FOR IMMEDIATE RELEASE

Contact: Douglas G. Voss
President and CEO
(712)264-3190
(712)262-1000

GREAT LAKES AVIATION TO BE LISTED ON NASDAQ-SMALL CAP MARKET EFFECTIVE JULY 16, 1998.

Spencer, Iowa -- July 14, 1998 -- Great Lakes Aviation, Ltd (NASDAQ:GLUX) announced today that its common stock will be listed on the NASDAQ Small-Cap Market effective July 16, 1998 via an exception from the net tangible asset requirement.

While Great Lakes failed to meet this requirement as of March 31, 1998, the Company was granted a temporary exception from this standard subject to Great Lakes' meeting certain conditions. The exception will expire on September 10, 1998.

In the event the Company is deemed to have met the terms of the exception, it shall continue to be listed on the NASDAQ Small-Cap Market. The Company believes that it can meet these conditions; however, there can be no assurance that it will do so.

If, at some future date, the Company's securities should cease to be listeid on the NASDAQ Small-Cap Market, they may continue to be listed in the OTC-Bulletin Board. For the duration of the exception, the Company's NASDAQ symbol will be GLUXC.