AEGEAN AIRLINES refers to the decision of the Ordinary General Meeting of Shareholders on 14.6.2011 which approved the option of the company to buy back its own shares, in accordance with article 16 of L. 2190/20, and more specifically up to 7.141.710 shares, the nominal value of which will not exceed 1/10 of its paid capital, for a period of 15/6/2011 to and including 14/6/2013, with minimum price per share €1 and maximum price per share €4. The share buyback scheme will be under the responsibility of the Board and will refer to fully paid shares.

In accordance with paragraph 4.1.4.2 of Athens Exchange Rulebook and the Commission of the European Communities Regulation (EC) No 2273/2003, the Company announces that its Board of Directors decided on December 15, 2011 to proceed with the activation of the shares buy-back programme pursuant to the decision o the Shareholders General Meeting of 14.06.11, up to 1% of its paid capital (ie up to 714,171 shares) for an interim period beginning 21.12.2011 until 21.06.2012 within the price limits set at the Shareholders General Meeting.

The investor community should note however that in accordance with regulation in force the implementation of aforementioned approved share buy-back programme will be under the responsibility and discretion of the Company's Board of Directors.