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Aegean Airlines Company Presentation. Eftichios Vassilakis, Executive Vice Chairman April 2008

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Aegean Airlines

Company Presentation

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2

Agenda

Aegean Airlines at a glance

Financial & operating update Our strategic focus

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Fastest growing Greek carrier

4 Full Service Carrier since 1999 - Listed in July 2007 4 Leader in Domestic Market - Developing International

presence

4 5.2 million passengers in 2007

4 40 routes to 29 destinations in Greece and abroad (Summer 2008)

4 1,900 employees

4 27 aircraft (Summer 2008)

4 Pre-tax earnings profitable since 2003 – 3-year revenue

Scheduled flights 85% 10% 5% Charter flights Other 4,002,451 4,447,570 5,226,163 2005 2006 2007 Revenue breakdown (2007)* Passengers

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4

Domestic network

4

Covering 98% of potential

demand

4

Operating 23 routes,

reaching 17 destinations

(Summer 2008)

4

Carrying 3.4m pax in 2007

(+10% y-o-y)

4

Market Share (passenger

and revenue) in excess of

50%

RHODES CHANIA ALEXANDROUPOLIS THESSALONIKI ATHENS HERAKLION KERKYRA KAVALA IOANNINA SAMOS CHIOS KOS MYKONOS SANTORINI MYTILINI Opened in 2008 LIMNOS KEFALONIA
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International network

4 Operating 17 routes, 12

destinations on 9 countries (Summer 2008)

4 Covering 8 out of 15 most popular destinations out of Athens

4 Carrying 1.9m pax in 2007

(+35% y-o-y )

4 Leader out of Thessaloniki 4 Expanding Share out of

Athens (2nd position)

4 Code share agreements with Lufthansa, Air One,

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6 2 4 6 3 4 3 3 3 3 4 4 4 3 # Operators 2 1 1 1 1 1 1 3 2 2 2 2 3 y-t-d AEGEAN market rank 2001 DUSSELDORF/ COLOGNE/ DORTMUND 2001 MUNICH 2001 FRANKFURT SKG 2004 LARNACA 2001 STUTTGART 2006 SOFIA 2006 BUCHAREST 2006 CAIRO 2004 LARNACA 2003 MILANO 2001 ROME 2007 MUNICH 2007 FRANKFURT ATH Market share Trend AEGEAN Start Route

Competitive Update (Jan - Mar 2008)

4 Alitalia de-hubs Malpensa 4 Albanian Airlines drop

Athens-Tirana

4 Tarom reduces frequencies

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Focus on quality services

4 First to introduce Business Class in

domestic market

4 Loyalty programme: Miles&Bonus

almost 10% of A3 passengers in 2007

4 E-services / web check in: Largest e-commerce player by revenue in

Greece

4 Self check in kiosks

4 5 times awarded by ERA

9%

20%

30%

2005 2006 2007

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8 5% 10% 15% 20% 25% 30% 2002 2003 2004 2005 2006 2007 M ar ket sh ar e b y P ax

Strong brand and market position

3% Singapore 4% Emirates 11% Lufthansa 21% Olympic Airlines 46% Aegean Airlines 10% 20% 30% 40% 50% 2002 2003 2004 2005 2006 2007 Ma rk et s ha re by Pa x

Athens Airport Survey

Favorite airline for Greek residents Choice = Market Share X 2

Source: AIA, CAA, Press reports & Company estimates

Aegean at AIA

Number 2 carrier

Aegean at Thessaloniki

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Lufthansa’s regional partner

4 Cooperation since 2005

4 Link generates additional passenger

traffic from/to Lufthansa’s network, especially business traffic

4 Increased brand awareness in Germany

4 Linked loyalty programs: miles earned

in both carriers

4 Improved connectivity from coordinated schedules Athens Paris Brussels Amsterdam Berlin Hamburg Munich Düsseldorf Thessaloniki Hannover Stuttgart Frankfurt

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Agenda

Aegean Airlines at a glance

Financial & operating update

Our strategic focus Appendix

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Financials

167.5 16.5 Total equity 57.5 56.7 Debt 158.3 24.4 Cash 2007 2006 39% 35.8 25.7 Net income 30% 44.6 34.4 EBT 19% 83.1 69.9 EBITDAR 20% 482.7 401.1 Revenue 07 vs 06 2007 2006 Euro (million) Sales (€ million) 283.5 340.6 401.1 482.7 2004 2005 2006 2007 CAGR = 19% EBITDAR (€ million) 53.2 69.9 83.1 2005 2006 2007

Net earnings (€ million)

13.5 25.7 35.8 2005 2006 2007

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Sector comparison

-4% Austrian Airlines -1% BA 3% Iberia 4% Air France 11% Easyjet 15% Aer Lingus 20% Aegean 23% Ryanair 28% SkyEurope 44% NAS 54% Vueling Revenue growth -12% Vueling -9% SkyEurope 0% Austrian Airlines 2% NAS 6% Air France 6% BA 6% Iberia 7% Aegean 8% Easyjet 8% Aer Lingus 20% Ryanair Net margin 3% Vueling 3% SkyEurope 12% NAS 15% Austrian Airlines 16% Air France 16% Aer Lingus 17% Easyjet 17% Iberia 17% Aegean 19% BA 29% Ryanair EBITDAR margin

Source: Aegean Airlines, Company data,

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1Q 2008 traffic

4% 92 88 Pax / Flight 6% 11,601 10,917 Total Flights 10% 1,062,202 965,634 Total passengers 35% 356,719 265,047 International passengers 1% 705,483 700,587 Domestic passengers 08 vs 07 1Q 2008 1Q 2007
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Agenda

Aegean Airlines at a glance Financial & operating update

Our strategic focus

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Investment in new aircraft

4 Delivery of 27 new aircraft over the 2007-2010 period – $1.2 bn in leased and

purchased aircraft = largest private investment in transportation in Greece

4 Retirement of Boeing fleet (15 aircraft over the Q4:2007 - Q1:2009 period)

4 Image benefits / Business Class potential

4 Cost savings (maintenance, fuel) 4 Higher average capacity per A/C

4 Homogeneity

4 Reliability/Productivity/On Time performance

4 Higher capital Costs

4 Transition Costs/Inefficiencies

4 Boeing underutilization in

2008-2009

4 Crew training

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Our Fleet

2 Avro re-delivery 8 4 + 2 1 Boeing re-deliveries 6 8 10 3 A320/321 deliveries 2010 2009 2008 2007 30.5 28.3 26.4 23.4 Total 30-31 27-28 27 24

Fleet at peak period

0.0 2.5 11.1 14.9 Boeing 737/300-400 5.0 6.0 6.0 6.0 Avros 4.0 3.5 1.4 0.0 A 321 21.5 16.2 7.9 2.5 A 320 2010 2009 2008 2007

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Average fleet age

10.4 10.0 8.0 4.0 2.0 0.0 4.0 8.0 12.0 Ye ar s
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Our Network Expansion Strategy

New W. European route: Athens-London

29 40

Total

2 new destinations: Limnos, Kefalonia, now covering 98% of potential demand

17 23

Domestic Network

New regional route: Athens-Tirana 12 17 International Network Destinations Routes

4

Target W.European & regional markets

4

Expansion criteria/priorities

4

Destinations within 4-hour flight radius

4

Balance of traffic originating in Greece

4

High share of point-to-point traffic

4

Slots availability

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Closing remarks

Our strengths / opportunities

4 Leading domestic position and increasing international market significance

4 Profitable since 2003, without new aircraft

4 Fleet investment benefits gradually by Q2 2009: image, fuel costs, maintenance costs, utilization, average capacity per aircraft, specification commonality

4 Rising web penetration, commission reductions, distribution efficiencies

4 Organizational maturity / Revenue Management Team / System Implementation 0ur challenges

4 Fuel price evolution

4 Fleet Transition Q4 2007 - Q1 2009

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Appendix

Recent results Our network

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2007 operating review

4

More flights, longer distances & market share gains in a growing market

582 588 639 2005 2006 2007 11.8 12.2 13.6 14.3 15.1 16.5 14% 17% 20% 22% 23% 25% 6 8 10 12 14 16 18 20 22 2002 2003 2004 2005 2006 2007 -3% 2% 7% 12% 17% 22% 27% 32% 2.42 2.85 3.58 4.01 4.45 5.23 2002 2003 2004 2005 2006 2007

Average Segment Length (km) Number of flights*

A3 Total pax (m) AIA Pax (m) & A3 market share (%)

45,377 47,979 54,708 2005 2006 2007

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2007 review: P&L Highlights

39% 35.8 25.7 Net income 30% 44.6 34.4 EBT 1pp 7.4% 6.4% Net income margin

7% 42.9 40.0 EBIT -0.2pp 17.2% 17.4% EBITDAR margin 19% 83.1 69.9 EBITDAR 20% 482.7 401.1 Revenue 07 vs 06 2007 2006 Euro (million)

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2007 review: Balance Sheet

46.5 39.7

Other fixed assets

77.8 32.1

Advances for A/C acquisition

353.2 166.8

Total Liabilities & Equity

128.2 93.6 Other Liabilities* 57.5 56.7 Debt 167.5 16.5 Total equity 353.2 166.8 Total Assets 70.5 70.6

Other current assets

158.3 24.4

Cash and cash equivalents

124.3 71.8

Total fixed assets

Dec-07 Dec-06

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2007 review: Key Performance Indicators

-4.1% 13.4 14.0 Yield (€ cents) -5.9% 8.6 9.1 CASK - EBT level (€ cents)

-5.0% 7.8

8.2 CASK - EBITDAR level (€ cents)

4.4% 78.9 75.6 Average Fare (€) -5.2% 9.4 10.0 RASK (€ cents) +3 pax 96 93 Avg Pax/flight -1.2pp 69.2% 70.4% Load Factor (Pax/AVS) – Scheduled

-2.3pp 69.5%

71.8% Load Factor (RPK/ASK) – Scheduled

07 vs 06 2007

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Our network (Summer 2008)

4

Covering 8 out of 15 most popular international destinations

from Athens

Istanbul 13 Brussels 12 Madrid 11 New York 10 Zurich 9 Amsterdam 8 Munich 7 Rome 6 Frankfurt 5 Milan 4 Paris 3 Larnaca 2 London 1 Top 15 International Destinations from AIA Athens-Mytilini 12 Thessaloniki-Santorini 23 Athens-Myconos 11 Thessaloniki-Rhodes 22 Athens-Limnos 10 Thessaloniki-Mytilini 21 Athens-Kos 9 Thessaloniki-Mykonos 20 Athens-Kefalonia 8 Thessaloniki-Kos 19 Athens-Kavala 7 Thessaloniki-Heraklion 18 Athens-Ioannina 6 Thessaloniki-Chania 17 Athens-Heraklion 5 Athens-Thessaloniki 16 Athens-Corfu 4 Athens-Santorini 15 Athens-Chios 3 Athens-Samos 14 Athens-Chania 2 Athens-Rhodes 13 Athens-Alexandroupolis 1 Domestic Routes Thessaloniki-Frankfurt 14 Thessaloniki-Dusseldorf 13 Rhodes-Larnaca 12 Heraklion-Larnaca 11 Athens-Tirana 10 Athens-Sofia 9 Athens-Rome 8 Athens-Munich 7 Athens-Milan 6 Athens-London 5 Athens-Larnaca 4 Athens-Frankfurt 3 Athens-Cairo 2 Athens-Bucharest 1 International Routes
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Shareholders structure

Vassilakis Group 33.9% Laskarides Group 19.0% D. Ioannou 6.1% Osiris 4.7% Piraeus Bank 4.7% Free Float 25.4% Cantel Participations 6.2%
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Thank you

For further information on AEGEAN please visit our website at

www.ageanair.com or contact our

Investor Relations Manager Stella Dimaraki

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Forward Looking Statements

Except for historical information, the statements made or information contained in this presentation are forward-looking in nature and, as such, are subject to certain risks and uncertainties, many of which are beyond the Company’s control, which could cause the actual results to differ materially from those

referenced, projected or contemplated herein by any forward-looking statement, including but not limited to the following: overall passenger traffic; the airline ticket pricing environment; the international expansion of our route network; seasonal fluctuations in passenger travel; aviation fuel prices; landing and navigation fee changes; changes in aircraft acquisition, leasing and other operating expenses; developments in government regulations and labour relations; the cost of our ground handling operations; the future development of AIA; foreign currency fluctuations, in particular between the euro and the U.S. dollar; the progress of our code-shared and interline arrangements; our ability to finance our planned acquisition of aircraft and to discharge any resulting debt service obligations; the availability of additional slots or landing rights at existing airports and the availability of new airports for expansion; interest rate fluctuations; extraordinary events, such as accidents, terrorist attacks or threats of terrorist attacks, natural disasters and outbreaks of contagious diseases; the rates of taxes payable; and general economic conditions in Greece and the European Union. Additional risks are discussed in the Offering Memorandum and the Company’s filings with the Capital Markets Commission and the Athens Exchange.

Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this presentation, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

References

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