targeting CASM ex-Fuel up low-single-digits in 2022 versus 2019 FY22 Expecting strong continued recovery in travel demand throughout 2022 driving relief in rents and landing fees rate headwind of -3 -4 pts in 2H21 Gaining efficiencies as ramp-up labor related costs of ~2 pts ease in 2022 Margin-accretive Northeast Alliance expected to add -2- 4 pts of CASM ex-Fuel pressure in 2022 Ongoing Structural Cost actions to largely offset remaining headwinds including maintenance events 14#15INVESTING IN MARGIN ACCRETIVE AIRCRAFT jetBlue ● $263 3Q21 Actual CAPEX Planned (US$ million) -$200 4Q21* - $1,000 2021* 2021 CAPEX expected to be ~$1B Prioritizing highest ROI non-aircraft CAPEX projects ● ● ● As of 12/31/2019 259 69 130 60 FLEET* As of 12/31/2020 267 1 76 130 60 As of 12/31/2021 282 8 3 81 130 60 2019 2020 E190 A320 A321 A321LR A220 2021* Taking next generation aircraft to improve margins In 3Q21, took delivery of 3 A220s and 1 A321LR Anticipate delivery of 2 A220s in 4Q21 *Current planning assumption as of October 26, 2021; does not constitute guidance. Please refer to Appendix C for latest order book 15#16BALANCED APPROACH TO MULTI-YEAR DELEVERAGING EFFORT ● ● jetBlue 34% LEVERAGE Dec 31 2019 Adjusted Debt to Cap (1) 55% 53% Jun 30 2021 Sep 30 2021 Actively lowering debt towers by paying off scheduled debt payments and additional prepayments Well-positioned to achieve investment grade metrics by end of 2024 (1) Refer to reconciliations of non-GAAP financial measures in Appendix B PRINCIPAL PAYMENTS* Scheduled Principal Payments $294 $220 $74 3Q21 $108 $108 4Q21 Principal Prepayments $1,866 $1,492 $374 FY21 In 3Q21, paid off ~$220 million in loans and debt Net debt remains below pre-pandemic levels Interest expense savings -$33M in 2021 by prepaying revolving credit facility, Term Loan B, CARES Act loan, and bank loans *Cash outflows related to principal repayment schedule as of 9/30/2021; does not assume any future debt raises or additional prepayments and does not constitute guidance **Current planning assumption as of October 26, 2021; does not constitute guidance 16#17SUMMARY OF CURRENT PLANNING ASSUMPTIONS FOR 4Q 2021* jetBlue METRIC EBITDA (Non-GAAP) Revenue Available Seat Miles (ASMS) CASM ex-Fuel Operating Expenses Related to Other Non-Airline Businesses. Estimated Fuel Consumption in Gallons Estimated Fuel Price per Gallon Tax Rate (excluding the impact of Special Items) Capital Expenditures Planning Assumption ($50) $50 million (8%)-(13%) Yo2 (4%) - (7%) Yo2 14% -16% Yo2 -$13 million -198 million $2.49/gallon -28% ~$200 million *Current planning assumption as of October 26, 2021; does not constitute guidance. Note: Fuel price based on forward curve as of October 15, 2021. 17#18jetBlue QUESTIONS? WELCOME ABOARD DIRECTV MOVIES MY TRIP SHOWS THE JETBLUE EXPERIENCE#193Q 2021 FINANCIAL RESULTS jetBlue * Refer to reconciliations of non-GAAP financial measures in this Appendix A US$ Millions Total operating revenues Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs Other operating expenses Special items Operating Income Other Income Income before income taxes Income tax expense NET INCOME Pre-Tax Margin Earnings per Diluted Share (EPS) (GAAP) Adj. Pre-Tax Margin* Adj. (Loss) Earnings per Share (EPS)* (Non-GAAP) 3Q 2021 1,972 443 620 182 140 25 60 205 297 (186) 186 4 190 60 130 9.6% $0.40 (2.6%) ($0.12) 3Q 2019 2,086 471 580 125 134 26 74 158 271 0 247 7 254 67 187 12.2% $0.63 11.4% $0.59 Yo2Y % (5.5) (5.9) 6.8 45.2 4.1 (4.2) (19.5) 29.5 10.2 NM (24.7) (37.5) (25.0) (9.9) (30.4) (2.6) pts (14.0) pts 19#20COMMITTING TO SUSTAINABLE GROWTH IN NEW YORK ● jetBlue SAF HIGHLIGHTS Now well ahead of target to convert 10% of total fuel usage to sustainable aviation fuel (SAF) on a blended basis by 2030 • SG Preston agreement marks first large-scale volume of domestically produced SAF for a commercial airline to New York's metropolitan airports - JetBlue will convert 30 percent of its fuel buy at JFK, LGA, and EWR from Jet-A fuel to SAF Expect to take delivery over a 10-year period of over 670 million gallons of blended SAF starting in late 2023 Priced near parity to traditional Jet-A fuel ● CONVERTING TO A MORE SUSTAINABLE OPERATION Nearing goal to convert 40% of its GSEs to electric by 2025, and 50% by 2030 Following ongoing initiatives to convert ground vehicles to electric at EWR and BOS, JetBlue will have converted 39% of ground service equipment (GSE) to electric Upgrading JFK T5 with LED lighting which will reduce JetBlue's lighting-related energy use by approximately 66 percent Saving more than 2.1 million kWh annually, while improving. aesthetics, lowering energy costs and reducing the terminal's carbon footprint 20#21APPENDIX A Non-GAAP Financial Measures JetBlue uses non-GAAP financial measures in this presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information in Appendices A and B provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. jetBlue 21#22Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items ("CASM Ex-Fuel") Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non- GAAP financial measure. In 2021, special items include contra-expenses recognized on the utilization of federal grants received under various payroll support programs and contra-expenses recognized on the Employee Retention Credits provided by the CARES Act. Special items for 2019 include one-time costs related to our Embraer E190 fleet transition and the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. With respect to JetBlue's CASM ex-fuel planning assumption, JetBlue is unable to provide a reconciliation of the non-GAAP financial measure to GAAP because the excluded items have not yet occurred and cannot be reasonably predicted. The reconciling information that is unavailable would include a forward-looking range of financial performance measures beyond our control, such as fuel costs, which are subject to many economic and political factors. Accordingly, a reconciliation to CASM is not available without unreasonable effort. Total operating expenses Less: Aircraft fuel and related taxes Other non-airline expenses Special items Operating expenses, excluding fuel jetBlue NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) 1,786 443 11 (186) 1,518 2021 $ Three Months Ended September 30, per ASM 11.04 2.74 0.06 (1.15) 9.39 $ 471 10 2019 1,839 $ 1,358 per ASM 11.29 2.89 0.07 8.33 $ 4,164 973 30 (841) 4,002 2021 $ Nine Months Ended September 30, per ASM 10.70 2.50 0.07 (2.16) 10.29 $ $ 5,490 1,392 32 14 4,052 2019 $ per ASM 11.50 2.92 0.07 0.03 8.48 22#23Earnings before interest, taxes, depreciation, amortization, and special Items Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a non-GAAP financial measure. We believes this measure allows investors to better understand the financial performance of the company by presenting earnings from our business operations without including the effects of capital structure, tax rates, depreciation, and amortization. We further adjusted EBITDA to account for the impact of special items which are unusual or infrequent in nature. JetBlue has not reconciled its Adjusted EBITDA planning assumptions to net income because net income (loss) is not accessible on forward-looking basis. Items that impact net income (loss) are out of the Company's control and/or cannot be reasonably predicted. Accordingly, a reconciliation to net income (loss) is not available without unreasonable effort. jetBlue Net income (loss) Less: Interest (expense) Capitalized interest Gain on equity investments Interest income and other Add back: Income tax expense (benefit) Depreciation and amortization NON-GAAP FINANCIAL MEASURE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AMORTIZATION, AND SPECIAL ITEMS (in millions) (unaudited) Earnings before interest, taxes, depreciation, and amortization Add back: Special items Earnings before interest, taxes, depreciation, amortization, and special items Three Months Ended September 30, 2021 130 (42) 3 54 (11) 60 140 326 (186) 140 $ 2019 187 (18) 4 15 6 67 134 381 381 $ Nine Months Ended September 30, (53) $ (153) 9 2021 54 (49) (47) 398 437 (841) (404) $ 2019 408 (57) 10 15 7 140 385 958 14 972 23#24Operating expense, income (loss) before taxes, net income (loss) and earnings (loss) per share, excluding special items and gain on equity investments Our GAAP results in the applicable periods were impacted by credits and charges that were deemed special items. In 2021, special items include contra-expenses recognized on the utilization of federal grants received under various payroll support programs and contra-expenses recognized on the Employee Retention Credits provided by the CARES Act. Special items for 2019 include one-time costs related to our Embraer E190 fleet transition and the implementation of our pilots' collective bargaining agreement. One-time gains on our equity investments were also excluded from our 2021 and 2019 GAAP results. We believe the impact of these items distort our overall trends and that our metrics are more comparable with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non- GAAP amounts excluding the impact of these items. jetBlue NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, INCOME (LOSS) BEFORE TAXES, NET INCOME (LOSS) AND EARNINGS (LOSS) PER SHARE EXCLUDING SPECIAL ITEMS AND GAIN ON EQUITY INVESTMENTS (in millions, except per share amounts) (unaudited) Total operating revenues Total operating expenses Less: Special items Total operating expenses excluding special items Operating income Add back: Special items Operating income (loss) excluding special items Operating margin excluding special items Income (loss) before income taxes Add back: Special items Less: Gain on equity investments Income (loss) before income taxes excluding special items and gain on equity investments Pre-tax margin excluding special items and gain on equity investments Net income (loss) Add back: Special items Less: Income tax (expense) benefit related to special items Less: Gain on equity investments Less: Income tax (expense) related to gain on equity investments Net income (loss) excluding special items and gain on equity investments Earnings (Loss) Per Common Share: Basic Add back: Special items, net of tax Less: Gain on equity investments, net of tax Basic excluding special items and gain on equity investments Diluted Add back: Special items, net of tax Less: Gain on equity investments, net of tax Diluted excluding special items and gain on equity investments $ $ $ $ $ $ $ $ $ $ $ $ Three Months Ended September 30, 2021 1,972 1,786 (186) 1,972 186 (186) 0.0% 190 (186) 54 (50) -2.6% 130 (186) (55) 54 (16) (39) 0.41 (0.41) 0.12 (0.12) 0.40 (0.40) 0.12 (0.12) $ $ $ $ $ $ $ $ $ $ $ $ $ 2019 2,086 1,839 1,839 247 247 11.8% 254 15 239 11.4% 187 15 (4) 176 0.63 0.04 0.59 0.63 0.04 0.59 $ $ $ $ $ $ $ $ $ $ $ $ Nine Months Ended September 30, 2021 4,203 4,164 (841) 5,005 39 (841) (802) -19.1% (100) (841) 54 (995) -23.7% (53) (841) (250) 54 (16) (682) (0.17) (1.86) 0.12 (2.15) (0.17) (1.86) 0.12 (2.15) $ $ $ $ $ $ $ $ $ $ $ $ $ 2019 6,063 5,490 14 5,476 573 14 587 9.7% 548 14 15 547 9.0% 408 14 3 15 (4) 408 1.36 0.03 0.04 1.35 1.35 0.03 0.03 1.35 24#25APPENDIX B: CALCULATION OF LEVERAGE RATIOS Adjusted debt to capitalization ratio Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. jetBlue Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Adjusted debt NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited) Long-term debt and finance leases. Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Stockholders' equity Adjusted capitalization Adjusted debt to capitalization ratio September 30, 2021 3,760 391 265 4,416 $ $ 3,760 391 265 3,949 8,365 53% $ June 30, 2021 3,998 432 239 4,669 3,998 432 239 3,813 8,482 55% December 31, 2019 1,990 344 183 2,517 $ 1,990 344 183 4,799 7,316 34% 25#26jetBlue Adjusted Net Debt Adjusted net debt is a non-GAAP financial measure which we believe is helpful to investors in assessing our overall debt profile. We reduce our adjusted debt by cash, cash equivalents, and short-term investments resulting in adjusted net debt, to present the amount of assets needed to satisfy our debt obligations. Long-term debt and finance leases Current maturities of long-term debt and finance leases Operating lease liabilities - aircraft Adjusted Debt Cash and cash equivalents Short-term investments Total Liquidity NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT (in millions) (unaudited) Adjusted Net Debt September 30, 2021 3,760 391 265 4,416 $ 2,193 1,100 3,293 1,123 $ $ June 30, 2021 3,998 432 239 4,669 2,409 1,317 3,726 943 December 31, 2019 1,990 344 183 2,517 959 369 1,328 1,189 26#27APPENDIX C: CONTRACTUAL ORDER BOOK jetBlue 2021* 2022 A220 7 9 A321NEO 5 Delivery schedule, as of October 26, 2021 *Includes 13 deliveries received through 3Q21 A321NEO LR 3 3 Total 15 12 27#28APPENDIX D: RELEVANT JETBLUE MATERIALS jetBlue * www.investor.jetblue.com/investor-relations DOCUMENT Investor Presentations Earnings Releases Annual Reports SEC Filings Proxy Statements Investor Updates Traffic Reports ESG Reports* LOCATION http://blueir.investproductions.com/investor-relations/events-and-presentations/presentations http://blueir.investproductions.com/investor-relations/financial-information/quarterly-results http://blueir.investproductions.com/investor-relations/financial-information/reports/annual-reports http://blueir.investproductions.com/investor-relations/financial-information/sec-filings http://blueir.investproductions.com/investor-relations/financial-information/reports/proxy-statements http://blueir.investproductions.com/investor-relations/financial-information/investor-updates http://blueir.investproductions.com/investor-relations/financial-information/traffic-releases http://blueir.investproductions.com/investor-relations/financial-information/reports/sustainable-accounting-standards-board-reports Environmental, Social, and Governance Reports 28