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

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.

3. Strategic Plan Fleet Transition 2014-2016 Risk Reduction 2016-2017
Cash Generation
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 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

4. 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

5. 4 Year Fleet Transition

6. 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
$ ,121
$ ,095 $ $ $ $
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) $ $ $ $
$ (426)
Less special items $
$ (24)
$ – $ $
Adjusted Pre-tax Income $ $ $ $
Adjusted Net Income $ $ $ $ $ $
Adjusted Diluted EPS $ $ $ $ $ $
GAAP Net Income (loss)
$ (162) $ $
$ (270)
GAAP Diluted EPS
$ (3.14) $ $
$ (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

7. 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 Q and Q earnings releases

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

9. 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%

10. 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

11. 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)
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
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)
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
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
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 Q
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.