Press Releases: Greece

AEGEAN AIRLINES S.A.

Announcement

June 11, 2008 Pursuant to article 284 of Athens Exchange regulation and the resolution of 33 of Athens Exchange Board of Directors, AEGEAN AIRLINES announces a proposed change of the raised funds use timeline. More specifically: The Company's share capital increase through payment in cash, with the waiver of the old shareholders pre-emptive rights and the issue of new shares through an IPO, which took place on the basis of the decision of the Company's Extraordinary General Assembly on 08.03.2007 and approved by the Athens Exchange Board of Directors (decision no. 2/430/06.06.2007), raised net capital of euro 126,691,798.01 (euro 135,237,415.68 minus IPO expenses euro 8,545,617.67). The proceeds and use of proceeds of the Combined Offering differ from what was published in the Information Bulletin. These changes were notified to the investment public and the authorities through an announcement of the Company's Board on 10.07.2007. The Company over the 06.07.2007 to 31.12.2007 period has invested euro 30.9m out of the total funds raised of euro 135.2m. The Company's Board of Directors on the basis of its decision dated 19.05.2008 has suggested the change of the raised funds use timeline in relation to Non-appropriated funds as at 31/12/2007 of euro 104.4m as follows: Within the framework of the Company's fleet renewal program, AEGEAN has signed binding contracts for the purchase and operating leasing of 27 aircraft of Airbus A320 family. More specifically, the Company has signed binding contract with Airbus for the purchase of 17 aircraft of Airbus A320 type. According to the initial planning, the investment horizon for the direct financing of aircraft expanded until the end of the first half of 2009. Nevertheless, based on an updated planning the investment horizon is expected to expand until the end of the first half of 2010. This change reflects the change of the characteristics of the planned direct financing with regards to the commencement date, the advances paid and the total duration of the investment. The Company has initiated procedures for the construction of its own hangar at the Athens International Airport which will consist the base for its maintenance activity. According to the initial planning, the investment horizon for the direct financing of the hangar construction expanded until the end of the first half of 2008. Nevertheless, based on an updated planning the investment is to be finalized by the end of the first half of 2009. Following the above the table of allocation of IPO proceeds is suggested to change as follows and to be approved by the General Shareholders Assembly: TABLE OF ALLOCATION OF IPO PROCEEDS (Amounts in million euro ) Appropriation Funds Way of Distribution Total Appropriation of the Funds as until 31/12/2007 Aircraft: 9.8 New routes development: 5 Construction of a hangar at AIA: 0 General business needs and working capital: 7.5 IPO related expenses: 8.6 Total: 30.9 Non-appropriated funds as at 31/12/2007 Aircraft: 61.2 New routes development: 15 Construction of a hangar at AIA: 8 General business needs and working capital: 20.1 IPO related expenses: 0 Total: 104.3 Appropriation Funds Way of Distribution Jan - Jun 2008 Aircraft: 14.3 New routes development: 5 Construction of a hangar at AIA: 2.1 General business needs and working capital: 7.5 Total: 28.9 Jul - Dec 2008 Aircraft: 15.4 New routes development: 5 Construction of a hangar at AIA: 3.5 General business needs and working capital: 7.1 Total: 31 Jan - Jun 2009 Aircraft: 8.2 New routes development: 5 Construction of a hangar at AIA: 2.4 General business needs and working capital: 5.5 Total: 21.1 Jul - Dec 2009 Aircraft: 5.5 Total: 5.5 Jan - Jun 2010 Aircraft: 17.8 Total: 17.8 Total IPO Proceeds Aircraft: 71 New routes development: 20 Construction of a hangar at AIA: 8 General business needs and working capital: 27.6 IPO related expenses: 8.6 Total: 135.2 Reasons and impact of change of timeline of raised funds use Raised Funds allocation differentiations aim to the adaptation of the investment plan to the development and the expansion strategy applied by the Company's Management, in conjuction to the current economic situation and more specifically to the significant rise of the price of oil and the rise in interest rates. In addition, aforementioned change in timeline facilitates the company to evaluate with more flexibility alternative sources of financing, possibly with better terms (operating leases, bank loans etc.), depending on financial market and airline market conditions so as to take advantage in the best possible way changes on the macroeconomic environment. Furthermore, the change in planning and the extension of the investment period timeframe for the use of funds raised is expected to favor the company's liquidity. It is noted that aforementioned change in timeline is not expected to materially impact the company's business planning.