Frontier IPO Presentation Deck

At 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

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