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exo _stau 5/2/07 6:59 PM Page 3 AEROSTAT 2006

exo _stau 5/2/07 6:59 PM Page 6 CONTENTS PAGE FOREWORD 1 KEY DEVELOPMENTS 2006 2 PASSENGER TRAFFIC 6 AIRCRAFT MOVEMENTS 14 CARGO UPLIFT 24 NETWORK 30 PUNCTUALITY 36 SERVICE PERFORMANCE 42 PASSENGER PROFILE 46 TOURISM DEVELOPMENT 52 THE GREEK AVIATION MARKET 58 THE EUROPEAN AND GLOBAL AVIATION INDUSTRY 62 DEFINITIONS & NOTES 66

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 1 2006 was another milestone year for Athens International Airport (AIA). With traffic exceeding the 15 million-passenger threshold, and after 6 years of operational excellence, AIA entered the league of the large and most successful airports in Europe. In a favourable year for the global aviation industry, and thanks to the persistent implementation of AIA's policy for sustainable traffic development, the airport achieved considerable traffic growth, breaking previous records. For a third consecutive year, AIA presented special awards to the airlines recording the highest passenger development in 2006, in recognition of their contribution to the airport's overall robust growth. The fifth edition of AIA's annual traffic report, Aerostat 2006, provides a comprehensive picture of the airport's traffic evolution during the year 2006, presenting key market trends and characteristics. The main developments in typical traffic segments (network, passenger traffic, aircraft movements, flight punctuality, cargo uplift) are analytically presented. In addition, the report portrays the performance of services offered to air travellers, the demographic profile and travelling behaviour of AIA passengers, as well as the development of incoming and outgoing tourism passing through Athens International Airport. The major market trends in Greece and worldwide are also presented. Having established AIA as a market intelligence focal point on the Greek travel market, we place special emphasis on information management and communication. Aerostat 2006 is one of AIA's corporate publications serving as an information tool for our customers and business partners.we look forward to offering you valid, customised and comprehensive knowledge on the Athens aviation market. George Karamanos Director, Communications & Marketing 1

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aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 3 2006 HIGHLIGHTS 2006 Traffic Levels Growth vs. 2005 15.1 Million Passengers +5.6% 191 Thousand Aircraft Movements +5.5% 120 Thousand Tonnes of Cargo +3.6% Athens International Airport (AIA) broke a new record in 2006, with passenger traffic crossing the 15-million threshold. More specifically, AIA welcomed a total of 15.08 million passengers, posting an increase of 5.6%, while the number of aircraft movements enjoyed a 5.5% growth rate, with international flights growing faster than domestic ones. Cargo uplift enjoyed record volumes as well.the total air-transported mail & freight reached the record volume of 120,175 tonnes, up by 3.6% compared to 2005.The rise in cargo volumes is mainly attributed to the robust development of the international sector, which grew by 4.5% year on year over 2005, while the domestic sector remained at previous-year levels. Focusing on passenger traffic, the domestic market enjoyed annual growth of 5.8%, reaching 5.5 million, while the international segment marked a 5.5% increase, amounting to 9.6 million, another record figure for the airport. Regarding traffic development within the year, during the first quarter of the year, AIA experienced reduced passenger volumes, mainly due to a capacity reduction. However, this trend was quickly reversed and a sharp increase was observed during the summer period, accelerating towards the end of the year. It should be noted that in 2006, August, the traditional peak month of the year, came second for the first time, as the largest number of passengers was observed in July. Domestic air travel, rising slowly all the way through August, presented a fast traffic increase during the last 4 months of the year, with October showing impressive growth (+15%). On the international sector, after a considerable decline in the first quarter, passenger traffic bounced back, supported by the enhanced summer flight schedule, and the year closed with an outstanding rise during December (+17%). The Middle East and America were the fastest growing regions, with traffic increases of 17% and 13% respectively.traffic to/from the Middle East was boosted by the impressive development in Doha and Dubai, while the launch of the Atlanta route by Delta and the scheduled operations of Air Transat in Canada drove the outstanding rise in North America. Asia also showed a significant traffic upturn (+12%), mainly due to the successful evolution of Bangkok traffic and the re-entry of Pakistan International in the Athens market. Non-EU European destinations also presented double-digit growth (+12%), as a result of the successful performance of airlines operating in the specific region, including newcomers Aegean Airlines and Norwegian. The robust growth of the airport's passenger base from the Middle East and the Balkans, together with the remarkable 30% increase in low-cost passenger traffic, portray the effectiveness of AIA's airline development policy focusing on the aforementioned segments. 2006 was also a year of remarkable growth in incoming tourism. Foreign residents visiting Athens for vacations amounted to 2 million, increasing by more than 300 thousand compared to 2005, an outstanding rise of 20%.This is the result of a successful comeback of Athens as a popular tourist destination, backed by the coordinated efforts of all tourism-related entities. Following a year of traffic records, the traffic results to date signify that 2007 started with increased passenger volumes compared to 2006. As the airport's enhanced summer flight schedule (both in terms of additional frequencies, but more importantly of new destinations and new airlines) indicates, this positive trend is expected to continue. Hence, 2007 is projected to be another year of sustainable growth for Athens International Airport. 3

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aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 7 Athens International Airport's passenger traffic continued its upbeat course in 2006, reaching 15,079,708, almost 800,000 more than the previous year. Domestic terminal passengers increased by 5.7% (300,000 passengers) to 5,437,601, while international terminal passengers were 9,546,443, up by 5.3% (500,000 passengers) compared to the previous year. In addition, 95,664 air travellers in total passed through the airport on transit. International passengers accounted for 64% of the airport's total traffic, approximating the 2005 share. A quite interesting development in the international sector is the market share increase achieved by the Middle East (5.4% up from 4.9% in 2005) and America (4.6% up from 4.3% in 2005).The vast majority of the airport's international passenger traffic remains within Europe (85.5%), but with a clear shift to Eastern Europe and non-eu countries. The airport's dependency on charter traffic is consistently decreasing, as a result of the impressive growth of low-cost carrier traffic, in conjunction with the global trend of personalised vacation travelling. Passengers travelling on international charter flights represented less than 3% of the airport's total traffic, while their main origin/destination countries were France (accounting for 44% of the international charter market), Spain (15%) and the Czech Republic (6%). Focusing on international scheduled traffic, the top 5 countries in terms of passenger traffic are Germany, Italy, UK, Cyprus and France. Switzerland snatched 6th place from the Netherlands, Spain climbed up from 10th place into 8th place, and USA steadily ranks 9th. London, Larnaca and Paris are still the top 3 European scheduled destinations, while Milan, with an increase of 15% boosted by the entry of easyjet in the specific sector moved up 2 places, taking 4th place from Frankfurt.Two other destinations presenting an impressive evolution during the year under review (mostly due to the respective countries' home carrier performance) were Amsterdam (+14%) and Zurich (+39%), the latter emerging in the top 10 for the first time. In the non-european scheduled destinations ranking interesting variations were observed in 2006 against 2005. New York continued to hold 1st place, while Dubai, with an outstanding growth rate of 51%, climbed up into the 2nd spot, leaving the 3rd position for Cairo. Bangkok and Toronto enjoyed significant traffic increase (+24% and +19% respectively) and climbed to 6th and 7th place, leaving Johannesburg behind. Doha, in its first full-year operation, entered the league of the most popular destinations, gaining the 9th position, and Atlanta, after a seasonal 5-month operation, reached one place short of the top 10. In the domestic front, the top 4 places are consistently held by Thessaloniki, Heraklion, Rhodes and Chania, which, with the exception of Thessaloniki, presented a significant traffic rise in 2006. Santorini, presenting a remarkable increase (+18%) for the second consecutive year, moved up into 5th place (from 9th in 2004 and 6th in 2005). Along with a significant increase in frequencies, load factors, that constitute a critical viability determinant for airlines, continued their upward trend in 2006, reaching the high level of 70% on average, which reflects the strength of the Athens market. Domestic load factors were at the level of 68%, while international ones remained steadily above 70% (70.8%). Foreign carriers continued their progressive market share gain, representing 42% of the airport's total passenger traffic for 2006. Olympic Airlines, Aegean Airlines, Lufthansa and Alitalia steadily acquired the first 4 places on the main-carrier ladder, while Air France gained the 5th position, climbing up 2 places and overtaking Cyprus Airways and British Airways. Low-cost carriers also enjoyed a successful development in 2006, seeing their passenger base increase by 30% and outperforming the legacy carriers. As a result, passengers travelling with the 13 low-cost carriers to 21 European airports during 2006 accounted for almost 10% of the international scheduled traffic. For the third consecutive year, Athens International Airport presented special awards to the airlines recording the highest passenger development in 2006 in the categories of geographical region, thin route, best performing newcomer, and best of the top 10 airlines, in recognition of their contribution to the airport's overall record growth.the airlines thus honoured by AIA were: Aegean Airlines, Aeroflot, Air Moldova, Delta AirLines, easyjet, Emirates, Iberia, Qatar Airways, and Thai Airways. The day of the year with the highest number of total passengers was Saturday, 12 August (60,677 passengers). Domestic passengers reached their annual peak on Friday, 1 September (21,114 passengers), while the largest number of international passengers was observed on Saturday, 29 July (41,407). It is worth mentioning that the peak for total departing passengers coincided with the respective international peak, on 23 December, reflecting the particularly strong wave of international Christmas travelling. 7

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 8 Monthly Passenger Distribution: Arrivals/Departures Arriving Passengers Departing Passengers Transit Passengers Total Passengers Month 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 Jan 445,967-1.9% 434,400-1.9% 12,204 127.8% 892,571-1.1% Feb 402,397 1.3% 388,480-0.1% 5,703 24.5% 796,580 0.8% Mar 506,913-5.9% 489,536-3.6% 4,971 0.1% 1,001,420-4.8% Apr 637,453 12.4% 628,155 6.2% 7,142 41.4% 1,272,750 9.4% May 693,231 0.8% 644,653 2.7% 6,777-2.9% 1,344,661 1.7% Jun 730,338 5.8% 702,210 6.1% 6,789 14.5% 1,439,337 5.9% Jul 855,740 6.4% 831,817 6.2% 10,056 13.8% 1,697,613 6.3% Aug 831,004 5.6% 849,771 4.7% 13,865 12.9% 1,694,640 5.2% Sep 768,733 9.4% 776,756 8.8% 8,596 22.9% 1,554,085 9.2% Oct 646,346 8.9% 690,562 8.0% 7,973 87.1% 1,344,881 8.7% Nov 480,137 10.2% 499,572 10.2% 5,678 11.5% 985,387 10.2% Dec 520,839 12.6% 529,034 14.0% 5,910 62.8% 1,055,783 13.5% Year Total 7,519,098 5.6% 7,464,946 5.4% 95,664 29.4% 15,079,708 5.6% Monthly Terminal Passenger Distribution: Domestic/International Domestic Passengers International Passengers Total Terminal Passengers Month 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 Jan 337,387 0.6% 542,980-3.4% 880,367-1.9% Feb 340,610 9.1% 450,267-4.9% 790,877 0.6% Mar 377,761-3.9% 618,688-5.3% 996,449-4.8% Apr 448,781 8.2% 816,827 9.8% 1,265,608 9.3% May 469,794-0.4% 868,090 2.9% 1,337,884 1.7% Jun 501,265 4.5% 931,283 6.7% 1,432,548 5.9% Jul 579,465 3.3% 1,108,092 8.0% 1,687,557 6.3% Aug 585,529 2.8% 1,095,246 6.5% 1,680,775 5.2% Sep 536,647 12.0% 1,008,842 7.6% 1,545,489 9.1% Oct 485,781 14.8% 851,127 5.1% 1,336,908 8.4% Nov 389,701 11.3% 590,008 9.5% 979,709 10.2% Dec 384,880 9.1% 664,993 15.9% 1,049,873 13.3% Year Total 5,437,601 5.7% 9,546,443 5.3% 14,984,044 5.5% 8

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 9 Monthly Terminal Passenger Distribution: Scheduled/Non-scheduled Commercial Scheduled Non-scheduled Other Commercial Non-commercial Month 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 Jan 865,293-1.8% 13,762-14.8% 139 1,173 142.4% Feb 788,513 2.0% 1,698-86.0% 235 63.2% 431-23.6% Mar 985,287-4.5% 10,159-26.5% 28 833.3% 975 28.8% Apr 1,226,542 9.2% 38,106 9.4% 197 763 1.2% May 1,283,937 2.2% 52,882-7.8% 220-21.7% 845-8.3% Jun 1,379,656 7.5% 51,405-24.7% 6-96.7% 1,481 13.3% Jul 1,612,151 7.5% 73,908-14.2% 7 250.0% 1,491 4.7% Aug 1,598,310 6.3% 81,165-12.4% 0-100.0% 1,300-2.1% Sep 1,485,573 10.3% 58,679-14.2% 0 1,237 1.3% Oct 1,299,236 9.3% 36,552-14.3% 90-44.8% 1,030 7.4% Nov 973,944 10.4% 4,833-21.0% 217 715 31.4% Dec 1,009,090 11.8% 40,015 71.6% 233-4.1% 535 12.2% Year Total 14,507,532 6.1% 463,164-11.2% 1,372-26.4% 11,976 11.5% Monthly Terminal Passenger Distribution: Intra-/Extra-Schengen Intra-Schengen Extra-Schengen Total Terminal Passengers Month 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 Jan 591,211-1.7% 289,156-2.2% 880,367-1.9% Feb 562,605 3.4% 228,272-5.5% 790,877 0.6% Mar 686,020-3.9% 310,429-6.6% 996,449-4.8% Apr 872,325 9.2% 393,283 9.4% 1,265,608 9.3% May 933,091 1.2% 404,793 3.0% 1,337,884 1.7% Jun 989,497 5.1% 443,051 7.9% 1,432,548 5.9% Jul 1,164,329 5.8% 523,228 7.4% 1,687,557 6.3% Aug 1,153,277 5.7% 527,498 4.0% 1,680,775 5.2% Sep 1,062,963 8.4% 482,526 10.7% 1,545,489 9.1% Oct 925,560 9.5% 411,348 6.1% 1,336,908 8.4% Nov 671,571 9.1% 308,138 12.6% 979,709 10.2% Dec 696,218 11.9% 353,655 16.3% 1,049,873 13.3% Year Total 10,308,667 5.4% 4,675,377 5.6% 14,984,044 5.5% 9

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 10 Top 10 International Scheduled Markets/Countries Scheduled Market Share % 2006/ Ranking Country Passengers 2006 2006 2005 1 Germany 1,387,912 15.3% 0.6% 2 Italy 1,173,163 12.9% 9.6% 3 United Kingdom 1,006,224 11.1% -0.4% 4 Cyprus 767,140 8.4% -3.4% 5 France 633,093 7.0% 4.9% 6 Switzerland 377,307 4.1% 25.2% 7 Netherlands 362,446 4.0% 13.9% 8 Spain 328,125 3.6% 27.5% 9 USA 319,146 3.5% 22.6% 10 Belgium 269,516 3.0% -3.1% Other 2,472,429 27.2% 8.6% Total International Scheduled 9,096,501 100.0% 6.4% Top 10 International Charter Markets/Countries Charter Market Share Ranking Country Passengers 2006 2006 % 2006/2005 1 France 188,984 43.7% -19.1% 2 Spain 66,351 15.3% 9.6% 3 Czech Republic 25,809 6.0% 8.6% 4 Italy 23,751 5.5% 18.6% 5 Sweden 18,167 4.2% -6.8% 6 Austria 17,461 4.0% 48.1% 7 United Kingdom 13,813 3.2% 61.4% 8 Israel 11,056 2.6% 2412.7% 9 Tunisia 7,171 1.7% 179.9% 10 Netherlands 6,977 1.6% 0.2% Other 52,969 12.2% -53.2% Total International Charter 432,509 100.0% -13.7% Top 10 European International Scheduled Destinations Scheduled Market Share Ranking City Passengers 2006 2006 % 2006/2005 1 London 970,989 12.5% 1.5% 2 Larnaca 760,323 9.8% -3.3% 3 Paris 630,209 8.1% 4.5% 4 Milan 576,503 7.5% 15.4% 5 Rome 553,515 7.2% 2.9% 6 Frankfurt 551,667 7.1% -0.3% 7 Munich 438,984 5.7% 7.7% 8 Amsterdam 362,446 4.7% 13.9% 9 Brussels 269,516 3.5% -3.1% 10 Zurich 265,654 3.4% 39.1% Other 2,357,349 30.5% 6.3% Total European International Scheduled 7,737,155 100.0% 5.3% 10

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 11 Top 10 Non-European International Scheduled Destinations Scheduled Market Share % 2006/ Ranking Country Passengers 2006 2006 2005 1 New York 263,327 19.4% 1.1% 2 Dubai 156,680 11.5% 50.8% 3 Cairo 156,503 11.5% -2.6% 4 Tel Aviv 109,004 8.0% -4.7% 5 Bahrain 80,748 5.9% -5.9% 6 Bangkok 80,730 5.9% 24.5% 7 Toronto 72,941 5.4% 18.8% 8 Johannesburg 63,686 4.7% -2.3% 9 Doha 57,206 4.2% 124.7% 10 Singapore 56,363 4.1% -5.3% Other 262,158 19.3% 32.0% Total Non-European International Scheduled 1,359,346 100.0% 13.3% Ranking of International Destinations according to Passenger Traffic Scheduled & Charter Market Share % 2006/ Ranking Country Passengers 2006 2006 2005 1 Germany 1,390,549 15.4% 0.3% 2 Italy 1,196,914 13.2% 9.8% 3 United Kingdom 1,020,037 11.3% 0.1% 4 France 822,077 9.1% -1.8% 5 Cyprus 771,626 8.5% -3.2% 6 Spain 394,476 4.4% 24.1% 7 Switzerland 380,369 4.2% 25.6% 8 Netherlands 369,423 4.1% 13.6% 9 USA 319,333 3.5% 20.8% 10 Belgium 274,102 3.0% -4.3% 11 Turkey 235,938 2.6% -9.8% 12 Egypt 188,613 2.1% -1.3% 13 Austria 161,699 1.8% 8.5% 14 United Arab Emirates 156,982 1.7% 50.6% 15 Czech Republic 136,708 1.5% 19.5% 16 Denmark 135,505 1.5% -9.4% 17 Romania 132,082 1.5% 8.7% 18 Israel 120,060 1.3% 4.5% 19 Canada 117,611 1.3% -4.2% 20 Russian Federation 107,355 1.2% 19.5% 21 Hungary 99,217 1.1% 7.2% 22 Bulgaria 99,117 1.1% 11.9% 23 Bahrain 80,881 0.9% -5.7% 24 Thailand 80,730 0.9% 24.5% 25 Poland 69,214 0.8% -3.3% 26 S Africa 63,686 0.7% -2.3% 27 Albania 59,127 0.7% -3.2% 28 Qatar 57,206 0.6% 124.7% 29 Singapore 56,363 0.6% -5.3% 30 Ukraine 54,104 0.6% 10.1% 31 Sweden 50,695 0.6% 23.9% 32 Serbia 48,431 0.5% 17.6% 33 Lebanon 43,699 0.5% -24.8% 34 Norway 38,932 0.4% 117.9% 35 Finland 26,128 0.3% 90.5% 36 Tunisia 21,690 0.2% 19.3% 37 Jordan 19,824 0.2% 9.3% 38 Syria 19,283 0.2% 8.5% 39 Malta 16,320 0.2% -5.7% 40 Moldova 14,964 0.2% 16.5% 41 Kuwait 14,248 0.2% 0.8% 42 Uzbekistan 12,862 0.1% -19.0% 43 Georgia 9,166 0.1% 0.3% 44 Slovakia 8,484 0.1% 3.6% 45 Armenia 8,340 0.1% 3.8% 46 Republic of Ireland 7,982 0.1% 23.8% 47 Pakistan 6,368 0.1% NEW 48 Portugal 4,818 0.1% 4.2% 49 Estonia 2,709 0.0% -15.6% 50 Croatia 833 0.0% 4.8% 51 Slovenia 700 0.0% 11.1% 52 Oman 562 0.0% 53 Iraq 255 0.0% 2.4% 54 Bosnia and Herzegovina 185 0.0% 189.1% 55 Afghanistan 133 0.0% 56 Saudi Arabia 108 0.0% -92.0% 57 Japan 96 0.0% 58 Lithuania 80 0.0% -68.3% 59 FYROM 11 0.0% Grand Total 9,529,010 100.0% 5.3% 11

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 12 Ranking of Domestic Destinations according to Passenger Traffic Scheduled & Charter Market Share Ranking City Passengers 2006 2006 % 2006/2005 1 Thessaloniki 1,046,440 19.3% 0.4% 2 Heraklion 835,575 15.4% 9.4% 3 Rhodes 588,598 10.8% 6.8% 4 Chania 409,038 7.5% 8.5% 5 Thira/Santorini 297,139 5.5% 17.6% 6 Mitilini 274,664 5.1% 1.6% 7 Alexandroupolis 270,216 5.0% 8.4% 8 Kerkyra/Corfu 247,828 4.6% 0.1% 9 Kos 238,832 4.4% -3.0% 10 Mikonos 190,039 3.5% 11.9% 11 Chios 181,134 3.3% -3.5% 12 Samos 167,596 3.1% 21.8% 13 Kavala 132,577 2.4% -3.8% 14 Ioannina 124,490 2.3% 3.8% 15 Limnos 81,656 1.5% 5.4% 16 Kefallonia 43,595 0.8% 2.2% 17 Paros 37,949 0.7% 11.9% 18 Milos 33,382 0.6% 74.2% 19 Zakinthos 25,773 0.5% -3.3% 20 Karpathos 25,089 0.5% 22.1% 21 Naxos 24,679 0.5% 2.7% 22 Kithira 24,662 0.5% 9.0% 23 Ikaria 24,463 0.5% 21.9% 24 Leros 21,826 0.4% 12.2% 25 Aktio/Preveza 16,076 0.3% -7.5% 26 Skiathos 15,936 0.3% 5.0% 27 Syros 11,082 0.2% 4.4% 28 Astypalea 9,746 0.2% -7.4% 29 Kalimnos 8,967 0.2% NEW 30 Kozani 6,151 0.1% -14.0% 31 Sitia 5,659 0.1% 19.8% 32 Skiros 3,998 0.1% 0.3% 33 Kastoria 2,495 0.0% 7.8% 34 Aghialos 205 0.0% 35 Kasos 194 0.0% 361.9% Grand Total 5,427,959 100.0% 5.8% Airline Awards 2006 Category Best Performing New Entrant Best of the Top 10 Airlines Fastest Growing Airline -Thin Route Domestic Fastest Growing Western Europe Airline per Eastern Europe Geographical Middle East Region America Asia Overall Winner Qatar Airways easyjet Air Moldova Aegean Airlines Iberia Aeroflot Emirates Delta AirLines Thai Airways Aegean Airlines 12

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 13 Peak and Average Daily Passenger Traffic Ranking Day Date Terminal Passengers 1 Saturday 12/08/2006 60,677 2 Saturday 29/07/2006 60,304 3 Saturday 19/08/2006 60,273 4 Monday 21/08/2006 60,156 10 Busiest Days 5 Monday 24/07/2006 60,001 6 Saturday 02/09/2006 59,809 7 Friday 01/09/2006 59,530 8 Monday 31/07/2006 59,301 9 Saturday 05/08/2006 58,780 10 Monday 10/07/2006 58,759 30th Busiest Day 30 Sunday 16/07/2006 55,828 Average Day Monday 23/10/2006 41,046 Average Day = Day with passenger traffic closest to average (14,984,044/365=41,052) Daily Passenger Peaks Busiest Days Day Date Terminal Passengers Arrivals Sunday 20/08/2006 12,332 Domestic Departures Friday 28/07/2006 11,301 Total Friday 01/09/2006 21,114 Arrivals Saturday 15/07/2006 20,853 International Departures Saturday 23/12/2006 24,931 Total Saturday 29/07/2006 41,407 13

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aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 15 During 2006, the number of aircraft movements at Athens International Airport amounted to 190,872, raised by 5.5% over 2005, almost reaching the Olympic Year record. Domestic operations grew by 4.9%, presenting a considerable increase from April onwards, with November presenting the highest growth at 10%. International operations were enhanced by 6.1%, having presented double-digit growth during the peak summer months of July and August, but also during the last two months of the year, with December presenting the largest increase of 15%. International scheduled passenger movements enjoyed a robust 6% growth, with Germany, Italy, Cyprus, UK and France consistently being the top 5 markets in the sector. Cyprus was the only major market to experience a decline in the course of 2006, due to the reduced number of services by all carriers operating in the particular market. Flights to/from Switzerland increased by almost 20%, bringing the country up into 6th place, while Spain, with a remarkable growth of 27%, entered the top 10, ranking 8th.The number of international charter passenger flights decreased considerably by 11%, mainly due to the steep decline (-26%) in the services for France, which leads the international charter market. Focusing on the European destinations ranking for scheduled passenger movements, the higher positions achieved by Milan and Munich (4th and 6th respectively), and the entrance of Bucharest in the top 10 are worth noting. Bahrain's and Doha's placement on the 5th and 6th position respectively, as well as Alexandria's entry in the highest-frequency route category are the most important developments in the non-european destinations ranking. Heraklion leads the domestic scheduled movements for the first time, trailed by Thessaloniki, while Samos has made the top 10, moving up into 8th place. Home base carriers, Olympic Airlines and Aegean Airlines, account for 68.5% of passenger movements at Athens International Airport, holding the top 2 positions in the respective airline ranking. Major European carriers make a dynamic appearance, with Iberia entering the top 10, and Air France taking 5th place over Cyprus Airways. The number of scheduled flights operated by low-cost carriers presented an outstanding 32% increase in 2006, amounting to 9% of the international scheduled movements. All three alliances in the Athens aviation market (Skyteam, Star and Oneworld) intensified their operation in 2006, gaining market share in the international scheduled segment, against the non-allied home-base and foreign carriers. Boeing 737-400 remains the most popular aircraft type for airlines operating at Athens International Airport, representing 20% of the airport's total movements. Boeing 737-300 follows with 10%, with ATR 72 and Avro RJ100 trailing. The busiest day of the year in terms of aircraft movements was Friday, 1 September, with 679 movements. Domestic flights peaked on Friday, 21 July, with 350 movements, while the day with the highest number of international flights was Monday, 21 August, with 359 movements. 15

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 16 Monthly Distribution of A/C Movements: Arrivals/Departures Arrivals Departures Total Month 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 January 6,582-3.6% 6,582-3.6% 13,164-3.6% February 6,040-1.2% 6,038-1.3% 12,078-1.2% March 6,977-2.0% 6,968-2.2% 13,945-2.1% April 7,766 3.7% 7,764 3.7% 15,530 3.7% May 8,335 5.8% 8,336 5.9% 16,671 5.9% June 8,676 7.2% 8,668 7.2% 17,344 7.2% July 9,693 7.8% 9,685 7.8% 19,378 7.8% August 9,922 8.5% 9,930 8.5% 19,852 8.5% September 8,803 9.2% 8,809 9.2% 17,612 9.2% October 8,270 6.6% 8,276 6.7% 16,546 6.7% November 7,090 11.8% 7,085 11.6% 14,175 11.7% December 7,294 9.7% 7,283 9.7% 14,577 9.7% Year Total 95,448 5.5% 95,424 5.5% 190,872 5.5% Monthly Distribution of Aircraft Movements: Domestic/International Domestic International Total Month 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 January 6,316-1.7% 6,848-5.4% 13,164-3.6% February 5,997 5.6% 6,081-7.2% 12,078-1.2% March 6,741-0.5% 7,204-3.6% 13,945-2.1% April 7,507 4.0% 8,023 3.4% 15,530 3.7% May 8,039 5.5% 8,632 6.2% 16,671 5.9% June 8,479 5.5% 8,865 8.9% 17,344 7.2% July 9,544 4.7% 9,834 11.0% 19,378 7.8% August 9,820 6.2% 10,032 10.8% 19,852 8.5% September 8,532 8.5% 9,080 9.8% 17,612 9.2% October 7,908 5.5% 8,638 7.8% 16,546 6.7% November 6,742 10.1% 7,433 13.2% 14,175 11.7% December 6,701 4.3% 7,876 14.8% 14,577 9.7% Year Total 92,326 4.9% 98,546 6.1% 190,872 5.5% 16

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 17 Monthly Distribution of A/C Movements by Flight Type Commercial Non-commercial Grand Total Month Scheduled Pax Charter Pax Scheduled Cargo Charter Cargo Other January 11,493 112 477 153 341 588 13,164 February 10,395 21 567 158 309 628 12,078 March 12,004 85 573 156 345 782 13,945 April 13,173 285 549 100 450 973 15,530 May 14,031 383 654 105 532 966 16,671 June 14,180 388 716 112 821 1,127 17,344 July 15,664 522 705 112 1,105 1,270 19,378 August 15,987 603 718 116 1,188 1,240 19,852 September 14,674 446 656 111 754 971 17,612 October 14,082 312 619 177 496 860 16,546 November 12,153 46 635 191 386 764 14,175 December 12,360 312 571 175 383 776 14,577 Year Total 160,196 3,515 7,440 1,666 7,110 10,945 190,872 Monthly Distribution of A/C Movements: Intra-/Extra-Schengen Intra-Schengen Extra-Schengen Total Month 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 January 9,549-4.4% 3,615-1.7% 13,164-3.6% February 8,992 0.3% 3,086-5.5% 12,078-1.2% March 10,260-1.5% 3,685-3.8% 13,945-2.1% April 11,406 3.2% 4,124 5.0% 15,530 3.7% May 12,291 5.4% 4,380 7.1% 16,671 5.9% June 12,867 6.7% 4,477 8.8% 17,344 7.2% July 14,467 7.0% 4,911 10.1% 19,378 7.8% August 14,834 7.9% 5,018 10.2% 19,852 8.5% September 12,957 8.3% 4,655 11.6% 17,612 9.2% October 12,112 6.3% 4,434 7.8% 16,546 6.7% November 10,297 10.7% 3,878 14.6% 14,175 11.7% December 10,402 7.2% 4,175 16.6% 14,577 9.7% Year Total 140,434 5.0% 50,438 6.9% 190,872 5.5% 17

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 18 Top 10 International Markets/Countries for Scheduled Pax Movements A/C Movements Market Share Ranking Country 2006 2006 % 2006/2005 1 Germany 13,642 16.3% 2.5% 2 Italy 10,962 13.1% 9.4% 3 Cyprus 7,482 8.9% -10.5% 4 United Kingdom 6,972 8.3% 4.3% 5 France 4,873 5.8% 9.7% 6 Switzerland 3,115 3.7% 19.7% 7 Turkey 2,840 3.4% 1.0% 8 Spain 2,764 3.3% 26.7% 9 Netherlands 2,702 3.2% 15.6% 10 Romania 2,493 3.0% 13.5% Other 25,910 30.9% 7.7% Total 83,755 100.0% 6.0% Top 10 International Markets/Countries for Charter Pax Movements A/C Movements Market Share Ranking Country 2006 2006 % 2006/2005 1 France 1,242 37.9% -26.2% 2 Spain 434 13.3% 14.8% 3 Italy 204 6.2% 32.5% 4 Czech Republic 190 5.8% 15.2% 5 Sweden 163 5.0% 23.5% 6 Austria 136 4.2% 51.1% 7 Netherlands 98 3.0% 3.2% 8 United Kingdom 97 3.0% 59.0% 9 Belgium 85 2.6% -28.0% 10 Israel 61 1.9% 771.4% Other 563 17.2% -29.4% Total 3,273 100.0% -11.1% 18

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 19 Ranking of International Destinations according to A/C Movements Ranking Country* Scheduled & Charter Pax A/C Movements 2006 Market Share 2006 % 2006/2005 1 Germany 13,680 15.7% 2.3% 2 Italy 11,166 12.8% 9.7% 3 Cyprus 7,523 8.6% -10.3% 4 United Kingdom 7,069 8.1% 4.8% 5 France 6,115 7.0% -0.2% 6 Spain 3,198 3.7% 24.9% 7 Switzerland 3,138 3.6% 19.9% 8 Turkey 2,864 3.3% -3.3% 9 Netherlands 2,800 3.2% 15.1% 10 Belgium 2,519 2.9% -8.5% 11 Romania 2,499 2.9% 13.4% 12 Bulgaria 2,065 2.4% 33.1% 13 Egypt 1,860 2.1% 2.7% 14 USA 1,594 1.8% 23.3% 15 Austria 1,562 1.8% 13.2% 16 Czech Republic 1,458 1.7% 14.3% 17 Albania 1,369 1.6% -1.6% 18 Hungary 1,218 1.4% 10.7% 19 Israel 1,148 1.3% 6.0% 20 Denmark 1,091 1.3% -15.0% 21 Russian Federation 1,066 1.2% 17.7% 22 Serbia 950 1.1% 23.5% 23 Poland 948 1.1% 15.8% 24 United Arab Emirates 879 1.0% 7.2% 25 Bahrain 714 0.8% -1.9% 26 Qatar 649 0.7% 102.8% 27 Lebanon 626 0.7% -16.2% 28 Ukraine 603 0.7% 11.0% 29 Canada 482 0.6% 1.0% 30 Sweden 391 0.4% 33.0% 31 Norway 334 0.4% 160.9% 32 S Africa 312 0.4% -0.6% 33 Thailand 312 0.4% 0.0% 34 Jordan 296 0.3% 22.8% 35 Moldova 284 0.3% -11.8% 36 Finland 277 0.3% 85.9% 37 Singapore 270 0.3% 0.0% 38 Tunisia 268 0.3% 12.6% 39 Syria 217 0.2% 3.8% 40 Malta 206 0.2% -7.2% 41 Kuwait 200 0.2% 1.0% 42 Pakistan 160 0.2% NEW 43 Georgia 116 0.1% -1.7% 44 Armenia 113 0.1% 4.6% 45 Republic of Ireland 107 0.1% 37.2% 46 Uzbekistan 106 0.1% -22.1% 47 Slovakia 75 0.1% -15.7% 48 Portugal 47 0.1% 6.8% 49 Estonia 26 0.0% -18.8% 50 Croatia 15 0.0% 36.4% 51 Slovenia 10 0.0% 25.0% 52 Oman 8 0.0% 53 Iraq 7 0.0% 133.3% 54 Bosnia and Herzegovina 4 0.0% 300.0% 55 Afghanistan 4 0.0% 56 Saudi Arabia 3 0.0% -93.9% 57 Lithuania 2 0.0% -50.0% 58 FYROM 2 0.0% 59 Japan 2 0.0% 60 Luxembourg 1 0.0% -99.8% Total 87,028 100.0% 5.3% * The country of first origin for arrivals and last destination for departures 19

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 20 Ranking of International Destinations according to A/C Movements Scheduled & Charter Market Share Ranking City* Pax A/C Movements 2006 2006 % 2006/2005 1* Larnaca - Paphos 7,523 8.6% -10.3% 2 London 6,654 7.6% 6.2% 3 Paris 5,372 6.2% 5.2% 4 Rome 5,229 6.0% 2.5% 5 Milan 5,093 5.9% 15.6% 6 Munich 4,404 5.1% 16.0% 7 Frankfurt 4,336 5.0% 0.6% 8 Istanbul 2,855 3.3% -3.3% 9 Amsterdam 2,798 3.2% 15.1% 10 Brussels 2,519 2.9% -8.5% 11 Bucharest 2,498 2.9% 13.5% 12 Madrid 2,315 2.7% -1.0% 13 Sofia 2,065 2.4% 33.1% 14 Zurich 1,994 2.3% 35.6% 15 Dusseldorf 1,875 2.2% -8.0% 16 Vienna 1,530 1.8% 12.4% 17 Cairo 1,518 1.7% 1.3% 18 Berlin 1,469 1.7% 0.5% 19 Prague 1,438 1.7% 14.7% 20 Tirana 1,369 1.6% -1.6% 21 New York 1,305 1.5% 0.9% 22 Budapest 1,218 1.4% 10.7% 23 Stuttgart 1,162 1.3% -8.6% 24 Tel Aviv 1,148 1.3% 6.0% 25 Geneva 1,143 1.3% -0.2% 26 Copenhagen 1,060 1.2% -17.4% 27 Belgrade 950 1.1% 24.0% 28 Moscow 894 1.0% 18.3% 29* Dubai - Kuwait 11,075 1.2% 5.9% 30 Barcelona (ES) 813 0.9% 389.8% 31 Warsaw 774 0.9% 40.7% 32 Bahrain 714 0.8% -1.9% 33 Doha 649 0.7% 102.8% 34 Beirut 626 0.7% -16.2% 35 Venice 506 0.6% -12.2% 36* Toronto - Montreal 482 0.6% 1.0% 37* Kiev - Odessa 400 0.5% 5.8% 38 Stockholm 365 0.4% 49.0% 39 Alexandria (EG) 340 0.4% 10.7% 40 Cologne 333 0.4% -11.4% 41 Oslo 330 0.4% 184.5% 42 Johannesburg 312 0.4% -0.6% 43 Bangkok 312 0.4% 0.0% 44 Manchester (GB) 302 0.3% -2.9% 45 Amman 296 0.3% 22.8% 46 Atlanta 288 0.3% NEW 47 Chisinau 284 0.3% -11.8% 48 Singapore 270 0.3% 0.0% 49 Helsinki 263 0.3% 96.3% 50 Tunis 232 0.3% 2.2% 51* Damascus - Aleppo 217 0.2% 3.8% 52* Bologna - Naples 213 0.2% 353.2% 53 Malta 206 0.2% -7.2% 54 Lyon 182 0.2% -18.8% 55 Nantes 179 0.2% -27.2% 56 Donetsk 154 0.2% 11.6% 57 Krakow 120 0.1% NEW 58 Toulouse 119 0.1% -27.9% 59 Tbilisi 116 0.1% -1.7% 60 Yerevan 113 0.1% 4.6% 61 St Petersburg (RU) 109 0.1% 28.2% 62 Marseille 108 0.1% -32.9% 63 Dublin 107 0.1% 37.2% 64 Tashkent 106 0.1% -22.1% 65 Glasgow (GB) 98 0.1% -37.2% 66 Nuremberg 98 0.1% 0.0% 67* Karachi - Islamabad - Lahore 160 0.2% NEW 68 Bratislava 75 0.1% -15.7% 69* Turin - Naples 65 0.1% NEW 70 Krasnodar 62 0.1% -3.1% 71 Bordeaux 57 0.1% 0.0% 72 Katowice 54 0.1% -79.2% 73 Lisbon 47 0.1% 6.8% 74 Chernovtsy 43 0.0% NEW 75 Mulhouse 37 0.0% -61.1% 76 Salzburg 32 0.0% 77.8% 77 Strasbourg 31 0.0% 3.3% 78 Billund 30 0.0% NEW 79 Gothenburg 26 0.0% -44.7% 80 Tallinn 26 0.0% -18.8% 81 Palma Mallorca 24 0.0% 20.0% 82 Metz/Nancy 22 0.0% -18.5% 83 Monastir 21 0.0% 600.0% 84 Brno 20 0.0% -9.1% 85 Bilbao 19 0.0% 86 Catania 15 0.0% 400.0% 87 Bari 14 0.0% 88 Djerba 12 0.0% 50.0% 89 Seville 11 0.0% -26.7% 90 Rovaniemi 11 0.0% -8.3% 91 LjubljanaB 10 0.0% 25.0% 92 Palermo 8 0.0% -27.3% 93 Muscat 8 0.0% 94 Cagliari 7 0.0% -46.2% 95 Erbil 7 0.0% 133.3% 96 Zagreb 7 0.0% 133.3% 97 Florence (IT) 7 0.0% 600.0% 98 Birmingham (GB) 6 0.0% 20.0% 99 Valencia (ES) 6 0.0% 200.0% 100 Dubrovnik 5 0.0% -16.7% 101 Edinburgh 5 0.0% 150.0% 102 Lille 5 0.0% 150.0% 103 Malaga 5 0.0% 150.0% 104 Simferopol 4 0.0% 33.3% 105 Abu Dhabi 4 0.0% 100.0% 106 Kayseri 4 0.0% 100.0% 107 Sarajevo 4 0.0% 300.0% 108 Kabul 4 0.0% 109 Riyadh 3 0.0% -93.9% 110 Kemi/Tornio 3 0.0% 50.0% 111 Split 3 0.0% 50.0% 112 Verona 3 0.0% 50.0% 113 Izmir 3 0.0% 200.0% 114 Tozeur 3 0.0% 115 Newcastle (GB) 2 0.0% -71.4% 116 Trieste 2 0.0% -66.7% 117 Limoges 2 0.0% -60.0% 118 Vitoria (ES) 2 0.0% -50.0% 119 Kaunas 2 0.0% 0.0% 120 Rotterdam 2 0.0% 0.0% 121 Antalya 2 0.0% 100.0% 122 Genoa 2 0.0% 100.0% 123 Dresden 2 0.0% 124 Skopje 2 0.0% 125 Tokyo 2 0.0% 126 Treviso 2 0.0% 127 Zaporozhye 2 0.0% 128 Luxembourg 1 0.0% -99.8% 129 Sharm el Sheikh 1 0.0% -75.0% 130 Hanover 1 0.0% -50.0% 131 Timisoara 1 0.0% -50.0% 132 Basel 1 0.0% 0.0% 133 Ekaterinburg 1 0.0% 0.0% 134 Aalborg 1 0.0% 135 Bristol 1 0.0% 136 East Midlands 1 0.0% 137 Hurghada 1 0.0% 138 Kristiansand 1 0.0% 139 Menorca 1 0.0% 140 Newark 1 0.0% 141 Nice 1 0.0% 142 Stavanger 1 0.0% Total 87,028 100.0% 5.3% * In the cases of international flights with intermediate stop(s), the cities included in the routing are presented together. 20

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 21 Ranking of Domestic Destinations according to A/C Movements Ranking City* Scheduled & Charter Pax A/C Movements 2006 Market Share 2006 % 2006/2005 1 Thessaloniki 8,298 10.9% -10.2% 2 Heraklion 9,349 12.2% 15.8% 3 Rhodes 6,789 8.9% 2.2% 4 Chania 5,690 7.4% 0.9% 5 Mitilini 4,966 6.5% 1.5% 6 Thira/Santorini 4,177 5.5% 9.7% 7 Chios 3,860 5.1% -4.9% 8 Kos 3,675 4.8% -3.4% 9 Mikonos 3,321 4.3% -3.4% 10 Samos 3,736 4.9% 31.4% 11 Kerkyra/Corfu 2,994 3.9% -5.3% 12 Alexandroupolis 3,052 4.0% -0.7% 13 Ioannina 2,142 2.8% -7.3% 14 Kavala 2,245 2.9% 6.8% 15 Limnos 1,437 1.9% -11.8% 16 Paros 1,562 2.0% 4.5% 17 Kefallonia 1,145 1.5% 10.8% 18 Milos 1,252 1.6% 67.6% 19 Zakinthos 967 1.3% 3.6% 20 Naxos 742 1.0% 3.2% 21 Leros 732 1.0% 11.4% 22 Aktio/Preveza 583 0.8% -12.3% 23 Kithira 617 0.8% -0.3% 24 Skiathos 501 0.7% -0.2% 25 Ikaria 532 0.7% 38.5% 26 Karpathos 463 0.6% 7.7% 27 Syros 448 0.6% 10.3% 28 Astypalea 369 0.5% -6.6% 29 Skiros 194 0.3% -2.0% 30* Kozani - Kastoria 276 0.4% -9.2% 31 Kalimnos 267 0.3% NEW 32 Sitia 18 0.0% 63.6% 33 Kasos 5 0.0% 150.0% 34 Aghialos 1 0.0% Total 76,405 100.0% 3.0% * In the cases of domestic flights with intermediate stop(s), the cities included in the routing are presented together. 21

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 22 Peak and Average Daily A/C Movements Ranking Day Date No of Flights 1 Friday 01/09/2006 679 2 Friday 21/07/2006 677 3 Friday 25/08/2006 672 4 Friday 11/08/2006 671 10 Busiest Days 5 Monday 24/07/2006 664 6 Monday 21/08/2006 664 7 Friday 04/08/2006 663 8 Monday 31/07/2006 662 9 Friday 18/08/2006 661 10 Friday 28/07/2006 660 30th Busiest Day 30 Wednesday 09/08/2006 641 Average Day Friday 29/12/2006 523 Average Day = Day with a/c movement traffic closest to average (190,872/365=523) Daily A/C Movements Peaks Day Date No of Flights Arrivals Friday 21/07/2006 175 Domestic Departures Friday 21/07/2006 175 Total Friday 21/07/2006 350 Arrivals Saturday 23/12/2006 177 International Departures Monday 21/08/2006 185 Total Monday 21/08/2006 359 Arrivals Friday 01/09/2006 341 Total Traffic Departures Friday 21/07/2006 340 Total Friday 01/09/2006 679 Monthly Distribution of MTOW by Flight Type (in tonnes) Commercial Non-commercial Grand Total Month Scheduled Pax Charter Pax Scheduled Cargo Charter Cargo Other January 701,507 7,800 19,378 14,308 13,017 11,162 767,173 February 632,044 1,118 17,680 15,383 9,239 9,522 684,985 March 756,479 6,404 22,377 13,536 7,555 14,316 820,666 April 832,708 25,267 20,334 9,488 10,812 21,809 920,419 May 893,057 33,643 23,409 10,455 12,566 21,656 994,785 June 904,315 34,055 22,335 10,650 11,214 24,420 1,006,990 July 996,526 45,074 22,542 11,627 21,319 27,931 1,125,019 August 1,018,619 47,306 25,154 12,059 27,629 20,377 1,151,144 September 949,697 36,612 25,262 12,844 10,227 22,467 1,057,109 October 903,101 24,200 24,003 15,133 9,912 23,992 1,000,340 November 745,234 2,832 21,600 23,919 9,859 14,833 818,278 December 768,510 22,064 19,793 20,083 11,241 22,067 863,757 Year Total 10,101,798 286,374 263,866 169,485 154,591 234,551 11,210,664 22

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aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 24 cargo uplift

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 25 The total cargo volume handled through the airport during 2006 reached 120,175 tonnes (+3.6% compared to 2005), the highest uplift recorded since the airport's opening.the rise in cargo volumes is mainly attributed to the robust development of the international sector. In 2006, the total uplift of freight (90% of the market) increased by 3.4%, while the total uplift of mail (10% of the market) increased by 6.4%. In addition, total cargo carried on freighter aircraft grew by 7.5%, representing a 28% portion of the market. Total domestic mail and freight traffic (representing 19.5% of the market) amounted to 22,587 tonnes, remaining at previous year level. More specifically: Domestic freight volume experienced a 0.6% decrease, continuing its downward trend due to the competition faced by the high-speed ferries, offering similar transit times at more competitive prices. Domestic mail volume sustained its positive development, with a 4.2% growth rate, once again posting a traffic record. Domestic cargo movements increased by approximately 38% as a result of the diferrent aircraft types employed in 2006 (with lower uplift capacity), and the increased volumes transported by freighter aircraft. Specifically, the freighter aircraft uplift presented a 32.7% increase compared to 2005, gaining market share over the passenger aircraft uplift. Three of the five airlines sharing the domestic traffic, namely Aeroland, Swiftair Hellas (former Mediterranean Air Freight) and Veravia, exclusively operated cargo flights. Olympic Airlines and Aegean Airlines remained the leaders of the particular market, operating passenger aircraft only. Total international mail and freight traffic (representing 80.5% of the market) amounted to 97,587 tonnes (+4.5% compared to 2005), achieving the highest volumes since the airport's opening. In particular: International freight volume increased by 4.3% with international outbound freight presenting robust growth of 8% compared to 2005.Among the main reasons for this development are the increased exports to Cyprus and New York, as well as new traffic destined to the Far East and the Pacific. In addition, due to the strike-driven slowdown of sea traffic at Piraeus Port during the last months of 2006, several express shipments were shifted to the airport. International mail volume maintained its upward course enjoying a considerable rise of 7% and reaching a new record volume. International total cargo movements presented a slight increase of 0.8% compared to 2005. However, the scheduled cargo movements posted a significant growth rate of 22.5%, which together with the 5% increase in the volumes carried by freighter aircraft indicate a healthy development in this market segment. Focusing on the international freight market, the four integrators (DHL-European Air Transport, FedEx Express,TNT and UPS) held a 26.6% market share, posting a marginal decrease compared to 2005, due to the more rapid growth of the other cargo aircraft traffic. Ten airlines carried almost 76% of the total international traffic, with OA in the lead over DHL - European Air Transport, Lufthansa, British Airways, UPS, Emirates,TNT,Thai Airways, Cyprus Airways, and Aegean Airlines. DHL-European Air Transport, UPS and TNT only operated cargo flights, while Lufthansa and British Airways included both passenger and cargo flights in their schedules. 25

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 26 Monthly Cargo Uplift (in tonnes) Month Freight % 2006/2005 Mail % 2006/2005 Total Cargo % 2006/2005 Jan 7,087.1 1.9% 855.7 10.9% 7,942.8 2.8% Feb 8,550.3 11.3% 888.8 16.3% 9,439.1 11.8% Mar 9,807.0 7.3% 1,002.6 22.7% 10,809.6 8.5% Apr 8,712.5-6.6% 926.6-3.3% 9,639.2-6.3% May 9,087.1 8.9% 943.5 15.3% 10,030.6 9.5% Jun 9,576.8 9.3% 884.7 2.2% 10,461.5 8.7% Jul 9,556.6 2.7% 935.5 9.9% 10,492.1 3.3% Aug 8,351.9 2.9% 840.7 7.0% 9,192.6 3.2% Sep 9,770.2 2.8% 962.6 2.9% 10,732.7 2.8% Oct 9,559.5-2.0% 1,041.3 10.2% 10,600.8-0.9% Nov 9,320.6 2.7% 986.1-0.7% 10,306.8 2.4% Dec 9,272.2 1.3% 1,254.7-5.5% 10,526.9 0.5% Total 2006 108,651.9 3.4% 11,522.8 6.4% 120,174.7 3.6% 26

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 27 Monthly Freight Uplift (in tonnes) Month Inbound % 2006/2005 Outbound % 2006/2005 Jan 3,998.2 3.8% 3,088.9-0.5% Feb 4,502.6 9.3% 4,047.7 13.7% Mar 5,478.4 12.7% 4,328.6 1.1% Apr 4,804.2-6.5% 3,908.3-6.7% May 4,871.1 4.2% 4,216.0 14.8% Jun 5,065.3 6.3% 4,511.5 12.9% Jul 5,180.5 3.0% 4,376.1 2.4% Aug 4,314.3 1.0% 4,037.6 4.9% Sep 5,315.8-0.6% 4,454.3 7.3% Oct 5,123.9-4.5% 4,435.6 1.2% Nov 5,165.6-0.1% 4,155.1 6.5% Dec 4,949.9 0.9% 4,322.3 1.9% Total 2006 58,769.8 2.2% 49,882.1 4.8% Monthly Mail Uplift (in tonnes) Month Inbound % 2006/2005 Outbound % 2006/2005 Jan 461.6 10.3% 394.1 11.6% Feb 449.8 9.2% 439.0 24.6% Mar 513.8 19.2% 488.8 26.6% Apr 483.5-2.5% 443.2-4.2% May 502.1 18.1% 441.4 12.2% Jun 451.7-1.0% 433.0 5.7% Jul 491.4 12.7% 444.1 6.9% Aug 439.4 7.3% 401.2 6.7% Sep 493.5 4.1% 469.0 1.7% Oct 538.5 10.1% 502.8 10.3% Nov 507.5-1.6% 478.6 0.2% Dec 638.7-7.8% 616.0-3.0% Total 2006 5,971.6 5.6% 5,551.2 7.2% 27

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aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 30 network

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 31 In 2006, 60 carriers in total offered AIA travellers scheduled direct connections with 33 domestic and 70 international destinations in 48 countries.the majority of the airport's international routes (51 out of 70) are also served by charter flights, while 77 more cities are served only by charter services offered by 78 additional airlines. AIA's route network expanded significantly in the year under review with 10 new destinations and 5 new airlines, reflecting the successful implementation of AIA's consistent strategy for attracting new airlines and introducing new destinations. During March, we welcomed 2 new airlines to our airport; Blue1 an SAS Scandinavian Airlines subsidiary flying to Helsinki, and Pakistan International Airlines, which relaunched its flights from Athens to Karachi, Islamabad and Lahore. In May, Delta Airlines introduced a new non-stop daily service to the world's largest hub in Atlanta, while the UK-based Flyglobespan entered dynamically the Athens market, offering daily services to London and weekly flights to Glasgow.The Italian Air One was another newcomer, introducing, in June, services to Naples, Rome and Turin. Norwegian was the last new entrant in the Athens route network, launching, in September, a twice-weekly service to Warsaw. Beside the destinations added to AIA's route network from airlines entering the Athens market in 2006, the expansion of carriers already operating at the airport resulted in the addition of 3 more international destinations in AIA's flight schedule: Billund served by Sterling European Airlines, Chernovtsy served by Donbassaero, and Krakow served by Sky Europe. Finally, in the domestic network, Olympic Airlines introduced, in August, regular scheduled connections with the newly established airport of Kalimnos island. New Airlines Air One Blue1 Flyglobespan Norwegian Pakistan International New Destinations Atlanta Billund Chernovtsy Islamabad Kalimnos Karachi Krakow Lahore Naples Turin Furthermore, a number of airlines have included additional destinations in their scheduled services.the entry of Aegean Airlines to the Bulgarian market (Sofia); the new service of easyjet to Milan; the enhancement of the Scandinavian flight schedule with the new service of SAS to Oslo; and the new flight of Sterling European Airlines to Stockholm are among these developments. With respect to cargo services, 12 airlines in total offered scheduled cargo services via Athens International Airport in the course of 2006. Among the significant new developments are the new Alitalia service and the entrance of a new airline in the Athens cargo market. More specifically: In July 2006,Alitalia inaugurated a new scheduled cargo service, with an Airbus A300 Freighter, connecting Milan and Athens on a weekly basis.the new flight replaced the weekly truck service, thereby aiming to better serve the inbound demand in Greece. In August 2006, a new Greek airline, Sky Express aircargo, a joint venture between Sky Express S.A. and Finaval Group, launched its operations from Athens International Airport, deploying a Boeing 747-200 Freighter with approximately 100 tonnes of payload. In 2006, the airline offered charter flights to the Far East, while during 2007, the aircraft will go into regular service using Athens as an intermediate stop in its future frequencies between Western Europe and the Far East.These new services will further support the development of the international transit traffic via Athens. 31

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 32 60 Airlines Operating Scheduled Passenger Flights Airline Country Aegean Airlines S.A. Greece Aeroflot Russian Federation Aerosvit Ukraine Air Berlin Germany Air France France Air Malta Malta Air Moldova Moldova Air One Italy Air Transat Canada Albanian Airlines Albania Alitalia Italy Alpi Eagles Italy Armavia Armenia Austrian Airlines Austria Blue1 Finland British Airways United Kingdom CSA Czech Airlines Czech Republic Cyprus Airways Cyprus Delta Air Lines USA DEUTSCHE BA Germany Donbassaero Ukraine easyjet United Kingdom Egypt Air Egypt EL-AL Israel Airlines Israel Emirates United Arab Emirates Flyglobespan United Kingdom Georgian Airways Georgia Germanwings Germany Greece Airways United Kingdom Gulf Air Bahrain Hemus Air Bulgaria Iberia Lineas Aereas de Espana Spain JAT Airways Serbia & Montenegro KLM Netherlands Kuban Airlines Russian Federation LOT Polish Airlines Poland LTU International Airways Germany Lufthansa Germany Maersk Air Denmark Malev Hungarian Airlines Hungary Middle East Airlines Lebanon Norwegian Air Shuttle Norway Olympic Airlines Greece Pakistan International Airlines Pakistan Pulkovo Aviation Russian Federation Qatar Airways Qatar Royal Jordanian Jordan Scandinavian Airlines Sweden Singapore Airlines Singapore SkyEurope Airlines Hungary Sterling European Airlines Norway Swiss International Air Lines Switzerland Syrianair Syria TAROM Romania Romania Thai Airways Thailand Tunisair Tunisia Turkish Airlines Turkey Uzbekistan Airways Uzbekistan Virgin Express Belgium Wizz Air Poland 12 Airlines Operating Scheduled Cargo Flights Airline Country Aeroland Greece Alitalia Cargo Italy British Airways UK Budapest Air Services Hungary DHL European Air Transport Belgium FedEx Express Belgium Lufthansa Cargo Germany Sky Express aircargo Greece Star Air (on behalf of UPS) USA Swiftair Hellas (former Mediterranean Air Freight) Greece TNT Airways Belgium Vernicos Aviation (Veravia) Greece 78 Airlines Operating Charter Passenger Flights Airline Country Adria Airways Slovenija Slovenia Aigle Azur - Westair France Air Adriatic Croatia Air Bosna Bosnia and Herzegovina Air Europa Spain Air Finland Finland Air Italy Italy Air Mediterranée France Alexandair Greece Alrosa-Mirny Air Enterprise Russian Federation Arkia Israeli Airlines Israel Atlasjet International Airways Turkey Axis Airways France Blue Air Romania Blue Line France Blue Panorama Italy Britannia Airways United Kingdom British Midland Airways United Kingdom Cirrus Airlines Germany Club Air Sixgo Italy Condor Germany Corsair France Croatia Airlines Croatia Danish Air Transport Denmark Dubrovnik Airlines Croatia Eirjet Ireland Estonian Air Estonia Euroair Greece Europe Air Post France European Air Charter United Kingdom Excel Airways United Kingdom Futura International Airways Spain Gir Jet Spain Hamburg International Germany Hellas Jet Greece Hello Switzerland Helvetic Airways Switzerland Hola Airlines Spain Iberworld Spain Israir Airlines Israel Kaliningradavia Russian Federation KMV Russian Federation Livingston Italy LTE International Airways Spain Luxair Luxembourg Monarch Airlines United Kingdom MyTravel Airways Denmark Neos Italy Niki Austria Nordic East Airlink Sweden Novair Sweden Onur Air Turkey Privatair Germany Pullmantur Spain Qantas Airways Australia Russia State Transport Company Russian Federation Ryan International Airlines U.S.A Slovak Airlines Slovakia Spanair Spain Star Airlines France Sun Express Turkey Swift Air Spain TAP Air Portugal Portugal Thomas Cook Airlines UK United Kingdom Thomsonfly United Kingdom Titan Airways United Kingdom TNT Airways Belgium Top Fly Spain Trade Air Croatia Transavia Airlines Netherlands Travel Service Airlines Czech Republic TUI Airlines Brlgium Belgium Tulpar Aviation Russian Federation Ukraine International Airlines Ukraine Ural Airlines Russian Federation Viking Sweden White Eagle Aviation Poland Windjet SPA Italy 32

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 33 33 Domestic Scheduled Destinations Aktio Alexandroupolis Astypalea Chania Chios Ikaria Ioannina Iraklion Kalimnos Karpathos Kastoria Kavala Kefallonia Kerkyra/Corfu Kithira Kos Kozani Leros Limnos Mikonos Milos Mitilini Naxos Paros Rhodes Samos Sitia Skiathos Skiros Syros Thessaloniki Thira/Santorini Zakinthos 77 International Scheduled Destinations Aleppo Alexandria (EG) Amman Amsterdam Atlanta Bahrain Bangkok Barcelona (ES) Beirut Belgrade Berlin Billund Bologna Bratislava Brussels Bucharest Budapest Cairo Chernovtsy Chisinau Cologne Copenhagen Damascus Doha Donetsk Dubai Dublin Dusseldorf Frankfurt Geneva Glasgow (GB) Helsinki Islamabad Istanbul Johannesburg Karachi Katowice Kiev Krakow Krasnodar Kuwait Lahore Larnaca London Madrid Malta Manchester (GB) Milan Montreal Moscow Munich Naples (IT) New York Nuremberg Odessa Oslo Paphos Paris Prague Rome Singapore Sofia Stockholm St. Petersburg (RU) Stuttgart Tashkent Tbilisi Tel Aviv Tirana Toronto Tunis Turin Venice Vienna Warsaw Yerevan Zurich 128 International Charter Destinations Aalborg Abu Dhabi Alexandria (EG) Amman Amsterdam Antalya Bahrain Barcelona (ES) Bari Basel Belgrade Bergamo Berlin Bilbao Birmingham (GB) Bologna Bordeaux Bratislava Bristol Brno Brussels Bucharest Budapest Cagliari Cairo Catania Chisinau Copenhagen Damascus Djerba Donetsk Dresden Dublin Dubrovnik East Midlands Edinburgh Ekaterinburg Erbil Frankfurt Geneva Genoa Glasgow Gothenburg Hanover Haugesund Helsinki Hurghada Istanbul Izmir Kaboul Kaunas Intl Kayseri Kemi Kiev Krakow Krasnodar Kristiansand Larnaca Lille Limoges Lisbon Ljubliana London Luxembourg Lyon Madrid Mahon Malaga Malta Manchester (GB) Marseille Metz-Nancy Milan Monastir Moscow Mulhouse/Basel Munich Muscat Nantes Newcastle (GB) New York Nice Odessa Oslo Palermo Paphos Paris Pisa P.Mallorca Prague Reus Riyadh Rome Rotterdam Rovaniemi Salzburg Sarajevo Seville Sharm Simferopol Skopje Sofia Split Stavanger Stockholm St. Petersburg (RU) Strasbourg Stuttgart Tallinn Tbilisi Tel Aviv Timisoara Tokyo Toulouse Tozeur Treviso Trieste Tunis Valencia (ES) Venice Verona Vienna Vitoria (ES) Warsaw Yerevan Zagreb Zaporozhye Zurich 33

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 34 33 Domestic and 77 Internati Dublin Oslo Billund Copenhagen Amsterdam Brussels Paris Stockholm Vienna Helsinki Berlin Dusseldorf Munich Nuremberg Cologne Frankfurt Stuttgart Geneva Zurich Madrid Barcelona Istanbul Malta Western Europe Glasgow London Manchester Bologna Milan Naples Rome Turin Venice Toronto Atlanta Montreal New York Larnaca Paphos Middle East Aleppo Damascus Beirut Tel Aviv Amman Kuwait Bahrain Doha Dubai 34

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 35 ational Scheduled Destinations St. Petersburg Katowice Krakow Warsaw Moscow Eastern Europe Prague Bratislava Budapest Belgrade Tashkent Kiev Chernovtsy Chisinau Bucharest Sofia Tirana Donetsk Odessa Krasnodar Tbilisi Yerevan Tunis ATHENS Alexandria Cairo Greece Islamabad Lahore Karachi Kastoria Kavala Kozani Thessaloniki Bangkok Singapore Alexandroupolis Skiathos Skiros Johannesburg Ioannina Kerkyra/Corfu Aktio Kefallonia Zakinthos Kithira Chania Heraklion Sitia Mikonos Milos Naxos Paros Syros Thira/Santorini Chios Ikaria Limnos Mitilini Samos Astypalea Kalimnos Karpathos Kos Leros Rhodes 35

aerostat 2006_geo.qxd 5/2/07 6:56 PM Page 36 punctuality

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 37 Scheduled and charter passenger services at Athens International Airport grew by 4.2% in 2006. Despite the considerable increase in the number of movements, and the days of adverse weather conditions and labour actions (thirty-one 24h strikes), the airport's flight punctuality was generally improved. More specifically, the proportion of departures delayed for more than 15 minutes remained at 32%, approximately at the 2005 level, and the average delay time of departing flights was significantly reduced from 42 minutes in 2005 to 38 minutes in 2006. The average delay for scheduled departures was 38 minutes, 3 minutes less than the previous year, while charter departing flights were delayed for 62 minutes on average, 1 minute more than in 2005. Focusing on scheduled services, domestic operations had the lowest average delay (36 minutes) compared to intra- European and intercontinental services, whereas intra- European flights were the most punctual (with 31.6% of departures being delayed for more than 15 minutes). February, being the less busy month of the year, presented the lowest proportion of delayed departures (25.7%), while July was the month with the highest share of delayed departing flights (45.5%).The largest monthly average delay for departures was 45 minutes, observed in December, while the lowest was 35 minutes, in May, August and November. Most delayed departing flights were primarily due to Reactionary reasons (40.1%), and secondly to Flight Operations & Crewing (11.8%). Only 0.8% of the departure delays were attributed to Airport Facilities, reaffirming AIA's commitment to operational excellence. 37

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aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 39 Monthly Punctuality Statistics Departing Flights Arriving Flights Month Events Affecting Proportion of Delayed Average Delay (in min) Proportion of Delayed Average Delay (in min) Punctuality Flights for more than of Flights Delayed for Flights for more than of Flights Delayed for 15 Minutes more than 15 Minutes 15 Minutes more than 15 Minutes Jan 24,25 & 26/01 Adverse weather conditions (snow) 31.1% 42 27.6% 44 Feb 25.7% 37 21.7% 42 Mar 3,4,7 and 29/03 Strike of security screening personnel 27.7% 39 22.4% 43 15/3 24h general strike of Greek Federation of Workers' Unions and Civil Servants' Unions Apr 31.4% 37 23.3% 40 May 10/5 24h general strike of Greek Federation 24.6% 35 17.5% 40 of Workers' Unions and Civil Servants' Unions Jun 36.0% 38 26.2% 42 Jul 45.5% 38 33.3% 42 Aug 36.6% 35 26.0% 39 Sep 29.8% 37 22.0% 42 Oct 04/10 Strike of security screening personnel. 26.7% 41 21.6% 44 24/10 Adverse weather conditions (fog) Nov 17,18 and 19/11 Adverse weather conditions at other 26.5% 35 17.7% 41 airports had impact on flights departing from Athens. 22/11 24h Strike of security screening personnel Dec From 3/12 to 31/12 ongoing strike of 39.8% 45 26.5% 50 security screening personnel TOTAL 2006 32.2% 38 24.0% 42 Proportion of Delay Reasons Reasons for Delay Arrivals Departures Reactionary 61.24% 40.13% Flight Operations and Crewing 2.32% 11.80% Technical and Aircraft Equipment 5.22% 10.45% Aircraft and Ramp Handling 5.48% 9.38% Air Traffic Flow Management Restrictions 3.31% 7.73% Passenger 5.49% 4.15% Restrictions at Airport of Departure with 5.25% 3.16% or without ATFM Restrictions Weather 2.06% 2.66% Mandatory Security 2.37% 1.23% EDP/Automated Equipment 0.64% 0.86% Immigrations, Customs, Health 0.63% 0.84% Airport Facilities 3.38% 0.77% Cargo & Mail 0.22% 0.22% Baggage 0.48% 0.19% Restrictions at Airport Destination 0.01% 0.13% Damage to Aircraft 0.16% 0.03% Mail Only 0.03% 0.00% Miscellaneous 1.43% 6.25% % of Delayed Flights for which 78.7% 56.7% a Delay Reason Has Been Reported 39

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aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 42 service performance

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 43 During 2006, Athens International Airport's service performance in certain critical areas was affected by unforeseen circumstances, such as the implementation of the new EU security regulation regarding liquids in hand luggage, and a security staff strike. As a result, certain performance indicators, namely the check-in and security strike queuing times were negatively affected. More specifically, the year average for check-in queuing time was measured at 7:43 minutes compared to 4:34 in 2005, while the percentage of queues of less than five minutes decreased from 68.3% in 2005 to 51.3%. The annual average of security screening queuing time (for passengers and hand luggage) was measured at 2:47 minutes in comparison to 1:52 minutes for 2005, while the percentage of queues exceeding 10 min peaked during March and December, mainly due to the security personnel strike.the ticket desk queues were measured at an average of 6:24, a small variation in relation to 2005 (5:49 minutes). The average queuing time for passport control time/departures is a new performance indicator established in late 2005 and first measured in 2006 with the completion of a fully monitored year at 2:58 minutes. Passenger comment management, a provision of the ACI-Europe Airport Voluntary Commitment on Air passenger Service, is an important process for Athens International Airport, as it enables the Airport Company to listen to the travelling public and plan for the improvement of the services offered. AIA analyses passenger comments on a regular monthly basis. For 2006, there were 7,695 comments from 5,102 passengers. Of the total complaint items 59.6% were attributed to AIA and the rest to 3rd parties. 2,854 letters of response were dispatched, 83.8% of which were customised.the response time for the year average was 27.1 days, meeting the target of 28 days set in accordance to ACI guidelines. Baggage delivery, and call centre performance are key service performance indicators presenting a considerable improvement in 2006 compared to the previous year. The average time for delivering the first bag from the on-blocks position was reduced from 15:10 to 14:29 minutes.with regard to the call centre performance, the yearly statistics demonstrate that 97.9% of the incoming calls (96.7% in 2005) were replied to within less than 2 min.the information provision load at the information desks was at 151 queries per hour the busiest month being August, with 236 queries per hour. 43

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aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 46 passenger profile

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 47 2006 was a milestone year not only for the airport's traffic development, but also for the demographic and travelling profile of the served passengers. Female passengers approached the traditionally leading male travellers, claiming 44% of the airport's 2006 total traffic, as opposed to 37% in 2005.The average age of AIA's travellers remained at 40 years, and the high educational level continues to be one of the main characteristics of Athens passengers, with 7 out of 10 holding a college/university degree. Since the outset of the airport's operation, Greek travellers had consistently held a larger share compared to foreigners, both in terms of nationality and residence. However, in 2006, the proportion of foreigners exceeded for the first time that of Greek residents, accounting for 51% of total traffic.this development is mainly attributed to the stronger presence of US residents and passengers residing in the Asia/Pacific region. On the other hand, European residents presented a slight decline compared to 2005. Regarding the purpose of trip, passengers travelling for business purposes constitute a solid base of Athens International Airport traffic, amounting to approximately 5 million in 2006, at similar levels compared to 2005. It is worth noting that 42% of business travellers originated from EU countries, while Greek business travellers remained steadily high at 37%. Leisure traffic increased among foreigners and Greek travellers alike by an average 3%. 61% of Greek passengers travelled for personal reasons, while the respective proportion of foreign travellers was 73%. Amongst leisure travellers the share of holidaymakers increased by 10 percentage points, boosted both by foreign and Greek residents travelling on vacation. However, leisure travellers preferred to travel independently this year, as a consequence of which, group travelling dropped to 7% (from 15% in 2005). The boost in leisure traffic has also affected the frequency of travelling, with the share of light travellers (up to 2 trips/year) presenting spectacular growth of 59%, up from 16% in the previous year. Nevertheless, the stable volume of business passengers prevented a decrease in the proportion of heavy travellers (10+ trips/year), which remained at the level of 30%. As usual, foreigners stay longer in their destination in comparison to Greek people.the long-haul tourist boom raised the foreigners' average length of stay from 10 to 16 days, while the Greek traveller's trip lasted approximately 10 days. Concerning the ticket booking profile, more passengers preferred to reserve their air tickets through the Internet in 2006.The e-booking service offered by a large number of airlines nowadays, seems to be appreciated by more and more passengers who use this valuable service, enhancing its market penetration from 5% in 2005 to 16% in 2006. Nonetheless, personal contact with the travel agency or the tour operator remained the most favourite means of booking, accounting for 70%. Due to ticket booking via the Internet and the increased number of passengers from long-haul destinations, the ticket reservation period was extended from 19 to 29 days before departure. Additionally, the broader use of e-booking affected the pattern of ticket collection, with the pick-up from the airline counter raised from 6% to 14%. Following a decrease over the previous years, the share of Athens transfer passengers has been stabilised at 21%. However, the Athens transfer product experienced a declining trend during the last six months of 2006, as well as in the first months of 2007.The proportion of transfer passengers remained at similar levels with that of the previous year due to the important rise of international to international (from 8% to 12%) and the slight growth of domestic to domestic (from 10% to 13%) transfer movement. Heraklion, at 17%, regained the top spot among passengers travelling to domestic destinations via Athens, following a significant drop of Rhodes' share (from 20% to 11%). Italy ranked first among transfer passengers to/from international destinations with the United States gaining 2nd place, bouncing up from 6th place in 2005. The increasing demand for flying to Athens is also evident in indirect traffic figures. Despite the capacity increase in the US market, the outstanding boost of US residents preferring Greece for their travelling affected the share of indirect traffic between the two countries by a 7% rise. More specifically, six out of ten passengers made a stopover in order to reach their final US destination, while most of them transferred in European countries such as Germany, the United Kingdom and France. New York, Chicago, Boston and Washington were the top indirect US destinations in 2006. Among European destinations, Lisbon holds the leading position for the last three years, followed by Paris, Barcelona, London and Hamburg. 47

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aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 52 tourism development

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 53 The ongoing promotion of Greece seems to be very effective for the development of tourism.two years after the 2004 Olympic Games,Athens continues to attract more and more foreign travellers.the share of foreign residents in AIA's traffic increased, reaching 65% of the international traffic in 2006.This year, Athens International Airport welcomed 3.1 million foreigners, experiencing growth of 8% compared to the 2005 figure (2.9 million). The positive development of incoming vacation traffic in Athens was evident during the last two years. In 2005, the proportion of holidaymakers was 57% among the foreigners, while in 2006 the respective percentage rose to 63%.The volume of foreign residents on vacation grew by 16% in 2005, and an impressive 20% in 2006. More specifically, incoming tourism passing through Athens International Airport reached 2 million passengers in 2006, from 1.6 million in 2005. The increase in the volume of passengers flying to Athens for tourism was mainly attributed to foreigners travelling on long-haul routes, such as North America presenting a spectacular 347% growth rate in incoming tourist arrivals and Asia/Pacific (ASP) showing a 97% increase in the respective figure. It is worth noting that the ASP incoming tourist growth derived mainly from Australia. The significant boost of Middle East traffic was also reflected in tourism, since passengers flying from that region on holidays to Athens showed an increase of 88%. 2006 presented an obvious trend in the expansion of the tourist season, as exhibited in the monthly development of tourist arrivals.with the exception of January and February, when a decline was observed, the rest of the year presented significant growth even during the non-summer months. From the peak summer months, June showed the highest increase of 27%, while August also showed a noteworthy increase of 16%. Foreign holidaymakers, however, preferred Athens even in the non-summer months of March, October, November and December. Among the top markets of incoming tourism, New York climbed to 1st place, following an outstanding growth rate of 388%. Although European holidaymakers presented a decline overall, incoming tourism from France, the United Kingdom, Spain and the Scandinavian countries increased considerably.the countries providing the highest tourist boost in Athens were Australia, South Africa, Sweden and Canada, presenting a spectacular increase exceeding 200%. Israel, Lebanon, Poland and South Korea also expanded remarkably by more than 50%. The foreigners' prolonged stay, along with the decrease of incoming transfer passengers indicate that in 2006 more foreign holidaymakers preferred to visit the city of Athens and the greater area before continuing their trip to the islands. Incoming tourism in Attica and its catchment area reached the number of 1,460,833 visitors, corresponding to an increase of 44% over 2005.The volume of the incoming tourism using Athens International Airport as a transfer point decreased by 7% to 576,812 passengers. Chania, despite the decrease in volume, regained the top position in the transfer holidaymaker's preferences, followed by Rhodes. Based on the findings of an ad-hoc survey implemented by Athens International Airport on behalf of the Greek National Tourism Organisation during the peak months of tourist arrivals (August & September 2006), the sea, the sun and the islands were the main elements that foreign holidaymakers enjoy most in Greece.The majority of them were interested in experiencing the local culture and exploring the ancient flair of Greece, while a considerable proportion expressed a keen interest in the traditional Greek cuisine.the prevailing feeling after the completion of their vacations in Greece was relaxation, after having enjoyed the natural beauty and the pleasant weather of the country, while half of them really appreciated the Greek hospitality. Four out of ten foreigners visited Greece for the first time, while a significant 17% visit Greece almost every year.this high percentage of repetitive tourism was formulated in 2006 mainly by the great number of US and Australian residents who own a house in Greece or have friends and/or relatives in the country. However, the majority of foreign residents on vacation preferred a 4-star hotel for their accommodation in Greece. Incoming business traffic remained at the same level with 2005, amounting to 905,460 passengers. However, passengers travelling for conferences, conventions, trade fairs and incentives demonstrated a significant 41% increase with more than 135,000 travellers an encouraging development for the enhancement of convention tourism, which is the focus of the Greek tourist authorities.the United Kingdom, followed by the United States, Germany and Italy, were the countries with a major interest for convention tourism in Greece. It is worth noting that, with the exception of Germany, which experienced a decline, all the other countries presented a double-digit increase. As per Greece's outgoing tourism, although Greek residents flying from Athens to international destinations remained at the 2005 level, the number of Greek holidaymakers to international destinations increased by 11% this year, reaching 710,386. Italy remained the Greek traveller's favourite holiday spot abroad, with Germany in second place, and France and the United Kingdom ranking third. In 2006, Greek people showed an increasing preference to travel east for their holidays and more specifically to Thailand and the United Arab Emirates, as indicated by the remarkable growth (in excess of 100%) of these destinations. Moreover, Greek travellers included some of the Balkan countries, such as Hungary and Romania, among their holiday destinations. 53

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aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 58 the greek aviation market

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 59 The Greek air travel market enjoyed a robust development in the course of 2006, with passengers travelling to/from the Greek commercial airports amounting to 38.7 million, 2.3 million (+6%) above the previous year. Both the domestic and the international markets achieved healthy traffic growth (at the level of 6%), signifying the positive evolution of local as well as foreign tourism. Aircraft movements also achieved a considerable increase of 6%, exceeding 400 thousand, while the total tonnage of airtransported mail and freight reached 138 thousand tonnes, 3.4% above the equivalent 2005 level. Focusing on the development of the major Greek airports, it is worth noting that, although all the major airports enjoyed a traffic increase in the course of 2006, they also experienced diverse traffic developments. Chania was the fastest growing among major Greek airports, with a 16% passenger traffic increase, mainly attributed to a rapid upward course (by almost 20%) in the international passenger market. Santorini follows with an 11% increase, this time boosted by the outstanding 18% rise in the domestic sector. Corfu (Kerkyra) remained rather stagnant, save a meagre 1% increase, while Kos and Zakinthos experienced a marginal decline in domestic passenger movements. Athens International Airport serves the major bulk of Greece's international scheduled traffic (81%), followed by Thessaloniki Airport (14%), with a substantive European route network and a special emphasis on Germany. Heraklion and Kavala also serve a number of international scheduled destinations (acquiring market shares of 3% and 2% respectively in the particular sector). Athens International Airport claims 39% of Greece's total air traffic. However, 2006 was the first year in the recent past that the peripheral Greek airports matched and slightly surpassed AIA's growth levels (6.7% vs. 5.6%).This was the result of coordinated actions taken by all tourist-related authorities, together with the successful campaign of the Greek National Tourism Organisation, effectively promoting Greece as a whole. Greece's international passenger traffic is largely depending on charter services. Passengers carried on charter flights accounted for 15.3 out of 26.7 million international passengers in 2006, and enjoyed robust growth of 6%. Almost 1/3 of the international charter passengers (26%) are passing through Heraklion airport, while Rhodes and Kerkyra are the next two airports in terms of international charter passengers, with 17% and 11% market shares respectively.the airports enjoying the highest increases in international charter passengers were Chania (+19%), Kefallonia (+12%) and Kos (+11%). In the particular market segment,athens holds a slim 2%, being the only major airport presenting a decline.the dynamic development of low-cost carriers, together with the adequate frequency of scheduled flights in a wide range of international destinations, are the main contributing factors behind this development. 59

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 60 Passenger Traffic of Main Greek Airports COMMERCIAL PASSENGERS DOMESTIC INTERNATIONAL TOTAL CITY 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 Athens 5,464,643 5.8% 9,600,624 5.5% 15,065,267 5.6% Heraklion 1,008,803 10.1% 4,345,566 8.0% 5,354,369 8.4% Thessaloniki 1,475,581 1.6% 2,326,805 5.0% 3,802,386 3.6% Rhodes 803,315 7.8% 2,686,095 9.2% 3,489,410 8.9% Kerkyra/Corfu 272,245 1.3% 1,736,090 1.4% 2,008,335 1.3% Chania 434,330 8.4% 1,326,992 19.2% 1,761,322 16.3% Kos 249,758-0.9% 1,323,034 9.3% 1,572,792 7.5% Zakinthos 29,994-0.8% 969,988 2.2% 999,982 2.1% Thira/Santorini 314,515 18.2% 363,533 5.0% 678,048 10.8% Mitilini 352,065 2.8% 137,541 2.5% 489,606 2.7% Other GR airports 1,634,032 7.7% 1,865,626 3.0% 3,499,658 5.1% TOTAL GREECE 12,039,281 6.0% 26,681,894 6.4% 38,721,175 6.3% 60

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 61 Aircraft Movements of Main Greek Airports COMMERCIAL AIRCRAFT MOVEMENTS DOMESTIC INTERNATIONAL TOTAL CITY 2006 % 2006/2005 2006 % 2006/2005 2006 % 2006/2005 Athens 85,371 5.0% 94,556 6.2% 179,927 5.6% Thessaloniki 20,921-1.9% 23,057 1.9% 43,978 0.0% Heraklion 13,633 18.5% 28,352 10.9% 41,985 13.3% Rhodes 12,728 4.2% 17,105 10.6% 29,833 7.8% Kerkyra/Corfu 3,755-2.7% 11,484 9.0% 15,239 5.9% Chania 6,291 2.3% 8,215 21.1% 14,506 12.1% Kos 4,536 1.9% 8,326 12.4% 12,862 8.5% Mitilini 7,096 4.0% 1,144 6.3% 8,240 4.4% Thira/Santorini 4,931 19.9% 3,159-0.8% 8,090 10.9% Zakinthos 1,310 5.3% 5,868 2.5% 7,178 3.0% Other GR airports 40,655 3.1% 14,671 4.1% 55,326 3.4% TOTAL GREECE 201,227 4.6% 215,937 7.2% 417,164 5.9% 61

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 62 the european and global aviation industry

aerostat 2006_geo.qxd 5/2/07 6:57 PM Page 63 2006 was a successful year for the aviation industry worldwide, with air travel demand consistently increasing. Passenger volumes grew considerably by 5.1% around the globe, albeit at a slower pace than the previous two recovery years (10.9% in 2004 and 6.3% in 2005).The increased passenger demand, boosted by buoyant global economic growth, assisted airlines in partly offsetting the impact of higher fuel costs.this development, together with the consistent improvement of the airlines' operational efficiency, resulted in slower yet more profitable growth for the global airline industry during 2006.The number of international aircraft movements presented a small increase of 1.2%, reflecting the airports' capacity constraints, as well as the airlines' careful capacity management. Cargo uplift, although affected by high fuel costs and strong competition from other transport modes, improved its growth rate in 2006, rising by 3.7% (2.5% in 2005). The Asia/Pacific rim was the region with the highest passenger growth, achieving an increase of 10.3%, followed by the 8.2% growing Middle East. North America, representing 35% of the global air travellers, was the region posting the smallest increase in terms of passenger traffic, at the level of 0.7%, and the only region experiencing a decline in aircraft movements and cargo uplift. Europe, accounting for 31% of the world's passenger traffic, enjoyed robust growth of 6.4% in terms of passengers, while cargo and flights presented a more modest increase at the level of 3.6% and 3.4% respectively. As regards the development of the top 10 airports according to passenger traffic, it is worth noting that Barcelona was the airport with the highest growth (+10.5%) for a second consecutive year, closely trailing Rome's Fiumicino, which lost the 7th position to Munich, while London Heathrow, the busiest European airport, was the only top-10 airport experiencing a small decline in 2006. Athens International Airport continues to hold the 25th position in Europe according to passenger traffic, ranking 23rd in terms of aircraft movements, and 25th in terms of cargo uplift. Focusing on the performance of the major European airports (exceeding 10 million passengers per year), it is important to note that Athens International Airport's passenger growth was in accordance and slightly higher than the European average, while the increase in the number of movements placed AIA among the fastest growing airports in Europe. 63