1. Midwest Express Holdings, Inc. Robert W. Baird Growth Stock Conference May 14, 2003

2. Brief History and Investment Highlights 2002 and Q1 2003 in Review Going Forward MEH 1

3. Midwest Airlines MEH 2 Began commercial operations in 1984 Recognized as best U.S. Airline Single-class, premium service catering to higher- yield business travelers

4. ‘The Best Care in the Air’ MEH 3

5. Midwest Airlines Service 24 destinations nationwide 29 jet aircraft – DC-9s, MD-80s and B717s – in service MEH 4

6. Midwest Connect MEH 5 Initiated in 1989, became wholly owned subsidiary in 1994 Builds feeder traffic and provides nonstop service in select markets

7. Midwest Connect Service 31 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 Airlines 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 Airlines; 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 Airlines/The Airline Monitor; Information as reported, not pro forma. MEH 11

13. 2002 and Q1 2003 in Review MEH 12

14. Factors Impacting Industry Excess industry capacity and sluggish economy keeping pressure on fares Leisure-driven, weak revenue environment Steadily increasing fuel prices throughout 2002 and early 2003 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 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. First Quarter Profitability Revenue $104.0$94.1 Oper. Income (Loss) ( 2.8) (17.9) Net Income (Loss) (2) (2.2) (11.8) Net Margin (2.1%)(12.5%) Earnings (Loss)/Share ($0.16)($0.76) Cash Flow (1) 3.4 (6.4) 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 16 Year-to-Date as of March 31, 2002 2003

18. First Quarter Operating Statistics Revenue Yield 16.3 ¢ 13.8 ¢ RPMs (millions) 460.5468.7 ASMs (millions) 737.6 767.8 Load Factor 62.4%61.1% Revenue per ASM 11.7 ¢ 10.2 ¢ Cost per ASM 12.0 ¢ 11.7 ¢ Fuel Price $0.71$1.10 Note: Midwest Airlines only. MEH 17 Year-to-Date as of March 31, 2002 2003

19. Cost Reduction Efforts Reduced capacity by modifying schedules and frequency Continued furlough process to align staffing with capacity –240 employees in May 2001, 554 in Fall 2001, 166 in October 2002, 465 in March 2003 Implemented employee wage and benefit adjustments –Senior leader pay frozen for three years, one-year wage freeze for other employees; reduced compensation of all non-contract employees in March 2003 –Reached agreement on wage concessions with Midwest Airlines pilots union in March 2003; discussions with labor are ongoing and will address productivity improvements MEH 18

20. Cost Reduction Efforts Redesigned onboard dining services program Realigned travel agent commission structure Renewed 2003 aviation insurance at reduced rates Closed Kansas City Call Center Reduced advertising costs and discretionary spending Restructuring of aircraft leases underway MEH 19

21. Revenue Generation Efforts Continue to target frequent flyers and potential customers with revenue-generating promotions –Focus marketing more on ticket purchase and less on brand –Focus segmentation initiatives on underperforming customers and new customers in key markets –Direct e-mail and online marketing at customers who haven’t flown on Midwest Airlines Increased emphasis on charter services MEH 20

22. Revenue Generation Efforts Revised service fee structure Introduced Best Care Business Fares – simple and practical fares for business travelers Implemented corporate sales program for companies that prepay portion of annual travel budget MEH 21

23. Results of Cost Reduction and Revenue Generation Efforts Lowered cost/asm (exc. fuel) in 7 of last 8 quarters Lowered unit costs in most categories despite capacity reduction Will realize substantial unit cost benefits as capacity is restored Reduced per-ticket distribution costs in travel agency channel, Web site and Call Center MEH 22

24. Going Forward MEH 23

25. 2003 – A Rebuilding Year Continued difficult operating environment –Poor economy, unstable fare environment, high fuel prices, geopolitical concerns Flexible capacity plan for Midwest Airlines –Projected 13% capacity reduction versus prior year –Adjust to changes in travel demand Midwest Connect growth will slow –Projected capacity unchanged versus prior year –No additional aircraft planned this year MEH 24

26. 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 25

27. Liquidity Highlights Ended Q1 2003 with $23 million Cost management efforts expected to save $5 million per month beginning Q2 Federal government relief program will provide $10-11 million in cash in May Goal: Positive cash flow from operations for Q2 2003 capital spending projected at $6 million, mostly Boeing 717 spare parts and tooling MEH 26

28. 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 27

29. Flying Into the Future Concentrate on existing bases of operation Milwaukee - Improve market share from existing 38% - 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 28

30. Flying Into the Future Simplified names to clarify service level and connection between airlines –Midwest Express now Midwest Airlines –Skyway Airlines now Midwest Connect Introduce low-fare service in Q3 2003 Manage fleet growth through aircraft retirement and acquisition MEH 29

31. Low-Fare Service –Launches August/September to 5 destinations –Uses MD-80 aircraft from Midwest fleet, reconfigured to 2-by-3 seating –Enhances competitive position –Serves market segment that is growing more rapidly than business travel –Complements premium and regional service by offering flights to high-demand leisure destinations at lower fares MEH 30

32. Boeing 717 MEH 31 25 firm orders with options for 25 more Three 717s in scheduled service; one more added to fleet each month for next two years 88 seats in signature 2-by-2 configuration Fuel efficient, lower maintenance costs DC-9 retirement timed to 717 deliveries and travel demand

33. Summary Weak revenue environment; unstable fuel prices; geopolitical concerns Cost reduction efforts should significantly improve unit costs in 2003 (exc. fuel) Flexible capacity plan as 717s enter fleet New low-fare service to enhance competitive position Full-year capital expenditures estimated at $6 million Concentrate growth on existing bases of operation Goal: Positive cash flow from operations for Q2 MEH 32

34. Midwest Express Holdings, Inc. www.midwestairlines.com