Aegean AirlinesCompany Presentation

October 2008

2

Agenda

Aegean Airlines at a glance

Investment highlights

Appendix

3

Fastest growing Greek carrier

9 years agoStarted operations as a full service carrier serving 10 domestic destinations Carrying 300k passengers in 1st year of operationsFleet of 4 RJs, 3 ATRsCompeting with Greek carriers

0.0

1.0

2.0

3.0

4.0

5.0

6.0

1999 2000 2001 2002 2003 2004 2005 2006 2007

mill

ion

pax

Today40 routes to 29 destinations in Greece and abroad 5.2 m passengers in 2007 (5.8 – 5.9 m expected for 2008)Fleet of 27 jet aircraft (29 by end 2008)Competing with OA, intl LCCs and network carriersTrack record of 5-year profitabilityIPO in July 2007 - Free float 25%

Passengers Revenue breakdown (2007)

Scheduled flights

Charterflights

Other

85%

10%

5%

4

Investment highlights

Network coverage: Well established in domestic market / expanding international network

Competitive Environment: Leading domestic share – Market share gains in the majority of international routes

Focus on Quality - Fleet renewal

Operating / financial update: Passenger growth continued in 2008 –Profitability performance above industry standards in a challenging environment – Strong balance sheet

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Our network

RHODES

CHANIA

ALEXANDROUPOLISTHESSALONIKI

ATHENS

HERAKLION

KERKYRA

KAVALA

IOANNINA

SAMOS

CHIOS

KOS

MYKONOS

SANTORINI

MYTILINI

Opened in 2008

LIMNOS

KEFALONIA

Opened in 2008

Domestic International

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Competitive position - International Routes (y-t-d)

Number 2

4

3

3

4

6

3

4

3

3

4

4

5

4

3

3

3

3

# OperatorsAGEAN market rank

Number 1Routes

Thessaloniki-Stuttgart

Thessaloniki-Munich

Thessaloniki-Larnaca

Thessaloniki-Frankfurt

Thessaloniki-NRW

Rhodes-Larnaca

Heraklion-Larnaca

Athens-Tirana

Athens-Sofia

Athens-Rome

Athens-Munich

Athens-Milan

Athens-London

Athens-Larnaca

Athens-Frankfurt

Athens-Cairo

Athens-Bucharest

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

Opened May 2008

Opened May 2008

2008 rising market share in the majority of routes#1 position in Balkan routes#1 position in intl routes out of Thessaloniki#1 in 8 out of 17 intl routes

7

Competitive position

5%

10%

15%

20%

25%

30%

2002 2003 2004 2005 2006 2007 1H2008

Mar

ket

shar

e by

Pax

Aegean at Athens International AirportNumber 2 carrier out of

65 carriers operating flights

3%Emirates

4%Singapore

12%Lufthansa

17%Olympic Airlines

45%Aegean Airlines

Athens Airport Survey Favorite airline for Greek residents

Performance on our 3 main bases:3-4 percentage points market share gain in Athens in 2008#1 carrier in Thessaloniki#1 carrier in Heraklion

8

International network - Winter 2008With latest additions we are covering 10 out of 16 most popular international destinations out of Athens

Bucharest15

NRW16

Berlin17

Prague18

Moscow19

Tel Aviv20

Vienna14

Cairo13

Istanbul12

Brussels11

Madrid10

Zurich9

Amsterdam8

Milan7

Frankfurt6

Munich5

Rome4

Paris3

Larnaca2

London1

Top 20 International Destinations out of Athens

Thessaloniki-Stuttgart17

Thessaloniki-Munich16

Thessaloniki-Larnaca15

Thessaloniki-Frankfurt14

Thessaloniki-Dusseldorf13

Rhodes-Larnaca12

Heraklion-Larnaca11

Athens-Tirana10

Athens-Sofia9

Athens-Rome8

Athens-Munich7

Athens-Milan6

Athens-London5

Athens-Larnaca4

Athens-Frankfurt3

Athens-Cairo2

Athens-Bucharest1

Aegean International Routes

Winter 2008+ Athens - Paris

Athens-Düsseldorf3rd daily flight Athens-London

*Excl. Long Haul

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Target W.European & regional marketsExpansion criteria/priorities

Destinations within 4-hour flight radiusBalance of traffic originating in GreeceHigh share of point-to-point trafficSlots availability

International Network Strategy

Tel Aviv

Beirut

Kiev

Zurich

Warsaw

Vienna

Prague

Moscow

Manchester

Madrid

Istanbul

Geneva

Copenhagen

Budapest

Brussels

Berlin

Belgrade

Barcelona

Amsterdam

Potential new destinationsWe plan to continue our international network expansion to better cover the needs of our customers

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Focus on quality services

Quality product offering

First to introduce Business Class in domestic market

On time performance

Self check in kiosks

www.aegeanair.com more than 20k visits per day

9%

20%

30%

2005 2006 2007

% of web bookings

New website design & booking engine

11

Fleet renewal

10.4 10.08.0

4.53.0

0.0

4.0

8.0

12.0

2006 2007 2008E 2009E 2010E

Yea

rs

3130-322724Total

2010200920082007Fleet at peak period

31302923Total

031014Boeing 737/300-400

4666Avros

2721133A 320 / 321

2010200920082007Fleet (year end)

Average fleet age

Delivery of 27 new aircraft Airbus A320/321 over the 2007-2010 period

Maintenance and fuel efficiency benefits in full by beginning of 2010

Image benefits / reliability / higher avgcapacity per A/C

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Operating update

Total passengers served reached 2.6m in H1: 2008, +13% above 2007 (+24% international, +8% domestic y-o-y growth).

Scheduled services load factor at 67%, 0.5 percentage point higher vs prior year with 7% larger average capacity per aircraft flown

Passenger growth trends maintained in Q3: 2008

12%3,8963,477Total available seats

8%9991Pax / Flight

67.0%66.5%Load factor (RPK/ASK)

68.0%67.1%Load factor (Pax/Avs)

4%26,74325,628Total flights

13%2,6472,339Total passengers

24%967781International passengers

8%1,6801,557Domestic passengers

08 vs 071H 20081H 2007(,000)

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Financial update

-13%5.56.4Net income

-3%7.78.0EBT

-2.6pp11.3%13.9%EBITDAR margin

2%29.629.1EBITDAR

26%262.7209.0Revenue

08 vs 071H 20081H 2007Euro (million)

7%658616Average segment length (km)

-1%6.97.0CASK - EBT level (excl. fuel € cents)

7%9.48.8CASK - EBT level (€ cents)

6%9.79.1RASK (€ cents)

6%14.413.6Yield (€ cents)

Efficient revenue management, gradual maturity of routes opened in previous years and fuel surcharges drive unit revenues higher

Fuel impact largely offsetting achieved revenue improvements

USD and fuel hedges net negative impact of €9m versus negative €1.7m in 2007

Cash and cash equivalents at €159.8m

Impact of high oil prices more intense in Q3. Nevertheless, positive profitability and strong cash flows expected for FY 08

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Closing remarks0ur challenges

Fuel costs

European economic slowdown

Privatization of OA

Fleet transition costs

International routes expansion risks

Our strengths / opportunitiesStrengthening of AEGEAN’s competitive positioning y-t-d – Capacity ‘discipline’ in most of the routes flown

OA restructuring transformation – Downsizing 35% imposed

Maturing revenue management efforts

Fleet investment benefits gradually unfold

Positive profitability trends on international routes opened in the past 2 years

Explore further partnerships / alliance opportunities

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Appendix

Shareholders structure

Our network

Lufthansa partnership

Financial Statements

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Shareholders structure

Vassilakis Group35.7%

Laskarides Group19.0%

D. Ioannou6.1%

Osiris4.7%

Piraeus Bank4.7%

Free Float23.6%

Cantel Participations

6.2%

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Our network

Athens-Mytilini12

Thessaloniki-Santorini23Athens-Myconos11

Thessaloniki-Rhodes22Athens-Limnos10

Thessaloniki-Mytilini21Athens-Kos9

Thessaloniki-Mykonos20Athens-Kefalonia8

Thessaloniki-Kos19Athens-Kavala7

Thessaloniki-Heraklion18Athens-Ioannina6

Thessaloniki-Chania17Athens-Heraklion5

Athens-Thessaloniki16Athens-Corfu4

Athens-Santorini15Athens-Chios3

Athens-Samos14Athens-Chania2

Athens-Rhodes13Athens-Alexandroupolis1

Domestic Routes

Thessaloniki-Stuttgart17

Thessaloniki-Munich16

Thessaloniki-Larnaca15

Thessaloniki-Frankfurt14

Thessaloniki-Dusseldorf13

Rhodes-Larnaca12

Heraklion-Larnaca11

Athens-Tirana10

Athens-Sofia9

Athens-Rome8

Athens-Munich7

Athens-Milan6

Athens-London5

Athens-Larnaca4

Athens-Frankfurt3

Athens-Cairo2

Athens-Bucharest1

International Routes

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Lufthansa’s regional partner

Cooperation since 2005

Link generates additional passenger traffic from/to Lufthansa’s network, especially business traffic

Increased brand awareness in Germany

Linked loyalty programs: miles earned in both carriers

Improved connectivity from coordinated schedules

Athens

Brussels

Amsterdam

Berlin

Hamburg

Munich

Düsseldorf

Thessaloniki

Hannover

Stuttgart

Frankfurt

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Profit & Loss FY 2007amounts in m euros, % y-o-y change 2006 2007 y-o-y

%

Scheduled Services 302.4 373.6 24%Charter 47.9 46.1 -4%Other (cargo, service ch., ex.aviation) 18.8 20.2 7%Airport charges 31.9 42.8 34%Sales 401.1 482.7 20%Other operating income 1.1 2.3 106%Employee benefits (54.7) (65.3) 19%Aircraft fuel (79.2) (95.9) 21%Aircraft maintenance (43.7) (58.8) 35%Overflight expenses (15.8) (19.5) 23%Ground handling expenses (11.3) (15.0) 33%Airport charges (53.3) (68.2) 28%Catering expenses (10.3) (13.1) 28%Distribution expenses (34.7) (31.6) -9%Marketing and advertising expenses (3.5) (3.9) 14%Inventories consumption (0.7) (0.9) 32%Other operating expenses (25.2) (29.7) 18%

EBITDAR 69.9 83.1 19%EBITDAR margin 17.4% 17.2%

Aircraft leases (23.7) (36.1) 52%EBITDA 46.2 47.1 2%

Depreciation (6.2) (4.1) -33%EBIT 40.0 42.9 7%EBIT margin 10.0% 8.9%

Interest and other financial income 4.1 8.6Interest and other financial expense (7.1) (6.9)Gains on sales of subsidiaries 0.4 -Losses on sales of associates (3.0) -

EBT 34.4 44.6 30%Income Tax (9.8) (8.8)Profit / (loss) after tax from continuing operations 24.6 35.8 45%Profit from discontinued operations 2.0 -Profit after tax 26.7 35.8 34%Minority Interest (1.0) -Net earnings after tax and minority interest 25.7 35.8 39%

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Balance sheet FY 2007amounts in m euros 31/12/2006 31/12/2007ASSETSIntangible assets 0.3 0.3 Tangible assets 26.5 27.4 Down payments for tangible assets acquisition 32.1 77.8 Deferred tax assets 9.5 12.9 Other long term assets 3.4 5.9 Total fixed assets 71.8 124.3 Current assets Inventories 5.9 7.5 Customers and other trade receivables 60.4 60.1 Down payments 4.3 2.9 Cash and cash equivalents 24.4 158.3 Total current assets 94.9 228.8 TOTAL ASSETS 166.8 353.2 EQUITY AND LIABILITIESParent company shareholders equityShare capital 80.3 107.1 Share premium account 42.3 144.8 Other reserves (8.9) (22.9) Retained earnings (97.3) (61.6) Parent company shareholders equity 16.5 167.5 LiabilitiesLong term liabilitiesLong term loan liabilities 20.0 30.8 Finance lease contracts liabilities 14.2 Long term derivative instruments liabilities 13.6 Provisions for retirement benefits obligations 3.2 4.1 Total long term liabilities 37.5 48.5 Short term liabilitiesSuppliers and other liabilities 32.6 45.8 Long term loan liabilities payable next year 2.1 26.7 Short term loan liabilities 20.4 Other short term liabilities 6.0 5.3 Liabilities from tickets sold but not flown 16.4 19.6 Accrued expenses 10.2 11.7 Derivative instruments liabilities 12.6 17.7 Current tax liabilities 12.6 10.4 Total short tern liabilities 112.8 137.2 Total liabilities 150.3 185.7 TOTAL EQUITY AND LIABILITIES 166.8 353.2

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Cash Flow FY 2007amounts in m euros 31/12/2006 31/12/2007Cash flows from operating activitiesProfit of the period 26.7 35.8 Adjustments for:Taxes 9.8 8.8 Depreciation of fixed assets 6.2 4.1 Results from sale of fixed assets (0.4) 0.2 Profits from sale of subsidiaries (0.4) (0.0) Losses from sale of affiliated firms 3.0 - Interest and other financial income (0.3) (3.5) Interest and other financial expenses 3.4 3.6 Loss /(profit) from financial derivatives (0.9) (0.1) Provisions for retirement benefits obligations 0.9 1.2 Operating flows from discontinued activity 1.3 - Cash flows from operating activities before changes in working capital 49.2 50.1 Changes in working capital(Increase) / decrease in inventories (0.6) (1.6) (Increase) / decrease in trade & other receivable (4.0) (30.3) Increase / (decrease) in payables 15.3 15.9 Increase /(Decrease) in financial derivatives liabilities 2.9 4.8 Cash outflows for retirement benefits obligations (0.1) (0.1) Other changes in working capital (1.4) (2.5) Total changes in working capital 12.1 (13.8) Interest expenses paid (3.6) (3.1) Income taxes paid - (6.6) Net cash flows from operating activities 57.7 26.6 Cash flows from investment activitiesPurchases of fixed assets (8.1) (7.1) Sales of fixed assets 0.9 25.8 Advances for acquisition of fixed assets (27.4) (43.6) Sale of affiliates/subsidiaries 0.0 2.7 Interest and other financial income received 0.3 2.0 Investment flows from discontinued activity (1.6) Net cash flows from investment activities (35.9) (20.1) Cash flows from financing activities Loans drawn / (repaid) 2.1 17.2 Share capital increase - 135.2 Share capital increase expenses - (8.5) Changes in financial lease capital (3.1) (16.4) Financing flows from discontinued activity (1.7) - Net cash flows from financing activities (2.7) 127.5 Net (decrease)/ increase in cash and cash equivalents 19.2 134.0 Cash and cash equivalents at the beginning of the period 5.2 24.4 Cash and cash equivalents at the end of the period 24.4 158.3

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Profit & Loss Interim 2008amounts in m euros, % y-o-y change 2007 2008 2007 2008 2007 2008

Q1 Q1 Q2 Q2 % 1H 1H %

Scheduled Services 67.1 81.8 22% 96.1 123.7 29% 163.2 205.5 26%Charter 2.2 3.4 58% 15.7 20.2 29% 17.9 23.6 32%Other (cargo, service ch., ex.aviation) 4.4 4.4 2% 5.1 5.8 13% 9.5 10.2 8%Airport charges 6.7 9.1 36% 11.8 14.3 21% 18.5 23.4 26%Sales 80.3 98.8 23% 128.7 163.9 27% 209.0 262.7 26%Other operating income 0.2 3.4 n.m. 1.6 0.8 -48% 1.8 4.2 137%Employee benefits (14.7) (17.2) 17% (16.4) (18.4) 13% (31.0) (35.6) 15%Aircraft fuel (15.5) (24.4) 57% (25.1) (42.4) 69% (40.7) (66.8) 64%Aircraft maintenance (10.4) (13.5) 29% (15.5) (17.4) 12% (26.0) (30.9) 19%Overflight expenses (3.1) (3.8) 23% (5.6) (6.0) 6% (8.8) (9.8) 12%Ground handling expenses (2.2) (3.0) 33% (4.1) (4.2) 2% (6.4) (7.2) 13%Airport charges (11.2) (13.4) 19% (18.5) (22.8) 23% (29.8) (36.2) 22%Catering expenses (2.5) (2.6) 4% (3.7) (3.9) 5% (6.2) (6.5) 4%Distribution expenses (8.0) (9.2) 15% (9.6) (11.3) 18% (17.6) (20.5) 16%Marketing and advertising expenses (1.0) (1.4) 42% (0.7) (2.1) 184% (1.7) (3.5) 103%Inventories consumption (0.2) (0.2) 8% (0.2) (0.2) -27% (0.4) (0.3) -14%Other operating expenses (5.8) (9.4) 61% (7.4) (10.5) 43% (13.2) (19.9) 51%

EBITDAR 5.8 4.2 -27% 23.3 25.4 9% 29.1 29.6 2%EBITDAR margin 7.2% 4.3% 18.1% 15.5% 13.9% 11.3%

Aircraft leases (7.4) (9.1) 23% (9.3) (11.8) 26% (16.7) (20.9) 25%EBITDA (1.6) (4.9) 204% 14.0 13.6 -3% 12.4 8.7 -30%

Depreciation (1.0) (1.1) 18% (1.0) (1.6) 53% (2.0) (2.7) 36%EBIT (2.6) (6.0) 135% 13.0 12.0 -7% 10.4 6.0 -42%EBIT margin -3.2% -6.1% 10.1% 7.3% 5.0% 2.3%

Interest and other financial income 1.0 4.9 402% 0.7 6.5 1.7 11.4Interest and other financial expense (2.2) (6.0) 176% (2.0) (5.1) (4.2) (11.0)Other extraordinary - 1.4 - - - - - 1.4 -

EBT (3.8) (5.7) 53% 11.7 13.5 15% 8.0 7.7 -3%EBT margin -4.7% -5.8% 9.1% 8.2% 3.8% 2.9%Income Tax 1.2 1.3 (2.8) (3.5) (1.6) (2.2)Net earnings after tax and minority (2.6) (4.4) 73% 8.9 10.0 12% 6.4 5.5 -13%

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Balance Sheet Interim 2008amounts in m euros 31/12/2007 31/06/2008ASSETSIntangible assets 0.3 0.5 Tangible assets 27.4 78.4 Down payments for tangible assets acquisition 77.8 72.3 Deferred tax assets 12.9 18.2 Other long term assets 5.9 8.2 Total fixed assets 124.3 177.7 Current assets Inventories 7.5 8.0 Customers and other trade receivables 60.1 78.0 Down payments 2.9 5.6 Cash and cash equivalents 158.3 159.8 Total current assets 228.8 251.4 TOTAL ASSETS 353.2 429.1 EQUITY AND LIABILITIESParent company shareholders equityShare capital 107.1 46.4 Share premium account 144.8 144.8 Other reserves (22.9) (33.4) Retained earnings (61.6) 4.7 Parent company shareholders equity 167.5 162.4 LiabilitiesLong term liabilitiesLong term loan liabilities 30.8 20.0 Finance lease contracts liabilities 39.2 Long term derivative instruments liabilities 13.6 24.5 Provisions for retirement benefits obligations 4.1 4.4 Total long term liabilities 48.5 88.1 Short term liabilitiesSuppliers and other liabilities 45.8 50.6 Long term loan liabilities payable next year 26.7 22.2 Long term finance lease contracts liabilities payable next year - 3.2 Other short term liabilities 5.3 7.2 Liabilities from tickets sold but not flown 19.6 41.4 Accrued expenses 11.7 13.9 Derivative instruments liabilities 17.7 20.9 Current tax liabilities 10.4 18.9 Provisions - 0.3 Total short tern liabilities 137.2 178.6 Total liabilities 185.7 266.7 TOTAL EQUITY AND LIABILITIES 353.2 429.1

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Cash Flow Interim 2008amounts in m euros 30/6/2007 30/6/2008Cash flows from operating activitiesProfit of the period 8.0 7.7 Adjustments for:Depreciation of fixed assets 2.0 2.7 Results from sale of fixed assets 0.2 0.0 Profits from sale of subsidiaries (0.0) - Interest and other financial income (0.2) (3.6) Interest and other financial expenses 0.8 1.6 Loss /(profit) from financial derivatives (0.1) - Provisions for retirement benefits obligations 0.4 0.5 Cash flows from operating activities before changes in working capital 11.1 9.0 Changes in working capital(Increase) / decrease in inventories (0.5) (0.6) (Increase) / decrease in trade & other receivable (28.1) (22.8) Increase / (decrease) in payables 33.9 37.1 Increase /(Decrease) in financial derivatives liabilities (0.3) 3.5 Other changes in working capital (2.8) (1.0) Total changes in working capital 2.2 16.2 Interest expenses paid (0.8) (1.7) Income taxes paid (1.8) Net cash flows from operating activities 12.5 21.7 Cash flows from investment activitiesPurchases of fixed assets (3.5) (2.2) Purchases of intangible assets (0.2) (0.3) Sales of fixed assets 25.8 - Advances for acquisition of fixed assets (23.1) 5.5 Sale of affiliates/subsidiaries 2.7 - Interest and other financial income received 0.2 2.4 Net cash flows from investment activities 1.9 5.4 Cash flows from financing activities Loans drawn / (repaid) 8.8 (15.3) Share capital increase expenses (1.1) - Changes in financial lease capital (16.4) (10.3) Net cash flows from financing activities (8.6) (25.5) Net (decrease)/ increase in cash and cash equivalents 5.8 1.5 Cash and cash equivalents at the beginning of the period 24.4 158.3 Cash and cash equivalents at the end of the period 30.1 159.8

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Forward Looking Statements

Except for historical information, the statements made or information contained in this presentation are forward-looking in nature and, as such, are subject to certain risks and uncertainties, many of which are beyond the Company’s control, which could cause the actual results 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; foreign currency fluctuations, in particular between the euro and the U.S. dollar; the progress of our code-shared and interline arrangements; our ability to finance our planned acquisition of aircraft and to discharge any resulting debt service obligations; 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. Additional risks are discussed in the Offering Memorandum and the Company’s filings with the Capital Markets Commission and the Athens Exchange.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. 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.

26

Thank you

For further information on AEGEAN please visit our website at

www.aegeanair.com or contact our Investor Relations Manager

Stella Dimaraki investors@aegeanair.com

+30 210 6261972