AEGEAN AIRLINES S.A.

Announcement - Refutation of press reports

Following a request from the Hellenic Capital Markets Commission and in light of today's press reports which appeared on www.axiaplus.gr, we clarify to the investment public that there is absolutely no substance to these reports referring to new discussions carried out by either the main shareholders or the Company for a possible shareholder agreement with the parties reported.
It is noted that in accordance with the announcements issued in February 2010, an agreement has been reached between the main shareholders of AEGEAN AIRLINES and MARFIN INVESTMENT GROUP which is currently in the process of being reviewed by the European Competition Commission, so as implementation to follow.