Investor Presentation May 19, 2020 Disclaimer 2 Forward-Looking - PowerPoint PPT Presentation

Investor Presentation May 19, 2020

Disclaimer 2 Forward-Looking Statements in this presentation and certain oral statements made from time to time by representatives of the Company contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act) which are subject to the “safe harbor” created by those sections. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are “forward-looking statements” for purposes of these provisions. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential,” and similar expressions intended to identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding revenues, capacity and passenger demand, additional financing, capital spending, operating costs, hiring, and stakeholders, vendors and government support, as well as statements regarding the Company’s restatement and amendment to its previously filed 10-K and remediation of its material weakness. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Furthermore, such forward-looking statements speak only as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth or referred to above. Forward-looking statements speak only as of the date of this presentation. You should not put undue reliance on any forward- looking statements.

Disclaimer 3 Non-GAAP Financial Information: The Company has used non-GAAP financial measures in this presentation, including Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income, Adjusted Net Income Margin, Diluted Adjusted Loss Per Share, and CASM ex Fuel . Adjusted financial measures refer to financial information adjusted to exclude from financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP") items identified in this presentation. The Company believes that the presentation of adjusted financial results provides additional information on comparisons between periods including underlying trends of its business by excluding certain items that affect overall comparability. The non-GAAP financial measures contained herein have limitations as analytical tools and should not be considered in isolation or in lieu of an analysis of our results as reported under U.S. GAAP. These non-GAAP measures should be evaluated only on a supplementary basis in connection with our U.S. GAAP results, including those reported in our consolidated financial statements and related notes thereto contained in our Annual Report on Form 10-K/A for the year ended December 31, 2019. Reconciliations of the non-GAAP financial measures to GAAP financial measures used in this presentation are available in the appendix to this presentation.

Company Overview

5 Differentiated From Rest of U.S. Airline Industry Operating Consistently among the best in the U.S. Industry; profitable at very low fares Margin Cost Industry-leading cost structure and large relative cost advantage; potential to Advantage widen cost advantage relative to peers during COVID-19 Balance Strong liquidity pre COVID-19 bolstered by recent cost reduction, capital Sheet preservation, government support, and capital markets initiatives Strong Track Record Extensive track record of consistent revenue growth and profitability Focus on Focus on price sensitive leisure and VFR demand which has proven to be resilient Leisure / VFR and we expect to rebound first post COVID-19

6 Spirit: Largest ULCC in the Americas • 77 destinations • Diversified network; primarily low frequency, point-to-point • Heavily weighted towards young VFR demographic • Large domestic network; serve 23 of the Top 25 U.S. metros, and many large U.S. leisure markets • Domestic network enhanced with service to destinations in Latin America and the Caribbean • Demographic affinity between Florida & Caribbean / Latin America Data as of 2/5/20; number of destinations reflects announced services even if operations have not begun.

7 Resilient Business Model Low Cost Strong Liquidity Network Simple Fleet • Able to nimbly adjust • $1.1bn of liquidity at the • Point-to-point route • Single fleet type reduces business to changing outbreak of the COVID-19 model produces various costs, including situations pandemic operational efficiencies maintenance, personnel, and drives cost savings and training • Low cost structure • Currently has ~$650m in • Provides flexibility to • Allows for aircraft provides solid platform to unencumbered tangible withstand current COVID- assets that can serve as adjust route network to substitution without 19 crisis collateral for additional meet changing demand service disruption financing • More profitable than • Increases ability to • Average daily cash burn most other carriers at low recover during irregular rate (1) of ~$4m per day, fares operations which is expected to improve during second half of 2020 Spirit is well positioned to weather the COVID-19 crisis and will continue to adjust its business to best protect and serve its customers, employees, and shareholders 1. Estimated average daily cash burn rate is calculated as the sum of operating cash outflows, debt service, fleet capex net of financing and pre-delivery deposit payments which estimate has been based upon historical data for the months of March, April and May 2020. It does not include the impact of any financings, capital raises, or the funds from PSP.

8 Spirit Outperforms Against Primary Competitors Stage-Length Adjusted CASM (Ex Fuel) (1) Advantage • Our cost advantage allows us to profitably price at levels below competitors’ breakeven fare 2019 stage-length adjusted CASM (ex fuel) for peers was ~96% higher than Spirit on average • Higher cost carriers subsidize matching low domestic 126% 123% fares with high corporate and long-haul international 112% yields 67% 50% • Well positioned for quick recovery given low exposure to business and long-haul international travel AAL UAL DAL JBLU LUV Adj. EBITDAR (3) / Avg. Aircraft (4) ($ in millions) Adj. EBITDAR Margin (2) 24.2% $7.2 $6.9 20.5% 19.4% $6.4 17.8% $5.8 $5.6 16.5% 15.3% $4.5 DAL SAVE UAL LUV JBLU AAL SAVE DAL LUV JBLU UAL AAL Note: Data as of the year ended 12/31/2019. Peer financial information derived from public filings. Excludes special items and reported non-airline expenses for all carriers. Seat weighted stage length adjusted to 1000 miles. Formula = CASM multiplied by (airline stage length/1000)^ 0.5 . Seat weighted stage length based on 1. published schedules for twelve months ended 12/31/2019. See Appendix for reconciliation detail to most comparable GAAP measure for Spirit. 2. Adj. EBITDAR Margin is a Non-GAAP financial measure. Non-GAAP financial measures are reconciled to the most directly comparable GAAP financial measures in the appendix. 3. Adj. EBITDAR is a Non-GAAP financial measure. Non-GAAP financial measures are reconciled to the most directly comparable GAAP financial measures in the appendix. 4. Peer average aircraft figures include all mainline and regional aircraft.

9 Demonstrated History of Growth and Profitability Adj. Net Income (1) ($ in millions) Available Seat Miles (billions) Revenue ($ in millions) 5.5% 9.1% $3,831 41.8 $349 $781 8.1 $43 2010 2019 2010 2019 2010 2019 Adj. Net Income Margin (2) Note: Data as of the year ended 12/31/2019. 1. Adjusted Net Income is a Non-GAAP financial measure. Non-GAAP financial measures are reconciled to the most comparable GAAP financial measures in the appendix. 2. Adjusted Net Income Margin is a Non-GAAP financial measure. Non-GAAP financial measures are reconciled to the most comparable GAAP financial measures in the appendix.