Midwest Air — Proxy Contest (June 2007)
18 slides from Midwest Air's proxy contest presentation, Jun 4, 2007
Slide 1: Presentation to Investors: Midwest's Strategy to Deliver Long-Term Value for Shareholders
MTDWES T®) AIR GROUP ~ Presentation to Investors: Midwest’s Strategy to Deliver Long-Term Value for Shareholders June 4, 2007
Slide 2: Midwest's comprehensive strategic plan provides significant long-term value for shareholders
MIDWES TY Midwest's comprehensive Strategic plan provides significant long-term value for shareholders
Slide 3: Midwest's Strategic Plan: Initiatives Currently Being Implemented
MIDWES Tw Midwest’s Strategic Plan Initiatives Currently Being Implemented + 50-seat Regional Jet Program — Operated as Midwest Connect by SkyWest Airlines — 5 aircraft now in service; 15 by October — Projected $8-10 million per aircraft increase in annual revenue * Expanded Air Midwest Codeshare —
Slide 4: Midwest's Strategic Plan: Initiatives in Process of Being Implemented
MIDWES Tw Midwest’s Strategic Plan Initiatives in Process of Being Implemented * Two MD-80 Aircraft Added to Midwest Airlines Fleet — New and increased long-range service beginning in Q2 2007 — Projected $40-50 million increase in annual revenue « New Codeshare Partnership With Northwest Airlines —
Slide 5: Significant Long-Term Value Creation for Shareholders
MIDWES TY Midwest’s Strategic Plan Significant Long-Term Value Creation for Shareholders Projected Increase in Annual Revenue When Fully Deployed 50-seat Regional Jet Program Two MD-80 Aircraft Added to Fleet DualSeating Option New Codeshare Partnership With Northwest Airlines Expanded Air Midwest C
Slide 6: Profitability From Projected New Revenue Varies by Source
MIDWES Tw Midwest’s Strategic Plan Significant Long-Term Value Creation for Shareholders + Profitability From Projected New Revenue Varies by Source — Revenue from the 50-seat regional jet program, two additional MD-80 aircraft, service and schedule enhancements, and fleet replacement is expected to
Slide 7: Midwest's Board Believes Strategic Plan Will Deliver Long-Term Shareholder Value
MIDWEST Midwest’s Board Believes Strategic Plan Will Deliver Long-Term Shareholder Value * Defined strategy to create significant shareholder value * Plans to leverage recent achievements and unlock value not reflected in current share price + Experienced management team continues to deliver improve
Slide 8: Improved Operating Performance
MIDWES TY Improved Operating Performance $0.16 (mE Total CASM mm CASM Ex-Fuel" $0.14 eran $0.12 $0.10 $0.08 $0.06 $0.04 $0.00 2000 2001 2002 2003 2004 2005 2006 2000 2001 2002 2003 2004 2005 2006 Data for Mines Air Group. Scheduled senvie only * QREM exuelis@non-GRAP francial measure, Reconcaon fo G
Slide 9: Driving Strong Performance
MIDWES Tw Midwest Strategic Plan Driving Strong Performance (3.71) 2005 2006 2005 2006
Slide 10: Resulting in Superior Operating Performance
MIDWES Tw Midwest Strategic Plan Resulting in Superior Operating Performance 11.2 117 cents cents 12006 12007 12006 12007 73.7% ; oi I I 12006 12007 12006 12007 ‘Source: Company eaming releases
Slide 11: AirTran Offer Inadequate and Opportunistic
MIDWES Tw AirTran Offer Inadequate and Opportunistic ¢ AirTran’s Offer Undervalues Midwest — Midwest's shareholders are poised to benefit from company’s investment and execution of its strategic plan * Midwest Has Benefited From Significant Business and Financial Momentum — Midwest stock up 183% ove
Slide 12: Midwest Board Committed to Protecting Your Investment
MIDwesT® Midwest Board Committed to Protecting Your Investment ¢ Has hired Goldman, Sachs & Co. as an advisor * Fully understands its fiduciary duties and is committed to acting in the best interests of shareholders and other stakeholders ¢ Urges you to reject the AirTran-nominated slate
Slide 13: Midwest Board Recommends You Support the Midwest Slate
mipwesr® Midwest Board Recommends You Support the Midwest Slate * Midwest slate consists of three outstanding directors up for re-election to a three-year term on the board sdohn F. Bergstrom James R. Boris Frederick P, Stratton, Jr * The Midwest board recommends that you VOTE FOR THE MIDWEST SLATE
Slide 14: Important
MIDWES Tw IMPORTANT WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, YOUR VOTE IS VERY IMPORTANT. PLEASE SIGN AND DATE THE ENCLOSED WHITE PROXY CARD AND RETURN ITIN THE POSTAGE-PAID ENVELOPE PROVIDED, OR VOTE BY TELEPHONE OR INTERNET, AS SOON AS POSSIBLE. You may receive proxy solicitation mate
Slide 15: Notice Regarding Forward-Looking Statements
MIDWES Tw Notice Regarding Forward-Looking Statements This presentation contains forward-looking statements about the results expected under the company's strategic plan and that otherwise may state the company’s or managements intentions, hopes, beliefs, expectations or predictions for the future.
Slide 16: Appendix: Pro Forma CASM Excluding Fuel
MIDWES Tw Appendix: Pro Forma CASM Excluding Fuel Pursuant to Item 10 of Regulation S-K, the Company is providing disclosure of the reconciliation of reported non-GAAP financial measures to the Company's most directly comparable financial measures reported on a GAAP basis. The non-GAAP financial mea
Slide 17: Important Information About Voting Your Proxy
Important Information About Voting Your Proxy § Vote for Midwest’s director nominees today using the WHITE proxy card. § Discard any blue proxy cards you may receive. § Even if you’ve voted the blue proxy card, you should vote the enclosed WHITE proxy card: sign, date and mail in the enclosed envelo
Slide 18: Shareholders can vote by mail, telephone or the Internet
Shareholders can vote by mail, telephone or the Internet by following the instructions on the enclosed WHITE proxy card. If you have any questions or need assistance voting your WHITE proxy card, please contact our proxy solicitor, MacKenzie Partners, Inc. Call Collect: (212) 929-5500 Toll-Free: (80