Great Lakes Reports June & Second Quarter, 1998

GREAT LAKES AVIATION REPORTS JUNE AND SECOND QUARTER, 1998 TRAFFIC; SECOND QUARTER RESULTS SETS A RECORD FOR THE COMPANY WITH LOAD FACTOR UP 5.8 POINTS TO 51.1%

Spencer, Iowa -- July 6, 1998 -- Great Lakes Aviation, Ltd. (NASDAQ:GLUX) today announced preliminary passenger traffic results for the month of June.

Scheduled service generated 23,178,000 revenue passenger miles (RPMs), a 238.7 percent increase from the same month last year. Available seat miles (ASMs) increased 254.4 percent to 41,905,000. As a result load factor declined 2.6 points to 55.3 percent. The company carried 81,039 passengers, a 196.6 percent increase compared to June, 1997.

Second quarter results represent a record in terms of load factor for the company. For the three months ended June 30, 1998 RPMs increased 34.0 percent to 58,960,000 compared to the same three months in 1997 while ASMs increased by 18.8 percent to 115,457,000 for the quarter in 1998 compared to 1997. As a result, load factor improved to 51.1 percent for 1998 compared to 45.3 percent for the same three month period in 1997. The company carried 205,776 passengers for the three months ended June 30, 1998, a 35.1 percent increase compared to the same three months in 1997.

For the six month period ended June 30, 1998 compared to the same six month period in 1997, RPMs declined 6.6 percent to 101,169,000 while ASMs declined 17.3 percent to 208,556,000, resulting in a load factor of 48.5 percent for 1998 compared to 42.9 percent for the same six month period in 1997. The company carried 348,282 passengers for the six months ended June 30, 1998, a 4.4 percent decrease on a year over year basis.

"The company is very pleased with its June performance" said Douglas G. Voss, Great Lakes' President and Chief Executive Officer. "The significant improvement in operating results are a by-product of the Denver growth opportunities granted to the company by United Airlines" he added.

	June, 1998	June, 1997	Change
Passengers Enplaned	81,039	27,319	+196.6%
Revenue Passenger Miles (000)	23,178	6,844	+238.7%
Available Seat Miles (000)	41,905	11,825	+254.4%
Load Factor	55.3%	57.9%	-2.6 Pts.

	2nd Qtr 1998	2nd Qtr 1997	Change
Passengers Enplaned	205,776	152,357	+35.1%
Revenue Passenger Miles (000)	58,960	44,006	+34.0%
Available Seat Miles (000)	115,457	97,193	+18.8%
Load Factor	51.1%	45.3%	+5.8 Pts.

	YTD 1998	YTD 1997	Change
Passengers Enplaned	348,282	364,368	-4.4%
Revenue Passenger Miles (000)	101,169	108,315	-6.6%
Available Seat Miles (000)	208,556	252,231	-17.3%
Load Factor	48.5%	42.9%	+5.6 Pts.

June, 1998 traffic and capacity levels reflect the addition of 18 new cities in the company's United Express network at Denver. June, 1997 results reflect the partial reinstatement of service following the voluntary suspension of all operations for a one week period in May, 1997 under a consent agreement with the FAA. Only limited service was operated in June, 1997 at a substantially reduced level and was focused on the United Express routes at Chicago-O'Hare.

As of June 30, 1998, scheduled service was being provided at 68 airports in thirteen states with a fleet of eight Embraer EMB-120 Brasilias and 40 Beechcraft 1900Ds. A total of 246 weekday flights offered at three hubs, 102 flights at Chicago-O'Hare, 122 at Denver and 22 at Minneapolis-St. Paul. In addition, the company operates 16 weekday flights between Springfield, IL and Chicago-Meigs Field. All scheduled flights are operated under the United Express marketing identity.