Frontier IPO Presentation Deck

Pro Forma Capitalization $ millions Cash and cash equivalents Current maturities of long-term debt, net Long-term debt, less current maturities Total debt Total stockholders' equity Total Capitalization Current maturities of operating leases Long-term operating leases Total Capitalization, including operating leases Actual as of 12/31/20 ● 378 101 247 348 310 658 416 1,848 2,922 IPO Adj. (1) 276 276 276 As Adjusted 654 101 247 348 586 934 416 1,848 3,198 PSP2(2) 140 12 12 128 140 Receipt As Adj. With of Tax PSP2 & Tax Receivable (3) Receivable 161 Additional liquidity drivers Expect cash positive position for March; there can be no assurance that this trend will continue American Rescue Plan extends payroll support through September 2021, similar terms to PSP2 $424 million available to borrow under the U.S. Treasury loan until May 28, 2021 955 101 259 360 714 1,074 416 1,848 3,338 (1) Gives effect to the receipt of the estimated net proceeds by us from this offering (based upon the midpoint of the range set forth on the cover page of the prospectus), after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us: (2) We received the first installment of PSP2 in the amount of $70 million on January 15, 2021, and received a second installment of $70 million on March 5, 2021; (3) As of December 31, 2020, we had a $161 million income tax receivable, primarily resulting from our net operating losses generated in 2020, which we expect to collect during 2021, though there is no guarantee this will be received as expected; Source: Company filings FRONTIER 23

View entire presentation