Frontier IPO Presentation Deck

Lowest 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

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