Disclaimer AEGEAN MARINE PETROLEUM NETWORK INC.

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2 Disclaimer About this Presentation This presentation has been prepared by Aegean Marine Petroleum Network Inc. ( Aegean or the Company ) and is provided to you solely for informational purposes and does not purport to provide a complete description of the Company, the proposed transaction, or any other matter described herein. This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction. Cautionary Statement Regarding Forward-Looking Statements This presentation and oral statements made from time to time by officers and directors of the Company contain forward-looking statements. The Private Securities Litigation Reform Act of 1995 (the PSLRA ) provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection therewith. Such statements that are not historical facts are hereby identified as forward-looking statements and are intended to be covered by the safe harbor provisions of the PSLRA and can be identified by the use of the words believe, expect, predict, project, potential, estimate, anticipate, should, intend, may, will, and similar expressions or variations of such words, or by discussion of future financial results and events, strategy or risks and uncertainties, trends and conditions in Aegean s business and competitive strengths, all of which involve risks and uncertainties. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including but not limited to: (i) the risk that the acquisition of H.E.C. Europe Limited ( HEC ) may not be completed in a timely manner or at all, which may adversely affect Aegean s business and the price of the common stock of Aegean, (ii) the failure to satisfy the conditions to the consummation of the acquisition of HEC, including the receipt of certain governmental and regulatory approvals, (iii) the parties may be unable to achieve expected synergies and operating efficiencies within the expected time frames or at all and to successfully integrate HEC operations into those of Aegean, (iv) the acquisition of HEC may not result in the accretion to Aegean s earnings or other benefits expected to be achieved from the acquisition, (v) revenues following the acquisition of HEC may be lower than expected, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of acquisition documents, (vii) the effect of the announcement or pendency of the acquisition of HEC on Aegean s business relationships, operating results, and business generally (viii) risks related to diverting management s attention from Aegean s ongoing business operations, and (ix) the outcome of any legal proceedings that may be instituted against Aegean, its officers or directors related to the acquisition of HEC. Where, in any forward-looking statement, management expresses an expectation or belief as to future results or actions, there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished. Aegean s actual results may differ materially from its expectations, plans or projections. Forward-looking statements are only predictions and estimates, which are inherently subject to risks, trends and uncertainties, many of which are beyond Aegean s ability to control or predict with accuracy and some of which might not even anticipate. There can be no assurance that Aegean will achieve its expectations and it does not assume responsibility for the accuracy and completeness of the forward-looking statements. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements as a result of many factors, including the risk factors described in the risk factor section of Aegean s reports filed from time to time with the U.S. Securities and Exchange Commission. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of Aegean. All forward-looking statements included in this presentation are based upon information available to Aegean as of the date of this presentation. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Aegean undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accuracy of Information and Limitation of Liability No representations or warranties, express or implied are given in, or in respect of the accuracy or completeness of any information included in, this presentation. To the fullest extent permitted by law in no circumstances will the Company, or any of its respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Recipients of this presentation are not to construe its contents, or any prior or subsequent communications from or with the Company or its representatives as financial, investment, legal, tax, business or other professional advice. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of the Company. Recipients of this presentation should consult with their own advisers and should each make their own evaluation of the Company and of the relevance and adequacy of the information. Projections Any estimates, forecasts or projections set forth in this presentation have been prepared by Aegean management in good faith on a basis believed to be reasonable. Such estimates, forecasts and projections involve significant elements of subjective judgment and analysis as well as risks (many of which are beyond our control). As such, no representation can be made as to the attainability of our forecasts and projections. You are cautioned that such estimates, forecasts or projections have not been audited and have not been prepared in conformance with generally accepted accounting principles. For a listing of risks and other factors that could impact our ability to attain our projected results, please see Cautionary Statements Regarding Forward-Looking Statements above. Use of Non-GAAP Financial Measures This presentation contains certain estimated and forward-looking non-gaap financial measures with respect to HEC, such as estimated and projected Earnings Before Interest, Income Taxes, Depreciation and Amortization ( EBITDA ). Aegean has not provided a reconciliation of these measures to the most directly comparable GAAP measure because financial information that is necessary for the reconciliation is not available. No Updates Unless otherwise specified all information in this presentation is as of the date of this presentation. Neither the delivery of this presentation nor any other communication with you shall, under any circumstances, create any implication that there has been no change in the Company s affairs since such date. Except as otherwise noted herein, the Company does not intend to, nor will it assume any obligation to, update this presentation or any of the information included herein. 2

3 1. Transaction Overview Transaction Overview About HEC HEC Investment Highlights Aegean Business Update Conclusion Appendix 3

4 Today s Presenters Jonathan McIlroy President Spyros Gianniotis Chief Financial Officer Justin Yagerman Senior Vice President, Investor Relations and Business Strategy Darren Laguea Chief Executive Officer 4

5 Today s Presenters Transaction Overview About HEC HEC Investment Highlights Aegean Business Update Conclusion 5

6 Aegean Returning to Growth A Compelling Growth Company Challenging bunker market conditions, driven by intense competition, have led Aegean to explore strategic alternatives, including acquiring complementary businesses with strong growth prospects Aegean is pleased to announce that it has entered into an agreement to acquire H.E.C. Europe Limited ( HEC ), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services, for approximately $367 million (1) HEC s predecessor began operations in 1993 and HEC was established in 2000 by Dimitris Melisanidis and the Agiostratitis family. HEC currently has operations in Greece, Germany and Gibraltar HEC uses chemical and mechanical technologies to collect and treat liquid maritime waste and then resells any recovered oil HEC s growth strategy consists of expanding into additional markets via acquisitions and geographic expansion projects (1) This amount includes certain debt and other-debt like items to be assumed by Aegean in connection with the transaction. 6

7 Transaction Attributes Founder Dimitris Melisanidis returning together with certain members of his family and the Agiostratitis family as largest shareholder in Aegean Transaction approved by a special committee comprised solely of the independent directors of Aegean s Board Significant synergy potential via ability to leverage current Aegean platform and asset base to market HEC services Exciting growth potential through identified acquisitions and geographic expansion projects Attractive utility-like business model with recurring revenues Immediately accretive to adjusted EPS in year one HEC expected 2018E EBITDA of $35 $40 million represents a 9.2x 10.5x purchase multiple (1) Combined company well positioned for growth with diversified revenue streams (1) Subject to material change. Assumes timely closing of the transaction and completion of targeted acquisitions in

8 Transaction Summary Transaction Structure Acquisition of 100% of the outstanding equity of HEC Shareholder Consideration Sellers Governance Timing and Closing Conditions HEC shareholders to receive combined consideration of ~$329 million, based in part upon the closing price of Aegean s common stock of $4.45 per share on February 20, 2018 (enterprise value of ~$367 million) Consideration includes issuance of approximately 20 million shares of Aegean common stock, the assignment of ~$200 million of Aegean s accounts receivables, issuance of $25 million in a two-year unsecured note at 4.00% and $15 million in cash or up to an additional $15 million in a two-year unsecured note at 4.00% (determined in accordance with the definitive agreement) Certain companies owned and controlled by Dimitris Melisanidis and certain members of his family and the Agiostratitis family To the extent the Sellers and their affiliates maintain beneficial ownership of 25% or more of the outstanding shares of voting stock of Aegean the Sellers shall have the right to: o o (i) designate two (2) nominees for appointment or election to the Board; and (ii) recommend one (1) additional nominee for appointment or election to the Board, which nominee must be independent and not be an affiliate of the Sellers, subject to the approval of the Aegean nominating and corporate governance committee Effective as of the closing of the acquisition, Aegean expects to appoint one additional independent director, resulting in an eight member Board of Directors Expected transaction closing in Q Subject to customary closing conditions 8

9 Expanding Board of Directors In conjunction with closing the transaction, Aegean expects to appoint four new board members, expanding the current board to eight, resulting in five independent board members: Proposed New Board Members 1. George Melisanidis Principal and CEO of Aegean Shipping Management S.A. Overseen fleet renewal and streamlining of family s private shipping business Non-Executive Board member of OPAP S.A. Extensive experience in shipping and maritime sector 2. Darren Laguea HEC Affiliated Members Group CEO of H.E.C. Europe Limited Former CEO and COO of Nature Group LLC (a port reception facility company) Texaco fuel bunker installation operations Gibraltar (Java Oil) Career began in Royal Maritime Auxiliary Service and Shell Company of Gibraltar LTD Extensive experience in port reception facilities and bunkering industry Independent Members 3. Demetrios Diakolios (Proposed Aegean Appointee) Founding partner of Monolith Energy Management Board memberships: Sciens Capital Management (Advisory Board Member); Aduro Resources (Board Member) Various senior roles at: NBF Asset Management, MSC Exploration, Caxton Associates, Louis Dreifus Corp, Credit Suisse First Boston Extensive experience in energy trading, oil, commodities, capital markets and private equity 4. Alexios Rodopoulos (Proposed Mutual Appointee) Currently an independent shipping consultant: Rodofin Business Consultants LTD Board member: Dynagas LTD and Dynagas LNG Partners LP (NYSE:DLNG) Served as the Head of Shipping and Head of the Royal Bank of Scotland PLC (RBS) in Piraeus during a 37 year career with the bank Extensive experience in risk management, shipping finance and corporate credit 9

10 Significant Growth Potential HEC and Aegean are positioned to capitalize on: MARPOL (1) regulatory tailwinds that require all vessels to discharge waste through the provision of adequate port reception facilities Ability to market services into more than 30 ports and additional markets comprised of bluechip customers that Aegean currently serves Serving Over 30 Markets Worldwide Global Growth Opportunity Aegean area of operation Aegean office HEC area of operation (1) MARPOL is a series of strict regulatory legislation aimed to prevent and minimize pollution from ships around the world. 10

11 Today s Presenters Transaction Overview About HEC HEC Investment Highlights Aegean Business Update Conclusion 11

12 Overview of HEC HEC by the Numbers ($Millions) $60-65 $ E Revenue (1) 2018E EBITDA (1) 5 Identified Expansion Targets $ E Revenue $ E EBITDA 2 Strategic Port Expansions since E Revenue Breakdown (2) Segment Industrial Cleaning 12% Region Gibraltar 9% Port Fees 17% Marpol Collection 42% Germany 25% Greece 66% Sale of Recovered Oil 29% Greece acts as an intermediary hub on Asia-Europe trade routes (1) Includes acquisitions. Subject to closing of the transaction and completion of acquisitions in See page 18 for acquisition detail. (2) Excludes Construction Contract Revenue. 12

13 Overview of HEC (Cont d) Type Select Assets Description 2 Land-Based Treatment Plants Greece Treatment Plant Greece Storage capacity of ~45,000 m3, with the ability to treat more than 1,000,000 m3 of liquid waste annually Waste management patent o Patented procedure for oily waste results in water purification and oil separation Germany Storage capacity of ~26,500 m3, with the ability to treat more than 120,000 m3 of liquid waste annually 1 Floating Treatment Plant Greece Owns 1 floating separator (Ecomaster) with capacity of ~100,000 DWT Floating Seperator 12 Sea Collection & Transport Vessels Collection Vessels Greece 7 specialized tankers with capacity of 8,164 DWT Gibraltar 3 specialized tankers with capacity of 8,572 DWT Germany 2 specialized tanker barges 23 Land Collection & Transport Vehicles Greece & Germany Owns and operates a fleet of special tank trucks with a capacity from 15 m3 to 26 m3 o Trucks are equipped with auxiliary equipment, including cranes, storage tanks and hydraulic pumps Also owns and operates fleet of vacuum trucks for collection of viscous substances Tank Truck & Vacuum Trucks 13

14 Today s Presenters Transaction Overview About HEC Key Investment Highlights Aegean Business Update Conclusion 14

15 HEC Investment Highlights 1 Attractive Utility-like Business Model 2 Environmental Growth Business 3 Exciting Acquisitions and Geographic Expansion Projects 4 Significant Synergy Potential 5 Blue-Chip and Complementary Customer Base i 15

16 1 Attractive Utility-like Business Model HEC s Business Model 1 Fixed Fee 2 A Vessels Pay Port Fees B Waste Collection C Upon Entering Ports (1) : & Delivery: HEC Treatment: Sale of Recovered Oil: Collection of mandatory port fees legislated by authorities Waste is collected by HEC vessel or truck Waste is then delivered to either a HEC floating or land-based waste treatment facility HEC floating and landbased waste treatment facilities then perform treatment on oily wastes Treatment separates oily wastes into recovered oil and purified water High quality recovered oil is then sold to clients in the open market Purified water is then safely discharged Significant Port Relationships 2017E Recurring (2) Revenue Stream & Minimal Oil Price Sensitivity (3) Concession agreements with Piraeus Port Authority through 2049 to cover all of Piraeus vessels entering port Established partnership with Gibraltar Port Authority One of three providers of port reception facilities in Hamburg 29% 12% 17% 42% MARPOL Collection Port Fees Industrial Cleaning Sale of Recovered Oil (1) Dependent upon port location. (2) Although vessel entries into HEC s ports are stable y-o-y, projected vessel entries may vary due to unforeseen circumstances. (3) Represents Service Revenue. Excludes Construction Contract Revenue. 16

17 2 Environmental Growth Business Due to increased regulations, such as MARPOL 73/78 ( MARPOL ), the global environmental market has grown significantly o Ships are required to dispose of waste in accordance with the MARPOL Convention o 154 states signed MARPOL, requiring 30,000+ ports to provide reception facilities similar to HEC HEC capitalized on the regulatory tailwinds having successfully expanded into Gibraltar and Germany o HEC Port Fees growth: 36.0% CAGR o HEC MARPOL Collection & Disposal growth: 26.2% CAGR Current growth pipeline includes three acquisitions and two geographic expansion projects MARPOL Ratifying Countries and HEC Growth HEC Port Fees ($Millions) $7.0 $ HEC MARPOL Collection & Disposal ($Millions) $5.4 $8.6 Indicates MARPOL Ratified Country Source: Global Consulting Firm. 17

18 3 Exciting Acquisition and Geographic Expansion Projects Acquisitions Three acquisitions currently under negotiation Transactions are expected to close in 2018 If acquisitions are completed in 2018, ~$15 million of Revenue and ~$6 million of EBITDA would be expected on annual basis Each acquisition is highly complementary to the pro forma combined footprint Geographic Expansion Projects HEC is currently negotiating partnerships with port authorities and port owners in two new geographic locations The combined opportunities represent over nine port locations with over 23,000 vessel calls per annum Projects are expected to commence operations within 6-18 months of closing the Aegean / HEC transaction 18

19 4 Significant Synergy Potential Ability to Market Services to Aegean Clients HEC able to leverage Aegean s strong client base to provide waste disposal services Aegean s existing relationships provide additional recycled oil sales opportunities Ability to Leverage Aegean s Existing Asset Base HEC able to redeploy / repurpose underutilized Aegean ships Repurposed tonnage lowers potential capex requirements Potential to reduce corporate expenses by consolidating offices Ability to Expand into New Geographies HEC able to leverage Aegean s existing team and port relationships to expedite market expansion Ability to Leverage Aegean s Operational Expertise Aegean s strong ship management to provide operating efficiencies for the combined fleet Access to Aegean s risk management and operating expertise will provide world class industry intelligence HEC s complementary business model is expected to unlock benefits from Aegean s global footprint, enhanced asset utilization and diverse customer base 19

20 5 Blue-Chip and Complementary Customer Base Long-Term, Blue-Chip Customers Operating in Diverse End Markets Highly Complementary Services Significant Marketing Opportunities Minimal Single Client Exposure 20

21 Today s Presenters Transaction Overview About HEC HEC Investment Highlights Aegean Business Update Conclusion 21

22 Aegean Business Update Challenging Q results were hampered by non-recurring expense items and hedging Cost cutting efforts continue to yield results Ceased operating physical supply business in Singapore where margins were unsupportive of profitable business Recalibrated West Coast U.S. storage footprint to better fit the ongoing business and lower overhead Continued reducing volumes and focusing on more profitable business in the Fujairah market Secured contract cover for the majority of the Company s clean products tanks in the Fujairah storage facility Continued the active management of our vessel fleet with a dynamic chartering program including the reactivation of one vessel from hot lay-up and placement of one more vessel in cold lay-up, thereby increasing the total number of vessels in cold lay-up to five 22

23 2018 Convertible Note Update $94.55 million remains outstanding on our 4.00% convertible notes due November 2018 Aegean continues to weigh its options on how best to address this maturity Aegean will seek to minimize or eliminate any equity dilution associated with the maturity of this note or its refinancing Options currently under consideration include (but are not limited to): Offer unlevered current assets as collateral for refinancing Refinancing of fixed assets to cover some or all of our obligations under the notes Potential sale and/or sale-leaseback of fixed assets generating liquidity to address some or all of the maturity 23

24 Today s Presenters Transaction Overview About HEC Key Investment Highlights Aegean Business Update Conclusion 24

25 Environmental Promise As the largest independent physical supplier of bunker fuel, our commitment to the environment and the shipping community is an integral part of our strategy. The addition of HEC strengthens our integration into the major shipping routes, ensuring our customers have the appropriate facilities to discharge their oily waste. This acquisition is our first decisive step in the direction of combining higher profitability for our shareholders with environmental sustainability and social accountability. Our next priority is the elaboration of a roadmap to operate successfully within the new landscape post-2020 IMO regulatory changes and beyond. 25

26 An Exciting Opportunity to Create Significant Shareholder Value Compelling Strategic Rationale Consistent with Growth Strategy Recurring Revenue Streams Capitalizing on Strong Industry Tailwinds Strong Combined Platform to Expedite Growth Creates Significant Shareholder Value 26