Dynamic development - domestic and international - in the first six months of 2003 - new destinations

Dynamic growth has shown Aegean Airlines in the first six months of 2003, having carried 1,242,000 passengers achieving thus an increase of 18% in passengers uplift against the same period of 2002. It is worth noting that this success was achieved with the operational improvement of the same fleet and with the parallel increase in productivity and cost control. The forecast for the annual numbers of passengers carried is reaching 2,800,000 with a parallel increase of flights by 12%.

To be specific, on the domestic network, Aegean Airlines carried in the same period 915,000 passengers achieving a growth of 12% as against the same period last year. In passenger numbers on routes operated in the domestic market by the company, its market share reached 48% while the market share from travel agent sales throughout the company reached 50% (IATA-BSP data).

The company's performance on international flights, where competition is tougher and competitors more, is even more impressive. In the first six months of 2003 passengers carried to/from international destinations on scheduled and charter flights were totally, 327,000 indicating an increase of 38% as against the same period of 2002, in spite of the prevailing negative international circumstances.

After its successful development abroad, the company is planning an expansion to more international destinations, adding to its network, direct flights from Athens to Milan and Munich for the Winter of 2003. Parallely, the efforts for its further expansion to other Balkan destinations as applied for, to the Greek Goverment, will continue so that Instabul, Sofia, Larnaca and Cairo maybe included in its network.

AEGEAN AIRLINES is presently in advanced discussions with other Greek and European Airlines for the conclusion of commercial cooperation, which will allow it to increase destinations-flown offered to its passengers and a further increase of its load factors.
It should be noted that an important factor in the improvement of Aegean's performance is the function, from January 2003, of the frequent flyer programm Miles & Bonus, to which a large number of members have already subscribed. In the same time, Internet visits of Aegean site (www.aegeanair.com) has increased at a consistent rate (90,000 visits monthly), which distribute information and facilitates electronic bookings.

It should be reminded, that during 2002, with its considerable turnover increase and the reduction of its operating expenses Aegean Airlines achieved marginal operating profits while judging from the present results, 2003 is expected profitable.

AEGEAN AIRLINES in its 4 years of operations achieved the following:

• Has carried 9 million passengers with 110,000 flights at an average load factor of 65% (in 4 years).
• Operates 17 aircraft: 8 B737-300/400, 6 RJ 100 and 3 ATR which operate scheduled and charter flights to 60 domestic and international airports.
• Covers 12 destinations in Greece (Athens, Thessaloniki, Heraklion, Chania, Rhodes, Alexandroupolis, Kavala, Corfu, Mytilini, Ioannina, Santorini, Mykonos) and 7 international (Rome, Dusseldorf, Frankfurt, Munich, Stuttgart, Cologne and Venice (code-share with Alpi Eagles)).
• Its shareholders have contributed more than 122 million Euros in own capital.
• Employs more than 1,300, expertly trained, with the primary target of offering top quality comprehensive services on the ground as well as in the air.
• Has the highest degree of on-time departures of its flights, a fact which has been acknowledged by Athens International Airport.
• Is the only Greek company, which has received an award from ERA.
• Is the only Greek company offering the facilityto Internet users to book their tickets through www.aegeanair.com.
• Offers a frequent flyer program (Miles & Bonus).