JetBlue Announces Fleet Restructuring

• Defers 24 EMBRAER 190 Aircraft
• Converts 18 A320 Positions to A321s
• Places Order for 15 A321ceo and 20 A321neo Aircraft

JetBlue Airways Corp. (NASDAQ: JBLU) today announced plans to optimize its fleet, including:

• Deferral of 24 EMBRAER 190 aircraft from 2014-2018 to 2020-2022, reducing capital expenditures over the near term.

• Conversion of 18 Airbus A320 positions to A321s, better matching capacity with growing network demand in key markets while reducing unit costs.

• An incremental order for 15 A321ceo and 20 A321neo aircraft, providing increased fleet flexibility and offering up to 15 percent in fuel burn savings.

• Sharklet retrofit of up to 110 Airbus A320s in current fleet beginning in 2015

"We believe these fleet changes will provide increased ability to match capacity and demand throughout our network and reduce costs, leading to improved shareholder returns over the long term," said JetBlue President and CEO Dave Barger.

As a result of the fleet adjustments noted above, JetBlue will optimize its EMBRAER 190 fleet to approximately 60 aircraft in the near term.

"While the E190 is critical to our continued success in Boston and San Juan, we are now at the point where our network growth calls for larger gauge aircraft," Mr. Barger said. "In addition to allowing us to more cost-effectively serve certain high density markets, we believe our fleet restructuring plan will allow us to accelerate attractive growth opportunities at Fort Lauderdale/Hollywood International Airport."

JetBlue has converted 18 A320s to A321s. The A321 is expected to have unit costs 10 to 15 percent lower than those of the A320 aircraft it will replace, driven in part by a 10 to 15 percent improvement in fuel consumption per seat. "With significant savings from increased fuel efficiency and better utilization of our airport slot portfolio in key markets, we believe these A321 aircraft will improve our company's profitability," Mr. Barger said.

The fleet changes announced today will enable JetBlue to add 15 incremental A321ceo aircraft to its fleet by 2017, while deferring 24 E190 aircraft. "With today's announcement, we are reducing our capital commitments through the next three years, which is consistent with our free cash flow and return on invested capital goals," said JetBlue Chief Financial Officer Mark Powers.

In addition, JetBlue has placed an order for 20 A321neo aircraft for delivery beginning in 2018. Fuel savings associated with the new engine option A320 family is forecast to be approximately 12 to 15 percent compared to the current engine option A320 family.

JetBlue expects to retrofit up to 110 Airbus A320s in its existing fleet with sharklets beginning in 2015. Sharklets are expected to reduce fuel consumption by up to three percent.

Estimated Aircraft Delivery Schedule

* JetBlue converted 8 A320ceo positions to A321ceo positions including 7 in 2017 and 1 in 2018
** JetBlue converted 10 A320neo positions to A321neo positions including 5 in 2018 and 5 in 2019