Frontier Group Holdings, Inc. · NASDAQ:ULCC

Frontier — Merger or Acquisition (February 2025)

5 slides from Frontier's merger presentation, Feb 12, 2025

  1. Slide 1: Project Galaxy Transaction Proposal

    Exhibit 99.4 Pr Pri iv viil leg eged ed an and d Co Con nf fi ide dennti tia al l –– S Su ubj bjeec ct to t to ND NDA A Pr Prepar epareed d at at the D the Di ir reec cti tio on n of of Co Cou un ns sel el S Su ubj bjeec ct t to toR R FFE E 40 408 8 an and d S State tatequ q EEui iva vallen ents ts

  2. Slide 2: Transaction Proposal

    Privileged and Confidential – Subject to NDA Prepared at the Direction of Counsel Subject to FRE 408 and State Equivalents Transaction Proposal Frontier (2/4) Spirit (2/7) ▪ Frontier and Spirit to combine as part of Spirit’s ongoing chapter ▪ Agreed 11 proceedings with securities of the combined ent

  3. Slide 3: Transaction Proposal (Cont.)

    Privileged and Confidential – Subject to NDA Prepared at the Direction of Counsel Subject to FRE 408 and State Equivalents Transaction Proposal (Cont.) Frontier (2/4) Spirit (2/7) ▪ Frontier to complete confirmatory within 10 business days.▪ Agreed ▪ Scope of confirmatory diligence limited to: – A l

  4. Slide 4: Takeback Debt Terms

    Privileged and Confidential – Subject to NDA Prepared at the Direction of Counsel Subject to FRE 408 and State Equivalents Takeback Debt Terms Frontier (2/4) Spirit (2/7) ▪ $400M▪ $600M Quantum ▪ 11.0% Cash / 8.0% Cash + 4.0% PIK▪ First Lien Takeback debt to receive equivalent terms as New Money Fir

  5. Slide 5: Pr Pri ivi vil leg eged ed an and d Co Con nf fi

    Pr Pri ivi vil leg eged ed an and d Co Con nf fi iden denti tial al –– S Su ubje bjec ct to t to ND NDA A Pr Prepare epared d at at the D the Di ire rec cti tion on of of Co Cou un ns sel el S Su ubje bjec ct t to to F FR RE E 40 408 8 an and d S State tate E Equ qui ival valen ents ts 5

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