Corporate Presentation

September 2015

Agenda

• Update on market environment 2

• Financial results and strategy 3

• Aegean Airlines – company overview 1

Quality & Award winning airline Weathering through the crisis and positioning for strong growth

3

• Full Service Carrier

– Focus on quality, efficiency, productivity

• 10.1m passengers in 2014

• Young fleet of 58 Aircraft

– 44 Airbus A320 family

– 14 Bombardier

• Star alliance member

• Award winning airline

– 6x skytrax best regional award

Traffic in RPKs (m)

1999

• Launched operations

1999-2001

• 2 local acquisitions

2002

• First international routes launched

2006-2007

• 27 Airbus order

2008

• Largest Greek airline

2010

• Star alliance member

2011

• Becoming single type jet operator

2013

• Acquisition of Olympic Air

2014

• 7 Airbus order

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

Using synergies to expand

4

6,1

8,8 10,1

11.5

2012 2013 2014 2015e

Passengers (m)

Domestic International

9.139 10.732

12.194

14.576

2012 2013 2014 2015e

ASKs (m)

30

45 50

58

2012 2013 2014 2015e

Fleet (A/C)

Turboprop

Airbus

65

104

119

134

2012 2013 2014 2015e

Network - Destinations

2x

2x

+60%

Growing from 3 to 9 A/C bases in Greece and Cyprus

5

ATHENS

THESSALONIKI

ATHENS

HERAKLION

HERAKLION RHODES

THESSALONIKI

CHANIA

CORFU

KALAMATA

KOS

2015 : 9 A/C bases

2009 : 3 A/C bases

LARNACA

134 destinations 100 international 34 domestic

Agenda

• Update on market environment 2

• Financial results and strategy 3

• Aegean Airlines – company overview 1

Tourist arrivals by air Attractive Athens potential

7

• 2010-2015 => +50% growth in tourist arrivals

Source: SETE, Aegean Airlines estimates

10,6

14,6 15,6

2010 2014 2015e

Tourist arrivals by air (m)

3,1 3,4 4,2

2010 2014 2015e

Athens (m)

7,5

11,2 11,4

2010 2014 2015e

Rest of Greece (m)

Driving total traffic growth despite 27%-28% GDP decline 2008-2015

8

2015 YTD trends

+24% Domestic

+20% International Athens

+2% International rest of GR

7 6 7 6

6 5,1 5,0

6,1

7,6

0

1

2

3

4

5

6

7

8

2007 2008 2009 2010 2011 2012 2013 2014 2015E

Domestic

11 11 10 10 9

8 8

10

11,7

0

2

4

6

8

10

12

14

2007 2008 2009 2010 2011 2012 2013 2014 2015E

International - Athens

18 17 16 16

18 18

20

23 23

0

5

10

15

20

25

2007 2008 2009 2010 2011 2012 2013 2014 2015E

International - rest of GR airports

35 34 33 32 33

32 33

39

43

2007 2008 2009 2010 2011 2012 2013 2014 2015E

Domestic International - Athens International - rest of GR airports

Source: AEGEAN estimates, YTD is Jan-Aug for Athens (AIA source) and Jan- July for rest of GR airports (HCAA source)

Total passengers (m)

Agenda

• Update on market environment 2

• Financial results and strategy 3

• Aegean Airlines – company overview 1

Ability to adjust and transform successfully

10

2004-2008

Gradual Growth

• Building presence / brand /product

• Heavy reliance on domestic network & local demand

• Mix of fleet

• No alliances

• Gradual growth of LCC

• State owned Olympic

2009-2012

Successful restructuring

•Extrovert/ incoming leisure focus

•Flexibility/outsourcing/ homogeneous jet fleet •Quality/customer excellence focus remains •Star Alliance entry

•GDP loss / Unemployment / Traffic demand sharply down

•Privatization of traditional competitor

•Rapid growth of LCC

2013-2015

Strong Growth

• Seek scale economies

• Acquisition of Olympic

• Network expansion / Build network flows, connectivity

• Defend market position and capture market opportunity

• Strong rebound in Athens traffic

• Competition intensifies

• Domestic network new competitor

11

•Helsinki

Finland

• Toulouse

• Deauville

• Metz

France

• Pisa

Italy

• Malta

Malta

• Amsterdam

Netherlands

• Alexandria

• Sharm El Sheikh

Egypt

• Paphos

Cyprus

• Riyadh

S. Arabia

• Tallinn

Estonia

• Oslo

Norway

• Tehran

Iran

• Yerevan

Armenia

• Dubrovnik

Croatia

2015 capacity plans: 15m total seats, 2m more vs 2014 Increasing frequencies on existing routes and new

international destinations launched

Additional capacity invested mainly on:

International network

Athens, Crete, Rhodes, Cyprus bases

Increasing frequencies on existing routes (opened 1-2 years ago)

Athens opportunity: Underserved in terms of destinations

12

Athens ATH

Airport Barcelona BCN

Rome FCO

Frankfurt FRA

Istanbul IST

Lisbon LIS

Vienna VIE

Zurich ZRH

Short haul (< 5 hours)

Long haul (>5 hours)

2014

89

83

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)

Aegean strengthens Athens hub

13

2012 22 International

routes

2015 60 International

routes

2012 40 total routes

2015 94 total routes

*Number of routes from Athens

Delivers 3 x network flows in 7 years! HUB support & defense

14

3x

5

105

205

305

405

505

605

705

805

905

2008 2010 2013 2014 1H14 1H15

Aegean Transfer Pax Departing from Athens

+50%

Solid Jan-Jun 2015 operating performance

15

2,3 2,0

4,3

2,6 2,4

5,0

Domestic International Total passengers

1H14

1H15

+10% +20%

+15% Total passengers (m)

Strong passenger growth July & August 2015

16

1,2 1,3

2,5

1,3 1,6

3,0

Domestic International Total

Jul & Aug 2014

Jul & Aug 2015

+11%

+30%

+21%

• Aegean delivers sharp over performance in Athens with 35% in international + vs 18 % market

• And 30 % in Heraklion and 15% in Rhodes while total is 0 to -2 % for the 2 months

Out of which Athens +35%

Total passengers (m)

First Half 2015 results

17

In € millions Q1:14 Q1:15 Q2:14 Q2:15 H1:14 H1:15

Total revenue 133.9 138.1 3% 254.7 265.5 4% 388.6 403.6 4%

EBITDAR 14.0 6.7 -52% 58.7 60.2 2% 72.7 67.0 -8%

EBIT (9.7) (17.5) 81% 32.9 30.2 -8% 23.2 12.8 -45%

EBT (10.8) (12.3) 13% 32.9 31.2 -5% 22.0 18.9 -14%

Net earnings / (loss) after tax (8.4) (8.3) 0% 24.3 23.1 -5% 16.0 14.8 -8%

ASKs (in millions) 1,867 2,233 20% 3,363 3,963 18% 5,230 6,196 18%

Total available seats (000) 2,295 2,613 14% 3,526 4,122 17% 5,821 6,734 16%

Total Block Hours 24,491 27,428 12% 40,822 46,028 13% 65,313 73,457 12%

Total Sectors Flown 17,829 19,150 7% 27,040 30,416 12% 44,869 49,566 10%

Load factor - Scheduled (Pax/AVS) 71.0% 70.7% -0.3pp 77.1% 75.9% -1.1pp 74.6% 73.9% -0.7pp

Load factor - Scheduled (RPK/ASK) 73.0% 70.3% -2.7pp 78.1% 75.3% -2.8pp 76.1% 73.4% -2.7pp

RASK (Revenue per ASK, in € cents) 7.4 6.3 -15% 7.6 6.9 -9% 7.5 6.7 -11%

Yield (Revenue per RPK, in € cents) 10.1 9.0 -11% 9.8 9.2 -6% 9.9 9.1 -8%

CASK (EBT level, in € cents) 7.9 6.8 -14% 6.6 6.1 -7% 7.1 6.4 -10%

CASK (EBT level, in € cents) - excl. fuel costs 6.0 5.5 -9% 4.7 4.6 -3% 5.2 4.9 -5%

• Revenue at €404m (+4%) and net profit at €14.8m (-8%) • Strong cashflow generation leads to cash/equivalent at €320m* • Stronger dollar, higher air navigation charges in Greece as well as

lower fares, offset the benefit of lower fuel costs and unit cost reduction stemming from economies of scale

*including restricted cash and short and fixed income investments

Post Capital control trading update

18

• New bookings decline following referendum announcements (June 26) and capital controls enforcement (June 29) due to uncertainty

• Aegean addressed the drop but with some pax lost but mostly with a cost in yield

• Subsequent weeks see a recovery in bookings to last year levels • Even with the uncertainty the demand in terms of traffic numbers is

holding and Greece is still in demand • Winter months to be tougher given weaker economy (non tourism /

local demand reliance) • Capital controls operational / cashflow issues manageable • Political / economic stability remains key for long term planning • Aegean 1. substantial cash reserves and 2. flexibility to adjust network

/ size to cope with any possible downturn

Cash flow generation

19

227

207

122

10 20 14 35

10,4

71

Cash at thebeginning of the

year

operating cashflow before

working capital Δ

Total changes inworking capital

Interest & tax Capex Net pdps OA acquisition Capital return Other Cash and cashequivalents at theend of the period

Cashflow 2014 (EUR m)

208 301

9

125

4 8 24

47 5

Cash at thebeginning of the

year

operating cashflow before working

capital Δ

Total changes inworking capital

Interest & tax Capex Net pdps Dividend Net cash flows fromfinancing activities

Cash and cashequivalents at theend of the period

Cashflow 1H 2015 (EUR m)

Appendix

20

2015 Network

21

134 destinations 100 international 34 domestic

* ASKs: Available Seat Kilometers

Domestic Market

15% Cyprus 12%

Western Europe

51%

Middle East 8%

Balkans 2%

CEE 8%

Skandinavia 4%

ASKs* by region

Domestic Market

47%

Cyprus 10%

Western Europe

27%

Middle East 7% Balkans

3%

CEE 4%

Skandinavia 2%

Available seats by region

Fleet evolution

22

• June 2015 Fleet:

– Aegean takes delivery of 3 brand A320 aircraft –direct order with Airbus

– + 5 more Aircraft from lessors

• Focus on flexibility: adjust to needs & market / Lease expirations each year

• Only 4 A/C under finance leases => limits residual value balance sheet risk

Number of A/C & Total seats

4 6 6 6 6 6 6 6 6 6 6 4 4 6 8

13 12 14 14 10 4

3 11 21 22 29 30 31

36 44

14

14

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

0

10

20

30

40

50

60

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

RJ100 B737 A320 BOMBARDIER Seats

Note: Olympic Air fleet included as of 2014

Revenue Breakdown shift to international

23

2013: Acquisition of Olympic

44%

24% 28% 26%

56%

75% 66% 68%

2009 2012 2013 2015e

PSO Revenue Domestic Revenue International Revenue

Greek Tourism 2015 positive trends despite country challenges

24

• +7% YTD in 2015 (Jan – July)

• Strong arrivals growth from traditional western European source markets, US, Turkey

• Arrivals from Russia @ 1.25m in 2014 (-7%)=> significant weakness in 2015 – early indications point to decline in excess of 40%

source: Aegean estimates, Bank of Greece, SETE, AIA surveys, excludes 2m cruises traffic reported

by SETE

16,2 15,9 14,9 15,0

16,4 15,5

17,9

22,0

0,0

5,0

10,0

15,0

20,0

25,0

2007 2008 2009 2010 2011 2012 2013 2014

Total tourist arrivals* By Air By other modes of transport (mainly road)

Germany 15%

UK 15%

France 10%

Italy 6% Russia

9%

Rest of Europe

34%

Asia 3%

America 6%

Tourist arrivals by air By country of origin (2014)

Stagnant for almost 7 years

Shareholder Structure

25

*11.6% controlled through Autohellas

Listed on the Athens Exchange

35%

31%

34% Th. Vassilakis *

Other pre-IPO shareholders

Free Float

Profit & Loss

26 Note: FY2013 pro-forma, assuming full consolidation of Olympic Air for the full year

FY:13 FY:14

P&L In € millions Pro-forma Group Group

Scheduled Services 720.2 748.6 4% Charter 77.8 61.4 -21%

Other (cargo, service charge, executive aviation) 52.1 101.9 96% Total revenue 850.0 911.8 7% Other operating income 9.8 9.7 -1% Employee benefits (102.7) (100.5) -2% Aircraft fuel (223.5) (232.8) 4% Aircraft maintenance (71.3) (77.6) 9% Overflight expenses (46.2) (53.9) 17% Ground handling expenses (51.6) (51.5) 0% Airport charges (34.5) (37.4) 9% Catering expenses (18.6) (21.1) 13% Distribution expenses (58.0) (61.2) 6% Marketing and advertising expenses (8.4) (12.3) 46% Other operating expenses (63.3) (63.8) 1%

EBITDAR 181.8 209.5 15% EBITDAR margin 21.4% 23.0%

Aircraft leases (90.9) (90.7) 0% EBITDA 90.9 118.8 31%

Depreciation (14.1) (12.8) -9% EBIT 76.8 106.0 38% EBIT margin 9.0% 11.6%

Financial results (6.0) (11.3) 90% EBT 70.9 94.6 34% EBT margin 8.3% 10.4% Income Tax (18.4) (14.4) -22% Net earnings / (loss) after tax 52.5 80.2 53%

27

Key Operating Statistics

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

FY:13 FY:14 Change Pro-forma Group In %

RASK (Revenue per ASK, in € cents) 8.0 7.6 -6% Yield (Revenue per RPK, in € cents) 10.2 9.6 -6% CASK (EBITDAR level, in € cents) 6.3 5.8 -8%

CASK (EBITDAR level, in € cents) - excl. fuel costs 4.2 3.9 -7% CASK (EBT level, in € cents) 7.4 6.8 -8% CASK (EBT level, in € cents) - excl. fuel costs 5.3 4.9 -8% Capacity ASKs (in millions) 10,732 12,194 14% Total available seats (000) 11,879 13,088 10% Total Block Hours 135,801 148,062 9% Total Sectors Flown 93,601 99,486 6% Average capacity per flight 127 132 4% Average sector length (km) 732 767 5% Passengers (000) By type of service : Schedule passengers 8,169 9,574 17% Charter passengers 673 539 -20% By network : Domestic 4,549 5,240 15% International 4,294 4,873 13% Total number of passengers 8,843 10,113 14% RPKs (in millions) 8,440 9,584 14% Pax/flight 94 102 8% Load factor - Scheduled (Pax/AVS) 74.2% 77.3% 3.1pp Load factor - Scheduled (RPK/ASK) 78.3% 78.3% 0.0pp

Balance Sheet & Cash Flow

28

Balance Sheet

In € millions Dec 13 Dec 14

Total fixed assets 222.2 273.4

Cash & financial assets 244.2 218.4

Other current assets 95.0 135.5

Total assets 561.4 627.4

Total equity 212.9 216.5

Finance lease liabilities 59.0 58.5

Loans 0.0 0.0

Other Liabilities 289.4 352.5

Total equity and liabilities 561.4 627.4

Cashflow

In € millions Jan – Dec 2013 Jan – Dec 2014

Net cash flows from operating activities 104.8 111.5

Net cash flows from investing activities (0.3) (51.0)

Net cash flows from financing activities (26.9) (79.9)

Net (decrease)/ increase in cash and cash equivalents 77.6 (19.4)

Cash at the beginning of the period 149.3 226.9

Cash at the end of the period 226.9 207.5

Key financial metrics

29

EUR m FY:08 FY:09 FY:10 FY:11 FY:12

FY:13 Group

FY:14 Group

Period end cash & bonds 183 213 196 172 156 244 218

On balance sheet debt & financial leases 86 83 103 98 82 59 58

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

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

Group FY:14

Group

Sales 559 553 516 580 563 850 912

EBITDAR 102 96 76 62 73 182 209

EBITDAR margin 18% 17% 15% 11% 13% 21% 23%

EBITDA 57 32 1 -18 3 91 119

EBITDA margin 10% 6% 0% -3% 1% 11% 13%

Net earnings 29 23 -23 -27 -10 52 80

Net earnings margin 5% 4% -5% -5% -2% 6% 9%

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

Group FY:14

Group

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

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

Profit & Loss per quarter

30

In € millions Q1:14 Q1:15 Q2:14 Q2:15 H1:14 H1:15 Scheduled Services 114.0 114.3 0% 204.8 222.9 9% 318.9 337.2 6% Charter 0.8 1.0 22% 20.9 13.3 -37% 21.7 14.3 -34% Other 19.0 22.7 19% 29.0 29.4 2% 48.0 52.2 9% Total revenue 133.9 138.1 3% 254.7 265.5 4% 388.6 403.6 4% Other operating income 3.6 2.1 -42% 1.1 8.8 713% 4.7 10.9 130% Employee benefits (22.2) (24.3) 9% (24.2) (26.7) 10% (46.4) (51.0) 10% Aircraft fuel (37.1) (30.8) -17% (63.9) (61.5) -4% (101.0) (92.3) -9% Aircraft maintenance (12.1) (12.9) 6% (21.6) (25.8) 19% (33.7) (38.7) 15% Overflight expenses (9.0) (10.6) 18% (15.3) (18.3) 20% (24.3) (29.0) 19% Ground handling expenses (8.6) (10.2) 20% (14.0) (16.2) 16% (22.6) (26.5) 17% Airport charges (4.1) (9.4) 129% (11.8) (14.4) 22% (15.9) (23.8) 50% Catering expenses (3.5) (3.8) 11% (5.8) (6.6) 14% (9.3) (10.5) 13% Distribution expenses (14.0) (17.0) 21% (18.1) (22.7) 26% (32.1) (39.8) 24% Marketing and advertising expenses (2.2) (2.3) 4% (3.0) (4.8) 58% (5.2) (7.0) 35% Other operating expenses (10.9) (12.2) 12% (19.3) (16.9) -12% (30.2) (29.1) -4%

EBITDAR 14.0 6.7 -52% 58.7 60.2 2% 72.7 67.0 -8% EBITDAR margin 10.4% 4.9% 23.1% 22.7% 18.7% 16.6%

Aircraft leases (20.5) (20.9) 2% (22.9) (26.3) 15% (43.4) (47.2) 9% EBITDA (6.6) (14.2) 116% 35.9 33.9 -6% 29.3 19.7 -33%

Depreciation (3.1) (3.3) 7% (3.0) (3.6) 22% (6.1) (6.9) 14% EBIT (9.7) (17.5) 81% 32.9 30.2 -8% 23.2 12.8 -45% EBIT margin -7.2% -12.6% 12.9% 11.4% 6.0% 3.2%

Financial results (1.2) 5.2 - (0.0) 1.0 - (1.2) 6.1 - EBT (10.8) (12.3) 13% 32.9 31.2 -5% 22.0 18.9 -14% EBT margin -8.1% -8.9% 12.9% 11.8% 5.7% 4.7% Income Tax 2.5 4.0 59% (8.5) (8.1) -5% (6.0) (4.2) -31% Net earnings / (loss) after tax (8.4) (8.3) 0% 24.3 23.1 -5% 16.0 14.8 -8%

Key Quarterly Operating Statistics

31

Q1:14 Q1:15 Change Q2:14 Q2:15 Change H1:14 H1:15 Change

Group Group In % Group Group In % Group Group In %

RASK (Revenue per ASK, in € cents) 7.4 6.3 -15% 7.6 6.9 -9% 7.5 6.7 -11%

Yield (Revenue per RPK, in € cents) 10.1 9.0 -11% 9.8 9.2 -6% 9.9 9.1 -8%

CASK (EBITDAR level, in € cents) 6.6 6.0 -10% 5.9 5.4 -8% 6.1 5.6 -9%

CASK (EBITDAR level, in € cents) - excl. fuel costs 4.6 4.6 -1% 4.0 3.8 -3% 4.2 4.1 -2%

CASK (EBT level, in € cents) 7.9 6.8 -14% 6.6 6.1 -7% 7.1 6.4 -10%

CASK (EBT level, in € cents) - excl. fuel costs 6.0 5.5 -9% 4.7 4.6 -3% 5.2 4.9 -5%

Capacity

ASKs (in millions) 1,867 2,233 20% 3,363 3,963 18% 5,230 6,196 18.5%

Total available seats (000) 2,295 2,613 14% 3,526 4,122 17% 5,821 6,734 15.7%

Total Block Hours 24,491 27,428 12% 40,822 46,028 13% 65,313 73,457 12.5%

Total Sectors Flown 17,829 19,150 7% 27,040 30,416 12% 44,869 49,566 10.5%

Average capacity per flight 129 136 6% 130 136 4% 130 136 4.7%

Average sector length (km) 673 725 8% 780 793 2% 737 766 4.0%

Passengers (000)

By type of service :

Schedule passengers 1,625 1,844 13% 2,536 3,007 19% 4,161 4,850 17%

Charter passengers 2 3 7% 169 109 -35% 171 112 -35%

By network :

Domestic 930 995 7% 1,391 1,560 12% 2,321 2,555 10%

International 697 851 22% 1,314 1,556 18% 2,011 2,407 20%

Total number of passengers 1,628 1,846 13% 2,705 3,116 15% 4,333 4,962 15%

RPKs (in millions) 1,362 1,566 15% 2,622 2,985 14% 3,984 4,552 14%

Pax/flight 91 96 6% 100 102 2% 97 100 4%

Load factor - Scheduled (Pax/AVS) 71.0% 70.7% -0.3pp 77.1% 75.9% -1.1pp 74.6% 73.9% -0.7pp

Load factor - Scheduled (RPK/ASK) 73.0% 70.3% -2.7pp 78.1% 75.3% -2.8pp 76.1% 73.4% -2.7pp

Balance Sheet & Cashflow June 2015

32

Balance Sheet

In € millions Dec 13 Jun 15

Total fixed assets 273.4 251.0

Cash & financial assets 218.4 320.3

Other current assets 135.6 248.1

Total assets 627.4 819.3

Total equity 216.5 200.4

Finance lease liabilities 58.5 58.7

Loans 0.0 0.0

Other Liabilities 352.5 560.2

Total equity and liabilities 627.4 819.3

Cashflow

In € millions Jan – Jun 2014 Jan – Jun 2015

Net cash flows from operating activities 133.8 129.7

Net cash flows from investing activities 3.0 15.8

Net cash flows from financing activities (4.6) (51.8)

Net (decrease)/ increase in cash and cash equivalents 132.2 93.7

Cash at the beginning of the period 226.9 207.5

Cash at the end of the period 359.1 301.2

Aegean Share

33

• 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

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

Disclaimer

34

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, 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.