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Republic Airways Holdings Inc. Announces Follow-on Public Offering of 6,000,000 Shares of Common Stock at $12.50 Per Share

INDIANAPOLIS--(BUSINESS WIRE)--Feb. 2, 2005--Republic Airways Holdings Inc. (Nasdaq:RJET) today announced the follow-on public offering of 6,000,000 shares of common stock at a price of $12.50 per share. All of the shares were offered by the Company. Merrill Lynch, Pierce, Fenner & Smith Incorporated served as the lead manager of the offering and Raymond James & Associates, Inc. and UBS Securities LLC acted as co-managers. The Company has granted to the underwriters an option to purchase up to an additional 900,000 shares of common stock solely to cover over-allotments. Net proceeds to the Company will be used for general corporate purposes, including working capital, the acquisition of additional aircraft and related spare parts and support equipment, and potential strategic acquisitions and/or investments. The Company currently has no plans to make any strategic acquisition or investment.

Republic Airways Holdings Inc. is a holding company that operates Chautauqua Airlines, Inc. and Republic Airline Inc. Chautauqua is a regional airline offering, as of December 31, 2004, scheduled passenger service on approximately 700 flights daily to 73 cities in 31 states and the Bahamas pursuant to code-share agreements with AMR Corp., the parent of American Airlines, Inc., US Airways, Inc., Delta Air Lines, Inc. and United Air Lines, Inc.

A copy of the final prospectus for the offering can be obtained from the offices of Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, North Tower, New York, NY 10080, Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 and UBS Securities LLC, 299 Park Avenue, New York 10171.

Any offering will be made only by means of a final prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

CONTACT: Republic Airways Holdings Inc.
Warren Wilkinson, 317-484-6042

SOURCE: Republic Airways Holdings Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Republic Airways Holdings's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the summary of risk factors contained in our earnings release.