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"On behalf of Frontier's 3,100 employees, we thank Dan Montgomery and the entire ATSB staff for their tireless efforts in closing this loan and their belief in Frontier Airlines and its future. We are also extremely thankful for the support shown to us by the lending institutions, WestLB and Wells Fargo, and our strategic partners who provided additional support for the transaction. It took a concerted effort and long hours by all involved to reach the goal of closing this transaction in a timely manner. Today's transaction provides additional liquidity for Frontier as the industry continues to struggle in the aftermath of the September 11, 2001 terrorist attacks. We are proud of the airline we have built since our inception in 1994, and it is our goal to continue providing affordable, competitive air service to our nation's air transportation system," said Frontier President and CEO Jeff Potter.

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 37 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 other operating statistics on its Web site, which may be viewed at www.frontierairlines.com.

Legal Notice Regarding Forward-Looking Statements
Frontier notes that this press release contains forward-looking statements and that certain information contained in this press release involves risks and uncertainties that could result in actual results differing materially from expected results. These statements include, but are not limited to, statements relating to future operations and the business model of the airline. 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. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: the inability of Frontier to meet its financial forecasts; significant restructuring of the airline industry and Frontier's direct competitors and additional incidents, including a potential war with Iraq, that could cause the public to question the safety and/or efficiency of air travel or disrupt the availability of fuel supplies at commercially reasonable prices. 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 10-Q for its fiscal third quarter ended Dec. 31, 2002 and the Company's 10-K for its fiscal year ended March 31, 2002.