AEGEAN: Clarifications regarding the Use of Proceeds report

Aegean Airlines S.A. (The Company) in response to Hellenic Capital Market Commission’s letter, hereby clarifies the following.

The company, pursuant to its Board decision dated 22/2/2019, issued a Common Bond Loan of EUR 200m with a 7-year maturity. The Reports on the Use of Proceeds from the Common Bond Loan for the periods 12/3/2019-30/6/2019 and 12/3/2019- 31/12/2019, are included in the notes of the Interim and Full Year Financial Statements respectively, ie in Notes 5.31 and 3.38, rather than presented in a separate section.

In addition, the Company notifies that as of 31/12/2019, remaining unutilized proceeds of €168,578.54 thousand were kept either in term deposits (59%) or in sight deposits (41%).