AMEX: KHK

Safe Harbor The statements made during this presentation regarding Kitty Hawk may include forward-looking statements that are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to the future events or future financial performance and involve known and unknown risks and uncertainties that may cause actual result or performance to be materially different from those indicated by any forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "forecast," "may," "will," "could," "should," "expect," "plan," "believe," "potential," or other similar words indicating future events or contingencies. Except as required by law, Kitty Hawk disclaims any obligation to update or correct any of its forward-looking statements.

Kitty Hawk is... North America's only independent air & ground heavy-weight freight network

Operational Highlights Expedited air service to 57 North American markets Asset light ground service to 46 North American markets Over 550 freight forwarder and logistics provider customers Highly efficient network Experienced management team Strong balance sheet, $26.6 million cash and $8.4 million of availability under the line of credit (12/31/05 - unaudited) Attractive partner for international carriers

Mexico*** Monterrey Mexico City Chihuahua Miami Kitty Hawk Network Honolulu San Francisco Los Angeles Kansas City Denver El Paso Norfolk Nashville Dallas Fort Worth Houston Chicago Dayton Lexington Raleigh/Durham Louisville Philadelphia Newark Richmond St. Louis Cincinnati Omaha Charlotte Washington, Dulles Atlanta Hartford/Springfield Baltimore Cleveland Detroit Jacksonville Columbus Buffalo Memphis St. Petersburg Pittsburgh Seattle Minneapolis Grand Rapids Phoenix San Diego Tampa Orlando Austin New York (JFK & LGA) Boston Portland FORT WAYNE AIR & GROUND HUB FWA Milwaukee Albany South Bend Hawaii*** Canada Alaska*** Anchorage Juneau Las Vegas New Orleans Salt Lake City Caribbean San Juan Guadalajara 57Air Cities / 46 Ground Cities Page 5 Indianapolis Air Only City Air and Ground City Air with Regional Ground Hub City *** Served by partners

Capabilities Network specializes in heavy weight capability > 150 lbs Network handles freight with unique dimensions Network manages small package/mail < 150 lbs Special handling: high security, live cargo, & hazardous materials Control of local pick-up & delivery, as requested Execute special needs - integrated/international carriers Later cut-off/earlier availability than most competition

Blue Chip Customers (partial listing)

2005 Key Accomplishments Introduced small package product Introduced Precious Cargo product (mortuary services) Integrated B737-300SF San Diego air service Launched ground network

2006 Achievements & Goals Expand ground network to 46 cities Completion Factor YTD 99.99% Loss/Damage metric 0.00002% YTD On-time performance to the customer 94.2% YTD Number of Customers YTD greater than 100 Continue investment in air and ground network Upgrade IT infrastructure Accretive acquisitions Generate increased shareholder returns