May 8, 2006
js-4244

Air Transportation Stabilization Board

The U.S. Department of the Treasury on behalf of the Air Transportation Stabilization Board has engaged Merrill Lynch & Co. as advisor in connection with the sale of their warrant position in Frontier Airlines Holdings, Inc. The Air Transportation Stabilization Board owns 3,450,551 warrants exercisable into an equal number of common shares of Frontier Airlines Holdings, Inc. (FRNT: NASDAQ).

If you have any questions regarding this sale, please contact Marguerite Owen, Legal Counsel of the Air Transportation Stabilization Board at 202-622-3808.