Frontier Investor Conference Presentation Deck

Merger Creates Opportunity to Win Revenue Risk NO Big 4 Cut Excess High-cost Capacity spirit Leisure Pax Pays More? Leisure Demand Not 100% Back NO Business Travel Return? YES FRONTIER YES Big 4 Fares Rise F9/NK Relative Fare Advantage Widens $100+/Bbl Oil F9/NK Needs ~10 gal to Move Seat 1,000m; Big 4 Need 15 gal Merger Expected to Create $400MM Revenue Synergies Frontier & Spirit Win Merger Expected to Further Lower Costs Cost Risks Ex-Fuel Inflation F9/NK Leads Industry in Cost Management F9/NK Cost Advantage Widens COVID Debt F9/NK ~$4/pax COVID Debt vs. Industry $21/pax F9 NK = Spirit = Frontier 18

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