Hellenic Petroleum Holdings S.A.

Interim / Quarterly Report • Aug 25, 2016

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

GROUP (Amounts in thousands €)		COMPANY		(Amounts in thousands €)	GROUP		COMPANY
	30/06/2016	31/12/2015	30/06/2016	31/12/2015		30/06/2016	30/06/2015	30/06/2016	30/06/2015
ASSETS					Total equity at beginning of the period (1/1/2016 & 1/1/2015)	1.790.270	2.497.054	1.907.073	1.907.073
Property, plant and equipment	3.327.125	3.385.270	2.736.204	2.774.026
Intangible assets	112.620	117.062	8.378	8.371	Total comprehensive (loss) / income for the period	125.046	102.263	169.209	125.219
Other non-current assets	925.419	1.003.197	794.817	850.619	Total equity at the end of the period	1.915.316	1.830.809	1.394.100	1.301.906
Inventories	748.794	662.025	673.299	580.747

Head office Address: Website :	A 8 http://www.helpe.gr	, CHIMARRAS STR. - 15125 MAROUSI
Approval date of the six month financial information by the Board of
Directors	25 AUGUST 2016
The Certified Auditor: Auditing Company:	PricewaterhouseCoopers S.A	Konstantinos Michalatos, (SOEL reg.no.17701)
Type of Auditor's Report	Unqualified
STATEMENT OF FINANCIAL POSITION					STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	30/06/2016	GROUP 31/12/2015	COMPANY 30/06/2016	31/12/2015	(Amounts in thousands €)	GROUP 30/06/2016	30/06/2015	COMPANY 30/06/2016
ASSETS					Total equity at beginning of the period (1/1/2016 & 1/1/2015)	1.790.270	2.497.054	1.907.073
Property, plant and equipment Intangible assets	3.327.125 112.620	3.385.270 117.062	2.736.204 8.378	2.774.026 8.371	Total comprehensive (loss) / income for the period	125.046	102.263	169.209
Other non-current assets	925.419	1.003.197	794.817	850.619	Total equity at the end of the period	1.915.316	1.830.809	1.394.100
Inventories	748.794	662.025	673.299	580.747
Trade and other receivables Cash, cash equivalents and restricted cash	785.352 1.412.704	752.142 2.108.364	960.980 1.208.209	1.001.818 1.839.156
Derivative financial instruments	11.540	-	11.540	-
Available-for-sale non-current assets	3.493	523	3.017	50	STATEMENT OF CASH FLOW
TOTAL ASSETS	7.327.047	8.028.583	6.396.444	7.054.787	(Amounts in thousands €)	GROUP 1/1/2016-	1/1/2015-	COMPANY 1/1/2016-
						30/06/2016	30/06/2015	30/06/2016
EQUITY AND LIABILITIES Share capital	666.285	666.285	666.285	666.285	Cash flows from operating activities
Share premium	353.796	353.796	353.796	353.796	Profit / (loss) before Income Tax	145.451	95.250	188.888
Retained earnings and other reserves	792.549	664.235	374.019	204.810
Capital and reserves attributable to Company Shareholders (a) Non-controlling interests (b)	1.812.630 102.686	1.684.316 105.954	1.394.100 -	1.224.891 -	Adjustments for:
TOTAL EQUITY (c) = (a) + (b)	1.915.316	1.790.270	1.394.100	1.224.891	Depreciation and amortisation of tangible and intangible assets	103.332	93.280	75.852
					Impairment of fixed assets	8.314	-
Long-term borrowings Provisions and other long term liabilities	1.287.643 412.562	1.597.954 169.728	1.312.187 335.384	1.536.414 92.900	Amortisation of government grants Interest expense and similar charges	(703) 100.662	(1.032) 105.257	(633) 88.019
Short-term borrowings	1.816.596	1.633.033	1.543.725	1.419.687	Interest income	(2.411)	(4.817)	(6.783)
Other short-term liabilities	1.894.930	2.837.598	1.811.048	2.780.895	Share of operating profit of associates and dividend income	(2.360)	(10.962)	-
Total liabilities (d)	5.411.731	6.238.313	5.002.344	5.829.896	Provisions for expenses and valuation charges Foreign exchange (gains) / losses	30.349 (10.871)	21.322 20.682	29.793 (11.305)
TOTAL EQUITY AND LIABILITIES (c) + (d)	7.327.047	8.028.583	6.396.444	7.054.787	Dividend income	-	-	(38.348)
					Discounting effect on long term payables Gain on sale of fixed assets	(13.500) (75)	- (3)	(13.500) 52
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD						358.188	318.977	312.035
(Amounts in thousands €)		GROUP
	1/1/2016- 30/06/2016	1/1/2015- 30/06/2015	01/04/2016 30/06/2016	01/04/2015 30/06/2015
Turnover	2.939.810	3.664.022	1.692.809	1.784.524
Gross profit Operating profit / (loss)	422.324 230.471	413.815 205.410	248.412 150.991	204.531 96.862	Changes in working capital (Increase) / decrease in inventories	(85.310)	(152.148)	(91.107)
Profit / (loss) before Income Tax	145.451	95.250	103.662	67.405	(Increase) / decrease in trade and other receivables	(55.392)	(68.487)	20.584
Less : Taxes	(41.753)	(29.017)	(31.561)	(18.335)	Increase / (decrease) in payables	(636.695)	201.169	(686.749)
Profit / (loss) for the period	103.698	66.233	72.101	49.070	Less: Income tax paid	(1.964)	(25.410)	-
Attributable to:					Net cash generated from / (used in) operating activities (a)	(421.173)	274.101	(445.237)
Owners of the parent Non-controlling interests	106.865 (3.167)	66.274 (41)	74.457 (2.356)	47.985 1.085
	103.698	66.233	72.101	49.070
Other comprehensive (loss)/income for the period, net of tax Total comprehensive (loss) / income for the period	21.348 125.046	36.030 102.263	30.162 102.263	31.924 80.994	Cash flows from investing activities
					Purchase of property, plant and equipment & intangible assets	(48.986)	(78.856)	(36.800)
Attributable to:					Proceeds from disposal of property, plant and equipment
Owners of the parent Non-controlling interests	128.314 (3.268)	102.500 (237)	104.589 (2.326)	79.952 1.042	& tangible assets Interest received	354 2.411	198 4.387	- 6.783
	125.046	102.263	102.263	80.994	Dividends received	1.119	18.277	37.684
					Participation in share capital (increase)/decrease of subsidiaries and associates	-	-	(2.000)
Basic and diluted earnings per share (in Euro per share)	0,35	0,22	0,24	0,16	Proceeds from disposal of available for sale financial assets	-	771	-
					Net cash used in investing activities (b)	(45.102)	(55.223)	5.667
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)	333.100	297.658	204.193	143.131
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD
(Amounts in thousands €)		COMPANY
	1/1/2016-	1/1/2015-	01/04/2016	01/04/2015	Cash flows from financing activities
	30/06/2016	30/06/2015	30/06/2016	30/06/2015	Interest paid Dividends paid	(95.766) (473)	(103.461) (64.004)	(90.439) (473)
Turnover	2.641.400	3.357.750	1.531.488	1.658.395	Proceeds from borrowings	272.800	396.023	287.500
Gross profit	292.867	278.619	177.376	124.240	Repayments of borrowings	(405.658)	(95.151)	(387.689)
Earnings Before Interest & Tax	258.819	219.470	178.266	111.326	Net cash (used in) / generated from financing activities (c )	(229.097)	133.407	(191.101)
(Loss) / Profit before Tax	188.888	116.848	136.954	86.120
Less : Taxes	(43.683)	(28.311)	(31.883)	(18.239)
(Loss) / Profit for the period	145.205	88.537	105.071	67.881	Net increase / (decrease) in cash & cash equivalents (a)+(b)+(c)	(695.372)	352.285	(630.671)
Other comprehensive (loss)/income for the period, net of tax	24.004	36.682	32.083	32.558
Total comprehensive (loss) / income for the period	169.209	125.219	137.154	100.439
Basic and diluted earnings per share (in Euro per share)	0,48	0,29	0,34	0,22
					Cash & cash equivalents at the beginning of the period	2.108.364	1.847.842	1.839.156
Earnings Before Interest, Taxes, Depreciation and					Exchange gains / (losses) on cash and cash equivalents	(288)	9.612	(276)
Amortisation (EBITDA)	334.038	281.540	218.164	142.522	Net increase / (decrease) in cash & cash equivalents Cash & cash equivalents at end of the period	(695.372) 1.412.704	352.285 2.209.739	(630.671) 1.208.209

						1/1/2016- 30/06/2016	1/1/2015- 30/06/2015	1/1/2016- 30/06/2016	1/1/2015- 30/06/2015
EQUITY AND LIABILITIES
Share capital	666.285	666.285	666.285	666.285	Cash flows from operating activities
Share premium	353.796	353.796	353.796	353.796	Profit / (loss) before Income Tax	145.451	95.250	188.888	116.848
Retained earnings and other reserves	792.549	664.235	374.019	204.810
Capital and reserves attributable to Company Shareholders (a)	1.812.630	1.684.316	1.394.100	1.224.891
Non-controlling interests (b)	102.686	105.954	-	-	Adjustments for:
TOTAL EQUITY (c) = (a) + (b)	1.915.316	1.790.270	1.394.100	1.224.891	Depreciation and amortisation of tangible and intangible assets	103.332	93.280	75.852	62.712
					Impairment of fixed assets	8.314	-
Long-term borrowings	1.287.643	1.597.954	1.312.187	1.536.414	Amortisation of government grants	(703)	(1.032)	(633)	(642)
Provisions and other long term liabilities	412.562	169.728	335.384	92.900	Interest expense and similar charges	100.662	105.257	88.019	94.369
Short-term borrowings	1.816.596	1.633.033	1.543.725	1.419.687	Interest income	(2.411)	(4.817)	(6.783)	(11.927)
Other short-term liabilities	1.894.930	2.837.598	1.811.048	2.780.895	Share of operating profit of associates and dividend income	(2.360)	(10.962)	-	-
Total liabilities (d)	5.411.731	6.238.313	5.002.344	5.829.896	Provisions for expenses and valuation charges	30.349	21.322	29.793	19.537
					Foreign exchange (gains) / losses	(10.871)	20.682	(11.305)	20.180
TOTAL EQUITY AND LIABILITIES (c) + (d)	7.327.047	8.028.583	6.396.444	7.054.787	Dividend income	-	-	(38.348)	(32.659)
					Discounting effect on long term payables	(13.500)	-	(13.500)	-
					Gain on sale of fixed assets	(75)	(3)	52	-
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD						358.188	318.977	312.035	268.418
(Amounts in thousands €)			GROUP
	1/1/2016-	1/1/2015-	01/04/2016	01/04/2015
	30/06/2016	30/06/2015	30/06/2016	30/06/2015
Turnover	2.939.810	3.664.022	1.692.809	1.784.524
Gross profit	422.324	413.815	248.412	204.531	Changes in working capital
Operating profit / (loss)	230.471	205.410	150.991	96.862	(Increase) / decrease in inventories	(85.310)	(152.148)	(91.107)	(152.049)
Profit / (loss) before Income Tax	145.451	95.250	103.662	67.405	(Increase) / decrease in trade and other receivables	(55.392)	(68.487)	20.584	(10.039)
Less : Taxes	(41.753)	(29.017)	(31.561)	(18.335)	Increase / (decrease) in payables	(636.695)	201.169	(686.749)	166.656
Profit / (loss) for the period	103.698	66.233	72.101	49.070	Less:
					Income tax paid	(1.964)	(25.410)	-	(15.933)
Attributable to:					Net cash generated from / (used in) operating activities (a)	(421.173)	274.101	(445.237)	257.053
Owners of the parent	106.865	66.274	74.457	47.985
Non-controlling interests	(3.167)	(41)	(2.356)	1.085
	103.698	66.233	72.101	49.070
	21.348	36.030	30.162	31.924
Other comprehensive (loss)/income for the period, net of tax
Total comprehensive (loss) / income for the period	125.046	102.263	102.263	80.994	Cash flows from investing activities
					Purchase of property, plant and equipment & intangible assets	(48.986)	(78.856)	(36.800)	(68.470)
Attributable to:					Proceeds from disposal of property, plant and equipment
Owners of the parent	128.314	102.500	104.589	79.952	& tangible assets	354	198	-	-
Non-controlling interests	(3.268)	(237)	(2.326)	1.042	Interest received	2.411	4.387	6.783	10.308
	125.046	102.263	102.263	80.994	Dividends received	1.119	18.277	37.684	23.159
					Participation in share capital (increase)/decrease of subsidiaries and
					associates	-	-	(2.000)	(850)
Basic and diluted earnings per share (in Euro per share)	0,35	0,22	0,24	0,16	Proceeds from disposal of available for sale financial assets	-	771	-	-
					Net cash used in investing activities (b)	(45.102)	(55.223)	5.667	(35.853)
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	333.100	297.658	204.193	143.131
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (Amounts in thousands €)			COMPANY
	1/1/2016-	1/1/2015-	01/04/2016	01/04/2015	Cash flows from financing activities
	30/06/2016	30/06/2015	30/06/2016	30/06/2015	Interest paid	(95.766)	(103.461)	(90.439)	(69.833)
					Dividends paid	(473)	(64.004)	(473)	(64.004)
Turnover	2.641.400	3.357.750	1.531.488	1.658.395	Proceeds from borrowings	272.800	396.023	287.500	354.398
Gross profit	292.867	278.619	177.376	124.240	Repayments of borrowings	(405.658)	(95.151)	(387.689)	(150.252)
					Net cash (used in) / generated from financing activities (c )	(229.097)	133.407	(191.101)	70.309
Earnings Before Interest & Tax	258.819	219.470	178.266	111.326
(Loss) / Profit before Tax	188.888	116.848	136.954	86.120
Less : Taxes	(43.683)	(28.311)	(31.883)	(18.239)
(Loss) / Profit for the period	145.205	88.537	105.071	67.881	Net increase / (decrease) in cash & cash equivalents
					(a)+(b)+(c)	(695.372)	352.285	(630.671)	291.509
Other comprehensive (loss)/income for the period, net of tax	24.004	36.682	32.083	32.558
Total comprehensive (loss) / income for the period	169.209	125.219	137.154	100.439
Basic and diluted earnings per share (in Euro per share)	0,48	0,29	0,34	0,22
					Cash & cash equivalents at the beginning of the period	2.108.364	1.847.842	1.839.156	1.593.262
Earnings Before Interest, Taxes, Depreciation and					Exchange gains / (losses) on cash and cash equivalents	(288)	9.612	(276)	9.629
Amortisation (EBITDA)	334.038	281.540	218.164	142.522	Net increase / (decrease) in cash & cash equivalents	(695.372)	352.285	(630.671)	291.509
					Cash & cash equivalents at end of the period	1.412.704	2.209.739	1.208.209	1.894.400
ADDITIONAL INFORMATION

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

	GROUP	COMPANY
a) for pending legal cases	5.035	3.336
b) for tax matters	7.808	3.733
c) for SLI	105.786	85.488
d) for other provisions relating to expenses	21.355	21.175

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

Actuarial gains/(losses) on defined benefit pension plans	(5.300)	-	(3.914)	-
Derecognition of (gains)/ losses on hedges through comprehensive income	19.642	28.609	19.642	28.609
Other movements and currency translation differences	(1.273)	(479)	-	-
Net income/(expense) recognised directly in equity	21.348	36.030	24.004	36.682

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	395.513	1.184.775
Purchases of goods and services	357.469	382.489
Receivables	45.934	454.544
Payables	49.508	85.293
Board members and senior management remuneration & other benefits	2.080	2.041
Amounts due to/(from) Board members and senior management	0	0

Athens, 25th of August 2016

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 No. 25 of the condensed interim consolidated financial information includes all 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 30 June 2016 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2015, except for the new or revised accounting standards and interpretations that have been implemented in 2016, as outlined in Note 2 of the condensed interim consolidated financial information of 30 June 2016. 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. The EGM held on 30 January 2012 approved a Memorandum of Understanding with the Greek State (controlling shareholder of DEPA Group) agreeing to participate in a joint sales process for the Group's 35% shareholding in DEPA.

At the final stage of the sales process one binding offer for the purchase of 66% of DESFA shares (100% subsidiary of DEPA SA) was received. The offer is for €400 million for 66% of DESFA, i.e. €212,1 million for HELPE's 35% effective shareholding. The EGM of 2 September 2013 approved the transaction. As at 30 June 2016, DEPA Group's carrying value in the Group's accounts is €607 million. Given that the transaction can only be completed upon receiving the approval of the relevant competent authorities, and given the timing of such approvals and the unbundling process that is still be concluded, management considers it appropriate to maintain the policy of including DEPA Group as an associate at the date of this condensed interim consolidated financial information (Note 8). 7. Number of employees at 30/06/2016 in Greece: Company: 1.937, Group: 2,692 (30/06/2015: Company: 1.851, Group: 2.613).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2016 TO 30 JUNE 2016 (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 GROUP CHIEF FINANCIAL OFFICER ACCOUNTING DIRECTOR BOARD MEMBER

EFSTATHIOS Ν. TSOTSOROS GRIGORIOS S. STERGIOULIS ANDREAS N. SHIAMISHIS STEFANOS I. PAPADIMITRIOU ID. Number AE 075524 ID. Number AM 142474 ID. Number ΑΑ 010147 ID. Number ΑΚ 553436