Wheels Up Experience : Earnings Presentation 2024 Q1

Cautionary statement regarding forward-looking statements

This presentation contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of the control of Wheels Up Experience Inc. ("Wheels Up", or "we", "us", or "our"), that could cause actual results to differ materially from the results discussed in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding: (i) the impact of Wheels Up's cost reduction efforts and measures intended to increase Wheels Up's operational efficiency on its business and results of operations, including the timing and magnitude of such expected actions and any associated expenses in relation to liquidity levels and working capital needs; (ii) Wheels Up's liquidity, future cash flows and certain restrictions related to its debt obligations; (iii) the size, demands, competition in and growth potential of the markets for Wheels Up's products and services and Wheels Up's ability to serve and compete in those markets; (iv) the degree of market acceptance and adoption of Wheels Up's products and services, including our member programs, charter offerings and other products introduced by Wheels Up; (v) Wheels Up's ability to perform under its contractual and indebtedness obligations; (vi) the expected impact or benefits of any potential strategic actions involving Wheels Up or its subsidiaries or affiliates, including asset sales, acquisitions, new financings or refinancings of existing indebtedness; (vii) Wheels Up's ability to achieve positive Adjusted EBITDA (as defined herein) pursuant to the schedule that it has announced; and (viii) general economic and geopolitical conditions, including due to fluctuations in interest rates, inflation, foreign currencies, consumer and business spending decisions, and general levels of economic activity. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward- looking. We have identified certain known material risk factors applicable to Wheels Up in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") and our other filings with the SEC. Moreover, it is not always possible for us to predict how new risks and uncertainties that arise from time to time may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, we do not intend to update any of these forward-looking statements after the date of this presentation.

Use of non-GAAP financial measures

This presentation includes certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted Contribution, Adjusted Contribution Margin, Total Private Jet Flight Transaction Value and Flight Transaction Value. These non-GAAP financial measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and should not be considered as an alternative to revenue or any component thereof, net income (loss), operating income (loss) or any other performance measures derived in accordance with GAAP. Definitions and reconciliations of non-GAAP financial measures to their most comparable GAAP counterparts are included in the sections titled "Definitions of key operating metrics and non- GAAP financial measures" and "Reconciliations of non-GAAP financial measures," respectively, in the appendix of this presentation. Wheels Up believes that these non-GAAP financial measures of financial results provide useful supplemental information to investors about Wheels Up. However, there are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents, including that they exclude significant expenses that are required by GAAP to be recorded in Wheels Up's financial measures or represent a transaction value that Wheels Up does not book as revenue. In addition, other companies may calculate non-GAAP financial measures differently, or may use other measures to calculate their financial performance, and therefore, Wheels Up's non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-lookingnon-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-lookingnon-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

For more information on these non-GAAP financial measures, see the sections titled "Definitions of key operating metrics and non-GAAP financial measures" and "Reconciliations of non-GAAP financial measures" included in the appendix.

George Mattson

Chief Executive Officer

Notes:

1. Please see appendix for definitions of key operati ng metrics

•	Fastest growing	•	Driving toward profitability
•	Profitable today	•	Targeted revenue activation
•	Global	•	Fleet optimization

• Complements programmatic flying
• • Strong momentum in Delta strategic partnership
  • Larger average customer spend / higher margins
  • Monday through Thursday utilization

Todd Smith

Chief Financial Officer

Three Months Ended March 31,

2024	2023	% Change
$197	$352	(44%)
$193	$277	(31%)
$151	$232	(35%)
$192	$258	(26%)
$16,315	$16,772	(3%)

$122$98

+25%

$225$289

(22%)

Notes:

1. Please see appendix for explanations and reconciliations of non-GAAP measures.
2. Aircraft Management (ACM) business was divested in September 2023. We do not expect to recognize any significant revenue or expenses associated with aircraft management activities in future periods. As of January 1, 2024, aircraft sales are now outsourced to a 3rd party.
3. Actual number (not in millions)

Three Months Ended March 31,

20242023

1.0%	1.8%
$(49)	$(49)

$301	$363
$699	$977

Notes:

1. Please see appendix for explanations and reconciliations of non-GAAP measures.
2. Includes cash and cash equivalents, undrawn revolver, and $20 million reserve deposit on EETC notes.

Overhauled programmatic offering

Reduced cost structure

Secured additional financial resources Consolidated Operations to MOC

Reduced business complexity - exited Managed Business, spun out Aircraft Sales

Rebalanced revenue mix

Restored pre-paid block pipeline/growth

Enhanced operations and business leadership

Continued alignment of cost structure to demand profile Consolidating maintenance in new flagship facility at PBI

Improved revenue and schedule management

Fleet optimization

Target positive Adjusted EBITDA(1) later this year

Notes:

1. Please see appendix for explanations and reconciliations of non-GAAP measures.