Hellenic Petroleum Holdings S.A.

Interim / Quarterly Report • Nov 9, 2017

H E L L E N I C P E T R O L E U M S. A. General Commercial Registry 000296601000 (A.R.M.A.E. 2443/06/B/86/23)

COMPANY
Head office Address:	A 8	, CHIMARRAS STR. - 15125 MAROUSI
Website :	http://www.helpe.gr
Approval date of the nine month financial information by the Board of Directors	9 NOVEMBER 2017
STATEMENT OF FINANCIAL POSITION					STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP		COMPANY		(Amounts in thousands €)	GROUP		COMPANY
	30/9/2017	31/12/2016	30/9/2017	31/12/2016		30/9/2017	30/9/2016	30/9/2017	30/9/2016
ASSETS					Total equity at beginning of the period (1/1/2017 & 1/1/2016)	2.141.635	1.790.270	1.590.150	1.224.891
Property, plant and equipment	3.305.255	3.302.923	2.726.209	2.718.798
Intangible assets	106.718	108.294	6.897	6.490	Total comprehensive (loss) / income for the period	259.709	202.321	223.132	210.929
Other non-current assets	852.927	881.711	676.148	729.213	Share based payments	(7.210)	-	(7.210)	-
Inventories	920.681	929.164	831.975	839.306	Acquisition of Treasury Shares	(10.245)	-	(10.245)	-
Trade and other receivables	817.135	868.331	963.817	1.036.420	Issue of Treasury shares to employees	7.210	-	7.210	-
Derivative financial instruments	-	15.192	-	15.192	Participation of minority shareholders in share capital increase of subsidiary	76	-	-	-
Cash, cash equivalents and restricted cash	849.697	1.081.580	685.978	888.783	Tax on intra-group dividends	(136)	(81)	-	-
Available-for-sale non-current assets	2.806	1.626	2.152	1.017	Dividends to non-controlling interests	(2.561)	(185)	-	-
TOTAL ASSETS	6.855.219	7.188.821	5.893.176	6.235.219	Dividends	(61.127)	-	(61.127)	-
					Total equity at the end of the period	2.327.351	1.992.325	1.741.910	1.435.820
EQUITY AND LIABILITIES
Share capital	666.285	666.285	666.285	666.285
Share premium	353.796	353.796	353.796	353.796	STATEMENT OF CASH FLOW
Retained earnings and other reserves	1.206.272	1.019.679	721.829	570.069	(Amounts in thousands €)	GROUP		COMPANY
Capital and reserves attributable to Company Shareholders (a)	2.226.353	2.039.760	1.741.910	1.590.150		1/1/2017-	1/1/2016-	1/1/2017-	1/1/2016-
Non-controlling interests (b)	100.998	101.875	-	-		30/9/2017	30/9/2016	30/9/2017	30/9/2016
TOTAL EQUITY (c) = (a) + (b)	2.327.351	2.141.635	1.741.910	1.590.150
					Cash flows from operating activities
Long-term borrowings	941.787	1.456.204	931.801	1.460.281	Profit / (loss) before Income Tax	367.249	254.266	318.697	255.066
Provisions and other long term liabilities	337.422	422.598	254.751	341.755
Short-term borrowings	1.722.170	1.386.299	1.535.118	1.150.418
Other short-term liabilities	1.526.489	1.782.085	1.429.596	1.692.615	Adjustments for:
Total liabilities (d)	4.527.868	5.047.186	4.151.266	4.645.069	Depreciation and amortisation of tangible and intangible assets	140.588	155.556	104.368	114.598
					Impairment of fixed assets	-	8.313	-	-
					Amortisation of government grants	(645)	(1.038)	(523)	(940)
TOTAL EQUITY AND LIABILITIES (c) + (d)	6.855.219	7.188.821	5.893.176	6.235.219	Interest expense and similar charges	131.413	153.399	118.303	134.965

TOTAL ASSETS 6.855.219 7.188.821 5.893.176 6.235.219 Dividends (61.127) - (61.127) - Total equity at the end of the period 2.327.351 1.992.325 1.741.910 1.435.820 EQUITY AND LIABILITIES EQUITY AND LIABILITIES Share capital 666.285 666.285 666.285 666.285 GROUP Capital and reserves attributable to Company Shareholders (a) 2.226.353 2.039.760 1.741.910 1.590.150 1/1/2017- 1/1/2016- 1/1/2017- 1/1/2016- Non-controlling interests (b) 100.998 101.875 - - 30/9/2017 30/9/2016 30/9/2017 30/9/2016 Cash flows from operating activities Long-term borrowings 941.787 1.456.204 931.801 1.460.281 Profit / (loss) before Income Tax 367.249 254.266 318.697 255.066 Total liabilities (d) 4.527.868 5.047.186 4.151.266 4.645.069 Depreciation and amortisation of tangible and intangible assets 140.588 155.556 104.368 114.598 Impairment of fixed assets - 8.313 - - Amortisation of government grants (645) (1.038) (523) (940) TOTAL EQUITY AND LIABILITIES (c) + (d) 6.855.219 7.188.821 5.893.176 6.235.219 Interest expense and similar charges 131.413 153.399 118.303 134.965 Interest income (3.020) (3.810) (9.278) (10.138) Share of operating profit of associates (34.956) (7.232) - - Provisions for expenses and valuation charges 25.168 32.629 20.991 35.919 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD Foreign exchange (gains) / losses 8.317 (13.084) 8.625 (13.377) GROUP (Amounts in thousands €) GROUP Dividend income - - (33.724) (38.348) 1/1/2017- 1/1/2016- 1/7/2017 1/7/2016 Amortisation of long-term contracts costs 7.128 (13.500) 7.302 (13.500) 30/9/2017 30/9/2016 30/9/2017 30/9/2016 (Gain)/Loss from disposal of non current assets 225 (730) 280 52 641.467 564.769 535.041 464.297 Operating profit / (loss) 469.003 383.539 177.551 147.568 (Increase) / decrease in inventories 7.969 (65.823) 6.836 (67.384) Profit / (loss) before Income Tax 367.249 254.266 140.087 108.815 (Increase) / decrease in trade and other receivables 44.714 (38.072) 87.424 (3.272) Less : Taxes (94.043) (70.438) (34.525) (28.685) Increase / (decrease) in payables (409.439) (888.147) (410.096) (896.334) Income tax paid (5.626) (8.902) (20) (1.279) Attributable to: Net cash generated (outflow)/inflow from operating activities (a) 279.085 (436.175) 219.185 (503.972) Proceeds from disposal of property, plant and equipment 259.709 202.321 113.114 77.275 Participation in share capital increase of affiliated companies - - (3.917) (2.408) Investments in associates - net (147) (7) - - Cash flows from financing activities GROUP Interest paid (126.677) (139.560) (128.829) (135.877) Dividends paid to shareholders of the Company (59.578) (473) (59.578) (473) 1/1/2017- 1/1/2016- 1/7/2017 1/7/2016 Acquisition of treasury stock (10.245) - (10.245) - 30/9/2017 30/9/2016 30/9/2017 30/9/2016 Participation of minority shareholders in share capital increase of subsidiary 76 - - - Proceeds from borrowings 285.800 275.500 303.157 275.500 restricted cash (a)+(b)+(c) (210.546) (981.279) (182.307) (929.533) Exchange gains / (losses) on cash, cash equivalents and restricted cash (9.464) 1.703 (8.625) 1.796

Turnover	5.941.770	4.806.983	1.846.466	1.867.173
Gross profit	778.522	667.955	275.631	245.631	Changes in working capital
Profit / (loss) for the period	273.206	183.828	105.562	80.130	Less:
Owners of the parent	270.905	184.906	103.454	78.041
Non-controlling interests	2.301	(1.078)	2.108	2.089
	273.206	183.828	105.562	80.130
Other comprehensive (loss)/income for the period, net of tax	(13.497)	18.493	7.552	(2.855)	Cash flows from investing activities
Earnings Before Interest, Taxes, Depreciation and

Other comprehensive (loss)/income for the period, net of tax	(13.497)	18.493	7.552	(2.855)	Cash flows from investing activities
Total comprehensive (loss) / income for the period	259.709	202.321	113.114	77.275	Purchase of property, plant and equipment & intangible assets	(137.539)	(81.752)	(110.018)	(60.445)
					Proceeds from disposal of property, plant and equipment
Attributable to:					& intangible assets	401	1.422	-	-
Owners of the parent	258.101	203.396	110.885	75.082	Interest received	3.020	3.810	9.278	10.138
Non-controlling interests	1.608	(1.075)	2.229	2.193	Dividends received	19.346	1.119	33.724	37.684
	259.709	202.321	113.114	77.275	Participation in share capital increase of affiliated companies	-	-	(3.917)	(2.408)
					Investments in associates - net	(147)	(7)	-	-
Basic and diluted earnings per share (in Euro per share)	0,89	0,60	0,48	0,26	Net cash generated (outflow)/inflow from investing activities (b)	(114.919)	(75.408)	(70.933)	(15.031)
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	608.946	538.057	231.365	199.457
					Cash flows from financing activities
					Interest paid	(126.677)	(139.560)	(128.829)	(135.877)
					Dividends paid to shareholders of the Company	(59.578)	(473)	(59.578)	(473)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD					Dividends paid to non-controlling interests	(2.561)	(185)	-	-
(Amounts in thousands €)		COMPANY			Movements in restricted cash	11.873	(1.969)	11.873	(1.969)
	1/1/2017-	1/1/2016-	1/7/2017	1/7/2016	Acquisition of treasury stock	(10.245)	-	(10.245)	-
	30/9/2017	30/9/2016	30/9/2017	30/9/2016	Participation of minority shareholders in share capital increase of subsidiary	76	-	-	-
					Proceeds from borrowings	285.800	275.500	303.157	275.500
Turnover	5.376.078	4.296.275	1.622.422	1.654.875	Repayments of borrowings	(473.400)	(603.009)	(446.937)	(547.711)
Gross profit	527.661	437.616	173.537	144.749	Net cash generated (outflow)/inflow from financing activities (c )	(374.712)	(469.696)	(330.559)	(410.530)
Operating profit / (loss)	402.623	328.168	138.553	107.697
Profit / (loss) before Income Tax	318.697	255.066	103.193	66.178
Less : Taxes	(83.559)	(64.990)	(29.156)	(21.307)
Profit / (loss) for the period	235.138	190.076	74.037	44.871	Net (decrease)/ increase in cash, cash equivalents and
					restricted cash (a)+(b)+(c)	(210.546)	(981.279)	(182.307)	(929.533)
Other comprehensive (loss)/income for the period, net of tax	(12.006)	20.853	7.091	(3.151)
Total comprehensive (loss) / income for the period	223.132	210.929	81.128	41.720
Basic and diluted earnings per share (in Euro per share)	0,77	0,62	0,24	0,15	Cash & cash equivalents at the beginning of the period	924.055	1.952.808	731.258	1.683.600
					Exchange gains / (losses) on cash, cash equivalents and restricted cash	(9.464)	1.703	(8.625)	1.796
Earnings Before Interest, Taxes, Depreciation and					Net (decrease)/ increase in cash, cash equivalents and restricted cash	(210.546)	(981.279)	(182.307)	(929.533)
Amortisation (EBITDA)	506.468	441.826	179.811	146.136	Cash, cash equivalents and restricted cash at end of the period	704.045	973.232	540.326	755.863

ADDITIONAL INFORMATION

1. The amount of provisions included in the Statement of Financial Position are as follows:

a) for pending legal cases 9.586 7.133 b) for tax matters 6.312 3.911 c) for retirement benefit obligations 123.520 99.090

GROUP COMPANY d) for other provisions relating to expenses 29.183 29.001

1. Other comprehensive income for the period, net of tax, for the Group and the parent company are as follows:

Fair value gains/(losses) on available-for-sale financial assets 849 (5.977) 804 (6.035) Fair value gains/(losses) on cash flow hedges (13.014) 11.160 (13.014) 11.160

Actuarial gains/(losses) on defined benefit pension plans (2.219) (5.300) (1.775) (3.914)

Derecognition of gains/ (losses) on hedges through comprehensive income 1.979 19.642 1.979 19.642 Other movements and currency translation gains/(losses) 577 (1.032) - - Net income/(expense) recognised directly in equity (13.497) 18.493 (12.006) 20.853

(13.497)	18.493	(12.006)	20.853
	1.032		٠
1.979.	19.642	1.979	19.642

1. Transactions and balances with related parties for the Group and the parent company (in thousands of €) are as follows:

	GROUP	COMPANY
Sales of goods and services	888.664	2.585.435
Purchases of goods and services	633.405	673.121
Receivables	125.323	517.733
Payables	23.546	57.626
Board members and senior management remuneration & other benefits	3.087	3.078
Amounts due to/(from) Board members and senior management	0	0

GROUP COMPANY

Athens, 9th of November 2017

The following financial data and information are only for general information purposes with regard to the financial position and results of HELLENIC PETROLEUM Group and the parent company. We, therefore, recommend to the reader, before making any investment decision, or proceeding to any transaction with the company, to refer to the company's internet address, where the financial statements in accordance with International Financial Reporting Standards are available, together with the auditors' review report.

1. Νοte 25 of the interim condensed consolidated financial statements includes all subsidiary and associated companies and their related information. 2. No company shares, other than those disclosed as treasury shares in Note 16 of the condensed interim consolidated financial statetments, are owned either by the parent company or any of the subsidiaries as at the end of the period. 3. The parent company HELLENIC PETROLEUM S.A. has not been subject to a tax audit for the fiscal year 2010 (Note 9 of the condensed interim consolidated financial statements). 4. The accounting policies used in the preparation of the condensed interim consolidated financial statements for the period ended 30 September 2017 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2016, except for the new or revised accounting standards and interpretations that have been implemented in 2017, as outlined in Note 2 of the condensed interim consolidated financial statements of 30 September 2017. Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the current financial period. 5. As mentioned in Note 23 of the condensed interim consolidated financial statements, the Group's entities are involved in a number of legal proceedings and have various unresolved claims pending arising in the ordinary course of business. Based on currently available information, management believes the outcome will not have a significant impact on the Group's operating results orfinancial position. 6. The Board of Directors of HELPE, at its meeting on 12 June 2017, evaluated the strategic choices of HELPE regarding its minority participation in DESFA and considered that the disposal (jointly with HRADF) of the 66% of DESFA's shares is in the interest of the Company. For this purpose, a draft Memorandum of Understanding (MOU) between the Greek State, HRADF and HELPE was drawn up, based on the corresponding text of 2012. At the abovementioned meeting, the Board of Directors also convened the Extraordinary General Assembly of the Company's shareholdersin order to

obtain a special permit, in accordance with the provisions of article 23a of the Codified Law 2190/1920, for the conclusion of the MOU between the Greek State, HRADF and HELPE. The MOU was signed by the three parties on 26 June 2017 and the special permit of the General Assembly was provided retrospectively on 6 July 2017, pursuant to the provision of article 23a par.4 2190/1920. On 26 June 2017 the Invitation for the Non-Binding Expression of Interest was published. Four parties expressed interest and two of them have been notified on 22 September 2017, by the Sellers that they have qualified to participate in the next phase of the Tender Process (Binding Offers Phase), and are now considered as Shortlisted Parties. The two Shortlisted Parties are on the one hand, a consortium formed by SNAM S.p.A., FLUXYS S.A., Enagas Internacional S.L.U. andN.V. Nederlandse Gasunies and on the other hand Regasificadora del Noroeste S.A. .The Shortlisted Parties are expected to receive before the end of 2017 an invitation by the Sellers to submit their binding offers. The Group consolidates the DEPA Group using the equity method of accounting and the carrying value of the investment in the condensed interim consolidated financial statements reflects HELPE's 35% share of the net asset value of the DEPA group which as at 30 September 2017 amounts to €659 million. DEPA Group, as it currently stands, continues to be accounted for and included in the Group's condensed interim consolidated financial statements as an associate (Note 8). 7. Number of employees at 30/06/2017 in Greece: Company: 2.060, Group: 2.839 (30/09/2016: Company: 1.937, Group: 2.705).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2017 TO 30 SEPTEMBER 2017 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)

CHAIRMAN OF THE BOARD	CHIEF EXECUTIVE OFFICER	DEPUTY CHIEF EXECUTIVE OFFICER & CHIEF FINANCIAL OFFICER	ACCOUNTING DIRECTOR
EFSTATHIOS N. TSOTSOROS	GRIGORIOS S. STERGIOULIS	ANDREAS N. SHIAMISHIS	STEFANOS I. PAPADIMITRIOU
ID. Number ΑΕ 075524	ID. Number ΑΜ 142474	ID. Number ΑΑ 010147	ID. Number ΑΚ 553436