#1Blue Bravest jetBlue 2020 EQ 615 JetBlue DD 1Q 2020 EARNINGS PRESENTATION MAY 7, 2020#2SAFE HARBOR 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. When used in this document and in documents incorporated herein by reference, 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, 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; our significant fixed obligations and substantial indebtedness; 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; the impact of infectious diseases that affects demand for air travel or travel behavior, such as the ongoing impact of the coronavirus ("COVID-19"); 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 2019 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 the Appendix A section of this presentation. jetBlue 2020 2#3jetBlue 1Q 2020 EARNINGS UPDATE ROBIN HAYES CHIEF EXECUTIVE OFFICER 2020 3#4TAKING ACTIONS TO PROTECT OUR STAKEHOLDERS ● ● ● ● ● 1Q 2020 BALANCE SHEET $1.8B of liquidity at 1Q close (¹); added net ~$1.3B in April for a total of $3.1B or 38% of 2019 revenue Estimate cash burn of below $10M/day (2) in May, down from -$18M/day (2) average in the second half of March Adjusted Debt to EBITDAR equal to 2.9x(1) (3); Adjusted Debt to Cap ratio at 44% (1) (3) 2Q 2020 PLANNING ASSUMPTIONS* Expect 2Q 2020 YoY revenue down at least 90% Capacity cuts of at least 80% YoY and a reduction of May OpEx of -50% YoY CAPEX for 2020-2022 now lower by $1.3B vs plan jetBlue 2020 *Current planning assumption as of May 7, 2020; does not constitute guidance ● 1Q 2020 EARNINGS • COVID-19 impact resulted in a GAAP loss per share of 97 cents and non-GAAP loss per share of 42 cents (³) ● 1Q revenue down $283M YoY, a decline mitigated by close-in capacity cuts in March and a $150M reduction in OpEx vs plan OTHER LIQUIDITY ACTIONS CARES Act Payroll Support Program payment received for $936M Evaluating additional capital raises including secured debt and sale leasebacks (1) As of March 31, 2020 (2) Excluding CARES Act Payroll Support Program payment (3) Refer to reconciliations of non-GAAP financial measures in Appendix A 4#5jetBlue COMMERCIAL UPDATE & OUTLOOK JOANNA GERAGHTY PRESIDENT & CHIEF OPERATING OFFICER 2020 5#6SIGNIFICANT REVENUE DECLINES CONTINUE INTO 2Q 6% Jan jetBlue 2020 6% REVENUE YOY GROWTH Actual -52% -94% Estimate Feb March April Current planning assumption* -15% 1Q -90% 2Q* ● Negative demand impact of COVID-19 1Q 2020 revenue decline, driven by significant impact of cancellations that outpaced new bookings during March Early look at 2Q 2020 continues April trends Based on forward bookings and current planning assumptions, estimating revenue decline of at least (90%) YOY *Current planning assumption as of May 7, 2020; does not constitute guidance 6#7TAKING CAPACITY ACTIONS IN RESPONSE TO DEMAND 5% Jan jetBlue 2020 6% ASM YOY GROWTH Flown -19% -85% Feb March April Planned Current planning assumption* -4% 1Q -80% 2Q* Adjusting schedules to mitigate cash losses and maintain essential travel - Reduced March and April schedules. Continuing to manage close-in cancels as appropriate Currently planning May and June capacity reductions of at least (80%) YoY Volatile demand trends may drive additional adjustments vs current planning assumptions, including close-in cancels *Current planning assumption as of May 7, 2020; does not constitute guidance 7#8jetBlue FINANCIAL UPDATE & OUTLOOK STEVE PRIEST CHIEF FINANCIAL OFFICER 2020 8#9SUMMARY FINANCIALS 1Q 2020 jetBlue 2020 Metric ASM (millions) RASM (cents) CASM (cents) CASM ex-Fuel(¹) (cents) Fuel ($/gallon) Earnings per Share (GAAP) Earnings per Share (¹) (Non-GAAP) Pre-Tax Margin (GAAP) Pre-Tax Margin(¹) (Non-GAAP) Cash Flow ($ millions) 1Q 2020 14,891 10.67 12.91 9.01 1.86 (0.97) (0.42) (22.3%) (9.5%) Operating Investing Financing Cash at End of Period* (1) Refer to reconciliations of non-GAAP financial measures in Appendix A *Cash, Cash Equivalents, and Restricted Cash 124 (179) 714 1,677 1Q 2019 15,437 12.12 11.63 8.66 2.05 0.14 0.16 3.1% 3.7% 420 (169) (263) 521 Change YoY (3.5%) (12.0%) 11.0% 4.0% (9.3%) (25.4 pp) (13.2 pp) 9#10SUCCESSFUL LIQUIDITY PRESERVATION ACTIONS jetBlue 2020 1,328 118 YE 2019 Debt Liquidity (¹) Payments 387 372 CAPEX Cash from Ops & Other (2) 983 364 Term Loan After Fees 150 Barclays Point Sales 550 936 Credit Payroll Revolver Support Program (3) 3,070 Projected Liquidity as of 4/30/20(1) (1) Cash, cash equivalents and short-term investments. April 30 estimate does not constitute guidance (2) Cash burn estimate through April 30, 2020. Cash burn includes net sales, operating cash outlays and working capital timing (Other includes a share repurchase transaction for $160M executed on February 24th prior to the COVID-19 crisis). (3) CARES Act Payroll Support Program payment received on April 23, 2020 10#11REDUCING FIXED AND VARIABLE COST BASE Actual GAAP 2% 2% 3% 3% Jan YOY OPERATING EXPENSES jetBlue 2020 Actual Non-GAAP (1) 16% -15% -42% Feb March April Planned 7% -4% 1Q Current planning assumption* -44% 2Q* ● MANAGING FIXED & VARIABLE COSTS Actions taken in 1Q 2020 Implemented aggressive close-in capacity reductions for March and April Eliminated all non-essential spend, rationalized business partner activities, adjusted maintenance plan in line with reduced capacity, implemented significant voluntary time-off programs and consolidated airport operations Continuing actions in 2Q 2020 Planning OpEx reductions of ~($350M) (ex-fuel) and ($810M) (all-in) Yoy* Protecting crew members through the CARES Act Payroll Support Program *Current planning assumption as of May 7, 2020; does not constitute guidance (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A 11#12REVISED ORDER BOOK TO MINIMIZE CAPITAL EXPENDITURES jetBlue ● ● (US$ million) 367 2020 1Q REVISED CAPEX Actual Plan as of 4Q 2019 Earnings Presentation 580 Planned 1.35 - 1.55b 2Q 2020 Current Estimate* 50 ~ 850 2Q* 2020* Lowered CAPEX for 2020-2022 by $1.3B Paused restyling program; deferred projects, suspended investments ● As of 12/31/2019 6 35 28 130 60 FLEET* As of 12/31/2020* 1 13 35 28 130 60 2019 2020* E190 A320 A321 HD A321 Mint A321neo HD A220 Anticipate taking four A321NEOs and one A220 in 2H 2020 *Current planning assumption as of May 7, 2020; does not constitute guidance. Please refer to Appendix C for latest order book 12#13MANAGING BALANCE SHEET TO PRESERVE LIQUIDITY jetBlue ● ● Adjusted Debt to Cap (¹) 34% 44% 2020 LEVERAGE Dec 31 2019 Mar 31 2020 Adjusted Debt to EBITDAR (¹) 1.8x 2.9x Dec 31 2019 Mar 31 2020 Raised $1B via 364-term loan in late March Expect additional capital raises Applied for Loan Program of the CARES Act for $1.14B as contingency (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 121 1Q DEBT REPAYMENTS* Actual 109 2Q* Planned (US$ million) 107 3Q* 108 4Q* * Cash outflows related to debt repayment schedule (principal and interest) as of 3/31/2020; does not assume any future debt raises and does not constitute guidance 13#14jetBlue 2020 QUESTIONS? 14#15APPENDIX A Non-GAAP Financial Measures JetBlue sometimes 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 2020 15#161Q 2020 FINANCIAL RESULTS * Refer to reconciliations of non-GAAP financial measures in this Appendix A jetBlue 2020 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 (Loss) Income Other Income (Expense) (Loss) income before income taxes Income tax (benefit) expense NET (LOSS) INCOME Pre-Tax Margin (Loss) Earnings per Share (EPS) (GAAP) Adj. Pre-Tax Margin* Adj. (Loss) Earnings per Share (EPS)* (Non- GAAP) 1Q 2020 1,588 365 601 112 139 21 53 160 269 202 (334) (20) (354) (86) (268) (22.3%) ($0.97) (9.5%) ($0.42) 1Q 2019 1,871 437 575 115 124 25 66 155 286 12 76 (18) 58 16 42 3.1% $0.14 3.7% $0.16 Var % (15.1) (16.4) 4.5 (3.3) 12.0 (14.4) (20.2) 3.1 (5.8) 1,642.9 (540.2) 10.9 (710.8) (625.6) (744.4) (25.4) pts (13.2) pts 16#17Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items ("CASM Ex-Fuel") Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. For the first quarter of 2020, special items include the impairment charge of our Embraer E190 fleet resulting from the decline in demand caused by the coronavirus ("COVID-19") pandemic. Special items for the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. jetBlue 2020 NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) Total operating expenses Less: Aircraft fuel and related taxes Other non-airline expenses Special items Operating expenses, excluding fuel $ $ $ 1,922 365 14 202 1,341 2020 $ $ Three Months Ended March 31, per ASM 12.91 2.45 0.09 1.36 9.01 $ $ $ 1,795 437 9 12 1,337 2019 $ $ per ASM 11.63 2.83 0.06 0.08 8.66 17#18Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. For the first quarter of 2020, special items include the impairment charge of our Embraer E190 fleet resulting from the decline in demand caused by the coronavirus ("COVID-19") pandemic. Special items for the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced 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 impacts of these items. jetBlue 2020 NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS (in millions, except per share amounts) (unaudited) Total operating revenues Total operating expenses Less: Special items Total operating expenses excluding special items Pre-tax margin excluding special items Net (loss) income Add back: Special items Operating (loss) income Add back: Special items Operating (loss) income excluding special items Operating margin excluding special items (Loss) income before income taxes Add back: Special items (Loss) income before income taxes excluding special items $ Less: Income tax benefit related to special items Net (loss) income excluding special items (Loss) Earnings Per Common Share: Basic Add back: Special items, net of tax Basic excluding special items $ Diluted Add back: Special items, net of tax Diluted excluding special items $ $ $ $ $ $ $ $ $ $ $ Three Months Ended March 31, 2020 1,588 $ 1,922 202 1,720 (334) 202 (132) -8.3% (354) 202 (152) -9.5% (268) 202 50 (116) (0.97) 0.55 (0.42) (0.97) 0.55 (0.42) $ $ $ $ $ $ $ $ $ $ $ $ 2019 1,871 1,795 12 1,783 76 12 88 4.7% 58 12 70 3.7% 42 12 3 51 0.14 0.02 0.16 0.14 0.02 0.16 18#19Operating Expense, Income before Taxes, Net Income and Earnings per Share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. For the first quarter of 2020, special items include the impairment charge of our Embraer E190 fleet resulting from the decline in demand caused by the coronavirus ("COVID-19") pandemic. Special items for the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition as well as one- time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced 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 impacts of these items. jetBlue 2020 Total operating expenses Less: NON-GAAP FINANCIAL MEASURE RECONCILIATION OF MONTHLY OPERATING EXPENSE EXCLUDING SPECIAL ITEMS (in millions) (unaudited) Special items Operating expenses, excluding special items January 31, $ $ 619 619 2020 February 29, $ $ 588 588 March 31, $ Month ended $ 715 202 513 January 31, $ $ 609 1 608 2019 February 28, $ $ 570 1 569 March 31, $ $ 616 10 606 19#20APPENDIX 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 2020 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 Short-term borrowings Operating lease liabilities - aircraft Adjusted debt Long-term debt and finance leases Current maturities of long-term debt and finance leases Short-term borrowings Operating lease liabilities aircraft Stockholders' equity Adjusted capitalization Adjusted debt to capitalization ratio $ March 31, 2020 1,908 326 983 174 3,391 1,908 326 983 174 4,366 7,757 44% December 31, 2019 1,990 344 $ 183 2,517 1,990 344 183 4,799 7,316 34% 20#21Adjusted Debt to Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("EBITDAR") Ratio Adjusted debt to earnings before interest, taxes, depreciation, amortization and rent ratio, or EBITDAR, is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. EBITDAR is calculated by adjusting GAAP operating income (trailing twelve months) for depreciation and amortization, special items, and current aircraft operating lease liabilities. jetBlue 2020 NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO EBITDAR RATIO (in millions) (unaudited) Long-term debt and finance leases Current maturities of long-term debt and finance leases Short-term borrowings Operating lease liabilities - aircraft Adjusted debt Operating income Depreciation and amortization Special items (1) Current operating lease liabilities - aircraft EBITDAR (1) Adjusted debt to EBITDAR ratio (¹) Trailing Twelve Months March 31, 2020 $ 1,908 326 983 174 3,391 390 540 205 47 1,182 2.9x Trailing Twelve Months December 31, 2019 1,990 344 $ 183 2,517 800 525 14 48 1,387 1.8x (1) For the first quarter of 2020, special items include the impairment charge of our Embraer E190 fleet resulting from the decline in demand caused by the coronavirus ("COVID-19") pandemic. Special items for the first quarter of 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. 21#22APPENDIX C: CONTRACTUAL ORDER BOOK jetBlue 2020 2020* 2021 2022 Total A220 1 7 8 16 A321NEO 7 5 12 Delivery schedule, as of May 7, 2020 *Includes 3 deliveries received in 1Q 2020 A321NEO LR 5 7 12 Total 8 17 15 40 22#23APPENDIX 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 2020 23