AEGEAN MARINE PETROLEUM NETWORK INC. 2

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2 Cautionary Statement This presentation contains forward-looking 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 Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements and we desire to take advantage of such safe harbor legislation. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Important assumptions relating to the forward-looking statements include, among other things, assumptions regarding demand for our products, the cost and availability of refined marine fuel from suppliers, pricing levels, the timing and cost of capital expenditures, competitive conditions, and general economic conditions. These assumptions could prove inaccurate. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. For a more comprehensive discussion of the risk factors affecting our business please see our Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission, a copy of which can be found on our website Unless required by law, we disclaim any obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events, a change in our views or expatiations, to conform them to actual results or otherwise. In addition, this presentation contains unaudited financial information related to our financial statements. The information provided is for indicative purposes only. Unless required by law, we undertake no obligation to update or revise any such information. Non-GAAP Financial Measures Within this presentation, the Company makes reference to certain non-gaap financial measures, which have directly comparable GAAP financial measures as identified in this presentation. These non-gaap measures are provided because they are used as standard metrics by the investment community. We believe these measures will assist the investment community in properly assessing the underlying performance of the Company. 2

3 Who We Are

4 Worldwide Leader Aegean Marine Petroleum Network is a world leader in the physical supply and marketing of marine fuel and lubricants. We are a supply chain solution for ships operating globally: Physical supply operations in over 30 markets. Marine Lubricant Products available in 500 ports Global Supply coverage from back to back desk Risk Management and Credit services 4

5 Global Network of Marine Fuel Supply Russia Vancouver Germany Amsterdam / Rotterdam / Antwerp Los Angeles San Diego Gulf of Mexico New York Philadelphia Baltimore Chesapeake Charleston Jamaica Gibraltar Las Palmas Tanger-Med Tenerife Piraeus Fujairah Shanghai Trindad & Tobago Singapore Brazil / South America Key: Black Existing Markets Red Newest Markets Office/Supply/Sales Office / Supply Supply South Africa Serving Over 30 Markets Worldwide 5

6 Diversified Customer Base and Footprint Aegean s customers include commercial shipping companies, cruise lines, marine fuel traders and brokers as well as oil majors. Strong, diverse customer base, sophisticated credit management systems and a global footprint mitigate counterparty and market risk and provide top-line predictability. No customer accounts for more than 10% of total revenues S a l e s b y C l i e n t S e c t o r 4Q16 V o l u m e b y M a r k e t Non Marine Trading Traders Dry Bulk Gulf of Mexico U.S. East & West Coast South Africa Bulk Trading Piraeus / Patras Gibraltar U.A.E. Jamaica Singapore Car Carrier Tankers Trading Vancouver Container Reefers Gas Carriers LPG/LNG Algeciras Trinidad Cruise vessels N.W.E. Barcelona Hamburg Canary Islands 6

7 Performance at a Glance (1) Sales Volume (millions metric tons) Net Income (millions USD) EPS (USD) EBITDA (millions USD) Free Cash Flow (millions USD) 65.4 (141.2) (49.8) Cash (millions USD) Net Debt (millions USD) EV to EBITDA Note: EV calculated using Net Debt (1) Figures adjusted for sale of non-core assets 7

8 Positioned To Drive Profitability Well-positioned to capitalize on emerging trends. Poised for long-term, sustainable growth; insulated from many headwinds facing shipping industry. Diversified revenue streams, market leadership and operational infrastructure create significant barriers to entry. Track record of strong financial results. Balanced capital allocation strategy focused on driving shareholder value. Creating long-term value by entering new markets and further diversifying revenue. 8

9 4Q 2016 Financial Results Who We Are

10 Selected Financials (1) (2) (3) Year-on-Year Comparison 4q15 4q16 YoY % Sales Volumes (MT) 4,029,567 3,954,700 (1.9)% (2) Gross Profit $88,317 $90, % EBITDA $32,797 $32,458 (1.0)% Operating Income $24,127 $24, % Net Income $12,131 $16, % Quarter-on-Quarter Comparison 3q16 4q16 QoQ % Sales Volumes (MT) 4,258,954 3,954,700 (7.1)% (2) Gross Profit $88,440 $90, % EBITDA $37,651 $32,458 (13.8)% Operating Income $26,400 $24,375 (7.7)% Net Income $17,656 $16,025 (9.2)% (1) All amounts are in thousands of USD unless otherwise specified. (2) Gross Profit = Total Revenue Total Cost of Sales (3) Figures adjusted for one-time loss/gain on sale or impairment of assets as necessary. 10

11 Thousands Millions M/T Track Record of Profitability $ $350 $300 $250 $200 $150 $100 $ $ Net income* Operating Income* EBITDA* Gross Profit Metric Tons Brent Price Trend - Note: Figures are adjusted for one-time gain/loss on sale of assets, subsidiary 11

12 Sales Volume (mt) Spread per Metric Ton Gross Profit Drivers 4,500,000 $35 4,000,000 $30 3,500,000 3,000,000 $25 $20 $15 2,500,000 $10 2,000,000 $5 Volumes Gross Spread EBITDA per MT Note: Figures are adjusted for one-time gain/loss on sale of assets, subsidiary accelerated vesting of the shares of Aegean s founder 12

13 Profitability (1,2) $100,000 $95,000 $90,000 $85,000 $80,000 $75,000 $70,000 $65,000 $60, % 43.0% 41.0% 39.0% 37.0% 35.0% 33.0% 31.0% 29.0% 27.0% 25.0% Gross Profit EBITDA Margin (1) EBITDA Margin is calculated as EBITDA divided by Gross Profit. (2) EBITDA figures are adjusted for gains/losses on sale or impairment of non-core assets accelerated vesting of the shares of Aegean s founder 13

14 Days Per Barrel Working Capital (1),(2) Cash Conversion Cycle $140 $120 $100 $80 $60 $40 $20 $0 CCC DIO DSO DPO Brent Price (1) DIO= Days Inventory Outstanding, DSO= Days Sales Outstanding, DPO= Days Payable Outstanding, CCC= Cash Conversion Cycle (2) Average of quarterly opening and closing trade receivables, inventories and trade payables is used in the calculations. Consequently ratios might be affected by the increased volatility of fuel prices during the quarter. Below movement of prices should be taken into account in assessment. Barrel Price (in USD) 14

15 Millions Strong Capital Structure Debt Analysis Working capital debt $ 568,927 + Fixed asset debt 248,704 = Total Debt $ 755,957 Net Debt $140 $120 $100 $80 Net Debt Total Debt $ 817,631 $60 + Trade payables 131,584 $40 - Cash 93,836 $20 - Trade receivables, net 515,260 $0 - Inventory 187,766 -$20 - Other current assets 112,390 = Net Debt $ 39,963 15

16 Positioned To Drive Profitability Well-positioned to capitalize on emerging trends. Poised for long-term, sustainable growth; insulated from many headwinds facing shipping industry. Diversified revenue streams, market leadership and operational infrastructure create significant barriers to entry. Track record of strong financial results. Balanced capital allocation strategy focused on driving shareholder value. Creating long-term value by entering new markets and further diversifying revenue. 16

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