Frontier IPO Presentation Deck

Frontier Avoided Debt Explosion Change in Total Adjusted Debt FY 2019 to FY 2020 (%) 4% 23% 0.1x 0.6x 38% Allegiant 2019-2020 Adj. Debt Increase / 2019 EBITDAR, (x) 0.9x 58% Hawaiian 1.0x Alaska 23% 1.1x 36% American 1.4x 60% Spirit 1.6x United 82% 1.7x JetBlue 104% 205% 1.8x 1.8x Delta Southwest Comprehensive response to COVID-19 impacts • Disciplined capacity deployment, including ongoing cancellations of cash-negative flying, enabled by modular network • Returned aircraft to service in line with demand; adjusted aircraft delivery schedule to match recovery profile • Collaborated with unionized work groups to achieve voluntary leave agreements, reducing cost and providing employees with additional flexibility • Deferred non-essential maintenance projects and reduced non-essential capital expenditures • Reduced discretionary expenses Note: Figures as of year-end for 2019 and 2020. Adjusted debt calculated as total debt plus operating lease liabilities per company filings; EBITDAR calculated as operating income plus Depreciation & Amortization plus aircraft rent/operating lease costs per company filings: Source: Respective companies' public filings FRONTIER 17

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