20APR200409520546 Dear Fellow Stockholders: What a difference five years makes. On February 11, 2005, JetBlue Airways celebrated its five-year anniversary. As we reflect on this occasion, we have much to celebrate and even more to look forward to. Thanks to the dedicated efforts of our outstanding crewmembers, 2004 was another very solid year for us; our fourth straight year of profitability. We closed the year having reported sixteen consecutive quarters of profitable results. In 2004, five airlines, representing 24% of industry capacity, were operating under bankruptcy protection. Collectively, U.S.-based airlines lost $5.2 billion for the year. Considering this, together with the escalating cost of fuel and the weak revenue environment that permeated the industry, our success in running a profitable airline was no small feat. As we move through 2005, we are confident that our business plan is strong and believe we are capable of continuing to deliver on the goal we set out with five long years ago: delivering profits for our stockholders and crewmembers while offering an excellent experience for our customers. A key part of JetBlue’s success is our devotion to keeping the brand fresh and, based on customer feedback, the continual improvement of our industry-leading product. Consistent with our original goals, our service continues to focus on taking the hassle out of air travel by offering customers what they want, and nothing they don’t. Customers today enjoy low, easy-to-understand fares, convenient flights, and pre-assigned leather seats with up to 34 inches of seat pitch. Additionally, we now offer up to 36 channels of free DIRECTV programming as well as Fox Premium Entertainment movies for a nominal fee. Later this year we will provide up to 100 channels of XM Satellite Radio