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

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 1995. 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.

Strategic Plan Fleet Transition 2014-2016 Risk Reduction 2016-2017 Cash Generation 2018 + EMB120 retirement Mitigate CRJ700 tail risk Build liquidity for next investment phase (potential scope relief, aircraft) E175 investments Reduction in unprofitable ERJ145s Shareholder returns Major transition Termination of manufacturer RVG’s on CRJ200s Enhance fleet mix Remove 90+ 50-seat aircraft 104 new E175s with little/no tail risk ExpressJet dual-class CRJ operator Increasing Value: Complete total of 104 E175 scheduled deliveries – 18 in 2017 Improve economics within existing fleet, primarily in 50-seat aircraft Reduce fleet risk 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

Improvement in Flying Contracts and Fleet Mix December 31, 2014 December 31, 2015 December 31, 2016 Aircraft in service: 717 Aircraft in service: 660 Aircraft in service: 652 Legend:  Operating Fleet as of December 31, 2015: 660 Added E175s 41 Removed CRJ700s (9) Removed CRJ200s (12) Removed ERJ145s (28) Operating Fleet as of December 31, 2016: 652 Each colored box represents one aircraft Each white box represents one removed aircraft New E175 aircraft Significant annualized earnings Significant annualized losses

4 Year Fleet Transition

2016 Annual and Quarterly Results Income Statement Summary for 2016 Annual Results Quarterly Results FY 2016 FY 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Revenue $ 3,121 $ 3,095 $ 762 $ 801 $ 800 $ 758 Operating expenses 3,294 2,861 700 717 714 1,162 Interest expense and other, net 76 40 17 18 19 22 Pre-tax income (GAAP) $ (249) $ 194 $ 45 $ 66 $ 67 $ (426) Less special items $ 482 $ (24) $ – $ 9 $ 472 Adjusted Pre-tax Income $ 233 $ 170 $ 76 $ 46 Adjusted Net Income $ 143 $ 103 $ 27 $ 40 $ 47 $ 29 Adjusted Diluted EPS $ 2.73 $ 1.98 $ 0.52 $ 0.77 $ 0.90 $ 0.54 GAAP Net Income (loss) $ (162) $ 118 $ 41 $ (270) GAAP Diluted EPS $ (3.14) $ 2.27 $ 0.79 $ (5.22) $ in millions except EPS Excluding special items, EPS for 2016 up 38% from 2015 Adjusted results improved from 2015 primarily through: – Benefits from additional E175s – Revenue improvements in legacy fleet – Reductions in unprofitable UA E145 operations See Non GAAP reconciliation for information on special items

A New Earnings Trajectory Operating Margin % 16.0% $76 $66 14.0% $60 11.9% 12.0% $53 $46 $45 $45 10.5% 10.0% 9.9% $41 Pre-Tax Income ($ in millions) 8.9% 9.0% Operating Margin % $34 8.0% 8.1% 7.9% 7.1% 4.5% 6.0% 6.2% 4.0% 2.2% $16 2.0% 0.0% -$2 -3.6% -$43 $0.14 EPS* $1.98 EPS* $2.73 EPS* OP Margin: 3.1% Annual PTI: $34 million OP Margin: 7.6% Annual PTI: $170 million OP Margin: 9.9% Annual PTI: $233 million * Adjusted for special items, as disclosed in SkyWest’s Q4 2015 and Q4 2016 earnings releases

Operating Expense Variances SkyWest, Inc. 2016 Improvement from 2015 Revenue Variances Operating Expense Variances $17 $46 $63 * Adjusted for special items in both periods

Balance Sheet Highlights SkyWest summary balance sheet (in millions) 12/31/16 Cash, marketable securities, restricted cash $ 565 Other current assets 482 Current assets 1,047 Aircraft, PP&E and other 4,090 Total assets 5,137 Current portion of debt 305 Other current liabilities 442 Current liabilities 747 Long-term debt 2,240 Other long-term liabilities 799 Shareholders’ equity 1,351 Total liabilities and shareholders’ equity Current ratio: 1.4 Current ratio: 1.4 Debt Mix: 65% Equity Mix: 35%

SkyWest, Inc. Operating Fleet (December 31, 2016) 66+ Seat Dual Class Jets 50 Seat Jets Combined SkyWest Airlines CRJ700 CRJ900 E175 Total CRJ200 ERJ135/145 United – contract flying 35 - 58 93 53 146 United – pro-rate flying 22 Delta – contract flying 27 36 13 76 50 126 Delta – pro-rate flying 21 American – contract flying 23 9 32 American – pro-rate flying 6 Alaska – contract flying 15 85 86 207 161 368 ExpressJet CRJ700 CRJ900 E175 Total CRJ200 ERJ135/145 United – contract flying - 145 Delta – contract flying 35 28 63 38 101 American – contract flying 10 11 14 25 American – pro-rate flying 3 45 73 52 159 211 284 Combined 130 64 86 280 213 372 652

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 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) Q4 2016 adjustments (1) 465,649 (171,047) 294,602 Q4 2016 adjustments (2) 6,878 (2,526) 4,352 Non-GAAP income (3) 46,305 (17,596) 28,709 0.54 For the year ended December 31, 2016 Pre-tax Income (loss) Income Tax (expense) Net Income (loss) Net Income (loss) Per Diluted Share GAAP income (loss) $ (248,812) 87,226 (161,586) (3.14) Q4 2016 adjustments (1) 465,649 (171,047) 294,602 Q4 2016 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 Pre-tax Income Income Tax (expense) Net Income Net Income Per Diluted Share GAAP income $ 65,760 (25,306) 40,454 0.78 Q4 2015 adjustments (5) (24,731) 9,517 (15,214) Non-GAAP income 41,029 (15,789) 25,240 0.49 For the year ended December 31, 2015 Pre-tax Income Income Tax (expense) Net Income Net Income Per Diluted Share GAAP income $ 194,322 (76,505) 117,817 2.27 2015 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. 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 Q4 2016. Adjusts for early lease return charges on four CRJ700s. 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. Adjusts for early lease return charges on eight CRJ700s. 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-over-period 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.