Corporate Presentation. March 2017

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1 Corporate Presentation March 2017 March 27, 2017

2 Quality & Award winning airline Full Service Carrier Focus on quality, efficiency Fleet of 58 Aircraft in Airbus A320 family 12 Turboprops 12.5m pax in 2016 Star alliance member Award winning airline 7x skytrax best regional award 14,000 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 / delivered in

3 Athens main hub + 6 other A/C bases in Greece and Cyprus 2016 :145 destinations 111 international 34 domestic THESSALONIKI % international activity by source market Western Europe: 55% Cyprus: 10% Central Europe: 25% Middle East: 10% ATHENS KALAMATA % international activity by base Athens: 70% Thessaloniki & Larnaca: 15% Regional / Leisure: HERAKLION 15% CHANIA HERAKLION RHODES LARNACA 3

4 369 Last decade at a glance Growing international / Seeking improvements in network, costs / Consolidation m Revenue , Pre tax profit / margin 9% 10% 7% 6% 4% 5% 2% 12% 8% 10%10% 5% 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, ,023 6,216 ASKs 8,308 9,139 10,732 16,383 14, Passenger Traffic EBT Margin Unit costs / stage length ,200 1, % 80% 70% 60% 50% 40% Load Factor 78% 71% 74% 69% 68% 77% 4 International Pax Domestic Pax CASK (excl fuel) Average stage length km In cents FY04-FY13: Aegean standalone / Group FY:13 & FY:14 include full consolidation of Olympic Air

5 Rapid growth following acquisition of Olympic Using synergies to expand 8.8 Passengers Turboprop Airbus 45 Fleet jet Domestic International ASKs +78% Network Destinations ,139 10,732 12,194 14,668 16,

6 Network, cost synergies and market dynamics => financial performance in Strong incoming traffic offsets impact of weak local demand EUR m FY:13 FY:14 FY:15 yoy Sales % EBITDAR % EBITDAR margin 21% 23% 22% EBITDA % EBT % Net earnings % 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) 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 marketable securities On balance sheet debt & finance leases Net debt / (cash) (185) (160) (182) 6

7 2016 key market drivers Domestic Athens / Thessaloniki / Larnaca Seasonal / Leisure regional Greek airports Economy stabilizes / local demand rebounds but only driven by significant lower fares Direct / Indirect Taxation => pronounced impact Increased competitors capacity Growth in total market traffic....but no growth in market revenue on persistent yield pressures and taxation increases Less seasonal characteristics Local / price sensitive consumer demand grows on lower fares International incoming growth slows down in Q2, improved trends for Q3 and Q4 Athens hub benefits continue to develop Thessaloniki more resilient mature operations for Aegean Resilient traffic characteristics since the beginning of the crisis 100% incoming leisure driven Oversupply in 2016 and especially in early summer leading to demand/supply mismatch and lower loads and yields Strong performance in seasonally most important third quarter 7

8 Non resident arrivals by air in 2016 Non resident Arrivals by air % Total arrivals Rest of GR Thessaloniki Athens Source: SETE, AIA

9 Total traffic Greek airports Domestic Traffic (m) % International Traffic Athens International Traffic Rest of GR % +10% 9 Source: HCCA, A3 estimates

10 Aegean passenger growth Total Passengers +7% Available Seats % % +12% Domestic International Total 10

11 2016 operating results Q2 challenging given supply/demand mismatch but strong Q3 & improvement continues in Q4 ASKs (bn) per quarter % RPKs (bn) per quarter % +13% +10% +10% % +14% +9% +12% +18% Q1 Q2 Q3 Q4 FY Load Factor per quarter Q1 Q2 Q3 Q4 FY % 69.3% 75.3% 72.1% 82.3% 83.7% 80.3% 80.3% 75.0% 75.0% Q1 Q2 Q3 Q4 FY

12 2016 Financial highlights Revenue per quarter (m) % RASK per quarter ( cents) % 4% +7% +5% % 17% 2% 5% 8% Q1 Q2 Q3 Q4 FY Pre tax earnings per quarter (m) Q1 Q2 Q3 Q4 FY CASK per quarter (cents) % 5% 3% 3% 2% Q1 Q2 Q3 Q4 FY 12 Q1 Q2 2.1 Q3 Q4 FY

13 Healthy cashflow generation Cashflow 2016 (EUR m) Cash & financial investments the beginning of the year operating cashflow before working capital Δ Total changes in working capital Interest & tax Capex Net pdps OA acquisition Dividend Finance leases Cash & financial investments at the end of the period Cashflow 2015 (EUR m) Cash & financial investments the beginning of the year operating cashflow before working capital Δ Total changes in working capital Interest & tax Capex Net pdps OA acquisition Dividend Finance leases Cash & financial investments at the end of the period 13 Financial investments include investments in Money market funds, bonds and shares

14 Significant Athens network expansion *Number of routes out of Athens International routes International routes total routes total routes

15 Connecting Athens with Europe, Middle East and Cyprus WEST Indicative connecting routes via Athens 15 NORTH WEST Brussels, Düsseldorf, Hamburg, Frankfurt, Munich, Stuttgart, Berlin, Hannover, Kassel London, Manchester, Birmingham, Geneva, Zurich, Paris, Nantes, Amsterdam, Dublin, Lille, Luxembourg, Edinburgh SOUTH WEST Warsaw, Budapest, Prague, Stockholm, Helsinki, Tallinn, Vienna,Copenhagen, Krakow Kiev, Moscow, St. Petersburg, Sofia, Bucharest,Tirana, Belgrade, Dubrovnik, Split Toulouse, Bordeaux, Marseille, Madrid, Barcelona, Milan, Lyon, Rome, Venice, Lisbon, Majorca, Naples, Nice Toulouse, Bordeaux, Marseille, Madrid, Barcelona, Milan, Lyon, Rome, Venice, Lisbon, Naples, Nice, Pisa Catania, Malta, Bari Cairo, Alexandria Tbilisi,Istanbul, Izmir, Tehran, Yerevan NORTH EAST Amman, Beirut, Tel Aviv, Larnaca, Riyadh, Jeddah, Kuwait SOUTH EAST EAST

16 Delivers 4x network flows Hub support & Defense 17% YTD growth in connecting traffic 3,500 In,000 3,000 connecting passengers: 26% of total 2,500 4X 2,000 1,500 1,

17 Digital / loyalty developments drive on line penetration higher Continuous roll out of new services New responsive Booking, My Booking, Award Booking & Rebooking Services / Flight Related Notification Services / Miles+Bonus Push Notifications Integration of My Aegean in Apps Brings single sign on and personalization aspects to the apps Passport & ID Scanning in Apps for Faster Check in Miles awarded display for A3/OA operated flights Google now Boarding Pass Integration and more to come 40% Company web sales / total++10ppt 30% 20% 10% 17 0%

18 Summary Our basis & Industry dynamics Our strategy Solid Balance Sheet Efficient cost structure Strong positioning on key markets Flexibility Weak economy remains Increased reliance on incoming leisure Greece tourism potential Drivers ( Diversify source & destination / city breaks / season extension / theme tourism / conferences / infrastructure investments ) Consolidate bases and activity to protect profitability and improve KPIs Further exploit network synergies and connectivity Distribution cost initiatives IT / ecommerce investments / Value cycle loyalty enhancements Cost discipline on controllable costs 18

19 19 Appendix

20 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 20

21 Profit & Loss 21 P&L Group Group %yoy In millions FY:15 FY:16 Revenue Scheduled Services % Charter % Other (cargo, ancillaries, 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% Interest income Interest expense (6.1) (6.5) FX difference 8.1 (1.9) 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 %

22 Key Operating Statistics FY:15 FY:16 Change Group Group In % RASK (Revenue per ASK, in cents) % Yield (Revenue per RPK, in cents) % CASK (EBT level, in cents) % CASK (EBT level, in cents) excl. fuel costs % Capacity FY:15 FY:16 In % 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 : FY:15 FY:16 In % 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 22

23 In EUR,000 Balance Sheet BALANCE SHEET GROUP 31/12/ /12/2016 Intangible assets 47, , Goodwill 39, , Tangible assets 103, , Advances for assets acquisition 30, Financial Assets available for sale 8, , Deferred tax assets 16, Other long term assets 25, , Hedging derivatives , Total non current assets 274, , Inventories 13, , Customers and other receivables 104, , Advances 14, , Financial Assets at fair value 39, , Hedging derivatives 34, , Restricted cash 36, Cash and cash equivalents 152, , Total current assets 394, , TOTAL ASSETS 668, , BALANCE SHEET GROUP 31/12/ /12/2016 Share capital 46, , Share premium account 72, , Other reserves 13, , Retained profit / (loss) 115, , Total equity 221, , Finance lease contracts liabilities 45, , Derivative contracts liabilities 12, , Provisions for retirement benefits obligations 8, , Provisions 19, , Other long term liabilities 27, , Deffered tax liabilities 10, Total long term liabilities 113, , Suppliers & other liabilities 77, , Long term finance leases liabilities payable next year 10, , Other short term liabilities 74, , Liabilities from tickets sold but not flown 83, , Accrued expenses 28, , Hedging derivatives 48, , Income tax liabilities 7, Provisions 1, Total short term liabilities 332, , Total liabilities 446, , TOTAL EQUITY AND LIABILITIES 668, ,

24 Cashflow 24 31/12/ /12/2016 Profit / (loss) before tax 100, ,598.6 Adjustments for: Depreciation of tangible assets 14, ,984.4 Loss from impairment of assets (326.3) Provisions (18,007.8) (8,987.3) Foreign currency exchange (gains) / losses (7,850.8) 1,908.5 (Profit) / loss from investing activities (1,351.6) Finance Cost 5, ,517.7 Cash flows from operating activities before changes in working capital 92, ,199.0 Changes in working capital (Increase)/Decrease in inventories (2,898.2) (Increase)/Decrease in trade & other receivables (29,890.5) (14,407.5) Increase/(Decrease) in trade payables 28, ,875.9 Total changes in working capital (1,424.3) 19,570.2 Interest expenses payable (2,853.8) (3,486.5) Income tax paid (18,429.3) (24,506.5) Net cash flows from operating activities 69, ,776.2 Cash flows from investing activities Purchase of assets (20,236.5) (4,671.1) Proceeds from sale of assets 1, Advances for the acquisition of assets 30, ,957.3 Purchase of Financial Assets (43,501.3) 0.0 Sale of Financial Assets 12, ,294.4 Acquisition of subsidiaries (10,400.0) (10,400.0) Interest and other financial income received Net cash flows from investing activities (28,498.2) 59,362.4 Cash flows from financing activities Dividends (49,885.3) (49,889.0) Finance leases capital repayment (9,726.5) (10,096.7) Net cash flows from financing activities (59,611.9) (59,985.7) Net (decrease)/ increase in cash and cash equivalents (18,157.2) 59,152.9 Cash and cash equivalents at the beginning of the year 207, ,324.9 Cash and cash equivalents at the end of the period 189, ,477.8

25 Revenue Breakdown shift to international Domestic Revenue International Revenue 45% 55% 72%

26 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 DPS FY pending AGM approval Contact:

27 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. 27

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