Frontier IPO Presentation Deck

Reconciliation 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

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