AIRLINE INDUSTRY NEWS

AIRLINE INDUSTRY NEWS AIRLINE INDUSTRY NEWS The airline industry structure has changed significantly over the past 5 years, with more than 10 low cost carriers entering the Greek market. Moreover, carriers cannot be clearly categorized anymore in standard airline models (scheduled, low cost or charter). Scheduled carriers: promote sales through Internet, following the model of low cost carriers focus on yield management in order to gain market share against low cost carriers Low cost carriers: co-operate with travel agents (e.g Easyjet, LTU), following the model of scheduled carriers add seasonal destinations to their network, following the model of charter carriers Charter carriers: co-operate with travel agents for seat only sales. CONCLUSION: Airline operation models share common features, all aiming at the reduction of cost as well as the increase of passenger traffic. AIRLINE INDUSTRY NEWS Other news: Increase of frequencies from Europe to America and v.v., due to the agreement between EU and USA EU also negotiates with N. African countries, such as Morocco and Egypt, the deregulation of airline market. Open Skies policy. Launch of a new airline model, from carriers that operate luxurious transatlantic flights (luxury airlines) 1

AEGEAN AIRLINES CORPORATE PRESENTATION MILESTONES 4/1988 Establishment of Aegean Aviation 5/1999 Aegean Airlines commences scheduled flights in the domestic market. 2 new AVRO RJ-100 are purchased 12/1999 Aegean Airlines acquires Air Greece. The fleet increases to 9 aircraft 4/2001 Aegean Airlines merges with Cronus Airlines and increases its fleet to 15 aircraft. The network is expanded to international destinations, as well as charter flights 10/2001 On the completion of the first semester of Athens International Airport operation, Aegean is the airline with the best performance index in flight consistency on time performance 2002-2003 Reorganization of the company, adjustment to the competition needs, improvement of productivity and for the first time achievement of profitability 5/2004 Aegean Airlines fleet consists of Jet aircraft only (13 Boeing 737 300/400 and 6 AVRO RJ100) MILESTONES 11/2005 After an official proposition from Lufthansa, Aegean Airlines and Lufthansa become regional partners. 12/2005 Aegean becomes new Airbus customer, ordering 8 Airbus A320 with an option for another 12 3/2007 Delivery of the first three A320 Airbus 7/2007 Aegean Airlines is listed in Athens Stock Exchange 9/2007 Aegean orders another 6 Airbus A320. Total order raises to 25 Airbus aircraft 2

MISSION STATEMENT To be established as the quality oriented, first choice air carrier in Greece and enhance our market presence in international destinations. Focus on quality, dependability, client service, efficiency and innovative services. KEY OBJECTIVES: Service Quality On time performance Reliability Innovation Winning Spirit SHAREHOLDERS Th. Vassilakis Group Laskaridis Group Konstantakopoulos Group Dakis Ioannou George David Bank of Piraeus AWARDS ERA AWARDS Aegean has been 5 times awarded by ERA (EUROPEAN REGIONS AIRLINE ASSOCIATION) 2000: Bronze award for the year 2000/2001 2004: Gold award for the year 2004/2005 2005: Silver award for the year 2005/2006 2006: Silver award for the year 2006/2007 2007: Palm d or for sustained excellence 1999 Award by the International Flight Safety Foundation and the Hellenic Civil Aviation Authority as a perfectly organized company, with high standards of quality and safety 2000 Award by British Aerospace 10/2002-6/2003 JAR OPS1 certification process with the support of Lufthansa Consulting. Training of all flight crew according to JAR OPS European standards, at the training center of Lufthansa 2006 Aegean achieves IOSA registration, following the successful completion of the IOSA (IATA Operational Safety Audit) inspection that took place in June 2005. 3

DOMESTIC NETWORK 15 destinations all over Greece Athens, Thessaloniki, Kavala, Alexandroupolis, Ioannina, Corfu, Santorini, Mykonos, Rhodes,Mitilini, Chania, Heraklion, Kos, Chios, Samos Aegean covers 97% of all possible airline travel needs within Greece For 2008, Aegean aims in further expansion of its network. New destinations, soon to be announced, will be added in Greek and international network. INTERNATIONAL NETWORK 27 destinations abroad Larnaca, Rome, Milan, Munich, Dusseldorf, Stuttgart, Frankfurt, Sofia, Bucharest, Cairo, Hannover*, Hamburg*, Berlin*, Amsterdam*, Brussels*, Paris*, Venice**, Turin**, Palermo**, Naples**, Bari**, Trieste**, Catania**, Lamezia Terme**, Bologna**, Genoa** and Lisbon***. (*Code Share Flights with Lufthansa, ** Code Share Flights with Air One, *** Code Share Flights with TAP Air Portugal) For 2008, Aegean aims in further expansion of its network. New destinations, soon to be announced, will be added in Greek and international network. Aegean Airlines, further to scheduled flights, operates in the sector of charter flights. The most frequent destination countries are: France, Italy, G. Britain, Austria, Belgium and Israel. 4

FLEET Aegean Airlines, has recently accomplished the highest investment in the Greek airline industry exceeding 1.5 billion dollars -, by renewing its fleet with 25 new Airbus A320/321, the delivery of which will be completed by early 2010. The fleet renewal program, which will see the present Boeing 737-300/400 fleet replaced by new aircraft of the Airbus A320 family, was initiated in the first quarter of 2007 when Aegean took delivery of the first three A320s. 2008 is going to be a much more significant year in terms of re-fleeting with 10 new Airbus A320/321 arriving by the end of the year, which will mainly operate international flights. By the 2nd semester of 2008, all International flights (except Balcans) will be operated with new Airbus aircraft. As a result of the above mentioned investment, and as of 2008, Aegean will have the youngest fleet in the region of Balcans and South-East Europe. Aegean also owns a fleet of 6 AVRO RJ100 aircraft. SERVICES & INNOVATIONS Business Class Service Aegean is the first airline in Greece to launch Business Class in domestic flights. Business Class, in both domestic and international flights, offers unique privileges such as: Free car rental - for one day- within Greece, Cyprus, Bulgaria, Italy, Germany and Egypt (Cairo - Athens) Aegean Club Lounges in Athens, Thessaloniki and Alexandroupolis. Business Lounges in all international airports. Priority in check-in and in baggage delivery. Separate transfer to and from the aircraft. Greek and International press offered during the flight. Extra baggage allowance. Seat selection. Reservations Department 801 11 20000: Reservations Call Center for all Greece, at a local rate. SERVICES & INNOVATIONS Aegean was the first Greek airline company to launch the e-ticket service. E-ticket is the service of electronic ticketing, which is offered through credit card charge with the following ways: Through Internet, at www.aegeanair.com Through Aegean Airlines Call Center Through Aegean Airlines ticket sales desks Through travel agents Since April 2004, an agent s web site has been created E-check in service, offers the possibility of electronic check in via Internet at www.aegeanair.com. There are two necessary prerequisites in order to use the e-check in service. One is that ticket must be purchased through the e-ticket service, and the other is that the passenger can carry cabin baggage only. Passengers who use the service, have the possibility to go straight to the boarding gate, at least 30 minutes before their flight s departure, without having to visit first the check in counter. 5

SERVICES & INNOVATIONS Miles & Bonus is a loyalty program, that offers passengers the possibility to collect miles every time they fly with Aegean in Greece or abroad. The collected miles can be redeemed with free tickets or free car rental. Additionally the members of Miles & Bonus enjoy unique privileges, such as: Collection and redemption of miles from the international network of Lufthansa Priority in baggage delivery Extra baggage allowance Seat selection Priority in waiting list Separate check in counter in Athens and Thessaloniki airport Access to Aegean Club Lounges, in Athens, Thessaloniki and Alexandroupolis Special offers Miles & Bonus counts more than 66.000 active members TOTAL NUMBER OF FLIGHTS 60.000 Domestic International charter 46.990 50.000 40.000 39.241 60 4.120 35.959 1.409 30.906 34.579 3.530 42.651 41.950 3.089 3.227 7.967 8.744 44.082 3.912 9.732 3601 11.615 30.000 4.661 3.507 3.897 4.779 20.000 15.643 9 3.476 35.121 31.298 27.009 29.800 34.684 33.206 34.350 35.375 10.000 12.167 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 6.000.000 PASSENGER TRAFFIC Domestic international charter 5.226.163 5.000.000 414.629 4.447.481 4.000.000 3.577.777 4.007.515 376.001 446.777 1.501.575 337.853 986.587 3.000.000 2.833.159 3.990 407.500 2.510.071 2.416.060 2.854.115 413.785 719.124 879.351 175.370 2.000.000 1.000.000 1.284.317 541 328.591 2.421.669 440.595 1.894.106 389.935 326.671 1.699.454 433.217 2.007.113 2.520.800 2.752.163 3.014.117 3.309.959 955.185 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 6

100% MARKET SHARE 90% 80% 70% 66% 60% 59% 55% 51% 47% 47% 46% 60% 50% 91% 10 OLYMPIC AEGEAN 40% 30% 20% 34% 40% 41% 45% 49% 53% 53% 54% 10% 9% 0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 Refers to passenger traffic of Aegean Airlines domestic network destinations 7