FOR IMMEDIATE RELEASE Contact: Dave Thomas, VP Marketing and Planning

       (307) 432-7000

Great Lakes Aviation, Ltd. Reports February 2004 Traffic

CHEYENNE, Wyo., March 16, 2004 � Great Lakes Aviation, Ltd. (OTC Bulletin Board: GLUX.OB � news) today announced preliminary passenger traffic results for the month of February.

Scheduled service generated 10,283,000 revenue passenger miles (RPM�s), a 26.9 percent increase from the same month last year.  Available seat miles (ASM�s) increased 10.1 percent to 27,509,000.  As a result, load factor increased 5.0 points to 37.4 percent. Passengers carried increased 22.9 percent to 36,976 when compared with February 2003.

For the two months ending February 29, 2004 compared to the same two month period in 2003, revenue passenger miles (RPM�s) increased 23.5 percent to 20,909,000 while available seat miles (ASM�s) increased 4.7 percent to 56,458,000, resulting in a load factor of 37.0 percent for the year 2004 compared to 31.4 percent for the same two month period in 2003.  The company carried 74,898 revenue passengers for the two month period ending February 29, 2004, a 19.0 percent increase on a year over year basis.

FEBRUARY AND YEAR TO DATE STATISTICS

     February 2004 February 2003  Change

Passengers Enplaned  36,976   30,089  22.9%

Revenue Passenger Miles (000) 10,283   8,105   26.9%

Available Seat Miles (000) 27,509   24,986  10.1%

Load Factor    37.4%  32.4%      5.0 points

     YTD 2004 YTD 2003 Change

Passengers Enplaned  74,898   62,931  19.0%

Revenue Passenger Miles (000) 20,909   16,932  23.5%

Available Seat Miles (000) 56,458   53,940      4.7%

Load Factor    37.0%  31.4%      5.6 points

Great Lakes is providing scheduled passenger service at 39 airports in ten states with a fleet of Embraer EMB-120 Brasilias and Raytheon/Beech 1900D regional airliners. A total of 186 weekday flights are scheduled at three hubs, with 176 flights at Denver, 4 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 at their Denver hub.

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

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