Midwest Express Holdings, Inc. Robert W. Baird Growth Stock Conference May 10, 2002

1. Midwest Express Holdings, Inc. Robert W. Baird Growth Stock Conference May 10, 2002

2. Investment Highlights • Proven market niche: premium service • Historical growth in revenue and earnings • Attractive growth strategy • Strategic plan for the future MEH 1

3. Overview • 2001 in Review • Going Forward MEH 2

4. Midwest Express Airlines • Began commercial operations in 1984 • Recognized as best U.S. Airline by leading consumer surveys • Single-class, premium service catering to higher-yield business travelers MEH 3

5. ‘The Best Care in the Air’ MEH 4

6. Midwest Express Airlines Service • 26 destinations nationwide • 35 McDonnell Douglas DC-9 and MD-80 jet aircraft in service MEH 5

7. Skyway Airlines,The Midwest Express Connection • Initiated in 1989, became wholly owned subsidiary in 1994 • Builds feeder traffic and provides nonstop service in select markets MEH 6

8. Skyway Airlines Service • 30 markets strengthen Milwaukee base • 10 Fairchild Dornier 328JETs and 15 Beech 1900D turboprops in service MEH 7

9. Benefits of Premium Service Strategy • Customer preference, brand loyalty • Preferred by 75% of Milwaukee frequent flyers • Consistently rated #1 U.S. airline by consumers • More profitable passenger mix • Higher percentage of business travelers • More “high-end” discretionary travelers • Premium revenue yields • 30-40% higher than industry MEH 8

10. Ability to Capture Premium Yields • Midwest Express has historically maintained a significant yield premium $0.176 $0.123 MEH 9

11. Consistent Revenue Growth • 10-year compounded annual revenue growth of 14% Source: Midwest Express Holdings, Inc. MEH 10

12. 14 Years of Operating Profits • 1987-2000 operating income: $283 million on sales of $3.1 billion • 1987-2000 operating margin: 9.1%; 1995-2000 operating margin: 10.2% • 2001 operating loss of $12.9 million(1) • Excluding asset impairment charge of $8.8 million, including federal government grant of $16.3 million Source: Midwest Express Airlines/The Airline Monitor MEA information as reported, not pro forma. MEH 11

13. Higher Yields Offset Product Costs • 2001 excludes asset impairment charge of $8.8 million and includes federal government grant of $16.3 million Source: Midwest Express Airlines/The Airline Monitor MEA information as reported, not pro forma. MEH 12

14. 2001 In Review MEH 13

15. Factors Impacting 2001 • Slowing economy resulted in decline in business travel that began in April and accelerated monthly • Continued high fuel cost environment • Events of September 11 compounded already-difficult operating environment and necessitated capacity reduction to align with travel demand MEH 14

16. Net Result – 2001 vs. 2000 • 5% decrease in revenue • 1.3 percentage point decrease in load factor • 8.7% decrease in yield • Higher insurance and security costs MEH 15

17. Profitability: 1998-2001 Full Year Revenue Oper. Income(Loss) Net Income(Loss) Net Margin Earnings (Loss)/Share Cash Flow (1) 1998 $388.9 $55.7 $35.9 9.2% $2.51 $45.9 1999 $447.6 $60.8 $38.8 8.7% $2.71 $52.0 2000 $480.0 $6.9 $5.2 1.1% $0.37 $22.2 2001 $457.2 ($12.9) ($9.3) (2.0%) ($0.68) $11.6 Note: Consolidated financial results of Midwest Express Holdings. Dollars in millions except Earnings Per Share. Information as reported, not pro forma. For operating income, net income, net margin and earnings/share, 2001 excludes impact of $8.8 million impairment charge and includes federal government grant of $16.3 million. (1) Net Income plus depreciation and amortization MEH 16

18. Operating Statistics: 1998-2001 Full Year Revenue Yield RPMs (millions) ASMs (millions) Load Factor Revenue per ASM Cost per ASM Fuel Price 1998 19.2¢ 1,624 2,499 65.0% 13.9¢ 11.8¢ $0.56 1999 18.5¢ 1,959 2,994 65.4% 13.4¢ 11.5¢ $0.61 2000 19.3¢ 1,975 3,163 62.4% 13.3¢ 13.0¢ $1.00 2001 17.6¢ 1,974 3,232 61.1% 12.1¢ 12.8¢ $0.91 Note: Midwest Express Airlines only. MEH 17

19. 2001 Cost Reduction Efforts • Reduced planned capacity 20% following 9/11 • Implemented furlough process to align staffing with capacity, including significant reduction in contract maintenance staff • Implemented wage freeze and benefit adjustments • Placed additional aircraft into charter service • Initiated redesign of dining services program, including transition to roundtrip meal catering • Lowered travel agent commission cap • Reduced advertising and discretionary spending • Completed transition to new aircraft maintenance program MEH 18

20. Results of Cost Reduction Efforts • Lowered cost/asm each quarter (exc. fuel) • Reduced employee count 18% at Midwest Express and 2% at Skyway • Lowered unit costs in most categories despite significant capacity reduction • Will realize substantial unit cost benefits as capacity is restored MEH 19

21. Going Forward MEH 20

22. 2002 – A Rebuilding Year • Continued difficult operating environment • Poor economy, unstable fare environment, increased insurance and security costs • Capacity added as demand warrants • Down 1-2% in second quarter, up 3-4% in third quarter • Remain flexible depending on recovery of economy • Skyway to continue moderate growth • Added two Fairchild Dornier 328JET regional jets • Launched service to Baltimore, Minneapolis in first quarter MEH 21

23. 2002 – A Rebuilding Year • Continued emphasis on cost management • Enhance brand to retain and increase loyalty • Continue to meet and exceed our customers’ expectations • Federal loan application under consideration MEH 22

24. First Quarter Profitability Year-to-Date as of March 31, Revenue $118.9 $104.0 (12.5%) Oper. Income (Loss) (10.2) (2.8) 72.9% Net Income (Loss) (2)(6.6) (2.2) 66.6% Net Margin (5.5%) (2.1%) 3.4 pts Earnings (Loss)/Share ($0.47) ($0.16) 66.8% Cash Flow (1) (1.6) 3.4 nm 2001 2002 Change Note: Consolidated financial results of Midwest Express Holdings. Dollars in millions except Earnings Per Share. For operating income, net income, net margin and earnings per share, 2002 excludes $29.9 million asset impairment charge and $39.5 million gain associated with Fairchild arbitration settlement. (1) Net income plus depreciation and amortization. MEH 23

25. First Quarter Operating Statistics Year-to-Date as of March 31, Revenue Yield 19.0¢ 16.3¢ (14.5%) RPMs (millions) 483.1 460.5 (4.7%) ASMs (millions) 834.4 737.6 (11.6%) Load Factor 57.9% 62.4% 4.5 pts Revenue per ASM 12.4¢ 11.7¢ (5.2%) Cost per ASM 13.3¢ 12.0¢ (10.1%) Fuel Price $0.99 $0.71 (28.1%) 2001 2002 Change Note: Midwest Express Airlines only. MEH 24

26. 2003 and Beyond • Concentrate on existing bases of operation Milwaukee - Improve market share from existing 36% - Add frequency, cities Omaha - 6% market share, dominant carrier in markets served - Limited future growth opportunities Kansas City - Continue to build critical mass and brand loyalty - Further strengthen connection markets MEH 25

27. 2003 and Beyond • Manage fleet growth through aircraft retirement and acquisition MEH 26

28. Boeing 717 • 25 firm orders with options for 25 more • Monthly delivery beginning February 2003 • 88 seats in signature 2-by-2 configuration • Fuel efficient, lower maintenance costs MEH 27

29. Embraer ERJ • 20 firm orders with options for 20 more • Bi-monthly delivery beginning January 2004 • 2-by-1 configuration • 37-, 44- and 50-seat variations MEH 28

30. Midwest Express Holdings, Inc. www.midwestexpress.com