Exhibit 99.2

CONFIDENTIAL

This Seven Year Plan includes data that should not be disclosed outside the
Government consistent with the Freedom of Information Act (5 U.S.C. 552). The
data subject to the restriction are contained on all pages in the Seven Year Plan.

America West Holdings
Seven Year Plan
Updated — December 14, 2001

In Support of America West Airlines’ application
under the
Air Carrier Loan Guarantee Program
available under the
Air Transportation Safety and
System Stabilization Act
(P.L. 107-42)

America West Holdings
Seven Year Plan
Table of Contents

		Page #
• Executive Summary	Background		4
	Overview		5
• Financial Statements	Statistics		7
	Income Statement		9
	Income Statement per ASM		11
	Cash Flow		13
	Cash Flow Sensitivities		14
	Balance Sheet		15
	Credit Ratios		16
• Demand/Supply Assumptions	Industry Demand/Supply		18
	Mainline Fleet		31
	Mainline Statistics		32
	Express Fleet		33
	Express Statistics		34
• Operating Revenue Assumptions	Passenger		36
	Express		38
	Other		40
• Operating Expense Assumptions	Salaries & Benefits		42
	Fuel & Tax		45
	Commissions & Fees		47
	Aircraft Rent		48
	Other Rent & Landing Fees		49
	Maintenance Matl’s & Repairs		50
	Depreciation		51
	Other		52
• Other Assumptions	Aircraft Debt		54
	Pre Delivery Deposits		55
	Stabilization Loan		56
	Other Debt		57
	Total Debt		58
	Interest Expense		59
	Interest Income		62
	Taxes		63
	Working Capital		64

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

2

Executive Summary

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

3

America West Holdings
Seven Year Plan
Background

• America West Airlines has historically been a generator of significant positive cash flows

• EBITDAR margins averaged 25% from 1995-1999

• EBITDAR margins at or near the top among major airlines

• recurring cash flow averaged $100+ million from 1995-1999

• Prior to September 11, 2001, America West’s steady string of strong performance was broken by:

• operational challenges in mid to late 2000 from which it had recovered by early 2001

• an industry-wide cyclical decline in business traffic beginning in early 2001, through which America West continued to outperform the industry in unit revenues and EBITDAR margins

• Despite these challenges, America West’s outlook looked very sound as of September 10, 2001

• signed term sheets for $200 million in financing

• cash balance post-transaction would have been above the industry average

• with above-average margins and above-average liquidity, America West was well-positioned to weather a sustained industry downturn

• The events of September 11, 2001

• negated America West’s ability to complete its unsecured financing transaction

• significantly worsened the airline industry’s revenue environment

• did not disrupt America West’s continued outperformance of the industry

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

4

America West Holdings
Seven Year Plan
Overview

• With a $445 million stabilization loan backed by a $400 million government guarantee and concessions from key business partners, America West will be able to weather the deeper/longer industry downturn now expected, return to being a generator of significant cash, and repay the stabilization loan between 2005 and 2008

• Key Assumptions:

• industry RASM increasing by only 3.9% in 2002, equaling the lowest of current estimates from Wall Street analysts

• industry RASM only returning to 97% of long-term-trend levels in 2004-2008

• no RASM outperformance versus the industry for America West despite positive trend over the past five years

• a significant increase in insurance and security costs

• jet fuel price according to heating oil futures in 2002 and grown annually at 3% thereafter (futures curve for crude oil currently shows growth of 0.1% per year between 2002 and 2008)

• concessions from key business partners

*      the immediate return of 14 leased aircraft

*      a reduction in future lease payments for remaining aircraft

*      the deferral of 17 aircraft deliveries to 4Q04 and beyond

*      full financing or deferral rights on 11 aircraft deliveries before 4Q04

*      rate reductions for various operating expenses

*      the extension of a $90 million drawn line of credit with a term out between 2005 and 2007

*      $10 million in state/city loans

• Results:

• following recovery years in 2002 and 2003, America West generates $140-$190 million of recurring cash flow each year between 2004 and 2008

• as a result, the $445 million stabilization loan is repaid on an accelerated schedule of $111 million each year from 2005 to 2008

• $150 million of fees are paid to the federal government even under the accelerated amortization schedule

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

5

Financial Statements

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

6

America West Holdings
Seven Year Plan
Statistics

	Actual
	1995		1996		1997		1998		1999		2000
Equivalent Aircraft		91.1		98.2		101.2		105.0		116.2		129.6
Block Hours (000)		373		424		455		461		493		517
Departures (000)		197		209		215		208		212		219
ASMs (bil)		19.4		21.6		23.6		24.3		25.9		27.1
Average Utilization (hrs)		11.4		11.8		12.3		12.0		11.6		10.9
Average Seats		144.2		142.2		142.4		144.1		143.1		143.4
Aircraft Stage Length (miles)		686		732		779		822		862		878
Passenger Stage Length (miles)		789		843		884		920		947		958
Passenger RASM (cts)		7.48		7.57		7.49		7.65		7.83		8.04
Load Factor (%)		68.5		70.9		68.8		67.4		68.4		70.5
Yield (cts)		10.91		10.69		10.89		11.35		11.45		11.40
RPMs (bil)		13.3		15.3		16.2		16.4		17.7		19.1
Operating RASM (cts)		7.98		8.04		7.96		8.32		8.53		8.65
Operating CASM (cts)		7.13		7.43		7.27		7.46		7.74		8.63
Fuel Price (cts)		55.8		66.5		64.6		50.3		53.4		88.1
Operating CASM excl Fuel (cts)		6.24		6.35		6.24		6.66		6.89		7.26
Stage Length Adjusted
Passenger RASM (cts)		6.92		7.17		7.22		7.49		7.75		7.99
Yield (cts)		10.09		10.12		10.50		11.11		11.33		11.33
Operating RASM (cts)		7.38		7.62		7.67		8.15		8.44		8.60
Operating CASM (cts)		6.60		7.03		7.01		7.31		7.66		8.58
Operating CASM excl Fuel (cts)		5.77		6.01		6.01		6.52		6.82		7.22

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Forecast
	2001		2002		2003		2004		2005		2006		2007		2008
Equivalent Aircraft		141.8		138.8		142.5		144.5		149.0		152.3		157.3		162.3
Block Hours (000)		511		517		533		541		556		569		590		610
Departures (000)		213		215		221		224		227		231		236		243
ASMs (bil)		26.5		27.3		28.2		28.7		29.4		30.0		31.2		32.2
Average Utilization (hrs)		10.0		10.3		10.4		10.4		10.3		10.4		10.4		10.4
Average Seats		140.3		142.4		142.5		142.6		142.0		141.4		140.9		140.4
Aircraft Stage Length (miles)		887		893		898		901		915		925		938		944
Passenger Stage Length (miles)		968		974		979		983		998		1,009		1,023		1,030
Passenger RASM (cts)		7.25		7.50		8.38		8.82		8.94		9.08		9.20		9.36
Load Factor (%)		71.8		70.0		70.0		70.0		70.0		70.0		70.0		70.0
Yield (cts)		10.10		10.71		11.97		12.60		12.77		12.97		13.15		13.37
RPMs (bil)		19.0		19.1		19.7		20.1		20.6		21.0		21.8		22.5
Operating RASM (cts)		7.74		7.98		9.02		9.57		9.70		9.85		9.99		10.16
Operating CASM (cts)		8.82		8.10		8.37		8.53		8.67		8.85		8.98		9.15
Fuel Price (cts)		83.2		63.9		65.9		67.8		69.9		72.0		74.1		76.3
Operating CASM excl Fuel (cts)		7.86		7.02		7.26		7.39		7.50		7.65		7.76		7.89
Stage Length Adjusted
Passenger RASM (cts)		7.24		7.50		8.41		8.86		9.04		9.22		9.40		9.58
Yield (cts)		10.08		10.72		12.01		12.66		12.91		13.16		13.43		13.69
Operating RASM (cts)		7.72		7.98		9.05		9.61		9.81		10.00		10.20		10.40
Operating CASM (cts)		8.80		8.11		8.40		8.57		8.77		8.98		9.17		9.36
Operating CASM excl Fuel (cts)		7.85		7.03		7.28		7.43		7.58		7.76		7.92		8.08

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

7

America West Holdings
Seven Year Plan
Statistics

	Actual % H/(L)
	96/95			97/96			98/97			99/98			00/99
Equivalent Aircraft		7.9			3.0			3.8			10.7			11.5
Block Hours (000)		13.6			7.1			1.5			7.0			4.8
Departures (000)		6.2			2.7			(3.3	)		2.3			3.0
ASMs (bil)		11.3			9.0			3.1			6.6			4.6
Average Utilization (hrs)		3.5			4.2			(2.4	)		(3.3	)		(6.0	)
Average Seats		(1.4	)		0.1			1.2			(0.7	)		0.2
Aircraft Stage Length (miles)		6.7			6.4			5.5			4.9			1.9
Passenger Stage Length (miles)		6.8			4.9			4.1			2.9			1.2
Passenger RASM (cts)		1.3			(1.1	)		2.1			2.4			2.7
Load Factor (%)		3.4			(3.0	)		(2.1	)		1.5			3.1
Yield (cts)		(2.1	)		1.9			4.2			0.9			(0.4	)
RPMs (bil)		15.1			5.8			1.0			8.2			7.9
Operating RASM (cts)		0.7			(1.1	)		4.6			2.5			1.3
Operating CASM (cts)		4.1			(2.1	)		2.7			3.7			11.5
Fuel Price (cts)		19.2			(2.9	)		(22.1	)		6.2			65.0
Operating CASM excl Fuel (cts)		1.7			(1.7	)		6.9			3.4			5.3
Stage Length Adjusted
Passenger RASM (cts)		3.6			0.7			3.7			3.5			3.2
Yield (cts)		0.2			3.7			5.9			2.0			0.0
Operating RASM (cts)		3.0			0.7			6.3			3.6			1.8
Operating CASM (cts)		6.5			(0.4	)		4.3			4.9			12.0
Operating CASM excl Fuel (cts)		4.1			0.0			8.5			4.6			5.8

	Forecast % H/(L)
	01/00			02/01			03/02		04/03		05/04			06/05			07/06			08/07			CAGR
Equivalent Aircraft		9.4			(2.1	)		2.7		1.4		3.1			2.2			3.3			3.2			4.5
Block Hours (000)		(1.2	)		1.2			3.0		1.7		2.7			2.4			3.6			3.5			3.9
Departures (000)		(2.6	)		0.8			2.6		1.3		1.6			1.6			2.5			2.9			1.6
ASMs (bil)		(2.1	)		3.0			3.3		1.8		2.4			2.0			4.1			3.1			4.0
Average Utilization (hrs)		(8.5	)		3.6			0.3		0.2		(0.4	)		0.2			0.3			0.3			(0.7	)
Average Seats		(2.2	)		1.5			0.1		0.0		(0.4	)		(0.4	)		(0.4	)		(0.4	)		(0.2	)
Aircraft Stage Length (miles)		1.1			0.6			0.6		0.4		1.5			1.0			1.4			0.6			2.5
Passenger Stage Length (miles)		1.1			0.6			0.6		0.4		1.5			1.0			1.4			0.6			2.1
Passenger RASM (cts)		(9.8	)		3.4			11.8		5.2		1.3			1.5			1.4			1.7			1.7
Load Factor (%)		1.9			(2.5	)		—		—		—			—			—			—			0.2
Yield (cts)		(11.4	)		6.1			11.8		5.2		1.3			1.5			1.4			1.7			1.6
RPMs (bil)		(0.4	)		0.4			3.3		1.8		2.4			2.0			4.1			3.2			4.1
Operating RASM (cts)		(10.5	)		3.1			13.1		6.1		1.4			1.5			1.4			1.7			1.9
Operating CASM (cts)		2.1			(8.1	)		3.3		1.9		1.6			2.0			1.5			1.9			1.9
Fuel Price (cts)		(5.6	)		(23.1	)		3.0		3.0		3.0			3.0			3.0			3.0			2.4
Operating CASM excl Fuel (cts)		8.3			(10.6	)		3.4		1.8		1.5			1.9			1.5			1.7			1.8
Stage Length Adjusted
Passenger RASM (cts)		(9.4	)		3.6			12.0		5.4		2.0			2.0			2.0			2.0			2.5
Yield (cts)		(11.1	)		6.3			12.0		5.4		2.0			2.0			2.0			2.0			2.4
Operating RASM (cts)		(10.2	)		3.4			13.3		6.3		2.0			2.0			2.0			2.0			2.7
Operating CASM (cts)		2.6			(7.9	)		3.6		2.1		2.3			2.4			2.1			2.2			2.7
Operating CASM excl Fuel (cts)		8.8			(10.4	)		3.7		1.9		2.1			2.3			2.0			2.0			2.6

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

8

America West Holdings
Seven Year Plan
Income Statement ($ Mil)

		Actual
		1995			1996			1997			1998			1999			2000
Operating Revenues
	Passenger		1,452			1,638			1,764			1,859			2,028			2,180
	Express		—			—			—			1			3			3
	Other		98			102			111			164			180			162
	Total		1,551			1,740			1,875			2,023			2,211			2,344
Operating Expenses
	Salaries & Benefits		382			386			418			450			500			560
	Fuel & Tax		174			234			243			194			220			373
	Commissions & Fees		199			226			241			212			217			195
	Aircraft Rent		174			202			223			244			277			331
	Other Rent & Landing Fees		108			112			119			119			122			131
	Maintenance Matl’s & Repairs		66			126			147			183			218			258
	Depreciation		81			78			72			71			73			78
	Other		201			242			248			341			378			415
	Total		1,385			1,606			1,713			1,814			2,006			2,341
Operating Earnings			165			134			162			209			205			3
Operating Margin (%)			10.7			7.7			8.6			10.3			9.3			0.1
EBITDAR			420			414			458			524			555			413
EBITDAR Margin (%)			27.1			23.8			24.4			25.9			25.1			17.6
Non-Operating (Income)/Expense
	Interest Expense		59			47			32			26			22			15
	Interest Income		(15	)		(13	)		(11	)		(13	)		(12	)		(16	)
	Stabilization Grant		—			—			—			—			—			—
	Other		3			0			0			2			(11	)		(37	)
	Total		46			34			22			15			(2	)		(37	)
Pre-Tax Earnings			119			100			140			194			206			41
Pre-Tax Margin (%)			7.7			5.7			7.5			9.6			9.3			1.7
Income Tax			58			50			65			86			87			23
Net Earnings			61			50			75			109			119			18
Net Earnings (including special charges)			55			10			75			109			119			8

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Forecast
		2001			2002			2003			2004			2005			2006			2007			2008
Operating Revenues
	Passenger		1,922			2,047			2,363			2,531			2,627			2,720			2,870			3,011
	Express		(27	)		(34	)		(10	)		10			12			13			14			14
	Other		155			165			191			204			212			219			232			243
	Total		2,050			2,178			2,543			2,746			2,852			2,953			3,116			3,268
Operating Expenses
	Salaries & Benefits		598			604			666			687			725			755			797			835
	Fuel & Tax		370			295			312			327			344			359			380			404
	Commissions & Fees		185			179			189			186			178			185			195			204
	Aircraft Rent		356			298			315			332			347			364			388			402
	Other Rent & Landing Fees		140			145			153			158			165			171			180			190
	Maintenance Matl’s & Repairs		260			270			291			306			322			331			351			375
	Depreciation		87			71			73			75			77			80			83			86
	Other		341			350			362			377			391			405			425			446
	Total		2,337			2,212			2,360			2,448			2,549			2,651			2,799			2,942
Operating Earnings			(287	)		(34	)		183			298			303			302			317			327
Operating Margin (%)			(14.0	)		(1.5	)		7.2			10.8			10.6			10.2			10.2			10.0
EBITDAR			156			335			571			705			728			747			787			815
EBITDAR Margin (%)			7.6			15.4			22.4			25.7			25.5			25.3			25.3			24.9
Non-Operating (Income)/Expense
	Interest Expense		26			72			92			97			89			65			45			27
	Interest Income		(14	)		(18	)		(24	)		(34	)		(41	)		(42	)		(44	)		(42	)
	Stabilization Grant		(100	)		(20	)		—			—			—			—			—			—
	Other		5			(1	)		—			—			—			—			—			—
	Total		(83	)		33			68			63			48			23			1			(15	)
Pre-Tax Earnings			(204	)		(67	)		115			235			255			280			315			341
Pre-Tax Margin (%)			(10.0	)		(3.1	)		4.5			8.6			8.9			9.5			10.1			10.4
Income Tax			(67	)		(23	)		47			93			100			109			123			133
Net Earnings			(137	)		(44	)		68			142			155			170			192			208
Net Earnings (including special charges)			(209	)		(44	)		68			142			155			170			192			208

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

9

America West Holdings
Seven Year Plan
Income Statement

		Actual % H/(L)
		96/95			97/96			98/97			99/98		00/99
Operating Revenues
	Passenger		12.8			7.7			5.3			9.1		7.5
	Express		—			—			—			—		(3.8	)
	Other		3.4			8.8			47.7			9.8		(10.0	)
	Total		12.2			7.8			7.9			9.3		6.0
Operating Expenses
	Salaries & Benefits		1.0			8.4			7.7			11.1		11.8
	Fuel & Tax		34.1			4.2			(20.2	)		13.4		69.4
	Commissions & Fees		13.6			6.6			(12.1	)		2.2		(10.0	)
	Aircraft Rent		16.5			10.5			9.2			13.6		19.4
	Other Rent & Landing Fees		3.4			6.7			(0.3	)		2.5		7.1
	Maintenance Matl’s & Repairs		90.8			16.6			24.7			19.4		18.4
	Depreciation		(3.5	)		(7.5	)		(1.8	)		2.6		7.5
	Other		20.3			2.7			37.1			11.1		9.6
	Total		15.9			6.7			5.9			10.6		16.7

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Forecast % H/(L)
		01/00			02/01			03/02		04/03			05/04			06/05		07/06		08/07		CAGR
Operating Revenues
	Passenger		(11.8	)		6.5			15.4		7.1			3.8			3.5		5.5		4.9		5.8
	Express		—			(26.0	)		69.2		—			19.1			5.6		5.1		4.7		—
	Other		(4.1	)		6.5			15.4		7.1			3.8			3.5		5.5		4.9		7.2
	Total		(12.6	)		6.3			16.8		8.0			3.8			3.5		5.5		4.9		5.9
Operating Expenses
	Salaries & Benefits		6.8			1.0			10.2		3.3			5.5			4.1		5.6		4.7		6.2
	Fuel & Tax		(0.9	)		(20.4	)		6.0		4.7			5.1			4.6		5.7		6.4		6.7
	Commissions & Fees		(5.1	)		(3.0	)		5.6		(1.6	)		(4.3	)		3.5		5.5		4.9		0.2
	Aircraft Rent		7.6			(16.4	)		5.8		5.4			4.7			4.9		6.5		3.7		6.7
	Other Rent & Landing Fees		7.4			3.6			5.0		3.6			4.0			4.0		5.1		5.4		4.4
	Maintenance Matl’s & Repairs		0.6			4.0			7.6		5.2			5.1			3.0		6.2		6.7		14.3
	Depreciation		11.0			(18.7	)		2.8		3.1			3.2			3.4		3.5		3.8		0.4
	Other		(17.8	)		2.7			3.4		4.1			3.8			3.6		4.9		5.0		6.3
	Total		(0.2	)		(5.4	)		6.7		3.7			4.1			4.0		5.6		5.1		6.0

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

10

America West Holdings
Seven Year Plan
Income Statement per ASM (cts)

		Actual
		1995		1996		1997		1998		1999		2000
Operating Revenues
	Passenger		7.48		7.57		7.49		7.65		7.83		8.04
	Express		—		—		—		0.00		0.01		0.01
	Other		0.51		0.47		0.47		0.67		0.69		0.60
	Total		7.98		8.04		7.96		8.32		8.53		8.65
Operating Expenses
	Salaries & Benefits		1.97		1.78		1.77		1.85		1.93		2.06
	Fuel & Tax		0.90		1.08		1.03		0.80		0.85		1.38
	Commissions & Fees		1.03		1.05		1.02		0.87		0.84		0.72
	Aircraft Rent		0.89		0.94		0.95		1.00		1.07		1.22
	Other Rent & Landing Fees		0.56		0.52		0.51		0.49		0.47		0.48
	Maintenance Matl’s & Repairs		0.34		0.58		0.62		0.75		0.84		0.95
	Depreciation		0.42		0.36		0.31		0.29		0.28		0.29
	Other		1.04		1.12		1.05		1.40		1.46		1.53
	Total		7.13		7.43		7.27		7.46		7.74		8.63

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Forecast
		2001			2002			2003			2004		2005		2006		2007		2008
Operating Revenues
	Passenger		7.25			7.50			8.38			8.82		8.94		9.08		9.20		9.36
	Express		(0.10	)		(0.12	)		(0.04	)		0.04		0.04		0.04		0.04		0.04
	Other		0.58			0.60			0.68			0.71		0.72		0.73		0.74		0.75
	Total		7.74			7.98			9.02			9.57		9.70		9.85		9.99		10.16
Operating Expenses
	Salaries & Benefits		2.25			2.21			2.36			2.39		2.47		2.52		2.56		2.59
	Fuel & Tax		1.39			1.08			1.11			1.14		1.17		1.20		1.22		1.26
	Commissions & Fees		0.70			0.66			0.67			0.65		0.61		0.62		0.62		0.64
	Aircraft Rent		1.34			1.09			1.12			1.16		1.18		1.22		1.24		1.25
	Other Rent & Landing Fees		0.53			0.53			0.54			0.55		0.56		0.57		0.58		0.59
	Maintenance Matl’s & Repairs		0.98			0.99			1.03			1.06		1.09		1.10		1.13		1.16
	Depreciation		0.33			0.26			0.26			0.26		0.26		0.27		0.27		0.27
	Other		1.28			1.28			1.28			1.31		1.33		1.35		1.36		1.38
	Total		8.82			8.10			8.37			8.53		8.67		8.85		8.98		9.15

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

11

America West Holdings
Seven Year Plan
Income Statement per ASM

		Actual % H/(L)
		96/95			97/96			98/97			99/98			00/99
Operating Revenues
	Passenger		1.3			(1.1	)		2.1			2.4			2.7
	Express		—			—			—			—			(8.1	)
	Other		(7.1	)		(0.1	)		43.2			3.0			(14.0	)
	Total		0.7			(1.1	)		4.6			2.5			1.3
Operating Expenses
	Salaries & Benefits		(9.3	)		(0.5	)		4.4			4.3			6.9
	Fuel & Tax		20.4			(4.4	)		(22.6	)		6.4			61.9
	Commissions & Fees		2.0			(2.2	)		(14.8	)		(4.1	)		(14.0	)
	Aircraft Rent		4.6			1.4			5.9			6.6			14.1
	Other Rent & Landing Fees		(7.1	)		(2.1	)		(3.4	)		(3.9	)		2.3
	Maintenance Matl’s & Repairs		71.3			7.0			20.9			12.0			13.1
	Depreciation		(13.3	)		(15.1	)		(4.8	)		(3.8	)		2.8
	Other		8.0			(5.8	)		33.0			4.2			4.7
	Total		4.1			(2.1	)		2.7			3.7			11.5

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Forecast % H/(L)
		01/00			02/01			03/02			04/03			05/04			06/05		07/06			08/07		CAGR
Operating Revenues
	Passenger		(9.8	)		3.4			11.8			5.2			1.3			1.5		1.4			1.7		1.7
	Express		—			(22.3	)		70.2			—			16.3			3.5		1.0			1.5		—
	Other		(2.0	)		3.4			11.8			5.2			1.3			1.5		1.4			1.7		3.1
	Total		(10.5	)		3.1			13.1			6.1			1.4			1.5		1.4			1.7		—
Operating Expenses
	Salaries & Benefits		9.2			(1.9	)		6.7			1.5			3.0			2.1		1.5			1.5		2.2
	Fuel & Tax		1.3			(22.7	)		2.7			2.9			2.6			2.6		1.6			3.1		2.6
	Commissions & Fees		(3.1	)		(5.8	)		2.3			(3.3	)		(6.5	)		1.5		1.4			1.7		(3.6	)
	Aircraft Rent		10.0			(18.9	)		2.4			3.6			2.2			2.9		2.3			0.5		2.6
	Other Rent & Landing Fees		9.8			0.6			1.6			1.8			1.6			2.0		1.0			2.2		0.4
	Maintenance Matl’s & Repairs		2.8			1.0			4.2			3.3			2.7			1.0		2.0			3.4		9.9
	Depreciation		13.4			(21.1	)		(0.4	)		1.3			0.7			1.4		(0.5	)		0.6		(3.4	)
	Other		(16.0	)		(0.3	)		0.2			2.2			1.3			1.6		0.8			1.8		2.3
	Total		2.1			(8.1	)		3.3			1.9			1.6			2.0		1.5			1.9		1.9

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

12

America West Holdings
Seven Year Plan
Cash Flow ($ Mil)

		Actual
		1995			1996			1997			1998			1999			2000
Recurring Cash Flow
	Pre-Tax Earnings		119			100			140			194			206			41
	Engine Maintenance Expense		12			40			66			89			114			121
	Engine Maintenance Cap Ex		(60	)		(87	)		(87	)		(113	)		(113	)		(126	)
	Depreciation		81			78			72			71			73			78
	Cap Ex		(47	)		(69	)		(68	)		(64	)		(119	)		(98	)
	Cash Taxes		(1	)		(0	)		(0	)		(21	)		(56	)		(10	)
	Accrued Taxes — Non Income Taxes		7			36			(41	)		(9	)		9			(2	)
	Change in Working Capital		49			(24	)		(12	)		(13	)		(31	)		(44	)
	Total		160			74			69			135			83			(39	)
	Aircraft Debt		(28	)		(29	)		(29	)		(29	)		(34	)		(9	)
	Pre Delivery Deposits		—			—			—			—			—			—
	Stabilization Loan		—			—			—			—			—			—
	Other Debt		(80	)		(51	)		4			(43	)		(43	)		110
	Equity Buy Back		(2	)		(24	)		(2	)		(116	)		(118	)		(61	)
	Sale of Assets		—			—			—			6			94			51
	Other		(9	)		(18	)		(46	)		11			11			14
	Total		(119	)		(121	)		(74	)		(171	)		(91	)		106
Total Cash Flow			42			(48	)		(4	)		(36	)		(8	)		67
Ending Unrestricted Cash Balance			224			177			172			136			128			195
Ending Liquidity			224			177			242			226			228			195
75 Days Operating Expense

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Forecast
		2001			2002			2003			2004			2005			2006			2007			2008
Recurring Cash Flow
	Pre-Tax Earnings		(204	)		(67	)		115			235			255			280			315			341
	Engine Maintenance Expense		117			120			131			138			144			150			158			168
	Engine Maintenance Cap Ex		(120	)		(126	)		(134	)		(141	)		(149	)		(152	)		(163	)		(174	)
	Depreciation		87			71			73			75			77			80			83			86
	Cap Ex		(116	)		(90	)		(95	)		(98	)		(103	)		(107	)		(113	)		(119	)
	Cash Taxes		12			35			(2	)		(4	)		(23	)		(101	)		(116	)		(125	)
	Accrued Taxes — Non Income Taxes		—			—			—			—			—			—			—			—
	Change in Working Capital		51			(41	)		(23	)		(31	)		(15	)		(10	)		1			7
	Total		(174	)		(98	)		66			173			187			139			165			184
	Aircraft Debt		(10	)		(10	)		(10	)		(9	)		(8	)		(9	)		(7	)		(6	)
	Pre Delivery Deposits		16			—			(2	)		2			(9	)		—			—			49
	Stabilization Loan		445			—			—			—			(111	)		(111	)		(111	)		(111	)
	Other Debt		(11	)		11			12			13			(80	)		(30	)		(30	)		(196	)
	Equity Buy Back		—			—			—			—			—			—			—			—
	Sale of Assets		71			—			—			—			—			—			—			—
	Other		(17	)		—			—			—			—			—			—			—
	Total		495			2			1			6			(208	)		(150	)		(148	)		(265	)
Total Cash Flow			321			(96	)		66			179			(21	)		(10	)		17			(81	)
Ending Unrestricted Cash Balance			516			419			486			665			643			633			650			569
Ending Liquidity			516			419			486			665			643			633			650			569
75 Days Operating Expense			491			442			472			490			510			530			560			588

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

13

America West Holdings
Seven Year Plan
Cash Flow Sensitivities ($ Mil)

• Under downside scenarios, America West will still have the ability to repay the government guaranteed loan without deferring capital expenditures, advertising, or food expense. In all scenarios, $186 million of convertible debt is conservatively assumed to be repaid in cash rather than converted to stock

					Cash Balance at Year End
	2002		2003		2004		2005		2006		2007		2008
Base Case		419		486		665		643		633		650		569
2002 RASM 3% Lower		357		418		593		586		585		601		518
2003-2008 RASM 1% Lower		419		464		615		581		565		561		457
2004 RASM 3% Lower		419		486		583		572		575		590		506
2003-2008 Fuel Price 5% Higher		419		471		631		611		587		590		493
Combination of 4 Above Scenarios		358		381		429		361		382		388		264

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

14

America West Holdings
Seven Year Plan
Balance Sheet ($ Mil)

		Actual
		1995		1996		1997		1998		1999		2000
Assets
	Current Assets
	Unrestricted Cash		224		177		172		136		128		195
	Accounts Receivable		69		106		88		96		118		153
	Other		72		69		64		70		92		84
	Total		365		352		324		302		338		431
	Restricted Cash		32		26		57		35		36		35
	Property, Plant & Equipment		602		671		695		762		708		754
	Excess Reorganization Value		489		447		363		337		315		294
	Deferred Taxes and Other Assets		100		102		107		89		111		55
	Total Assets		1,589		1,598		1,547		1,525		1,507		1,569
Liabilities
	Current Liabilities
	Current Maturities of Long Term Debt		54		46		54		80		45		160
	Current Maturities of Stabilization Loan		—		—		—		—		—		—
	Accounts Payable		89		115		141		113		150		156
	Air Traffic Liability		192		214		173		210		193		209
	Accrued Taxes		34		72		36		43		23		17
	Other		151		160		167		174		170		148
	Total		521		608		571		620		581		690
	Long Term Debt		374		330		273		208		155		146
	Stabilization Loan		—		—		—		—		—		—
	Other		44		37		20		27		56		66
	Total Liabilities		939		975		863		856		793		901
Stockholders’ Equity
	Common Stock and Paid-in-Capital		588		553		538		416		341		286
	Retained Earnings		62		70		145		254		373		381
	Total Stockholders’ Equity		649		623		684		669		714		667
	Total Liabilities & Stockholders’ Equity		1,589		1,598		1,547		1,525		1,507		1,569

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Forecast
		2001			2002			2003			2004		2005		2006		2007			2008
Assets
	Current Assets
	Unrestricted Cash		516			419			486			665		643		633		650			569
	Accounts Receivable		121			129			149			160		166		172		181			190
	Other		144			126			126			138		140		136		121			100
	Total		781			674			761			963		949		941		952			859
	Restricted Cash		39			39			39			39		39		39		39			39
	Property, Plant & Equipment		721			749			766			803		868		862		898			880
	Excess Reorganization Value		272			272			272			272		272		272		272			272
	Deferred Taxes and Other Assets		49			49			49			49		49		49		49			49
	Total Assets		1,861			1,783			1,887			2,125		2,176		2,163		2,210			2,099
Liabilities
	Current Liabilities
	Current Maturities of Long Term Debt		99			12			1			106		82		45		211			6
	Current Maturities of Stabilization Loan		—			—			—			111		111		111		111			—
	Accounts Payable		191			148			158			164		170		177		187			197
	Air Traffic Liability		199			189			182			175		168		161		153			144
	Accrued Taxes		(82	)		(70	)		(25	)		63		140		149		156			164
	Other		143			145			138			131		124		117		111			104
	Total		550			424			455			750		796		760		929			615
	Long Term Debt		307			400			404			315		277		241		38			32
	Stabilization Loan		445			445			445			334		223		111		(0	)		—
	Other		98			98			98			98		98		98		98			98
	Total Liabilities		1,401			1,367			1,402			1,498		1,394		1,210		1,066			746
Stockholders’ Equity
	Common Stock and Paid-in-Capital		288			288			288			288		288		288		288			288
	Retained Earnings		172			128			196			339		494		664		856			1,064
	Total Stockholders’ Equity		460			416			485			627		782		952		1,144			1,353
	Total Liabilities & Stockholders’ Equity		1,861			1,783			1,887			2,125		2,176		2,163		2,210			2,099

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

15

America West Holdings
Seven Year Plan
Credit Ratios

			Actual
			1995			1996			1997			1998			1999			2000
Credit Ratio Definitions
	EBITDAR
		Operating Earnings		165			134			162			209			205			3
		Aircraft Rent		174			202			223			244			277			331
		Depreciation		81			78			72			71			73			78
		EBITDAR		420			414			458			524			555			413
	Fixed Charges
		Aircraft Rent		174			202			223			244			277			331
		Interest Expense		59			47			32			26			22			15
		Fixed Charges		232			249			256			270			300			346
	Net Debt
		Long Term Debt		428			376			327			288			200			305
		Aircraft Rent (x7)		1,215			1,416			1,564			1,709			1,941			2,317
		Cash Balance		(224	)		(177	)		(172	)		(136	)		(128	)		(195	)
		Net Debt		1,419			1,615			1,718			1,861			2,014			2,427
	Capitalization
		Net Debt		1,419			1,615			1,718			1,861			2,014			2,427
		Equity		649			623			684			669			714			667
		Capitalization		2,068			2,238			2,402			2,530			2,728			3,094
Credit Ratios
	Fixed Charge Ratio
		EBITDAR		420			414			458			524			555			413
		Fixed Charges		232			249			256			270			300			346
		Fixed Charge Ratio		1.81			1.66			1.79			1.94			1.85			1.19
	Debt Coverage Ratio
		Net Debt		1,419			1,615			1,718			1,861			2,014			2,427
		EBITDAR		420			414			458			524			555			413
		Debt Coverage Ratio		3.38			3.90			3.76			3.55			3.63			5.88
	Leverage Ratio
		Net Debt		1,419			1,615			1,718			1,861			2,014			2,427
		Capitalization		2,068			2,238			2,402			2,530			2,728			3,094
		Leverage Ratio (%)		68.6			72.2			71.5			73.5			73.8			78.4

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Forecast
			2001			2002			2003			2004			2005			2006			2007			2008
Credit Ratio Definitions
	EBITDAR
		Operating Earnings		(287	)		(34	)		183			298			303			302			317			327
		Aircraft Rent		356			298			315			332			347			364			388			402
		Depreciation		87			71			73			75			77			80			83			86
		EBITDAR		156			335			571			705			728			747			787			815
	Fixed Charges
		Aircraft Rent		356			298			315			332			347			364			388			402
		Interest Expense		26			72			92			97			89			65			45			27
		Fixed Charges		382			370			407			429			436			429			433			430
	Net Debt
		Long Term Debt		851			856			850			866			693			508			361			38
		Aircraft Rent (x7)		2,494			2,084			2,204			2,324			2,432			2,551			2,717			2,816
		Cash Balance		(516	)		(419	)		(486	)		(665	)		(643	)		(633	)		(650	)		(569	)
		Net Debt		2,830			2,521			2,568			2,525			2,482			2,427			2,427			2,285
	Capitalization
		Net Debt		2,830			2,521			2,568			2,525			2,482			2,427			2,427			2,285
		Equity		460			416			485			627			782			952			1,144			1,353
		Capitalization		3,290			2,937			3,053			3,152			3,264			3,379			3,572			3,638
Credit Ratios
	Fixed Charge Ratio
		EBITDAR		156			335			571			705			728			747			787			815
		Fixed Charges		382			370			407			429			436			429			433			430
		Fixed Charge Ratio		0.41			0.91			1.40			1.64			1.67			1.74			1.82			1.90
	Debt Coverage Ratio
		Net Debt		2,830			2,521			2,568			2,525			2,482			2,427			2,427			2,285
		EBITDAR		156			335			571			705			728			747			787			815
		Debt Coverage Ratio		18.12			7.53			4.50			3.58			3.41			3.25			3.08			2.80
	Leverage Ratio
		Net Debt		2,830			2,521			2,568			2,525			2,482			2,427			2,427			2,285
		Capitalization		3,290			2,937			3,053			3,152			3,264			3,379			3,572			3,638
		Leverage Ratio (%)		86.0			85.8			84.1			80.1			76.0			71.8			68.0			62.8

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

16

Demand/Supply Assumptions

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

17

America West Holdings
Seven Year Plan
Industry Demand/Supply

• Industry domestic passenger revenues have grown at an average rate of 7.1% per year since 1983 and 5.5% per year since 1992

-

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

18

America West Holdings
Seven Year Plan
Industry Demand/Supply

• Industry domestic ASMs have grown at an average rate of 4.9% per year since 1983 and 2.2% per year since 1992

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

19

America West Holdings
Seven Year Plan
Industry Demand/Supply

• Passenger RASM has grown at an average rate of 2.1% per year since 1983 and 3.3% per year since 1992

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

20

America West Holdings
Seven Year Plan
Industry Demand/Supply

• For the airline industry, RASM generally decreases as a function of average flight distance (stage length)

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

21

America West Holdings
Seven Year Plan
Industry Demand/Supply

• When adjusted for a growing industry stage length, passenger RASM has grown at an average rate of 2.2% per year since 1983 and 3.6% per year since 1992

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

22

America West Holdings
Seven Year Plan
Industry Demand/Supply

• A base case forecast for 2001-2004 industry RASM conservatively assumes growth of 2.0% per year (vs. 3.6% average since 1992)

		Base Case Indices										% H/(L) YOY
		1Q		2Q		3Q		4Q		Total		1Q		2Q		3Q		4Q		Total
Revenues	2000		100.0		100.0		100.0		100.0		400.0
	2001		104.0		104.0		104.0		104.0		416.0		4.0		4.0		4.0		4.0		4.0
	2002		108.2		108.2		108.2		108.2		432.6		4.0		4.0		4.0		4.0		4.0
	2003		112.5		112.5		112.5		112.5		449.9		4.0		4.0		4.0		4.0		4.0
	2004		117.0		117.0		117.0		117.0		467.9		4.0		4.0		4.0		4.0		4.0
ASMs	2000		100.0		100.0		100.0		100.0		400.0
	2001		102.0		102.0		102.0		102.0		408.0		2.0		2.0		2.0		2.0		2.0
	2002		104.0		104.0		104.0		104.0		416.2		2.0		2.0		2.0		2.0		2.0
	2003		106.1		106.1		106.1		106.1		424.5		2.0		2.0		2.0		2.0		2.0
	2004		108.2		108.2		108.2		108.2		433.0		2.0		2.0		2.0		2.0		2.0
RASM	2000		1.00		1.00		1.00		1.00		1.00
	2001		1.02		1.02		1.02		1.02		1.02		2.0		2.0		2.0		2.0		2.0
	2002		1.04		1.04		1.04		1.04		1.04		2.0		2.0		2.0		2.0		2.0
	2003		1.06		1.06		1.06		1.06		1.06		2.0		2.0		2.0		2.0		2.0
	2004		1.08		1.08		1.08		1.08		1.08		2.0		2.0		2.0		2.0		2.0

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

23

America West Holdings
Seven Year Plan
Industry Demand/Supply

• From the base case, revenues are adjusted down 40% in 4Q01, ramping back up to 97% of the base case by 3Q03 where it remains indefinitely

• From the base case, ASMs are adjusted down 15% in 4Q01, ramping back up to 100% of the base case by 2Q03 where it remains indefinitely

• The assumption that ASMs will return to the base case while revenues do not is conservative

		Adjustment to Base Case Indices
		1Q		2Q		3Q		4Q		Total
Revenues	2000		1.00		1.00		1.00		1.00		1.00
	2001		1.00		0.87		0.77		0.61		0.81
	2002		0.70		0.78		0.85		0.89		0.80
	2003		0.92		0.95		0.97		0.97		0.95
	2004		0.97		0.97		0.97		0.97		0.97
ASMs	2000		1.00		1.00		1.00		1.00		1.00
	2001		1.00		1.00		0.96		0.85		0.95
	2002		0.88		0.88		0.93		0.96		0.91
	2003		0.98		1.00		1.00		1.00		1.00
	2004		1.00		1.00		1.00		1.00		1.00
RASM	2000		1.00		1.00		1.00		1.00		1.00
	2001		1.00		0.87		0.80		0.72		0.85
	2002		0.80		0.89		0.91		0.93		0.88
	2003		0.94		0.95		0.97		0.97		0.96
	2004		0.97		0.97		0.97		0.97		0.97

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

24

America West Holdings
Seven Year Plan
Industry Demand/Supply

• The resulting industry RASM growth, before a security fee adjustment, is 5.5% in 2002 and 10.6% in 2003 following a 13.0% drop in 2001

		Adjusted Indices										% H/(L) YOY
		1Q		2Q		3Q		4Q		Total		1Q			2Q			3Q			4Q			Total
Revenues	2000		100.0		100.0		100.0		100.0		400.0
	2001		104.0		90.5		80.1		63.5		338.1		4.0			(9.5	)		(19.9	)		(36.5	)		(15.5	)
	2002		75.7		84.4		91.9		96.3		348.2		(27.2	)		(6.8	)		14.8			51.6			3.0
	2003		103.4		106.9		109.1		109.1		428.5		36.7			26.7			18.7			13.3			23.1
	2004		113.4		113.5		113.5		113.5		453.8		9.7			6.2			4.0			4.0			5.9
ASMs	2000		100.0		100.0		100.0		100.0		400.0
	2001		102.0		102.0		97.9		86.7		388.6		2.0			2.0			(2.1	)		(13.3	)		(2.8	)
	2002		91.3		91.6		96.8		99.9		379.5		(10.5	)		(10.2	)		(1.2	)		15.2			(2.4	)
	2003		104.0		106.1		106.1		106.1		422.4		13.9			15.9			9.7			6.3			11.3
	2004		108.2		108.2		108.2		108.2		433.0		4.1			2.0			2.0			2.0			2.5
RASM	2000		1.00		1.00		1.00		1.00		1.00
	2001		1.02		0.89		0.82		0.73		0.87		2.0			(11.3	)		(18.2	)		(26.7	)		(13.0	)
	2002		0.83		0.92		0.95		0.96		0.92		(18.7	)		3.9			16.2			31.6			5.5
	2003		0.99		1.01		1.03		1.03		1.01		20.0			9.3			8.2			6.7			10.6
	2004		1.05		1.05		1.05		1.05		1.05		5.4			4.1			2.0			2.0			3.3

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

25

America West Holdings
Seven Year Plan
Industry Demand/Supply ($ Bil)

• The federalization of airport security will result in fees added to passenger ticket prices. The fees will result in a direct reduction of revenues available to airlines

	2000		2001		2002			2003			2004			2005			2006			2007			2008
Industry Passenger Revenue		66		56		58			71			75			78			82			85			88
Industry ASMs		650		631		616			686			703			717			731			746			761
Industry Passenger RASM Unadjusted		10.14		8.83		9.31			10.29			10.63			10.84			11.06			11.27			11.49
Security Adjustment		—		—		(0.18	)		(0.20	)		(0.20	)		(0.21	)		(0.21	)		(0.21	)		(0.22	)
Industry Passenger RASM (cts)		10.14		8.83		9.13			10.10			10.43			10.64			10.85			11.06			11.28

	01/00			02/01			03/02		04/03		05/04		06/05		07/06		08/07		CAGR
Industry Passenger Revenue		(15.5	)		3.0			23.1		5.9		4.0		4.0		4.0		4.0		3.6
Industry ASMs		(2.8	)		(2.4	)		11.3		2.5		2.0		2.0		2.0		2.0		2.0
Industry Passenger RASM Unadjusted		(13.0	)		5.5			10.6		3.3		2.0		2.0		2.0		2.0		1.6
Security Adjustment		—			(2.0	)		—		—		—		—		—		—		—
Industry Passenger RASM (cts)		(13.0	)		3.5			10.6		3.3		2.0		2.0		2.0		2.0		1.3

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

26

America West Holdings
Seven Year Plan
Industry Demand/Supply

• To graphically recap, using the historical average growth rate of 3.6% beyond 2000, the industry’s RASM would reach 13.60 cents by 2008

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

27

America West Holdings
Seven Year Plan
Industry Demand/Supply

• The seven year plan has conservatively reduced the growth rate from 3.6% per year to 2.0% per year resulting in a 2008 RASM of 11.96 cents

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

28

America West Holdings
Seven Year Plan
Industry Demand/Supply

• Finally, adjusting for a 2001-2003 downturn and a less-than-full recovery in this plan, the industry’s RASM only reaches 11.28 cents by 2008

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

29

America West Holdings
Seven Year Plan
Industry Demand/Supply

• The forecast for industry RASM growth used in the Seven Year Plan is below industry analyst estimates

	Industry
	2002		2003		Total
America West’s Seven Year Plan		3.5		10.6		14.4
CSFB		3.9
Deutsche Bank		5.1		10.0		15.6
Goldman Sachs		13.0		4.0		17.5
Salomon Smith Barney		18.6
UBS Warburg		7.7
Analyst Average		9.7		7.0		16.6

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

30

America West Holdings
Seven Year Plan
Mainline Fleet

• America West will reduce its aircraft fleet from 150 to 136 aircraft immediately to right-size the airline. Although this plan assumes a reduction of one A320, two 737-200s and eleven 737-300s, the actual mix of retirements may differ

• America West will take delivery of four existing-commitment aircraft in 2002 and four in 2003, all of which are either fully financed or can be deferred to 2005 should an environment exist where financing is not available

• America West will take delivery of one existing-commitment A319 in 4Q04, one A320 in 4Q04 and 15 A318s in 2005/2006, all of which are assumed to be fully financed

• Fifteen not-yet-ordered aircraft are assumed to be delivered in 2006, 2007 and 2008 and assumed to be fully financed. These aircraft would be ordered only if economic and industry conditions warrant such purchases and are shown under the A319 category in this plan

• All of the assumed financing is through operating leases which are backed by enhanced equipment trust certificates (EETC), a vehicle that has been both available and efficient to airlines of all credit ratings

					Revised
	# of Seats		2001		2001		2002		2003		2004		2005		2006		2007		2008
A318		110		—		—		—		—		—		5		15		15		15
A319		124		31		31		32		32		33		33		38		43		48
A320		150		47		46		49		53		54		54		54		54		54
737-200		113		14		12		12		12		12		10		—		—		—
737-300		134		45		34		34		34		34		34		34		34		34
757		190		13		13		13		13		13		13		13		13		13
Total				150		136		140		144		146		149		154		159		164
Avg Age of Fleet				9.9		9.4		10.1		10.8		11.6		12.1		11.1		11.7		12.3

[Additional columns below]

[Continued from above table, first column(s) repeated]

	02/01		03/02		04/03		05/04			06/05			07/06		08/07
A318		—		—		—		5			10			—		—
A319		1		—		1		—			5			5		5
A320		3		4		1		—			—			—		—
737-200		—		—		—		(2	)		(10	)		—		—
737-300		—		—		—		—			—			—		—
757		—		—		—		—			—			—		—
Total		4		4		2		3			5			5		5
Avg Age of Fleet

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

31

America West Holdings
Seven Year Plan
Mainline Statistics

• America West’s operating statistics are driven by a bottom up route by route forecast (see appendix)

• Most of America West’s modest growth will continue to be in the form of frequency additions to existing markets in order to continue improving hub connectivity and patterns of service

	2001		2002		2003		2004		2005		2006		2007		2008
Equivalent Aircraft		141.8		138.8		142.5		144.5		149.0		152.3		157.3		162.3
Block Hours (000)		511		517		533		541		556		569		590		610
Departures (000)		213		215		221		224		227		231		236		243
ASMs (bil)		26.5		27.3		28.2		28.7		29.4		30.0		31.2		32.2
Average Utilization (hrs)		10.0		10.3		10.4		10.4		10.3		10.4		10.4		10.4
Average Seats		140.3		142.4		142.5		142.6		142.0		141.4		140.9		140.4
Aircraft Stage Length (miles)		888		893		898		901		915		925		938		944
Passenger Stage Length (miles)		968		974		979		983		998		1,009		1,023		1,030

	02/01			03/02		04/03		05/04			06/05			07/06			08/07			CAGR
Equivalent Aircraft		(2.1	)		2.7		1.4		3.1			2.2			3.3			3.2			1.9
Block Hours (000)		1.2			3.0		1.7		2.7			2.4			3.6			3.5			2.6
Departures (000)		0.8			2.6		1.3		1.6			1.6			2.5			2.9			1.9
ASMs (bil)		3.0			3.3		1.8		2.4			2.0			4.1			3.1			2.8
Average Utilization (hrs)		3.6			0.3		0.2		(0.4	)		0.2			0.3			0.3			0.6
Average Seats		1.5			0.1		0.0		(0.4	)		(0.4	)		(0.4	)		(0.4	)		0.0
Aircraft Stage Length (miles)		0.5			0.6		0.4		1.5			1.0			1.4			0.6			0.9
Passenger Stage Length (miles)		0.6			0.6		0.4		1.5			1.0			1.4			0.6			0.9

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

32

America West Holdings
Seven Year Plan
Express Fleet

• The Express fleet is driven by the current contracts with Mesa Airlines and Chautauqua Airlines

		# of Seats		2001		2002		2003		2004		2005		2006		2007		2008
Mesa Fleet
	Beech 1900		19		5		—		—		—		—		—		—		—
	Dash 8		37		12		12		12		12		12		12		12		12
	CRJ - 200		50		25		25		25		25		25		25		25		25
	CRJ - 700		64		—		8		15		15		15		15		15		15
	CRJ - 900		80		—		—		14		25		25		25		25		25
	Total				42		45		66		77		77		77		77		77
Chautauqua Fleet
	Embraer 145		50		4		12		12		12		12		12		12		12

		02/01			03/02		04/03		05/04		06/05		07/06		08/07
Mesa Fleet
	Beech 1900		(5	)		—		—		—		—		—		—
	Dash 8		—			—		—		—		—		—		—
	CRJ - 200		—			—		—		—		—		—		—
	CRJ - 700		8			7		—		—		—		—		—
	CRJ - 900		—			14		11		—		—		—		—
	Total		3			21		11		—		—		—		—
Chautauqua Fleet
	Embraer 145		8			—		—		—		—		—		—

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

33

America West Holdings
Seven Year Plan
Express Statistics

• The fleet assumptions for utilization and stats per aircraft drive Express’ operating statistics

		2001		2002		2003		2004		2005		2006		2007		2008
Mesa Statistics
	Equivalent Aircraft		40.8		40.3		53.8		75.8		77.0		77.0		77.0		77.0
	Block Hours (000)		132		125		167		235		238		238		238		238
	Departures (000)		87		77		106		148		150		150		150		150
	ASMs (bil)		1.6		1.8		2.7		4.1		4.2		4.2		4.2		4.2
	Fuel Price (cts)		93.2		73.9		75.9		77.8		79.9		82.0		84.1		86.3
	Average Utilization (hrs)		8.9		8.5		8.5		8.5		8.5		8.5		8.5		8.5
	Average Seats		41		47		53		60		60		60		60		60
	Aircraft Stage Length (miles)		408		473		467		459		459		459		459		459
	Passenger Stage Length (miles)		453		526		519		511		510		510		510		510
Chautauqua Statistics
	Equivalent Aircraft		1.3		9.0		12.0		12.0		12.0		12.0		12.0		12.0
	Block Hours (000)		4		26		35		35		35		35		35		35
	Departures (000)		2		17		22		22		22		22		22		22
	ASMs (bil)		0.1		0.4		0.5		0.5		0.5		0.5		0.5		0.5
	Fuel Price (cts)		93.2		73.9		75.9		77.8		79.9		82.0		84.1		86.3
	Average Utilization (hrs)		8.3		8.0		8.0		8.0		8.0		8.0		8.0		8.0
	Average Seats		50		50		50		50		50		50		50		50
	Aircraft Stage Length (miles)		434		475		475		475		475		475		475		475
	Passenger Stage Length (miles)		434		475		475		475		475		475		475		475

[Additional columns below]

[Continued from above table, first column(s) repeated]

		02/01			03/02			04/03			05/04			06/05		07/06		08/07		CAGR
Mesa Statistics
	Equivalent Aircraft		(1.1	)		33.5			40.8			1.7			—		—		—		9.5
	Block Hours (000)		(4.8	)		33.1			40.5			1.6			—		—		—		8.8
	Departures (000)		(11.5	)		37.4			39.8			1.6			—		—		—		8.1
	ASMs (bil)		11.3			50.7			53.5			2.1			—		—		—		14.8
	Fuel Price (cts)		(20.6	)		2.6			2.6			2.6			2.6		2.6		2.6		(1.1	)
	Average Utilization (hrs)		(3.8	)		(0.3	)		(0.2	)		(0.0	)		—		—		—		(0.6	)
	Average Seats		13.4			13.1			12.7			0.5			—		—		—		5.5
	Aircraft Stage Length (miles)		16.1			(1.4	)		(1.6	)		(0.1	)		—		—		—		1.7
	Passenger Stage Length (miles)		16.1			(1.4	)		(1.6	)		(0.1	)		—		—		—		1.7
Chautauqua Statistics
	Equivalent Aircraft		—			33.3			—			—			—		—		—		38.1
	Block Hours (000)		—			33.3			—			—			—		—		—		37.5
	Departures (000)		—			33.3			—			—			—		—		—		36.9
	ASMs (bil)		—			33.3			—			—			—		—		—		38.7
	Fuel Price (cts)		(20.6	)		2.6			2.6			2.6			2.6		2.6		2.6		(1.1	)
	Average Utilization (hrs)		(3.1	)		—			—			—			—		—		—		(0.4	)
	Average Seats		—			—			—			—			—		—		—		—
	Aircraft Stage Length (miles)		9.4			—			—			—			—		—		—		1.3
	Passenger Stage Length (miles)		9.4			—			—			—			—		—		—		1.3

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

34

Operating Revenue Assumptions

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

35

America West Holdings
Seven Year Plan
Passenger Revenue ($ Mil)

• Over the past five years, America West has steadily improved its unit revenue performance versus the industry as a result of growing its market share versus Southwest in Phoenix and improving its revenue management capabilities

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

36

America West Holdings
Seven Year Plan
Passenger Revenue ($ Mil)

• Using the industry’s RASM growth as a starting point, America West’s RASM growth is adjusted for America West’s stage length change and Express growth

• Despite America West’s steady outperformance of the industry during the past five years in RASM growth, no further outperformance is assumed

• The result is a 1.9% annual increase in AWA’s adjusted nominal RASM growth projected over the six-year period

• Load factors are assumed to remain constant at 70.0% after 2002

• Yields are determined by the RASM and load factor assumptions

	2000		2001		2002		2003		2004		2005		2006		2007		2008
Industry Passenger RASM (cts)		10.14		8.83		9.13		10.10		10.43		10.64		10.85		11.06		11.28
Stage Length
Improvement versus Industry
Express Growth
AWA Passenger RASM (cts)		8.04		7.25		7.50		8.38		8.82		8.94		9.08		9.20		9.36
Load Factor (%)		70.5		71.8		70.0		70.0		70.0		70.0		70.0		70.0		70.0
Yield (cts)		11.40		10.10		10.71		11.97		12.60		12.77		12.97		13.15		13.37
RPMs (bil)		19.1		19.0		19.1		19.7		20.1		20.6		21.0		21.8		22.5
ASMs (bil)		27.1		26.5		27.3		28.2		28.7		29.4		30.0		31.2		32.2
Passenger Revenue		2,180		1,922		2,047		2,363		2,531		2,627		2,720		2,870		3,011

[Additional columns below]

[Continued from above table, first column(s) repeated]

	01/00			02/01			03/02			04/03			05/04			06/05			07/06			08/07			CAGR
Industry Passenger RASM (cts)		(13.0	)		3.5			10.6			3.3			2.0			2.0			2.0			2.0			1.3
Stage Length		(0.8	)		(0.2	)		(0.2	)		(0.2	)		(0.6	)		(0.4	)		(0.6	)		(0.3	)		(0.4	)
Improvement versus Industry		4.0			—			—			—			—			—			—			—			0.5
Express Growth		—			0.1			1.5			2.1			—			—			—			—			0.5
AWA Passenger RASM (cts)		(9.8	)		3.4			11.8			5.2			1.3			1.5			1.4			1.7			1.9
Load Factor (%)		1.9			(2.5	)		—			—			—			—			—			—			(0.1	)
Yield (cts)		(11.4	)		6.1			11.8			5.2			1.3			1.5			1.4			1.7			2.0
RPMs (bil)		(0.4	)		0.4			3.3			1.8			2.4			2.0			4.1			3.2			2.1
ASMs (bil)		(2.1	)		3.0			3.3			1.8			2.4			2.0			4.1			3.1			2.2
Passenger Revenue		(11.8	)		6.5			15.4			7.1			3.8			3.5			5.5			4.9			4.1

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

37

America West Holdings
Seven Year Plan
Express Revenue ($ Mil)

• America West’s agreements with Mesa and Chautauqua are such that America West bears most of the revenue risk and pays Mesa and Chautauqua for their costs and a small percentage of revenues

• Using the industry’s RASM growth as a starting point, Express’ passenger RASM growth is adjusted for stage length changes

• Total RASM is lower than passenger RASM, reflecting revenue share payments made to Mesa and Chautauqua

		2000		2001		2002		2003		2004		2005		2006		2007		2008
Mesa RASM
	Industry Passenger RASM (cts)		10.14		8.83		9.13		10.10		10.43		10.64		10.85		11.06		11.28
	Stage Length
	Improvement versus Industry
	Passenger RASM (cts)		13.82		11.80		11.46		12.73		13.23		13.50		13.76		14.03		14.31
	Load Factor (%)		56.9		54.4		54.4		54.4		54.4		54.4		54.4		54.4		54.4
	Total Yield (cts)		23.06		20.55		20.15		22.39		23.27		23.74		24.20		24.68		25.16
	RPMs (bil)		0.8		0.9		1.0		1.4		2.2		2.3		2.3		2.3		2.3
	Total RASM (cts)		13.11		11.19		10.97		12.19		12.67		12.92		13.17		13.43		13.69
Chautauqua RASM
	Industry Passenger RASM (cts)		10.14		8.83		9.13		10.10		10.43		10.64		10.85		11.06		11.28
	Stage Length
	Improvement versus Industry
	Passenger RASM (cts)		—		7.65		7.63		8.43		8.71		8.88		9.06		9.23		9.42
	Load Factor (%)		—		50.0		50.0		50.0		50.0		50.0		50.0		50.0		50.0
	Total Yield (cts)		—		14.02		14.19		15.68		16.20		16.52		16.85		17.18		17.51
	RPMs (bil)		—		0.0		0.2		0.3		0.3		0.3		0.3		0.3		0.3
	Total RASM (cts)		—		7.01		7.09		7.84		8.10		8.26		8.42		8.59		8.76

[Additional columns below]

[Continued from above table, first column(s) repeated]

		01/00			02/01			03/02		04/03		05/04		06/05		07/06		08/07		CAGR
Mesa RASM
	Industry Passenger RASM (cts)		(13.0	)		3.5			10.6		3.3		2.0		2.0		2.0		2.0		1.3
	Stage Length		(2.0	)		(6.4	)		0.6		0.6		0.0		—		—		—		(0.9	)
	Improvement versus Industry		(0.4	)		—			—		—		—		—		—		—		(0.1	)
	Passenger RASM (cts)		(14.6	)		(2.9	)		11.1		3.9		2.0		2.0		2.0		2.0		0.4
	Load Factor (%)		(4.3	)		—			—		—		—		—		—		—		(0.5	)
	Total Yield (cts)		(10.9	)		(1.9	)		11.1		3.9		2.0		2.0		2.0		2.0		1.1
	RPMs (bil)		9.2			11.3			50.7		53.5		2.1		—		—		—		14.1
	Total RASM (cts)		(14.7	)		(1.9	)		11.1		3.9		2.0		2.0		2.0		2.0		0.5
Chautauqua RASM
	Industry Passenger RASM (cts)		(13.0	)		3.5			10.6		3.3		2.0		2.0		2.0		2.0		1.3
	Stage Length		—			(3.8	)		—		—		—		—		—		—		(0.5	)
	Improvement versus Industry		—			—			—		—		—		—		—		—		—
	Passenger RASM (cts)		—			(0.3	)		10.6		3.3		2.0		2.0		2.0		2.0		3.0
	Load Factor (%)		—			—			—		—		—		—		—		—		—
	Total Yield (cts)		—			1.2			10.6		3.3		2.0		2.0		2.0		2.0		3.2
	RPMs (bil)		—			—			33.3		—		—		—		—		—		38.7
	Total RASM (cts)		—			1.2			10.6		3.3		2.0		2.0		2.0		2.0		3.2

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

38

America West Holdings
Seven Year Plan
Express Revenue ($ Mil)

• Express expenses are driven by contractual unit costs and Express operating statistics

• The Express revenue line in America West’s income statement reflects both expenses and on-board revenues. Beyond revenues for Express passengers traveling on America West’s mainline system appear in America West’s passenger revenue

		1999		2000		2001			2002			2003			2004			2005
Mesa Contribution
	Mesa RASM (cts)		11.57		13.00		11.19			10.97			12.19			12.67			12.92
	Mesa CASM (cts)		11.20		12.66		12.76			12.25			12.17			12.16			12.37
	Mesa Revenue		123		182		177			193			324			516			538
	Mesa Expense		119		177		202			216			323			496			515
	Mesa Contribution		4		5		(25	)		(23	)		0			21			23
	Mesa On-Board Margin (%)		3.2		2.6		(14.1	)		(11.7	)		0.1			4.0			4.2
Chautauqua Contribution
	Chautauqua RASM (cts)						7.01			7.09			7.84			8.10			8.26
	Chautauqua CASM (cts)						10.55			9.97			9.90			10.07			10.25
	Chautauqua Revenue						4			28			41			42			43
	Chautauqua Expense						6			39			52			53			54
	Chautauqua Contribution						(2	)		(11	)		(11	)		(10	)		(10	)
	Chautauqua On-Board Margin (%)						(50.5	)		(40.6	)		(26.3	)		(24.3	)		(24.0	)
Express Contribution
	Express RASM (cts)		11.57		13.00		11.05			10.26			11.47			12.15			12.40
	Express CASM (cts)		11.20		12.66		12.69			11.83			11.80			11.92			12.13
	Express Revenue		123		182		181			221			365			559			581
	Express Expense		119		177		208			255			375			548			568
	Express Contribution		4		5		(27	)		(34	)		(10	)		10			12
	Express On-Board Margin (%)		3.2		2.6		(14.9	)		(15.3	)		(2.9	)		1.9			2.1

		2006			2007			2008			00/99			01/00			02/01
Mesa Contribution
	Mesa RASM (cts)		13.17			13.43			13.69			12.3			(13.9	)		(1.9	)
	Mesa CASM (cts)		12.61			12.85			13.09			13.0			0.8			(4.0	)
	Mesa Revenue		548			559			570			48.6			(2.8	)		9.1
	Mesa Expense		525			535			545			49.4			13.9			6.8
	Mesa Contribution		24			24			25			22.1			—			9.8
	Mesa On-Board Margin (%)		4.3			4.4			4.4			(17.8	)		—			17.3
Chautauqua Contribution
	Chautauqua RASM (cts)		8.42			8.59			8.76									1.2
	Chautauqua CASM (cts)		10.42			10.61			10.80									(5.5	)
	Chautauqua Revenue		44			45			46									—
	Chautauqua Expense		55			56			57									—
	Chautauqua Contribution		(10	)		(11	)		(11	)								—
	Chautauqua On-Board Margin (%)		(23.8	)		(23.5	)		(23.3	)								19.6
Express Contribution
	Express RASM (cts)		12.64			12.89			13.14			12.3			(15.0	)		(7.1	)
	Express CASM (cts)		12.36			12.60			12.84			13.0			0.3			(6.8	)
	Express Revenue		592			604			616			48.6			(0.8	)		22.3
	Express Expense		579			590			601			49.4			17.0			22.8
	Express Contribution		13			14			14			22.1			—			(26.0	)
	Express On-Board Margin (%)		2.2			2.3			2.3			(17.8	)		—			(3.0	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

		03/02			04/03			05/04			06/05			07/06			08/07			CAGR
Mesa Contribution
	Mesa RASM (cts)		11.1			3.9			2.0			2.0			2.0			2.0			2.9
	Mesa CASM (cts)		(0.6	)		(0.1	)		1.7			1.9			1.9			1.9			0.4
	Mesa Revenue		67.4			59.6			4.1			2.0			2.0			2.0			18.2
	Mesa Expense		49.8			53.3			3.9			1.9			1.9			1.9			15.2
	Mesa Contribution		—			—			9.9			3.4			3.3			3.1			—
	Mesa On-Board Margin (%)		—			—			5.6			1.4			1.3			1.2			—
Chautauqua Contribution
	Chautauqua RASM (cts)		10.6			3.3			2.0			2.0			2.0			2.0			3.2
	Chautauqua CASM (cts)		(0.7	)		1.7			1.7			1.7			1.8			1.8			0.3
	Chautauqua Revenue		47.4			3.3			2.0			2.0			2.0			2.0			43.2
	Chautauqua Expense		32.4			1.7			1.7			1.7			1.8			1.8			39.2
	Chautauqua Contribution		4.5			4.5			(0.7	)		(0.8	)		(1.0	)		(1.1	)		—
	Chautauqua On-Board Margin (%)		35.2			7.5			1.2			1.1			1.0			0.8			—
Express Contribution
	Express RASM (cts)		11.8			5.9			2.1			2.0			2.0			2.0			2.5
	Express CASM (cts)		(0.3	)		1.0			1.8			1.9			1.9			1.9			0.2
	Express Revenue		64.9			53.2			3.9			2.0			2.0			2.0			19.1
	Express Expense		47.1			46.2			3.7			1.9			1.9			1.9			16.4
	Express Contribution		69.2			—			19.1			5.6			5.1			4.7			—
	Express On-Board Margin (%)		81.3			—			14.5			3.5			3.1			2.7			—

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

39

America West Holdings
Seven Year Plan
Other Revenue ($ Mil)

• The Leisure Company (TLC) is a subsidiary of America West Holdings which sells vacation packages comprised of America West Airlines seats, hotel rooms and ground transportation primarily to Las Vegas

• TLC margin is calculated as package revenues net of direct costs for air, hotel, and ground transportation

• Beyond 2002, cargo, TLC, and inflight/fee revenues are driven by passenger revenues

	2001			2002			2003			2004			2005			2006			2007			2008
Cargo Revenue/Psgr Rev		1.8	%		1.8	%		1.8	%		1.8	%		1.8	%		1.8	%		1.8	%		1.8	%
TLC Margin/Psgr Rev		2.3	%		2.3	%		2.3	%		2.3	%		2.3	%		2.3	%		2.3	%		2.3	%
Inflight/Fee Revenue/Psgr Rev		4.0	%		4.0	%		4.0	%		4.0	%		4.0	%		4.0	%		4.0	%		4.0	%
Passenger Revenue		1,922			2,047			2,363			2,531			2,627			2,720			2,870			3,011
Cargo Revenue		34			36			42			45			47			48			51			54
TLC Margin		45			48			55			59			61			63			67			70
Inflight/Fee Revenue		76			81			94			100			104			108			114			119
Other Revenue		155			165			191			204			212			219			232			243

	02/01		03/02		04/03		05/04		06/05		07/06		08/07		CAGR
Cargo Revenue/Psgr Rev		—		—		—		—		—		—		—		—
TLC Margin/Psgr Rev		—		—		—		—		—		—		—		—
Inflight/Fee Revenue/Psgr Rev		—		—		—		—		—		—		—		—
Passenger Revenue		6.5		15.4		7.1		3.8		3.5		5.5		4.9		6.6
Cargo Revenue		6.5		15.4		7.1		3.8		3.5		5.5		4.9		6.6
TLC Margin		6.5		15.4		7.1		3.8		3.5		5.5		4.9		6.6
Inflight/Fee Revenue		6.5		15.4		7.1		3.8		3.5		5.5		4.9		6.6
Other Revenue		6.5		15.4		7.1		3.8		3.5		5.5		4.9		6.6

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

40

Operating Expense Assumptions

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

41

America West Holdings
Seven Year Plan
Salaries & Benefits Expense ($ Mil)

• America West’s flight attendants, mechanics, and ramp agents are unionized with existing contracts that become amendable in 2004, 2003, and 2005 respectively. America West’s pilot contract is currently amendable and negotiations are ongoing

• These union contracts include wage scales which step up pay rates as a function of company seniority

• Individual union employees thus receive pay increases through contractual scale increases as well as seniority steps

• The effect of seniority steps is offset somewhat by the attrition of more senior employees

• The productivity gains in 2002 reflect management lay-offs and inefficiencies seen in 2001 as a result of the abrupt shutdown/downsizing of the airline

• The productivity loss in 2002 for passenger agents reflects increased security measures

• Reservation agent productivity gains beyond 2002 reflect an ongoing shift of distribution to the Internet

• Other salary productivity gains beyond 2002 result from management/clerical functions not growing as quickly as capacity

			02/01			03/02			04/03			05/04			06/05			07/06			08/07			CAGR
Pilot Salaries/Block Hour
		Rate		2.0			15.0			—			3.0			—			3.0			—			3.2
		Seniority Steps		6.1			5.1			3.8			3.4			3.3			3.3			3.3			4.0
		Mix		(3.2	)		(2.8	)		(2.5	)		(2.5	)		(2.6	)		(2.6	)		(2.6	)		(2.7	)
		Productivity/Other		(3.0	)		—			—			—			—			—			—			(0.4	)
		Total		1.9			17.3			1.3			3.9			0.7			3.7			0.7			4.1
Block Hours				1.2			3.0			1.7			2.7			2.4			3.6			3.5			2.6
	Pilot Salaries			3.1			20.3			3.0			6.6			3.1			7.3			4.2			6.7
Flight Attendant Salaries/Block Hour Rate				0.7			3.6			—			10.0			—			3.0			—			2.4
		Seniority Steps		3.3			3.1			2.5			2.4			2.6			2.6			2.6			2.7
		Mix		(2.5	)		(1.6	)		(1.6	)		(1.6	)		(1.7	)		(1.7	)		(1.7	)		(1.8	)
		Productivity/Other		(1.0	)		—			—			—			—			—			—			(0.1	)
		Total		0.5			5.1			0.9			10.8			0.9			3.9			0.9			3.2
Block Hours				1.2			3.0			1.7			2.7			2.4			3.6			3.5			2.6
	Flight Attendant Salaries			1.7			8.1			2.6			13.5			3.3			7.5			4.4			5.8

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

42

America West Holdings
Seven Year Plan
Salaries & Benefits Expense

		02/01			03/02			04/03			05/04			06/05			07/06			08/07			CAGR
Mechanic Salaries/Block Hour
	Rate		2.9			1.7			10.0			—			3.0			—			3.0			2.9
	Seniority Steps		2.4			2.5			2.5			2.6			2.7			2.7			2.7			2.6
	Mix		(2.0	)		(1.8	)		(1.9	)		(2.0	)		(2.0	)		(2.0	)		(2.0	)		(2.0	)
	Productivity/Other		(4.0	)		—			—			—			—			—			—			(0.6	)
	Total		(0.7	)		2.4			10.6			0.6			3.7			0.7			3.7			2.9
Block Hours			1.2			3.0			1.7			2.7			2.4			3.6			3.5			2.6
Mechanic Salaries			0.5			5.4			12.3			3.3			6.1			4.3			7.2			5.5
Ramp Agent Salaries/Departure
	Rate		1.3			1.0			—			—			10.0			—			3.0			2.1
	Seniority Steps		6.1			6.0			5.6			5.4			5.4			5.4			5.4			5.6
	Mix		(4.7	)		(4.6	)		(4.6	)		(4.7	)		(4.7	)		(4.7	)		(4.7	)		(4.7	)
	Productivity/Other		—			—			—			—			—			—			—			—
	Total		2.7			2.4			1.0			0.7			10.7			0.7			3.7			3.1
Departures			0.8			2.6			1.3			1.6			1.6			2.5			2.9			1.9
Ramp Agent Salaries			3.5			5.0			2.3			2.3			12.3			3.2			6.6			5.0
Passenger Agent Salaries/Departure
	Rate		2.0			3.0			3.0			3.0			3.0			3.0			3.0			2.9
	Mix		(2.5	)		(2.3	)		(2.4	)		(2.4	)		(2.4	)		(2.4	)		(2.4	)		(2.4	)
	Productivity/Other		15.0			—			—			—			—			—			—			2.0
	Total		14.5			0.7			0.6			0.6			0.6			0.6			0.6			2.5
Departures			0.8			2.6			1.3			1.6			1.6			2.5			2.9			1.9
Passenger Agent Salaries			15.3			3.3			1.9			2.2			2.2			3.1			3.5			4.4
Res/Sales Agent Salaries/Departure
	Rate		2.0			3.0			3.0			3.0			3.0			3.0			3.0			2.9
	Mix		(2.5	)		(2.3	)		(2.4	)		(2.4	)		(2.4	)		(2.4	)		(2.4	)		(2.4	)
	Productivity/Other		(3.0	)		(3.0	)		(3.0	)		(3.0	)		—			—			—			(1.7	)
	Total		(3.5	)		(2.3	)		(2.4	)		(2.4	)		0.6			0.6			0.6			(1.3	)
Departures			0.8			2.6			1.3			1.6			1.6			2.5			2.9			1.9
Res/Sales Agent Salaries			(2.7	)		0.3			(1.1	)		(0.8	)		2.2			3.1			3.5			0.6
Other Salaries/Departure
	Rate		2.0			3.0			3.0			3.0			3.0			3.0			3.0			2.9
	Productivity/Other		(10.0	)		(1.0	)		(1.0	)		(1.0	)		(1.0	)		(1.0	)		(1.0	)		(2.3	)
	Total		(8.0	)		2.0			2.0			2.0			2.0			2.0			2.0			0.5
Departures			0.8			2.6			1.3			1.6			1.6			2.5			2.9			1.9
Other Salaries			(7.2	)		4.6			3.3			3.6			3.6			4.5			4.9			2.4

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

43

America West Holdings
Seven Year Plan
Salaries & Benefits Expense ($ Mil)

• Benefits as a percent of salaries are assumed to remain at the historical levels

	2001			2002			2003			2004			2005			2006			2007			2008
Pilots		161			166			200			206			219			226			243			253
Flight Attendants		60			61			66			67			77			79			85			89
Mechanics		35			35			37			41			43			45			47			51
Ramp Agents		45			47			49			51			52			58			60			64
Passenger Agents		37			43			44			45			46			47			48			50
Res/Sales Agents		23			22			22			22			22			22			23			24
Other		113			105			110			114			118			122			127			134
Variable Pay		—			8			9			9			9			10			10			10
Salaries Expense		474			487			537			554			585			609			643			673
Benefits/Salaries		26.2	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%
Benefits Expense		124			117			129			133			140			146			154			162
Salaries & Benefits Expense		598			604			666			687			725			755			797			835

	02/01			03/02		04/03			05/04			06/05		07/06		08/07		CAGR
Pilots		3.1			20.3		3.0			6.6			3.1		7.3		4.2		6.7
Flight Attendants		1.7			8.1		2.6			13.5			3.3		7.5		4.4		5.8
Mechanics		0.5			5.4		12.3			3.3			6.1		4.3		7.2		5.5
Ramp Agents		3.5			5.0		2.3			2.3			12.3		3.2		6.6		5.0
Passenger Agents		15.3			3.3		1.9			2.2			2.2		3.1		3.5		4.4
Res/Sales Agents		(2.7	)		0.3		(1.1	)		(0.8	)		2.2		3.1		3.5		0.6
Other		(7.2	)		4.6		3.3			3.6			3.6		4.5		4.9		2.4
Variable Pay		—			3.7		2.4			2.7			3.0		4.0		4.4		2.9
Salaries Expense		2.8			10.2		3.3			5.5			4.1		5.6		4.7		5.2
Benefits/Salaries		(8.3	)		—		—			—			—		—		—		(0.4	)
Benefits Expense		(5.7	)		10.2		3.3			5.5			4.1		5.6		4.7		3.9
Salaries & Benefits Expense		1.0			10.2		3.3			5.5			4.1		5.6		4.7		4.9

• Security functions make up approximately 15% of passenger agent payroll expense

Passenger Agents
	Security	2	6	6	6	6	7	7	7
	Other	35	37	38	39	39	40	42	43
	Total	37	43	44	45	46	47	48	50

Passenger Agentsprpt
	Security	—	3.3	1.9	2.2	2.2	3.1	3.5	19.7
	Other	4.8	3.3	1.9	2.2	2.2	3.1	3.5	3.0
	Total	15.3	3.3	1.9	2.2	2.2	3.1	3.5	4.4

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

44

America West Holdings
Seven Year Plan
Fuel & Tax Expense($ Mil)

• Fuel consumption is forecasted using fuel burn rates and block hours by aircraft type  

• Fuel price is forecasted in 2002 using the NYMEX heating oil futures curve plus a historical premium of 8 to 9 cents between heating oil and jet fuel price

• Beyond 2002, fuel price is assumed to grow at 3% per year. This is conservative when compared to the rate of price growth for West Texas Intermediate crude oil according to its future curve

	2001		2002		2003		2004		2005		2006		2007		2008
Gallons/Block Hour		808		809		809		808		803		796		789		787
Block Hours (000)		511		517		533		541		556		569		590		610
Gallons (mil)		413		418		431		438		446		453		465		481
Fuel Price per Gallon (cts)		83.2		63.9		65.9		67.8		69.9		72.0		74.1		76.3
Fuel Tax per Gallon (cts)		6.5		6.5		6.7		6.9		7.1		7.3		7.5		7.8
Fuel Price & Tax per Gallon (cts)		89.7		70.4		72.6		74.7		77.0		79.3		81.7		84.1
Fuel & Tax Expense		370		295		312		327		344		359		380		404

	02/01			03/02			04/03			05/04			06/05			07/06			08/07			CAGR
Gallons/Block Hour		0.1			(0.1	)		(0.0	)		(0.7	)		(0.9	)		(0.9	)		(0.2	)		(0.4	)
Block Hours (000)		1.2			3.0			1.7			2.7			2.4			3.6			3.5			2.6
Gallons (mil)		1.3			3.0			1.6			2.0			1.5			2.6			3.3			2.2
Fuel Price per Gallon (cts)		(23.1	)		3.0			3.0			3.0			3.0			3.0			3.0			(1.2	)
Fuel Tax per Gallon (cts)		—			3.0			3.0			3.0			3.0			3.0			3.0			2.6
Fuel Price & Tax per Gallon (cts)		(21.4	)		3.0			3.0			3.0			3.0			3.0			3.0			(0.9	)
Fuel & Tax Expense		(20.4	)		6.0			4.7			5.1			4.6			5.7			6.4			1.3

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

45

America West Holdings
Seven Year Plan
Fuel & Tax Expense

• Historical and forecasted jet fuel prices are shown below

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

46

America West Holdings
Seven Year Plan
Commissions & Fee Expense ($ Mil)

• Commissions, credit card fees, and computer reservations system (CRS) booking fees have historically grown directly with passenger revenues

• Commission expense and CRS fees are assumed to decrease over time to reflect a continuing shift towards lower cost distribution channels which do not require these expenses

	2001			2002			2003			2004			2005			2006			2007			2008
Commissions/Psgr Revenue		3.9	%		3.4	%		2.9	%		2.4	%		2.1	%		2.1	%		2.1	%		2.1	%
Credit Card Fees/Psgr Revenue		2.1	%		2.1	%		2.1	%		2.1	%		2.1	%		2.1	%		2.1	%		2.1	%
CRS Fees/Psgr Revenue		3.5	%		3.3	%		3.0	%		2.8	%		2.6	%		2.6	%		2.6	%		2.6	%
Passenger Revenue		1,922			2,047			2,363			2,531			2,627			2,720			2,870			3,011
Commissions		76			69			67			61			54			56			59			62
Credit Card Fees		41			44			51			54			56			58			62			65
CRS Fees		68			67			71			71			68			70			74			78
Commissions & Fees Expense		185			179			189			186			178			185			195			204

[Additional columns below]

[Continued from above table, first column(s) repeated]

	02/01			03/02			04/03			05/04			06/05		07/06		08/07		CAGR
Commissions/Psgr Revenue		(15.0	)		(15.0	)		(15.0	)		(15.0	)		—		—		—		(8.9	)
Credit Card Fees/Psgr Revenue		—			—			—			—			—		—		—		—
CRS Fees/Psgr Revenue		(7.5	)		(7.5	)		(7.5	)		(7.5	)		—		—		—		(4.4	)
Passenger Revenue		6.5			15.4			7.1			3.8			3.5		5.5		4.9		6.6
Commissions		(9.5	)		(1.9	)		(8.9	)		(11.8	)		3.5		5.5		4.9		(2.8	)
Credit Card Fees		6.5			15.4			7.1			3.8			3.5		5.5		4.9		6.6
CRS Fees		(1.5	)		6.8			(0.9	)		(4.0	)		3.5		5.5		4.9		2.0
Commissions & Fees Expense		(3.0	)		5.6			(1.6	)		(4.3	)		3.5		5.5		4.9		1.4

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

47

America West Holdings
Seven Year Plan
Aircraft Rent Expense ($ Mil)

         •     Aircraft rent expense is calculated from contractual rates and negotiated reductions

	2001		2002		2003		2004		2005		2006		2007		2008		02/01
A318		—		—		—		—		12		24		36		36		—
A319		63		75		77		78		80		89		104		118		18.5
A320		148		137		147		158		160		159		159		159		(7.2	)
B737-200		9		5		5		5		4		2		—		—		(45.6	)
B737-300		94		38		43		49		48		47		47		47		(59.5	)
B757		42		32		32		32		32		32		32		32		(22.6	)
Subtotal		356		288		305		322		337		354		378		392		(19.3	)
Amortization of Prepaid Rent		—		10		10		10		10		10		10		10		—
Aircraft Rent Expense		356		298		315		332		347		364		388		402		(16.4	)

	03/02		04/03		05/04			06/05			07/06			08/07		CAGR
A318		—		—		—			100.0			50.0			—		0.0
A319		2.9		1.3		2.7			11.5			15.9			13.7		9.3
A320		7.3		7.1		1.7			(0.7	)		—			—		1.1
B737-200		—		—		(10.8	)		(48.8	)		—			—		—
B737-300		—		13.0		(1.5	)		(1.6	)		(0.5	)		—		(9.4	)
B757		—		—		—			—			—			—		(3.6	)
Subtotal		6.0		5.6		4.8			5.0			6.7			3.8		1.4
Amortization of Prepaid Rent		—		—		—			—			—			—		—
Aircraft Rent Expense		5.8		5.4		4.7			4.9			6.5			3.7		1.8

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

48

America West Holdings
Seven Year Plan
Other Rent & Landing Fees Expense ($ Mil)

• Other rents are assumed to grow with inflation and block hours

• Beyond 2002, landing fees grow with inflation, departures, and the changes in fleet mix

	2001		2002		2003		2004		2005		2006		2007		2008
Other Rent/Block Hour		199		203		207		211		215		219		223		227
Block Hours (000)		511		517		533		541		556		569		590		610
Landing Fees/Pound ($)		1.39		1.42		1.45		1.48		1.51		1.54		1.57		1.60
Pounds/Departure		131		133		133		134		132		131		130		130
Landing Fees/Departure ($)		183		189		193		197		199		201		204		209
Departures (000)		213		215		221		224		227		231		236		243
Other Rent		101		105		110		114		119		125		132		139
Landing Fees		39		41		43		44		45		46		48		51
Other Rent & Landing Fees Expense		140		145		153		158		165		171		180		190

	02/01		03/02		04/03		05/04			06/05			07/06			08/07		CAGR
Other Rent/Block Hour		2.0		2.0		2.0		2.0			2.0			2.0			2.0		2.0
Block Hours (000)		1.2		3.0		1.7		2.7			2.4			3.6			3.5		2.6
Landing Fees/Pound ($)		2.0		2.0		2.0		2.0			2.0			2.0			2.0		2.0
Pounds/Departure		1.7		0.1		0.1		(1.3	)		(0.7	)		(0.6	)		0.2		(0.1	)
Landing Fees/Departure ($)		3.7		2.2		2.1		0.7			1.3			1.4			2.2		1.9
Departures (000)		0.8		2.6		1.3		1.6			1.6			2.5			2.9		1.9
Other Rent		3.2		5.0		3.7		4.7			4.4			5.6			5.5		4.6
Landing Fees		4.6		4.8		3.4		2.3			2.9			3.9			5.1		3.8
Other Rent & Landing Fees Expense		3.6		5.0		3.6		4.0			4.0			5.1			5.4		4.4

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

49

America West Holdings
Seven Year Plan
Maintenance Matl’s & Repairs Expense ($ Mil)

• Maintenance spending grows with inflation, aircraft age, and block hours

• Engine maintenance is capitalized with the resulting depreciation showing up in the expense line

	2001		2002		2003		2004		2005		2006		2007		2008
Engine Mntc Cap Ex/Block Hour excl Age		235		240		245		250		255		260		265		270
Engine Mntc Cap Ex/Block Hour		235		243		252		261		268		268		277		286
Block Hours (000)		511		517		533		541		556		569		590		610
Engine Mntc Cap Ex		120		126		134		141		149		152		163		174
Engine Mntc Expense		117		120		131		138		144		150		158		168
Other Mntc Expense/Block Hour excl Age		280		286		291		297		303		309		315		322
Other Mntc Expense/Block Hour		280		290		300		311		320		320		330		341
Block Hours (000)		511		517		533		541		556		569		590		610
Other Mntc Expense		143		150		159		168		177		181		194		207
Maintenance Matl’s & Repairs Expense		260		270		291		306		322		331		351		375

[Additional columns below]

[Continued from above table, first column(s) repeated]

	02/01		03/02		04/03		05/04		06/05			07/06		08/07		CAGR
Engine Mntc Cap Ex/Block Hour excl Age		2.0		2.0		2.0		2.0		2.0			2.0		2.0		2.0
Engine Mntc Cap Ex/Block Hour		3.4		3.4		3.7		2.9		(0.0	)		3.3		3.3		2.8
Block Hours (000)		1.2		3.0		1.7		2.7		2.4			3.6		3.5		2.6
Engine Mntc Cap Ex		4.7		6.4		5.4		5.6		2.4			6.9		6.8		5.4
Engine Mntc Expense		3.1		9.1		4.9		4.6		3.7			5.3		6.5		5.3
Other Mntc Expense/Block Hour excl Age		2.0		2.0		2.0		2.0		2.0			2.0		2.0		2.0
Other Mntc Expense/Block Hour		3.4		3.4		3.7		2.9		(0.0	)		3.3		3.3		2.8
Block Hours (000)		1.2		3.0		1.7		2.7		2.4			3.6		3.5		2.6
Other Mntc Expense		4.7		6.4		5.4		5.6		2.4			6.9		6.8		5.4
Maintenance Matl’s & Repairs Expense		4.0		7.6		5.2		5.1		3.0			6.2		6.7		5.4

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

50

America West Holdings
Seven Year Plan
Depreciation Expense ($ Mil)

• Excess reorganization value is no longer depreciated through the income statement after January 1, 2002 according to FASB

• Non-ERV depreciation expense is driven by capital expenditures and depreciation schedules

	2001		2002		2003		2004		2005		2006		2007		2008
Cap Ex/Block Hour		227		174		177		181		184		188		192		195
Block Hours (000)		511		517		533		541		556		569		590		610
Cap Ex		116		90		95		98		103		107		113		119
Depreciation		66		71		73		75		77		80		83		86
Excess Reorg Value Depreciation		21		—		—		—		—		—		—		—
Depreciation Expense		87		71		73		75		77		80		83		86

[Additional columns below]

[Continued from above table, first column(s) repeated]

	02/01			03/02		04/03		05/04		06/05		07/06		08/07		CAGR
Cap Ex/Block Hour		(23.3	)		2.0		2.0		2.0		2.0		2.0		2.0		(2.1	)
Block Hours (000)		1.2			3.0		1.7		2.7		2.4		3.6		3.5		2.6
Cap Ex		(22.4	)		5.0		3.7		4.7		4.4		5.6		5.5		0.4
Depreciation		8.0			2.8		3.1		3.2		3.4		3.5		3.8		3.9
Excess Reorg Value Depreciation		—			—		—		—		—		—		—		—
Depreciation Expense		(18.7	)		2.8		3.1		3.2		3.4		3.5		3.8		(0.2	)

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

51

America West Holdings
Seven Year Plan
Other Expense ($ Mil)

• Food expense, which was reduced after 9/11/01, is assumed to return part way to historical levels in 2003

• Insurance expense, which has grown 200% per departure in 4Q01, drops by 23% in 2003 (still significantly higher than historical levels)

• Non payroll security costs drop significantly in 2002 as a result of the federalization of security check points

	2001			2002			2003			2004			2005			2006			2007			2008			02/01
TLC/Psgr Rev		1.7	%		1.9	%		1.9	%		1.9	%		1.9	%		1.9	%		1.9	%		1.9	%		—
Food & Supplies/RPM		0.3	%		0.2	%		0.2	%		0.2	%		0.2	%		0.2	%		0.2	%		0.2	%		(25.0	)
Communications/Departures		81			81			81			83			84			86			88			89			—
Interrupted Trip/Departure		94			96			98			100			102			104			106			108			2.0
Advertising/Psgr Rev		0.8	%		0.8	%		0.8	%		0.8	%		0.8	%		0.8	%		0.8	%		0.8	%		—
Insurance/Departure		80			172			129			132			134			137			140			143			—
Non Payroll Security/Departure		52			5			5			5			5			5			5			5			(91.1	)
Other/Departure		817			834			850			867			885			902			920			939			2.0
Passenger Revenue		1,922			2,047			2,363			2,531			2,627			2,720			2,870			3,011			6.5
RPMs (bil)		19.0			19.1			19.7			20.1			20.6			21.0			21.8			22.5			0.4
Departures (000)		213			215			221			224			227			231			236			243			0.8
TLC		33			39			45			48			50			51			54			57			16.1
Food & Supplies		52			39			41			43			45			46			49			52			(24.7	)
Communications		17			17			18			18			19			20			21			22			0.8
Interrupted Trip		20			21			22			22			23			24			25			26			2.9
Advertising		16			17			20			21			22			23			24			25			6.5
Insurance		17			37			28			29			31			32			33			35			—
Non Payroll Security		11			1			1			1			1			1			1			1			(91.1	)
Other		174			179			188			194			201			208			217			228			2.9
Other Expense		341			350			362			377			391			405			425			446			2.7

[Additional columns below]

[Continued from above table, first column(s) repeated]

	03/02			04/03		05/04		06/05		07/06		08/07		CAGR
TLC/Psgr Rev		—			—		—		—		—		—		1.2
Food & Supplies/RPM		2.0			2.0		2.0		2.0		2.0		2.0		(2.4	)
Communications/Departures		—			—		—		—		—		—		1.4
Interrupted Trip/Departure		2.0			2.0		2.0		2.0		2.0		2.0		2.0
Advertising/Psgr Rev		—			—		—		—		—		—		—
Insurance/Departure		(25.0	)		2.0		2.0		2.0		2.0		2.0		8.7
Non Payroll Security/Departure		2.0			2.0		2.0		2.0		2.0		2.0		(28.0	)
Other/Departure		2.0			2.0		2.0		2.0		2.0		2.0		2.0
Passenger Revenue		15.4			7.1		3.8		3.5		5.5		4.9		6.6
RPMs (bil)		3.3			1.8		2.4		2.0		4.1		3.2		2.4
Departures (000)		2.6			1.3		1.6		1.6		2.5		2.9		1.9
TLC		15.4			7.1		3.8		3.5		5.5		4.9		8.0
Food & Supplies		5.3			3.8		4.5		4.0		6.1		5.2		(0.0	)
Communications		2.6			3.3		3.6		3.6		4.5		4.9		3.3
Interrupted Trip		4.7			3.3		3.6		3.6		4.5		4.9		3.9
Advertising		15.4			7.1		3.8		3.5		5.5		4.9		6.6
Insurance		(23.0	)		3.3		3.6		3.6		4.5		4.9		10.7
Non Payroll Security		4.7			3.3		3.6		3.6		4.5		4.9		(26.7	)
Other		4.7			3.3		3.6		3.6		4.5		4.9		3.9
Other Expense		3.4			4.1		3.8		3.6		4.9		5.0		3.9

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

52

Other Assumptions

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

53

America West Holdings
Seven Year Plan
Aircraft Debt ($ Mil)

• All future deliveries are assumed to be fully financed through operating leases as is the case with most of America West’s existing aircraft

• While these operating leases do not appear on the balance sheet, industry convention is to reflect them in credit ratios by multiplying annual aircraft rents by seven

• America West’s non-operating-lease aircraft financing is shown below

		2001			2002			2003			2004			2005			2006			2007			2008
Aircraft Debt Balance
	Kawasaki N160		3			2			1			—			—			—			—			—
	Mitsubishi Int’l N306, N307, & N308		31			28			24			20			16			13			9			5
	Mitsubishi Int’l N309 & N311		21			18			16			13			11			9			6			4
	De Nationale Invest Bank N908		12			10			8			5			3			0			0			0
	Total		67			57			48			39			30			22			15			9
Aircraft Cash Flow
	Kawasaki N160		(1	)		(1	)		(1	)		(1	)		—			—			—			—
	Mitsubishi Int’l N306, N307, & N308		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)
	Mitsubishi Int’l N309 & N311		(2	)		(2	)		(2	)		(2	)		(2	)		(2	)		(2	)		(2	)
	De Nationale Invest Bank N908		(2	)		(2	)		(2	)		(2	)		(2	)		(2	)		(0	)		—
	Total		(10	)		(10	)		(10	)		(9	)		(8	)		(9	)		(7	)		(6	)

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

54

America West Holdings
Seven Year Plan
Pre Delivery Deposits ($ Mil)

• Pre-delivery deposits (PDPs) are required by aircraft manufacturers in advance of aircraft delivery and are applied towards the aircraft purchase price upon delivery

• Each A320 and A318 requires a $3.5 million note twelve months prior to delivery

• Each A319 option aircraft requires a $1.75 million note and a $1.75 million cash payment twelve months prior to delivery

		2001			2002			2003			2004			2005			2006			2007			2008
Pre Delivery Deposits Cash Flow
	Cash Payments for Following Year’s Deliveries		—			—			(2	)		—			(9	)		(9	)		(9	)		—
	Return of Cash upon Delivery		16			—			—			2			—			9			9			49
	Net Cash Flow		16			—			(2	)		2			(9	)		—			—			49
	PDP Cash Balance		40			40			42			40			49			49			49			—
Pre Delivery Deposits Notes
	Note Issuance for Following Year’s Deliveries		(11	)		(14	)		(5	)		(18	)		(44	)		(9	)		(9	)		—
	Return of Notes upon Delivery		39			11			14			5			18			44			9			9
	Net Note Flow		28			(4	)		9			(12	)		(26	)		35			—			9
	PDP Note Balance		11			14			5			18			44			9			9			—

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

55

America West Holdings
Seven Year Plan
Stabilization Loan ($ Mil)

• America West’s stabilization loan is assumed to be repaid ratably between 2005 and 2008

		2001		2002		2003		2004		2005			2006			2007			2008
Stabilization Loan Balance			445		445		445		445		334			223			111			—
Stabilization Loan Cash Flow  Commitment			445		—		—		—		—			(111	)		(111	)		(223	)
	Prepayment		—		—		—		—		(111	)		—			—			111
	Total		445		—		—		—		(111	)		(111	)		(111	)		(111	)

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

56

America West Holdings
Seven Year Plan
Other Debt ($ Mil)

• Other debt is shown to be repaid according to commitments

• $150 million of convertible debt is issued to aircraft lessors as compensation for rent concessions. The interest on this debt is paid in kind at 7.5% for the first three years. The debt is conservatively assumed to be repaid at the end of 2008, rather than converted to equity

		2001			2002		2003		2004		2005			2006			2007			2008
Other Debt Balance
	10 3/4 Notes		50			50		50		50		—			—			—			—
	Hangar Facility Bonds		29			29		29		29		29			29			29			29
	Revolver		90			90		90		90		60			30			—			—
	Convertible Debt		150			161		173		186		186			186			186			—
	State Loan		5			5		5		5		5			5			5			—
	City Loan		5			5		5		5		5			5			5			—
	Other Debt Balance		329			340		352		365		285			255			225			29
Other Debt Cash Flow
	10 3/4 Notes		—			—		—		—		(50	)		—			—			—
	Hangar Facility Bonds		0			0		0		0		0			0			0			0
	Revolver		(21	)		—		—		—		(30	)		(30	)		(30	)		—
	Convertible Debt		—			11		12		13		—			—			—			(186	)
	State Loan		5			—		—		—		—			—			—			(5	)
	City Loan		5			—		—		—		—			—			—			(5	)
	Other Debt Cash Flow		(11	)		11		12		13		(80	)		(30	)		(30	)		(196	)

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

57

America West Holdings
Seven Year Plan
Total Debt ($ Mil)

		2001			2002			2003			2004			2005			2006			2007			2008
Debt Balance
	Aircraft Debt		67			57			48			39			30			22			15			9
	Pre Delivery Deposits		11			14			5			18			44			9			9			—
	Stabilization Loan		445			445			445			445			334			223			111			—
	10 3/4 Notes		50			50			50			50			—			—			—			—
	Hangar Facility Bonds		29			29			29			29			29			29			29			29
	Revolver		90			90			90			90			60			30			—			—
	Convertible Debt		150			161			173			186			186			186			186			—
	State Loan		5			5			5			5			5			5			5			—
	City Loan		5			5			5			5			5			5			5			—
	Total		851			856			850			866			693			508			361			38
Current Maturities
	Aircraft Debt		10			10			9			8			9			7			6			6
	Pre Delivery Deposits		11			14			5			18			44			9			9			—
	Stabilization Loan		—			—			—			111			111			111			111			—
	10 3/4 Notes		—			—			—			50			—			—			—			—
	Hangar Facility Bonds		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
	Revolver		90			—			—			30			30			30			—			—
	Convertible Debt		(11	)		(12	)		(13	)		—			—			—			186			—
	State Loan		—			—			—			—			—			—			5			—
	City Loan		—			—			—			—			—			—			5			—
	Total		99			12			1			217			193			156			322			6
Long Term Debt excl Current Maturities			752			845			849			649			499			352			38			32

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

58

America West Holdings
Seven Year Plan
Interest Expense

• LIBOR is used as the basis for floating rate debt

Source: Citigroup 10/22/01

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

59

America West Holdings
Seven Year Plan
Interest Expense

• The stabilization loan includes a fixed guarantee of 5.5% in 2002 and increases to 8.0% in 2003 where it remains constant until 2008

		2001			2002			2003			2004			2005			2006			2007			2008
LIBOR			4.46	%		3.50	%		4.90	%		5.50	%		5.90	%		6.20	%		6.40	%		6.50	%
Spread for Floating Rate Debt
	Revolver		4.61	%		2.25	%		2.25	%		2.25	%		4.75	%		4.75	%		4.75	%		4.75	%
	Stabilization Loan — Rate		—			0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
	Stabilization Loan — Fixed Guarantee		—			5.50	%		8.00	%		8.00	%		8.00	%		8.00	%		8.00	%		8.00	%
	Stabilization Loan — Total		—			5.90	%		8.40	%		8.40	%		8.40	%		8.40	%		8.40	%		8.40	%
	State Loan		—			3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
	City Loan		—			3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

60

America West Holdings
Seven Year Plan
Interest Expense ($ Mil)

		2001			2002			2003			2004			2005			2006			2007			2008
Interest Rate
	Aircraft Debt		9.44	%		9.44	%		9.44	%		9.44	%		9.44	%		9.44	%		9.44	%		9.44	%
	Stabilization Loan — LIBOR/Rate		—			3.90	%		5.30	%		5.90	%		6.30	%		6.60	%		6.80	%		6.90	%
	Stabilization Loan — Fixed Guarantee		—			5.50	%		8.00	%		8.00	%		8.00	%		8.00	%		8.00	%		8.00	%
	Stabilization Loan — Total		—			9.40	%		13.30	%		13.90	%		14.30	%		14.60	%		14.80	%		14.90	%
	10 3/4 Notes		10.75	%		10.75	%		10.75	%		10.75	%		10.75	%		—			—			—
	Hangar Facility Bonds		9.82	%		9.82	%		9.82	%		9.82	%		9.82	%		9.82	%		9.82	%		9.82	%
	Revolver		9.07	%		5.75	%		7.15	%		7.75	%		10.65	%		10.95	%		11.15	%		—
	Convertible Debt		—			7.50	%		7.50	%		7.50	%		7.50	%		7.50	%		7.50	%		7.50	%
	State Loan		7.46	%		6.50	%		7.90	%		8.50	%		8.90	%		9.20	%		9.40	%		9.50	%
	City Loan		7.46	%		6.50	%		7.90	%		8.50	%		8.90	%		9.20	%		9.40	%		9.50	%
	Average		9.00	%		8.21	%		9.22	%		9.52	%		10.03	%		10.10	%		10.22	%		10.11	%
Interest Expense
	Aircraft Debt		4			5			4			4			3			2			1			1
	Stabilization Loan — LIBOR/Rate		—			17			24			26			25			19			12			4
	Stabilization Loan — Fixed Guarantee		—			24			36			36			32			23			14			5
	10 3/4 Notes		5			5			5			5			5			—			—			—
	Hangar Facility Bonds		2			2			2			2			2			2			2			2
	Revolver		8			5			6			7			6			3			0			—
	Revolver Paid in Kind		—			2			2			2			—			—			—			—
	Convertible Debt		—			11			12			13			14			14			14			14
	State Loan		0			0			0			0			0			0			0			0
	City Loan		0			0			0			0			0			0			0			0
	Other		4			(1	)		0			1			1			1			1			1
	Total		24			72			92			97			89			65			45			27

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

61

America West Holdings
Seven Year Plan
Interest Income ($ Mil)

• America West’s average cash balance earns interest income at roughly the LIBOR rate

	2001			2002			2003			2004			2005			2006			2007			2008
Beginning Unrestricted Cash Balance		195			516			419			486			665			643			633			650
Ending Unrestricted Cash Balance		516			419			486			665			643			633			650			569
Average Unrestricted Cash Balance		355			467			453			575			654			638			642			610
Beginning Restricted Cash Balance		35			39			39			39			39			39			39			39
Ending Restricted Cash Balance		39			39			39			39			39			39			39			39
Average Restricted Cash Balance		37			39			39			39			39			39			39			39
Total Average Cash Balance		392			506			491			614			693			677			680			648
Interest Rate (LIBOR)		3.6	%		3.5	%		4.9	%		5.5	%		5.9	%		6.2	%		6.4	%		6.5	%
Interest Income		14			18			24			34			41			42			44			42

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

62

America West Holdings
Seven Year Plan
Taxes ($ Mil)

• America West will be an AMT tax payer until its cash taxable earnings exceed its NOL balance

• In the year America West changes from an AMT to a regular tax payer, a benefit of the cumulative prior four year’s AMT cash tax payments is realized

		2001			2002			2003			2004			2005			2006			2007			2008
Book Taxes
	Pre-Tax Earnings		(204	)		(67	)		115			235			255			280			315			341
	Permanent Differences		29			7			7			7			7			6			6			6
	Taxable Earnings		(175	)		(60	)		122			242			262			286			322			347
	Tax Rate		38.3	%		38.3	%		38.3	%		38.3	%		38.3	%		38.3	%		38.3	%		38.3	%
	Book Taxes		(67	)		(23	)		47			93			100			109			123			133
	Book Taxes including special charges		(111	)		(23	)		47			93			100			109			123			133
Cash Taxes
	Pre-Tax Earnings		(204	)		(67	)		115			235			255			280			315			341
	Timing Differences		(115	)		(27	)		(29	)		(25	)		(28	)		(28	)		(26	)		(28	)
	Taxable Earnings		(319	)		(94	)		86			210			227			252			289			313
	NOL at Beginning of Period		147			356			450			363			153			—			—			—
	NOL Burn		209			94			(86	)		(210	)		(153	)		—			—			—
	NOL at End of Period		356			450			363			153			—			—			—			—
	AMT or REG	AMT			AMT			AMT			AMT			REG			REG			REG			REG
	AMT Tax Rate		21.0	%		21.0	%		21.0	%		21.0	%		—			—			—			—
	AMT Tax Basis (10% of Earnings)		(32	)		(9	)		9			21			—			—			—			—
	AMT Cash Taxes		0			0			2			4			—			—			—			—
	Reg Tax Rate		—			—			—			—			40.0	%		40.0	%		40.0	%		40.0	%
	Reg Tax Basis		—			—			—			—			74			252			289			313
	Reg Cash Taxes		—			—			—			—			30			101			116			125
	Subtotal Cash Taxes		0			0			2			4			30			101			116			125
	Cash Taxes Loss Carryback		(12	)		(35	)		—			—			—			—			—			—
	Credit for AMT Taxes Paid		—			—			—			—			6			—			—			—
	Total Cash Taxes		(12	)		(35	)		2			4			23			101			116			125
	Book Tax		(111	)		(23	)		47			93			100			109			123			133
	Increase/(Decrease) Accrued Taxes		(99	)		12			45			88			77			9			8			8

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

63

America West Holdings
Seven Year Plan
Working Capital ($ Mil)

• Accounts Receivable and Air Traffic Liability grow with passenger revenue

• Accounts Payable grow with operating expenses less depreciation, TLC and aircraft rent

		2001			2002			2003			2004			2005			2006			2007			2008
Year End Balance
	Accounts Receivable		121			129			149			160			166			172			181			190
	Other Current Assets		144			126			126			138			140			136			121			100
	Accounts Payable		191			148			158			164			170			177			187			197
	Air Traffic Liability		199			189			182			175			168			161			153			144
	Other Current Liabilities		143			145			138			131			124			117			111			104
Change in Working Capital
	Accounts Receivable		31			(8	)		(20	)		(11	)		(6	)		(6	)		(9	)		(9	)
	Other Current Assets		16			18			(0	)		(12	)		(2	)		4			15			21
	Accounts Payable		34			(42	)		10			5			7			7			10			10
	Air Traffic Liability		(10	)		(10	)		(7	)		(7	)		(7	)		(8	)		(8	)		(8	)
	Other Current Liabilities		(22	)		1			(7	)		(7	)		(7	)		(7	)		(7	)		(7	)
	Total		51			(41	)		(23	)		(31	)		(15	)		(10	)		1			7

Use or disclosure of data contained on this page is subject to the restriction on the title page of this Seven Year Plan.

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