February Traffic Results

SPENCER, Iowa, March 4 -- Great Lakes Aviation, Ltd. (Nasdaq: GLUX) today announced preliminary passenger traffic results for the month of February.

Scheduled service generated 13,367,000 revenue passenger miles (RPMs), a 33.3 percent decrease from the same month last year. Available seat miles (ASMs) declined 39.5 percent to 29,697,000. As a result load factor improved 4.2 points to 45.0 percent, a company record for the month of February. The company carried 45,536 passengers, a 31.8 percent decrease compared to January 1997.

For the two month period ended February 28, 1998 compared to the same two month period in 1997, RPMs declined 32.7 percent to 26,749,000 while ASMs declined 38.5 percent to 61,053,000, resulting in a load factor of 43.8 percent for 1998 compared to 40.0 percent for the same two month period in 1997. The company carried 89,780 passengers for the two months ended February 28, 1998, a 31.7 percent decrease on a year over year basis.

FEBRUARY AND YEAR-TO-DATE STATISTICS

February 1998 traffic and capacity levels reflect the elimination of flying in the southeastern United States where the company had operated flights a year ago under the Midway Connection identity. Also, all flying has been eliminated in Arizona and Sonora, Mexico.

As of February 28, 1998, scheduled service was being provided at 51 airports in eleven states with a fleet of eight Embraer EMB-120 Brasilias and 26 Beechcraft 1900s. In its United Express route structure, a total of 178 weekday flights are offered at its three hubs with 106 flights at Chicago-O'Hare, 50 at Denver and 22 at Minneapolis-St. Paul.

In addition, the company continues to operate 16 weekday flights between Springfield, Ill. and Chicago-Meigs Field under the Great Lakes Airlines marketing identity.

As previously announced, the company will add United Express service at 14 additional points from its Denver hub beginning April 23, 1998 replacing service currently being provided by Mesa Airlines.

Additional company information is available on its web site which may be accessed at www.greatlakesav.com