content_image/273897.jpg
## Investing in our Future 

We remain committed to prudent capital deployment and continued to strengthen our balance sheet in 2013. Total debt declined even as we grew our fleet and network. We also increased our total available lines of credit to $550 million. We believe deploying available cash to pay down debt and purchase aircraft enhances the balance sheet and improves returns for our shareholders. 

Maintaining a strong balance sheet also gives us the flexibility to invest in the business. We plan to continue to focus our investments on those areas of the business which align closely with our customer needs and with the greatest opportunities to drive profitable growth. 

## A Look Ahead 

The airline industry is more competitive than ever. The global marketplace is in a state of constant change and the needs of our customers continue to evolve. We believe our strong brand and differentiated product will help us continue to successfully compete in this dynamic environment. 

Our long-term financial goals are to improve our return on invested capital (ROIC) by one percentage point per year on average by expanding margins and further strengthening the balance sheet. We believe these goals are attainable. 

The key drivers of 2014 margin and ROIC expansion will be: 

•  Cost Control: Our strong culture, point to point network and highly-engaged workforce allow us to achieve industry-leading productivity metrics, an important driver of maintaining competitive costs. Over the long term, we expect significant operating and cost efficiencies from our new A321 aircraft and the sharklet retrofit of our A320 fleet beginning in 2015 will help us significantly reshape our cost dynamic and improve margin performance. 

•  Revenue: We believe a maturing network, new product offerings such as Mint and Fly-Fi, along with ancillary revenue initiatives will further improve our revenue performance. 

•  Balance sheet: Since 2008, we have reduced total debt by approximately $600 million, resulting in lower interest expense and decreasing financial risk within our business. 

In furtherance of these goals, our former Chief Commercial Officer, Robin Hayes, was promoted to President effective January 1, 2014. We believe better alignment between our commercial and operational teams will improve results. 

I am often asked what JetBlue might look like years from today. JetBlue is a company that was built on innovation. It defines and differentiates us. We believe our mission to “inspire humanity” will continue to help shape our strategies and serve our stakeholders well. We will continue to invest in innovation and work with our customers to understand their changing needs. Evolving as our customers evolve is vital to our long-term success. 

On behalf of our 15,000 dedicated Crewmembers, thank you for your continued support. 

Most Sincerely, 

<img src='content_image/273897.jpg'>

