Frontier IPO Presentation Deck

Lowest 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

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