Increase of 24% in passenger traffic during the first quarter of 2007

AEGEAN AIRLINES has shown a significant increase in passenger traffic in the first quarter of 2007, carrying 963,708 passengers on 10,915 flights, a 24% increase over the same period in 2006. The average number of passengers per flight reached 88, an increase of 7% over the first quarter of the previous year.

In the domestic market, AEGEAN achieved a first quarter increase of 21% compared to 2006 with 700,409 passengers.

In the international market, the increase compared to the first quarter of 2006 was more significant at 31% with 263.299 passengers. This increase is partially due to the recent addition of three direct daily flights connecting Athens to Frankfurt and Munich with AEGEAN’s new A320 aircraft. Furthermore, two additional daily flights have been added to Milan alongside an increase in the frequency of flights to Sofia and Bucharest.

This growth has occurred due to both an increase in the number of flights and an increased respect for AEGEAN as a premier carrier with its high quality of service and reliability. Low fares that are offered to passengers that buy their tickets early are also a contributing factor. Electronic bookings by travel agencies and individual passengers are now greater than 80% of the tickets issued, which is in line with the goal to phase out paper tickets completely by the end of 2007.

	1st Quarter Results 2007
		2007	2006	INCREASE	INCREASE,%
	TOTAL
	PASSENGERS	963,708	777,889	185,819	24%
	FLIGHTS	10,915	9,424	1,491	16%
	DOMESTIC FLIGHTS
	PASSENGERS	700,409	576,459	123,950	21%
	INTERNATIONAL FLIGHTS
	PASSENGERS	263,299	201,230	62,069	31%

AEGEAN AIRLINES is the fastest growing and most dynamic airline in Greece as indicated by the 11% increase in passengers to 4,45 million from 2005 to 2006. AEGEAN offers flights to 15 Greek and 10 international destinations and is a regional partner of Lufthansa. This partnership gives passengers access to the German airline’s global network with which they can reach a number of worldwide destinations and may use frequent flyer miles that they have collected with AEGEAN.

AEGEAN has committed to replenishing its fleet by committing to 19 A320 aircraft, including three A320’s leased from ILFC with the option of 8 more. Two of the new aircraft will be A321’s, which have a capacity of 200 passengers and will allow service to new destinations as early as 2008. The purchase of these 19 airplanes is a massive 800 million US$ investment that will be completed over the next three years. The company has already received the first three Airbus A320’s on schedule and expects 10 A320 aircraft to be delivered in 2008 (8 A320 and 2 A321) and 6 more in 2009. AEGEAN also has the option of purchasing 8 more A320/A321 airplanes. If this deal is completed, the company will officially own and operate the youngest and newest fleet in the Balkan region and Southeastern Europe.