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President and Chief Operating Officer Jeff Potter said, “Our passenger traffic and future bookings have rebounded more quickly than we anticipated, and they have returned at higher fare levels than we anticipated based on the deeply discounted fare environment the industry experienced during the December quarter. We are extremely pleased that we have been able to maintain Frontier’s growth plans, which include taking delivery of our thirtieth aircraft and opening three new Frontier markets next month.”

Frontier provides capacity and other data and industry comparisons on its Web site, which may be viewed at www.frontierairlines.com. The historical information, earnings estimates and other projections contained herein and on the airline’s Web site speak only as of Jan. 24, 2002 and are not being made as of any later date, unless noted. Shareholders and other interested parties are advised to check the airline’s Web site for updated information. The historical information is subject to review and adjustment, and earnings estimates and other projected information are subject to review and adjustment and all the risks and uncertainties associated with projections. Actual results may differ materially. See the cautionary language below.

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. 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, 2001; the Company’s Form 10-K for its fiscal year ended March 31, 2001; the Company’s Form 8-K filed May 7, 2001 and the Company’s Form 8-K filed January 22, 2001, as amended by the Company’s Form 8-K/A filed July 11, 2001.