#1FRONTIER matters FRONTIER LOW FARES DONE RIGHT Company Presentation August 2021#2#3#4Post-COVID Debt Burden has Potential to Widen Cost Advantage Principal and Interest Payments from Incremental Debt Issued During the Pandemic, per Passenger ($) 1 21 Other Airlines ● • Other U.S. airlines added approximately $80 billion of debt to their balance sheets due to COVID-19 ● Interest expense will burden those who borrowed heavily, providing an opportunity for Frontier to expand its relative cost advantage Note: Incremental debt reflects debt raised during 2020 and 1H 2021 from public filings as of 8/3/21; Principal and interest payment per passenger reflects the average annual payment assuming 5 years amortization and 2019 passenger count; Other airlines include Big 4 (American, Delta, Southwest and United), Middle 3 (Alaska, Hawaiian and JetBlue), Spirit and Allegiant; Source: Respective companies' public filings FRONTIER#5#6#7#8#9#10#11#12#13#14#15#16#17#18#19