Risk Factors Update Summary

• The Emergency Vacating of Aircraft Cabin Act was reintroduced in May 2023, impacting complaints and passenger transportation.
• Workforce diversity and climate change engagement are increasingly important for our reputation.
• Expanded fleet commitments to operate 210 A320neo family aircraft by the end of 2029.
• ICAO removed 2020 from the baseline calculation for the CORSIA "pilot phase."
• California passed climate disclosure laws impacting companies with revenue over $1 billion and $500 million.
• The U.S. Court of Appeals upheld EPA's aircraft GHG emission standards after several challenges.
• Increased emphasis on ESG matters leads to new laws and regulations, impacting reporting requirements.
• Added 16 Airbus single-aisle aircraft to the fleet, increasing from 120 to 136 aircraft.
• Added 10 A321neo aircraft through direct leases to be delivered in 2023.
• Increased total employees from 6,470 to 7,235 as of December 31, 2023.
• Valuation allowance related to deferred tax assets increased from $7 million to $11 million.
• Increased average seats per departure from 193 to 199 during the year ended December 31, 2023.
• The CORSIA program will be implemented in three phases, with the second phase mandatory for certain countries.
• Adjusted average fuel price per gallon from $2.17 in 2021 to $3.10 in 2023.
• The Airport Noise and Capacity Act recognizes airport operators' rights with special procedures.
• ICAO member countries agreed that 85% of 2019 emissions would be used for CORSIA obligations.
• Increased ancillary revenues per passenger from $60.55 in 2021 to $76.28 in 2022.
• Operating leases for 7, 8, 20, 19, and 17 aircraft in our fleet were scheduled to terminate during 2023, 2024, 2025, 2026, and 2027, respectively.
• Future operating lease obligations increased from approximately $2.5 billion to $3 billion.
• Maintenance costs will increase over the near future, impacting financial condition.
• Indigo Partners now controls approximately 80.1% of our outstanding common stock.