PRESS RELEASE Financial Results. Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue

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1 PRESS RELEASE 2016 Financial Results Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue Kifissia, 23 March 2017 AEGEAN reports full year 2016 results with consolidated revenue at 1,020m, 4% higher compared to Passenger traffic rose by 7% compared to 2015, reaching 12.5m passengers, with growth stemming mainly from the international network. EBITDAR reached 206.9m while EBITDA stood at 76.8m. Net earnings after tax stood at 32.2m from 68.4m in 2015, with the decline attributed to a weak first half reported. Cash & financial investments reached 253.2m at year end from 236.8m the previous year 1. Traffic in the international network increased by 12% to 6.7m passengers while domestic traffic increased by 2% to 5.7m passengers. Mr. Dimitris Gerogiannis, Managing Director of AEGEAN, commented: In 2016 we operated a fleet of 61 aircraft, continuing our network expansion and reaching 145 total destinations out of our main hub in Athens and the Greek regional airports. We offered more than 16 million seats and operated more than 112 thousand flights, surpassing 1bn euros in revenue for the first time, thus reaching historical high records for a Greek airline. Weak demand in the second quarter of the year combined with domestic tax increases in Value Added Tax on airline fares by 11 percentage points, had a negative impact on full year results, despite strong performance in the third and seasonally most important quarter of the year. Given targeted network adjustments in the last quarter, load factors improved significantly, especially on international routes and also continue the positive trend since the start of Undoubtedly high seasonality and our strong reliance on incoming tourist traffic will lead to weak results during winter months for as long as local demand remains weak. 1 Includes cash and cash equivalent, restricted cash ( 36.3m in 2015, 0 in 2016) and financial investments in corporate bonds, money market funds and shares ( 47.5m in 2015, 4.7m in 2016).

2 In 2017 we will continue to adjust our network and focusing on our Athens hub. Preliminary indications for the summer season are positive with a rising prebookings trend compared to last year. The BoD plans to propose the distribution of EUR0.40 dividend per share for Fiscal Year 2016 in the forthcoming Annual General Shareholders Meeting. Consolidated Results million Δ% Revenue , % EBITDAR % EBITDA % Pre-tax earnings for the period % Net earnings for the period % Passenger traffic (in,000) Passenger traffic AEGEAN & Olympic Air % Domestic 5,624 5,725 2% International 6,025 6,738 12% Total 11,648 12,463 7% Load Factor 76.9% 77.4% 0.6ppt RPKs (Revenue passenger Km) 11,285 12,715 13% Financial statements and Key Performance Indicators are posted on the company s website Aegean Airlines will host a conference call to present and discuss Full Year 2016 Financial Results on Thursday 23 rd March 2017 at 16:00 Athens time / 14:00 UK time. Details are available at About AEGEAN ΑEGEAN & Olympic Air carried 12.5 million passengers in network covered 145 destinations (34 domestic and 111 international) to 45 countries. Since June 30, 2010 AEGEAN is a member of STAR ALLIANCE, the strongest airline alliance worldwide. The Company has been honored with the Skytrax World Airline award, as the best European regional airline in Earnings before interest, tax, depreciation and aircraft lease payments 3 Earnings before interest, tax and depreciation

3 AEGEAN at a glance Consolidated results Jan - Jan - Change In millions Dec 2015 Dec 2016 In % Revenue , % EBITDAR % EBITDA % Pre-tax earnings for the period % Net earnings for the period % Total number of passengers (in thousands) 11,648 12,463 7% Average number of passengers per flight % Load factor - Scheduled services (RPK/ASK) 76.9% 77.4% 0.6pp Load factor - Scheduled services (Pax/AVS) 76.9% 77.0% 0.1pp Average sector length (km) % RASK (Revenue per ASK, in cents) % Yield (Revenue per RPK, in cents) % CASK (Cost per ASK EBITDAR level, in cents) % CASK (Cost per ASK EBITDAR level, in cents) - excl. fuel costs %

4 Profit & Loss account Consolidated results Jan - Jan - Change In millions Dec 2015 Dec 2016 In % Revenue Scheduled Services % Charter % Other (ancillary, cargo, executive aviation) % Total revenue , % Other operating income % Employee benefits (109.4) (119.5) 9% Aircraft fuel (216.3) (197.3) -9% Aircraft maintenance (97.6) (118.6) 22% Overflight expenses (67.1) (68.3) 2% Ground handling expenses (60.4) (63.7) 5% Airport charges (50.7) (56.0) 10% Catering expenses (24.4) (28.4) 16% Distribution expenses (73.8) (78.8) 7% Marketing and advertising expenses (14.6) (15.9) 9% Other operating expenses (70.2) (81.2) 16% EBITDAR % EBITDAR margin 22.1% 20.3% Aircraft leases (106.1) (130.1) 23% EBITDA % Depreciation (14.0) (18.0) 28% EBIT % EBIT margin 9.9% 5.8% Financial results 3.1 (7.3) - EBT % EBT margin 10.2% 5.1% Income Tax (31.9) (19.4) -39% Net earnings / (loss) after tax %

5 Balance Sheet AEGEAN Group Summary In millions Dec 15 Dec 16 Total fixed assets Cash (incl. restricted) Financial assets available for sale Other current assets Total assets Total equity Finance lease liabilities Loans Other Liabilities Total equity and liabilities Cashflow AEGEAN Group Summary In millions Jan Dec 2015 Jan Dec 2016 Net cash flows from operating activities Net cash flows from investing activities (28.5) 59.4 Net cash flows from financing activities (59.6) (60.0) Net (decrease)/ increase in cash and cash equivalents (18.2) 59.2 Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Operating figures (AEGEAN & Olympic Air) Jan Dec 2015 Jan Dec 2016 Change In % Capacity ASKs (in millions) 14,668 16,383 12% Total available seats (000) 15,194 16,205 7% Total Block Hours 167, ,588 8% Total Sectors Flown 109, ,709 3% Average capacity per flight % Average sector length (km) % Passengers (000) By type of service : Schedule passengers 11,216 12,076 8% Charter passengers % By network : Domestic 5,624 5,725 2% International 6,025 6,738 12% Total number of passengers 11,648 12,463 7% RPKs (in millions) 11,285 12,715 13% Pax/flight % Load factor - Scheduled (Pax/AVS) 76.9% 77.0% 0.1pp Load factor - Scheduled (RPK/ASK) 76.9% 77.4% 0.6pp

6 Definitions EBITDA EBITDAR ASKs (in millions) Average capacity per flight Average sector length (km) CASK (EBITDAR level, in cents) CASK (EBITDAR level, in cents) - excl. fuel costs CASK (EBT level, in cents) CASK (EBT level, in cents) - excl. fuel costs Load Factor Pax/flight RASK (Revenue per ASK, in cents) Yield (Revenue per RPK, in cents) RPKs (in millions) Total available seats (000) Total Block Hours Total Sectors Flown Earnings before net interest and financial expenses, income taxes, depreciation and amortization Earnings before net interest and financial expenses, income taxes, depreciation and amortization and rental costs Available Seat Kilometers. Represents the number of seats available multiplied by the number of kilometers those seats were flown. The ratio divides total available seats flown by total sectors flown The ratio divides total available kilometers flown by total sectors flown The ratio divides operating expenses by the total number of ASKs. Total operating expenses exclude rentals and depreciation expenses. The ratio divides operating expenses excluding fuel cost by the total number of ASKs. Total operating expenses exclude rentals and depreciation expenses. The ratio divides total expenses by the total number of ASKs The ratio divides total expenses excluding fuel costs by the total number of ASKs Expressed as both RPK/ASK and Passengers/Available seats for scheduled flights The ratio divides total passengers carried by total sectors flown Revenue per Available Seat Kilometer, where revenue refers to revenue from scheduled, charter flights, ancillaries and other operating income Revenue per Revenue Passenger Kilometer, where revenue refers to revenue from scheduled, charter flights, ancillaries and other operating income Revenue Passenger Kilometers; the number of revenue passengers carried multiplied by the distance flown in kilometers. Represents the number of seats available flown A block hour is the time from the commencement of the movement of an aircraft from its parking position at the departure airport until its complete immobilization at the airport of destination Total number of point-to-point flights Detailed financial statements are available at under the About Aegean / investor relations / Financial results section.

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