Great Lakes Aviation, Ltd. Reports November 2003 Traffic

CHEYENNE, Wyo., December 16, 2003 � Great Lakes Aviation, Ltd. (OTC Bulletin Board: GLUX � news) today announced preliminary passenger traffic results for the month of November.

Scheduled service generated 11,278,000 revenue passenger miles (RPM�s), a 20.4 percent increase from the same month last year.  Available seat miles (ASM�s) decreased 3.0 percent to 27,813,000. As a result, load factor increased 7.8 points to 40.5 percent. Passengers carried increased 12.7 percent to 38,953 when compared with November 2002.

For the eleven months ending November 30, 2003 compared to the same eleven month period in 2002, revenue passenger miles (RPM�s) decreased 9.7 percent to 111,521,000 while available seat miles (ASM�s) decreased 8.9 percent to 300,050,000, resulting in a load factor of 37.2 percent for the year 2003 compared to 37.5 percent for the same eleven month period in 2002.  The company carried 402,206 revenue passengers for the eleven month period ending November 30, 2003, a 13.5 percent decrease on a year over year basis.

NOVEMBER AND YEAR TO DATE STATISTICS

     November 2003 November 2002 Change

Passengers Enplaned  38,953   34,555  12.7%

Revenue Passenger Miles (000) 11,278   9,370   20.4%

Available Seat Miles (000) 27,813   28,686  - 3.0%

Load Factor    40.5%   32.7%     7.8 points

     YTD 2003  YTD 2002  Change

Passengers Enplaned  402,206  464,762 - 13.5%

Revenue Passenger Miles (000) 111,521  123,556 -  9.7%

Available Seat Miles (000) 300,050  329,460 -  8.9%

Load Factor    37.2%   37.5%   -   0.3 points

As of December 1, 2003, 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 192 weekday flights are scheduled at three hubs, with 182 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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