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

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

Overview 2001 in Review Going Forward MEH 2

Midwest Express Airlines MEH 3 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

‘The Best Care in the Air’ MEH 4

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

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

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

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

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

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

14 Years of Operating Profits operating income: $283 million on sales of $3.1 billion operating margin: 9.1%; operating margin: 10.2% 2001 operating loss of $12.9 million (1) (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

Higher Yields Offset Product Costs (1)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

2001 In Review MEH 13

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

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

Profitability: Revenue Oper. Income(Loss) Net Income(Loss) Net Margin Earnings (Loss)/Share Cash Flow (1) 1998 $388.9 $55.7 $ % $2.51 $ $447.6 $60.8 $ % $2.71 $ $480.0 $6.9 $ % $0.37 $22.2 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 Full Year 2001 $457.2 ($12.9) ($9.3) (2.0%) ($0.68) $11.6

Operating Statistics: Revenue Yield RPMs (millions) ASMs (millions) Load Factor Revenue per ASM Cost per ASM Fuel Price Note: Midwest Express Airlines only ¢ 1,624 2, % 13.9¢ 11.8¢ $ ¢ 1,959 2, % 13.4¢ 11.5¢ $ ¢ 1,975 3, % 13.3¢ 13.0¢ $1.00 MEH 17 Full Year ¢ 1,974 3, % 12.1¢ 12.8¢ $0.91

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

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

Going Forward MEH 20

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

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

First Quarter Profitability 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 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 Year-to-Date as of March 31, Change

First Quarter Operating Statistics Revenue Yield 19.0 ¢ 16.3 ¢ (14.5%) RPMs (millions) (4.7%) ASMs (millions) (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%) Note: Midwest Express Airlines only. MEH 24 Year-to-Date as of March 31, Change

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

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

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

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

Midwest Express Holdings, Inc.