Chautauqua Airlines Selected Regional Airline of the Year By Air Transport World.

Business Editors/Travel Writers

INDIANAPOLIS--(BUSINESS WIRE)--Jan. 26, 2004

Chautauqua Airlines a wholly-owned subsidiary of Republic Airways Holdings announced today that it has been selected Regional Airline of the Year by Air Transport World.

Bryan Bedford Chairman President & CEO of Chautauqua Airlines said "today's announcement reflects a significant achievement for our airline. The selection of Chautauqua for this honor is a validation of the hard work of our nearly 2,000 employees. Everyday, Chautauqua aircraft carry thousands of travelers across our country for our three major airline partners. The effort and care that our employees exhibit towards our customers and to their fellow professionals is second to none among our regional airline peers. This recognition is especially gratifying as we celebrate our 30th anniversary of scheduled commercial operations in 2004. We deeply appreciate the hard work of our employees and the confidence that our airline partners have placed in our operations."

Jay Donoghue Editorial Director of Air Transport World said "this year's Regional Airline of the Year has achieved an enviable record of success in a short period of time. In doing so, it has validated the model of the independently-owned regional at a time when many of the most successful regional airlines are subsidiaries of the larger airlines they serve."

The selection of Chautauqua Airlines marks the first time in the 30 year history of the Air Transport World Airline Achievement Awards program that an a senior management team has received this recognition at two different airlines. Several members of the current senior management team at Chautauqua worked together at Mesaba Airlines in 1997 when Mesaba Airlines was selected for this award.

The ATW Airline Achievement Awards program was created in 1974 to recognize excellence. Originally a modest program, the ATW Awards over the intervening decades have gained in importance and stature to become one of the most coveted and valued honors an airline can receive. The ATW Award winners are selected by the magazine's editorial staff after a lengthy consultative process.

Chautauqua Airlines offers scheduled passenger service on more than 500 flights daily to 67 cities in 26 states, Canada and the Bahamas through code sharing agreements with three major U.S. airlines. The all-jet airline currently operates a fleet of 85 Embraer regional jets, including 55 ERJ-145s, 15 ERJ-140s and 15 ERJ-135's. All of its flights are operated under its major airline partner brand, such as AmericanConnection, Delta Connection or US Airways Express. The airline employs more than 1,900 aviation professionals. Chautauqua Airlines is the third largest Embraer regional jet operator in the world and is one of only two carriers worldwide that operate all three variants of the ERJ platform including the 135, 140 and 145.

Republic Airways Holdings, headquartered in Indianapolis, Indiana is an airline holding company owned by investment funds organized and managed by Wexford Capital LLC, a Greenwich, Connecticut-based investment advisor.

More information on Republic Airways Holdings can be found at the company's website at www.rjet.com.