who we are

The airline also announced that it recently entered into a marketing program that will enable the airline to receive fees in the future based on the program's performance. At signing, the third party paid the airline $10 million, which represents a pre-payment of some of the fees it is anticipated the airline will earn through the program's performance. This $10 million will be reflected as unrestricted cash in the airline's financial statements for the quarter ended March 31, 2003; however, that amount will not be taken into income until it is earned as program fees in accordance with the program agreement. There are also certain circumstances in the agreement that would require re-payment of the $10 million in pre-paid fees to the third party.

Providing updated information related to the airline's fuel hedging program for its fiscal first quarter FY04, the airline reported that it has entered into an additional derivative contract, covering approximately 15 percent of its jet fuel requirements from April 1 through June 30, 2003, at a price of $0.7925 per gallon. The Company now has hedged 30 percent of its fuel requirement for April and May 2003; 20 percent for June 2003; and five percent thereafter through Nov. 30, 2003.

Denver-based Frontier Airlines employs approximately 3,100 aviation professionals and is the second largest jet service carrier at Denver International Airport. Frontier and its regional jet partner Frontier JetExpress offer service to 39 cities. Frontier's fleet consists of 35 aircraft, which feature a single-class configuration. In 2002, for the fourth consecutive year, Frontier's maintenance and engineering department has received the Federal Aviation Administration's highest award, the Diamond Certificate of Excellence. This award signifies 100 percent of the airline's maintenance and engineering employees have completed advanced aircraft maintenance training programs. In April 2002, Entrepreneur ranked Frontier one of two "Best Low-Fare Airlines." Frontier provides capacity information and corporate information on its Web site, which may be viewed at www.frontierairlines.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained in this press release, which are not historical facts, are forward-looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements and certain information contained in this press release involves risks and uncertainties that could result in actual results differing materially from expected results. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: capacity and pricing actions of directly competing airlines; the uncertainty of an economic rebound that would improve discretionary and business travel spending; escalating military activities in the Middle East; or the uncertainty of other competitors’ future reorganization plans. Forward-looking statements represent the Company’s expectations and beliefs concerning future events, based on information available to the Company as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release. Additional information regarding these and other factors may be contained in the Company’s SEC filings, including without limitation, the Company’s Form 10-Q for the quarter ended Sept. 30, 2002, and the Company’s 10-K for its fiscal year ended March 31, 2002.