Frontier Airlines “A Whole Different Animal” Mike Smith Nathan Galieti Matt Miller Jack Moutoux

Mission Statement Four Principles Are: “Our tagline "A whole different animal" means we approach our business with four key principles in mind. These are the four legs that we stand on. They're who we are. "A whole different animal" represents our promise to you. Simply put, our goal is to do the little things that make a big difference to you.” Four Principles Are: Affordable Flexible Accommodating Comfortable http://www.frontierairlines.com/frontier/who-we-are/company-info/our-difference.do

Revamped Mission Statement “Our tagline "A whole different animal" means we approach our business with four key principles in mind. These are the four legs that we stand on. They're who we are. "A whole different animal" represents our promise to you. Simply put, our goal is to do the little things that make a big difference to you.” Five Principles Are: Affordable Flexible Accommodating Comfortable Commitment to Safety http://www.frontierairlines.com/frontier/who-we-are/company-info/our-difference.do

Business Strategy “Provide air service at affordable fares to high volume markets from our Denver hub and limited point-to-point routes outside of our Denver hub while seeking ways to leverage our strong market position in Denver and excellent product and service.” Stimulate demand by offering a combination of low fares, quality service and frequent flyer credits in our frequent flyer program, EarlyReturns Continue filling gaps in flight frequencies to current markets from our Denver hub. Continue to successfully defend our position in Denver against new entrants. Investment in the Community 99% of flights begin or end at Denver International 6000+ jobs in the Denver area

Important Officers Sean Menke – President and Chief Executive Officer Chris Collins – Executive Vice President and Chief Operations Officer Ted Christie – Senior Vice President and Chief Financial Officer Gerry Coady – Senior Vice President and Chief Information Officer Ann Block – Senior Vice President – People Matt Henry – Vice President and General Counsel Cameron Kenyon – Vice President –Flight Operations

Financial Picture Year Ended March 31 2008 2007 2006 2005 2004 Total Operating Revenue (000s) $1,398,981 $1,170,949 $1,001,522 $837,585 $644,739 Total Operating Expenses (000s) $1,434,311 $1,181,651 $1,009,419 $864,032 $617,257 Net Income (Loss) (35,030) (9,834) (7,897) (26,447) 27,482 Revenue Passenger Miles (000s) 10,175,220 8,532,577 7,436,830 6,587,589 5,120,587 Available Seat Miles (000s) 12,666,316 11,310,070 9,885,599 9,115,868 7,153,740 Passenger Load Factor 80.3% 75.4% 75.2% 72.3% 71.6% Average Fare $ 103.71 $ 102.59 $ 103.05 $ 102.31 $ 103.54

Letter from the CEO Thank you for choosing to fly with us on Frontier Airlines. Please relax and enjoy your trip, and allow our people to show you the one-of-a-kind customer service we have become known for over the years. You may have heard our corporate slogan: A Whole Different Animal. Yes, that's a play on words with the animals on our tails, but the message runs deeper than that. Our people show up to work each and every day set on the purpose of delivering you a different, superior travel experience every time you fly Frontier. We want to earn your loyalty one action at a time, no matter how big or how small. As you no doubt know, these are challenging economic times for everybody, and the airline industry is no different. The airlines have been hit particularly hard by the rising cost of oil. You feel the pain at the pump when you gas up your automobiles. That pain is magnified significantly for us when we fuel our fleet of aircraft. In April of this year, Frontier and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Our goal is for this move to have as little impact as possible upon you, our valued customer. Our mission and values have not changed, and our people are as committed to you as ever. We continue to work diligently to do everything possible to ensure that we are viable as an airline for the long-term. We have recently secured a number of agreements that will give us a great deal of staying power. We want you to feel confident when you book future flights on Frontier Airlines that we will be here for you; always willing to go the extra mile to make sure you have an enjoyable trip. Through our first 15 years of operation, we have enjoyed a loyalty and affection among our customers that is especially rare in the airline industry. Never has that support been more appreciated than in the last several months. We know you have put your faith in us, and we want to reward that faith by providing our passengers safe, high-quality, affordable air service with an emphasis on customer service for many years to come. We look forward to seeing you in the skies again very soon. Thank you again for flying Frontier Airlines. Sincerely, Sean E. Menke President & CEO Frontier Airlines http://www.frontierairlines.com/frontier/who-we-are/company-info/emails-from-sean.do

Competition Major Competition out of Denver International Airport (DIA) United Airlines Ted (Low Cost Carrier owned by United) Southwest Airlines Market Share of DIA (March, 2008) United Airlines, Ted, and Affiliates: 49.8% Southwest Airlines: 6.6% Frontier Airlines & Lynx Aviation: 26.7%

Fare Comparison Chicago, Illinois to Denver, Colorado Airline Price American Airlines $281 United Airlines $154 Frontier Airlines Chicago, Illinois to Denver, Colorado Flight Leaving Today, November 20 Flights searched off of www.priceline.com *Frontier’s Flight from Midway, not O’Hare

No. of Aircraft (* leased) Approx. Seating Capacity Fleet Aircraft Model No. of Aircraft (* leased) Year of Manufacture Approx. Seating Capacity A319 36* 01-07 136 11 01-06 A318 2* 04 114 9 03-07 A320 2 07 162 Average 3.9 years 132 seats Operate a mainline fleet of 60 jets, 38 leased and 22 owned Regional fleet of 10 Bombardier Q400 turboprops operated by Lynx Aviation

Maintenance and Repairs Perform majority of line and long interval MX at our subleased hanger at DIA Maintain additional facilities in: Phoenix, AZ and Kansas City, MO Contract MX at spoke cities, when we can’t meet demand: facility, staff, or MX needs 9 consecutive years: received FAAs Diamond Certificate of Excellence 100% of MX and engineering staff completed advanced training programs

Aircraft and Engines Common Airbus fleet with GE engines MX cost/hour agreement with GE 12 month contracts Monthly payments: (Flat Rate) × (Engine Hours) Aircraft Cost savings: Standardized crew training Simplified MX issues Reduced spare parts inventory More efficient scheduling

Fleet and Maintenance Dependent on single manufacturers Airbus unable to manufacture aircraft or spare parts, we would incur substantial costs if forced to acquire Boeing aircraft Business significantly disrupted resulting from FAA airworthiness directive or service bulletin that grounded Airbus fleet or GE engines Public perception of safety, due to accident or incident involving Airbus aircraft or GE engines

Average Fuel Price/Gallon Fiscal Year Ended Average Fuel Price/Gallon June 23, 2008* $4.22 March 31, 2008 $2.45 March 31, 2007 $2.12 March 31, 2006 $1.99 Based on current fleet and capacity, an estimated 1¢ increase in fuel price/gallon, increases annual operating expenses by $1.9 Million

Salary Cuts August-September 2007 Compensation committee approved salary increases 5.3%-25% Salaries at or below 50th percentile in the market Bankruptcy Filing on April 10, 2008 Salary reduction program CEO Sean Menke 20% Reduction in Base Salary Other officers 10% Reduction in Base Salary

All Other Compensation ($) Salary Name and Principal Position Year Salary ($) Stock Awards ($) Option Awards ($) All Other Compensation ($) Total ($) Sean Menke President and CEO 2008 183,542 161,100 310,520 527,526 1,182,688 Jeff S. Potter former President and CEO 2007 161,623 311,250 110,826 100,304 221,000 200,595 7,500 10,680 500,949 622,829 Paul Tate former Chief Financial Officer 267,839 213,542 120,690 50,003 233,191 99,998 26,771 11,835 648,491 375,378 Christopher L. Collins Executive VP and COO 263,828 194,917 82,218 47,503 160,346 94,996 18,606 57,321 524,998 347,862 Ann E. Block Sr. VP People 195,833 183,125 64,848 35,000 121,258 69,997 21,914 10,665 403,853 289,788 Gerard A. Coady Senior VP and CIO 199,785 16,513 38,767 1,905 256,970 John B. Happ former Sr. VP Marketing & Planning 182,107 225,000 136,800 56,251 248,278 112,495 188,125 3,742 755,310 397,488 From 10K report page 11 on Frontier Airlines web page http://www.frontierairlines.com/secfilings/10ka073008/10ka07302008.pdf

Severance plan “In June 2008, the United States Bankruptcy Court for the Southern District of New York approved a severance plan…payments to each of our executive officers cannot exceed (approx) $144,000”

Commitment to the Future

References http://www.frontierairlines.com/secfilings/10k063008/10k063008.pdf http://www.frontierairlines.com/frontier/who-we-are/company-info/our-difference.do http://www.frontierairlines.com/frontier/who-we-are/company-info/emails-from-sean.do http://www.frontierairlines.com/frontier/pdf/Annual_Report_2007.pdf www.priceline.com www.airliners.net