1. Midwest Express Holdings, Inc. Raymond James Growth Airline Conference January 30, 2003

2. Brief History and Investment Highlights 2002 in Review Going Forward MEH 1

3. Midwest Express Airlines MEH 2 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

4. ‘The Best Care in the Air’ MEH 3

5. Midwest Express Airlines Service 25 destinations nationwide 33 McDonnell Douglas DC-9 and MD-80 jet aircraft in service MEH 4

6. Skyway Airlines, The Midwest Express Connection MEH 5 Initiated in 1989, became wholly owned subsidiary in 1994 Builds feeder traffic and provides nonstop service in select markets

7. Skyway Airlines Service 33 markets strengthen Milwaukee base Ten Fairchild Dornier 328JETs and 15 Beech 1900D turboprops in service MEH 6

8. 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 7

9. Ability to Capture Premium Yields Midwest Express has historically maintained a significant yield premium MEH 8

10. Revenue History 10-year compounded annual revenue growth of 12% Source: Midwest Express Holdings, Inc. MEH 9

11. Operating Income History 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) ; 2002 operating loss of $24.3 million (2) (1) Excluding asset impairment charge of $8.8 million, including federal government grant of $16.3 million (2) Excluding asset impairment charge of $29.9 million Source: Midwest Express Airlines; MEA information as reported, not pro forma. MEH 10

12. Higher Yields Offset Product Costs (1) 2001 excludes asset impairment charge of $8.8 million and includes federal government grant of $16.3 million; 2002 excludes asset impairment charge of $29.9 million Source: Midwest Express Airlines/The Airline Monitor MEA information as reported, not pro forma. MEH 11

13. 2002 In Review MEH 12

14. Factors Impacting 2002 Excess industry capacity and sluggish economy kept pressure on fares Leisure-driven, weak revenue environment Steadily increasing fuel prices throughout the year Cost-reduction efforts helped offset difficult revenue conditions MEH 13

15. Profitability: 1999-2002 Revenue Oper. Income (Loss) Net Income (Loss) Net Margin Earnings (Loss)/Share Cash Flow (1) Note: Consolidated financial results of Midwest Express Holdings. Dollars in millions except Earnings Per Share. Information as reported, not pro forma. 2001 operating and net income exclude impact of $8.8 million impairment charge and include federal government grant of $16.3 million. 2002 operating income excludes impact of $29.9 million impairment charge, and net income excludes arbitration settlement gain of $39.5 million. (1) Net Income plus depreciation and amortization MEH 14 Full Year 2002 $427.0 ($24.3) ($16.9) (3.9%) ($1.15) $4.2 2001 $457.2 ($12.9) ($9.3) (2.0%) ($0.68) $11.6 2000 $480.0 $6.9 $5.2 1.1% $0.37 $22.2 1999 $447.6 $60.8 $38.8 8.7% $2.71 $52.0

16. Operating Statistics: 1999-2002 Revenue Yield RPMs (millions) ASMs (millions) Load Factor Revenue per ASM Cost per ASM (1) Fuel Price (1) Excludes asset impairment charges of $8.8 million in 2001 and $29.9 million in 2002. Note: Midwest Express Airlines only. MEH 15 Full Year 2002 15.5¢ 1,966 3,191 61.6% 11.0¢ 11.6¢ $0.82 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

17. 2002 Cost Reduction Efforts Continued furlough process to better align staffing with capacity; additional furloughs may be needed Redesigned dining services program to reduce costs while maintaining differentiation Realigned travel agent commission structure Implemented wage freeze and benefit adjustments Concluded agreements with many service providers and aircraft lessors for concessions or deferrals Renewed 2003 aviation insurance at reduced rates Discussions with organized labor in progress MEH 16

18. 2002 Revenue Generation Efforts Focused marketing more on ticket purchase and less on brand image Increased emphasis on charter services Focused segmentation initiatives on underperforming customers and new customers in key markets Directed e-mail and online marketing at customers who haven’t flown on Midwest Express Revised service fee structure MEH 17

19. Results of Cost Reduction and Revenue Generation Efforts Lowered cost/asm each quarter (exc. fuel) Lowered unit costs in most categories despite capacity reduction Will realize substantial unit cost benefits as capacity is restored Per-ticket distribution costs declined 10% in travel agency channel, 18% in Web site and 17% in Call Center MEH 18

20. Going Forward MEH 19

21. 2003 – A Rebuilding Year Continued difficult operating environment –Poor economy, unstable fare environment, high fuel prices, geopolitical concerns Flexible capacity plan for Midwest Express –Adjust to changes in travel demand –Increase 5-7% in Q1, and generally unchanged for full year Skyway growth will slow –Q1 increase of 18-20%, 10-12% for full year –No additional aircraft planned this year MEH 20

22. 2003 – A Rebuilding Year Continued emphasis on cost management Enhance brand to retain and increase loyalty –Continue to meet and exceed our customers’ expectations Monitor market segments to market, price and sell most efficiently MEH 21

23. Liquidity Highlights Ended 2002 with $41 million in unrestricted cash, up from $37 million at end of Q3 2002 cost management efforts expected to save more than $2 million per month in 2003 Goal: To be cash-flow neutral by Q2 2003 capital spending projected at $15 million, most associated with Boeing 717 spare parts and tooling MEH 22

24. Liquidity Highlights Bank credit agreement through August 2003 Boeing 717 aircraft to be lease financed through Boeing Capital Corp –717 program cash flow positive in 2003 Continue to pursue other sources of liquidity –Asset-based loans –Alternative sources to support letters of credit –Continued discussion with service providers, contractors and lessors MEH 23

25. Flying Into the Future Concentrate on existing bases of operation Milwaukee - Improve market share from existing 37% - Add frequency, cities Kansas City - 5% share of total market; 20-70% share on markets served - Continue to build critical mass and brand loyalty - Further strengthen connection markets Omaha - 5% market share, dominant carrier in markets served - Limited future growth opportunities MEH 24

26. Flying Into the Future Implement name changes for both airlines effective March 1, 2003 –Midwest Express becomes Midwest Airlines –Skyway Airlines becomes Midwest Connect Manage fleet growth through aircraft retirement and acquisition MEH 25

27. Boeing 717 MEH 26 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 DC-9 retirement timed to 717 deliveries and travel demand

28. 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 27

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