Colgan Air Inc.

Philip H. Trenary has been President and Chief Executive Officer since April 1997. Mr. Trenary was the founder and former Chief Executive Officer of Lone Star Airlines and served as Chief Executive Officer of that company from 1984 to 1996.

Douglas W. Shockey has been Vice President and Chief Operating Officer since September 2002. Mr. Shockey was Vice President, Maintenance and Engineering from December 1995 to August 2002. Prior to joining our company, Mr. Shockey was Vice President, Maintenance and Engineering for Flagship Airlines from 1988 to 1995. Previously, Mr. Shockey was also Vice President for Air Midwest from 1984 to 1988.

Lorraine is the Vice President People for Pinnacle Airlines based out of Memphis, TN. Her duties include oversight of the entire HR and Internal Communications initiatives for this mid-sized regional airline. Prior to joining Pinnacle, Lorraine was the president of Lessons in Loyalty, a company specializing in helping organizations create cultures where employees come to work because they want to, not because they have to; recognizing that happy employees create loyal customers. Lorraine's recently published book, Lessons in Loyalty, outlines the principles utilized by Southwest Airlines to create one of the most productive and successful cultures, and is quickly gaining momentum in the business community as a primer for companies who want to know how Southwest Airlines does it. As a 15-year veteran of Southwest Airlines, Lorraine was the Houston District Marketing Manager and the Manager of the University for People prior to joining the People Department (Human Resources) as Director of Employment, tasked with "hiring Warrior Spirits". Her track record includes her ability to achieve optimal results in times of chaos, high stress, change and reorganization. She commuted daily to Dallas from her home on a sailboat in Clear Lake, TX. In 1986, Lorraine started her own aviation charter company at Hobby Airport which, within 3 years, boasted billings of over three million dollars. Lorraine has been the recipient of the Women's Business Support Network "International Business Woman of the Year" in 1988, finalist in the Houston Post's "Top Ten Business Women of the Year" in 1989, Aviation Person of the Year from the Hobby Airport Chamber of Commerce in 1991, was a recipient of Southwest Airlines' "Winning Spirit" Award, the Houston District's "Positively Outrageous Service" award, Southwest Airlines' representative in "Leadership Texas 2000." and most recently received the People Department's "Thinking Outside the Box" award. Lorraine received her Senior Professional in Human Resources (SPHR) certification in May 2003 and is a member of the Society of Human Resource Management, Dallas Human Resource Association, Bay Area Human Resource Management Association, Memphis SHRM, American Society for Training and Development, Association of Psychological Type, and is a guest lecturer at Rice and University of Houston's Executive MBA programs. Lorraine speaks three languages. When not working and flying, Lorraine and her husband Jim are sailing on their boat (and home), Wandering Star.

Nicholas R. Tomassetti, age 73, has been a member of our Board of Directors since January 2003. Mr. Tomassetti has been President and Chief Executive Officer of NRT Associates since January 2002. From March 2000 through January 2002, he served as President and Chief Executive Officer of Airbus North America Holdings, Inc. and from 1994 to March 2000, he served as President and Chief Operating Officer of that company. Prior to joining Airbus, Mr. Tomassetti served in a number of executive positions for Douglas Aircraft Corporation and Pratt & Whitney.

R. Philip Shannon has served as a director since July 2003. He was an Assurance Partner with KPMG LLP from 1984 to 2001. Previously, he held other positions with the firm from 1972 to 1984. While with the firm, he served as a member of the National Industrial Products Committee and the Southeast Area Manufacturing Committee, and was Partner in Charge for the Southeast Area Industrial Products Group.