Great Lakes Aviation, Ltd. Reports Improved January Traffic

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

Scheduled service generated 10,626,000 revenue passenger miles (RPM�s), a 20.4 percent increase from the same month last year.  Available seat miles (ASM�s) decreased 0.02 percent to 28,949,000.  As a result, load factor increased 6.2 points to 36.7 percent.  Passengers carried increased 15.5 percent to 37,922 when compared with January 2003.

JANUARY STATISTICS

     January 2004 January 2003 Change

Passengers Enplaned  37,922   32,842  15.5%

Revenue Passenger Miles (000) 10,626   8,827    20.4%

Available Seat Miles (000) 28,949   28,954  - 0.02%

Load Factor    36.7%  30.5%      6.2 points

Great Lakes is providing scheduled passenger service at 41 airports in eleven states with a fleet of Embraer EMB-120 Brasilias and Raytheon/Beech 1900D Regional Airliners.  A total of 194 weekday flights are scheduled at three hubs, with 184 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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