The FAA COMMERCIAL AVIATION FORECAST CONFERENCE

1. The FAA COMMERCIAL AVIATION FORECAST CONFERENCE U.S. Carriers Strategy for Growth March 17, 2005 Washington, D.C. Convention Center

3. Warren R. WilkinsonVice President Government Affairs & Corporate Communications

4. Company Profile • Republic Airways Holdings, Inc. (“RJET”) is the holding company for ChautauquaAirlines, Inc. (“Chautauqua”) and Republic Airline, Inc. (“Republic”) • Chautauqua is the platform for flying the ERJ-145 family • Currently operating 100 ER-145 family aircraft and 16 170’s • Republic is the platform for flying the ERJ-170 family • Republic is expected to begin operations in the summer of 2005 • 39 ERJ 170 aircraft under firm contract with 16 in service as of March 1, 2005 • Conditionally Firm on an additional 21 ERJ-170 aircraft with 2006 delivery dates • Option positions for 40 additional ERJ-170, -175, -190, or -195 aircraft 4

5. Industry Trends • The transformation and restructuring process of U.S. Legacy Carriers is not complete: • They must continue to simplify their business (fewer fleet types) • Scope erosion will continue (allowing more outsourcing of larger regional jets) • The 170/190 will be the RJ of choice • This will lead to a convergence of LCC’s and regionals operating 90+ seat aircraft 3

6. Industry Trends Continued • Regionals will continue to expand their role as they become the domestic spoke service provider for legacy carriers • Regionals will continue to fly point to point in medium sized markets bypassing hubs which provide greater convenience for legacy carrier’s brand loyal, premium priced passengers

7. Industry Trends • The continued growth of the LCC’s have forced legacy carriers to downsize from their narrow body aircraft to smaller equipment operated by their regional partners which offer dramatically lower trip costs • RJET is well positioned to be a “solutions provider” as the industry continues its transformation in 2005

8. Significant growth in the regional industry for low-cost providers Several regional operators operate for multiple major partners allowing them to leverage resources over diverse network systems RJET operates for 4 network carriers New opportunities for ERJ-170/190 platform given scope relief trends Several regional airlines enjoy secure and predictable earnings due to fixed-fee contracts Market Strategy 5

9. Regionals enjoy higher growth rates than the Majors and Low-Cost Carriers: From 2000 to 2004, regional airlines experienced average annual growth in available seat miles of 32.9% vs. 0.5% for the Majors and 15.4% for the LCC’s RJET’s average annual ASM growth rate from 2000 to 2004 was 50.2% Significant Growth in the Regional Industry ASM Growth of Regionals (1) (4) (2) (3) • Source: Company filings. • Regionals Composite includes XJT, SKYW, PNCL, MESA. • LCC’s Composite Includes: LUV, JBLU, AWA, AAI, FRNT. • Majors Composite Includes: AMR, DAL, CAL, NWAC, UAL, UAIR, ALK. 6

10. Consistent Profitability in the Regional Industry • Regionals have been consistently profitable in all economic cycles: • More favorable cost structures at independent regional airlines • Greater resistance to cyclical downturns due to fixed fee fuel hedged agreements • RJET’s average annual operating margin from 2000 to September 30, 2004 was 13.9% Operating Margin (1) Average: 10.1% Average: 5.3% Average: (4.1%) (4) (2) (3) • Source: Company filings. • Regionals Composite includes XJT, SKYW, PNCL, MESA. • LCC’s Composite Includes: LUV, JBLU, AWA, AAI, FRNT. • Majors Composite Includes: AMR, DAL, CAL, NWAC, UAL, UAIR, ALK. 7

11. RJET’s Low Cost Strategy • Mainline narrow body Direct Operating Costs (DOC) per block hour are on average approximately 90% higher than the cost of RJET’s ERJ 170s • This cost gap allows our partners to match the right aircraft to the market at the lowest possible “network” cost • In addition regional airlines have substantially lower indirect costs compared to major airlines (1) +117% +100% Excess Cost over RJET +59% Note Derived from Form 41 and internal RJET data – Q2 2004 (1) DOC is comprised of fuel, maintenance, crew cost, and aircraft ownership costs including interest expense. 8

12. Low Cost Business Model Strategy for maintaining low Costs are the same for Regionals as they are for LCC’s and Network carriers • Operate a Single-Fleet Type or as few as possible • Achieve High Utilization of Aircraft and Human Resources • Utilize assets efficiently • Our contracts economically incentivize our partners to utilize our assets efficiently • Maintain Low Overhead • We leverage Our Maintenance and Crew Resources Across Multiple Partners (“Connect the Dots”) • Maintain a positive employee culture 10

13. New ERJ-170 Platform Republic was established to meet the growing demand for larger gauge aircraft 16

14. Demand for larger capacity RJ’s is double the same market outlook for the traditional 30 – 50 seat RJ’s A large void exists between the 50-130 seat marketplace The Embraer 170/190 allows operators to deliver mainline cabin comfort at regional jet economics ERJ-170/190 Platform Strategy Current forecasts call for over 2,500 70 to 110 seat aircraft to enter the U.S. fleet over the next 10 years Source: Embraer. 17

15. Many mid-sized markets are beyond the capability of a low-cost carrier There will be an opportunity for the first-mover The ERJ-170 provides a high-quality, low-cost answer to this scenario Republic will most likely be the only regional airline certified to fly ERJ-170s in 2005 ERJ-170/190 Platform Strategy Source: Embraer. 17

16. Continued Growth Strategy • The transformation and restructuring process of the Legacy Carriers is not complete: • They must continue to simplify their business (fewer fleet types) • Scope erosion will continue (allowing more outsourcing of larger RJ’s) • The 170/190 will be the RJ of choice (to compete against LCC’s) • The sustained rapid growth of LCC’s will force the legacy carriers to continue to shift their smaller narrowbody flying to regional operators due to a diminished premium priced, brand loyal air travel market • RJET is well positioned to be a key part of the solution as the industry continues its transformation in 2005 28

17. Strategies For Growth & Success • Maintain low costs! • Maintain high asset utilization! • Maintain high human productivity! • Sell your product for more than it costs to produce it!

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