Regional Airline Box Scores May Traffic Reports - Last Wave (As Of June 24)

May trend \| Year-to-date trend	May 2004	May 2003	Percent Change	YTD 2004	YTD 2003	Percent Change
Great Lakes [GLUX] {Frontier Airlines, United Airlines}
UP \| UP RPM (miles)	10.3M	10.2M	1.3%	52.9M	42.1M	25.6%
DN \| UP ASM (miles)	25.7M	26.6M	(3.7%)	137.5M	132.2M	4%
UP \| UP Load Factor	40.4%	38.5%	1.9 points	38.5%	31.9%	6.6 points
UP \| UP Passengers Enplaned	38,000	36,744	3.4%	189,726	155,554	22%
Analysis: The fast growth that Great Lakes reported earlier in the year has slowed. While traffic has been increasing month-over- month in the double digits, the May-over-May growth slowed to 1.3 percent. The carrier also had been reporting double-digit increases in passenger enplanements until the May report. For the second month in a row, Great Lakes recorded a drop in capacity. { } Indicates code-share partnerships Source: Company reports

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