Motor Oil (Hellas) Refineries S.A.

Quarterly Report • Oct 1, 2015

(Published in terms of Codified Law 2190 article 135, for companies that prepare company and or group annual financial statements, in accordance with the IFRS)

The financial data and information below provide general information about the financial position and the results of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. and the Group. Readers requiring full information on the financial position and results should refer to the annual financial statements, prepared in accordance with International Financial Reporting Standards, as well as with the auditor's report. Indicatively, readers may visit the company's website where the above mentioned information can be found.

CHAIRMAN OF THE BoD AND MANAGING DIRECTOR

VARDIS J. VARDINOYANNIS

I.D. No K 011385/82

CHIEF ACCOUNTANT

THEODOROS N. PORFIRIS

I.D. No R 557979/94 E.C.G. Licence No. 0018076 A' Class

DEPUTY MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER Maroussi, February 25, 2008

PETROS T. TZANNETAKIS I.D. No R 591984/94

INFORMATION ABOUT THE COMPANY					INCOME STATEMENT	GROUP		COMPANY
						Amounts in thd Euro		Amounts in thd Euro
Head office Address:		12A Irodou Attikou str., 151 24 Maroussi						01.01-31.12.2007 01.01-31.12.2006 01.01-31.12.2007 01.01-31.12.2006
Company's number in the register of Societes Anonymes:		1482/06/B/86/26			Turnover	4,069,996	3,977,091	3,719,133	3,629,694
Authority:		Ministry of Development			Gross Profit	271,687	247,817	224,920	202,681
Board of Directors:			Chairman and Managing Director: Vardis J. Vardinoyannis, Vice		Profit before Taxes, Interest and Depreciation	296,380	270,042	286,316	258,604
Chairman: Ioannis V. Vardinoyannis, Panagiotis N. Kontaxis, Deputy Managing Directors: Ioannis N. Kosmadakis, Petros T.Tzannetakis,					Profit Before Taxes and Interest	245,999	222,743	240,397	215,332
Members: Demosthenes N. Vardinoyannis, Nicolaos Th. Vardinoyannis, George P. Alexandridis, George Th. Theodoroulakis,					Profit Before Taxes	205,986	191,167	208,412	189,599
Konstantinos V. Maraveas, Antonios Ch. Theocharis, Despina N. Manoli.					Less: Taxes	56,129	63,576	53,729	62,125
Date of approval of the Financial Statements:		25 February 2008			Profit / (Loss) after taxes	149,857	127,591	154,683	127,474
The certified auditor:		George D. Cambanis			Attributable to:
Auditing company:	Deloitte.				Shareholders	149,857	127,591	154,683	127,474
Auditors' report:	Unqualified opinion with emphasis of matter				Minority Interest	0	0	0	0
Company's website:	www.moh.gr				Net Profit per Share - basic (in Euro)	1.35	1.15	1.40	1.15
BALANCE SHEET					Proposed dividend per share - (in Euro)			1.20	1.15
	GROUP COMPANY			CASH FLOW STATEMENT
	Amounts in thd Euro		Amounts in thd Euro		Indirect Method	GROUP		COMPANY
	31.12.2007	31.12.2006	31.12.2007	31.12.2006			Amounts in thd Euro	Amounts in thd Euro
ASSETS					Operating activities			01.01-31.12.2007 01.01-31.12.2006 01.01-31.12.2007 01.01-31.12.2006
Non-Current Assets	771,194	765,811	730,831	732,775	Profit Before Taxes	205,986	191,167	208,412	189,599
Inventories	346,213	187,522	339,916	182,122	Plus / (Less) adjustments for:
Trade Receivables	365,200	226,623	294,106	212,415	Depreciation	50,381	47,300	45,919	43,272
Other Assets	44,264	108,882	31,689	46,845	Provisions	6,129	1,534	3,896	927
TOTAL ASSETS	1,526,871	1,288,838	1,396,542	1,174,157	Exchange Differences	(36,170)	(15,050)	(36,091)	(15,185)
					Investment Income (Expenses)	(1,616)	(4,252)	(4,500)	(6,225)
LIABILITIES					Interest and Related Expenses	42,188	35,858	37,038	32,307
Long-term Liabilities	352,210	393,651	316,361	358,346	Changes in Working Capital:
Short-term Bank Liabilities	445,631	421,543	370,156	360,303	Decrease / (Increase) in Inventories	(158,691)	126,822	(157,794)	126,103
Other Short-term Liabilities	365,292	132,363	338,492	111,258	Decrease / (Increase) in Receivables	(76,804)	(22,707)	(66,533)	(4,532)
Total Liabilities (a)	1,163,133	947,557	1,025,009	829,907	(Decrease) / Increase in Payables (excluding banks)	216,354	(161,247)	210,145	(161,293)
Share Capital	33,235	33,235	33,235	33,235	Less:
Other Shareholders' Equity	330,503	308,046	338,298	311,015	Interest and Related Expenses Paid	(42,400)	(35,286)	(37,300)	(31,845)
Total Shareholders' Equity (b)	363,738	341,281	371,533	344,250	Taxes Paid	(38,421)	(89,670)	(35,803)	(87,894)
Minority Interests (c)	0	0	0	0	Net cash (used in) / from operating activities (a)	166,936	74,469	167,389	85,234
Total Equity (d) = (b) + (c)	363,738	341,281	371,533	344,250	Investing activities
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY					(Increase) / Decrease of interest in subsidiaries and assosiates	(430)	(121)	(150)	0
(e) = (a) + (d)	1,526,871	1,288,838	1,396,542	1,174,157	Purchase of Tangible and Intangible Assets	(51,365)	(44,568)	(41,828)	(36,697)
					Proceeds from the Sale of Tangible and other Intangible Assets	127	1,260	0	30
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY					Proceeds on sale of investment securities	0	2,800	0	1,600
	GROUP		COMPANY		Interest received	1,368	1,500	1,285	898
	Amounts in thd Euro		Amounts in thd Euro		Dividends received	0	312	3,317	4,156
	31.12.2007	31.12.2006	31.12.2007	31.12.2006	Net cash (used in) / from investing activities (b)	(50,300)	(38,817)	(37,376)	(30,013)
Equity opening balance
(01.01.2007 and 01.01.2006 respectively)	341,281	335,551	344,250	338,637	Financing activities
Profit After Taxes	149,857	127,591	154,683	127,474	Proceeds from Loans	740,538	692,699	617,790	549,848
	491,138	463,142	498,933	466,111	Repayments of Loans	(724,629)	(606,576)	(616,115)	(483,075)
Share Capital Increase / (Decrease)	0	0	0	0	Repayments of finance leases	(187)	0	(187)	0
Dividends paid	(127,400)	(121,861)	(127,400)	(121,861)	Dividends Paid	(127,400)	(122,201)	(127,400)	(122,201)
Income Charged Directly to Equity	0	0	0	0	Net cash (used in) from financing activities (c)	(111,678)	(36,078)	(125,912)	(55,428)
Equity closing balance					Net increase / (decrease) in Cash and Cash Equivalents (a)+(b)+(c)	4,958	(426)	4,101	(207)
(31.12.2007 and 31.12.2006 respectively)	363,738	341,281	371,533	344,250	Cash and Cash Equivalents at Beginning of the Year	8,785	9,211	6,533	6,740
					Cash and Cash Equivalents at Year End	13,743	8,785	10,634	6,533
				FURTHER INFORMATION
1. Included in the Consolidation are the following companies: Company Name				Headquarters % of share	Consolidation method		Unaudited, by the Tax Authorities fiscal years

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.	Greece, Maroussi of Attica	Parent company	Full	2005-2007
AVIN OIL S.A.	Greece, Maroussi of Attica	100%	Full	2006-2007
MAKREON S.A.	Greece, Maroussi of Attica	100%	Full	(commenced activities in 2007)
OLYMPIC FUEL COMPANY S.A.	Greece, Spata of Attica	28%	Equity	2001-2007
HELLENIC AVIATION FUEL COMPANY S.A.	Greece, Maroussi of Attica	50%	Equity	2003-2007
CORINTH POWER S.A.	Greece, Maroussi of Attica	30%	Equity	2006-2007

2. Encumbrances on Company's and Group's fixed assets: a) Pre-notices of mortages in Euro amounting 47,098 thd, b) Pre-notices of mortages in US \$ amounting 25,000 thd, c) Mortages in Euro amounting 275,006 thd.

3. There are legal claims by third parties against the Group amounting to approximately Euro 16.1 million (relating to the Company) for which no provision has been made. There are also legal claims of the Group against third parties amounting to approximately Euro 71.5 million (Company: approximately Euro 60.5 million), for which no provision has been made. For all above mentioned cases, the final outcome cannot be currently estimated.

4. As at December 31, 2007 the Group's personnel headcount amounts to 1,485 (31.12.2006: 1,411) and the Company's personnel headcount amounts to 1,267 (31.12.2006: 1,197).

5. The emphasis of matter, included in the Auditors' report, concerns the unaudited by the Tax Authorities fiscal years of the Company and the Group, as mentioned in detail in note 29 at the Financial Statements.

6. Sales, purchases, receivables & payables between the Group and the Company with related parties according to IAS 24 in Euro thd:

	GROUP	COMPANY
SALES	146,464	623,102
PURCHASES	1,000,071	998,967
RECEIVABLES	17,554	57,249
PAYABLES	240	190
OTHER BENEFITS & REMUNERATION OF BoD MEMBERS AND TOP MANAGEMENT	2,263	1,964
RECEIVABLES FROM BoD MEMBERS AND TOP MANAGEMENT	0	0
PAYABLES TO BoD MEMBERS AND TOP MANAGEMENT	0	0

CONDENSED FINANCIAL DATA AND INFORMATION FOR THE YEAR 1 JANUARY UP TO 31 DECEMBER 2007