First Quarter Financial Highlights

� Reported an $11.4 million loss for the first quarter 2009 versus a $35.7 million loss in first quarter 2008 - a 68% improvement year-over-year;
� Incurred large year-over-year variances from expense items, such as aircraft rent and fuel associated with the 214 aircraft we are currently flying for Continental being removed from our income statement as part of the Amended Continental CPA;
� Experienced increased wage pressure due to the seniority of our workforce;
� Increased revenues within our corporate aviation division by 26.6% year-over-year, excluding fuel, because it is treated as a pass-through expense:
� Used $10.1 million in cash flows from operations, versus $36.8 million in first quarter 2008, offset by investing and financing activities including:
- Repurchasing $2.8 million in equity and $1.8 million in par value of 11.25% Convertible Secured Notes due 2023;
- Borrowing $5.0 million under a revolving line of credit (the "Citigroup Credit Facility"), from Citigroup Global Markets, Inc. ("Citigroup") using a portion of our auction rate securities ("ARS") as collateral; and
- Selling $9.2 million on non-core assets to increase the strength of our balance sheet.

Table of Contents

First Quarter Operational Highlights

� Experienced decreased utilization of 12.3% percent based on lower utilization under our Amended Continental CPA;
� Continued to streamline operations to recognize efficiencies in our operations;
� Began a modification line of interior upgrades to add ovens, power and upgraded sidewalls and panels on our 41-seat aircraft;
� Scheduled two additional aircraft for conversion to our 41-seat configuration which will bring the total 41-seat fleet to eight aircraft; and
� Added 3 stations to our aviation services division bringing the total to 31 stations ground handled by us for Continental as well as other operators.

Outlook

As ExpressJet completes its transition from the restructuring initiated in 2008, we will continue to focus on three core areas: contract flying for mainline partners; long-term charter agreements and ad-hoc charter arrangements for customers seeking customizable travel solutions (corporate aviation) and aviation services. As we now generate revenue for actual hours flown, as opposed to hours scheduled, in our contract flying operations, our reported results will more closely follow the general trends of the aviation industry.

Currently, the industry is experiencing a significant decrease in demand due to the global economic recession. If demand declines further, the number of block hours we fly for mainline partners could decrease. However, those reductions could be somewhat offset by our partner's capability to utilize our smaller aircraft to economically serve markets that may not otherwise be viable in this reduced demand environment. We will continue to focus on providing the most economically efficient and reliable service possible to best position ourselves for potential opportunities and to weather challenges within the airline industry.

We will also continue to market our unscheduled charter services to customers seeking customizable travel solutions. The corporate aviation market has recently suffered from negative media due to public scrutiny in the current economic climate with government bailouts occurring in many industries. Contrary to this trend, our corporate aviation division is experiencing growth because we have a large fleet of dedicated aircraft and offer a greater number of seats than most of our competitors. We also provide one of the most reliable products in the industry and we have never experienced a controllable cancellation in this operation. We expect our revenues to continue growing in this division as we enter into additional contracts and continue to generate brand awareness.

We also continue to leverage our aviation services segment. This segment includes providing customer and ramp ground-handling services to Continental and other operators, interior and seat refurbishments and aircraft painting. The ground handling operations allows us to generate additional income that helps to offset the cost we incur to perform these services in support of our other operations and provide a seamless product to our partner's customers.