9th Annual Greek Roadshow

September 2014

1 1

Contents

• Introduction – Group Overview

• Strategy update

• Industry & market developments

• Strategic business units (SBUs)

• Appendix

2 2

Group’s Profile

• Leading SEE independent downstream Group, with investments in Power & Gas

– €10b Turnover with 14 MT of product sales, with strong export orientation (50% exports)

– Leading Greek market position covering c. 60-65% of local wholesale market fuels demand

– Regional footprint through subsidiaries; coastal refineries provide supply chain advantage

• Completed strategic investment plan, with positive cash flow impact

– A €2bn investment plan delivering €150-200m of incremental cash flows at mid-cycle

margins; no material capex requirements

– Significant upside potential on recovery of refining margins and Greek market

• Successfully implemented a transformational competitiveness improvement

plan on Group structure and operational model

– Transformation initiatives added c.€310m annual benefits with additional opportunities of

€100m over the next 18 months

• Consistent delivery of strategic targets; improving balance sheet

– Achievement of strategic targets, despite Greek crisis & industry challenges

– Completion of capex cycle allows deleveraging from current high gearing

– Opportunities for value monetisation (DESFA sale process)

Complex refining asset base and leading domestic market share; Group

positioned to benefit from Greek market recovery and refining industry upturn

3

• Complex refineries (Nelson index 9.6)

• Balanced sales channel mix with exports at

50% of total sales

• Leading market position with c.60-65% of

Greek wholesale domestic market and

c.30% of retail

• Regional footprint with international

subsidiaries

• 30% of capital employed in non-refining

margin driven returns (Marketing,

Petchems, Power and NatGas)

Nelson/Solomon complexity benchmark margins

Group operational footprint

ROMANIA

TURKEY

BULGARIA

SERBIA

CYPRUS

FYROM

GREECE

ALBANIA

BOSNIA

MONTENEGRO

Refining

Marketing

Power & Gas

9.711.3

6.98.8

13.9

5.0

Aspropygros Elefsina Thessaloniki

NCI Solomon

5* -3* 4*

*$/bbl, average 2010-13

Shareholding & Governance Controlling shareholders’ agreement supported long-term strategy and successful transition

from state to private sector, divestment of remaining 35% held by the Greek State announced

as part of the privatisation

4

Shareholding structure

35%

9%

7% 6%

8%

36%

Greek State

Retail

7% Int’l institutionals

GR institutionals

POIH 43%

Corporate Governance

Board of Directors:

• Consists of 13 members (3 executive and

10 non executive) appointed as per

Articles of Association

• Board Committees (Finance / Audit / HR)

Executive Committee:

• Key management executives with

responsibility for strategy and operations

Management structure:

• SBU structure ensures focus on key

business issues

• Regional portfolio controlled centrally

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

DESCRIPTION METRICS

• Exploration assets in Egypt, Greece, Montenegro

• Recently upgraded refining asset base:

– 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

• Leading position in all market channels (Retail,

Commercial, Aviation, Bunkering) through EKO and

HF (BP branded network)

• c.1,800 petrol stations

• 30% market share

• Sales volumes: 3MT

• Strong positions in Cyprus, Montenegro, Serbia,

Bulgaria

• Advantage on supply chain/vertical integration

• c.280 petrol stations

• Sales volumes: 1MT

• Basel technology PP production (integrated with

refining) and trading

• > 50% exports in Iberia, Italy & Turkey

• Capacity (PP): 220 kt

• ELPEDISON: Second largest IPP in Greece (JV

with Edison/EdF)

• Capacity: 810 MW

(CCGT)

• DEPA GROUP: 35% in Greece’s incumbent

NatGas supply company (under privatisation)

• Volumes (2013):

3.8bcm

5

Refining, Supply & Trading

Exploration & Production

Domestic Marketing

International Marketing

Petrochemicals

Power & Gas

Our Group in numbers – key financials (FY13)

6

€ million, IFRS 2009 2010 2011 2012 2013 1H14

Income Statement

Sales Volume (MT) - Refining 15,885 14,502 12,528 12,796 12,696 5,977

Net Sales 7,424 8,477 9,308 10,469 9,674 4,462

Segmental EBITDA

- Refining, Supply & Trading 269 338 259 345 57 34

- Marketing 92 114 66 53 68 33

- Petrochemicals 20 50 44 47 57 36

- Other (incl. E&P) -19 -28 -6 0 -5 -3

Adjusted EBITDA * 362 474 363 444 178 100

Adjusted associates’ share of profit 18 30 67 69 57 24

Adjusted Net Income * 150 205 137 232 -117 -72

Balance Sheet / Cash Flow

Capital Employed 3,927 4,191 4,217 4,350 3,905 3,751

Net Debt 1,419 1,659 1,687 1,855 1,689 1,625

Capital Expenditure Incl. Refinery upgrade

program 614 709 675 521 112 61

Free Cash flow -561 17 165 25 404 185

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

7 7

Contents

• Introduction – Group Overview

• Strategy update

• Industry & market developments

• Strategic business units (SBUs)

• Appendix

2007-12 Strategy review Delivery of strategic targets despite prolonged crisis; new refinery amongst most

competitive in the Med

8

1

2

5

Upgrade Refining Assets

Manage Portfolio for value

Fit-for-purpose

organisation

3

Enhance vertical integration

4 Improve competitiveness

• Completed new Elefsina refinery and Thessaloniki

upgrades successfully

• €150-200m additional cashflow opportunity (benchmark

margin driven)

• Doubled domestic market share - BP network

• Increased benefit of regional integration

• Refocus E&P

• Power generation portfolio JV

• Refining improvements (DIAS)

• Marketing competitiveness

• Procurement (BEST 80)

• Cost structure

• Reduced headcount by 21% by 2012

• Established Group culture

• Shared services

9

2013-2017 Strategy Update Refocuses on operational excellence; maximise cash flows to deleverage

1

2

5

Consolidate market position

leveraging on new asset base

Develop our people and continue to

build culture of excellence

3 Enhance competitiveness

improvement momentum

4 Leverage business portfolio

Realise full benefit of the new

investment 1

2 Deleverage Group

3 Diversify funding mix

4 Reduce funding costs

Improve profitability

BUSINESS TARGETS FINANCIAL TARGETS

* Assuming mid cycle margins

Recent results reflect new refinery start-up process and record low margins. Company

performance rebased post investments and competitiveness improvements; further

upside from Greek economy and margin recovery

178

400-700

50-60

70-10020-30

40-60

2013 Elefsina

optimisation

Performance

Improvement

Greek market 2014 runrate Performance Margins and

FX*

Medium Term

Adjusted EBITDA projected evolution (€ mil)

400 (700)

(300)

EBITDA Capex Pre Tax Free Cash

Flow

Investment phase

400-700

(100)-(150) 250-550

EBITDA Capex Pre Tax Free Cash

Flow

Post-upgrade

Cash Flow profile pre and post-investment plan** (€ mil)

10 (*) $1/bbl sensitivity in margins results to €90m, assuming full utilisation of refineries and €/$ at 1.3

(**) assuming mid-cycle margins

2013 margin

($2.1/ bbl) 300-350

Medium term

performance

driven by refining

margins

Does not include

Contribution from

Associates

-4

-2

0

2

4

6

8

11

Elefsina Refinery Upgrade Full residue conversion, with 75% middle distillates yield, positioning Elefsina as a top

net cash margin refinery in the Med basin

47%

24%

11%11%

17%25%

64%

Pre upgrade Current

Other

Jet

Diesel/Gas oil

Fuel oil

Product slate

European Med refineries Net Cash margins*

*Wood Mackenzie 2018 Net cash margin projection, Med basin refineries

Elefsina

Refinery utilisation (%)

80

95

8376

3Q14 TD 1H13 Q412 1H14 2H13

> 100%

Competitiveness improvements FY14 target for additional benefits exceeding €80m, with a further €50m earmarked for

2015; 1H14 on track with plan, at €41m of incremental contribution Overview of transformation initiatives* (€m)

12

(*) Benefits reported under Opex, Gross margin and capex

400

313

272

Medium

Term Target

Total

Annualised

Benefit

2Q14

23

1Q14

18

2008-13

-35%

1H14

3,340

2008

5,138

Group Headcount

+38%

2014

90%

2010

65%

PP supply chain integration

15

9

+67%

2014 2009

BEST savings (% over opex)

Evolution of transformation initiatives (€m)

2014 target: >€80m

198

261-24%

1H14 1H09

Group Fixed Opex

Capital structure Successful issue of new Eurobonds and renegotiation of 2016 syndicated Term Facility

improved (i) funding mix with 75% of total Gross debt being term commitments, (ii) maturity

profile with an average of 2 years extension and (iii) lower cost for new transactions by 2-3%

Demand by Geography for new Eurobond 4Q13 Maturity Profile

0

100

200

300

400

500

600

2020+ 2019 2018 2017 2016 2015 2014

4Q13 Gross debt by source

14%

19%DCM

Banks (uncommitted)

36%

Banks (committed)

31%

EIB

2Q14 Maturity Profile (pro-forma*)

0

100

200

300

400

500

600

2020+ 2019 2018 2017 2016 2015 2014

2Q14 Gross debt by source (pro-forma*)

13%

39%

EIB

DCM

Banks (uncommitted)

27%

Banks (committed)

22%

2014-16: c. €700m 2014-16: c. €450m

(*) As at 30th June 2014, adjusting for €325m Eurobond issue and Term loan renegotiation 13

14 14

Contents

• Introduction – Group Overview

• Strategy update

• Industry & market developments

• Strategic business units (SBUs)

• Appendix

15 15

Regional market – Diesel shortage in the Med ELPE middle distillates yield suited to expected increasing shortage in the region

(*) Does not include PPC and armed forces

Source: Ministry of Energy, Environment and Climate Change

DOMESTIC MARKET ENVIRONMENT Stabilisation in domestic market demand following significant contraction during the last few

years

16

Domestic oil products demand 2009-2014 (MT ‘000)

7,208

6,5345,924

5,365

5,342

6,599

-70% Heating Gasoil

& others

Transport Fuels

2013

1,257

2012

7,727

2,362

2011

9,268

3,344

2010

10,125

3,591

2009

11,413

4,205

1H14

3,091

579

2,512

1H13

3,159

609

2,550

1H12

4,401

1,834

2,567

2009 vs 2013 -42%

Auto fuels -26%

17 17

Contents

• Introduction - Group overview

• Strategy update

• Industry & market developments

• Strategic Business Units (SBUs)

• Appendix

Aviation &

Bunkering

C&I (Construction,

wholesale)

Retail

18

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

assets; well positioned to capture Greek recovery

3rd party

Imports

60-65% 25-30%

0-10%

Greek Refining capacity: 25MT

Domestic market: 11.5MT

ELPE Group

subsidiaries: 3MT

(30%)

MOH Group

subsidiaries: 2MT

(20%)

Independent

marketing

companies: 5MT

(40%)

ELPE exports: 6-8MT

3rd party exports:

5MT

16MT

ELPE Group

subsidiaries: 1-2MT

8%

22%

8%

Greek market product breakdown

Specialty markets

(PPC, public sector):

1.5MT (10%)

Gasoline

Diesel

Gasoil Jet

Bunkers

Other

23%

23%

23%

19

Greek Refining, Supply & Trading economics Trading activity in domestic and international markets complements refining returns;

export sales exceeding 50%.

Markets

(sales premia varying

across channels)

Refining

(Med benchmark returns

& operations performance)

Refined Products

(14.0m MT)

Imported Products

(0.5-1.5m MT)

Aviation & Bunkering

(Med competitive pricing)

Exports, Intra-Group

(Platts Med FOB based + premia)

Domestic market

5 MT

3 MT

Exports, 3rd parties

(Platts Med FOB based)

2 MT

5 MT

Aspropyrgos

NCI 9.7

148kbpd

FCC

Thessaloniki

NCI 6.9

95kbpd

Hydroskimming

Elefsina

NCI 11.3

100kbpd

HDC

16 MT

0.5-1.5 MT

$ / €

Total ELPE capacity

11%

89%

High sulphur

Low sulphur

12%

55%

25%

8%

Fuel oil Middle Distillates

Gasoline Other

1,175 1,078 1,041 982 942

1,170 1,108

981 949

874

2009 2010 2011 2012 2013

EKO HF

20

Marketing Leading position in the Greek market with EKO and BP brands; subsidiaries in

neighboring markets increases downstream integration

Auto-fuels domestic market share

evolution (%)

Domestic Retail network evolution (# PS)

1,931

International Marketing: Regional footprint

30

15

2012 (post BP

acquisition)

2008 (EKO only)

International Marketing: Sales volumes evolution

(MT)

194 220 222 336 367

126 152 150117 115

256243 237

215 211

379 404

2012

1,072

2011

1,041

438

1,072

2013

433

2010

1,051

436

2009

1,014

SER JPK CY BU

1,816

2,345 2,186

2,022

21 21

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

exports markets

Polypropylene value chain

Propane

Propylene splitter

90%

Thessaloniki PP plant

(220 kt)

PP

Propylene imports

10%

Propylene

10%

90%

Domestic and international

market

BOPP film plant (26kt)

Position:

• Competitive advantage in polypropylene - vertical

integration exceeding 85% of total production

• Exports account for 50- 60% of total sales; strong

export markets in Turkey, Italy and Iberia

• Domestic market share in petchems exceeds 50% in

all products, produced or traded

Targets:

• Increase propylene production capturing propane

conversion value

• Exploit niche markets:

– Increase PP resin grade portfolio and BOPP film

types with tangible cash benefits

– Add new plastics

• Leverage regional positioning and in-market

presence to increase trading

22 22

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, within

predefined credit metrics

• Energy market in Greece under restructuring;

current model targets system stability during a

transitional phase

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

biomass) subject to fiscal environment and market

developments

23 23

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

process)

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

DESFA (RAB)

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

operator

– International pipelines: Participation in Greece-Bulgaria

Interconnector

• 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)

2008 2009 2010 2011 2012* 2013

EBITDA 240 166 211 288 287 209

Net Income 120 61 91 191 197 170

* Adjusted for settlement with PPC

Natural gas transmission network

DEPA Volumes 2007-13 (bcm)

Consolidated as Associate

3.8 4.0 3.6

3.3

4.3 4.2 3.8

2007 2008 2009 2010 2011 2012 2013

24

Contents

• Introduction - Group overview

• Strategy update

• Industry & market developments

• Strategic business units (SBUs)

• Appendix

25 25

Key Milestones Transforming stand-alone government controlled Greek companies to a leading private

sector regional energy player

PETROLA ( Elefsina

Refinery)

DEP &

DEPEKY (Greek E&P)

ELDA ( Aspropyrgos

Refinery)

ESSO -

PAPPAS ( Thessaloniki

Refinery)

PETROLA

(Elefsina

Refinery)

DEP &

DEPEKY (Greek E&P)

ELDA ( Aspropyrgos

Refinery)

ESSO -

PAPPAS ( Thessaloniki

Refinery)

1998 1960 –

1998 2003 2007 2008 2009 2014

Elpedison: 50/50 JV

with Italy’s Edison,

in Power

Libyan upstream

concessions sold to

GDF Suez for $170m

2010

Thessaloniki Refinery

upgrade completed

Sale of 70% stake in

W. Obayed upstream

concession in Egypt

Acquisition of BP’s

Ground Fuels business

in Greece

Merger with

Petrola

Hellas

Elpedison’s 2nd CCGT

Plant (420MW) in

commercial operation

Shareholding events

Listing of

new Group in

ASE/LSE

Greek Government

announces its

intention to divest

its shareholding in

ELPE

2011

Agreement to

DESFA sale for

€212m

Elefsina

upgraded refinery

start up

POIH becomes

strategic investor

with 25% stake

Float 21%

Greek State

36%

POIH 43%

2012 2013

Issue of €500m

Eurobond

Acceleration of

transformation

programs targeting

c.80m of benefits

Issue of €325m and

$400m Eurobond

26

Group Key financials: 2004 - 2013 Strong track record of consistent delivery and balance sheet resilience

(*) Calculated as Reported less the Inventory effects and other one-off non-operating items and special income taxes

€ million, IFRS (Published) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Income Statement Figures

Sales Volume (MT)- Refining 15,807 16,525 16,952 17,130 16,997 15,885 14,557 12,528 12,796 12,696

Sales Volume (MT)- Marketing 4,793 4,727 4,790 5,236 4,910 4,787 5,735 5,126 4,434 4,043

Net Sales 4,907 6,653 8,122 8,538 10,131 6,757 8,477 9,308 10,469 9,674

EBITDA 372 671 502 617 249 390 501 335 298 29

Adjusted EBITDA* 400 466 526 458 513 362 474 363 444 178

Net Income 128 334 260 351 24 175 180 114 86 -269

Adjusted Net Income* 149 191 277 232 216 150 205 137 232 -117

Balance Sheet / cash Flow Items

Capital Employed 2,335 2,956 3,442 3,557 3,153 3,927 4,191 4,217 4,350 3,905

Net Debt 386 699 1,044 977 679 1,419 1,629 1,687 1,855 1,689

Capital Expenditure 295 185 145 195 338 614 709 675 521 112

Dividend (€/share) 0.26 0.43 0.43 0.50 0.45 0.45 0.45 0.45 0.15 n/a

Key drivers

Brent crude ($/bbl) 38.0 55.2 68.1 72.9 98.3 62.6 80.3 111.0 111.7 108.7

FCC cracking Med margins ($/bbl) 7.2 7.3 7.3 7.1 6.8 3.7 4.4 2.9 4.7 2.4

€/$ 1.24 1.24 1.26 1.37 1.47 1.39 1.33 1.39 1.29 1.33

FY € million, IFRS 2Q 1H

2013 2013 2014 Δ% 2013 2014 Δ%

Income Statement

12,696 Sales Volume (MT) - Refining 3,513 3,186 -9% 6,385 5,977 -6%

4,043 Sales Volume (MT) - Marketing 1,032 972 -6% 1,894 1,779 -6%

9,674 Net Sales 2,556 2,385 -7% 4,797 4,462 -7%

Segmental EBITDA

57 - Refining, Supply & Trading -11 10 - 10 34 -

68 - Marketing 17 23 32% 21 33 57%

57 - Petrochemicals 15 19 26% 29 36 23%

-5 - Other 0 -3 - -1 -3 -

178 Adjusted EBITDA * 21 49 133% 59 100 68%

11 Adjusted EBIT * (including Associates) -32 10 - -22 27 -

-209 Finance costs - net -55 -53 2% -102 -106 -4%

-117 Adjusted Net Income * -62 -53 15% -83 -72 13%

29 IFRS Reported EBITDA -23 53 - -35 78 -

-269 IFRS Reported Net Income -95 -50 47% -173 -88 49%

Balance Sheet / Cash Flow

3,905 Capital Employed 4,101 3,751 -9%

1,689 Net Debt 1,802 1,625 -10%

2Q14 GROUP KEY FINANCIALS

(*) Calculated as Reported less the Inventory effects and other non-operating items 27

53

-23

2Q14 2Q13

Reported EBITDA (€m)

49

21

+133%

2Q14 2Q13

Adj. EBITDA (€m)

1,6041,802

-11%

1H14 1H13

Net Debt (€m)

1,69

0

2Q14 HIGHLIGHTS Improved operating performance across all our businesses offset weak margins impact

leading to better results

Industry and Market

• Weaker y-o-y Med benchmark refining margins

• Increased volatility in crude markets due to developments in Libya and Iraq; widening of crude

spreads with Brent-Urals spread averaging $1.5/bbl in 2Q14

• Continuation of stable domestic auto fuels demand for another quarter

Financials

• 2Q14 Adjusted EBITDA at €49m (2Q13: €21m), with all businesses reporting increased

contribution and Elefsina improving its performance post maintenance

• Cost reduction and competitiveness projects generated €23m additional contribution during 2Q14

• Associates contribution at €8m on weaker DEPA results

• Net Debt at €1.6bn (vs €1.8bn in 1H13), with gearing at 43%

Financing & Strategy update

• Successful completion of Eurobond issues ($400m 2016 & €325m 2019); use of proceeds to repay

and renegotiate more expensive loans

• Renegotiated 2016 €605m Syndicated Facility improving its maturity profile and cost

• DESFA transaction approval in progress; draft certification by RAE issued on 29 May 2014

28

-1.0

0.0

1.0

2.0

3.0

4.0

40

60

80

100

120

140

$/bbl

INDUSTRY ENVIRONMENT Volatile crude supply market on geopolitical developments

• Continued uncertainty and resumed

volatility in regional crude markets

• Geopolitical risk led Brent to 9-month

highs ($115/bbl), resulting in inventory

gains

Source: 1312_Section 1 Paws_Cracks_Margins_Market Data Data received from GDO

ICE Brent ($/bbl)

Brent – Urals spread ($/bbl)

• Widening crude differentials in 2Q14

supporting better realised margins

• Urals at 42% of ELPE crude slate in

2Q14

29

2013 2014

2Q 107.5 109.1

1H 107.4 109.0

01/04/2014

105.7

30/06/2014

111.0

2013 2014

2Q 0.64 1.47

1H 0.74 1.12

Hydrocracking

-36.0

-26.0

-16.0

-6.0

2013 2014

10.0

15.0

20.0

0.0

5.0

10.0

15.0

INDUSTRY ENVIRONMENT Widening crude spreads and Naphtha cracks supported benchmark margins

30

Med benchmark margins ($/bbl)

MOGAS

HSFO

ULSD

2.3

1.7

2.4

1.01.0

3.5

4.1

4.7

-34%

2Q14 1Q14 2013 4Q13 3Q13 2Q13 1Q13 2012

3.2

4.13.7

4.7

2.92.4

4.7

5.4+34%

2Q14 1Q14 2013 4Q13 3Q13 2Q13 1Q13 2012

(*) Brent based

-16.0

-11.0

-6.0

-1.0

2013 2014

Naphtha

Product Cracks* ($/bbl)

FCC

(*) Does not include PPC and armed forces

DOMESTIC MARKET ENVIRONMENT Overall auto fuels demand at similar to LY levels with diesel gaining share amongst new car

registrations

31

10%

-7%

-12%

203189

307339

-7%

Bunkers FO

Bunkers Gasoil

Aviation

6m14

1,457

929

6m13

1,562

1,052

601614

186 203

-1%

2Q14

1,502

634

51

2Q13

1,512

675

50

9%

1%

2%

-6%

Aviation and Bunkering

ΜΤ ’000*

13%

-7%

-20%

117

109

237

268

-10%

Bunkers FO

Bunkers Gasoil

Aviation

2Q14

833

456

2Q13

926

572

Domestic Market demand (MT ‘000*)

457 494

426361

150168

1Q14

565

1,588

-3%

1Q13

1,645

612

12%

-15%

8%

-8%

HGO

ADO

MOGAS

LPG & Others

2Q 2014 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT

(*) Includes derecognition of Elefsina project hedges (non-recurring)

(**) Includes 35% share of operating profit of DEPA Group 32

FY IFRS FINANCIAL STATEMENTS 2Q 1H

2013 € MILLION 2013 2014 Δ % 2013 2014 Δ %

9,674 Sales 2,556 2,386 (7%) 4,797 4,463 (7%)

(9,369) Cost of sales (2,527) (2,274) 10% (4,736) (4,272) 10%

305 Gross profit 29 112 - 61 191 -

(448) Selling, distribution and administrative expenses (105) (105) 0% (213) (208) 2%

(3) Exploration expenses (1) (1) 22% (2) (1) 29%

(50) Other operating (expenses) / income - net* (7) (2) 68% (3) 0 -

(195) Operating profit (loss) (84) 4 - (157) (18) 88%

(209) Finance costs - net (55) (53) 2% (102) (106) (4%)

9 Currency exchange gains /(losses) 10 (2) - 9 (1) -

57 Share of operating profit of associates** 7 10 32% 39 24 (39%)

(338) Profit before income tax (122) (42) 66% (211) (102) 52%

66 Income tax expense / (credit) 27 (9) - 33 10 (69%)

(272) Profit for the period (95) (50) 47% (178) (92) 49%

3 Minority Interest (0) 0 - 5 3 (38%)

(269) Net Income (Loss) (95) (50) 47% (173) (89) 49%

(0.88) Basic and diluted EPS (in €) (0.31) (0.16) 47% (0.57) (0.29) 49%

29 Reported EBITDA (23) 53 - (35) 78 -

33

2Q 2014 FINANCIAL RESULTS GROUP BALANCE SHEET

(*) 35% share of DEPA Group book value (consolidated as an associate)

IFRS FINANCIAL STATEMENTS FY 1H

€ MILLION 2013 2014

Non-current assets

Tangible and Intangible assets 3,607 3,570

Investments in affiliated companies* 692 673

Other non-current assets 172 173

4,470 4,415Current assets

Inventories 1,005 912

Trade and other receivables 743 860

Cash and cash equivalents 960 1,271

2,707 3,042

Total assets 7,177 7,457

Shareholders equity 2,099 2,012

Minority interest 116 112

Total equity 2,214 2,125

Non- current liabilities

Borrowings 1,312 1,531

Other non-current liabilities 164 153

1,475 1,684Current liabilities

Trade and other payables 2,125 2,258

Borrowings 1,338 1,366

Other current liabilities 24 25

3,488 3,648

Total liabilities 4,963 5,333

Total equity and liabilities 7,177 7,457

2Q 2014 FINANCIAL RESULTS GROUP CASH FLOW

34

FY IFRS FINANCIAL STATEMENTS 1H 1H

2013 € MILLION 2013 2014

Cash flows from operating activities

502 Cash generated from operations 187 212

(9) Income and other taxes paid (4) (8)

493 Net cash (used in) / generated from operating activities 183 204

Cash flows from investing activities

(105) Purchase of property, plant and equipment & intangible assets (37) (61)

(7) Acquisition of subsidiary - -

4 Sale of property, plant and equipment & intangible assets 3 -

8 Interest received 4 4

(3) Investments in associates (3) -

13 Dividends received - 38

(90) Net cash used in investing activities (34) (19)

Cash flows from financing activities

(184) Interest paid (93) (114)

(46) Dividends paid (2) -

1,276 Proceeds from borrowings 1,276 376

(1,384) Repayment of borrowings (1,335) (137)

(338) Net cash generated from / (used in ) financing activities (153) 125

65 Net increase/(decrease) in cash & cash equivalents (4) 311

901 Cash & cash equivalents at the beginning of the period 901 960

(6) Exchange gains/(losses) on cash & cash equivalents (2) 1

65 Net increase/(decrease) in cash & cash equivalents (4) 311

960 Cash & cash equivalents at end of the period 895 1,271

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

2Q 2014 FINANCIAL RESULTS SEGMENTAL ANALYSIS

35

FY 2Q 1H

2013 € million, IFRS 2013 2014 Δ% 2013 2014 Δ%

Reported EBITDA

-80 Refining, Supply & Trading -53 14 - -88 13 -

63 Marketing 17 22 28% 26 32 22%

53 Petrochemicals 13 19 46% 27 36 32%

36 Core Business -23 54 - -34 81 -

-8 Other (incl. E&P) 0 -2 - -1 -3 -

29 Total -23 53 - -35 78 -

102 Associates (Power & Gas) share attributable to Group 20 23 19% 51 53 3%

Adjusted EBITDA (*)

57 Refining, Supply & Trading -11 9 - 10 34 -

68 Marketing 17 23 32% 21 33 57%

57 Petrochemicals 15 19 26% 29 36 23%

183 Core Business 21 51 - 60 103 70%

-5 Other (incl. E&P) 0 -2 - -1 -3 -

178 Total 21 49 - 59 100 69%

102 Associates (Power & Gas) share attributable to Group 20 26 31% 51 53 3%

Adjusted EBIT (*)

-97 Refining, Supply & Trading -53 -22 58% -75 -29 61%

13 Marketing 3 10 - -6 8 -

45 Petrochemicals 11 15 43% 21 29 40%

-39 Core Business -39 3 - -60 8 -

-7 Other (incl. E&P) 0 -2 - -1 -4 -

-46 Total -39 1 - -61 4 -

57 Associates (Power & Gas) share attributable to Group 7 10 32% 39 24 -39%

2Q 2014 FINANCIAL RESULTS SEGMENTAL ANALYSIS – II

36

FY 2Q 1H

2013 € million, IFRS 2013 2014 Δ% 2013 2014 Δ%

Volumes (M/T'000)

12,696 Refining, Supply & Trading 3,513 3,186 -9% 6,385 5,977 -6%

4,043 Marketing 1,032 972 -6% 1,894 1,779 -6%

295 Petrochemicals 74 54 -27% 143 114 -20%

17,035 Total - Core Business 4,619 4,212 -9% 8,422 7,869 -7%

Sales

9,078 Refining, Supply & Trading 2,433 2,221 -9% 4,529 4,151 -8%

3,345 Marketing 830 800 -4% 1,572 1,458 -7%

327 Petrochemicals 80 77 -3% 160 157 -1%

12,750 Core Business 3,343 3,098 -7% 6,261 5,765 -8%

-3,076 Intersegment & other -787 -713 20% -1,464 -1,304 11%

9,674 Total 2,556 2,385 -7% 4,797 4,462 -7%

Capital Employed

2,248 Refining, Supply & Trading 2,392 2,108 -12%

775 Marketing 832 732 -12%

129 Petrochemicals 140 166 19%

3,152 Core Business 3,363 3,005 -11%

692 Associates (Power & Gas) 672 673 0%

62 Other (incl. E&P) 66 73 10%

3,905 Total 4,101 3,751 -9%

37

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

CCGT Combined Cycle Gas Turbine

FCC Fluid Catalytic Cracking

HDC Hydrocracking

HS Hydroskimming

HSFO High Sulfur Fuel Oil

IPP Independent Power Producer

Leverage ratio Net Debt / Adjusted EBITDA (including associates share of net income)

LNG Liquefied Natural Gas

NatGas Natural Gas

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

crude distillation capacity and applying weighting factor.

Pro forma leverage ratio Net Debt (excluding debt equal to investment in associates ) / Adjusted EBITDA

Pro forma leverage on mid cycle

historical EBITDA (2010-2012 avg)

Net Debt (excluding investment in associates ) / Adjusted EBITDA(2010-2012 avg)

POIH Paneuropean Oil and Industrial Holdings (POIH)

PP Polypropylene

Solomon Comlexity 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 (ULSD)

38

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).