Market Overview

PHI, Inc. Issues Update Statement on Its Review Process

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PHI, Inc. (NASDAQ:PHII); PHIIK (nonvoting)) ("PHI") issued
today the following statement:

"We understand our stakeholders may have questions about the status of
the review of strategic alternatives that we announced last Fall. Our
officers and directors are collaborating with our advisors and others
and continue to make steady progress as we evaluate a wide range of
various options available to us. It is common for companies in a
position like ours to explore several strategies before reaching final
conclusions. We cannot provide advice on investments in PHI, nor would
it be appropriate for us to speculate about the treatment of
stakeholders in the various options we are continuing to consider. We do
not intend to provide further comment on this matter until we have an
appropriate update to share."

About PHI

PHI provides helicopter transportation and related services to a broad
range of customers including the oil and gas and air medical industries,
and also provides third-party maintenance services to select customers.
PHI Voting Common Stock and Non-Voting Common Stock are traded on The
NASDAQ Global Market (symbols PHII and PHIIK).

Forward-Looking Statements

Except for historical and factual information, the matters set forth
in this release are forward-looking statements as defined by the federal
securities laws, and are subject to the "safe harbor" protections
thereunder. These forward-looking statements are not guarantees of
future results and are based on current expectations only, and are
subject to various uncertainties. Actual events and results may differ
materially from those anticipated by us in those statements. We may
change our intentions or plans discussed in our forward-looking
statements without notice at any time and for any reason, and can
provide no assurances as to the ultimate outcome of our above-described
review process.

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