CHEYENNE, Wyo., Nov. 14 Great Lakes Aviation, Ltd. (OTC Bulletin Board: GLUX) today announced preliminary passenger traffic results for the month of October.

Scheduled service generated 11,557,000 revenue passenger miles (RPMs), a 8.3 percent decrease from the same month last year. Available seat miles (ASMs) decreased 3.1 percent to 31,612,000. As a result, load factor decreased 2.0 points to 36.6 percent. Passengers carried decreased 14.7 percent compared to October 2001 to 42,847.

For the ten months ending October 31, 2002 compared to the same ten month period in 2001, revenue passenger miles (RPMs) decreased 35.9 percent to 114,186,000 while available seat miles (ASMs) decreased 19.1 percent to 300,774,000, resulting in a load factor of 37.9 percent for the year 2002 compared to 47.9 percent for the same ten month period in 2001. The company carried 430,207 revenue passenger for the ten month period ending October 31, 2002, a 40.5 percent decrease on a year over year basis.

Traffic reflects reductions and restructuring of the company's scheduled capacity made following the events of September 11, 2001 with emphasis placed on subsidized Essential Air Service markets.

                       OCTOBER AND YEAR TO DATE STATISTICS
                              October 2002  October 2001     Change
     Passengers Enplaned          42,847        50,213      - 14.7%
     Revenue Passenger
      Miles (000)                 11,557        12,602       - 8.3%
     Available Seat
      Miles (000)                 31,612        32,621       - 3.1%
     Load Factor                   36.6%         38.6%       - 2.0 points
                                YTD 2002      YTD 2001       Change
     Passengers Enplaned         430,207       723,333      - 40.5%
     Revenue Passenger
      Miles (000)                114,186       178,161      - 35.9%
     Available Seat
      Miles (000)                300,774       371,955      - 19.1%
     Load Factor                   37.9%         47.9%      - 10.0 points

As of November 1, 2002, scheduled passenger service was being provided at 47 airports in fifteen states with a fleet of Embraer EMB-120 Brasilias and Raytheon/Beech 1900D regional airliners. A total of 212 weekday flights are scheduled at four hubs, with 172 flights at Denver, 20 flights at Chicago - O'Hare International Airport, 14 flights at Minneapolis/St. Paul, and 6 flights at Phoenix. All scheduled flights are operated under the Great Lakes Airlines marketing identity in conjunction with code-share agreements with United Airlines and Frontier Airlines.