Following recent feedback from DG Competition, AEGEAN now anticipates that the Commission intends to open a phase II, in-depth investigation into its proposed acquisition of Olympic Air. It is evident that the Commission considers that more time and data is needed for a detailed appraisal of current prevailing circumstances in the Greek aviation market. Furthermore, more time is required to shape and evaluate appropriate remedies. The phase II investigation is expected to be initiated on April 24 and a decision must be taken within a maximum of 90 working days.

Mr. Eftichios Vassilakis, AEGEAN's executive Vice Chairman, commented:

“Recent adverse developments in our region contribute to the unprecedented recessionary environment and further intensify the requirement for the creation of a Greek carrier with adequate scale, so as to be competitive, viable and able to support the local economy. We appreciate the time, effort and resources that DG Comp Services have dedicated and will continue to dedicate in this process. We will continue to cooperate constructively with them so as to achieve the required synergies while safeguarding consumer interests. After all Aegean has already responded to consumers needs in Greece by reducing its average domestic fare by over 25% relative to 2009, despite substantially higher fuel prices”.

Remedies already offered or currently under discussion are confidential. However, as the Greek people have been severely affected by the now four year old unprecedented crisis, it is important to note that among several other commitments offered or under consideration, AEGEAN has also proposed price policy commitments in the domestic routes that would be affected by the transaction.