CHEYENNE, Wyo., Nov. 12  -- Great Lakes Aviation, Ltd. (Nasdaq: GLUX) today announced preliminary passenger traffic results for the month of October. As a result of the tragic events of September 11, capacity was reduced relative to the same month in 2000.

Scheduled service generated 12,602,107 revenue passenger miles (RPMs), a 50.2 percent decrease from the same month last year. Available seat miles (ASMs) decreased 29.5 percent to 32,620,562. As a result load factor decreased 16.0 points to 38.6 percent. The company carried 50,213 passengers, a 52.9 percent decrease compared to October, 2000.

For the ten month period ended October 31, 2001 compared to the same ten month period in 2000, RPMs decreased 19.8 percent to 178,160,998 while ASMs decreased 16.0 percent to 371,954,566 resulting in a load factor of 47.9 percent for 2001 compared to 50.2 percent for the same ten month period in 2000. The company carried 723,333 passengers for the ten months ended October 31, 2001, a 22.5 percent decrease on a year over year basis.

In the aftermath of the events of September 11, Great Lakes reduced frequency in many unsubsidized markets in anticipation of lower traffic. Subsidized essential air service flying at 28 smaller communities accounted for almost half of the company's departures in October. Lower traffic levels at these locations coupled with a reduction in flying at non-subsidized points resulted in lower load factors than historically experienced. Subsidy payments to the company in October represented more than twelve points of load factor when equivalent revenue passenger miles are considered.

                     OCTOBER AND YEAR TO DATE STATISTICS
                                      Oct. 2001    Oct. 2000     Change
     Passengers Enplaned                50,213      106,642      -52.9%
     Revenue Passenger Miles (000)      12,602       25,285      -50.2%
     Available Seat Miles (000)         32,621       46,277      -29.5%
     Load Factor                         38.6%        54.6%      -16.0 Pts.
                                      YTD  2001    YTD  2000     Change
     Passengers Enplaned               723,333      933,871     -22.5%
     Revenue Passenger Miles (000)     178,161      222,124     -19.8%
     Available Seat Miles (000)        371,955      442,731     -16.0%
     Load Factor                         47.9%        50.2%      -2.3 Pts.

As of November 1, 2001, Great Lakes Airlines flights were being provided at 50 airports in 15 states with a fleet of eight Embraer EMB-120 Brasilias and 40 Beechcraft 1900D's. A total of 218 weekday flights are scheduled at four hubs, 176 flights at Denver, 24 at Chicago-O'Hare, 14 at Minneapolis-St. Paul, and four at Phoenix. All flights are operated under the Great Lakes Airlines marketing identity in conjunction with code-share agreements with United Airlines and Frontier Airlines.

On October 31, 2001 the company's code-share agreement with Frontier Airlines was expanded to include service at Sheridan, Wyoming. On November 15, 2001 eight additional Great Lakes Airlines service points will added to the program. On that date a total of 16 communities will be linked to Frontier Airlines' route network through the Denver hub. New locations to be added in November are Laramie, Riverton, Rock Springs and Worland in Wyoming, Cortez and Telluride in Colorado, Scottsbluff, Nebraska and Farmington, New Mexico. Beginning December 14, 2001 the balance of Great Lakes' Denver operation will be added to the Frontier Airlines code-share network bringing to 35 the number of communities in the program.

CONTACT: Dick Fontaine, Senior VP - Marketing, Great Lakes Aviation, Ltd., +1-307-432-7020/