Frontier IPO Presentation Deck

Frontier Makes Money First Adjusted CASM + Net Interest, 2019 (cents) Stage length adjusted to 1,000mi 15¢ 14¢ 13¢ 12¢ 11¢ 10¢ 9¢ 8¢ 7¢ 7.84 8.44 Other ULCCS Allegiant Spirit 49% higher than Frontier 11.70 Middle Three Alaska Hawaiian JetBlue 65% higher than Frontier 12.93 Big Four American Delta Southwest United Frontier RASM for 10%+ op. margin Note: Stage length adjustment formula = CASM multiplied by square root of (airline stage length/1000): Other ULCCS, Middle Three, and Big Four based on simple average calculations; Adjusted CASM removes one-time or special items; Excludes JBLU non-airline costs and DAL third party refinery sales; Includes LUV, UAL & DAL profit sharing: Includes UAL third-party business expenses; Stage length for AAL, ALK, DAL, HA and UAL reflects LTM 12/31/19 schedule data; See Appendix for reconciliation of non-GAAP financial metrics; Source: Respective companies' public filings and schedules FRONTIER 22

View entire presentation