TransactionAnnouncement January 12, 2026
Forward-Looking Statements Sub-Header: Enter your optional sub-heading
here Source: Footnotes. Cautionary Statement Regarding Forward-Looking Statements This communication contains forward-looking statements under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, Section 27A of
the Securities Act of 1933 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and often can be identified by the use of forward-looking terminology such as
the words “believe,” “expect,” “guidance,” “anticipate,” “intend,” “plan,” “estimate”, “project”, “hope” or similar expressions. Forward-looking statements in this communication are based on Allegiant’s and Sun Country’s current expectations,
estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, their respective businesses and industries, management’s beliefs and certain assumptions made by Allegiant and Sun
Country, all of which are subject to change. Forward-looking statements in this communication may relate to, without limitation, the benefits of the proposed transaction, including future financial and operating results; the parties’ respective
plans, objectives, expectations and intentions; the expected timing and likelihood of completion of the proposed transaction; expected synergies of the proposed transaction; the timing and result of various regulatory proceedings related to the
proposed transaction; the ability to execute and finance current and long-term business, operational, capital expenditures and growth plans and strategies; the impact of increased or increasing transaction and financing costs associated with
the proposed transaction or otherwise, as well as inflation and interest rates; and the ability to access debt and equity capital markets. Forward-looking statements involve risks, uncertainties and assumptions that could cause actual results
to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you
should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to, the following: the
occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement for the proposed transaction; the risk that potential legal proceedings may be
instituted against Allegiant or Sun Country and result in significant costs of defense, indemnification or liability; the possibility that the proposed transaction does not close when expected or at all because required stockholder approvals,
required regulatory approvals or other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such regulatory approvals may result in the imposition of conditions that could adversely affect the
combined company or the expected benefits of the proposed transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the proposed transaction or that any of the
foregoing may take longer to realize or be more costly to achieve than expected; disruption to the parties’ businesses as a result of the announcement and pendency of the proposed transaction; the costs associated with the anticipated length of
time of the pendency of the proposed transaction, including the restrictions contained in the definitive merger agreement on the ability of each of Sun Country and Allegiant to operate their respective businesses outside the ordinary course
consistent with past practice during the pendency of the proposed transaction; the diversion of Allegiant’s and Sun Country’s respective management teams’ attention and time from ongoing business operations and opportunities on
acquisition-related matters; the risk that the integration of Sun Country’s operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country’s
businesses into its businesses; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of
Allegiant’s or Sun Country’s customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the proposed transaction; the dilution caused by Allegiant’s issuance of
additional shares of its common stock in connection with the consummation of the proposed transaction; a material adverse change in the business, condition or results of operations of Allegiant or Sun Country; changes in domestic or
international economic, political or business conditions, including those impacting the airline industry (including customers, employees and supply chains); Allegiant’s and Sun Country’s ability to successfully implement their respective
operational, productivity and strategic initiatives; the outcome of claims, litigation, governmental proceedings and investigations involving Allegiant or Sun Country; and a cybersecurity incident or other disruption to Sun Country’s or
Allegiant’s technology infrastructure. Forward-looking statements in this communication are qualified by and should be read together with, the risk factors set forth above and the risk factors included in Allegiant’s and Sun Country’s
respective annual and quarterly reports as filed with the Securities and Exchange Commission (the “SEC”), and readers should refer to such risks, uncertainties and risk factors in evaluating such forward-looking statements. In addition, the
risk factors discussed above are not exhaustive and they, along with other risk factors, will be more fully discussed in the registration statement and joint proxy statement/prospectus to be filed with the SEC in connection with the proposed
transaction. The forward-looking statements in this communication are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, Allegiant and Sun Country disclaim any intention or obligation
to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Important Additional Information and Where to Find It In connection with the proposed transaction, Allegiant intends to
file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a prospectus with respect to the shares of Allegiant’s common stock to be issued in the proposed transaction and a joint proxy statement
for Allegiant’s and Sun Country’s respective stockholders (the “Joint Proxy Statement/Prospectus”). The definitive joint proxy statement (if and when available) will be mailed to stockholders of Allegiant and Sun Country. Each of Allegiant and
Sun Country may also file with or furnish to the SEC other relevant documents regarding the proposed transaction. This communication is not a substitute for the Registration Statement, the Joint Proxy Statement/Prospectus or any other document
that Allegiant or Sun Country may file with the SEC or send to their respective stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF ALLEGIANT AND SUN COUNTRY ARE URGED TO READ THE REGISTRATION STATEMENT
AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE
REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING ALLEGIANT, SUN COUNTRY, THE PROPOSED TRANSACTION AND RELATED MATTERS.
Investors and security holders of Allegiant and Sun Country may obtain free copies of these documents and other documents filed with the SEC by Allegiant or Sun Country through the website maintained by the SEC at http://www.sec.gov or from
Allegiant at its website, https://ir.allegiantair.com/financials/sec-filings/default.aspx, or from Sun Country at its website, https://ir.suncountry.com/financials/sec-filings. Documents filed with the SEC by Allegiant will be available free of
charge by accessing Allegiant’s website at https://ir.allegiantair.com/financials/sec-filings/default.aspx, or alternatively by directing a request by mail to Allegiant’s Investor Relations department, 1201 North Town Center Drive, Las Vegas,
NV 89144, and documents filed with the SEC by Sun Country will be available free of charge by accessing Sun Country’s website at https://ir.suncountry.com/financials/sec-filings, or alternatively by directing a request by mail to Sun Country’s
Investor Relations department, 2005 Cargo Road, Minneapolis, MN 55450. Participants In The Solicitation Allegiant, Sun Country and certain of their respective directors and executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of Allegiant and Sun Country in connection with the proposed transaction under the rules of the SEC. Information about the interests of the directors and executive officers of Allegiant and Sun
Country and other persons who may be deemed to be participants in the solicitation of stockholders of Allegiant and Sun Country in connection with the proposed transaction and a description of their direct and indirect interests, by security
holdings or otherwise, will be included in the Joint Proxy Statement/Prospectus, which will be filed with the SEC. Information about the directors and executive officers of Allegiant, their ownership of Allegiant common stock and Allegiant’s
transactions with related persons can also be found in the Allegiant Annual Report and Allegiant’s definitive proxy statement in connection with its 2025 annual meeting of stockholders, as filed with the SEC on Schedule 14A on April 30, 2025
(the “Allegiant 2025 Proxy Statement”), and other documents subsequently filed by Allegiant with the SEC, which are available on its website, https://ir.allegiantair.com/financials/sec-filings/default.aspx. Such information is set forth in the
sections entitled “Proposal No. 1 – Election of Directors”, “Proposal No. 2 – Advisory (non-binding) Vote on Executive Compensation”, “Proposal No. 3 – Approval of Amendment to Allegiant 2022 Long-Term Incentive Plan to Increase Number of
Shares Available”, “Executive Compensation” and “Related Party Transactions” of the Allegiant 2025 Proxy Statement. To the extent holdings of Allegiant common stock by the directors and executive officers of Allegiant have changed from the
amounts of Allegiant common stock held by such persons as reflected therein, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC, which are available at
https://www.sec.gov/edgar/browse/?CIK=1362468&owner=exclude under the tab “Ownership Disclosures”. Information about the directors and executive officers of Sun Country, their ownership of Sun Country common stock and Sun Country’s
transactions with related persons can also be found in the definitive proxy statement for Sun Country’s 2025 annual meeting of stockholders, as filed with the SEC on Schedule 14A on April 25, 2025 (which is available at
https://ir.suncountry.com/financials/sec-filings), and other documents subsequently filed by Sun Country with the SEC. Such information is set forth in the sections entitled “Proposal 1– Reelection of Directors”, “Proposal 2 – Non-binding
(Advisory) Vote to Approve the Compensation of Our Named Executive Officers”, “Executive Compensation”, “Certain Relationships and Related Person Transactions” and “Security Ownership of Certain Beneficial Owners and Management” of such
definitive proxy statement. Please also refer to Sun Country’s subsequent Current Reports, as filed with the SEC on Form 8-K on September 22, 2025 (which is available at https://ir.suncountry.com/financials/sec-filings) and on October 30, 2025,
regarding subsequent changes to Sun Country’s Board of Directors and executive management following the filing of such definitive proxy statement. To the extent holdings of Sun Country common stock by the directors and executive officers of Sun
Country have changed from the amounts of Sun Country common stock held by such persons as reflected in the definitive proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the
SEC, which are available at https://www.sec.gov/edgar/browse/?CIK=1743907&owner=exclude under the tab “Ownership Disclosures”. Free copies of these documents may be obtained as described above. No Offer or Solicitation This communication
is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of
securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Today’s Speakers Greg Anderson Chief Executive Officer Robert (“BJ”)
Neal President & Chief Financial Officer Jude Bricker Chief Executive Officer
Combining Two Carriers Cut From the Same Cloth Source: Diio Mi. Calculated as
the percentage of routes in 2025 ranked #1 or #2 based on total number of seats. Only considers routes with at least 10 departures in 2025. Successful, Flexible Capacity, Operating Models Leisure Focused Diversified Businesses Industry
Leading Margins Leading Carrier Across 94%(1) of Our Originating Markets(2) Significant Growth from New Aircraft and Large Universe of Targeted Markets Strong and Conservative Balance Sheets with Significant Combined Free Cash Flow
Creates Long Term Value for Shareholders Source: Footnotes. Sub-Header: Enter
your optional sub-heading here Enter your text here Line 2 Line 3 Line 4 5 Creates a Leading Flexible Capacity Carrier in North America Expected to Generate $140 Million in Synergies with Conservative Estimates Optimized Fleet Will
Maximize Returns on Existing and New Routes Accelerates Growth Plan With New Potential Domestic and International Markets Diversified Business Mix Provides Unique Stability Among Airlines Meaningful Future Free Cash Flow and Embedded Fleet
Equity Will Drive Continued Conservative Balance Sheet Accretive to EPS Year 1 Post Closing While Enhancing Long Term Financial Returns Combined Loyalty Business Generates Greater Relevance, Higher Membership and More Remuneration 5
Transaction Overview On a fully-diluted basis. Based on Sun Country’s and
Allegiant’s share price as of January 9, 2026. Includes $0.4bn of Sun Country’s adjusted net debt (including leases) as of 3Q25. Transaction Details Allegiant to acquire Sun Country with Allegiant shareholders owning ~67% and Sun Country
shareholders owning ~33% of the combined Company upon closing(1) Sun Country shareholders to receive 0.1557 shares of Allegiant plus $4.10 of cash for each Sun Country share they own(2), implying total merger consideration per share of $18.89
as of January 9, 2026 Represents a 19.8% premium to Sun Country’s closing share price on January 9, 2026 and a 18.8% premium to Sun Country’s 30-day VWAP Values Sun Country at a fully-diluted equity value of $1.1 billion and a transaction
value of $1.5 billion(3) Closing expected in the second half of 2026, subject to customary closing conditions, including regulatory and shareholder approvals Board & Leadership The combined Company will continue under the Allegiant name
and be headquartered in Las Vegas with a meaningful presence in Minneapolis Maury Gallagher will serve as Chairman of the Board of the combined Company Greg Anderson will serve as Chief Executive Officer Robert Neal will serve as President
and Chief Financial Officer Jude Bricker will serve as advisor to the CEO during the transition Jude Bricker and two additional Sun Country Board members will be added to Allegiant’s Board of Directors upon closing of this transaction,
bringing total board members to 11
Other U.S. Carriers Similar Approaches and Ability to Flex Capacity… Source:
Diio Mi, Form 41. Based on scheduled service operations. Represents average of Alaska, American, Delta, Frontier, JetBlue, Southwest, Spirit, United, Breeze and Avelo. Based on the difference between peak day seats flown and trough day seats
flown as a % of seats flown each day of week in 2025. Daily utilization based on TTM 2Q25 per Form 41. Calculated as total aircraft hours (ramp-to-ramp) / total aircraft days. Monthly Capacity(1) (% seats flown by month) 2025 Peak to
Trough Day of Week Capacity(1)(3) (% of weekly seats) 2025 (2) (2) Both Allegiant and Sun Country are able to flex capacity to concentrate flying during periods of peak leisure demand Daily Aircraft Utilization(1)(4) (Daily block hours
per aircraft) TTM 2Q25 (2)
…Have Driven Industry Leading Performance Source: Company filings. Represents
Adjusted EBIT as reported by each respective carrier. Excludes Sunseeker. Represents average of American, Delta, Southwest and United. Adjusted EBIT Margin(1) (%) TTM 3Q25 (2) Big Four Carriers(3) Flying during periods of peak demand
results in industry leading profitability
Merger Creates Leading Flexible Capacity Carrier Source: Company filings, Diio
Mi. Excludes Sunseeker. Based on scheduled service operations. Calculated as the average of planned, scheduled service daily flights on Thursday, Friday, Sunday and Monday. Includes 5 aircraft leased to and operated by other
carriers. Destinations on sale for 2026. TTM 3Q25 Revenues TTM 3Q25 Customers(2) 3Q25 Fleet Order Book 2025 Avg. Peak Daily Flights(3) Destinations(5) (Dom. / Int’l.) TTM 3Q25 ASMs(2) TTM 3Q25 Adj. EBITDA $2.5 billion $425
million 20 billion 18 million 469 121 34 + 80 options 126 / - $1.1 billion $215 million 7 billion 4 million 91 70(4) - 71 / 18 $3.6 billion $640 million 27 billion 22 million 560+ 191 34 + 80 options 156 / 18 (1) (1)
A Highly Successful and Profitable Leisure
Carrier Source: Footnotes. Sub-Header: Enter your optional sub-heading here Enter your text here Line 2 Line 3 Line 4 Capacity / Utilization Focus Markets Strategy Business Diversification Other Leisure Carriers The flexible
capacity business model that Allegiant pioneered is the leisure model that works best in today’s marketplace Flex capacity to keep utilization low and fly when most profitable Leading carrier in most originating markets Fly routes
underserved by other carriers Balance Sheet / Fleet Contracted and growing cargo and charter operations Low leverage and high liquidity with significant owned aircraft base Less capacity optimization More diffuse flying with low brand
equity Fly crowded routes where capacity exceeds demand Solely passenger focused Highly leveraged, distressed with limited owned aircraft
Combined Company Is Well Positioned to Win in Leisure Source: Company filings,
Form 41. Excludes Sunseeker. Net income from Form 41. Figures from 1Q23 to 2Q25. Net income from Form 41. Figures from 4Q21 to 2Q25. Adjusted net income from 2021 to 2023. From 2024 to 3Q25, as reported net income is adjusted for tax
affected adjustments (at an assumed 22.3% tax rate) made to operating expenses. Cumulative Adj. Net Income / (Loss) Since 2021 ($ in millions) 2021 – 3Q25 The combined company is highly profitable while other leisure carriers lose
money (2) (3) (4) (1)
A More Diversified and Resilient Airline Source: Company filings. Excludes
Sunseeker. Scheduled service revenue. Ancillary passenger revenue. Loyalty, co-brand and other third-party revenue. Excludes rental revenue from leased aircraft. Revenue Composition TTM 3Q25 The combined carrier will generate the
majority of its revenue from contracted flying and resilient ancillary revenue $2.5 Billion(1) Total Operating Revenue $76 Million Charter Revenue $1.1 Billion Total Operating Revenue $216 Million Charter Revenue $136 Million Cargo
Revenue $3.6 Billion(1) Total Operating Revenue Airfare(2) $57.9 / passenger Ancillary(3) $68.9 / passenger Third-Party(4) $7.9 / passenger Airfare(2) $94.7 / passenger Ancillary(3) $69.5 / passenger Third-Party(4)(5) $3.2 /
passenger Airfare(2) $65.0 / passenger Ancillary(3) $69.0 / passenger Third-Party(4)(5) $7.0 / passenger $291 Million Charter Revenue $136 Million Cargo Revenue
Significant Future Fleet Optionality Drives Growth and Value Source: Company
filings, MBA, Ascend. Based on estimated half-life market values of fleet assets less fleet debt. Fleet values are estimates and subject to change. Includes all B737-800F aircraft on Amazon sublease. Allegiant & Sun Country Fleets (# of
aircraft)3Q25 (2) $2.2 billion embedded equity value(1) in combined fleet
Potential Network Growth Opportunities Source: Footnotes. Allegiant and Sun
Country Combined Network Growth Opportunities Significant connecting-the-dot opportunities between complementary networks Serving international leisure destinations from Allegiant’s origination markets Added frequencies leveraging both
customer bases across the Midwest Combined presence offers more relevance to customers in many cities Allegiant Sun Country
Combination Creates Substantial Synergy
Opportunity Source: Footnotes. Sub-Header: Enter your optional sub-heading here Enter your text here Line 2 Line 3 Line 4 Anticipated one-time integration costs of approximately $150 - $200
million $140M CostSynergies RevenueSynergies $140 million in annual run-rate synergies anticipated Key Synergy Drivers Network and scheduling optimization Expanded Midwest relevance through network and distribution Improved cobrand
economics and enhanced utility for combined company Charter efficiencies through broader resources Volume purchase benefits and centralize resources Net of labor dis-synergies Additional Upside Flexibility in fleet and asset
management Best-in-class third party and ancillary optimization Cargo efficiencies through broader resources and operational footprint International scale and improved speed to market Stronger combined balance sheet
Generates Robust Returns While Maintaining a Strong Balance Sheet Source:
Company filings, Form 41. Includes $140 million of net synergies phased in over three years post closing and excludes integration costs. Adjusted Net Debt / Adjusted EBITDAR defined as (Total Debt + Operating Leases – Cash) / LTM Adjusted
EBITDAR. Represents average of other U.S. carriers, including Alaska, American, Delta, Frontier, JetBlue, Southwest, United, Avelo and Breeze. Reflects Adj. Net Leverage as of 3Q25 for public carriers. Avelo and Breeze Adj. Net Leverage as of
2Q25. (Adjusted Diluted EPS(1)) (Adj. Net Leverage(2)) Mid Single Digit % + Double Digit % <3.0x 4.9x (3) Expected to be Accretive Near-Term… …And Low Leverage
Creating Value for All Our Stakeholders Source: Footnotes. Sub-Header: Enter
your optional sub-heading here Enter your text here Line 2 Line 3 Line 4 Consumers & Communities Broader, more frequent flying to top vacation spots, unlocks new options for travelers Drives loyalty rewards and customer value with a
larger, combined frequent flyer program Improves reliability and on-time performance through enhanced fleet management Team Members New career growth and advancement opportunities Greater year-round stability for pilots and crews Ongoing
investment in professional development and employee engagement Shareholders Combines complementary business models that generate the highest industry margins Unlocks $140 million of synergies Positions the combined entity for long-term
growth and cash generation
Source: Footnotes.