#1FRONTIER FRONTIER LOW FARES DONE RIGHT" Initial Public Offering Roadshow Presentation March 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"). The Company has filed a registration statement (including a preliminary prospectus) on Form S-1 (File No. 333-254004) with the U.S. Securities and Exchange Commission (the "SEC") for the offering to which this presentation and the accompanying oral presentation relate. Such registration statement has not yet become effective. Before you invest, you should read the preliminary prospectus in that registration statement and other documents that the Company has filed with SEC for more complete information about the Company and this offering. You may get these documents for free by visiting the SEC's website at www.sec.gov. Alternatively, copies of the prospectus, when available, may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146), Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email at [email protected] or telephone at 1-888-603-5847) Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York NY, 10005, by telephone at 1-800-503-4611 or by emailing [email protected], from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at 888-474-0200, or by email at [email protected]. This presentation and the accompanying oral 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®, EarlyReturns®, Frontier Miles, The Works, The Perks, Kids Fly Frees, and Friends Fly Free, are trademarks or servicemarks of Frontier in the United States and other countries. FRONTIER 2#3Offering Summary Issuer Ticker / Exchange Shares Offered / Transaction Size Over-Allotment Filing Range Use of Proceeds Expected Pricing Date Lock-Up Period Active Bookrunners Passive Bookrunners Junior Passive Bookrunners FRONTIER Frontier Group Holdings, Inc. ULCC / Nasdaq 30,000,000 shares of common stock / $600MM IPO at mid-point of the range (50% secondary, 50% primary) Up to 15% of shares offered (100% secondary) $19.00-$21.00 per share of common stock. General corporate purposes March 31, 2021 180-day lock-up for company, directors and executive officers, and selling stockholders Citigroup, Barclays, Deutsche Bank Securities, Morgan Stanley, Evercore ISI BofA Securities, J.P. Morgan, Nomura, UBS Investment Bank Cowen, Raymond James 3#4Proven ULCC Leadership Team Barry Biffle President & Chief Executive Officer James Dempsey Chief Financial Officer Howard Diamond General Counsel & Corporate Secretary Jake Filene Senior Vice President, Customers Daniel Shurz Senior Vice President, Commercial Trevor Stedke Senior Vice President, Operations FRONTIER Industry experience (years) 26 18 7 24 21 27 ULCC/LCC experience (years) 16 18 7 15 12 10 Financial Sponsor Indigo Partners Bill Franke, Chairman Select current & previous investments Wyzz volaris spirit#5America's Lowest Fare, Lowest Cost Leisure Airline 104 aircraft, all Airbus A320 family 23M passengers 96% domestic 89% leisure ~110 airports 333 nonstop routes 156 aircraft on order to support growth San Francisca Free Ontario Los Angeles Orange County an Las Vegas San Diego Spokane Cabo San Lucas/EXICO Los Cabos Puerto Vallarta Bringe Sat Lake City Phoenix Tuos Cancun Carimal Denver El Paso Colorado Spr Guatemala City San Salvador Mirepoint P Sou Fall Omatu Desi Wichta Kansas City Okatoma City Dallas/Ft. Worth Austin Minguee Grand Rapids Chicago O'Hare Man *St. Louts Uttle Rock 20+ Non-stop routes served 10-19 Non-stop routes served 5-9 Non-stop routes served 1-4 Non-stop routes served Montego Bay Burtalo New Orleans Syracuse Cincinnati Nashville Isilp/Long Island Detrol is renton Philadelphia Newark/NYC-work/a Cleveland Knowle Albany Atlanta Portland -Nortolk Charlotte Tampa Ft. Myerte Raleigh/Durham Jackamilia Orlando Boston Miami Punta Cana Santo Dominge St Thomas 1: For the Year Ended December 31, 2019; Note: Passengers & domestic passengers reflect year ended December 31, 2019; 11M passengers & 97% domestic in year ended December 31, 2020; Destinations, routes and map reflect schedule available for sale as of March 2021; Aircraft and aircraft on order reflects commitments as of December 31, 2020; Leisure passenger mix reflects survey of passengers in seven months ending February 29, 2020; Source: Company filings FRONTIER Fn1 5#6Post-COVID Debt Burden has Potential to Widen Cost Advantage Principal and Interest Payments from Incremental Debt Issued During the Pandemic, per Passenger ($) 1 16 Other Airlines Other U.S. airlines added approximately $58 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 from public filings as of 12/31/20; Principal and interest payment per passenger reflects the average annual payment assuming 5 years amortization and 2019 passenger count; Other airlines include Big 4, Middle 3, Spirit and Allegiant; Source: Respective companies' public filings FRONTIER 6#7Post-COVID Fare Advantage has Potential to Expand Average Fare per Domestic Journey $54 F 2019 $202 Note: Legacy airlines include American, Delta, United Source: Respective companies' public filings; U.S. DOT FRONTIER $294 50% of passengers $110 50% of passengers Legacy airlines 10pt reduction in high-fare travel mix... ...requires $30 increase in lower fares $202 $294 40% of passengers $140 60% of passengers Legacy airlines, 10% mix shift Frontier's long-standing focus on leisure travel requires no change in fare levels to achieve profitability assuming leisure travel fully returns post-COVID, but our fares will be even more attractive if legacy leisure fares climb 7#8Lowest Cost Wins Southwest, post- Gulf War Ryanair, post-9/11 Spirit, post- Financial Crisis EBITDAR Margin 15.1% 8.1% 1991 36.6% 5.3% 2002 16.3% 10.9% 2008 +561 bps (45) bps + 309 bps +35 bps + 1320 bps +627 bps > Industry Average EBITDAR Margin Note: EBITDAR margin reflects eamings before interest, taxes, depreciation, amortization, and aircraft rent expense, divided by revenue Source: Respective companies' public filings FRONTIER 20.7% 7.6% 1992 39.7% 5.7% 2003 29.5% 17.2% 2009 8#9Lowest Cost Airline in the United States Adjusted CASM + Net Interest, 2019 (cents) Stage length adjusted to 1,000mi % higher vs. Frontier 7.84 8.09 Spirit 3% 8.79 10.70 12% 11.45 36% 11.48 46% Allegiant Southwest Alaska Hawaiian JetBlue American Delta 12.18 46% 13.62 55% 13.62 74% 74% 13.77 United 76% 1: For the Year Ended December 31, 2019; Note: Stage length adjustment formula = CASM multiplied by square root of (airline stage length/1000): Adjusted CASM removes one- time or special items; Excludes JBLU non-airline costs and DAL third party refinery sales; Includes LUV, UAL & DAL profit sharing; Includes UAL third-party business expenses; Stage length for AAL, ALK, DAL, HA and UAL reflects LTM 12/31/19 schedule data; See Appendix for reconciliation of non-GAAP financial metrics Source: Respective companies' public filings & schedules FRONTIER Fn1#10Lowest Fares & Highest Ancillary Low fares to stimulate leisure demand Average Fare, 2019 ($) % higher VS. Frontier 53 % of total revenue 52.86 55 2017 47% 4% Ancillary revenue leader Frontier Non-fare Passenger and Other Revenues, per passenger ($) 62 53.93 2018 50% Spirit Allegiant Southwest Delta American JetBlue 17% 57.11 122 2019 52% 160 130% 160 202% 168 202% 217% 174 Hawaiian 228% 178 II Alaska 183 236% United 245% Discount Den Travel Club: Join for exclusive access to our lowest fares Frontier World Mastercard: Earn up to 5x Miles/$1 Spent Works & Perks Bundles: Save when you purchase seat assignments, baggage, flexibility, and priority boarding together Stretch Premium Seating: Enjoy extra legroom & recline Low breakeven² $94 cost per passenger $57 non-fare pax. & other revenue per passenger $37 breakeven fare per passenger 1: For the Year Ended December 31, 2019; 2: At 2019 Load factor (86.1%), Average seats per departure (192), Adjusted CASM + not interest (7.65), and Average stage length (1,051 mi); Note: Average fare metric reflects, by carrier, Frontier: Fare revenue per passenger, Spirit: Fare revenue per passenger flight segment, Allegiant: Average fare - scheduled service, all other airlines: U.S. DOT Form 41 Domestic Transport Revenue/Revenue Passengers Enplaned; Source: Respective companies' public filings; U.S. DOT FRONTIER 10 Fn1#1197 MPG per Seat: Structural Fuel Cost Advantage Available Seat Miles (ASMS) per Gallon, 2019 I 97 89 82 Spirit Allegiant 77 Alaska 76 America's Greenest Airline 43% more miles per gallon¹ vs. weighted average of other U.S. airlines: Single, modern fleet type: Airbus A320 family Youngest fleet - average age 4 years at YE20 Fast adoption of new engine technology: 58% at YE20; 87% at YE25 per fleet plan Lightweight seats; efficient seating layout . Our 2019 fuel savings of 125M gallons are equivalent to eliminating 438 billion. plastic straws: Learn more at FlyGreener.com 76 72 66 Other airline average: 68 65 Hawaiian Southwest JetBlue United Delta 63 American 1: For the Year Ended December 31, 2019; Note: America's Greenest Airline as measured by fuel efficiency in 2019; Other airline average calculated as weighted average; Savings calculated vs. weighted average fuel burn of other U.S. airlines; Source: Respective companies' public filings FRONTIER 11 Fn1#12Some Fly Big, Some Fly Small - We Fly All Domestic Passengers by Market Size (Passengers per Day Each Way), 2019 Large: 500+ pax. Midsize: 200-499 pax. Small: 10-199 pax. 46% 23% 31% Domestic industry total 51% 24% 25% 69% Note: Market size data reflects FY19 DOT O&D; excludes markets with fewer than 10 daily passengers Source: Respective companies' public filings; U.S. DOT FRONTIER 20% 11% Spirit 2% 10% 88% Allegiant Broad presence in large, midsize and small markets, with deep experience in every theatre 12#13Growth Franchise Provides More Opportunities Number of Domestic Connect-the-Dots Route Opportunities Without Existing ULCC Presence¹ 2019 daily industry passengers on domestic opportunity routes Selling schedule, as of March 2021 # of airports served # of routes served Average frequency per day 512 305K 110 333 0.6 258 167K Spirit 79 319 1.1 Proven ability to capture growth opportunities, in any market size and competitive environment 151 84K Allegiant 128 563 0.3 1: Opportunity includes domestic routes within the range of A320 family aircraft with over 100 passengers per day each way in FY19, excluding Federally slot controlled airports and routes within each airline's existing network; Note: Schedule data reflects systemwide (domestic & international) selling schedule for each airline as of March 15, 2021 Source: Respective companies' public filings and schedules; U.S. DOT FRONTIER 13#14At 10% Share, U.S. ULCCs are Just Getting Started As compared to Frontier's ultra-low unit cost structure: • 90% of the U.S. market is 35% + higher unit cost Over half of the U.S. market is 70%+ higher unit cost Intra-Europe seat share of three largest ULCCS Ryanair, EasyJet & Wizz¹: 2007: 15% 2014: 24% 2019: 30% ● Domestic Passenger Share, 2019 JetBlue Hawaiian Alaska Southwest Adjusted CASM + Net Interest, stage-adjusted, relative to Frontier 70%+ higher 35-69% higher Within 35% Spirit Allegiant American Delta United 1: Market share as measured by seat capacity on Intra-Europe routes excluding Russia & Turkey; Note: Stage length adjustment formula = CASM multiplied by square root of (airline stage length/1000); Stage length for AAL, ALK, DAL, HAL, & UAL reflects LTM 12/31/19 schedule data; Source: Respective companies' public filings and schedules FRONTIER 14#15Frontier Thrives in Challenging Environments Adjusted net income (SM) 236 FY16 Industry fare pressures & capacity growth 2016-2019: $1.3B cash generation¹ $901M adjusted net income 206 FY17 Fare war 183 FY18 Labor disruption & crude oil increases to $65+/barrel 276 1: Cash generation defined as Adjusted EBITDA less net capital expenditures (capex, net PDP payments, and proceeds from sale of equipment) Source: Company filings FRONTIER FY19 New pilot & flight attendant contracts 15#16Strong Relative 2020 Performance; ULCC Model Resilient Only U.S. airline to achieve positive 2020 EBITDAR¹ Load Factor Full Year 2020 Capacity % Decline (ASMS) Y/Y - Full Year 2020 RASM % Decline Y/Y - Full Year 2020 EBITDAR Margin Full Year 2020 Net Income Margin Full Year 2020 Net Income per Aircraft per Day² Full Year 2020 67% (40%) (17%) 5% (18%) (6.1K) Other ULCCs Middle Three 64% (26%) (31%) (6%) (21%) (6.5K) 59% (52%) (25%) (38%) (48%) (15.4K) Big Four 58% (48%) (28%) (37%) (51%) (17.6K) 1: Among U.S. carriers of significant size; 2: Aircraft count is the average of the period end and the four previous quarter ends (previous year 4Q + 1-40 noted year) where available and the average of FY19 and FY20 otherwise; Note: Other ULCCS, Middle Three, and Big Four based on simple average calculations; EBITDAR calculated as operating income plus Depreciation & Amortization plus aircraft rent/operating lease costs per company filings; Source: Respective companies' public filings FRONTIER 16#17Frontier Avoided Debt Explosion Change in Total Adjusted Debt FY 2019 to FY 2020 (%) 4% 23% 0.1x 0.6x 38% Allegiant 2019-2020 Adj. Debt Increase / 2019 EBITDAR, (x) 0.9x 58% Hawaiian 1.0x Alaska 23% 1.1x 36% American 1.4x 60% Spirit 1.6x United 82% 1.7x JetBlue 104% 205% 1.8x 1.8x Delta Southwest Comprehensive response to COVID-19 impacts • Disciplined capacity deployment, including ongoing cancellations of cash-negative flying, enabled by modular network • Returned aircraft to service in line with demand; adjusted aircraft delivery schedule to match recovery profile • Collaborated with unionized work groups to achieve voluntary leave agreements, reducing cost and providing employees with additional flexibility • Deferred non-essential maintenance projects and reduced non-essential capital expenditures • Reduced discretionary expenses Note: Figures as of year-end for 2019 and 2020. Adjusted debt calculated as total debt plus operating lease liabilities per company filings; EBITDAR calculated as operating income plus Depreciation & Amortization plus aircraft rent/operating lease costs per company filings: Source: Respective companies' public filings FRONTIER 17#18High Growth + Strong Financial Results Available Seat Miles (millions) 22,049 2017 635 +11.7% 2017 33% 24,629 2018 Adj. EBITDAR ($M) and Adj. EBITDAR Margin (%) 755 582 +14.2% 28,120 2018 27% 2019 2019 30% Passengers (thousands) 17,008 2017 206 +16.7% 2017 11% 19,843 2018 Adj. Net Income ($M) and Adj. Net Margin (%) 276 183 +15.0% 22,823 2018 8% 2019 2019 11% Note: Effective 1/1/19 under lease accounting standard ASU 2016-02, gains on sale-leaseback transactions (subject to adjustment for off-market terms) are recognized immediately; See Appendix for reconciliation of Non-GAAP financial metrics: Source: Company filings FRONTIER 18#19Strong Model for Cash Generation Strong Cash Generation Adjusted EBITDA less net capex per aircraft, 2019 (SM) 3.6 F 1.2 1.6 2.7 Other ULCCs Middle Three Big Four High Cash Conversion Adjusted EBITDA less net capex / adjusted EBITDA, 2019 84% 21% 30% Other ULCCs Middle Three 49% Big Four Note: Net capital expenditures defined as capex, net PDP payments, and proceeds from sale of equipment; Full year aircraft count is the average of the period end and the four previous quarter ends (previous year 4Q + 1-4Q 2019); See Appendix for reconciliation of Non-GAAP financial metrics; Source: Respective companies' public filings FRONTIER 19#20Outperforming Other ULCCS Lowest Unit Costs Adjusted CASM + Net Interest, Stage length adjusted to 1,000mi, 2019 (cents) % H/(L) VS. Frontier 7.84 8.09 8.79 Spirit Allegiant 3% 12% Highest Profit Per Plane Adjusted EBITDAR per aircraft, 2019 (SM) 8.4 6.8 6.1 Spirit Allegiant (18%) (27%) Strong Cash Generation Adjusted EBITDA less capex per aircraft, 2019 (SM) 3.6 2.2 0.2 Spirit Allegiant (38%) (96%) 1: For the Year Ended December 31, 2019; Note: Adjusted CASM removes one-time or special items; Stage length adjustment formula = CASM multiplied by square root of (airline stage length/1000); Full year aircraft count is the average of the period end and the four previous quarter ends (previous year 40 + 1-40 noted year); See Appendix for reconciliation of Non-GAAP financial metrics; Source: Respective companies' public filings FRONTIER 20 Fn1#21Fleet Plan Positioned for Continued Growth Lease returns & used aircraft market provide flexibility to scale up or down Aircraft at YE, net of returns A321neo (up to 240 seats) A320neo (186 seats) A321ceo (230 seats) A320ceo (180-186 seats) A319ceo (150 seats) % neo % A321 Avg. seats per aircraft Deliveries Lease returns Net change 84 2018 39% 25% 192 18 (12) +6 98 104 18 110 52% 58% 66% 21% 20% 19% 192 193 194 9 (3) +6 2019 2020 2021 2022 2023 120 13 (7) +6 73% 22% 196 Opportunity to benefit from COVID market conditions for additional growth: lease extensions, secondary market, etc. 14 (4) +10 133 148 19 (6) +13 2024 80% 84% 34% 43% 203 208 165 87% 44% 208 170 2025 2026 2027 19 25 (4) (8) +15 +17 181 89% 92% 49% 51% 211 213 25 28 (20) (17) +5 +11 +14 Note: A321neo aircraft includes A321neo and A321XLR; A321neo as illustrated assumes Company executes option to convert 18 A320neo aircraft to A321XLR; Average seats assume A321neo at 240 seat count, and that 4 A320ceo with 186 seats retire in 2024, remainder of A320ceo have 180 seats; Source: Company filings FRONTIER 182 A321neo A320neo 2028 97% 50% 213 13 (12) +1 21#22Frontier Makes Money First Adjusted CASM + Net Interest, 2019 (cents) Stage length adjusted to 1,000mi 15¢ 14¢ 13¢ 12¢ 11¢ 10¢ 9¢ 8¢ 7¢ 7.84 8.44 Other ULCCS Allegiant Spirit 49% higher than Frontier 11.70 Middle Three Alaska Hawaiian JetBlue 65% higher than Frontier 12.93 Big Four American Delta Southwest United Frontier RASM for 10%+ op. margin Note: Stage length adjustment formula = CASM multiplied by square root of (airline stage length/1000): Other ULCCS, Middle Three, and Big Four based on simple average calculations; Adjusted CASM removes one-time or special items; Excludes JBLU non-airline costs and DAL third party refinery sales; Includes LUV, UAL & DAL profit sharing: Includes UAL third-party business expenses; Stage length for AAL, ALK, DAL, HA and UAL reflects LTM 12/31/19 schedule data; See Appendix for reconciliation of non-GAAP financial metrics; Source: Respective companies' public filings and schedules FRONTIER 22#23Pro Forma Capitalization $ millions Cash and cash equivalents Current maturities of long-term debt, net Long-term debt, less current maturities Total debt Total stockholders' equity Total Capitalization Current maturities of operating leases Long-term operating leases Total Capitalization, including operating leases Actual as of 12/31/20 ● 378 101 247 348 310 658 416 1,848 2,922 IPO Adj. (1) 276 276 276 As Adjusted 654 101 247 348 586 934 416 1,848 3,198 PSP2(2) 140 12 12 128 140 Receipt As Adj. With of Tax PSP2 & Tax Receivable (3) Receivable 161 Additional liquidity drivers Expect cash positive position for March; there can be no assurance that this trend will continue American Rescue Plan extends payroll support through September 2021, similar terms to PSP2 $424 million available to borrow under the U.S. Treasury loan until May 28, 2021 955 101 259 360 714 1,074 416 1,848 3,338 (1) Gives effect to the receipt of the estimated net proceeds by us from this offering (based upon the midpoint of the range set forth on the cover page of the prospectus), after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us: (2) We received the first installment of PSP2 in the amount of $70 million on January 15, 2021, and received a second installment of $70 million on March 5, 2021; (3) As of December 31, 2020, we had a $161 million income tax receivable, primarily resulting from our net operating losses generated in 2020, which we expect to collect during 2021, though there is no guarantee this will be received as expected; Source: Company filings FRONTIER 23#24Lowest Cost, Lowest Fare, Well Positioned for Recovery FRONTIER LOW FARES DONE RIGHT Lowest Cost America's Greenest Airline Lowest Fare Ancillary Revenue Leader Proven Profitability & Cash Generation Outperformance Large Growth Opportunity with Leisure Focus FRONTIER Note: Lowest Cost, Lowest Fare, and Ancillary Revenue Leader for the Year Ended December 31, 2019 FRONTIER FRONTIER 24#25FRONTIER Appendix#26Frontier Leads the COVID Health & Safety Response "Leading the pack and doing a really good job on safety is Frontier - they have been amazing." - Sara Nelson, International President, Association of Flight Attendants Modern fleet, with air exchange up to every three minutes and HEPA air filters similar to a hospital environment Implemented enhanced cleaning & sanitation protocols, including fogging Only U.S. airline conducting temperature screenings for all passengers and crew prior to boarding Source: CNBC; Company filings FRONTIER Committed to You 6FT Maintaining social distance with signage, boarding process changes, and partitions One of the first carriers to require face coverings for all passengers and crew One of the first carriers to implement a health acknowledgement prior to check-in 26#27America's Most Efficient Fleet Youngest Fleet Average fleet age as of 12/31/20 (years) 7 Spirit Hawaiian 9 9 Alaska 11 11 JetBlue American 12 14 14 Delta Southwest 16 United Allegiant Fastest Adoption of New-Engine Aircraft % of fleet using new engine technology as of 12/31/20 58% 30% Hawaiian 20% | Spirit 13% 10% American United 9% 6% 5% 5% Delta Southwest Alaska JetBlue 0% Allegiant 87% of fleet planned to be new-engine aircraft by YE2025; Operating a single fleet of A320 family aircraft drives further scale efficiencies Note: Reflects mainline fleet counts as of 12/31/20; New engine technology aircraft include A220, A320neo family, A330neo, A350, and similar aircraft from other manufacturers Source: Respective companies' public filings FRONTIER 27#28America's Greenest Airline - FlyGreener.com The superior efficiency of our fleet vs. the weighted average efficiency of other U.S. airlines saved 125 million gallons of jet fuel in 2019 alone, equivalent to... Eliminating 438 Billion Plastic Straws FRONTIER RUFFRONTIER.COM Eliminating 18.6 Billion Plastic Bottles Carbon Sequestered by 18 Million Trees Grown for 10 Years Flying the distance of 130 missions to the moon and back! 1: For the Year Ended December 31, 2019; Note: America's Greenest Airline as measured by fuel efficiency in 2019; Savings calculated vs. weighted average fuel burn of other U.S. airlines; Moon mission reflects (gallons saved Frontier 2019 average aircraft miles per gal. Vround-trip distance to moon; Source: Company filings; U.S. EPA Equivalencies Calculator FRONTIER 28 Fn1#29Leisure Travel Already Leading the Recovery Industrywide number of tickets sold as % of 2019, by agency segment, per Airlines Reporting Corporation 4% 17% 7% 41% 7% Source: Company filings; Airlines Reporting Corporation FRONTIER 62% Leisure/Other Online Corporate (Managed travel) (Traditional agents) (Leisure focus) Week ended 4/12/20 Week ended 3/14/21 More to come • Further stimulus to households approved • Record-high personal savings rates Millions of missed trips & family visits • Vaccines unlocking pent-up demand; bookings by older passengers recovering • Work-from-anywhere creates new demand for leisure travel 29#30Committed to Sustainability Beyond the Lowest CO2/Passenger Democratizing air travel Our low fares ensure the sky is for everyone. Source: Company filings FRONTIER Our people are our most important asset We are committed to providing equal employment opportunities for all persons and prohibit discrimination in all aspects of our operation. We partner with organizations such as the Latino Pilots Association, Girls in Aviation and RTAG (Rotary to Airline Group) to help foster opportunities and careers in aviation. Highlighting endangered species Many of our signature animal tails feature endangered species to emphasize the importance of environmental sustainability. Wellington the Black- Footed Ferret 30#31Dependable and Affordable: Delivering What Counts High Completion Rate % flights completed, FY 2020 Spirit Alaska Delta Hawaiian JetBlue United American Southwest Allegiant i 97.8% 96.3% 95.8% 94.9% 94.5% 94.5% 94.0% 93.8% 91.9% 85.5% Few Mishandled Bags Mishandled bags per 1,000 bags enplaned, FY 2020 Allegiant 1.5 Southwest Hawaiian Delta JetBlue Spirit Alaska United American 2.7 Note: Completion, mishandled bag and on-time data reflects operations by marketing carrier Source: U.S. DOT FRONTIER 3.2 3.3 3.6 3.8 4.0 4.1 4.5 6.0 On-Time % on-time arrivals, FY 2020 Hawaiian Delta Spirit Alaska Southwest United American JetBlue Allegiant |||||||| 87.5% 87.2% 86.6% 86.3% 86.0% 83.9% 83.7% 82.3% 82.1% 71.3% 31#32Our Recipe Keeps Customers Coming Back 91% Repeat Customers Note: Customer behavior data reflects January 2019 survey of recent customers Source: Company filings FRONTIER 69% Flown Frontier two or more times in last 12 months 32#33FRONTIER Appendix Financial Details#34Operating Statistics Operating Statistics (unaudited) Available seat miles (ASMs) (millions) Departures Average stage length (statute miles) Block hours Average aircraft in service Aircraft-end of period Average daily aircraft utilization (hours) Passengers (thousands) Average seats per departure Revenue passenger miles (RPMs) (millions) Load factor (%) Fare revenue per passenger ($) Non-fare passenger revenue per passenger ($) Other revenue per passenger ($) Total revenue per passenger (S) Total revenue per available seat mile (RASM) (*) Cost per available seat mile CASM ($) CASM (excluding fuel) (c) CASM + net interest (d) Adjusted CASM (4) Adjusted CASM (excluding fuel) (c) Adjusted CASM + net interest (g) Fuel cost per gallon ($) Fuel gallons consumed (thousands) Employees (FTE) 2016 18.366 99,369 1,060 279,347 61 66 12.6 14,937 173 16,015 87.2% 66.15 46.22 2.33 114.70 9.33 7.61 5.74 7.62 7.30 5.43 7.31 1.59 215,830 3.163 2017 22,049 107,387 1,104 308,860 68 78 12.4 17,008 184 18,907 85.8% 59.88 50.67 2.19 112.74 8.70 7.59 5.52 7.57 7.29 5.22 7.27 1.88 241,879 3,584 Year ended December 31, 2018 24,629 122,784 1,052 341,528 76 84 12.3 19,843 190 20,920 84.9% 54.72 51.20 2.73 108.65 8.75 8.38 5.99 8.33 7.83 5.44 7.78 2.25 261,179 3,978 FINANCIAL DETAILS 2019 28,120 138,570 1,051 389,476 88 98 12.2 22,823 192 24,203 86.1% 52.80 54.33 2.78 109.91 8.92 7.82 5.55 7.76 7.71 5.44 7.65 2.22 288,510 4,935 2020 16,955 88,642 999 235,974 81 104 8.0 11,238 191 11,443 67.5% 48.78 58.66 3.79 111.23 7.37 9.53 7.53 9.57 10.32 8.63 10.31 2.08 162,241 4,974 Note: Prior to January 1, 2019 and our adoption of ASU 2016-02, Leases, ("ASU 2016-02") any gains on completed sale-leaseback transactions were deferred and recognized as a reduction to aircraft rent expense over the lease term for each aircraft or engine. Due to the adoption of ASU 2016-02 on January 1, 2019, gains from sale-leaseback transactions are now recognized in full immediately upon sale as a reduction to other operating expense within the consolidated statement of operations, and are therefore no longer amortized over the life of the lease. Source: Company filings FRONTIER 34#35Income Statement Smm (except shares & per share data) Operating revenues Passenger Other operating Total operating revenues Operating expenses Aircraft fuel Salaries, wages and benefits Aircraft rent! ¹ Station operations Sales and marketing Maintenance materials and repairs Depreciation and amortization CARES Act credits Other operating¹ Total operating expenses Operating income (loss) Other income (expense) Interest expense Capitalized interest Interest income and other Total other income (expense) Income (loss) before income taxes Income tax expense (benefit) Net income (loss) Earnings (loss) per share to common stockholders ($) Basic Diluted Shares used for computation Basic Diluted Cash dividend declared per share 2016 1,714 287 209 5:9 75 1,397 317 2 316 116 200 0.96 199,005,164 201,994,814 1,880 3.8 1,918 257 237 85 123 1,673 (10) 6 7 162 0.80 199,007,292 207,135,910 0.76 Year ended December 31, 2018 2,102 54 2,156 441 110 75 78 171 2,064 (13) 9 105 80 0.37 199,067,484 200,924,392 1.01 FINANCIAL DETAILS 2019 2,508 5:29 130 46 (11) 16 16 251 1.19 1.19 199,141,090 199,593,100 0.76 2020 1,250 257 (193) 1,615 (365) (18) 16 5 (372) (1.13) (1.13) 199,260,410 199,260,410 (1) Prior to January 1, 2019 and our adoption of ASU 2016-02, Leases, (ASU 2016-02") any gains on completed sale-leaseback transactions were deferred and recognized as a reduction to aircraft rent expense over the lease term for each aircraft or engine. Due to the adoption of ASU 2016-02 on January 1, 2019. gains from sale-leaseback transactions are now recognized in full immediately upon sale as a reduction to other operating expense within the consolidated statements of operations, and are therefore no longer amortized over the life of the lease. Source: Company filings FRONTIER 35#36Balance Sheet Smm Assets Current assets: Cash and cash equivalents Restricted cash Accounts receivable, net Supplies, net Other current assets Total current assets Total property and equipment, net Operating lease right-of-use assets Pre-delivery deposits for flight equipment Aircraft maintenance deposits Intangible assets, net Other assets Total assets Liabilities and stockholders' equity Current liabilities: Accounts payable Air traffic liability Frequent flyer liability Note payable Current maturities of long-term debt, net Current maturities of operating leases Other current liabilities Total current liabilities Long-term debt, net Long-term operating leases Long-term frequent flyer liability Other long-term liabilities Total liabilities Stockholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total Stockholders' equity Total liabilities and stockholders' equity Source: Company filings FRONTIER 2019 768 83 20 73 944 181 2,261 252 71 30 125 3,864 71 249 21 150 387 376 1,254 95 1,874 31 68 3,322 52 486 4 542 3,864 FINANCIAL DETAILS Year ended December 31, 2020 378 28 18 226 650 176 2,250 224 82 29 143 3,554 135 13 101 416 267 1,003 247 1,848 50 96 3,244 60 261 310 3,554 36#37Statement Of Cash Flows Cash flows from operating activities Net income (loss) Deferred income taxes Depreciation & amortization Loss on sale of owned aircraft Gain on sale-leaseback transaction Warrant liability unrealized loss Stock-based compensation Cash flows for derivative instruments, net Cash flows from operating leases Changes in operating assets and liabilities Accounts receivable Supplies and other current assets Aircraft maintenance deposits Other long-term assets Accounts payable Air traffic liability Other liabilities Cash provided by (used in) operating activities Cash flows from investing activities Capital expenditures Pre-delivery deposits for flight equipment, net of refunds Other Cash provided by (used in) investing activities Cash flows from financing activities Proceeds from issuance of debt Principal repayments of debt Principal repayments of note payable Proceeds from sale-leaseback transactions Dividends paid Other Cash (used in) provided by financing activities Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Source: Company filings FRONTIER 2018 *@**|*|| ******* 386 988%22% (186) (211) FINANCIAL DETAILS Year Ended December 31, 2019 1 (107) (18) (18) 171 (17) 170 9:2 (159) (39) 70 6:98 768 37 2020 (225) 33 9 18 17 61 (166) (15) (67) (557) (16) 28 11 I 156 (390) 768 378#38Adjusted Net Income Reconciliation $mm Adjusted net income (loss) reconciliation (unaudited) Net income (loss) CARES Act-grant recognition and employee retention credits) Derivative de-designation and mark to market adjustment Write-off of deferred registration statement costs/c Pilot phantom equity Collective bargaining contract ratification(e) Loss on sale of owned aircraft) Lease Modification Program) Flight attendant settlement and early out program CARES Act-mark to market impact for warrants Adjusted net income (loss) before income taxes Tax benefit (expense) related to underlying adjustments Adjusted net income (a) Represents the recognition of the $176 million grant received from the U.S. government for payroll support from April 2020 through September 2020 as part of the PSP under the CARES Act, which is net of $1 million of deferred financing costs, along with $16 million of employee retention credits we qualified for under the CARES Act (b) Due to the significant reduction in demand resulting from COVID-19, our future anticipated consumption of fuel dropped significantly and we therefore de-designated hedge accounting in March 2020 on the derivative positions and where the future consumption was not deemed probable. The $52 milion is the charge from the de-designation and the resulting mark to market impact on the quantities where consumption was not deemed probable (c) Represents the write-off of our deferred IPO costs during the first quarter of 2020 due to the impact of COVID-19 and the resulting uncertainty in our ability to access the capital markets. (d) Represents the impact of the change in value and vesting of phantom equity units (Pilot Phantom Equity Plan). In accordance with the amended and restated phantom equity agreement, the remaining phantom equity obligation became fixed as of December 31, 2019 and is no longer subject to valuation adjustments. (e) Represents (1) $75 million of costs related to a one-time contract ratification incentive, plus payroll-related taxes and certain other compensation and benefits-related accruals earned through December 31, 2018 and committed to by us as part of a tentative agreement with the union representing our pilots that was reached in December 2018 and was ratified by the pilots in January 2019 and () $15 million of costs related to a one-time contract ratification incentive plus payroll related taxes and certain other compensation and benefits-related accruals earned through March 31, FRONTIER 2016 200 40 16 256 (20) 236 2017 162 19 (2) 49 228 (22) 206 Year ended December 31, 2018 80 22 88 25 215 (32) 183 FINANCIAL DETAILS 2019 251 5 22 - 5 283 (7) 276 2020 (225) (193) 52 7 111110 9 (350) 49 (301) 2019 and committed to by us as part of a tentative agreement with the union representing our flight attendants that was reached in March 2019 for a contract that was ratified and became effective in May 2019, in addition to $4 million in pilot vacation accrual adjustments during the fourth quarter of 2019 as a result of the ratified agreement with the union representing our pilots specifically tied to the implementation of a preferred bidding system (1) Represents losses incurred on the sale of our six owned aircraft in December 2018. The loss was measured as the excess of the net book value of the aircraft over the sale price at the date of sale and was recognized within other operating expenses on the consolidated statements of operations. Aircraft were held for use through the date of sale (a) Represents accelerated depreciation of $12 million and aircraft rent of $4 million for the year ended December 31, 2016 as a result of significantly shortened lease terms for ten of our A319ceo aircraft. During 2017, a $2 million benefit was recognized as a result of costs associated with returning the aircraft to the lessor being lower than previously estimated (h) Represents (the $40 million settlement and $3 million of payroll taxes relating to the Letter of Agreement entered into with the union representing our flight attendants (AFA-CWA) on March 15, 2017. Additionally, includes expenses associated with an early retirement program for our flight attendants initiated during 2017 and 2019, and ratification of our aircraft technicians and material specialists collective bargaining agreements during 2017. (1) Represents the mark to market adjustment to the value of the warrants issued as part of the funding provided under the CARES Act 38#39(d) Adjusted EBITDAR Reconciliation $mm EBITDA Reconciliation (unaudited) Net income (loss) Plus (minus): Interest expense Capitalized interest Interest income and other Income tax expense Depreciation and amortization EBITDA Plus (minus): CARES Act-grant recognition and employee retention credits Derivative de-designation and mark to market adjustment bi Write-off of deferred registration statement costs() Pilot phantom equity) Collective bargaining contract ratification) Loss on sale of owned aircraft Lease Modification Program (excluding depreciational Flight attendant settlement and early out programih Adjusted EBITDA Aircraft renti Adjusted EBITDAR Represents the recognition of the $178 million grant received from the U.S. government for payroll support from Aprili 2020 through September 2020 as part of the PSP under the CARES Act, which is net of $1 million of deferred financing costs, along with $16 million of employee retention credits we qualified for under the CARES Act. Due to the significant reduction in demand resulting from COVID-19, our future anticipated consumption of fuel dropped significantly and we therefore de-designated hedge accounting in March 2020 on the derivative positions where the future consumption was not deemed probable. The $52 million is the charge from the de-designation and the resulting mark to market impact on the quantities where consumption was not deemed probable Represents the write-off of our deferred IPO costs during the first quarter of 2020 due to the impact of COVID-19 and the resulting uncertainty in our ability to access the capital markets. Represents the impact of the change in value and vesting of phantom aquity units (Pilot Phantom Equity Plan). In accordance with the amended and restated phantom equity agreement, the remaining phantom equity obligation became fixed as of December 31, 2019 and is no longer subject to valuation adjustments. Represents () $75 million of costs related to a one-time contract ratification incentive, plus payroll-related taxes and certain other compensation and benefits-related accruals eamed through December 31, 2018 and committed to by us as part of a tentative agreement with the union representing our pilots that was reached in December 2018 and was ratified by the pilots in January 2019 and () $15 million of costs related to a one-time contract ratification incentive, plus payroll related taxes and certain other compensation and benefits-related accruals earned through March 31. Source: Company filings FRONTIER 2016 200 (6) (2) 116 392 | | | g || + | 40 436 205 641 2017 162 10 (6) (7) 310 60|||||| 376 259 635 Year ended December 31, 2018 80 13 (17) 25 78 170 25 305 277 582 FINANCIAL DETAILS 2019 251 11 (11) (16) 46 355 ||||| 387 368 755 2020 (225) 18 (6) (147) 33 (332) (193) 52 T (466) (70) 2019 and committed to by us as part of a tentative agreement with the union representing our flight attendants that was reached in March 2019 for a contract that was ratified and became effective in May 2019, in addition to $4 million in pilot vacation accrual adjustments during the fourth quarter of 2019 as a result of the ratified agreement with the union representing our pilots specifically tied to the implementation of a preferred bidding system. Represents losses incurred on the sale of our six owned aircraft in December 2018. The loss was measured as the excess of the net book value of the aircraft over the sale price at the date of sale and was recognized within other operating expenses on the consolidated statements of operations. Aircraft were held for use through the date of sale. Represents aircraft rent of $4 million during 2016 as a result of significantly shortened lease terms with respect to the aircraft impacted by our Lease Modification Program. During 2017, a $2 million benefit was recognized as a result of costs associated with returning the aircraft to the lessor being lower than previously estimated. Represents the $40 million settlement and $3 million of payroll taxes relating to the Letter of Agreement entered into with the union representing our flight attendants (AFA-CWA) on March 15, 2017. Additionally, includes expenses associated with an early retirement program for our flight attendants initiated during 2017 and 2019, and ratification of our aircraft technicians and material specialists collective bargaining agreements during 2017. Represents aircraft rent expense included in Adjusted EBITDA. Excludes aircraft rent expense (benefit) of $4 million and $(2) million for the years ended 2016 and 2017, respectively, included in Lease Modification Program (excluding depreciation). 39#40Reconciliation Of CASM To Adjusted CASM (Excluding Fuel) and Adjusted CASM including net interest: CASM (cents) Aircraft fuel CASM (excluding fuel) CARES Act-grant recognition and employee retention credits Write-off of deferred registration statement costs) Pilot phantom equity(c) Smm (b) (c) (456) (19) 2 2017 (49) Per ASM 7.59¢ (2.07) 5.52¢ (0.08) Collective bargaining contract ratification) Loss on sale of owned aircraft) Lease Modification Programin Flight attendant settlement and early out programi (0.23) 5.22¢ Adjusted CASM (excluding fuel) (a) Represents the recognition of the $178 million grant received from the US government for payroll support from April 2020 through September 2020 as part of the PSP under the CARES Act, which is net of $1 million of deferred financing costs, along with $16 million of employee retention credits we qualified for under the CARES Act. I Smm 0.01 (589) (22) (88) (25) Represents the write-off of our deferred IPO costs during the first quarter of 2020 due to the impact of COVID-19 and the resulting uncertainty on our ability to access the capital markets. Represents the impact of the change in value of phantom equity units (Pilot Phantom Equity Plan). In accordance with the amended and restated phantom equity agreement, the remaining phantom equity obligation became fixed as of December 31, 2019 and is no longer subject to valuation adjustments. - (d) Represents () $75 million of costs related to a one-time contract ratification incentive, plus payroll-related taxes and certain other compensation and benefits-related accruals earned through December 31, 2018 and committed to by us as part of a tentative agreement with the union representing our pilots that was reached in December 2018 and was ratified by the pilots in January 2019 and (ii) $15 million of costs related to a one-time contract ratification incentive, plus payroll related taxes and certain other compensation and benefits-related accruals earned through March 31, 2019 and committed to by us as part of a tentative agreement with the union representing our flight attendants that was reached in March 2019 for a contract that was ratified and became Source: Company filings FRONTIER 2018 Year ended December 31, (1) (g) Per ASM 8.38€ (2.39) 5.99€ (0.09) (0.36) (0.10) - $mm (640) - (5) (22) 2019 (5) Per ASM 7.82¢ (2.27) 5.55€ 1 FINANCIAL DETAILS (0.02) (0.07) $mm (338) 193 2020 Per ASM 9.53€ (2.00) 7.53€ 1.14 (0.04) (0.02) 5.44€ 5.44¢ 8.63¢ effective in May 2019, in addition to $4 million in pilot vacation accrual adjustments during the fourth quarter of 2019 as a result of the ratified agreement with the union representing our pilots specifically tied to the implementation of a preferred bidding system (e) Represents losses incurred on the sale of our six owned aircraft in December 2018, which enabled us to accelerate a critical part of our fleet plan by shortening our time with certain of our older less fuel-efficient aircraft. The loss was measured as the excess of the net book value of the aircraft over the sale price at the date of sale and was recognized within other operating expenses on the consolidated statements of operations. Represents the $2 million benefit recognized for our Lease Modification Program as a result of costs associated with returning the aircraft to the lessor being lower than previously estimated. Represents (i) the $40 million settement and $3 million of payroll taxes relating to the Letter of Agreement entered into with the union representing our flight attendants (AFA-CWA) on March 15, 2017 and (a) includes expenses associated with an early retirement program for our flight attendants initiated during 2017 and 2019, and ratification of our aircraft technicians and material specialists collective bargaining agreements during 2017 and ) Represents amounts expected to be paid under the terms of an early out program with our flight attendants meeting certain employment status and seniority requirements payable throughout 2019, 2020 and 2021. 40#41Reconciliation Of Adjusted CASM to CASM (Excluding Fuel) and Adjusted CASM including net interest: Adjusted CASM (excluding fuel) Aircraft fuel Derivative de-designation and mark to market adjustment (a) Adjusted CASM Net interest expenses (income) CARES Act-mark to market impact for warrants (b) Adjusted CASM + net interest CASM Net interest expenses (income) CASM + net interest $mm 456 Source: Company filings FRONTIER 2017 Per ASM 5.22€ 2.07 7.29€ (0.02) 7.27€ 7.59€ $ (0.02) 7.57€ Due to the significant reduction in demand resulting from the COVID-19 pandemic, our future anticipated consumption of fuel dropped significantly and we therefore de-designated hedge accounting in March 2020 on the derivative positions where the future consumption was not deemed probable, which primarily related to our written put options on our costless collars. The $52 million charge is the result of the de-designation and the resulting mark to market impact on the quantities where consumption was not deemed probable. Represents the mark to market adjustment to the value of the warrants issued as part of the funding provided by the U.S. Treasury under the CARES Act. This amount is a component of interest expense. $mm 589 (13) 1 (13) 2018 Year ended December 31, Per ASM 5.44¢ 2.39 7.83 (0.05) 7.78¢ 8.38€ (0.05) 8.33€ Smm 640 (16) 1 (16) 2019 Per ASM 7.71€ (0.06) 7.65€ FINANCIAL DETAILS 7.82€ (0.06) 7.76€ $mm 338 (52) 7 7 2020 Per ASM 8.63€ 2.00 (0.31) 10.32€ 0.04 (0.05) 10.31¢ 9.53€ 0.04 9.57€ 41#4222 Constructive Labor Relations . 28. . 14. 117. 38. During lapse in Payroll Support Program, Voluntary Leave Program agreements reached in September 2020 with unions representing pilots and flight attendants, reducing cost and increasing employee flexibility Flight attendants & pilots under long-term agreements until 2024 ■ Pilots 610 2587 Flight Attendants Dispatchers Material Specialists Aircraft Appearance Agents Maintenance Controllers Aircraft Technicians ■Other Source: Company filings FRONTIER 1589 Labor Group Flight Attendants Pilots Aircraft Technicians Aircraft Appearance Agents Dispatchers Material Specialists Maintenance Controllers # of employees % of workforce at at Dec. 31, 2020 Dec. 31, 2020 2,587 1,589 117 38 28 22 14 52% 32% 2% <1% <1% <1% <1% Representative Association of Flight Attendants (AFA-CWA) Air Line Pilots Association (ALPA) International Brotherhood of Teamsters (IBT) IBT Transport Workers Union (TWU) IBT FINANCIAL DETAILS IBT Contract Amendable Date May 2024 January 2024 March 2024 October 2023 December 2021 March 2022 October 2023 42#43Additional Financial Details: Labor Pilot Phantom Equity Pilots employed in June 2011 received phantom equity units equivalent to 4% of our common stock as of June 30, 2014 Fully vested at December 31, 2016 Right to receive 2% common stock and 2% of company value if initial public offering occurred before January 1st, 2020 . . The obligation became fixed on December 31, 2019, with the final associated liability agreed to totaling $137 million. Pursuant to the terms of the contract, $111 million of this total was paid to the Participating Pilots in 1Q 2020 and the remaining $26 million will be paid to the Participating Pilots in 1Q 2022. Source: Company filings FRONTIER FINANCIAL DETAILS 43#44Additional Financial Details: Warrants Issued to U.S. Treasury April 30, 2020 . On April 30, 2020, an agreement with the U.S. Government was reached to receive funding under the Payroll Support Program ("PSP"). As of December 30, 2020 and through the date of this report, $211M of installment funding was received, comprised of a $178M grant and a $33M unsecured promissory note. In relation to the PSP promissory note, warrants were issued to the Treasury to purchase up to 522,576 shares of common stock, with an exercise price of $6.36 per share as determined by an independent third-party valuation on April 9, 2020 The warrants have a 5 year term and are subject to cash settlement upon 60 days notice from the U.S. Department of Treasury The warrants have been classified as liability based awards within other current liabilities. The liability is marked to market each period, with the corresponding fair market value adjustment booked to interest expense Source: Company filings FRONTIER September 28, 2020 On September 28, 2020, the Company entered into an agreement with the U.S. Government for a term loan facility of up to $574M. As of December 30, 2020 and through the date of this report, the Company has borrowed $150M under this agreement. In relation to the Treasury Loan, warrants were issued to the Treasury to purchase up to 2,358,090 shares of common stock, with an exercise price of $6.36 per share as determined by an independent third-party valuation on April 9, 2020 Warrants follow the same accounting treatment as the warrants issued under the initial PSP FINANCIAL DETAILS January 15, 2021 On January 15, 2021, the Payroll Support Program Extension Agreement was executed with the U.S. Government to receive additional funding ("PSP2"). As of December 30, 2020 and through the date of this report, $140M in additional installment funding was received, comprised of a $128M grant and a $12M unsecured promissory note. In relation to the PSP2 promissory note, warrants were issued to the Treasury to purchase up to 103,208 shares of common stock, with an exercise price of $11.65 per share as determined by an independent third- party valuation on April 9, 2020 Warrants follow the same accounting treatment as the warrants issued under the initial PSP 44#45FRONTIER