MAIR Holdings, Inc.

MAIR Holdings, Inc. (“Holdings” or the “Company”) 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. The financial position and results of operations of Mesaba were deconsolidated from the Company’s consolidated financial statements effective October 13, 2005, the date Mesaba filed for bankruptcy protection. Mesaba and Big Sky are the Company’s reportable segments that are managed independently. Additional detail on segment reporting is included in “Item 8. Financial Statements and Supplemental Data, Note 13 — Segment Information” in this Annual Report on Form 10-K.