MEH1 Midwest Express Holdings, Inc. Raymond James & Associates January 23, 2001

MEH2 Investment Highlights Proven Premium Service Niche Market -High cost, high yield product and service -Strong business communities/underserved markets Historical Growth in Revenue and Earnings Attractive Growth Strategy Plan to Improve on Poor 2000 Results

MEH3 Business Summary 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 Only nonstop jet service on over 60% of core routes Serves 27 cities from Milwaukee, 5 from Omaha and 7 from Kansas City -Fleet of 24 DC-9 and 10 MD-80 jet aircraft in service Developed Skyway Airlines operations to build feeder traffic -Fleet of 15 Beech 1900D turboprop aircraft and 6 Fairchild Aerospace 328JET aircraft -Serves 30 cities

MEH4 Midwest Express Airlines: Today Midwest Express Serves 28 Destinations in 18 States

MEH5 Growing Skyway Service Skyway Serves 30 Markets, Enhancing the Strength of the Milwaukee Hub

MEH6 Premium Service Product - Key Features Superior Value -Fare structure competitive with other airlines Convenient Schedule -Only nonstop service on over 60% of core markets served -Designed to allow maximum use of business day Most Spacious Seating -First-class leather seats -Fewer seats / no middle seat / better pitch -Consistently rated ” the most comfortable coach seat” Superior Amenities -Premium food served on china -Complimentary champagne, wine and newspapers -Chocolate chip cookies baked onboard on luncheon flights Customer Focus -Extensive employee training directed at service to the customer -Same service niche for 16 years

MEH7 Premium Service Product - Key Benefits Customer Preference / Loyal Following -Independent research shows 75% of Milwaukee frequent fliers prefer Midwest Express More Profitable Passenger Mix -Higher percentage of business travelers than other airlines -Effective yield management Premium Yields -In aggregate, 30% to 40% higher than industry

MEH8 Our Track Record

MEH9 Consistent Revenue Growth 10-year compounded annual revenue growth of 14% Source: Midwest Express Holdings, Inc. (Dollars in Millions) Revenue

MEH10 Operating Profits for Each of the Past 14 Years operating income of $282.9 million on sales of $3.1 billion operating margin of 9.1% operating margin of 10.2% Source: Midwest Express Holdings, Inc. (Dollars in Millions) (Dollars in Millions) Operating Income Note: Information as reported, not pro forma 11.9%9.4% 8.1% 4.0% 0.5% 3.1% 9.6% 5.5% 12.1% 11.3% 11.2% 14.3% 13.6% 1.4%

MEH11 Ability to Capture Premium Yields Midwest Express has Historically Maintained a Significant Yield Premium Source: Midwest Express Airlines, Inc./Airline Monitor (Dollars) Revenue Yield $.193 $.133 e

MEH12 Yield Premium Example

MEH13 Yields More Than Offset Higher Product Costs Source: Midwest Express Airlines, Inc./The Airline Monitor (MEA information as reported, not proforma) (Cents) Operating Profit per ASM for Midwest Express vs. U.S. Majors

MEH It Was a Difficult Year

MEH15 Several Issues Impacted 2000 Higher Fuel Prices -$36.1 million fuel price impact -Essentially no fuel was hedged in 2000 Threatened Pilot Labor Action -Revenue impact from travelers booking on other carriers -Higher labor costs Slower Capacity Growth than Planned Resulted in Higher Unit Cost -Training constraints -Aircraft refurbishment delays -Pilot attrition Unsuccesful start-up of Indianapolis operation -Competitive reaction -Inability to acquire Washington DC slots -Limited resources to support plan

MEH16 Profitability: Revenue$447.6$ % Oper Income (88.7%) Net Income (86.5%) Net Margin8.7%1.1% (7.6 pts) Earnings/ Share$2.71$.37 (86.3%) Cash Flow (1) (57.3%) Year-to-Date as of December 31, Change Note: Represents the consolidated financial results of Midwest Express Holdings, Inc. - All dollars in millions except Earnings Per Share (1)Cash Flow = Net Income plus depreciation and amortization

MEH17 Operating Statistics: Yield18.5¢19.3¢ 4.1% RPMs (millions)1,958.51, % ASMs (millions)2,993.83, % Load Factor65.4%62.4% (3.0 pts) Revenue Per ASM13.4¢13.3¢ (1.1%) Cost Per ASM11.5¢13.0¢ 12.7% Fuel Price60.7¢100.0¢ 64.4% Year-to-Date as of December 31, Change Note: For Midwest Express Only

MEH18 Areas of Focus/Opportunity Pilot Training - Our Solution Competitive Environment/Corporate Discounting - Our Strategy Fleet Maintenance and Fleet Plan - Our Design Marketing Programs - Our Vision

MEH19 Pilot Training Investment in flight standards and training infrastructure Better long-term planning for simulator requirements Preferred customer status for simulator time In-house technology to reduce simulator requirements Attrition still a potential problem because of other airline pilot contracts

MEH20 Competitive Environment Current competitive environment is not expected to change significantly Recent study supports continued targeting of business traveler segment Continued focus on sustaining market share dominance in Milwaukee Grow Kansas City with the objective of being a dominant player -Air Midwest codeshare effective March Advertising promotion focus first quarter Improve schedules/more markets

MEH21 Fleet Maintenance Several aircraft maintenance issues impacted operational/financial results -Transition to phased maintenance program (MSG3) -Aircraft damage incidents increased -Aircraft conformity issues with recent aircraft acquisitions -Higher than anticipated employee turnover -Unscheduled engine repair costs abnormally high ($3.0 million) Situation will improve as the year progresses -Phased maintenance transition completed by mid Selective outsourcing -Organization realignment for process improvement

MEH22 Fleet Plan Three additional MD80 aircraft and three additional 328JET aircraft will provide double-digit capacity growth in 2001 Fairchild decision to cancel 428JET program will result in new aircraft type -Decision expected in first quarter Evaluating Embraer and Bombardier regional jets Midwest Express evaluating long-term fleet growth options -Decision expected in first quarter Evaluating Boeing and Airbus products

MEH23 Marketing Programs Corporate discounting; will participate more but selectively Evaluating internet alternatives Continued focus on on-line sales Implementation of a corporate Web site product

MEH24 Attractive Growth Strategy

MEH25 Recreating the Success of Milwaukee Omaha Began operations in May 1994 with three jet aircraft Successfully replicated the business strategy from Milwaukee 6% overall market share, but dominant carrier in markets served Profitable since 10th month of operation Kansas City Serving Milwaukee-Kansas City since November 1989 Initiated service from Kansas City to Boston (9/96), New York (5/97), San Antonio (5/99),Washington Dulles (2/00), Washington National (10/00) and Atlanta (4/01) Consistently profitable, meeting expectations Announced as third base of operation in September 2000 Air Midwest codeshare effective March 2001

MEH26 Looking Ahead

MEH27 Objectives in 2001 Return to historical revenue and earnings growth Continued focus on customer satisfaction Improved operational performance Aggressively defend Milwaukee base and grow Kansas City Fleet plan decisions in first quarter

MEH29 Consistent Profitability During Difficult Industry Conditions Source: Midwest Express Holdings, Inc./Airline Monitor (%) Operating Margin Note: Information as reported, not pro forma

MEH30 Strong Cash Flow From Operations Modest capital expenditures to fund market expansion and fleet maintenance Source: Midwest Express Holdings, Inc. (Dollars in Millions) Capital Expenditures and Cash Provided by Operations Note: Information as reported, not pro forma

MEH31 Maintained Proven Sources of Liquidity Diversity of Available Funding Sources -$XX million cash balance at end of Fourth quarter Lease market: successful financing since IPO -Unused $55 million bank credit facility -Financing from aircraft manufacturers -Own 60% of our jet fleet debt free Strong and Consistent Cash Flow from Operations

MEH32 ECONOMIC ENVIRONMENT OUTLINE AND DISCUSSION OF IMPACT OF ECONOMIC SLOWDOWN ON BUSINESS TRAVELER AND MIDWEST EXPRESS

MEH33 Competitive Position: Success of Milwaukee Consistent market share growth from (UPDATE)in face of competitive challenges from other airlines Source: Midwest Express Airlines, Inc. and Astral Aviation, Inc. Market Share (%) Market Share at Milwaukee Airport

MEH34 Expansion Strategy I. Increased frequency to existing markets II.New markets from Milwaukee, Omaha and Kansas City III.New bases of operations - Strong business communities with population growth - O&D traffic of 50,000 to 100,000 annual passengers - Target stage length of 600 miles to 1,000 miles - Underserved nonstop jet routes, too small for majors IV.Growth in commuter service via regional jets - Greater capacity - New markets - Longer stage length Management’s Stated Strategy of Continued Profitability and Growth