Frontier IPO Presentation Deck

Adjusted Net Income Reconciliation $mm Adjusted net income (loss) reconciliation (unaudited) Net income (loss) CARES Act-grant recognition and employee retention credits) Derivative de-designation and mark to market adjustment Write-off of deferred registration statement costs/c Pilot phantom equity Collective bargaining contract ratification(e) Loss on sale of owned aircraft) Lease Modification Program) Flight attendant settlement and early out program CARES Act-mark to market impact for warrants Adjusted net income (loss) before income taxes Tax benefit (expense) related to underlying adjustments Adjusted net income (a) Represents the recognition of the $176 million grant received from the U.S. 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 (b) Due to the significant reduction in demand resulting from COVID-19, our future anticipated consumption of fuel dropped significantly and we therefore de-designated hedge accounting in March 2020 on the derivative positions and where the future consumption was not deemed probable. The $52 milion is the charge from the de-designation and the resulting mark to market impact on the quantities where consumption was not deemed probable (c) 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 in our ability to access the capital markets. (d) Represents the impact of the change in value and vesting 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. (e) Represents (1) $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 () $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, FRONTIER 2016 200 40 16 256 (20) 236 2017 162 19 (2) 49 228 (22) 206 Year ended December 31, 2018 80 22 88 25 215 (32) 183 FINANCIAL DETAILS 2019 251 5 22 - 5 283 (7) 276 2020 (225) (193) 52 7 111110 9 (350) 49 (301) 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 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 (1) Represents losses incurred on the sale of our six owned aircraft in December 2018. 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. Aircraft were held for use through the date of sale (a) Represents accelerated depreciation of $12 million and aircraft rent of $4 million for the year ended December 31, 2016 as a result of significantly shortened lease terms for ten of our A319ceo aircraft. During 2017, a $2 million benefit was recognized as a result of costs associated with returning the aircraft to the lessor being lower than previously estimated (h) Represents (the $40 million settlement 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. Additionally, 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. (1) Represents the mark to market adjustment to the value of the warrants issued as part of the funding provided under the CARES Act 38

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