MILWAUKEE, Aug. 12 LAWFUEL – The Legal Newswire — The Board of …

MILWAUKEE, Aug. 12 LAWFUEL – The Legal Newswire — The Board of Directors of Midwest Air Group (Amex: MEH), parent company of Midwest Airlines, today
said that it has unanimously determined to pursue an all-cash offer from
TPG Capital, L.P. on behalf of an affiliate of TPG and one or more partners to acquire all of the outstanding shares of Midwest for $16.00 per share.

The board took its action after receiving a letter from AirTran
Holdings, Inc. (NYSE: AAI) in which AirTran stated it was making its best
and final offer to acquire all of the outstanding shares of Midwest
pursuant to a one-step merger for consideration consisting of cash and
stock at $15.75 per share, valued at Friday’s closing price of AirTran’s
common stock. In reaching that determination, the board concluded that the
TPG offer presented greater value and certainty for Midwest shareholders
than the AirTran offer.

Under the terms of the offer from TPG, the private equity investor
indicated that its acquisition “would permit the Company to continue its
rich legacy as a leading provider of customer oriented quality air
Midwest and TPG expect to execute a definitive merger agreement no
later than August 15, 2007.

The offer from TPG is set forth in the following letter that was
received by the Midwest board on August 12:
Board of Directors
Midwest Air Group, Inc.
6744 South Howell Avenue
Oak Creek, Wisconsin 53154

Ladies and Gentlemen:

TPG Capital, L.P. (“TPG”) is pleased to submit the following indication
of interest for an acquisition by TPG of Midwest Air Group, Inc., a
Wisconsin corporation (the “Company”), for $16.00 in cash for each share
of the Company’s common stock.

We believe that our proposal offers a compelling opportunity for your
shareholders and is superior to the proposal that has been submitted by
AirTran Holdings, Inc. (“AirTran”). The proposed purchase price is an all
cash offer, which, in light of the recent volatility in the United States
equity markets, represents a more certain value for your shareholders
than the large stock component of AirTran’s proposal. In addition to
providing more certain value, an acquisition by TPG would permit the
Company to continue its rich legacy as a leading provider of customer
oriented quality air service. Our acquisition would provide for greater
stability and prospects for all of the Company’s important constituencies
including customers, employees and the greater Milwaukee and Kansas City
metropolitan areas. We have been very impressed with your management team
and are confident in its ability to maintain the Company’s reputation of
excellent service, while at the same time running a profitable airline.

We believe that our experience in this sector, together with our track
record for maintaining stable, long term investments, argue strongly in
favor of an acquisition by TPG. We are one of the largest private equity
investors in the world and the most experienced private equity investor
in the global airline sector. Investments carried out by us in and
related to the airline industry include, among others, Continental
Airlines, America West Airlines, Ryanair, Hotwire and Sabre. We are proud of the record that we and the management teams have accomplished in
creating value in these companies.

Our transaction would be financed through contributions from TPG Partners V, L.P., a fund we manage with $15.3 billion of committed equity capital, and one or more partners, which contributions would be fully committed at the time of signing. The consummation of the transaction would not be subject to a financing condition, and we do not anticipate any issues in obtaining antitrust clearance or any other regulatory approvals, so we anticipate consummation would be subject only to customary conditions.

We are fully prepared to complete confirmatory legal and accounting due diligence and the concurrent negotiation of definitive documents on anexpedited basis in order to execute a transaction by August 15, 2007.

This letter is an expression of interest only and any binding agreement would arise only upon execution of definitive agreements.

We are very excited about the prospects for this transaction, and we look forward to having the opportunity to work with you to finalize a
transaction that we believe will benefit your shareholders and other
constituencies. We are prepared to meet with you or your representatives at any time to discuss all aspects of our proposal.

Very truly yours,

TPG Capital, L.P.
Name: Richard P. Schifter
Title: Partner

Midwest Airlines features jet service throughout the United States,
including Milwaukee’s most daily nonstop flights and best schedule to major destinations. Catering to business travelers and discerning leisure
travelers, the airline earned its reputation as “The best care in the air” by providing passengers with impeccable service and onboard amenities at
competitive fares. Both Skyway Airlines, Inc. — a wholly owned subsidiary of Midwest Airlines — and SkyWest Airlines, Inc. operate as Midwest Connect and offer service to and connections through Midwest Airlines’ hubs. Together, the airlines offer service to 53 cities. More information is available at

This news release contains forward-looking statements that may state
the company’s or management’s intentions, hopes, beliefs, expectations or
predictions for the future. Words such as “planned,” “projecting,”
“expect,” “should,” “anticipate,” “believe,” “estimate,” “goal,” “plan,”
“objective” or similar words are intended to identify forward-looking
statements. There can be no assurance that the company will enter into a
merger agreement with TPG. Factors that may cause events contemplated by
the company’s forward-looking statements not to occur include, but are not limited to, the risk factors described in “Item 1A. Risk Factors” in the company’s “Annual Report on Form 10-K” for the year ended December 31,

Important Information

Midwest filed a Schedule 14D-9 with the Securities and Exchange
Commission on January 25, 2007 and subsequent amendments which set forth
the reasons for the Midwest board’s recommendation with respect to the unsolicited
exchange offer by AirTran Holdings, Inc. and related information.

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