Dynamic growth 18% passenger traffic increase both domestic and international

On completion of its 5th financial year in the year 2003, Aegean Airlines continue on its dynamic growth both in passenger and revenue numbers as well as in network size. In the year 2003, specifically, AEGEAN succeeded in a passenger's carried growth of 18%, reaching, thus, 2.854.000 passengers and achieving a total turnover of 223 million Euros. This growth marks a better fleet deployment as well as a further improvement of personnel productivity, which made for the first time, possible a profit of 5 million Euros in spite of the existing adverse competitive conditions.

In the domestic market which according to data provided by the Athens International Airport increased by 5,4 pct AEGEAN shows a growth of 18 pct against the year 2002, surpassing the 2 million passenger figure. With the addition of destinations such as Chios and Kos as of November, the company serves now 14 domestic destinations which cover 95 pct of the Greek domestic transport requirements. It is note worthy that the company's share in the Agents' productivity (BSP) increased to 51 pct from the 2002 49 pct.

It is further, notable, that the company succeeded in increasing its international passengers who reached 800.000, an increase of 18 pct. This success is of particular importance, considering that according to AIA, international traffic out of Athens increased by only 2,6 pct, while competition on international routes became stronger with the addition of 7 more airlines which did not operate in 2002.

With this growth, domestic and international, AEGEAN succeeded in the increase of its market share from 14 pct in 2002 to 17 pct in 2003 in spite of the competitive operation of more than 60 companies out of El. Venizelos Airport. It is should also be stressed that the company continues to offer a considerably higher reliability degree on On-time departures, higher from the other carriers operating out of El. Venizelos airport average.

A clear indication of the company's intentions to offer high quality services at affordable prices is that the average fare in the year 2003 was decreased by 5 pct.

Operating since 1999 and having carried more than 12 million passengers AEGEAN has formed a very solid base for its further progress. With the addition of Milan and Munich as of November 2003 the next target, now, is the Cyprus market which will be open to competitive rules after May 2004. With the addition of Cyprus the company will cover three out of the five most important international destinations from Greece apart from the domestic market. The company's plans include its expansion in the Balkan countries and Turkey and has repeatedly requested the Government's permission to do so.

As of November 2003 the company's fleet consists, entirely, of jet aircraft for speed and comfort on all its domestic and international destinations. Growth needs for 2004 necessitate a fleet increase to 19 jet aircraft,( 13 737/300-400 and 6 Avro RJ100).

For the year 2004 the company is also targeting a series of new services which will increase both speed and quality in passengers services. From the year 2004, besides, the passenger loyalty program MILES & BONUS is reaching a mature level and will offer considerable benefits to passengers using it.

AEGEAN AIRLINES:

• In 4,5 years has carried 12 million passengers on 150.000 flights


• Operates 18 aircraft on scheduled and charter flights to 60 domestic and international airports.


• Covers 14 destinations in Greece (Athens, Thessaloniki, Heraklion, Rhodes, Chania, Alexandroupolis, Kavala, Corfu, Mytilini, Ioannina, Santorini, Mykonos, Chios and Kos) and 12 international (Rome, Milan-Linate, Dusseldorf, Frankfurt, Munich, Stuttgart, Cologne, Skopje and via code-shares Genoa, Turin, Palermo and Venice.)


• Has signed code-sharing agreements with Italy's Air One and Alpi Eagles extending thus its network in the Italian market.


• Employs more than 1.300 expertly trained staff, with the primary target of offering top quality comprehensive services on the ground and in the air.


• Is consistently ranked as the airline with the best on-time departures in Athens, a fact which has been acknowledged by Athens International Airport.


• Is the only Greek airline, which has received an award from ERA.


• Is the only Greek airline offering electronic ticket (e-ticket) through www.aegeanair.com


• Offers a frequent flyer programme (Miles & Bonus).