Corporate Presentation. June 2016

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1 Corporate Presentation June 2016

2 Quality & Award winning airline Full Service Carrier Focus on quality, efficiency, productivity Young fleet of 61 Aircraft 47 Airbus A320 family 14 Bombardier Star alliance member Award winning airline 6x skytrax best regional award 12,000 10,000 8,000 6,000 4,000 2,000 0 Traffic in RPKs (m) 5x Launched operations local acquisitions 2002 First international routes launched Airbus order 2008 Largest Greek airline 2010 Star alliance member 2011 Becoming single type jet operator 2013 Acquisition of Olympic Air Airbus order 2

3 Using synergies to expand Passengers (m) Fleet x Turboprop Airbus jet Domestic International ASKs +60% Network Destinations x 9,139 10,732 12,194 14,

4 : Fleet Expansion 42 New Aircraft between 2007 and New A/C deliveries Total Fleet (A/C) Aegean 2013 Aegean & OA JET Bombardier

5 Athens main hub + 6 other A/C bases in Greece and Cyprus 2016 :145 destinations 111 international 34 domestic THESSALONIKI ATHENS KALAMATA % international activity by base Athens: 70% Thessaloniki & Larnaca: 15% Regional / Leisure: HERAKLION 15% CHANIA HERAKLION RHODES LARNACA 5

6 Strengthening Athens hub *Number of routes from Athens International routes International routes total routes total routes

7 Connecting Athens with Europe, Middle East and Cyprus WEST NORTH WEST Brussels, Düsseldorf, Hamburg, Frankfurt, Munich, Stuttgart, London, Manchester, Birmingham, Geneva, Zurich, Paris, Nantes, Amsterdam, Dublin, Lille, Luxembourg SOUTH WEST Warsaw, Budapest, Prague, Helsinki, Oslo, Tallinn, Vienna,Copenhagen, Krakow, Vilnius Kiev, Moscow, St. Petersburg, Sofia, Bucharest,Tirana, Belgrade, Dubrovnik, Ljubljana, Split NORTH EAST Tbilisi,Istanbul, Izmir, Tehran Toulouse, Bordeaux, +4 Marseille, Madrid, Barcelona, Milan, Lyon, Rome, Venice, Lisbon, Majorca, Naples, +4 Nice +1 Amman, Beirut, Tel +1 Aviv, Larnaca, Riyadh, Jeddah Toulouse, Bordeaux, Marseille, Madrid, Barcelona, Milan, Lyon, Rome, Venice, Lisbon, Majorca, Naples, Nice Catania, Malta, Bari Cairo, Alexandria SOUTH EAST EAST 7

8 Delivers 3 x network flows in 7 years HUB support & defense 1,400 1,200 AIA Transfer Pax Departing from Athens connecting passengers: 25% of total 1,000 More than 3x

9 Tourist arrivals by air => +50% growth in tourist arrivals, Athens potential remains 2016 ytd growth of 5% (May) Industry Security concerns/ UK referendum / late booking traveling patterns / relatively low visibility on forward bookings Long term potential provided country s stable environment for private investments Tourist arrivals by air (m) 3.1 Athens (m) Rest of Greece (m) Source: SETE

10 Tourist arrivals by source country Greek Tourism - breakdown by source market Oceania 1% EU 79% America 7% Africa Asia 3% Rest Europe 8% Top 10 European Source Markets Arrivals (m) % total Europe 2015/2014 Growth Germany % 22% UK % 15% France % 4% Italy 1.2 9% 32% Poland 0.7 5% 22% Netherlands 0.6 5% 3% Belgium 0.5 4% 18% Russia 0.5 4% 61% Cyprus 0.4 3% 27% Czech Republic 0.4 4% 6% Source: Hellenic Statistics,

11 Total market traffic Despite 27% 28% GDP decline market grows by 24% 2016 market continues to grow decelerating pace Domestic growth driven by competitors capacity & lower fares International positive though more moderate than 2015 International Athens Total passengers (m) International rest of GR airports YTD Domestic % Domestic +7% International Athens Total International rest of GR airports International Athens Domestic Source: AIA, HCAA

12 Aegean main contributor to strong market growth in Athens Aegean International Pax A3 market share 25% 30% 33% 35% X Pax in m, Source: Aegean Airlines, AIA

13 Revenue Breakdown shift to international PSO Revenue Domestic Revenue International Revenue 56% 75% 66% 70% 44% 25% 28% 25% : Acquisition of Olympic 13

14 Competitive cost structure Lean cost structure Synergies with Olympic Scale economies Cost efficiency focus CASK in EUR cents CASK in EUR cents %total costs 24% 20% 14% 12% 11% 8% 8% CASK vs stage length sector comparison AEGEAN ,000 1,500 2,000 2,500 3,000 Aircraft fuel Airport, Overflight, ground Aircraft leases & depreciation & financials Employee benefits Aircraft maintenance Distribution expenses Other operating expenses Catering expenses Marketing and advertising expenses other financials LCC Stage length in km Full Service Carriers

15 Key financial Highlights EUR m FY:13 FY:14 FY:15 yoy Sales % EBITDAR % EBITDAR margin 21% 23% 22% EBITDA % EBT % Net earnings % Net earnings margin 6% 9% 7% ASKs (m) 10,732 12,194 14,668 20% RASK (EUR cents) % CASK (EUR cents) % Domestic Passengers (,000) 4,549 5,240 5,624 7% International Passengers (,000) EUR m 4,294 4,873 6,025 24% Total passengers (,000) 8,843 10,113 11,648 15% EUR m FY:13 FY:14 FY:15 Period end cash & other financial assets On balance sheet debt & financial leases Net debt / (cash) (185) (160) (182) 15

16 2016 capacity plans 61 Aircrafts Available seats +1.1m 145 Destinations m increase international frequencies - Athens +0.2m new Athens international routes +0.15m regional airports +0.15m domestic 111 International destinations Domestic destinations 16

17 First Quarter 2016 Results Timing of Aircraft deliveries / underutilization and domestic weakness weigh on seasonally weak quarter In millions Q1:15 Q1:16 Total revenue % EBITDAR % Aircraft leases (20.9) (29.6) 42% EBITDA (14.2) (23.8) 68% Depreciation (3.3) (3.9) 19% EBIT (17.5) (27.7) 59% Financial results 5.2 (1.9) EBT (12.3) (29.6) 140% Income Tax % Net earnings / (loss) after tax (8.3) (21.5) 157% ASKs (in millions) 2,233 2,583 16% RASK (Revenue per ASK, in cents) % CASK (EBT level, in cents) % Load factor Scheduled services (RPK/ASK) 70.3% 69.3% 1.0pp Total available seats (000) 2, , % Domestic , % International % Total number of passengers 1, , % 17

18 Summary Our basis Solid financial metrics Efficient cost structure Strong balance sheet Diversifying markets exposure vs previous years Flexibility Industry outlook Growth potential of incoming leisure / tourism sector Athens relatively underserved room to add medium haul destinations Accelerated competition in domestic market + weak economy Short term challenge on industry security concerns Late bookings pattern Our strategy Further exploit network synergies and connectivity Distribution cost initiatives Long term moderate expansion IT / ecommerce investments / Value cycle loyalty enhancements Address A/C ownership cost (leases + maintenance) 18

19 Shareholder Structure 33.6% 35.4% Th. Vassilakis * Other pre IPO shareholders Free Float 31.0% Listed on the Athens Exchange *11.6% controlled through Autohellas 19

20 20 Appendix

21 Profit & Loss 21 P&L FY:14 FY:15 In % Q1:15 Q1:16 In% In millions Consolidated Results Group change Group change Scheduled Services % % Charter % % Other (cargo, service charge, executive aviation) % % Total revenue % % Other operating income % % Employee benefits (100.5) (109.4) 9% (24.3) (25.9) 7% Aircraft fuel (232.8) (216.3) 7% (30.8) (29.5) 4% Aircraft maintenance (77.6) (97.6) 26% (12.9) (17.0) 32% Overflight expenses (53.9) (67.1) 24% (10.6) (11.2) 6% Ground handling expenses (51.5) (60.4) 17% (10.2) (10.8) 5% Airport charges (37.4) (50.7) 36% (9.4) (11.1) 18% Catering expenses (21.1) (24.4) 16% (3.8) (4.4) 15% Distribution expenses (61.2) (73.8) 21% (17.0) (16.7) 2% Marketing and advertising expenses (12.3) (14.6) 19% (2.3) (3.3) 45% Other operating expenses (63.8) (70.2) 10% (12.2) (16.6) 36% EBITDAR % % EBITDAR margin 23.0% 22.1% 4.9% 4.0% Aircraft leases (90.7) (106.1) 17% (20.9) (29.6) 42% EBITDA % (14.2) (23.8) 68% Depreciation (12.6) (14.0) 12% (3.3) (3.9) 19% EBIT % (17.5) (27.7) 59% EBIT margin 11.7% 9.9% 12.6% 18.7% Financial results (11.3) (1.9) EBT % (12.3) (29.6) 140% EBT margin 10.4% 10.2% 8.9% 20.0% Income Tax (14.4) (31.9) 121% % Net earnings / (loss) after tax % (8.3) (21.5) 157%

22 Key Operating Statistics FY:14 FY:15 In % Q1:15 Q1:16 In% Group change Group change RASK (Revenue per ASK, in cents) % % Yield (Revenue per RPK, in cents) % % 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 % % Capacity FY:14 FY:15 In % Q1:15 Q1:16 In % ASKs (in millions) 12,194 14,668 20% 2,233 2,583 16% Total available seats (000) 13,088 15,194 16% 2,613 2,911 11% Total Block Hours 148, ,511 13% 27,428 30,043 10% Total Sectors Flown 99, ,546 10% 19,150 20,374 6% Average capacity per flight % % Average sector length (km) % % Passengers (000) By type of service : Schedule passengers 9,574 11,216 17% 1,844 2,006 9% Charter passengers % % By network : Domestic 5,240 5,624 7% 995 1,055 6% International 4,873 6,025 24% % Total number of passengers 10,113 11,648 15% 1,846 2,011 9% RPKs (in millions) 9,584 11,285 18% 1,566 1,788 14% Pax/flight % % Load factor Scheduled (Pax/AVS) 77.3% 76.9% 0.5pp 70.7% 69.1% 1.6pp 22 Load factor Scheduled (RPK/ASK) 78.3% 76.9% 1.5pp 70.3% 69.3% 1.0pp

23 Balance Sheet BALANCE SHEET GROUP EUR,000 31/12/ /12/2015 Intangible assets 47, , Goodwill 39, , Tangible assets 80, , Advances for assets acquisition 56, , Financial Assets available for sale Deferred tax assets 21, , Other long term assets 19, , Hedging derivatives 10, Total non current assets 275, , Inventories 13, , Customers and other receivables 87, , Advances 10, , Financial Assets at fair value 10, , Hedging derivatives 24, , Restricted cash 16, , Cash and cash equivalents 191, , Total current assets 354, , TOTAL ASSETS 629, , Share capital 46, , Share premium account 72, , Other reserves 1, , Retained profit / (loss) 101, , Total equity 218, , Finance lease contracts liabilities 49, , Derivative contracts liabilities 5, , Provisions for retirement benefits obligations 6, , Provisions 29, , Other long term liabilities 34, , Total long term liabilities 125, , Suppliers 63, , Long term finance leases liabilities payable next year 8, , Other short term liabilities 70, , Liabilities from tickets sold but not flown 65, , Accrued expenses 23, , Hedging derivatives 35, , Income tax liabilities 15, , Provisions 3, , Total short term liabilities 285, , Total liabilities 410, , TOTAL 23EQUITY AND LIABILITIES 629, ,834.02

24 Cash Flow Statement Cash Flow Statement Group EUR,000 31/12/ /12/2015 Profit / (loss) before tax 94, ,316.9 Adjustments for: Depreciation of tangible assets 12, ,010.0 Loss from impairment of assets (326.3) Provisions 2,718.3 (18,007.8) Foreign currency exchange (gains) / losses 8,432.0 (7,850.8) (Profit) / loss from investing activities (3,996.8) (1,351.6) Finance Cost 6, ,869.8 Cash flows from operating activities before changes in working capital 122, ,660.3 Changes in working capital (Increase)/Decrease in inventories (1,647.7) (Increase)/Decrease in trade & other receivables (25,033.1) (29,890.5) Increase/(Decrease) in trade payables 36, ,218.0 Total changes in working capital 9,791.5 (1,424.3) Interest expenses payable (3,245.4) (2,853.8) Income tax paid (17,137.2) (18,429.3) Net cash flows from operating activities 111, ,953.0 Cash flows from investing activities Purchase of assets (13,698.7) (20,236.5) Proceeds from sale of assets ,980.7 Advances for the acquisition of assets (34,889.0) 30,622.4 Purchase of Financial Assets (3,492.5) (43,501.3) Sale of Financial Assets 9, ,301.6 Acquisition of subsidiaries (10,400.0) (10,400.0) Interest and other financial income received 2, Net cash flows from investing activities (51,042.2) (28,498.2) Cash flows from financing activities Dividends 0.0 (49,885.3) Share capital return (71,234.9) 0.0 Share capital increase expenses (785.6) 0.0 Finance leases capital repayment (7,846.4) (9,726.5) Net cash flows from financing activities (79,866.9) (59,611.9) Net (decrease)/ increase in cash and cash equivalents (19,395.0) (18,157.2) Cash and cash equivalents at the beginning of the year 226, , Cash and cash equivalents at the end of the period 207, ,324.9

25 Key financial metrics EUR m FY:08 FY:09 FY:10 FY:11 FY:12 FY:13 FY:14 FY:15 Period end cash & other financial assets On balance sheet debt & financial leases Net debt / (cash) (97) (130) (93) (73) (74) (185) (160) (182) EUR m FY:08 FY:09 FY:10 FY:11 FY:12 FY:13 FY:14 FY:15 Sales EBITDAR EBITDAR margin 18% 17% 15% 11% 13% 21% 23% 22% EBITDA (18) EBITDA margin 10% 6% 0% 3% 1% 11% 13% 11% Net earnings (23) (27) (10) Net earnings margin 5% 4% 5% 5% 2% 6% 9% 7% EUR m FY:08 FY:09 FY:10 FY:11 FY:12 FY:13 FY:14 FY:15 Operating cash flow (before taxes & interest payments) (5) Note: FY2013 pro forma, assuming full consolidation of Olympic Air for the full year

26 2016 capacity plans: 16m total seats +1m vs 2015 Increasing frequencies on existing routes and new international destinations launched Dublin Nice Lille Napoli Bari Luxembourg Amsterdam Lisbon Ireland France Italy Luxemburg Netherland Portugal Palma de Majorca Ljubljana Jeddah Krakow Vilnius Split Spain Slovenia S. Arabia Poland Lithuania Croatia 26

27 2016: 101 Destinations from ATHENS destinations 22 international 40 destinations 28 international + 1 million Seats 64 destinations 34 international destinations 47 international destinations 59 international destinations 71 international 12.5 AVS PAX

28 Athens opportunity Underserved in terms of destinations Number of international destinations served from airport Long haul (>5 hours) Short haul (< 5 hours) Airport Athens ATH Lisbon LIS Vienna VIE Zurich ZRH Rome FCO Barcelona BCN Istanbul IST Frankfurt FRA Source: OAG, Mckinsey study (October 2014), A3 28

29 Last decade at a glance Revenue Pre tax profit / margin ASKs 261 m Revenue % 6% 9% 10% 7% 6% 12% 8% 10%10% 4% 5% 2% EBT Margin 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, ,692 4,023 6,216 8,308 9,139 14,668 12,194 10, Passenger Traffic Unit costs / stage length ,200 1, % 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% 62% Load Factor 71% 69% 68% 74% 77% 29 International Pax Domestic Pax CASK (excl fuel) In cents FY04-FY13: Aegean standalone / Group FY:13 & FY:14 include full consolidation of Olympic Air Average stage length km

30 Aegean Share Listed in Athens Exchange Bloomberg AEGN GA / Reuters AGNr.AT IPO : July 2007 / 7.60 IPO price Dividends / Returns: DPS FY DPS FY Capital return FY DPS FY DPS FY Contact:

31 Disclaimer Forward Looking Statements Except for historical information, the statements made or information contained in this presentation are forward looking in nature. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. As such, they are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company s control, which could cause the actual future performance 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, the Greek regional airports and the international airports; foreign currency fluctuations, in particular between the euro and the U.S. dollar; the progress of our code shared and interline arrangements; 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. 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. Therefore, past performance and/or forwardlooking statements are not to be treated as guarantees of future performance. 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. 31

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