Corporate Presentation

December 2019

Flying to 151 destinations in 44 Countries AEGEAN become

Europe’s Best Regional Airline and hold first place for the Quality of its Services.

Aegean Airlines at a glance

2

Create Valu

e

Superior Growth Achievements

Commitment to translate efficiency into a profitable business model that creates value to employees, stakeholders and society.

Sustainable business model with key strategic focus area in operational

quality and cost efficiency .

Efficient Operating Model

3

199920002001

20032005

20072010

20112013

20182019

2020…

1999Launch scheduled flights;Domestic market deregulation.

2000Acquisition of Air Greece.

2001Merger with Cronus.

First profitable year pre-tax basis;Low cost carriers enter Greek market.

2005Lufthansa’s regional partner;Airbus A320 order.

2003 Listing in Athens Exchange, raising €135m through IPO;First A320 deliveries.

2010Star AllianceMember

2007

International traffic exceeds domestic for the first time.

2013Olympic Air acquisition.

2011

20 years of experience

Airbus order of up to 42x A320neo aircraft. Sign MoU with Pratt & Whitney to power up to 62 Airbus A320neo Family Aircraft with GTF™ Engines.

2019Issue a EUR 200 mil. Common Bond Loan.

2018

Delivery of new fleet

4

Continue to develop our strengths and focus on our key pillars

Strong Brand Names

Professional and highly dedicated

EmployeesHomogenous Fleet

Current: 49x Airbus 320

CEO familyExpected:

46x Airbus 320 NEO family

Powerful Partnership

- Customer and Services;- Network and Fleet development;- People and Organization;- Innovation;- Sustainability.

3.146

Extensive Network

5 P

illar

s

• Aegean acquires a historical brand name in Greek aviation in 2013;

• Scale Economies;

• Network synergies, connectivity gains, full access to all domestic destinations;

• Complementary fleet;

• Consolidating management services (personnel, facilities, systems);

• Significant cost and revenue synergies.

5

Gain leverage from Olympic air acquisition

6

3,2 3,0 2,6 2,5 5,2 5,6 5,7 5,9 6,1

3,1 3,53,5 4,3

4,96,0 6,7 7,3 7,8

2,06,2 6,5

6,1

8,8

10,1

11,6

12,5

13,2

14,0

2010 2011 2012 2013 2014 2015 2016 2017 2018

Passenger Evolution (in mil.)

Domestic

International

Olympic

68,1% 68,9%

74,3%78,3% 78,3% 76,9% 77,4%

83,2% 83,9%

Load Factor Evolution

155

166 168

127132

139144

148153

Capacity per flight

Passenger and Load Factor Evolution

39 Greek airports but 1 metropolis

Traffic in pax Number of Airports

Main Airports

>20m 1 Athens

>6m 3 Thessaloniki, Heraklion, Rhodes

1-6m 6Chania, Corfu, Kos, Santorini

Zakynthos, Mykonos

200k-600k 9 -

<200k 20 -

Total 39 - Source: Hellenic Civil Aviation Authority, AIA

5,8 6,1 5,6 4,9 4,5 4,3 5,3 6,4 7,2 7,3 7,7

10,6 10,1 9,9 9,58,4 8,2

9,9

11,7

12,9 14,416,4

0

5

10

15

20

25

30

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Passengers AIA (in mil.)

Domestic Passengers International Passengers

6,5 6,8 6,2 5,6 5,1 5,0 6,0 7,3 7,9 8,2 8,5

27,8 26,0 25,8 27,6 26,428,5

32,534,3

37,1

41,545,4

0

10

20

30

40

50

60

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Passengers Greek Airports (in mil.)

Domestic Passengers International Passengers

7

Contributing to market’s growth

❑ Aegean is a Star Alliance member since 2010, the largest global airline alliance (28 memberairlines) providing benefits to both the customers and the company.

❑ Adding value to passengers’ travel experience through:- Access to a worldwide network – "Global" reach;- Seamless worldwide travel services;- Frequent Flyer Programs linked;- Privileged access to facilities, lounges, priority check-in, boarding, baggage.

USD 170,95 bil. 1,615.23 bil.

more than 19,000 727.62 mil.

195 423,210

28 4,919

1,317 more than 1,000

Total Revenue

Daily departures

Countries served

LoungesAirports served

Fleet

Number of employees

Fact

s &

Fig

ure

s Annual Passengers

Revenue Passengers km

Airline members

The Star Alliance Network

Source: Star Alliance as of Oct. 2019

8

Star Alliance membership: vote of confidence

9

2019 ScheduleAegean increased capacity with additional frequencies and new routes to Marrakech,

Casablanca, Ibiza, Valencia, Sarajevo, Tunis,Skopje, and from Thessaloniki to Hannover.

Stronger load factor84,5% vs 83,6% ↑| 1 pp YoY.

151 destinations 31 domestic and 120 international

to 44 countries.

Network development

Improved 9M 19 operating figures90.420 flights ↑| 5 % YoY14.438 ASK’s ↑| 8 % YoY12.232 RPK’s ↑|10 % YoY

921 avg sector length ↑| 1 % YoY.

TOTAL NUMBER OF EMPLOYEES

3,146*

EMPLOYEE BREAKDOWN BY GENDER

41% MEN 59%WOMEN

2013

2014

2015

2016

2017

2018

+1000 jobs generated

10

Adding value to employees

* As of July 2018

-Assessment through personality, technical skills, functional test;

-More than 40,000 candidate applications each year;

-More than 2,000 interviews

annually.

Recruitment

-40-50% of our personnel will receive incentives linked to productivity;

-600 employees linked to profitability.

Incentives

-Every opening offered both internally and externally;

-Support employee rotation; 800 people moved internally;

-Scholarships for pilots.

Development

-Annual or bi –annual internal evaluations;

-Psychologist support for flight operators.

Evaluation

Pers

on

nel

cu

ltu

re

Customer focus

Customer centric company always providing a positive customer experience, in a commoditized LCC driven European Short Haul Market.

The extra smile and attentiveness of the crew.

Catering when almost no one else has it, promoting Greek Products.

The Inflight Magazine.

12

✓ AEGEAN has been recognized in the2019 TripAdvisor Travelers’ Choice®awards for Airlines winning thedistinctions of:

✓ Best regional Airline in Europeaccording to Skytrax for 2019 for theninth consecutive year, and for thetenth time in eleven years.

▪ Best Regional Airline Europe▪ Best Regional Business Class

Europe▪ Best Airline in Greece

✓ AEGEAN voted 5th on the World'sBest International Airlines in 2018Readers' Choice Awards of CondéNast Traveler (outside the US).

Brand recognition and preferability

13

Next generation- 46x 320 neo family

7x-Direct leases 7

2x - Airbus order9x - Direct leases

11

8x-Airbus order 8

10x-Airbus order 10

2020

2021

2022

2023

10x-Airbus order 102024

Strategic imperative to continue to operate a young, modern and efficient fleet.

- The new fleet will facilitate replacement of existing fleet and manage growth.

- Lease CEO expiration schedule allows for multiple options.

- Maintain some of CEO A/C for seasonal operation use.

- Right size fleet balance jet aircraft vs turboprop –decision not taken yet.

- Address current low ownership mix.

Quality upgrade Improved Range Possibilities

Fuel Savings Financial BenefitsAegean’s specific benefits

High quality level of service

▪ Operational opportunities to reach new and more remote destinations.

▪ The new engine option offer 15% fuel saving and an improved energy footprint for the Group.

▪ Increased seat capacity per aircraft.

▪ New services mostly digital.

▪ Re-contracting of maintenance; Non-maintenance reserves requirements.

▪ Improved cash flows.▪ Reshaping ownership

cost owned/lease fleet mix.

▪ Lease Duration

14

Multiple benefits from A320 neo fleet

Operated with the same number of fleet:49 Jets and 12 Turboprops.

61 aircraft

Flew 5% more YoY in 151 destinations in 44 countries.

90.420 flights

Offered 8% more ASK’s and welcome more than 7% YoY passengers on board.

11,6 mil. passengers

Improved load factor by 1 pp YoY.

84,5%

Top line growth continued with a 10% increase YoY.

€ 1.031,9 mil. revenues

Key figures9M 2019

Flattish unit costs excluding fuel (on EBIT level).

€ 4,9 CASK

€ 77,1 mil. net profit

Strong Balance Sheet.

€ 637,2 mil. cash and cash equivalents

Despite increased fuel cost and negative IFRS 16 impact reported profit.

16

Operating Environment

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

Q3 2018 Q3 2019 9M 20189M 2019 FY 2017 FY 2018

Aegean: Strong International Passengers growth

Domestic pax International pax

↑| 10%

↑| 12%

↑| 2%

↑| 7%

↑| 4% →| 0%

0

10.000

20.000

30.000

40.000

50.000

60.000

Q3 2018 Q3 2019 9M 20189M 2019 FY 2017 FY 2018

Total Greek Airports

Domestic pax International pax

↑| 5%

↑| 5%

↑| 3% ↑| 1% ↑| 3%

↑| 9%

AEGEAN carried 11,6 million passengers during 9M 2019, reporting a 7% growth inpassenger traffic. This growth is almost entirely due to the company’s 12% increase ininternational passengers (694.000 additional passengers), reaching 6.8 millionpassengers in 9M 2019, having invested 715.000 additional seats.

Aegean grew more than the market

Sources: Company and YPA.

17

Operational Excellence

Increased asset utilization and improved load factors

0

20.000

40.000

60.000

80.000

100.000

120.000

FY 2017 FY 2018 9M 2018 9M 2019

Total Flights

↑| 1% ↑| 5%

0,72

0,74

0,76

0,78

0,80

0,82

0,84

0,86

2015 2016 2017 2018 9M 2019

Scheduled Load Factor

Load factor - Scheduled (RPK/ASK) Load factor - Scheduled (Pax/AVS)

740 760 780 800 820 840 860 880 900 920 940

2015 2016 2017 2018 9M 2019

Average Sector Length

Average Sector Length

In 2019 we operate with 61 aircraft and offer 700,000 more available seats.

18

Organic Growth along the years

16.383

16.657

17.245

13.347

14.438

2016

2017

2018

9M 2018

9M 2019

Available seat kilometers in millions

↑| 4%

↑| 2%

↑| 8%

8,1 8,2 8,3 8,5 8,5

2016 2017 2018 9M 2018 9M 2019

Passenger Yield in € cents

↑| 1% ↑| 1% →| 0%

12,513,2

14,0

10,811,6

2016 2017 2018 9M 2018 9M 2019

Passenger Number in millions

↑| 6% ↑| 6%

↑| 7%

Domestic International Total

2018 284,7 902,7 1.189,5

2017 286,1 841,6 1.127,6

% change -0,5% +7,3% 5,5%

Revenue growth supported by international network expansion

19

Cost discipline despite increase in jet fuel cost

827,6884,3

960,0

725,9812,4

2016 2017 2018 9M 2018 9M 2019

Total operating costs in € millions

↑| 7% ↑| 9%

↑| 12%

4,50

4,60

4,70

4,80

4,90

5,00

5,10

2015 2016 2017 2018 9M 2018 9M 2019

CASK- EBIT level excl. fuel cost in € cents

2018Total Operating Cost: EUR 960 mil.

*excluding operating leases

20

↑|7,1%

↑|16,5%

↑|12,2%

↑|6,3%↑|9,0%

↑|7,7%

↑|12,5%

↑|10,2%

↑|21,0%

↑|15,5%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

0,0

50,0

100,0

150,0

200,0

250,0

Employeebenefits

Aircraft fuel Aircraftmaintenance

Overflightexpenses

Groundhandlingexpenses

Airportcharges

Cateringexpenses

Distributionexpenses

Marketingand

advertisingexpenses

Otheroperatingexpenses

9M 2018 9M 2019Amounts in € mil.

Cost per ASK 9M 18 9M 19 % change

Employee benefits 0,75 0,74 -1%

Aircraft fuel 1,40 1,50 8%

Depreciation 0,11 0,75 n.m.

Aircraft leases 0,74 0,01 n.m.

Aircraft maintenance 0,94 0,97 4%

Overflight expenses 0,39 0,39 -2%

Ground handling expenses 0,38 0,39 1%

Airport charges 0,37 0,36 0%

Catering expenses 0,19 0,19 4%

Distribution expenses 0,45 0,46 2%

Marketing and advertising expenses 0,08 0,09 12%Other operating expenses 0,49 0,53 7%

CASK – EBIT level 6,3 6,4 2%

CASK – EBIT level (exc. fuel costs) 4,9 4,9 0%

ASK’s 13.347 14.438 8%

Cost evolution reflects higher activity and higher utilization of jet fleet; higher effective unit fuel cost

21

Strong bottom line performance

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

FY 2017 FY 2018 9M 2018 9M 2019

Net Income

Sustainable growth3%

5% 6%

2016 2017 2018

Net Profit Margin Evolution

Q3 18 Q3 19 YoY % 9M 18 9M 19 YoY %

Revenue

483,6 512,5 6% 939,3 1.031,9 10%

EBITDAR

175,1 168,7 -4% 225,1 232,3 3%

EBITDA 140,6 168,1 n.m. 125,9 230,8 n.m.

Pre-tax profit for the period 134,1 123,7 -8% 115,8 106,6 -8%

Net profit/(loss) for the period 94,7 90,2 -5% 80,9 77,1 -5%

637

397

61158

13462

9M 19

Assets

Cash FleetAdvances for assets acquisition Customers and other receivablesOther fixed Assets Other Assets

322

16

324

197

127

150

316

9M 19

Liabilities-Equity

Equity Finance Lease

Operating Leases Bond

Other Long Term Liabilities Tickets Sold not flown

€ 1.450,6€ 1.450,6

Amounts in € mil.

22

Robust Balance Sheet Structure

Appendix

❑ An enduring partnership among five groups/partners1:Vassilakis, Laskaridis, Constantakopoulos, Ioannou and David families.

❑ Company’s shares are listed in the Athens Stock Exchange since 2007.

36,70%

30,91%

32,39%

Vassilakis family Pre-IPO shareholders Rest

1.Constantakopoulos Family: Costamare Shipping company and Real Estate development TEMES, Laskaridis Family: Lavinia Shipping, Real estate, Hotels, G. David Family: Coca

Cola Hellenic Bottling Company, Ioannou Family: Construction J&P, Real Estate, Hotels.

Working together

24

Aegean Olympic Air Aegean Aegean Olympic Air

49 - 4 45 -

- 8 - - 8

- 2 - - 2

- 2 - - 2

49 12 4 45 12

Airbus A320ceo family

Bombardier Dash 8-Q400

Bombardier Dash 8-100

Manufacturer/Model

ATR 42-600

Operator

Total

Finance Lease Operating Lease

25

Current Fleet

26

% of estimated

annual needs

Average hedged

rate

61% 1,19

50% 1,14

EURUSDCurrency

Needs Coverage

FY 2020

FY 2019

Forward contracts in US dollars (currency forwards & options)

% of estimated

annual needs

Average hedged

rate

76% 645

53% 622

FOB Med equivalent Jet priceCommodity

Needs Coverage

FY 2020

FY 2019

Commodity swaps (jet fuel swaps)

Managing exposure toreduce volatility onresults and target costcertainty.

Hedging Coverage

27

Consolidated resultsIn € millions

Jan – Dec

2017

Jan – Dec

2018Change

in %

Jan – Sep

2018

Jan – Sep

2019Change

in %

Revenue 1,127.6 1,187.4 5% 939,3 1.031,9 10%

EBITDAR 257.3 244.9 -5% 225,1 232,3 3%

EBITDA 119.8 111.4 -7% 125,9 230,8 83%

Pre-tax earnings 85.8 98.6 15% 115,8 106,6 -8%

Net earnings 60.4 67.9 13% 80,9 77,1 -5%

Total number of passengers (in

thousands) 13,217 13,971 6%

10.827 11.633 7%

Average number of passengers per

flight121 127 5%

126 129 2%

Load factor - Scheduled services

(RPK/ASK)83.2% 83.9% 0.7pp

83,6% 84,5% 0,9pp

Load factor - Scheduled services

(Pax/AVS)82.5% 83.2% 0.8pp

82,9% 83,9% 1,0pp

Average sector length (km) 905 915 1% 909 921 1%

RASK (Revenue per ASK, in € cents)6.9 7.0 2%

7,1 7,2 2%

Yield (Revenue per RPK, in € cents)8.2 8.3 1%

8,5 8,5 0%

CASK (EBT level, in € cents) 6,34 6,42 1% 6,2 6,5 4%

CASK (EBT level, in € cents) - excl. fuel

costs 5,11 4,99 -2% 4,9 5,0 3%

Aegean at a glance

28

Jan – Dec

2017

Jan – Dec

2018Change

in %

Jan – Sep

2018

Jan – Sep

2019Change

in %

Capacity

ASKs (in millions) 16,657 17,245 4% 13.347 14.438 8%

Total available seats (000) 16,082 16,847 5% 13.101 13.879 6%

Total Block Hours 178,229 181,686 2% 141.138 151.189 7%

Total Sectors Flown 108,977 109,825 1% 85.846 90.420 5%

Average capacity per flight 148 153 4% 153 154 1%

Average sector length (km) 905 915 1% 909 921 1%

Passengers (000)

By type of service :

Schedule passengers 12,724 13,467 6% 10.428 10.995 5%

Charter passengers 492 505 3% 399 638 60%

By network :

Domestic 5,903 6,122 4% 4.793 4.904 2%

International 7,314 7,849 7% 6.035 6.729 12%

Total number of passengers 13,217 13,971 6% 10.827 11.633 7%

RPKs (in millions) 13,851 14,435 4% 11.144 12.232 10%

Pax/flight 121 127 5% 126 129 2%

Load factor - Scheduled

(Pax/AVS) 82.5% 83.2% 0.8pp 82,9% 83,9% 1,0pp

Load factor - Scheduled

(RPK/ASK) 83.2% 83.9% 0.7pp 83,6% 84,5% 0,9pp

Group Operating figures

29

Consolidated results (in € mil.)

Jan – Dec

2017

Jan – Dec

2018Change

in %Jan - Sep

2018Jan - Sep

2019Change

in %

Revenue

Scheduled Services 963.4 1,014.9 5% 804,3 860,9 7%

Charter 54.6 51.6 -5% 41,4 67,0 62%

Other 109.7 120.9 10% 93,6 104,0 11%

Total revenue 1,127.6 1,187.4 5% 939,3 1.031,9 10%

Other operating income 14.0 17.5 25% 11,7 12,8 10%

Employee benefits (125.0) (130.0) 4% (100,3) (107,4) 7%

Aircraft fuel (204.5) (245.6) 20% (186,3) (217,1) 17%

Aircraft maintenance (153.8) (163.8) 7% (125,0) (140,3) 12%

Overflight expenses (65.7) (67.5) 3% (52,6) (55,9) 6%

Ground handling expenses (63.2) (65.9) 4% (51,1) (55,7) 9%

Airport charges (60.8) (64.0) 5% (48,8) (52,5) 8%

Catering expenses (29.4) (32.5) 11% (24,7) (27,8) 12%

Distribution expenses (84.1) (79.6) -5% (60,6) (66,8) 10%

Marketing & advertising expenses (15.6) (16.2) 4% (10,6) (12,8) 21%

Other operating expenses (82.3) (94.9) 15% (65,8) (76,1) 16%

EBITDAR 257.3 244.9 -5% 225,1 232,3 3%

EBITDAR margin 22.8% 20.6% 24,0% 22,5%

Aircraft leases (137.5) (133.6) -3% (99,2) (1,5) -99%

EBITDA 119.8 111.4 -7% 125,9 230,8 83%

Depreciation (19.4) (18.7) -4% (14,5) (108,9) 654%

EBIT 100.4 92.7 -8% 111,4 121,9 9%

EBIT margin 8.9% 7.8% 11,9% 11,8%

Financial results (14.6) 6.0 - 4,4 (15,3) -

EBT 85.8 98.6 15% 115,8 106,6 -8%

EBT margin 7.6% 8.3% 12,3% 10,3%

Income Tax (25.4) (30.7) 21% (34,9) (29,4) -16%

Net earnings / (loss) after tax 60.4 67.9 13% 80,9 77,1 -5%

Profit and Loss account

30

(in € mil.) December 18 September 19

Total fixed assets 255,1 593,1

Cash & equivalents 271,7 617,7

Financial assets available for sale 18,5 19,6

Other current assets 180,7 220,2

Total assets 725,9 1.450,6

Total equity 277,9 322,1

Finance lease liabilities 22,9 15,8

Operating Lease liabilities 0,0 323,8

Loans 0,0 196,8

Other Liabilities 425,1 592,1

Total equity and liabilities 725,9 1.450,6

Balance Sheet Aegean Group

31

(in € mil.) Jan – Dec 2018 Jan – Sep 2019

Net cash flows from operating activities 86 307

Net cash flows from investing activities -70 -18

Net cash flows from financing activities -49 52

Net (decrease)/ increase in cash and cash equivalents -33 340

Cash at the beginning of the period 301 272

Foreign exchange difference impact in cash 4 6

Cash at the end of the period 272 618

Cashflow Aegean Group

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Contact Information

https://en.about.aegeanair.com/investor-relations

https://www.youtube.com/user/aegeanairlinesvideo

Aegean Airlines Headquarters31, Viltanioti str., 14564,Kifissia, Greece Map

T: +30 2106261519T: +30 2106261660F: +30 210 6261900

www.aegeanair.com

https://www.facebook.com/aegeanairlines

https://www.instagram.com/aegeanairlines/

https://twitter.com/aegeanairlines

33

Disclaimer

Forward Looking Statements

Except for historical information, the statements made or information contained in this presentation are forward-looking in nature.These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectivesand 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 anyforward-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 navigationfee changes; changes in aircraft acquisition, leasing and other operating expenses; developments in government regulations and laborrelations; the cost of our ground handling operations; the future development of AIA, the Greek regional airports and the internationalairports; foreign currency fluctuations, in particular between the euro and the U.S. dollar; the progress of our code-shared andinterline arrangements; the availability of additional slots or landing rights at existing airports and the availability of new airports forexpansion; interest rate fluctuations; extraordinary events, such as accidents, terrorist attacks or threats of terrorist attacks, naturaldisasters and outbreaks of contagious diseases; the rates of taxes payable; and general economic conditions in Greece and theEuropean 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 notto be treated as guarantees of future performance. The forward-looking statements are made as of the date of this presentation, andwe undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, futureevents or otherwise.

34

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