Investor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE

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1 Investor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE 1

2 Forward Looking Statements In addition to historical information, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Words such as forecasts, "expects," "intends," "believes," "anticipates," estimates, "should," "likely" and similar expressions identify forward-looking statements. Such statements include, but are not limited to, statements about SkyWest s future financial and operating results, plans, objectives, expectations, estimates and intentions, and other statements that are not historical facts. All forward-looking statements included in this presentation are made as of the date hereof and are based on information available to SkyWest as of such date. SkyWest assumes no obligation to update any forward-looking statement. Readers should note that many factors could affect the future operating and financial results of SkyWest, SkyWest Airlines or ExpressJet, and could cause actual results to vary materially from those expressed in forward-looking statements set forth in this presentation. These factors include, but are not limited to, the prospects of entering into agreements with existing or other carriers to fly new aircraft, ongoing negotiations between SkyWest, SkyWest Airlines and ExpressJet and their major partners regarding their contractual obligations, uncertainties regarding operation of new aircraft, the ability to attract and retain qualified pilots, the impact of regulatory issues such as pilot rest rules and qualification requirements, and the ability to obtain aircraft financing. Actual operational and financial results of SkyWest, SkyWest Airlines and ExpressJet will likely also vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of other reasons, including, in addition to those identified above: the operational and financial challenges and impact of market demand shifting from 50-seat single-class aircraft to dual-class aircraft; the challenges of competing successfully in a highly competitive and rapidly changing industry; developments associated with fluctuations in the economy and the demand for air travel; the financial stability of SkyWest s major partners and any potential impact of their financial condition on the operations of SkyWest, SkyWest Airlines, or ExpressJet; fluctuations in flight schedules, which are determined by the major partners for whom SkyWest s operating airlines conduct flight operations; variations in market and economic conditions; significant aircraft lease and debt commitments; realization of manufacturer residual value guarantees on applicable SkyWest aircraft; market changes in residual values for aircraft and related assets; labor relations and costs; the impact of global instability; rapidly fluctuating fuel costs, and potential fuel shortages; the impact of weather-related or other natural disasters on air travel and airline costs; interruption of information technology systems, including systems provided by our major partners and vendors; aircraft deliveries; the ability to attract and retain qualified pilots and other unanticipated factors. Risk factors, cautionary statements and other conditions which could cause SkyWest s actual results to differ materially from management s current expectations are contained in SkyWest s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. No part of this presentation or any of its contents may be reproduced, copied, modified or adapted, without permission in writing from SkyWest, Inc 2

3 Strategic Plan Fleet Transition Risk Reduction Cash Generation EMB120 retirement Mitigate CRJ700 tail risk Build liquidity for next investment phase (new or replacement aircraft) E175 investments Reduction in unprofitable ERJ145s Shareholder returns Major transition Termination of manufacturer RVG s on CRJ200s Enhance fleet mix Remove seat aircraft 104 new E175s with little/no tail risk Return ExpressJet to profitability Increasing Value: Complete 104 E175 order this year (one remaining Q4 2017) Adding 10 new E175s with Alaska in 2018 Adding 15 new E175 SCs with Delta in 2018 Improve economics within existing fleet, primarily in 50-seat aircraft Extending ~ 100 ERJ145s with United effective Q Positioning ExpressJet for long-term profitability Five year extension on SkyWest Airlines pilot contract Best in class Safety Discipline on flying commitment Manage Pilot Risk Employer of Choice Solid operations performance Invest for future Liquidity Deploy capital in optimal manner FOUNDATION 3

4 Aircraft in Service (June 30, 2017) E in service + 1 in December seats dual-class All debt financed 10 more on order in 2018 with Alaska CRJ in service 76 seats dual-class Debt (11), lease (14) and partner financed (39) Average age 10 years 28 to be returned to Delta by mid 2018 E175 SC 15 on order 70 seats dual-class All debt financed To be placed in service in 2018 CRJ in service 65 seats dual-class Own (4), debt (65), lease (47) and partner financed (13) Average age 12 years 3 to be returned to Delta by mid 2018 ERJ145/ in service 50/37 seats all economy All partner financed Average age 15 years CRJ in service 50 seats all economy Own (56), debt (33), lease (87) and partner financed (30) Average age 15 years 4

5 SkyWest A Different Airline Model Contract Flying Model Risks Traditional Airline Risks Network capacity fluctuations Passenger load factor and seat inventory Passenger fare volatility Fuel volatility Labor availability and costs Aircraft maintenance Operational performance Competition Aircraft fleet financing risk Varies by aircraft/contract Contract flying model based on value of regional passenger demand, without the typical airline risks ~ 10% of SkyWest s fleet is under pro-rate arrangements (not contract model) which has more traditional airline risk/rewards 5

6 Forecasted fleet mix improvements through 2018 June 2017 Fleet E175 E175 SC ERJ145 CRJ900 CRJ700 CRJ Anticipated movement next 18 months ADD EXTEND REMOVE 1 new E new E175 SC (33) CRJ700 (28) CRJ900 (23) CRJ used CRJ ERJ145s (24) ERJ145 Outlook Dec 2018 Fleet E175 E175 SC ERJ145 CRJ900 CRJ700 CRJ used CRJ new E175 TBD 22 used CRJ new aircraft (108) Used aircraft +47 used aircraft New 2018 order for 15 E175 SCs with Delta and 10 E175 with Alaska Nearly a quarter of 2018 ending fleet to consist of recently delivered E175/E175 SC Recently announced ERJ145s will be extended through 2022 at improved economics Hopeful to redeploy ExpressJet s remaining 22 CRJ700s with other partners in 2018 Full benefit from fleet improvements anticipated for FY 2019; extensive fleet movements may keep FY 2018 EPS under $4 6

7 4 Year Fleet Transition ACTUAL FORECAST 7

8 New Dual-Class Order E175 SC E E175 SC Delta 10 E175 Alaska Q1 Q2 Q3 Q

9 Improvement in Flying Contracts and Fleet Mix December 31, 2015 December 31, 2016 June 30, 2017 Aircraft in service: 660 Aircraft in service: 652 Aircraft in service: 626 Legend: Each colored box represents one aircraft Each white box represents one removed aircraft New E175 aircraft Significant annualized earnings Significant annualized losses Operating Fleet as of December 31, 2015: 660 Added E175s 58 Removed CRJ700s (10) Removed CRJ200s (19) Removed ERJ145s (63) Operating Fleet as of June 30, 2017: 626 9

10 First Half 2017 and 2016 Results Income Statement Summaries $ in millions except EPS Quarterly Results Annual Quarterly Results Q Q Q Q FY 2016 Q Q Revenue $ 762 $ 801 $ 800 $ 758 $ 3,121 $ 765 $ 810 Operating expenses ,162 3, Interest expense and other, net Pre-tax income (loss) $ 45 $ 66 $ 67 $ (426) $ (249) $ 52 $ 81 Less special items $ $ $ 9 $ 472 $ 482 $ - $ - Adjusted Pre-tax Income $ 45 $ 66 $ 76 $ 46 $ 233 $ 52 $ 81 Adjusted Net Income $ 27 $ 40 $ 47 $ 29 $ 143 $ 35 $ 50 Adjusted Diluted EPS $ 0.52 $ 0.77 $ 0.90 $ 0.54 $ 2.73 $ 0.65 $ 0.95 GAAP Net Income (loss) $ 27 $ 40 $ 41 $ (270) $ (162) $ 35 $ 50 GAAP Diluted EPS $ 0.52 $ 0.77 $ 0.79 $ (5.22) $ (3.14) $ 0.65 $ 0.95 Pre-tax income for Q up 22% from Q Results improved from 2016 primarily through: Benefits from additional E175s Revenue improvements in legacy fleet Reductions in unprofitable UA E145 operations See Non GAAP reconciliation for information on Q3 and Q special items 10

11 Earnings Trajectory Pre-Tax Income ($ in millions) Pre-tax Income Operating Margin % $60 $53 $45 $41 9.9% $34 8.9% 7.1% 6.2% 4.5% 7.9% 2.2% $16 $45 8.1% $76 $ % 10.5% $46 9.0% 9.9% $81 $ % 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Operating Margin % -3.6% -$2 -$43 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 $0.14 EPS* OP Margin: 3.1% Annual PTI: $34 million $1.98 EPS* $2.73 EPS* OP Margin: 7.6% Annual PTI: $170 million OP Margin: 9.9% Annual PTI: $233 million $1.60 EPS YTD YTD OP Margin: 11.6% YTD PTI: $133 million * Adjusted for special items, as disclosed in SkyWest s Q and Q earnings releases 11

12 Q2-17 Waterfall $ in millions Q2-17 Improvement from Q2-16 $100 $90 $80 $70 $7 $(7) $8 $(7) $4 $8 $60 $50 $40 $81 $30 $66 $(64) $66 $20 $10 $- Q2-16 Actual (pre-tax) 50-seat Aircraft (69 Fewer) Dual Class Aircraft (40 More, Net) Pass Through Costs Pass Through Costs Lower Labor Costs, Net Production Increased MX, Engine PBH Vol., Airframe Checks Lower Other Operating Costs Lower Net Aircraft Ownership Cost Q2-17 Actual (pre-tax) Revenue Variances Operating Expense Variances $9 $6 $15 12

13 Balance Sheet Highlights SkyWest summary balance sheet (in millions) 6/30/17 Cash, marketable securities, restricted cash $ 635 Other current assets 312 Current assets 947 Aircraft, PP&E and other 4,414 Total assets $ 5,361 Current portion of debt $ 307 Other current liabilities 472 Current liabilities 779 Long-term debt 2,453 Other long-term liabilities 706 Shareholders equity 1,423 Total liabilities and shareholders equity $ 5,361 Current ratio: 1.2 Debt Mix: 66% Equity Mix: 34% 13

14 SkyWest, Inc. Operating Fleet (June 30, 2017) 66+ Seat Dual Class Jets 50 Seat Jets Combined SkyWest Airlines CRJ700 CRJ900 E175 Total CRJ200 ERJ135/145 Total Total United contract flying United pro-rate flying Delta contract flying Delta pro-rate flying American contract flying American pro-rate flying Alaska contract flying ExpressJet CRJ700 CRJ900 E175 Total CRJ200 ERJ135/145 Total Total United contract flying Delta contract flying American contract flying American pro-rate flying Combined

15 Reconciliation of Non-GAAP Financial Measures Reconciliation to Adjusted Net Income and Diluted Earnings per Share (unaudited) (Dollars in thousands, except per diluted share) Three months ended December 31, 2016 For the year ended December 31, 2016 Pre-tax Income (loss) Income Tax (expense) Net Income (loss) Net Income (loss) Per Diluted Share Pre-tax Income (loss) Income Tax (expense) Net Income (loss) Net Income (loss) Per Diluted Share GAAP income (loss) $ (426,222) $ 155,977 $ (270,245) $ (5.22) Q adjustments (1) 465,649 (171,047) 294,602 Q adjustments (2) 6,878 (2,526) 4,352 Non-GAAP income (3) $ 46,305 $ (17,596) $ 28,709 $ 0.54 GAAP income (loss) $ (248,812) $ 87,226 $ (161,586) $ (3.14) Q adjustments (1) 465,649 (171,047) 294,602 Q adjustments (4) 16,101 (6,023) 10,078 Non-GAAP income (3) $ 232,938 $ (89,844) $ 143,094 $ 2.73 For the three months ended December 31, 2015 For the year ended December 31, 2015 Pre-tax Income Income Tax (expense) Net Income Net Income Per Diluted Share Pre-tax Income Income Tax (expense) Net Income Net Income Per Diluted Share GAAP income $ 65,760 $ (25,306) $ 40,454 $ 0.78 Q adjustments (5) (24,731) 9,517 (15,214) Non-GAAP income $ 41,029 $ (15,789) $ 25,240 $ 0.49 GAAP income $ 194,322 $ (76,505) $ 117,817 $ year adjustments (5) (24,731) 9,517 (15,214) Non-GAAP income $ 169,591 $ (66,988) $ 102,603 $ 1.98 The following adjustments allow investors to better understand and analyze our recurring core performance in the period presented. (1) Adjusts for a non-cash impairment charge on 50-seat aircraft and related long-lived assets and spare aircraft parts net of a $90 million early settlement of residual value guarantees with Bombardier received in Q (2) Adjusts for early lease return charges on four CRJ700s. (3) Proforma diluted shares outstanding for Non-GAAP net income were 52,806,000 and 52,369,000 for the three and twelve months ended December 31, 2016, respectively. (4) Adjusts for early lease return charges on eight CRJ700s. (5) Adjusts for a gain from an early debt payoff of approximately $32.6 million, partially offset by a resolution of a contract matter with a major partner of approximately $7.9 million reflected as a reduction to revenue. Although SkyWest s financial statements are prepared in accordance with accounting principles generally accepted in the U.S. ( GAAP ), SkyWest management believes that certain non-gaap financial measures may provide investors with useful information regarding the underlying business trends and performance of SkyWest s ongoing operations and may be useful for period-overperiod comparisons of such operations. The table above reconciles income before income taxes, excluding special items, to GAAP financial statements for the periods indicated (dollars in millions). Readers should consider this non-gaap measure in addition to, not a substitute for, financial reporting measures prepared in accordance with GAAP. This non-gaap financial measure excludes some, but not all, items that may affect SkyWest s net income. Additionally, this calculation may not be comparable with similarly titled measures of other companies. 15

16 16

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