#1FRONTIER matters FRONTIER LOW FARES DONE RIGHT Company Presentation August 2021#2Disclaimer This presentation (including the accompanying oral presentation) is being delivered on behalf of Frontier Group Holdings, Inc. ("Frontier") ("we", "our", "us", or the "Company"). Before you invest, you should read the documents that the Company has filed with the SEC for more complete information about the Company. You may get these documents for free by visiting the SEC's website at www.sec.gov. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Sales and offers to sell our securities will only be made in accordance with the Securities Act of 1933, as amended, and applicable SEC regulations, including written prospectus requirements. Non-GAAP Financial Measures In addition to financial information prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this presentation includes certain non-GAAP financial measures. We believe these non-GAAP financial measures are useful indicators of our operating performance. Derivations of net income and EBITDA are well recognized performance measurements in the airline industry that are frequently used by our management, as well as by investors, securities analysts and other interested parties in comparing the operating performance of companies in our industry. Reconciliations of such information to the most directly comparable GAAP financial measures are included in the Appendix to these slides. The non-GAAP measures have limitations, and you should not consider them in isolation or as a substitute for our GAAP financial information. Special Note Regarding Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, order book, aircraft and engine performance, competitive positioning, potential market size and growth, availability of financing, continued impact of the COVID-19 pandemic, expected recovery of the airline industry after the COVID-19 pandemic, and plans and objectives of management for future operations are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Statistical Data, Estimates and Forecasts This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. Frontier Airlines®, Frontier®, the Frontier Flying F logo, FlyFrontier.com®, Discount Den®, Low Fares Done Right®, LFDR®, Save More. Get More®, The Sky is for Everyone®, myFrontier®, Early Returns®, Frontier Miles SM, The Works SM, The Perks SM, Kids Fly Free SM, and Friends Fly Free SM, are trademarks or servicemarks of Frontier in the United States and other countries. FRONTIER 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