#1Sun Country Airlines December 2023 Suncountry#2Disclaimer This presentation has been prepared by the Company for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or the Company or any director, employee, agent, or adviser of or the Company. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Market Data We include statements and information in this presentation concerning our industry ranking and the markets in which we operate, including our general expectations and market opportunity, which are based on information from independent industry organizations and other third-party sources (including a third- party market study, industry publications, surveys and forecasts). While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified any third-party information and such information is inherently imprecise. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of risks. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this presentation, including financial guidance and projections and statements regarding our strategy, future erations, future financial position, future revenue, projected sts, prospects, plans, obje ives of management and ger economic trends and trends in the industry and markets 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. Certain of these risks are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements reflect our views with respect to future events as of the date of this presentation and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this presentation. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including Adjusted EBIT, Adjusted EBIT Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted CASM and free cash flow. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. Please see the reconciliations included in the Appendix to this presentation. 2#3S BOEING 737-800 suncountry B 76 Business Overview#4Unique, Diversified Business Model ● ● Passenger Leisure (~72% of Revenue(¹)) Unique low cost airline with focus on leisure travel Flexible capacity model focused on peak demand Greater resilience and growth opportunities than other passenger carriers Aircraft Standard fleet of 42 Boeing 737s that are used across scheduled service and charter; 12 737 Freighters used for Cargo 1. Percentage of total revenue as of LTM Sep 30, 2023. 2. As of Sep 30, 2023 Sun Country Business Line Synergies ● ● 3 @ 0 Cargo (-10% of Revenue (1)) Long-term asset-light contract with pass-through costs High margins and cash flows • Partnership with one of the fastest growing companies globally Charter (-18% of Revenue (¹)) • A leader in U.S. narrowbody charter Contracted recurring revenue with pass- through costs (including fuel) • Large, stable customer base Shared Foundational Assets Pilots 618(2) Pilots that serve across the entire set of assets 2 Approximately 1/3 of fuel usage is paid for by Charter and Cargo customers Shared Services An already lean operation supporting the entire set of assets Sun Country's symbiotic business lines share assets to maximize operating leverage 4#5Flexible Scheduled Service Route Network ANCHORAGE VANCOUVER SEATTLE PORTLAND SPOKANE SAN FRANCISCO OAKLAND BOISE LOS ANGELES RENO/TAHOE HISSOULA SAN DIEGO Ⓡ KALISPELL/GLACIER NATIONAL PARK BOZEMAN SALT LAKE CITY LAS VEGAS PALM SPRINGS JACKSON HOLE PHOENIX MESA TUCSON LOS CABOS BILLINGS DENVER WILLISTON ALBUQUERQUE MAZATLAN PUERTO VALLARTA/RIVIERA NAYARIT COLORADO SPRINGS RAPID CITY SAN ANTONIO. IXTAPA/ZIHUATANEJO MINNEAPOLIS/ST PAUL COMAHA AUSTIN DALLAS/FT. WORTH HOUSTON HARLINGEN/SOUTH PADRE ISLAND - EAU CLAIRE KANSAS CITY @BRANSON MADISON MILWAUKEE GREEN BAY INDIANAPOLIS ST. LOUIS TRAVERSE CITY CHICAGO (ORD) GRAND RAPIDS LOUISVILLE BELIZE NASHVILLE ● CINCINNATI DETROIT COLUMBUS GULFPORT/BILOXI DESTIN/FORT WALTON BEACH NEW ORLEANS COZUMEL ASHEVILLE CANCUN/RIVIERA MAYA ROATAN PUNTA GORDA FORT MYERS ● TORONTO COSTA RICA (LIR) BUFFALO PITTSBURGH CHARLOTTE GRAND CAYMAN ORLANDO JACKSONVILLE ● RALEIGH ST. PETE/CLEARWATER TAMPA MELBOURNE/COCOA BEACH SARASOTA/BRADENTON • CHARLESTON SYRACUSE RICHMOND SAVANNAH/HILTON HEAD WILMINGTON MYRTLE BEACH BALTIMORE WASHINGTON D.C. (IAD) WEST PALM BEACH FORT LAUDERDALE MIAMI JAMAICA ●MONTREAL BURLINGTON PHILADELPHIA HARTFORD PORTLAND BOSTON NEW YORK CITY (JFK & EWR) ● PROVIDENCE TURKS & CAICOS PUNTA CANA ARUBA SAN JUAN ST. THOMAS ~91% of our markets are seasonal which reflects demand trends of our customer ST. MAARTEN LO 5#6Business Model Has Facilitated Rapid Growth... (Revenue, $mm) $701 2019 $401 2020 Exceeding Pre-Pandemic Levels $623 2021 $894 2022 $1,031 LTM Q3 2023 Our financial performance has demonstrated growth and resilience inherent in our business model 6#7...And Outperformance in COVID and Through the Recovery (10%) SNCY 2020 Adj. EBIT Margin SNCY (33%) (57%) (58%) ULCCS Big Four Mid Sized Carriers Source: Public filing. ULCCS 8% SNCY 2021 Adj. EBIT Margin (9%) (10%) ULCCS Mid Sized Carriers Mid Sized Carriers (13%) Big Four jetBlue 7% SNCY 2022 Adj. EBIT Margin 5% Big Four Big Four 3% Mid Sized Carriers 1% ULCCS Our business model results in stability through the cycle, outperforming the industry during the depths of COVID 7#8Outperformance Continues Through YTD 2023 15% Source: Public filing. 12% 12% 10% YTD 2023 Adj. EBIT Margin 10% 8% TM 4% 0% jetBlue 0% Seasonal business model - Q1 is historically the strongest (6%) S (8%) 8#9Outperformance in Pre-tax margin 10.2% Source: Public filing. 10.1% 10.1% 8.7% LTM Q3 2023 Adj. Pre-Tax Margin 8.6% 6.2% 3.2% 2.2% 0.1% (4.6%) jetBlue S Not burdened with excessive debt raised through COVID (9.8%) 9#10Agile Passenger Capacity Built to Capture Highest Unit Revenues 120% 110% 100% 90% 80% 70% 60% 50% Seasonal Demand Dictates Monthly Schedule Monthly Seats as % of July 2023 Jan-23 Mar-23 ULCC May-23 Jul-23 Source: Diio Mi. 1. Based on FY2022 data. -SAVE Sep-23 Nov-23 -SNCY Day-of-Week Capacity Determined by Demand Patterns (1) (% of Peak Day ASMS) 100% 75% 50% 25% (TRASM) (*) Mon Tue Wed Thu Fri Sat Sun % of Peak Days ASMS 13.00¢ 12.00¢ 11.00¢ 10.00¢ TRASM Results in Higher Unit Revenue Versus High Utilization Peers 11.9¢ 2022 TRASM 10.5¢ Unlike other passenger airlines, we quickly shift our capacity to focus flying during peak demand to maximize our yields 10.4¢ S 10#11Experts in Executing a Seasonal Network (# of Departures) 1,500 1,250 1,000 750 500 250 0 MCO • CUN RSW PHX LAS ● MSP Departures Strong North / South demand in Winter, East / West in Summer March 2023 (1) Top 5 Destinations from MSP in... 44% of Departures 1. Source: Diio Mi. Subject to change Departures by Month at Three of Our Largest Cities ● ● ● LAX SFO SEA LAS ANC July 2023(1) 30% of Departures (# of Departures) 250 200 150 100 50 0 125 (# of Departures) 100 75 50 25 Jan-23 0 Feb-23 Jan-23 Feb-23 Mar-23 Mar-23 Strong summer demand to Mexico / Caribbean Apr-23 DFW Departures Apr-23 May-23 Jun-23 May-23 LAX Departures Strong inbound demand in Summer We only fly when and where demand exists Jul-23 Jun-23 Aug-23 Jul-23 Sep-23 Aug-23 Sep-23 Oct-23 Oct-23 Nov-23 Nov-23 Dec-23 Dec-23 11#12Sun Country Has Been Growing its Share at MSP 9% 6% 3% 0% (3%) (6%) (9%) (12%) 2018 Cumulative Change in MSP Point-of-Origin Passenger Share Since 2018(1)(2) 2% 0% (1%) 2019 SNCY 7% Source: Diio Mi, DOT O&D. 1. Based on rolling 4-quarter passengers per day data, 2022 is through 3Q. 2. SNCY - Sun Country, DAL - Delta. (2%) -5% 2020 DAL 6% 2% (7%) 2021 -Others 6% 3% (9%) 2022 Current Share MSP share growth has been achieved at the expense of smaller scale carriers 18% 62% 20% 12