Investor Presentation September 16, 2020 Disclaimer 2 - PowerPoint PPT Presentation

Investor Presentation September 16, 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. Company has used non-GAAP financial measures in this presentation, including Adjusted EBITDAR, Adjusted EBITDAR Margin, 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

4 Spirit at a Glance Overview Key Facts • Largest ultra low-cost carrier in the United States offering low, unbundled base fares to value-conscious customers • Broad, largely U.S. domestic network focused on point-to-point flying for cost efficiency and 75 Destinations Served More than 600 operational flexibility Daily Flights (1) Across the U.S., the Caribbean and Near Latin America (2) • Serves 23 of the Top 25 U.S. metros, many large U.S. leisure markets and 27 destinations in Latin America and the Caribbean (1) Almost entirely leisure / VFR (3) customer base • • Uniform fleet of young, fuel-efficient Airbus A320 2019A Revenue / EBITDAR (Margin): ~35mm Passengers family aircraft $3,831mm / $927mm (24%) Served in 2019 1. As of December 31, 2019. 2. As of September 2020. Includes international destinations not currently serving due to COVID-19 restrictions, announced new destinations where service has not yet begun, and seasonal destinations. 3. Visiting Friends & Relatives.

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 • 75 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 90% Domestic Flights (1) (100% in the Americas) 1. As of September 2020. Includes international destinations not currently serving due to COVID-19 restrictions, announced new destinations where service has not yet begun, and seasonal destinations.

7 Providing Choice and Savings Brand New Fleet & Seats Select Unbundled Product Offerings BIG FRONT SEAT TM Standard Seat In-flight Food Priority & Beverage Boarding Carry-on Ticket Baggage Printing Checked Online Luggage Booking • • Ergonomic headrest with plush memory foam Padded with ultra-light weight foam that adds comfort without increasing weight, maintaining Seat • Sleek Spirit-branded aesthetic with yellow and Phone high fuel efficiency Selection & black stitching Booking • Ergonomically-designed lumbar support Upgrades • Memory foam also in the seat cushion for comfort • and thigh support Middle seats provide an extra inch of width Spirit’s focus on ancillary products allows customers to pay only for what they need or want, which minimizes their total fare and maximizes revenue for Spirit

8 Improving our Guest Experience • Booking Experience New Modernized Website • Updated ancillary combo options and merchandising • Launched new hotel/ car provider to provide improved content • Enhanced Mobile App • Facilitates touchless experience • Push notifications to promote seats • Launched WhatsApp and Apple Business Chat for Seamless Communications • New texting and messaging solution allows guests to ask questions, modify travel and make reservations Airport Experience • Kiosks enabled with self-bag tagging • Launched first self bag drop machine – will roll out further in 2020 and 2021 • Launched biometric facial recognition • Improve guest throughput • Reduce wait times • Increase connectivity

Operational Performance 9 • Consistently achieving among the best operational performance • Spirit achieved 1st place ranking in both On-Time performance and Completion Factor (as measured by the DOT) for March, May, and June 2020 Industry Excluding Spirit D.O.T. On-Time % (1) Completion Factor (2) 100% 100% 95% 95% 90% 90% 85% 85% 80% 80% 75% 75% 70% 70% 65% 65% 60% 60% 55% 55% 50% 50% (3) (3) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 YTD Aug-20 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 YTD Aug-20 (4) (4) 1. Arrivals within 14 minutes of scheduled arrival time as reported by the Department of Transportation. 2. Percentage of domestic scheduled flights (as defined by the D.O.T.) completed. 3. April 2020 operational performance was negatively impacted by the dramatic schedule changes following the onset of the COVID-19 pandemic. 4. Industry Jun, July, August and YTD August 2020 are based on preliminary data.