Company update

June 2016

1

Contents

• Hellenic Petroleum Overview

• Industry Update & Market Developments

• 1Q16 Results

• Appendix

Assets overview Core business around downstream assets with activities across the energy value chain

DESCRIPTION METRICS

• Exploration assets in Greece

• 50% (operator) in W.

Patraikos

• Exploration rights in 2

more areas

• Complex (recently upgraded) refining system:

– Aspropyrgos (FCC, 148kbpd)

– Elefsina (HDC, 100kbpd)

– Thessaloniki (HS, 93kbpd)

• Pipeline fed refinery/terminal in FYROM

• Capacity: 16MT

• NCI: 9.6

• Market share: 65%

• Tankage: 7m M3

• Basel technology PP production (integrated with

refining) and trading

• > 60% exports in the Med basin

• Capacity (PP): 220 kt

• Leading position in all market channels (Retail,

Commercial, Aviation, Bunkering) through EKO and

HF (BP branded network)

• c.1,700 petrol stations

• 30% market share

• Sales volumes: 3.5MT

• Strong position in Cyprus, Montenegro, Serbia,

Bulgaria, FYROM

• Advantage on supply chain/vertical integration

• c.290 petrol stations

• Sales volumes: 1.2MT

• ELPEDISON: Second largest IPP in Greece (JV with

Edison/EdF)

• Capacity: 810 MW

(CCGT)

• DEPA/DESFA GROUP: 35% in Greece’s incumbent

NatGas supply company (DESFA in sale process) • Volumes (2015): 3.0bcm

Refining, Supply

& Trading

Exploration &

Production

Domestic

Marketing

International

Marketing

Petrochemicals

Power & Gas

2

Key financials

€ million, IFRS 2010 2011 2012 2013 2014 2015 1Q16

Income Statement

Sales Volume (MT’000) - Refining 14,502 12,528 12,796 12,696 13,538 14,258 3,443

Net Sales 8,477 9,308 10,469 9,674 9,478 7,303 995

Segmental EBITDA

- Refining, Supply & Trading 338 259 345 57 253 561 137

- Petrochemicals 50 44 47 57 81 93 25

- Marketing 114 66 53 68 90 107 12

- Other (incl. E&P) -28 -6 0 -5 -7 -2 -4

Adjusted EBITDA * 474 363 444 178 417 758 169

Adjusted associates’ share of profit 30 67 69 57 28 22 9

Adjusted Net Income * 213 140 229 -120 2 268 70

Balance Sheet / Cash Flow

Capital Employed 4,191 4,217 4,350 3,905 2,870 2,913 4,321

Net Debt 1,659 1,687 1,855 1,689 1,140 1,122 2,504

Capital Expenditure (incl. refinery upgrades) 709 675 521 112 136 165 26

(*) Calculated as Reported less the Inventory effects and other non-operating items 3

Current Position post 2007-12 Strategic Investment & Transformation Plan Delivery of strategic targets despite prolonged crisis; new refinery amongst most competitive in

the Med

4

1

2

5

Upgrade Refining Assets

Manage Portfolio for value

Fit-for-purpose organisation

3

Enhance vertical integration

4 Improve competitiveness

• Completed refinery upgrades successfully

• Among the most complex refining systems in the Med

• Doubled domestic market share - BP network

• Regional integration

• Re-focus E&P

• Power generation portfolio JV

• Refining improvements (DIAS)

• Marketing competitiveness

• Procurement (BEST 80)

• Reduced headcount by 21%

• Group culture

• Shared services

Current Position Leading domestic market position; major middle distillates and naphtha/gasoline exporter in the

East Med market;

Group operational footprint and Sales

5

Domestic

Aviation & Bunkering

Exports

MONTENEGRO

BULGARIA

FYROM

CYPRUS

Power & Gas

SERBIA

GREECE

Regional market – Diesel shortage in the Med ELPE yields match increasing shortage in the region

Key DIESEL/GASOIL balances in the Med region, kb/d (2020)

-178

-103

-65 -28

-40

-40

-10 -11

-20

-6

-5

-18

-195

-34

-55

-16

-13

-87

+4

+8

+9

PORTUGAL

GIBRALTAR

MOROCCO

SPAIN

MED FRANCE

ALGERIA

TUNISIA MALTA

ITALY

CROATIA

SLOVENIA

SERBIA

BOSNIA

FYROM

ALBANIA

GREECE

MONTENEGRO

TURKEY

LIBYA

EGYPT ISRAEL

LEBANON

SYRIA

CYPRUS

Diesel/Gasoil surplus (2020)

Diesel/Gasoil deficit (2020)

-59

Source: Wood Mackenzie

6

2013-18 Strategy Update Utilise strong refining and logistics asset base to consolidate position; risk management remains

key priority

1

2

5

Rebalance market position and

de-risk business model

Strengthen financial position

3 Continue competitiveness

improvement

4 Manage business portfolio for

value

Integrate and realise benefit of

investments

• Vertical integration

• Increased exports (50%)

• Operating KPIs

• Solomon benchmarks

• Gas & Power

• Exploration assets in Greece

• Capture positive refining cycles

• EBITDA €500-700m

STRATEGY TARGETS

• Deleverage balance-sheet

• Business model de-risking

• Cost of funding

7

•85%

•60%

•60%

•50%

•65%

29% 21%

41% 54%

8%

14%

22% 11%

2011 2015Mogas

Middle distillates

Others

Fuel oil

2,914

5,031

1,282

Aspropyrgos

Thessaloniki

Elefsina

2015

14,359

6,414

2011

8,635

7,061

293

(*) Total feed over crude capacity; 2011-1H12 Elefsina Refinery was not operating due to its upgrade project

Business model – Operations & Markets Elefsina upgrade transformed business model; increased production and improved yields drive

higher exports

Refining product yields (%)

21% 50%

Nameplate

capacity

8

21%

Gross Production by refinery

(MT’000)

54% Utilisation

Rate* (%) 91%

0

5

10

15

2011 2015

IG intsales

Refining Sales by market (m MT)

50% 21%

Domestic

Exports

Increased

utilisation

Improved

yields

Market focus

differentiation

Refining, Supply & Trading economics Integrated supply chain management yields improved results

Trading

(sales premia >$3/bbl)

Refining

(Med benchmark & $2/bbl)

Domestic market

7.5 MT

Exports, 3rd parties (Platts Med FOB based)

7.5 MT

ELPE

Refining System

16 MT

NCI: 9.6

12%

55%

25%

8%

Fuel oil Middle Distillates

Gasoline Other

9

89%

11%

High sulphur

Low sulphur

8%

12%

55%

25%

Other

Fuel Oil

Gasoline

Middle Distillates

Marketing

(Cost +)

Domestic

3.5MT

International

2MT

Petchems

(Benchmark Pricing plus premia)

Domestic and international

Markets (PP + BOPP – 225kt)

10

ELPE realised vs benchmark* margin ($/bbl)

(*) System benchmark calculated using actual crude feed weights

(**) Includes PP contribution which is reported under Petchems

Refining, Supply & Trading – Performance Consistent over-performance vs benchmark margin at normal operations

25 9 84 132 172 77 Adj.

EBITDA

(€m) 163 143 136

8.0 7.5

10.2 10.2

12.3

8.3

11.8

9.5 10.2

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

ELPE system benchmark (on feed) ELPE realised margin**

Cash Flow Profile Post upgrade cashflows support deleverage and increased returns with reduced risk profile

11

Free cash flow – pro forma at mid-cycle economics excl. working capital movements (€m)

Free cash flow

for deleverage

and distribution

Tax Interest Capex EBITDA (pro-

forma run rate)

Benchmark margins & EUR/USD driven

(100-150)

(150-200)

200-400

600-800

(75-125)

9%

7%

10%

9%

25%

40%

PetChems Aviation & Bunkering

Domestic market

Refining International

Exports

GM % by driver /

market

0

100

200

300

400

500

600

700

2020+ 2019 2018 2017 2016

Credit Facilities - Liquidity Full repayment of $400m Eurobond on 16 May out of existing cash reserves; covenants

harmonisation successfully completed

Gross Debt overview (%) – 1Q16

EIB

10%

Debt Capital Markets 37%

Banks (uncommitted)

28%

Banks (committed)

25%

Total:

€3.3bn

Credit Lines Maturity Profile - 1Q16

12

Debt Capital Markets Banks EIB

• L12M Operating cashflow at €549m (Adj. EBITDA – Capex).

• Stand-by facility of €240m established with Greek banks, providing additional headroom to support and

refinancing process

• Considering alternatives in 2H16 to refinance other maturities, subject to market conditions

• DESFA proceeds earmarked to accelerate deleverage

Repaid in

May 2016

Contents

• Hellenic Petroleum Overview

• Industry Update & Market developments

• 1Q16 Results

• Appendix

13

Med regional crude supply Excess supply of sour crude grades (Iraq production growth) leads to favourable crude spreads

for Med refiners; Iran return to the market affecting 2016 balances

14

Crude exports / supply to Med* (kbpd)

B-U spread ($/bbl)

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

2012 2013 2014 2015 2016

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

500

1,000

1,500

2,000

2,500

3,000

2012 2013 2014 2015 2016

Kirkuk CPC Siberian Light Urals (Novo) BTC Basrah (RHS)

(*) Total exports for Bashra; Med loadings for other grades

European demand growth for refined products Strong demand growth in 2015-16 especially for light-ends; Consumption in Europe also positive

after several years of contraction

15

European demand growth per product (%)

-8%

-6%

-4%

-2%

0%

2%

4%

6%

2010 2011 2012 2013 2014 2015 2016

Gasoline Distillate Others

Source: KBC estimates as of 18/05/2016

Europe fuels (mbpd)

14.714.514.214.414.615.0

0

2

4

6

8

10

12

14

16

2016 2015 2014 2013 2012 2011

-3% -2% -1% +2% Growth 1%

0

1

2

3

4

5

6

7

8

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 QTD*

FCC Hydrocracking

Recent Industry developments Improvement in European refining environment on positive fundamentals

• Developments in global refining capacity (Middle East, Russia) and inter-regional competitive

position (USGC) key drivers

• Weak crude prices and stronger USD positive for refiners, despite one-off inventory impact

Med complex margins - $/bbl

Med FCC margins:

2.6

$/bbl

3.3 6.5

16 (*) Data updated as of 01/06/2016

4.3

5.1

953

805

765

751

930

10,125

3,722

2,518

2,932

2009

11,413

4,064

2,837

3,353

1,159

MOGAS

ADO

HGO

LPG & Others

2013

6,599

2,670

2,248

2012

7,727

2,913

2,066

1,983

2011

9,267

3,355

2,224

2,883

2010

813829

971

2015

7,103

2,458

2,427

1,389

2014

6,669

2,527

2,358

Domestic market environment Positive 1H15 trend reversed in 2H, following bank holiday and capital controls; auto-fuels flat y-o-

y, with heating gasoil driving overall market demand growth

(*) Does not include PPC and armed forces

Source: Ministry of Environment & Energy

Domestic Market demand* (MT ‘000)

+6%

-7% +6%

+22%

4Q

2,097 1,980

3Q

1,501 1,611

2Q

1,583 1,497

1Q

1,923

1,581

2015 2014

-3%

+43%

+3%

+3%

-11%

-8%

-17%

-15% +1% +7%

17

Contents

• Hellenic Petroleum Overview

• Industry Update & Market developments

• 1Q16 Results

• Appendix

18

FY € million, IFRS 1Q

2015 2015 2016 Δ%

Income Statement

14,258 Sales Volume (MT'000) - Refining 3,615 3,443 -5%

4,672 Sales Volume (MT'000) - Marketing 1,004 995 -1%

7,303 Net Sales 1,879 1,247 -34%

Segmental EBITDA

561 - Refining, Supply & Trading 173 137 -21%

93 - Petrochemicals 19 25 29%

107 - Marketing 14 12 -18%

-2 - Other -1 -4 -

758 Adjusted EBITDA * 205 169 -17%

22 Share of operating profit of associates ** 8 9 15%

581 Adjusted EBIT * (including Associates) 166 129 -22%

-201 Finance costs - net -50 -48 3%

268 Adjusted Net Income * 54 70 30%

444 IFRS Reported EBITDA 155 129 -17%

45 IFRS Reported Net Income 17 32 84%

Balance Sheet / Cash Flow

2,913 Capital Employed 3,836 4,321 13%

1,122 Net Debt 2,085 2,504 20%

165 Capital Expenditure 17 26 49%

32

17

1Q15

+84%

1Q16

169

205-17%

1Q16 1Q15

129

166-22%

1Q16 1Q15

Adj. EBIT (€m)

1Q16 GROUP KEY FINANCIALS

(*) Calculated as Reported less the Inventory effects and other non-operating items

(**) Includes 35% share of operating profit of DEPA Group adjusted for one-off items •19

IFRS Net Income (€m)

Adj. EBITDA (€m)

1Q16 KEY HIGHLIGHTS

20

• 1Q16 Adj. EBITDA at €169m (€205m LY) and Adj. Net Income at €70m (€54m LY):

– Strong results on improved refining performance, despite weaker margins and Elefsina

maintenance

– Lower international crude and product prices environment, stable EUR/USD

– Record 1Q profitability in Petchems, on higher volumes and margins

– Reduced financing costs

• IFRS Net results of €32m (+84%), affected by inventory losses (€40m in 1Q16) and DEPA

arbitration one-off charge

• Operating cashflow (Adj. EBITDA – Capex) for the quarter at €144m. Net Debt at €2.5bn

(1Q15 €2.1bn) reflects temporary working capital increase, mainly on account of crude

prepayments and higher stocks due to shut-down.

• $400m Eurobond maturing in 16 May 2016, to be repaid from Group’s existing reserves;

Refinancing plans for remaining bonds to be implemented later in the year depending on

market conditions

-1 -4

173

137

19

25

5 12

2

14

12

37

17

1Q15 BenchmarkRefining Margins

FX Elefsina Refinery(Hydrocracker

catalyst change)

Refining Ops Others 1Q16

CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 1Q 2016 Improved operations partly offset weaker margins and planned maintenance at Elefsina refinery

21

Adjusted EBITDA causal track 1Q16 vs 1Q15 (€m)

169 205

Refining,

S&T

MK

Chems

Refining,

S&T

MK

Chems

Other

(incl. E&P)

Environment Performance

Other

(incl. E&P)

Contents

• Hellenic Petroleum post upgrade

• Industry Update & Market developments

• 1Q16 Results

• Appendix

22

Shareholding & Governance Controlling shareholders supported successful implementation of long-term strategy

Shareholding structure

6%

8%

36%

Greek State

Retail

7% Int’l institutionals

GR institutionals

POIH 43%

Corporate Governance

Board of Directors:

• Consists of 13 members appointed as per

Articles of Association

• Board Committees (Finance / Audit / HR)

Executive Committee:

• Key management executives with responsibility

for strategy and operations

23

Aviation &

Bunkering

C&I (Construction,

wholesale)

Retail

Greek petroleum market overview and route to market Leading domestic market position through vertical integration and competitive logistics

assets

3rd party

Imports

60-65% 30-35%

0-10%

Greek Refining capacity: 25MT

Domestic market: 11.5MT

ELPE Group

subsidiaries: 3.5MT

(30%)

MOH Group

subsidiaries: 2MT

(20%)

Independent

marketing

companies: 4.5MT

(35%)

ELPE exports: 6-8MT

3rd party exports:

5MT

16MT

ELPE Group

subsidiaries: 1-2MT

8%

9% 6%

20%

12%

24%

21%

Fuel Oil

Greek market product breakdown

Specialty markets

(PPC, public sector):

1.5MT (15%)

Gasoline

Diesel

Gasoil Jet

Bunkers

Other

24

300

500

700

900

1100

1300

1500

1700

1Q15 2Q15 3Q15 4Q15 1Q16

Propane, FOB Propylene NWE, CIF Polypropylene NWE

Petrochemicals Operations centred on vertical integration for higher value product; trading geared to

exports markets

Polypropylene value chain

Propylene (refinery grade)

Propylene splitter

90%

Thessaloniki PP plant

(220 kt)

PP

Imports

10%

Propylene (polymer grade)

10%

90%

Domestic and international

market

BOPP film plant (26kt)

• Competitive advantage in polypropylene - vertical

integration at 85-90% of total production

• Exports account for >60% of total sales; strong export

markets in Turkey, Italy and East Med

• Domestic market share in petchems exceeds 50% in

all products, produced or traded

PP value chain contribution ($/T)

25

Integrated

PP

Margin

Aspropyrgos splitter

contribution

Domestic Marketing Leading position in the Greek market with EKO and BP brands; extensive restructuring

during 2011-2014 restores profitability

Auto-fuels domestic market share evolution (%)

15

2015 (EKO & BP)

> 30

2008 (EKO only)

Adj. EBITDA profitability 2010-2015 (€m)

47

39

25

69

43

2015 2014 2013 2012 2011 2010

26

2011

4.149

2010

4.246

Retail

C&I

Bunkers & Aviation

2015

3.494

2014

3.052

2013

2.971

2012

3.454

Sales volumes per segment (‘000MT)

1.0781.041 982

942 900 909

2012

1.931

949

2011

2.022

981

2010

2.186

1.108 HF

EKO

2015

1.709

800

2014

1.716

816

2013

1.816

874

Domestic Retail network evolution (# PS)

International Marketing

Subsidiaries in neighboring markets increase downstream integration; selective expansion

to improve network control and increase presence in markets of focus

International Marketing: Regional footprint

Adj. EBITDA profitability 2010-2015 (€m) 59

51

4441

4548

2015 2014 2013 2012 2011 2010

27

CY

BU

SER

JPK

2015

1,178

2014

1,079

2013

1,072

2012

1,072

2011

1,041

2010

1,051

Sales volumes (MT‘000)

+5%

-1%

+19%

+5%

Group refineries

83%

3rd party

17%

2015

GREECE

BULGARIA SERBIA

MONTENEGRO

TURKEY

CYPRUS

Exploration & Production Exploration activity focused on Greece

28

Patraikos Gulf (offshore)

• Hellenic Petroleum W. Patraikos 50% (operator)

• Edison International S.p.A 50%.

Major 3D double azimuth/2D seismic data acquisition

completed in February; processing ongoing

Sea of Thrace Concession (offshore)

• Hellenic Petroleum 25%,

• Calfrac Well Services 75%.

Prospective area surrounding the Prinos oilfield and

Kavala gas field

NW Peloponnese and Arta-Preveza Blocks (onshore)

Declared by the Ministry of Environment and Energy as

“Preferred Bidder”; Lease Agreement to be finalised

Block 2 offshore W. Greece

Total 50% (operator), Hellenic Petroleum 25% and Edison International 25% expecting evaluation od submitted offer.

Block 1 and Block 10 offshore W. Greece

Hellenic Petroleum has submitted bids for Block 1 and Block 10

Power: second largest IPP in Greece; development of a renewable energy portfolio

Thisvi 420MW CCGT power plant

Consolidated as Associate

• Elpedison BV, is a 50/50 JV between Hellenic

Petroleum and Edison, Italy’s 2nd largest electricity

producer and gas distributor (EdF Group)

– Owns 75% of 810MW of installed CCGT capacity:

a 390MW plant in Thessaloniki and a 420MW in

Thisvi

– Increasing power trading & marketing, considering

credit exposure; 2nd largest independent supplier

• Energy market in Greece under restructuring; delays

in capacity certificates regulatory framework;

developments expected on current transitional regime

• Renewables portfolio target > 100MW (wind, PV,

biomass) subject to fiscal environment and market

developments

29

Gas: 35% participation in DEPA, Greece’s incumbent gas company

DEPA

– Long-term contracts on pipe gas (Russian & Azeri) and

capacity rights on two in-bound interconnecting pipelines

– Long-term contracts with power generators, eligible industrial

customers and existing EPAs

– Owns 51% of the local supply companies (EPAs), with rights

until 2036

– International pipelines: Participation in Greece-Bulgaria

Interconnector

DESFA (RAB) – in sale process

– Greece’s gas grid and LNG import terminal owner and

operator

• SPA for sale of 66% of DESFA to SOCAR for €400m signed

on 21 Dec 2013; regulatory approvals in process for

completion of transaction

DEPA snapshot financials (€m) 2009 2010 2011 2012* 2013 2014 2015

EBITDA 166 211 288 287 196 126 141

Net Income 61 91 191 197 147 83 66

* Adjusted for settlement with PPC

Natural gas transmission network

DEPA Volumes 2009-2015 (bcm)

Consolidated as Associate

2011 2009

3.3

2015

3.6

4.3

3.0

2013 2014

4.2

2012

3.8

3.0

2010

30

Glossary of Key Terms

Adjusted EBITDA Reported EBITDA adjusted by inventory effect (impact of the fluctuation of crude prices on BS inventories and on the

value of products sold during the related period) and other one-off non recurring items

ADO Auto Diesel Oil

CCGT Combined Cycle Gas Turbine

COMO Company Owned Manager Operated

DCM Debt Capital Markets

FCC Fluid Catalytic Cracking

HDC Hydrocracking

HGO Heating Gasoil

HS Hydroskimming

HSFO High Sulfur Fuel Oil

IPP Independent Power Producer

MOGAS Motor Gasoline

LNG Liquefied Natural Gas

NatGas Natural Gas

Nelson Complexity Index (NCI) Index assessing the refinery conversion capacity by relating each processing unit capacity against the crude distillation

capacity and applying a weighting factor.

POIH Paneuropean Oil and Industrial Holdings

PP Polypropylene

Solomon Complexity Index Compares the relative refining configuration apart from throughput capacity. It is the total of EDC (Equivalent Distillation

Capacity) divided by the sum of the crude unit stream-day capacities.

ULSD Ultra-low-sulphur Diesel

31

Disclaimer

Forward looking statements

Hellenic Petroleum do not in general publish forecasts regarding their future financial

results. The financial forecasts contained in this document are based on a series of

assumptions, which are subject to the occurrence of events that can neither be reasonably

foreseen by Hellenic Petroleum, nor are within Hellenic Petroleum's control. The said

forecasts represent management's estimates, and should be treated as mere estimates.

There is no certainty that the actual financial results of Hellenic Petroleum will be in line

with the forecasted ones.

In particular, the actual results may differ (even materially) from the forecasted ones due

to, among other reasons, changes in the financial conditions within Greece, fluctuations in

the prices of crude oil and oil products in general, as well as fluctuations in foreign

currencies rates, international petrochemicals prices, changes in supply and demand and

changes of weather conditions. Consequently, it should be stressed that Hellenic

Petroleum do not, and could not reasonably be expected to, provide any representation or

guarantee, with respect to the creditworthiness of the forecasts.

This presentation also contains certain financial information and key performance

indicators which are primarily focused at providing a “business” perspective and as a

consequence may not be presented in accordance with International Financial Reporting

Standards (IFRS).

32