[PPT] - Credit Update June 2014 Contents Introduction Group Overview PowerPoint Presentation

SLIDE 1

Credit Update

June 2014

SLIDE 2

1 1

Group’s Profile

Largest 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 its strategic investment plan, with positive cash flow impact

–

A €2bn investment plan with €150-200m of incremental cash flow opportunity at mid-cycle margins; no material capex requirements

–

Asset portfolio allows upside on recovery of refining margins and Greek market

Successfully implemented a transformation competitiveness improvement plan
n Group structure and operational model

–

Transformation initiatives added c.€270m annual benefits with additional opportunities of €130m over the next 18-24 months

Consistent delivery of strategic targets; improving balance sheet

–

Achievement of strategic targets, despite Greek crisis & industry “black swans”

–

Continuous support from local and international relationship banks throughout crisis

–

Completion of capex cycle allows deleveraging from higher than target gearing

–

Opportunities for value monetisation (DEPA/DESFA sale process)

SLIDE 4

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 from 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

9.7 11.3 6.9 8.8 13.9 5.0

Aspropygros Elefsina Thessaloniki

NCI Solomon

5*

3*

4*

*$/bbl, average 2010-13

SLIDE 5

Shareholding & Governance

Controlling shareholders’ agreement supported successful transition from state to private sector Group, divestment of remaining 35% held by the Greek State as part of the privatisation

4

Shareholding structure 35% 9% 7% Int’l institutionals 6% Retail 43% POIH Greek State GR institutionals 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

SLIDE 6

Assets overview

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

Refining, Supply & Trading Domestic Marketing International Marketing Petrochemicals Power & Gas

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)

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 producer and seller on the

back of refineries integrated value chain

> 50% exports in Iberia, Italy & Turkey
Capacity (PP): 220 kt
Second largest IPP in Greece (JV with

Edison/EdF)

Capacity: 810 MW

(CCGT)

35% in Greece’s incumbent NatGas supply

company (under privatisation)

Volumes (2013):

3.8bcm

Exploration & Production

5

SLIDE 7

Our Group in numbers – key financials (FY13)

6

€ million, IFRS 2009 2010 2011 2012 2013 Income Statement Sales Volume (MT) - Refining 15,885 14,502 12,528 12,796 12,696 Net Sales 7,424 8,477 9,308 10,469 9,674 Segmental EBITDA

Refining, Supply & Trading

269 338 259 345 57

Marketing

92 114 66 53 68

Petrochemicals

20 50 44 47 57

Other
19
28
6
5

Adjusted EBITDA * 362 474 363 444 178 Adjusted associates’ share of profit 18 30 67 69 57 Adjusted Net Income * 150 205 137 232

117

Balance Sheet / Cash Flow Capital Employed 3,927 4,191 4,217 4,350 3,905 Net Debt 1,419 1,659 1,687 1,855 1,689 Capital Expenditure Incl. Refinery upgrade program 614 709 675 521 112 Free Cash flow

561

17 165 25 404

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

SLIDE 8

7

€ million Adjusted EBITDA 57 57 25 44 57* Capital Employed 2,517 129 527 400 692** Free Cash Flow 267 36 53 64 n/a FCF % of CE 11% 28% 10% 16% n/a

* Income from associates (reported below EBITDA) ** investment in associates *** Segments include Intra-segment transactions

HELLENIC PETROLEUM

Adjusted EBITDA: €178 m Capital Employed: €3,905 m Free Cash flow: €420 m

INTERNATIONAL REFINING PETCHEMS RETAIL POWER & GAS

Key segmental financials

Non-refining segments make a significant contribution to Group profitability; FCF at 12-15% of ACE over the last years (adj. for refinery upgrade).

SLIDE 9

8 8

2007-12 Strategy review

Delivery of strategic targets despite prolonged crisis; new refineries amongst most competitive in the Med

9

1 2 5

Upgrade Refining Assets Manage Portfolio for value Fit-for-purpose

rganisation

3

Enhance vertical integration

4

Improve competitiveness

Completed Elefsina 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

SLIDE 11

10

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

SLIDE 12

Recent results reflect new refinery start-up process and record low margins. Company performance rebased post investments and competitiveness improvements; further upside driven by Greek economy and margin recovery.

178 400-700 50-60 70-100 20-30 40-60

2013 Elefsina

ptimisation

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)

11 (*) $1/bbl sensitivity in margins results to €90m, assuming full utilisation of refineries and €/$ at 1.3 (**) assuming mid-cycle margins 2013 margin ($2.1/ bbl)

300-350

Medium term performance driven by refining margins.

SLIDE 13

4
2

2 4 6 8

12

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

New refinery schematic Product slate European Med refineries Net Cash margins*

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

Elefsina

Solomon complexity index: 13.9 Refinery utilisation (%) 71 95 83 76

1Q14 2H13 1H13 Q412

SLIDE 14

13

Operational improvement projects reduced overhead gearing

FY14 target for additional benefits exceeding €80m, with a further €50m earmarked for 2015; 1Q14 on track with plan, at €18m on incremental contribution

2013 3.680 2008 5.138

28%

Group Headcount (FTEs)

163 125 2013 2011

30%

Propylene production (MT’000)

16 12 2013 2011

4%

Middle distillates yield of Aspropyrgos Hydrocracker %

16 9 2013 2009

7%

Procurement savings vs spent (%)

Evolution of transformation initiatives (€m)

2014 target: >€80m

400 290 227

45 Medium Term Target YTD 1Q14 18 2013 2008-12

SLIDE 15

14 14

Recent Industry developments

Challenging refining environment in the region driven by regional crude supply issues and weak growth

15

2013 the worse refining macro backdrop in the Med region for at least a decade
Curtailed supply for crude due to developments in Iran (sanctions), Iraq, Libya (internal frictions),

Russia (crude directed to the East and domestic refineries)

Weak demand in Europe, particularly in the South due to recession
Competitive advantage of US refineries on energy cost and crude spreads, due to shale oil and gas,

led to reversal of product flows across the Atlantic

Med hydrocracking margins (2004- 2014) Med FCC margins (2004- 2014)

Shale oil SE sovereign crisis

7.0 6.9 6.8 6.5 3.7 4.4 2.9 4.7 2.4 2.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12.5 10.8 10.9 15.1 2.8 4.9 5.9 5.4 3.7 4.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

*

* year to 30 May

*

SLIDE 17

16 16

Regional market – Diesel shortage in the Med

ELPE middle distillates yield suited to expected increasing shortage in the region

SLIDE 18

Greek market evolution

Signs of stabilisation in domestic market demand, post significant contraction due to recession; mild weather conditions reflected in heating gasoil market in 1Q14, while transport fuels demand remained flat

17

Domestic Oil products demand 2008-2013

million tonnes / year

1,679 3,117 4,408 1,616 3,422 3,283 9,239 10,125 11,413 10,832 2011 2010 2009 2008 1H12 2H12 1H13 2H13

2009 vs 2013 -42%

29%

+4%

y- o- y

4%

1Q13 1Q14

Source: Ministry of Energy, Environment and Climate Change

SLIDE 19

18 18

Pro forma Cap structure

Weak refining environment and Elefsina optimisation process led to increased leverage ratio vs historical trend

€ million Maturity 2013 pro-forma** HP & HPF €605m Syndicated Facilities 2016 586 EIB €200m Facility A* 2022 189 EIB €200m Facility B – Guaranteed by Commercial Bank* 2022 189 HP €400m syndicated Facility 2015 225 Eurobond 2017 490 USD Eurobond ($400m) 2016 292** Bond loan (€200m) 2015 200 Other bilateral lines n/a 771

Gross Debt 2,942

Cash and cash equivalents (1,052)**

Restricted Cash* (260) Net Debt 1,690 Gearing ratio (Net Debt/Capital Employed under IFRS) 43% Leverage ratio (Clean EBITDA + associates’ share of Net Income) 7.2 x Pro forma Leverage ratio (excluding debt equal to investment in associates) 5.6 x

Pro forma Leverage on mid cycle historical EBITDA (2010-2012 avg)

2.3 x

(*) Contract review in progress; cash collateral in relation to EIB loan guarantee (**) based on FY13 financials, adjusted for ELPE GA 4.625% May 2016

19

SLIDE 21

1.4 1.6 1.7 1.9 1.8 1.7 36% 41% 41% 43% 44% 43% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0.0 0.5 1.0 1.5 2.0 2.5 FY09 FY10 FY11 FY12 1H13 FY13 Gearing Net Debt NET DEBT DEBT/CAPITAL EMPLOYED

Gearing

Growth capex of >€2bn during 2008-12 led to Net Debt peak in FY12; Deleveraging is a priority with expected DESFA proceeds later in 2014, earmarked for debt reduction

(1) calculated as Net Debt / Capital Employed

Net debt and gearing(1) levels (%) - €bn

20 112 521 675 709 614 333 FY13 FY12 FY11 FY10 FY09 FY08

Capex evolution 2008-2013 (€m)

SLIDE 22

21

DEBT STRUCTURE AND FUNDING STRATEGY

Aiming towards increasing markets participation in funding mix and reducing costs

Drawn Credit facilities by source 2012

27%

73% 100 200 300 400 500 600 700 800 2022 2017 2016 2015 2014 New USD Bond*

DCM provides capacity optionality, tenor

and competitive pricing

100% Markets Banks

1Q14 Target Term lines maturity overview* (€m)

3% 4% 5% 6% 7% 8% 9% 10% 11% 12%

ELPE 8% 2017 GGB 10YR ELPE 4.625% 2016

ELPE GA Bonds Mid YTM (%)

(*) Matched by equal cash balance increase

ELPEGA € 8% 2017:

< 5%

ELPEGA $ 4,625% 2016:

< 4%

SLIDE 23

22 22

Greek petroleum market overview and route to market

Leading domestic market position through vertical integration and good 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: 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%

SLIDE 25

24

Greek Refining, Supply & Trading economics

USD based value chain with trading premia adding to refining net backs; export sales exceeding 50%.

Markets (sales premia varying across channels) Refining (Med benchmark returns & operations performance)

Refined Products (14.0m MT) Imported Products (1-1.5m 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 145kbpd FCC Thessaloniki NCI 6.9 95kbpd Hydroskimming Elefsina NCI 11.3 100kbpd HDC

16 MT 1-1.5 MT

$ / €

Total ELPE capacity

SLIDE 26

1,175 1,078 1,041 982 942 1,170 1,108 981 949 874

2009 2010 2011 2012 2013 EKO HF

25

Marketing

Leading position in the Greek market with both EKO and BP enhanced following 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)

194 220 222 336 367 126 152 150 117 115 256 243 237 215 211 379 404 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

SLIDE 27

26 26

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 commodity plastics

Leverage regional positioning and in-market

presence to increase trading

SLIDE 28

27 27

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

SLIDE 29

28 28

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

perator

– International pipelines: Participation in Greece-Bulgaria Interconnector

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

SLIDE 30

29

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

SLIDE 32

31

Refineries complexity upgrade impact on the Group’s crude and product slate

26% 12% 32% 45% 9% 10% 23% 25% 10% 8% Pre upgrade Current

Other Gasoline Jet Diesel/Gas oil Fuel oil

15% 11% 10% 0% 75% 89% Pre Upgrade Current

High sulphur Medium sulphur Low sulphur 47% 24% 11% 12% 17% 24% 64% Pre upgrade Current Other Jet Diesel/Gas oil Fuel oil

Crude slate — Group-wide Product slate — Group-wide Crude slate — Elefsina Product slate — Elefsina

41% 59% 100% Pre upgrade Current

High sulphur Medium sulphur

SLIDE 33

32

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

SLIDE 34

FY € million, IFRS 1Q 2013 2013 2014 Δ% Income Statement 12,696 Sales Volume (MT) - Refining 2,872 2,790

3%

4,043 Sales Volume (MT) - Marketing 862 807

6%

9,674 Net Sales 2,241 2,077

7%

Segmental EBITDA 57

Refining, Supply & Trading

21 24 16% 68

Marketing

4 11

57
Petrochemicals

14 17 19%

5
Other
1
1

46% 178 Adjusted EBITDA * 38 51 35% 11 Adjusted EBIT * (including Associates) 10 17 78%

209

Finance costs - net

47
53
12%
117

Adjusted Net Income *

21
19

9% 29 IFRS Reported EBITDA

12

25

269

IFRS Reported Net Income

78
38

51% Balance Sheet / Cash Flow 3,905 Capital Employed 4,623 4,505

3%

1,689 Net Debt 2,188 2,333 7%

1Q 2014 GROUP KEY FINANCIALS

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

33 25

12

Reported EBITDA (€m)

51 38

1Q13 +35% 1Q14

Adj. EBITDA (€m)

+7% 1Q14 2.333 1Q13 2.188

Net Debt (€m)

SLIDE 35

1Q14 HIGHLIGHTS

Improved results across all our businesses, as Elefsina contribution and enhanced operational performance offset weak margins and USD

Industry and Market

Med benchmark refining margins significantly lower y-o-y (especially for FCC), with further

negative impact due to weaker $; small improvement vs 4Q13 partly due to Brent-Urals spread widening to $0.5-1/bbl area

Uncertainty in Med crude market remains with due to Libya and Iraq exports
Positive signs for domestic fuels demand as auto-fuel remain stable for a 3rd consecutive quarter;

1Q14 GDP estimate at -1.1%, lowest decline in 4 years Financials

1Q14 Adjusted EBITDA at €51m (+35%), reflecting improved operational performance in all

business units, despite weak refining environment and Elefsina 4-week shut-down

Competitiveness projects deliver additional €18m contribution, in line with plan; opex 13% lower y-
-y
Associates contribution at €15m affected by lower gas demand due to mild weather conditions
Net Debt at €2.3bn, driven by operating conditions and seasonality

Business developments

DESFA transaction regulatory approval in process; closing expected in 2014
New CLA with ELPE refining union agreed for 3 years; annual benefits of c.€10m
Lease agreement for West Patraikos concession signed on 14 May 2014; field studies to

commence in 2H14

34

SLIDE 36

2.0
1.0

0.0 1.0 2.0 3.0 4.0

20 40 60 80 100 120 140 160 $/bbl

31/03/14 $107.8 31/12/1 3 $110.8

INDUSTRY ENVIRONMENT

Challenging supply environment remains as Libya and Iraq flows remain uncertain

Uncertainty in crude markets

continued, with supply availability and Ukrainian crisis affecting Brent price

ICE Brent ($/bbl) Brent – Urals spread ($/bbl)

Improved sweet-sour spreads in

1Q14 q-o-q

Urals increased to c.55% of ELPE

crude slate in 1Q14

2013 2014 FY 108.7 107.9 1Q 112.6 107.9

2013 2014

FY 0.34 0.79 1Q 1.20 0.79 35

SLIDE 37

36.0
26.0
16.0
6.0

2013 2014 10.0 15.0 20.0 2013 2014

1.0

4.0 9.0 14.0 2013 2014

INDUSTRY ENVIRONMENT

Weakness in product cracks affects FCC margins; Elefsina benchmark margin more resilient

36

MOGAS cracks ($/bbl) Med FCC benchmark margins ($/bbl) Med Hydrocracking benchmark margins ($/bbl) HSFO cracks ($/bbl) ULSD cracks ($/bbl)

1.7 2.4 1.0 1.0 3.5 4.1 4.7

2013 4Q13

59%

1Q14 3Q13 2Q13 1Q13 2012

4.1 3.7 4.7 2.9 2.4 4.7 5.4

13%

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

SLIDE 38

(*) Does not include PPC and armed forces

DOMESTIC MARKET ENVIRONMENT

Mild weather conditions account for lower heating gasoil demand; transport fuels flat with new car registrations +19% y-o-y

457 494 426 361 150 168

4%

1Q14

1.588

565 1Q13

1.646

612

Domestic Market 1Q ΜΤ ’000*

3%

37

15%

8%

8%

Aviation and Bunkering 1Q ΜΤ ’000*

HGO ADO MOGAS

2%
3%

1%

86 80 480 474

2%

Aviation Bunkers Gasoil Bunkers FO 1Q14 625 71 1Q13 636 70

SLIDE 39

CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 1Q 2014

Improved operational performance offset weaker margins and USD with Adjusted EBITDA +35%

Adjusted EBITDA causal track 1Q13 – 1Q14 (€m)

38

21 16 53 24 4 19 11 14 18 20 17

1

2

1

1Q13 Margins & FX Elefsina Refinery (Jan- Feb) Operational Improvements (Refining, Marketing, Petchems) Others 1Q14

51 38

FX 5

Refining, S&T MK Chems Other (incl. E&P) Refining, S&T MK Chems Other (incl. E&P)

SLIDE 40

1Q 2014 FINANCIAL RESULTS

GROUP PROFIT & LOSS ACCOUNT

(*) Includes derecognition of Elefsina project hedges (non-recurring) (**) Includes 35% share of operating profit of DEPA Group

39

FY IFRS FINANCIAL STATEMENTS

1Q

2013 € MILLION 2013 2014 Δ % 9,674 Sales 2,241 2,076

(7%)

(9,369) Cost of sales (2,210) (1,997)

10%

305 Gross profit 32 79

(448)

Selling, distribution and administrative expenses (108) (104)

4%

(3) Exploration expenses (1) (0)

38%

(50) Other operating (expenses) / income - net* 5 2

(45%)

(195) Operating profit (loss) (72) (23)

69%

(209) Finance costs - net (47) (53)

(12%)

9 Currency exchange gains /(losses) (1) 1

57

Share of operating profit of associates** 32 14

(56%)

(338) Profit before income tax (89) (60)

33%

66 Income tax expense / (credit) 6 19

(272)

Profit for the period (83) (41)

50%

3 Minority Interest 5 3

(44%)

(269) Net Income (Loss) (78) (38)

51%

(0.88) Basic and diluted EPS (in €) (0.25) (0.12)

51%

29 Reported EBITDA (12) 25

SLIDE 41

40

1Q 2014 FINANCIAL RESULTS

GROUP BALANCE SHEET

(*) 35% share of DEPA Group book value (consolidated as an associate) IFRS FINANCIAL STATEMENTS FY

1Q

€ MILLION 2013

2014

Non-current assets Tangible and Intangible assets 3,607

3,582

Investments in affiliated companies* 692

708

Other non-current assets 172

187

4,470

4,477

Current assets Inventories 1,005

875

Trade and other receivables 737

869

Derivative financial instruments 5

2

Cash and cash equivalents 960

344

2,707

2,090

Total assets 7,177

6,567

Shareholders equity 2,099

2,059

Minority interest 116

113

Total equity 2,214

2,172

Non- current liabilities Borrowings 1,312

1,260

Other non-current liabilities 164

161

1,475

1,421

Current liabilities Trade and other payables 2,125

1,532

Borrowings 1,338

1,417

Other current liabilities 24

26

3,488

2,975

Total liabilities 4,963

4,396

Total equity and liabilities 7,177

6,567

SLIDE 42

1Q 2014 FINANCIAL RESULTS

GROUP CASH FLOW

41

FY IFRS FINANCIAL STATEMENTS 1Q

1Q

2013 € MILLION 2013

2014

Cash flows from operating activities 502 Cash generated from operations (276)

(586)

(9) Income and other taxes paid (1)

(2)

493 Net cash (used in) / generated from operating activities (277)

(588)

Cash flows from investing activities (105) Purchase of property, plant and equipment & intangible assets (10)

(25)

(7) Acquisition of subsidiary

4

Sale of property, plant and equipment & intangible assets 1

8

Interest received 2

2

(3) Investments in associates

13

Dividends received

(90)

Net cash used in investing activities (7)

(23)

Cash flows from financing activities (184) Interest paid (45)

(33)

(46) Dividends paid (2)

1,276

Proceeds from borrowings 776

81

(1,384) Repayment of borrowings (933)

(53)

(338) Net cash generated from / (used in ) financing activities (204)

(5)

65 Net increase/(decrease) in cash & cash equivalents (488)

(616)

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

960

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

65

Net increase/(decrease) in cash & cash equivalents (488)

(616)

960 Cash & cash equivalents at end of the period 411

344

SLIDE 43

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

1Q 2014 FINANCIAL RESULTS

SEGMENTAL ANALYSIS

42

FY 1Q

2013 € million, IFRS 2013

2014

Δ%

Reported EBITDA

80

Refining, Supply & Trading

34
1

98% 63 Marketing 9

10

10% 53 Petrochemicals 14

17

19% 36 Core Business

11

26

8

Other (incl. E&P)

1
1

3% 29 Total

12

25

102

Associates (Power & Gas) share attributable to Group 31

27

15%

Adjusted EBITDA (*)

57 Refining, Supply & Trading 21

24

16% 68 Marketing 4

11

57

Petrochemicals 14

17

19% 183 Core Business 39

52

32%

5

Other (incl. E&P)

1
1

3% 178 Total 38

51

35% 102 Associates (Power & Gas) share attributable to Group 31

27

15%

Adjusted EBIT (*)

97

Refining, Supply & Trading

22
7

68% 13 Marketing

9
2

79% 45 Petrochemicals 10

14

36%

39

Core Business

21

5

7

Other (incl. E&P)

1
1
10%
46

Total

22

3

57

Associates (Power & Gas) share attributable to Group 32

14

56%

SLIDE 44

1Q 2014 FINANCIAL RESULTS

SEGMENTAL ANALYSIS – II

43

FY 1Q

2013 € million, IFRS 2013 2014 Δ%

Volumes (M/T'000)

12,696 Refining, Supply & Trading 2,872

2,790

3%

4,043 Marketing 862

807

6%

295 Petrochemicals 68

60

12%

17,035 Total - Core Business 3,802

3,657

4%

Sales

9,078 Refining, Supply & Trading 2,097

1,929

8%

3,345 Marketing 742

658

11%

327 Petrochemicals 80

80 1% 12,750 Core Business 2,918

2,667

9%
3,076

Intersegment & other

677
591

13% 9,674 Total 2,241

2,077

7%

Capital Employed

2,248 Refining, Supply & Trading 2,869

2,707

6%

775 Marketing 900

886

2%

129 Petrochemicals 139

138

1%

3,152 Core Business 3,908

3,731

5%

692 Associates (Power & Gas) 677

708 5% 62 Other (incl. E&P) 37

63 69% 3,905 Total 4,623

4,502

3%

SLIDE 45

44

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)

SLIDE 46

45

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).