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Ticker: MAIR
Dividend: none
Institutional Ownership: 62.45%

MAIR Holdings, Inc.
FIFTH STREET TOWERS, SUITE 1360
150 SOUTH FIFTH STREET
MINNEAPOLIS, MN 55402

Telephone: 612 333-0021

website: www.mairholdings.com

Industry: Air Transportation, Scheduled Passenger A

MAIR Holdings, Inc., formerly known as Mesaba Holdings, Inc., (“Holdings”) is the holding company for Mesaba Aviation, Inc., a regional air carrier based in Minneapolis, Minnesota (“Mesaba”) and Big Sky Transportation Co., a regional air carrier based in Billings, Montana (“Big Sky”). Mesaba and Big Sky are each wholly-owned subsidiaries of Holdings.

Mesaba operates as a regional air carrier providing scheduled passenger service as “Mesaba Airlines/Northwest Airlink” and “Mesaba Airlines/Northwest Jet Airlink” under two separate agreements with Northwest Airlines, Inc., a wholly-owned indirect subsidiary of Northwest Airlines Corporation (“Northwest”), to 106 cities in the United States and Canada from Northwest’s hub airports, in Minneapolis/St. Paul, Detroit and Memphis.

Big Sky operates as a regional carrier based in Billings, Montana, providing scheduled passenger, airfreight, express package and charter services. Big Sky provides scheduled air service to 19 communities in Montana, North Dakota, Washington and Idaho via its Billings hub. Big Sky operates daily scheduled flights that provide interline and online connecting services, as well as local market services. Big Sky markets its services under its two-letter code, GQ. Big Sky also has code-sharing agreements with Alaska Airlines, America West Airlines and Northwest, where its services are marketed jointly with those air carriers for connecting flights.

Big Sky also provides service between its Billings hub and seven communities in Central/Eastern Montana and between Seattle and Moses Lake, Washington under contracts with the DOT’s Essential Air Service (“EAS”) program. The EAS program subsidizes air carriers to provide air service to designated rural communities throughout the country that could not otherwise economically justify that service based on their passenger traffic. The DOT pays EAS subsidies for each departure in a covered market. Big Sky bids on the EAS contracts every two years.

Form 10K

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