FOR IMMEDIATE RELEASE
Contact: Douglas G. Voss,
President and Chief Executive Officer
(712) 262-1000

GREAT LAKES AVIATION REPORTS THIRD QUARTER 1997 RESULTS

Spencer, Iowa - November 14, 1997 - Great Lakes Aviation, Ltd. (NASDAQ:GLUX) reports the following financial and statistical data for the quarter and nine months ended September 30, 1997 (in thousands, except per share and selected operating data):

As previously reported, on May 16, 1997, the Company and the FAA entered into an agreement whereby the Company voluntarily suspended flight operations. Therefore results include the effects of the temporary shutdown. On May 23, 1997, the Company began reinstating operations in planned phases. As of September 30, 1997, the Company served 51 destinations in 11 states with 318 scheduled departures each weekday, versus 73 destinations in 21 states with 488 daily departures at May 16, 1997.

The increase in passenger load factor of 8.2 points to 52.7% in the third quarter of 1997 from 44.5% in the second quarter of 1996 is due to the Company's return to routes that have historically demonstrated adequate traffic to support the Company's cost structure. As a result, total operating revenue per ASM increased 4.4� to 21.8� during the third quarter of 1997 from 17.4� during the third quarter of 1996.

During the third quarter of 1997, the Company continued to relieve its burden of excess aircraft caused by the decision made in the second quarter of 1997 to significantly reduce its scope of operation. One Beechcraft 1900C airliner has been converted to a freight configuration, and has been leased to a freight operator. Four 1900C airliners have been sold, and seven 1900C airliners have been leased to another passenger operator. The Company continues to actively pursue the sale or lease of four remaining excess Beech 1900s in its possession and two excess Brasilias which have been returned to the Lessor.

At September 30, 1997 and September 30, 1996, the Company served 21 and 16 subsidized essential air service communities, respectively. The Company received $3.8 and $2.3 million in for the nine months ended September 30, 1997 and September 30, 1996, respectively. Negotiations with the Department of Transportation (DOT) took place during the third quarter and have continued into the fourth quarter to establish new rates which will increase future Public Service Revenues. This is pursuant to congressional guidance that encourages the DOT to improve air service to small communities by increasing service from two round trips to three each weekday and from two round trips to three over the weekend period. The annualized essential air service rate status as of November 14, 1997 follows:

* Communities where the Company has completed negotiations and DOT has subsequently     issued a new enhanced Air Service Order.

Public Service Revenue amounts received for all EAS routes in years ending:

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