Corporate Presentation

June 2016

1999

• Launched operations• Launched operations

1999‐2001

• 2 local acquisitions• 2 local acquisitions

2002

• First international routes launched

• First international routes launched

2006‐2007

• 27 Airbus order• 27 Airbus order

2008

• Largest Greek airline• Largest Greek airline

2010

• Star alliance member• Star alliance member

2011

• Becoming single type jet operator

• Becoming single type jet operator

2013

• Acquisition of Olympic Air• Acquisition of Olympic Air

2014

• 7 Airbus order• 7 Airbus order

Quality & Award winning airline

2

• Full Service Carrier– Focus on quality, efficiency, 

productivity• Young fleet of 61 Aircraft

– 47 Airbus A320 family – 14 Bombardier

• Star alliance member• Award winning airline 

– 6x skytrax best regional award

Traffic in RPKs (m)

0

2,000

4,000

6,000

8,000

10,000

12,000

04 05 06 07 08 09 10 11 12 13 14 15

5x

9,13910,732

12,19414,668

2012 2013 2014 2015

ASKs

Using synergies to expand

3

+60%

65

104119

134

2012 2013 2014 2015

Network ‐ Destinations

2x

6.1

8.810.1

11.6

2012 2013 2014 2015

Passengers (m)

Domestic International

2x

30

4550

58

2012 2013 2014 2015 2016

Fleet

Turboprop

Airbus

61

+17 jet

2013‐2016: Fleet Expansion42 New Aircraft between 2007 and 2016

4

Total Fleet (A/C)

45 5058 61

3

10

16

6 4 3

2007 2008 2009 2010 2015 2016

6 12 1927 30 31 36

44 47

2000 2002 2004 2008 2013 Aegean 2013 Aegean &OA

2014 2015 2016

JET Bombardier

New A/C deliveries

Athens main hub + 6 other A/C bases in Greece and Cyprus

5

ATHENS

HERAKLION

HERAKLIONRHODES

THESSALONIKI

CHANIA

KALAMATA

% international activity by base Athens: 70%  Thessaloniki & Larnaca: 15% Regional / Leisure: 15%

LARNACA

2016 :145 destinations 111 international 34 domestic

Strengthening Athens hub 

6

2012 22 International routes

2012 40 total routes

*Number of routes from Athens

2016 101 total routes

2016 71 International routes

Connecting Athens with Europe, Middle East and Cyprus

7

Toulouse, Bordeaux, Marseille, Madrid, Barcelona, Milan, Lyon, Rome, Venice, Lisbon, Majorca, Naples, 

Nice

NORTH EAST

WEST

NORTH WEST

EAST

SOUTH WEST

Amman, Beirut, Tel Aviv, Larnaca, Riyadh,

Jeddah

Tbilisi,Istanbul,Izmir, Tehran

Kiev, Moscow, St. Petersburg, Sofia, Bucharest,Tirana, Belgrade, Dubrovnik,Ljubljana, Split

Warsaw, Budapest, Prague, Helsinki, Oslo, Tallinn, Vienna,Copenhagen,Krakow, Vilnius

Brussels, Düsseldorf, Hamburg, Frankfurt, Munich, Stuttgart, London, Manchester, Birmingham, Geneva, Zurich, Paris, Nantes, Amsterdam, Dublin, Lille, Luxembourg

Catania, Malta, Bari

Cairo, Alexandria

+2 +2

+1+1

+4

+4Toulouse, Bordeaux, Marseille, Madrid, Barcelona, Milan, Lyon, Rome, Venice, Lisbon, Majorca, Naples, Nice

SOUTH EAST

Delivers 3 x  network flows in 7 yearsHUB support & defense

8

0

200

400

600

800

1,000

1,200

1,400

2008 2010 2013 2014 2015

AIA Transfer Pax Departing from Athens

More than 3x

connecting passengers: 25% of total

Tourist arrivals by air  

9

• 2010‐2015 => +50% growth in tourist arrivals, Athens potential remains• 2016 ytd growth of 5% (May)• Industry Security concerns/ UK referendum / late booking traveling patterns / 

relatively low visibility on forward bookings• Long term potential provided country’s stable environment for private 

investments

Source: SETE

3.1 3.44.2

2010 2014 2015

Athens (m)

10.6

14.615.5

2010 2014 2015

Tourist arrivals by air (m)

7.5

11.3 11.3

2010 2014 2015

Rest of Greece (m)

10

Tourist arrivals by source country

Source: Hellenic Statistics, 2015

Top 10 European Source Markets

Arrivals (m)

% totalEurope

2015/2014 Growth

Germany 2.5 19% 22%UK 2.4 18% 15%

France 1.5 11% 4%Italy 1.2 9% 32%

Poland 0.7 5% 22%Netherlands 0.6 5% ‐3%Belgium 0.5 4% 18%Russia 0.5 4% ‐61%Cyprus 0.4 3% 27%

Czech Republic 0.4 4% 6%

EU79%

Rest Europe8%

Asia3%Africa

America7%

Oceania1%

Greek Tourism - breakdown by source market

Total market traffic

11

2016 YTD

+15% Domestic

+7% International Athens

Source: AIA, HCAA

Total passengers (m)

Domestic

International ‐ Athens International ‐ rest of GR airports

35 34 33 32 33 32 3339

42

2007 2008 2009 2010 2011 2012 2013 2014 2015

TotalInternational ‐ rest of GR airportsInternational ‐ AthensDomestic

• Despite 27%‐28% GDP decline 2008‐2015 market grows by 24%• 2016 market continues to grow ‐ decelerating pace

– Domestic growth driven by competitors capacity & lower fares– International positive ‐ though more moderate than 2015

11 11 10 10 98 8

1012

2007 2008 2009 2010 2011 2012 2013 2014 2015

7 6 76

6 5 56

7

2007 2008 2009 2010 2011 2012 2013 2014 2015

18 17 16 1618 18

2023 23

2007 2008 2009 2010 2011 2012 2013 2014 2015

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2012 2013 2014 2015

Aegean ‐ International Pax

2X

Aegean main contributor to strong market growth in Athens

12

25% 30% 33% 35%A3 market share

Pax in m, Source: Aegean Airlines, AIA

Revenue Breakdownshift to international

13

2013: Acquisition of Olympic

44%25%

28% 25%

56%75%

66% 70%

2009 2012 2013 2015

PSO Revenue Domestic Revenue International Revenue

Competitive cost structure

14

• Lean cost structure• Synergies with Olympic• Scale economies• Cost efficiency focus

‐1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

2013 2014 2015

Aircraft fuel

Airport, Overflight, ground

Aircraft leases & depreciation & financials

Employee benefits

Aircraft maintenance

Distribution expenses

Other operating expenses

Catering expenses

Marketing and advertising expenses

other financials

CASK in EUR cents0.0

2.0

4.0

6.0

8.0

10.0

12.0

0 500 1,000 1,500 2,000 2,500 3,000

CASK

 in EUR cents

Stage length in km

CASK vs stage length – sector comparison

AEGEAN

LCC

Full Service Carriers

24%

20%

14%12%11%8%8%

%total costs

Key financial Highlights 2013‐2015

15

EUR m

EUR m FY:13 FY:14 FY:15 yoySales 850.0 911.8 983.0 8%EBITDAR  181.8 209.5 217.3 4%EBITDAR margin 21% 23% 22%EBITDA 90.9 118.8 111.2 ‐6%EBT 70.9 94.9 100.3 6%Net earnings 52.5 80.4 68.4 ‐15%Net earnings margin 6% 9% 7%

ASKs (m) 10,732 12,194 14,668 20%RASK (EUR cents) 8.0 7.6 6.8 ‐10%CASK (EUR cents) 7.4 6.8 6.1 ‐9%

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:15Period end cash & other financial assets 244 218 238On balance sheet  debt & financial leases 59 58 55Net debt / (cash) (185) (160) (182)

16

61 Aircrafts +3

16.200.000 Available seats +1.1m

145 Destinations +14

34111 International

destinations +14

Domesticdestinations

2016 capacity plans

+0.6m increase international

frequencies - Athens

+0.2m new Athens international routes

+0.15m domestic

+0.15m regional airports

First Quarter 2016 Results

17

• Timing of Aircraft deliveries / underutilization and domesticweakness weigh on seasonally weak quarter

In € millions  Q1:15 Q1:16Total revenue 138.1 147.9 7%EBITDAR 6.7 5.9 ‐13%Aircraft leases (20.9) (29.6) 42%EBITDA (14.2) (23.8) 68%Depreciation (3.3) (3.9) 19%EBIT (17.5) (27.7) 59%Financial results 5.2 (1.9) ‐EBT (12.3) (29.6) 140%Income Tax 4.0 8.1 105%Net earnings / (loss) after tax  (8.3) (21.5) 157%

ASKs (in millions)  2,233 2,583 16%RASK (Revenue per ASK, in € cents) 6.3 5.9 ‐6%CASK (EBT level, in € cents) 6.8 7.0 3%Load factor ‐ Scheduled services (RPK/ASK) 70.3% 69.3% ‐1.0ppTotal available seats (000) 2,612.9 2,911.0 11%Domestic 995.0 1,054.9 6%International 851.0 955.8 12%Total number of passengers 1,846.1 2,010.6 9%

Summary

18

Our basis

• Solid financial metrics• Efficient cost structure• Strong balance sheet• Diversifying markets exposure vs previous years

• Flexibility

Industry outlook

• Growth potential of incoming leisure / tourism sector

• Athens relatively underserved ‐ room to add medium haul destinations

• Accelerated competition in domestic market + weak economy

• Short term challenge on industry security concerns

• Late bookings pattern

Ourstrategy

• Further exploit network synergies and connectivity

• Distribution cost initiatives• Long term moderate expansion

• IT / ecommerce investments  / Value cycle loyalty enhancements

• Address A/C ownership cost (leases + maintenance)

Shareholder Structure

19

*11.6% controlled through Autohellas

Listed on the Athens Exchange

35.4%

31.0%

33.6%Th. Vassilakis *

Other pre‐IPO shareholders

Free Float

Appendix

20

Profit & Loss

21

P&L FY:14 FY:15 In % Q1:15 Q1:16 In%In € millions  ‐ Consolidated Results Group change Group changeScheduled Services 748.6 827.4 11% 114.3 126.8 11%Charter 61.4 45.7 ‐25% 1.0 0.5 ‐49%Other (cargo, service charge, executive aviation) 101.9 109.8 8% 22.7 20.6 ‐9%Total revenue 911.8 983.0 8% 138.1 147.9 7%Other operating income 9.7 18.8 93% 2.1 4.3 102%Employee benefits (100.5) (109.4) 9% (24.3) (25.9) 7%Aircraft fuel (232.8) (216.3) ‐7% (30.8) (29.5) ‐4%Aircraft maintenance (77.6) (97.6) 26% (12.9) (17.0) 32%Overflight expenses (53.9) (67.1) 24% (10.6) (11.2) 6%Ground handling expenses (51.5) (60.4) 17% (10.2) (10.8) 5%Airport charges (37.4) (50.7) 36% (9.4) (11.1) 18%Catering expenses (21.1) (24.4) 16% (3.8) (4.4) 15%Distribution expenses (61.2) (73.8) 21% (17.0) (16.7) ‐2%Marketing and advertising expenses (12.3) (14.6) 19% (2.3) (3.3) 45%Other operating expenses (63.8) (70.2) 10% (12.2) (16.6) 36%

EBITDAR 209.5 217.3 4% 6.7 5.9 ‐13%EBITDAR margin 23.0% 22.1% 4.9% 4.0%Aircraft leases (90.7) (106.1) 17% (20.9) (29.6) 42%

EBITDA 118.8 111.2 ‐6% (14.2) (23.8) 68%Depreciation (12.6) (14.0) 12% (3.3) (3.9) 19%

EBIT 106.2 97.2 ‐9% (17.5) (27.7) 59%EBIT margin 11.7% 9.9% ‐12.6% ‐18.7%Financial results (11.3) 3.1 ‐ 5.2 (1.9) ‐

EBT 94.9 100.3 6% (12.3) (29.6) 140%EBT margin 10.4% 10.2% ‐8.9% ‐20.0%Income Tax (14.4) (31.9) 121% 4.0 8.1 105%Net earnings / (loss) after tax  80.4 68.4 ‐15% (8.3) (21.5) 157%

22

Key Operating StatisticsFY:14 FY:15 In % Q1:15 Q1:16 In%

Group change Group changeRASK (Revenue per ASK, in € cents) 7.6 6.8 ‐10% 6.3 5.9 ‐6%Yield (Revenue per RPK, in € cents) 9.6 8.9 ‐8% 9.0 8.5 ‐5%CASK (EBITDAR level, in € cents) 5.8 5.3 ‐8% 6.0 5.7 ‐5%CASK (EBITDAR level, in € cents) ‐ excl. fuel costs 3.9 3.9 ‐1% 4.6 4.5 ‐2%CASK (EBT level, in € cents) 6.8 6.1 ‐9% 6.8 7.0 3%CASK (EBT level, in € cents) ‐ excl. fuel costs 4.9 4.7 ‐4% 5.5 5.9 8%

Capacity FY:14 FY:15 In % Q1:15 Q1:16 In %ASKs (in millions)  12,194 14,668 20% 2,233 2,583 16%Total available seats (000) 13,088 15,194 16% 2,613 2,911 11%Total Block Hours  148,062 167,511 13% 27,428 30,043 10%Total Sectors Flown  99,486 109,546 10% 19,150 20,374 6%Average capacity per flight  132 139 5% 136 143 5%Average sector length (km) 767 809 5% 725 760 5%Passengers (000)By type of service :Schedule passengers 9,574 11,216 17% 1,844 2,006 9%Charter passengers 539 433 ‐20% 3 4 63%By network :Domestic 5,240 5,624 7% 995 1,055 6%International 4,873 6,025 24% 851 956 12%Total number of passengers 10,113 11,648 15% 1,846 2,011 9%RPKs (in millions)  9,584 11,285 18% 1,566 1,788 14%Pax/flight 102 106 5% 96 99 2%Load factor  ‐ Scheduled (Pax/AVS) 77.3% 76.9% ‐0.5pp 70.7% 69.1% ‐1.6ppLoad factor  ‐ Scheduled (RPK/ASK) 78.3% 76.9% ‐1.5pp 70.3% 69.3% ‐1.0pp

23

BALANCE SHEET GROUP – EUR ,000 31/12/2014 31/12/2015Intangible assets 47,908.42 47,602.09Goodwill 39,756.30 39,756.30Tangible assets 80,488.90 103,937.97Advances for assets acquisition 56,024.47 30,994.76Financial Assets available for sale 0 8901.82Deferred tax assets 21,158.79 16,732.90Other long term assets 19,984.96 25,998.48Hedging derivatives 10,631.83 232.68Total non current assets 275,953.67 274,157.00Inventories 13,237.74 13,181.67Customers and other receivables 87,648.24 104,475.87Advances 10,602.27 14,013.43Financial Assets at fair value 10,903.27 39,609.11Hedging derivatives 24,139.12 34,072.06Restricted cash 16,045.15 36,392.03Cash and cash equivalents  191,436.88 152,932.85Total current assets 354,012.67 394,677.02TOTAL ASSETS 629,966.34 668,834.02Share capital 46,421.11 46,421.11Share premium account 72,775.98 72,775.98Other reserves ‐1,443.53 ‐13,187.28Retained profit / (loss) 101,238.75 115,964.62Total equity 218,992.31 221,974.43Finance lease contracts liabilities 49,649.50 45,175.34Derivative contracts liabilities 5,142.25 12,555.62Provisions for retirement benefits obligations 6,600.34 8,405.35Provisions 29,200.89 19,915.62Other long term liabilities 34,583.64 27,832.85Total long term liabilities 125,176.62 113,884.78Suppliers  63,437.72 77,123.21Long term finance leases liabilities payable next year 8,836.13 10,196.61Other short term liabilities 70,494.90 74,495.07Liabilities from tickets sold but not flown 65,728.82 83,961.75Accrued expenses 23,472.72 28,818.35Hedging derivatives 35,171.21 48,940.30Income tax liabilities 15,417.38 7,822.27Provisions  3,238.53 1,617.25Total short term liabilities 285,797.41 332,974.81Total liabilities 410,974.03 446,859.59TOTAL EQUITY AND LIABILITIES 629,966.34 668,834.02

Balance Sheet

24

Cash Flow Statement – Group ‐ – EUR ,000 31/12/2014 31/12/2015Profit / (loss) before tax 94,890.7 100,316.9Adjustments for:Depreciation of tangible assets 12,551.2 14,010.0Loss from impairment of assets 554.0 (326.3)Provisions 2,718.3 (18,007.8)Foreign currency exchange (gains) / losses 8,432.0 (7,850.8)(Profit) / loss from investing activities (3,996.8) (1,351.6)Finance Cost 6,955.8 5,869.8Cash flows from operating activities before changes in working capital 122,105.0 92,660.3Changes in working capital(Increase)/Decrease in inventories (1,647.7) 248.2(Increase)/Decrease in trade & other receivables (25,033.1) (29,890.5)

Increase/(Decrease) in trade payables  36,472.4 28,218.0Total changes in working capital 9,791.5 (1,424.3)Interest expenses payable (3,245.4) (2,853.8)Income tax paid  (17,137.2) (18,429.3)Net cash flows from operating activities 111,514.0 69,953.0Cash flows from investing activitiesPurchase of assets (13,698.7) (20,236.5)Proceeds from sale of assets 19.5 1,980.7Advances for the acquisition of assets (34,889.0) 30,622.4Purchase of Financial Assets (3,492.5) (43,501.3)Sale of Financial Assets 9,136.5 12,301.6Acquisition of subsidiaries (10,400.0) (10,400.0)Interest and other financial income received 2,282.1 734.9Net cash flows from investing activities (51,042.2) (28,498.2)Cash flows from financing activitiesDividends 0.0 (49,885.3)Share capital return (71,234.9) 0.0Share capital increase expenses (785.6) 0.0Finance leases capital repayment (7,846.4) (9,726.5)Net cash flows from financing activities (79,866.9) (59,611.9)Net (decrease)/ increase in cash and cash equivalents (19,395.0) (18,157.2)Cash and cash equivalents at the beginning of the year 226,877.0 207,482.0Cash and cash equivalents at the end of the period 207,482.0 189,324.9

Cash Flow Statement

Key financial metrics

25Note: FY2013 pro‐forma, assuming full consolidation of  Olympic  Air  for the full year

EUR m FY:08 FY:09 FY:10 FY:11 FY:12 FY:13 FY:14 FY:15

Period end cash & other financial assets183 213 196 172 156 244 218 238

On balance sheet  debt & financial leases86 83 103 98 82 59 58 55

Net debt / (cash) (97) (130) (93) (73) (74) (185) (160) (182)

EUR m FY:08 FY:09 FY:10 FY:11 FY:12 FY:13 FY:14 FY:15Sales 559 553 516 580 563 850 912 983EBITDAR  102 96 76 62 73 182 209 217EBITDAR margin 18% 17% 15% 11% 13% 21% 23% 22%EBITDA 57 32 1 (18) 3 91 119 111EBITDA margin 10% 6% 0% ‐3% 1% 11% 13% 11%Net earnings 29 23 (23) (27) (10) 52 80 68Net earnings margin 5% 4% ‐5% ‐5% ‐2% 6% 9% 7%

EUR m FY:08 FY:09 FY:10 FY:11 FY:12 FY:13 FY:14 FY:15

Operating cash flow (before taxes & interest payments) 65 49 (5) 4 21 108 132 91

26

2016 capacity plans: 16m total seats +1m vs 2015Increasing frequencies on existing routes and new 

international destinations launched

•Dublin 

IrelandIreland

•Nice• Lille

FranceFrance

•Napoli• Bari

Italy

• Luxembourg

Luxemburg

•Amsterdam

Netherland

• Lisbon

Portugal

•Palma de Majorca

Spain

• Ljubljana

Slovenia

• Jeddah

S. Arabia

•Krakow

Poland

•Vilnius

Lithuania

• Split

CroatiaCroatia

27

2016: 101 Destinations from ATHENS + 1 million Seats

6.3 6.4

9.210.1

11.412.5

4.34.7

6.6

7.8

8.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2011 2012 2013 2014 2015 2016

AVS

PAX

35destinations

40destinations

64destinations

76destinations

89destinations

101destinations

22international

28international

34international

47international

59international

71international

Athens opportunity Underserved in terms of destinations

28

AthensATH

Airport BarcelonaBCN

RomeFCO

FrankfurtFRA

IstanbulIST

LisbonLIS

ViennaVIE

ZurichZRH

Short haul(< 5 hours)

Long haul(>5 hours)

2016

92

86

6

2005

79

74

5

2014

192

165

27

2005

100

89

11

2014

180

135

45

2005

141

99

42

2014

291

166

125

2005

282

172

110

2014

220

164

56

2005

110

95

15

2014

123

93

30

2005

77

62

15

2014

176

152

24

2005

165

137

28

2014

176

133

43

2005

140

110

30

Number of international destinations served from airport

Source: OAG, Mckinsey study (October 2014), A3

Last decade at a glance

29

€ m

In € cents

FY04-FY13: Aegean standalone / Group FY:13 & FY:14 include full consolidation of Olympic Air

261440

516 563683

850 912983

Revenue

Revenue

2% 6% 9% 10% 7% 6%

‐4%‐5% ‐2%

12% 8% 10%10%

‐40

‐20

0

20

40

60

80

100

120

Pre‐tax profit / margin

EBT Margin

1.0 1.2 1.4 1.9 2.3 2.8 3.1 3.5 3.5 4.0 4.3 4.9 6.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0 Passenger Traffic

International Pax Domestic Pax

5.7 6.2 6.4 5.9 6.1 5.2 5.1 4.4 4.3 4.2 5.3 4.9 4.70

200

400

600

800

1,000

1,200

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0Unit costs / stage length

CASK (excl fuel) Average stage length km

3,692 4,023

6,216

8,3089,139

10,73212,194

14,668

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

ASKs

62%71% 69% 68%

74% 77%

40%45%50%55%60%65%70%75%80%85%90%

Load Factor

Aegean Share

30

• Listed in Athens Exchange• Bloomberg AEGN GA / Reuters AGNr.AT• IPO : July 2007 / €7.60 IPO price• Dividends / Returns:

– DPS  FY08 €0.25– DPS  FY09 €0.13– Capital return FY13 €1.00– DPS FY14 €0.70– DPS  FY15 €0.70

• Contact:investors@aegeanair.com+30 210 626 1660

Disclaimer

31

Forward Looking StatementsExcept 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 forward‐looking 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.