Hellenic Petroleum Holdings S.A.

Quarterly Report • May 17, 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

A , CHIMARRAS STR. - 15125 MAROUSI

Head office Address: 8 Website : http://www.helpe.gr Approval date of the three month financial information by the Board of Directors 17 MAY 2017

STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOW

ASSETS
Property, plant and equipment	3.276.876	3.302.923	2.703.252	2.718.798	Cash flows from operating activities
Other non-current assets	874.368	881.711	675.396	729.213
Inventories	988.987	929.164	898.037	839.306
Trade and other receivables	863.762	868.331	1.012.179	1.036.420	Adjustments for:

(Amounts in thousands €)	GROUP COMPANY		(Amounts in thousands €)	GROUP		COMPANY
	31/03/2017	31/12/2016	31/03/2017	31/12/2016		01/01/2017 31/03/2017	01/01/2016 31/03/2016	01/01/2017 31/03/2017	01/01/2016 31/03/2016
ASSETS
Property, plant and equipment	3.276.876	3.302.923	2.703.252	2.718.798	Cash flows from operating activities
Intangible assets	107.770	108.294	7.238	6.490	Profit before Tax	164.451	41.787	137.381	51.933
Other non-current assets	874.368	881.711	675.396	729.213
Inventories	988.987	929.164	898.037	839.306
Trade and other receivables	863.762	868.331	1.012.179	1.036.420	Adjustments for:
Derivative financial instruments	1.923	15.192	1.923	15.192	Depreciation and amortisation of tangible and intangible assets	44.558	49.780	31.556	35.639
Cash, cash equivalents and restricted cash	1.081.096	1.081.580	930.699	888.783	Amortisation of government grants	(214)	(353)	(174)	(317)
Available-for-sale non-current assets	1.642	1.626	1.019	1.017	Interest expense and similar charges	47.651	50.418	42.814	44.480
TOTAL ASSETS	7.196.424	7.188.821	6.229.743	6.235.219	Interest income	(1.264)	(1.988)	(3.108)	(4.252)
					Share of operating profit of associates	(30.617)	718	-	-
					Provisions for expenses and valuation charges	8.992	6.384	6.690	6.181
					Foreign exchange (gains) / losses	854	(11.455)	721	(11.609)
EQUITY AND LIABILITIES					Discounting effect on long term payables	3.256	-	2.281	-
Share capital	666.285	666.285	666.285	666.285	(Gain)/ Loss on sales of fixed assets	(144)	(49)	-	-
Share premium	353.796	353.796	353.796	353.796		237.523	135.242	218.161	122.055
Retained earnings and other reserves	1.133.156	1.019.679	656.615	570.069
Capital and reserves attributable to Company Shareholders (a)	2.153.237	2.039.760	1.676.696	1.590.150
Non-controlling interests (b)	101.086	101.875	-	-
TOTAL EQUITY (c) = (a) + (b)	2.254.323	2.141.635	1.676.696	1.590.150
					Changes in working capital
Long-term borrowings	1.258.762	1.456.204	1.262.180	1.460.281	(Increase) / decrease in inventories	(60.820)	13.310	(59.709)	(3.442)
Provisions and other long term liabilities	381.405	422.598	300.155	341.755	(Increase) / decrease in trade and other receivables	1.223	(86.320)	39.274	16.418
Short-term borrowings	1.607.135	1.386.299	1.339.025	1.150.418	Increase / (decrease) in payables	(137.326)	(1.386.940)	(102.403)	(1.382.899)
Other short-term liabilities	1.694.799	1.782.085	1.651.687	1.692.615	Less:
Total liabilities (d)	4.942.101	5.047.186	4.553.047	4.645.069	Income tax paid	(1.559)	(1.777)	-	-
					Net cash generated from / (used in) operating activities (a)	39.041	(1.326.485)	95.323	(1.247.868)
TOTAL EQUITY AND LIABILITIES (c) + (d)	7.196.424	7.188.821	6.229.743	6.235.219

Retained earnings and other reserves	1.133.156	1.019.679	656.615	570.069
Capital and reserves attributable to Company Shareholders (a)	2.153.237	2.039.760	1.676.696	1.590.150
Non-controlling interests (b)	101.086	101.875	-	-
TOTAL EQUITY (c) = (a) + (b)	2.254.323	2.141.635	1.676.696	1.590.150
Other short-term liabilities	1.694.799	1.782.085	1.651.687	1.692.615	Less:
TOTAL EQUITY AND LIABILITIES (c) + (d)	7.196.424	7.188.821	6.229.743	6.235.219

(Amounts in thousands €)	GROUP		COMPANY		Cash flows from investing activities
	01/01/2017	01/01/2016	01/01/2017	01/01/2016	Purchase of property, plant and equipment & intangible assets	(18.022)	(25.718)	(14.663)	(21.255)
	31/03/2017	31/03/2016	31/03/2017	31/03/2016	Proceeds from disposal of property, plant and equipment
					& tangible assets	255	142	-	-
					Interest received	1.264	1.988	3.108	4.252
Sales	2.077.594	1.247.001	1.916.315	1.109.912	Participation in share capital (increase)/decrease of affiliated companies	-	-	-	(1.400)
Gross profit	284.664	173.913	220.398	115.491	Net cash used in investing activities (b)	(16.503)	(23.588)	(11.555)	(18.403)
Operating profit	181.075	79.480	177.808	80.552
Profit before Tax	164.451	41.787	137.381	51.933
Less : Taxes	(40.627)	(10.192)	(41.414)	(11.800)
Profit for the period	123.824	31.595	95.967	40.133
Attributable to:
Owners of the parent	123.821	32.406			Cash flows from financing activities
Non-controlling interests	3	(811)			Interest paid	(41.477)	(43.664)	(31.450)	(41.988)
	123.824	31.595			Dividends paid	(187)	(473)	(187)	(473)
					Movement in restricted cash	11.873	-	11.873	-
Other comprehensive (loss)/income for the year, net of tax	(11.136)	(8.814)	(9.421)	(8.079)	Proceeds from borrowings	45.502	21.923	34.000	16.000
Total comprehensive (loss) / income for the year	112.688	22.781	86.546	32.054	Repayments of borrowings	(25.943)	(13.883)	(43.494)	(74.025)
					Net cash (used in) / generated from financing activities (c )	(10.232)	(36.097)	(29.258)	(100.486)
Attributable to:
Owners of the parent	113.477	23.697
Non-controlling interests	(789)	(916)
	112.688	22.781
Basic and diluted earnings per share (in Euro per share)	0,41	0,11	0,31	0,13	Net increase / (decrease) in cash & cash equivalents
					(a)+(b)+(c)	12.306	(1.386.170)	54.510	(1.366.757)
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	225.419	128.907	209.190	115.874
					Cash and cash equivalents at the beginning of the year	924.055	1.952.808	731.258	1.683.600
STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP		COMPANY							COMPANY
	31/03/2017	31/03/2016	31/03/2017	31/03/2016
					Exchange gains / (losses) on cash and cash equivalents	(917)	(2.370)	(721)	(213)
Total equity at beginning of the year (1/1/2017 & 1/1/2016)	2.141.635	1.790.270	1.590.150	1.224.891
					Net increase / (decrease) in cash & cash equivalents	12.306	(1.386.170)	54.510	(1.366.757)
Total comprehensive (loss) / income for the year	112.688	22.781	86.546	32.054
Total equity at the end of the year	2.254.323	1.813.051	1.676.696	1.256.945	Cash and cash equivalents at end of the year	935.444	564.268	785.047	316.630

ADDITIONAL INFORMATION

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

	GROUP	COMPANY
a) for pending legal cases	9.585	7.133
b) for tax matters	8.180	3.911
c) for SLI	113.015	90.204
d) for other provisions relating to expenses	21.755	21.573

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

	GROUP		COMPANY
	31/03/2017	31/03/2016	31/03/2017	31/03/2016
Changes on the fair value on available-for-sale financial assets	14	(4.930)	-	(4.923)
Revaluation of land and buildings	(1.669)	-	-	-
Fair value gains/(losses) on cash flow hedges	(9.421)	(3.156)	(9.421)	(3.156)
Other movements and currency translation differences	(60)	(728)	-	-
Net income/(expense) recognised directly in equity	(11.136)	(8.814)	(9.421)	(8.079)

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	257.074	793.874
Purchases of goods and services	189.221	202.090
Receivables	95.722	490.033
Payables	34.056	82.363
Board members and senior management remuneration & other benefits Amounts due to/(from) Board members and senior management	1.445 -	1.428 -

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, as required.

Athens, 17th of May 2016
CHAIRMAN OF THE BOARD	CHIEF EXECUTIVE OFFICER	CHIEF FINANCIAL OFFICER	ACCOUNTING DIRECTOR
EFSTATHIOS N. TSOTSOROS ID. Number ΑΕ 075524	GRIGORIOS S. STERGIOULIS ID. Number ΑΜ 142474	ANDREAS N. SHIAMISHIS ID. Number ΑΑ 010147	STEFANOS I. PAPADIMITRIOU ID. Number ΑΚ 553436

1. Νοte No. 25 of the condensed interim consolidated financial information includes all principal subsidiary and associated companies and their related information. 2. No company shares 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 information). 4. The accounting policies used in the preparation of the condensed interim consolidated financial information for the period ended 31 March 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 information of 31 March 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 information, 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 or financial position. 6. On 16 February 2012, HELPE and the HRADF (jointly the "Sellers") agreed to launch a joint sale process of their shareholding in DEPA Group aiming to dispose 100% of the supply, trading and distribution activities, as well as 66% of their shareholding in the high pressure transmission network (DESFA S.A., a 100% subsidiary of DEPA S.A.). The sale process resulted in the submission of a binding offer of €400 million by SOCAR (Azerbaijan's Oil and Gas National Company) for the purchase of the 66% of DESFA. The amount corresponding to HELPE's 35% effective shareholding was €212 million.On 21 December 2013, the Share Purchase Agreement (SPA) for the above sale was signed by HRADF, HELPE and SOCAR, while the completion of the transaction was agreed to be subject to the clearance of EU's responsible competition authorities. On 30 November 2016, the deadline for the fulfilment of all prerequisites for the finalisation of the transaction expired without the desired outcome. The selling parties (HRADF & HELPE) are now considering their alternative options for the disposal of their shareholding in DESFA. The Group consolidates the DEPA Group using the equity method of accounting and the carrying value of the investment in the interim consolidated financial information reflects HELPE's 35% share of the net asset value of the DEPA group which as at 31 March 2017 amounts to €658 million. The cost of investment of the DEPA group in the condensed interim financial information of HELPE S.A is €237 million. DEPA Group, as it currently stands, continues to be accounted for and included in HELPE Group's interim consolidated financial information as an associate (Note 8). 7. On 16 January 2016, the European Union decided to lift all economic and financial sanctions against Iran. On the same date, U.S and other International Restrictive Measures were also partially lifted. In light of the above developments, Hellenic Petroleum and NIOC executed a Heads of agreement on 22 January 2016 for the recommencement of their commercial relationship for the supply of crude and for the settlement of the overdue amounts. For further information please refer to Note 19 of the condensed interim consolidated financial information for the three month period ended 31 March 2017. 8. Number of employees at 31 March 2017 in Greece:Company:2.058, Group:2.835 (31 March 2016: Company: 1.937, Group: 2.680).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2017 TO 31 MARCH 2017 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)