Hellenic Petroleum Holdings S.A.

Quarterly Report • Nov 13, 2015

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: 8 A , CHIMARRAS STR. - 15125 MAROUSI Website : http://www.helpe.gr Approval date of the nine month financial information by the Board of Directors 12 NOVEMBER 2015

STATEMENT OF FINANCIAL POSITION					STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP			COMPANY	(Amounts in thousands €)	GROUP		COMPANY
	30/9/2015	31/12/2014	30/9/2015	31/12/2014		30/9/2015	30/9/2014	30/9/2015	30/9/2014
ASSETS					Total equity at beginning of the period (1/1/2015 & 1/1/2014)	1.728.546	2.214.466	1.176.687	1.606.369
Property, plant and equipment Intangible assets	3.389.774 122.824	3.398.170 131.978	2.779.916 10.610	2.767.874 11.477	Total comprehensive (loss) / income for the period	105.464	(144.902)	91.468	(115.480)
Other non-current assets	998.447	993.911	848.746	977.379	Dividends to shareholders of the parent	-	-	-	-
Inventories	746.777	637.613	667.369	543.783	Dividends to minority shareholders	(2.741)	(1.827)	-	-
Trade and other receivables	817.117	708.227	980.496	899.057	Participation of minority holding to share capital decrease of subsidiary	-	-	-	-
Other current assets	793.810	1.847.842	608.333	1.593.262	Other transactions directory recorded in equity	-	-	-	-
Available-for-sale non-current assets	584	1.547	50	50	Tax on intra-group dividends related to 2014	(293)	-	-	-
TOTAL ASSETS	6.869.333	7.719.288	5.895.520	6.792.882	Total equity at the end of the period	1.830.976	2.067.737	1.268.155	1.490.889
EQUITY AND LIABILITIES					STATEMENT OF CASH FLOW
Share capital	666.285	666.285	666.285	666.285	(Amounts in thousands €)	GROUP		COMPANY
Share premium	353.796	353.796	353.796	353.796		1/1/2015-	1/1/2014-	1/1/2015-	1/1/2014-
Retained earnings and other reserves Capital and reserves attributable to Company Shareholders (a)	703.451 1.723.532	598.061 1.618.142	248.074 1.268.155	156.606 1.176.687		30/9/2015	30/9/2014	30/9/2015	30/9/2014
Non-controlling interests (b)	107.444	110.404	-	-
TOTAL EQUITY (c) = (a) + (b)	1.830.976	1.728.546	1.268.155	1.176.687	Cash flows from operating activities
					(Loss) / Profit before Tax	118.049	(179.898)	99.530	(150.548)
Long-term borrowings	1.617.660	1.811.995	1.558.870	1.760.493
Provisions and other long term liabilities	173.848	161.766	93.157	89.113
Short-term borrowings	1.585.780	1.177.645	1.374.314 1.601.024	1.010.114 2.756.475	Adjustments for: Depreciation and amortisation of tangible and intangible assets	144.291	149.139	98.465	100.435
Other short-term liabilities Total liabilities (d)	1.661.069 5.038.357	2.839.336 5.990.742	4.627.365	5.616.195	Amortisation of government grants	(1.490)	(1.629)	(959)	(1.017)
					Interest expense	159.672	171.056	141.859	146.355
					Interest income	(6.604)	(5.415)	(16.252)	(14.193)
TOTAL EQUITY AND LIABILITIES (c) + (d)	6.869.333	7.719.288	5.895.520	6.792.882
					Share of operating profit of associates and dividend income	(19.612)	(22.613)	-	-
					Provisions for expenses and valuation charges	37.551	21.545	33.874	10.788
					Foreign exchange (gains) / losses	17.456	10.146	16.809	5.047
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD					Dividends received	-	-	(32.659)	(47.545)
(Amounts in thousands €)		GROUP			Gain on sale of fixed assets	(79)	(523)	781	-
	1/1/2015-	1/1/2014-	1/7/2015	1/7/2014		449.234	141.808	341.448	49.322
	30/9/2015	30/9/2014	30/9/2015	30/9/2014
	5.499.837	7.095.566	1.835.815	2.632.917
Turnover Gross profit	593.331	291.125	179.516	100.251
Earnings Before Interest & Tax	268.961	(26.724)	63.550	(8.347)
(Loss) / Profit before Tax	118.049	(179.898)	22.798	(78.733)
Less : Taxes	(13.473)	39.139	15.544	28.975	Changes in working capital
(Loss) / Profit for the period	104.576	(140.759)	38.342	(49.758)	(Increase) / decrease in inventories	(115.692)	(47.921)	(132.599)	(77.925)
					(Increase) / decrease in trade and other receivables	(119.505)	21.768	37.682	2.163
Attributable to:					Increase / (decrease) in payables	(1.107.411)	14.335	(1.084.236)	26.472
Owners of the parent	104.614	(138.730)	38.339	(50.697)	Less:
Non-controlling interests	(38)	(2.029)	3	939	Income tax paid	(29.422)	(20.625)	(15.933)	(13.376)
	104.576	(140.759)	38.342	(49.758)	Net cash generated from / (used in) operating activities (a)	(922.796)	109.365	(853.638)	(13.344)
Other comprehensive (loss)/income for the period, net of tax	888	(4.143)	(35.142)	(5.412)
Total comprehensive (loss) / income for the period	105.464	(144.902)	3.200	(55.170)
Attributable to:
Owners of the parent	105.683	(142.865)	3.183	(56.198)	Cash flows from investing activities
Non-controlling interests	(219)	(2.037)	17	1.028	Purchase of tangible & intangible assets	(131.026)	(85.201)	(115.454)	(72.147)
	105.464	(144.902)	3.200	(55.170)	Cash from sale of plant and equipment & tangible assets	421	1.283	812	-
Basic and diluted earnings per share (in Euro per share)	0,34	(0,45)	0,13	(0,17)	Interest received Dividends received	6.604 18.289	5.415 38.356	16.252 32.659	14.193 47.545
					Participation in share capital (increase)/decrease of subsidiaries and associates	18	-	(2.100)	(13)
Earnings Before Interest, Taxes, Depreciation and					Proceeds from disposal of available for sale financial assets	771	-	-	-
Amortisation (EBITDA)					Net cash used in investing activities (b)				(10.422)
	411.762	120.786	114.104	43.901		(104.923)	(40.147)	(67.831)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD
(Amounts in thousands €)		COMPANY			Cash flows from financing activities
	1/1/2015- 30/9/2015	1/1/2014- 30/9/2014	1/7/2015 30/9/2015	1/7/2014 30/9/2014	Interest paid Dividends paid	(141.829) (64.004)	(142.196) (359)	(134.075) (64.004)	(120.540) (359)
					Dividends paid to non-controlling interests	(1.932)	(1.827)	-	-
Turnover	4.990.579	6.542.111	1.632.829	2.414.230	Proceeds from borrowings	400.605	1.096.056	355.232	1.041.015
Gross profit	357.021	78.651	78.402	9.105	Repayments of borrowings	(221.034)	(724.125)	(222.521)	(593.137)
					Net cash (used in) / generated from financing activities (c )	(28.194)	227.549	(65.368)	326.979
Earnings Before Interest & Tax	241.946	(13.339)	22.476	(38.557)
(Loss) / Profit before Tax	99.530	(150.548)	(17.318)	(89.812)
Less : Taxes	(9.537)	40.044	18.774	32.015

STATEMENT OF FINANCIAL POSITION					STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP 30/9/2015 31/12/2014		COMPANY 30/9/2015 31/12/2014		(Amounts in thousands €)	GROUP 30/9/2015 30/9/2014		COMPANY 30/9/2015 30/9/2014
ASSETS					Total equity at beginning of the period (1/1/2015 & 1/1/2014)	1.728.546	2.214.466	1.176.687	1.606.369
Property, plant and equipment	3.389.774	3.398.170	2.779.916	2.767.874
Intangible assets Other non-current assets	122.824 998.447	131.978 993.911	10.610 848.746	11.477 977.379	Total comprehensive (loss) / income for the period Dividends to shareholders of the parent	105.464 -	(144.902) -	91.468 -	(115.480) -
Inventories	746.777	637.613	667.369	543.783	Dividends to minority shareholders	(2.741)	(1.827)	-	-
Trade and other receivables	817.117	708.227	980.496	899.057	Participation of minority holding to share capital decrease of subsidiary	-	-	-	-
Other current assets	793.810	1.847.842	608.333	1.593.262	Other transactions directory recorded in equity	-	-	-	-
Available-for-sale non-current assets	584	1.547	50	50	Tax on intra-group dividends related to 2014	(293)	-	-	-
TOTAL ASSETS	6.869.333	7.719.288	5.895.520	6.792.882	Total equity at the end of the period	1.830.976	2.067.737	1.268.155	1.490.889
EQUITY AND LIABILITIES Share capital	666.285	666.285	666.285	666.285	STATEMENT OF CASH FLOW (Amounts in thousands €)	GROUP		COMPANY
Share premium	353.796	353.796	353.796	353.796		1/1/2015-	1/1/2014-	1/1/2015-	1/1/2014-
Retained earnings and other reserves	703.451	598.061	248.074	156.606		30/9/2015	30/9/2014	30/9/2015	30/9/2014
Capital and reserves attributable to Company Shareholders (a)	1.723.532	1.618.142	1.268.155	1.176.687
Non-controlling interests (b)	107.444	110.404	-	-
TOTAL EQUITY (c) = (a) + (b)	1.830.976	1.728.546	1.268.155	1.176.687	Cash flows from operating activities
Long-term borrowings	1.617.660	1.811.995	1.558.870	1.760.493	(Loss) / Profit before Tax	118.049	(179.898)	99.530	(150.548)
Provisions and other long term liabilities	173.848	161.766	93.157	89.113
Short-term borrowings	1.585.780	1.177.645	1.374.314	1.010.114	Adjustments for:
Other short-term liabilities	1.661.069	2.839.336	1.601.024	2.756.475	Depreciation and amortisation of tangible and intangible assets	144.291	149.139	98.465	100.435
Total liabilities (d)	5.038.357	5.990.742	4.627.365	5.616.195	Amortisation of government grants	(1.490)	(1.629)	(959)	(1.017)
					Interest expense Interest income	159.672 (6.604)	171.056 (5.415)	141.859 (16.252)	146.355 (14.193)
TOTAL EQUITY AND LIABILITIES (c) + (d)	6.869.333	7.719.288	5.895.520	6.792.882
					Share of operating profit of associates and dividend income Provisions for expenses and valuation charges	(19.612) 37.551	(22.613) 21.545	- 33.874	- 10.788
					Foreign exchange (gains) / losses	17.456	10.146	16.809	5.047
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD					Dividends received	-	-	(32.659)	(47.545)
(Amounts in thousands €)			GROUP		Gain on sale of fixed assets	(79)	(523)	781	-
	1/1/2015-	1/1/2014-	1/7/2015	1/7/2014		449.234	141.808	341.448	49.322
	30/9/2015	30/9/2014	30/9/2015	30/9/2014
Turnover	5.499.837	7.095.566	1.835.815	2.632.917
Gross profit	593.331	291.125	179.516	100.251
Earnings Before Interest & Tax	268.961	(26.724)	63.550	(8.347)
(Loss) / Profit before Tax	118.049	(179.898)	22.798	(78.733)
Less : Taxes	(13.473)	39.139	15.544	28.975	Changes in working capital
(Loss) / Profit for the period	104.576	(140.759)	38.342	(49.758)	(Increase) / decrease in inventories	(115.692)	(47.921)	(132.599)	(77.925)
					(Increase) / decrease in trade and other receivables	(119.505)	21.768	37.682	2.163
Attributable to:					Increase / (decrease) in payables	(1.107.411)	14.335	(1.084.236)	26.472
Owners of the parent	104.614	(138.730)	38.339	(50.697)	Less:
Non-controlling interests	(38)	(2.029)	3	939	Income tax paid	(29.422)	(20.625)	(15.933)	(13.376)
	104.576	(140.759)	38.342	(49.758)	Net cash generated from / (used in) operating activities (a)	(922.796)	109.365	(853.638)	(13.344)
Other comprehensive (loss)/income for the period, net of tax	888	(4.143)	(35.142)	(5.412)
Total comprehensive (loss) / income for the period	105.464	(144.902)	3.200	(55.170)
Attributable to: Owners of the parent	105.683	(142.865)	3.183	(56.198)	Cash flows from investing activities
Non-controlling interests	(219)	(2.037)	17	1.028	Purchase of tangible & intangible assets	(131.026)	(85.201)	(115.454)	(72.147)
	105.464	(144.902)	3.200	(55.170)	Cash from sale of plant and equipment & tangible assets Interest received	421 6.604	1.283 5.415	812 16.252	- 14.193
Basic and diluted earnings per share (in Euro per share)	0,34	(0,45)	0,13	(0,17)	Dividends received	18.289	38.356	32.659	47.545
					Participation in share capital (increase)/decrease of subsidiaries and associates	18	-	(2.100)	(13)
Earnings Before Interest, Taxes, Depreciation and					Proceeds from disposal of available for sale financial assets	771	-	-	-
Amortisation (EBITDA)	411.762	120.786	114.104	43.901	Net cash used in investing activities (b)	(104.923)	(40.147)	(67.831)	(10.422)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (Amounts in thousands €)			COMPANY		Cash flows from financing activities
	1/1/2015-	1/1/2014-	1/7/2015	1/7/2014	Interest paid	(141.829)	(142.196)	(134.075)	(120.540)
	30/9/2015	30/9/2014	30/9/2015	30/9/2014	Dividends paid	(64.004)	(359)	(64.004)	(359)
					Dividends paid to non-controlling interests	(1.932)	(1.827)	-	-
Turnover	4.990.579	6.542.111	1.632.829	2.414.230	Proceeds from borrowings	400.605	1.096.056	355.232	1.041.015
Gross profit	357.021	78.651	78.402	9.105	Repayments of borrowings	(221.034)	(724.125)	(222.521)	(593.137)
					Net cash (used in) / generated from financing activities (c )	(28.194)	227.549	(65.368)	326.979
Earnings Before Interest & Tax (Loss) / Profit before Tax	241.946 99.530	(13.339) (150.548)	22.476 (17.318)	(38.557) (89.812)
Less : Taxes	(9.537)	40.044	18.774	32.015
(Loss) / Profit for the period	89.993	(110.504)	1.456	(57.797)	Net increase / (decrease) in cash & cash equivalents
					(a)+(b)+(c)	(1.055.913)	296.767	(986.837)	303.213
Other comprehensive (loss)/income for the period, net of tax	1.475	(4.976)	(35.208)	(10.146)
Total comprehensive (loss) / income for the period	91.468	(115.480)	(33.752)	(67.943)
					Cash & cash equivalents at the beginning of the period Exchange gains / (losses) on cash and cash equivalents	1.847.842 1.881	959.602	1.593.262 1.908	739.311
Basic and diluted earnings per share (in Euro per share)	0,29	(0,36)	0,00	(0,19)			22.678		21.903
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	339.452	86.079	57.912	(2.575)	Cash & cash equivalents at end of the period	793.810	1.279.047	608.333	1.064.427
ADDITIONAL INFORMATION

ADDITIONAL INFORMATION

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

GROUP COMPANY a) for pending legal cases 4.677 3.000 b) for tax matters 8.140 3.906 c) for SLI 97.702 78.776 d) for other provisions relating to expenses 14.735 14.644

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

Other movements and currency translation differences	(396)	762	-	-
Net income/(expense) recognised directly in equity	888	(4.143)	1.475	(4.976)

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	800.485	2.488.744
Purchases of goods and services	644.562	678.625
Receivables	87.285	486.966
Payables	62.392	141.285
Short Term Employee Benefits - Board Members and General Managers	2.358	2.358
Termination Benefits - Board Members and General Managers	1.418	1.418
Amounts due to/(from) Board members and senior management	0	0

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. 26 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 Septermber 2015 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2014, except for the new or revised accounting standards and interpretations that have been implemented in 2015, as outlined in Note 2 of the condensed interim consolidated financial information of 30 September 2015. Where necessary, comparative figures habe 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 September 2015, DEPA Group's carrying value in the Group's accounts is €589 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, annual financial information (Note 8). 7. In January 2015, the Group concluded a €200 million committed credit facility with tenor of 3 years, with National Bank of Greece, as mentioned in Note 18 of the condensed interim consolidated financial information. 8. Number of employees at 30/09/2015 in Greece: Company: 1.902, Group: 2,656 (30/09/2014: Company: 1.867, Group: 2.608).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2015 TO 30 SEPTEMBER 2015 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)