Presentation

May 2014 1 Disclaimer

The Presentation does not constitute an offer to sell or an invitation for offers to purchase or acquire any securities or any of the business or assets described herein. The presentation contains statements which constitute "forward-looking statements", including forecasts regarding future financial results. The Company does not, in general, publish forecasts regarding their future financial results. The financial forecasts contained in this document are based on a series of assumptions, which are subject to the occurrence of events that can neither be reasonably foreseen by the Company, nor are within the Company's control. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors, uncertainties and risks include, but are not limited to, the impact of general business and economic conditions, the value of assets and liabilities based on projected future conditions, changes in accounting policies, loss of key personnel, changes in governmental regulations, the financial conditions within Greece, fluctuations in the prices of crude oil and raw materials in general, as well as fluctuations in foreign currencies rates, refining margins and changes in supply. Consequently, it should be stressed that the Company, nor could it reasonably be expected to, provide any representation or guarantee, with respect to the creditworthiness of the forecasts. Should one or more of these risks or uncertainties materialise, or should assumptions underlying the forward-looking statements prove incorrect actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that could cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward- looking statements except as otherwise captured by applicable law. The presentation also contains certain financial information and key performance indicators which are primarily focused at providing a "business" perspective and as a consequence may not be presented in accordance with International Financial Reporting Standards (IFRS). The Company has provided the information in the Presentation, which does not purport to be comprehensive and has not been fully verified by the Company or any of their respective shareholders, directors, advisers, agents or affiliates. The Company undertakes no obligation to provide you with access to any additional information or to correct any inaccuracies herein which may become apparent. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or an applicable exemption from registration, and the company has no intention to register securities under the Securities Act. Neither this document nor any related presentation nor any copy thereof may be taken or transmitted or distributed, directly or indirectly, into the United States. The Presentation does not constitute directed selling efforts to US investors or within the United States or any other securities market. This Presentation does not constitute an advertisement, marketing material, investment advice or recommendation, solicitation or inducement to sell, purchase or otherwise invest in or dispose of any securities of the Company. This Presentation is not a prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC, as amended).

2 Capital structure

Current debt repayment schedule (EURm)1

450 Long-term borrowings Current portion of Long-term borrowings

Drawn Short-term borrowings / overdraft facilities Undrawn Short-term borrowings / overdraft facilities 400

350 121

300

250

200 178

150 281

100 171 104 50

0 2014 2015 2016-18 2019+

Source: Company information Notes: 1) As at 31 December 2013. The amount of short-term borrowings / overdraft facilities reflects drawn borrowings under local bank facilities which are repayable on demand in accordance with local banking practice. A number of the Company’s long-term borrowings are subject to optional extensions

3 Company overview

4 Strong shareholder base and management team

Shareholder base evolution Executive management team

Vardis J. Vardinoyannis Chairman and Managing Director 1972 100% VARDINOYANNIS GROUP John V. Vardinoyannis Executive Vice Chairman 1996

50% 50% VARDINOYANNIS Petros Tzannetakis SAUDI ARAMCO GROUP Deputy Managing Director & CFO Years with Board / Company: 28

2001 16% 42% John Kosmadakis VARDINOYANNIS 42% FREE GROUP SAUDI ARAMCO FLOAT Deputy Managing Director & GM Marketing Years with Board / Company: 36

2005 Michael-Matheos Stiakakis 61.5% 38.5% VARDINOYANNIS GROUP FREE FLOAT GM Refinery Manufacturing & GM Strategic Corporate Planning and Development Years with Board / Company: 32

2014 Theofanis Voutsaras 40.9% 8.5% 50.6% GM Administration & Human Resources MOTOR OIL HOLDINGS1 DOSON1 FREE FLOAT Years with Board / Company: 4

Note: 1) Both Motor Oil Holdings Limited and Doson Investment Co. are ultimately controlled by different members of the Vardinoyannis family 5 Company milestones

• Motor Oil • Listing of MOH on • Hydrocracker project completed in • New crude distillation unit completed in May 2010 • Motor Oil’s Corinth (“MOH”) the Athens Stock December 2005, enabling the  Increased distillation capacity by more than 50% refinery’s Nelson production of clean fuels according to 1 founded in Exchange  Increased total refining capacity by 25% on Complexity Index 1970 by the European Union specifications of (“NCI”) assessed at • The Vardinoyannis stream in 2010 Vardinoyannis 2009 (Auto Oil II) 11.54 (from 10.42 Group and Saudi family and • Acquisition of Shell’s business in Greece completed in 2012), one of the Aramco each • Saudi Aramco sells stake in MOH started Acquisition of Shell network highest in Europe, retain 42% through a private placement;  operating in reflecting benefits interests resulting in 61.5% Vardinoyannis  Acquisition of Shell LPG business 1972 Group ownership and 38.5% free  JV in aviation business (49% MOH-51% Shell) of continuous float investment

1970- 2008- 19962000 2001 2002 2005 2010 2012 2013 1972 2009

• MOH becomes • Completion of • Acquisition of • Mytilineos takes over Iberdrola stake in • Motor Oil acquires 26.7% of Cyclon a 50/50 JV investment 100% of Avin Korinthos Power; resulting ownership Hellas, a company producing and between the projects aimed at Oil, which under new JV agreement is 35% Motor distributing petroleum products and Vardinoyannis the production of engages in the Oil and 65% Mytilineos lubricants. Cyclon has a network of Group and products in sale of fuel in approximately 220 gas stations all • Acquisition jointly with Avin of an Saudi Aramco harmonisation with the domestic over Greece additional 64.1% stake in OFC Aviation European Union market Fuel Services S.A. Following this, MOH • Korinthos Power commences specifications for Group controls 92.1% of OFC commercial operations as a 2000 combined cycle power production plant

Source: Company information Note: 1) The NCI is a measure of a refinery’s conversion capacity versus its primary distillation capacity. A higher 6 NCI denotes increased conversion capacity and is considered a proxy for increased refining margins Group overview

Motor Oil (Hellas) was founded by the Vardinoyannis family in 1970 and is headquartered in Maroussi, a suburb of Athens. Vardis J. Vardinoyannis is the Chairman of the Board

Refining & Trading

Operates the Corinth refinery, among the top refineries in Europe, with an NCI of 11.54 • 172 mbpd nameplate capacity • 33.5% of Greece’s total refining capacity • Storage: 2,500,000 m3 • Modern, company-owned, port facilities

Domestic sales (34% of FY13A volumes) Exports (66% of FY13A volumes)

Fuel retail Fuel wholesale • Majority of Motor Oil’s products are exported Strong market share in the Greek retail • 49% of Shell aviation fuels business market. Presence secured via two wholly- • Strong, long-standing relationships with traders, • LPG business owned subsidiaries and one affiliate national oil companies (“NOCs”) and • Coral, operating under the Shell retail • Chemicals storage and distribution government entities brand (700 retail sites) business • Avin (500 retail sites) • Production and distribution of lubricants • Niche and specialty products provide long-term • 26.7% equity interest in Cyclon Hellas (220 and stable demand retail sites) • Only base-oil producer in Greece

Note: Company is also active in other activities through a 35% holding in Korinthos Power (power generation and trading) and a 50% stake in M&M Gas, a joint venture with Mytilineos Holdings

Source: Company information

7 State-of-the-art Corinth refinery

Key features Location map

• Located near the city of Corinth, 85km West from Athens • Refinery area: 2,000,000 m2 • Two crude distillation units with total nominal capacity of 172,000 bbl/d • NCI of 11.54, among the highest for European refineries • Energy autonomous refinery (85 MW) • Storage facilities: 2,500,000 m3 (crude capacity of 1,000,000 m3) • Modern, company-owned, port facilities with docking capacity of 450,000 MT • The only base-oil producer in Greece

Corinth refinery

NCI: 11.54

Source: Company information 8 Group goals & strategy

Upgrade and maintain high • Continue to maximise the output from capital expenditure programs completed in 2005 and 2010 quality refining assets • Maintain complex refining assets critical to successful operations

• Although already ranked highly for refining operating efficiency, Company is focused on energy efficiency and Further improve refining application of advanced process controls operating efficiency • Projects already under implementation, such as the replacement of the visbreaker unit’s furnace

• Company seeks to expand on diverse and long-standing relationships to secure additional sources of crude oil at Further improve crude and competitive pricing feedstock flexibility • Continue to exploit Southern Mediterranean location, allowing crude oil sourcing independence

Expand domestic market • Company has gained domestic market share as Greek market contracted and looks to continue to make share gains share and maintain foreign as market recovers market penetration • Continue to seek new export customers and further strengthen existing relationships

• Further increase synergies between marketing and refining business

Improve profitability of • Leverage off recent liberalisation of the Greek market to increase non-fuel retail sales activities domestic retail fuel activities • Improve distribution systems through vertical integration • Continue to grow sales through Avin, Coral and Cyclon and minimise third party credit risk

Source: Company information

9 Market overview

10 Crude market overview Sustained oil price and volatility in crude markets

Dated Brent (USD/bbl)

140,0 • Since 2009, supply and demand fundamentals have 120,0 caused global oil prices to trade higher • Renewed global economic activity boosted demand at 100,0 a rapid rate between 2009-11 80,0 • Geopolitical developments in Egypt, coupled with Syria’s civil war and the still-unresolved nuclear 60,0 standoff between Iran and the West, threaten the 40,0 stability of oil supply • Going forward, prices are expected to be supported by 20,0 stronger economic growth and higher inflation in combination with a relatively tight crude balance 0,0 Ιαν 09 Ιουλ 09 Ιαν 10 Ιουλ 10 Ιαν 11 Ιουλ 11 Ιαν 12 Ιουλ 12 Ιαν 13 Ιουλ 13 Ιαν 14

Dated Brent Crude price differentials vs. Dated Brent

(USD/bbl) 3,0

2,0 • Crude price differentials versus Dated Brent have 1,0 narrowed substantially in the last three years and are expected to remain tight in 2014 0,0

-1,0 • However, there is inherent volatility throughout the -2,0 year in pricing various grades of crude

-3,0 • Refineries with crude flexibility enjoy competitive -4,0 advantage over those tied to fewer sources of crude

-5,0 Ιαν 09 Ιουλ 09 Ιαν 10 Ιουλ 10 Ιαν 11 Ιουλ 11 Ιαν 12 Ιουλ 12 Ιαν 13 Ιουλ 13

Urals Es Sider (Libyan crude) Source: Bloomberg data as at 9th May 2014 11 Refining margins Stabilising margins signal the worst is over

Benchmark Mild Hydrocracking Mediterranean margin

(USD/MT) (USD/bbl)1

55 2011 Avg: USD20.0/MT 2012 Avg: USD30.0/MT 2013 Avg: USD18.7/MT 7 50

45 6 40 5 35

30 4 25 3 20

15 2

10 1 5

0 0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Benchmark Mild Hydrocracking Med Margin 2011 Average 2012 Average 2013 Average

Source: Company information

• After a volatile 2012, benchmark margins fell significantly in 2013, trading at record lows for much of the second half of the year due to weak gasoline crack spreads

• Margins have recovered somewhat and are expected to continue to do so in 2014, but continue to face pressure from Europe’s difficult-to-export gasoline surplus and ample imports of middle distillates from Russia, USA, Middle East and Asia

Note: 1) Conversion rate used: 1 MT = 7.33 bbl 12 Regional demand overview

Regional market demand split 2012 Greek market product demand split 2013

Greece (22%) Gasoil / Diesel (35%) Turkey (46%) Fuel Oil (28%) Gasoline (24%) Romania (13%) Jet Fuel (8%) Hungary (9%) LPG (4%) Bulgaria (6%) Others (2%) Slovakia (5%)

Total: 69.0 million MT Total: 11.1 million MT

Source: BP Statistical Review 2013 Source: Company information / Ministry of Development and Competition (Greece)

• Southern and Eastern Europe contains a number of markets which are • The major components of Greek demand are diesel, gasoline, distillates expected to grow over coming years, bucking the trend observed in and fuel oil, which combine for over 85% of total demand Northern and Western Europe • Growth of 3.4% is forecast for 2014 on the anticipation of Heating Gasoil • In particular, markets such as Turkey and the Balkan states offer (“HGO”) demand gaining back some lost ground significant growth prospects • Medium term Gasoline demand is expected to grow at 1% - 2% per • Coastal Mediterranean refineries benefit from good access to these annum based on a gradual increase in households’ disposable income markets

13 The Company

Description

• Strategically located in the Eastern Mediterranean • Only base-oil producer in Greece State-of-the-art • Highly complex with NCI of 11.54, among highest in Europe • Energy autonomous (85 MWatts) refinery • Full range of petroleum products • Modern, company-owned, port facilities

• Continuous optimisation of refining process on both the supply and sales sides Strong refining margin • Competitive crude sourcing and flexible production • Emphasis on high value added products (including niche and specialty products)

• Significant presence in three main markets: export, domestic and shipping / aviation Secured sales • Strong and long-standing trade relationships with major oil players and traders • Wholly-owned domestic retail subsidiaries Coral (Shell branded) and Avin1

• Investments made early in the cycle: Continuous  Hydrocracker completed in December 2005 investment in the  Second crude distillation unit (“CDU”) completed in 2010 refinery • No major capital expenditure requirements for the next few years

Emphasis on quality, • ISO 9001 & 14001 certifications obtained safety and • Pro-active safety management philosophy with a strong safety record: OHSAS 18001 certified environmental • Full compliance with strict international standards protection

Robust financial • Strong free cash flow performance and • Focus on debt repayment, with significant year-on-year reduction in net borrowings prudent management • Management disciplined in approach to investment in business and dividends to shareholders

Source: Company information 14 State-of-the-art refinery

One of the most complex European refiners Refinery configuration chart (simplified)

Nelson Complexity Index (company averages weighted by capacity)1 LPG

12,9 GASOLINES GASOLINES 11,5 Naphtha COMPLEX

10,1 JET FUELS 9,6 9,4 FUELS COMPLEX (112,000 bbl/day) 7,9 DIESELS 7,7 7,4 7,2 Crude Oil NEW CRUDE DISTILLATION UNIT (60,000 bbl/day)

Fuel Oil GASOLINES HYDROCRACKER CATALYTIC CRACKING COMPLEX COMPLEX (FCC)

VGO

LUBRICANTS Neste Motor MOL Hellenic PKN Lotos ERG Unipetrol Tupras Fuel Oil LUBRICANTS COMPLEX Oil Oil FUEL OILS

Sources: Companies’ self-reported information ASPHALT Note: 1) The NCI is a measure of a refinery’s conversion capacity versus its primary distillation capacity. A higher NCI denotes increased conversion capacity and is considered a proxy for increased refining margins Source: Company information • Motor Oil’s refinery is among the most complex in Europe and is the most • Flexible refinery configuration with sizeable gasoline and middle distillates complex in Greece focused complexes • Refinery can process a wide array of crude and feedstock to produce a • Two CDU configuration allows for production of high-end niche and more diverse range of products specialty products; and • As a result of refinery’s complexity and process control, Motor Oil is able • Significantly reduces risk of full refinery shutdown to deliver higher margins

15 State-of-the-art refinery (cont’d)

Ranks among the most efficient refineries among peers according to the Solomon Associates 2012 Fuels Refinery Performance Analysis

Relative performance: How are your refineries performing vs. peers? Efficiency / maintenance: relationship between availability and cost

99 1 Efficiency indicator CSEUR Industry Quartile Position 30% MOH 20%

Operational availability 1 97 Leaders

Process utilisation 1 1% availability = 10% maintenance cost 95 Cash opex 3

Energy 1 Laggards Operational availability (%) 93

Maintenance 2 20% 30% 91 Non-maintenance personnel 1 40 60 80 100 120 140 160 180 200 Relative maintenance cost availability

Source: Solomon Associates Source: Solomon Associates

• The Solomon Associates 2012 Fuels Refinery Performance Analysis report reflects a study of 306 participating refineries, covering over 85% of worldwide refining capacity over 18 years

• Motor Oil ranks in the top 30% in terms of operational availability and maintenance cost efficiency

Note: 1) “CSEUR”: Central and South Europe

16 Strong refining margin

Crude flexibility… … and full range of products… 2013 Crude slate (% wt) Production per product category (‘000 MT)

Basrah (40%) Flexibility in crude sourcing allows for 10.542 improved refining margins: 10.224 1% 55 Urals (17%) 0% 45 2% 234 • Southern Med coastal location 2% 218 2% 170 9.400 167 allows sourcing independence 1% 2% 522 Arab Light (15%) 52 5% 5% 530 compared to other European 2% 214 2% 220 Kirkuk (14%) refiners who are captive to 14% 1.518 5% 506 pipeline sourcing 17% 1.698 Libyan (8%) • Sourcing agreements with key 16% 1.488 Other (5%) traders provide optionality for 12% 1.265 9% 901 MOH to choose crude varieties Source: Company information 13% 1.210 … resulting in a strong and resilient margin 30% 3.113 1 Refining margin (USD/MT) Refining margin (USD/bbl) 36% 3.663 70 60,8 9 33% 3.101 57,3 60 53,7 8 3% 365 49,5 50 57,8 7 2% 193 50,0 51,3 3% 274 42,1 6 40 45,5 5 31% 3.300 27,3 2.809 30 32,3 27% 22,5 4 25% 2.336 20,0 30,0 3 20 18,7 2 10 1 2011 2012 2013 Fuel oil Special products Diesel / Gasoil - - 2009 2010 2011 2012 2013 Jet fuel Gasoline Naphtha Reported Adjusted 2 Benchmark3 LPG Lubricants Semi-finished products Source: Company information Notes: 1) Conversion rate used: 1 MT = 7.33 bbl 2) Adjusted for inventory (gain) / loss and maintenance shutdown 17 3) Benchmark Mild Hydrocracking Med Margin (Company estimate) Secured sales Leading market positions and strong trade relationships

Strong presence in three main markets Strong & stable trade relationships Product sales breakdown by market (‘000 MT)1 MOH’s customer selection 11.984 E.U. Customers (13%) 2 11.654 Coral (11%) 10.756 978 8% 1.047 Turkey (9%) 9.742 Bunkering (7%) 9.510 1.035 2 9.321 Avin Oil (6%)

1.082 Libya (6%) 984 1.117 BP (3%)

Public Power Corporation (5%)

US State (3%) 7.397 7.937 66% 6.261 Cyclon (2%)3 4.249 4.813 5.433 UK State (1%)

Others (34%)

• Significant presence in the three main markets: Export, Domestic (including 1.034 756 371 PPC) and Shipping / Aviation 412 827 746 6% • Increase in sales volumes since completion of new crude distillation unit in 2010

2.921 2.958 2.816 3.089 • Strong export platform with two-thirds of product volumes exported in 2013 2.382 2.322 20% • Despite contractions in domestic demand for refined products, Motor Oil increased domestic market share between 2008 and 2013 2008 2009 2010 20111 2012 20131 • Long-term, stable trade relationships with government entities, NOCs and Domestic / Civil Market Public Power Corporation Exports Shipping / Aviation international oil companies

Source: Company information Notes: 1) Excludes crude oil sales of 142,000 MT in 2013 and 265,000 MT in 2011 18 2) Coral and Avin are wholly-owned subsidiaries of Motor Oil (Hellas) Corinth Refineries S.A. 3) As at 31 December 2013, the Company had a 26.7% interest in Cyclon Hellas Secured sales (cont’d) Leading Greek domestic retail network

Major player in the distribution and marketing of oil products in Greece through two wholly-owned subsidiaries and Cyclon Number of retail sites Coral S.A. 1.816 • Acquired in 2010, Shell’s retail business in Greece distributes a range of

products including gasoline, fuel oil, diesel, and lubricants through a network 1 1,200 of approximately 700 stations as of December 2013 500 600 580 550 532 ~ 600 • Coral sells Shell products under a brand licensing agreement 400 220 • Owned storage depots of 137,000 m3 total capacity 700

• Receives majority of its fuel supply from Motor Oil Hellenic MOH Mamidoil Elinoil Aegean Revoil Silk Oil Cyclon Others - Jetoil Oil • Other activities include lubricants blending operations, a chemicals storage As a % of total and distribution business, 49% of Shell Aviation and LPG businesses in 28% 19% 9% 9% 9% 8% 6% 3% 8% Greece Source: Companies’ self-reported information as per latest available information

Avin Oil S.A. Strong domestic resilience and increasing market share Sales volumes (‘000 MT) y-o-y change (%) • Approximately 500 stations as of December 2013 12,0 0% (11%) • Receives majority of its fuel supply from Motor Oil 10,0 (8%) (18%) • Strong local brand with presence in lubricants 8,0 (15%) 6,0 Cyclon 4,0 3% 0% 11% (23%) (3%) • Acquired a 26.7% stake in 2012 2,0 - • Sells petroleum through a network of approximately 220 retail stations and 2008 2009 2010 2011 2012 2013 owns a refinery for the production of lubricants in Aspropyrgos Greece MOH Notes: MOH Mkt 1) Aggregate of Avin and Shell branded networks 23.6% 24.2% 27.1% 32.9% 31.1% 35.5% share

19 Continuous investment in the refinery With limited CapEx requirement in next few years

Significant investments made early in the cycle Historical CapEx spend (EURm)

250 243

200 191

155 150

100 92 86 74

49 45 45 50 43 37 30

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E

CDU Hydrocracker project project

Source: Company information 20 Emphasis on quality, safety and environmental protection

A leader in the refining industry

• Emphasis on quality boosts Motor Oil’s higher margin niche and specialty products

• Company Quality Management System certified according to the ISO standard obtained in 2009 Emphasis on quality • Adaptation and application of Quality Control in whole range of activities

• Refinery Chemical Laboratories accredited by the National Accreditation System (“ESYD”)

• Health & safety management system certified according to OHSAS standards

• Continuously invest in equipment and training to minimise frequency and impact of incidents Emphasis on safety  Maintain fleet of 6 fire trucks and a foam tank  Frequent fire drills  Automatic inert gas systems in interface buildings • Strong safety track record with no major accidents in over 10 years and low amount of lost time from worker injuries

• Environmental protection is a priority of the Company  Environmental Management Systems applied and certified according to ISO 14001:2009 Emphasis on  Issuance of annual Environmental Statement on a voluntary basis since 2006 environmental • Focus on energy efficiency protection • Significant environmental investments and efforts to reduce emissions

• Air emissions from refinery well below national and European emission limits

Source: Company information 21 Financial performance

22 Refining & trading sales – Parent Company

Refining production and trading activity continues to increase Y-o-Y Refining accounts for approximately 85% of revenue Refining & trading sales volume (‘000 MT)1 Revenue breakdown (EURm)

11.984 11.653 8.240 10.756 1.581 1.399 7.844 1.033 9.742 1.392 7.146 1.215 1.408 1.083

4.879

721

10.254 10.403 9.364 7.208 6.629 8.335 6.063

4.159

2010 20111 2012 2013 1 2010 2011 2012 2013

Refining production Trading activity Refining production Trading activity

Source: Company information Note: 1) Excludes crude oil sales of 142,000 MT in 2013 and 265,000 MT in 2011 23 Income statement and Adj. EBITDA – Parent Company

Income Statement – Parent Company Adjusted EBITDA (EURm)

(EURm) 2011 2012 2013

Revenue 7,146.1 8,240.3 7,843.7 278 280 Cost of Sales (before depreciation) (6,712.2) (7,864.3) (7,578.5) 33 229

Gross Profit 433.9 375.9 265.2 40

38 299 Depreciation Charge (71.1) (69.3) (72.1) 247

Refinery Cost (109.2) (107.7) (111.0) 151

Gross Profit (as reported under IFRS) 253.6 198.9 82.1 (21)

Distribution Expenses (32.4) (47.3) (38.8) 2011 2012 2013 EBITDA Inventory (Gain) / Loss Maintenance Shutdown

Administrative Expenses (22.1) (23.9) (24.4)

(EURm) 2011 2012 2013 Other Operating Income / (Expenses) 28.7 49.2 59.9 EBITDA 299.2 246.5 151.1

Earnings before Interest and Tax 227.8 176.9 78.9 Inventory (Gain) / Loss Adjustment (21.0) 33.0 38.0

Depreciation and Amortisation 71.4 69.6 72.2 Maintenance Shutdown Adjustment - - 40.3

EBITDA 299.2 246.5 151.1 Adjusted EBITDA 278.2 279.5 229.4

Source: Company information 24 Cash flow and debt evolution – Parent Company

Summary Free Cash Flow – Parent Company Debt evolution (EURm)

(EURm) 2011 2012 2013 1000 967 Gross debt 863 Net debt Adjusted EBITDA 278.2 279.5 229.4 900 857

800 731 692 Inventory Gain / (Loss) Adjustment 21.0 (33.0) (38.0) 700 645 600

Maintenance Shutdown Adjustment - - (40.3) 500 400

EBITDA 299.2 246.5 151.1 300 200

Finance Costs Paid (50.5) (66.2) (58.3) 100 0 2011 2012 2013 Taxes Paid (41.3) (36.0) (11.7) Working capital balances (EURm)

Change in Working Capital (380.2) 153.6 66.2 700 664 Receivables 600 610 Inventories 600 587 Capital Expenditure (44.8) (45.3) (49.3) 534 Payables 500 483 Acquisition of Subsidiaries, Affiliates, JVs and Other (0.2) (22.3) (0.1) 400 324 296 290 Free Cash Flow (before Dividends) (217.8) 230.3 97.9 300

200 Dividends Paid & Return of Share Capital (55.4) (55.4) (44.3) 100 Free Cash Flow (after Dividends) (273.2) 174.9 53.6 0 2011 2012 2013 Source: Company information 25 Q1 2014 outlook

• For the quarter ended 31 March 2014, the Company’s sales volumes moderately increased compared to the quarter ended 31 March 2013. Additionally, the Company’s domestic / civil volumes for the overall Greek market for the quarter ended 31 March 2014 to slightly increased compared to the quarter ended 31 March 2013

• For the quarter ended 31 March 2014, the Company’s sales revenues were in line with sales revenue for the quarter ended 31 March 2013

• For the quarter ended 31 March 2014, the Company’s gross profit and EBITDA decreased compared to the quarter ended 31 March 2013, primarily due to compressed refining margins in the quarter ended 31 March 2014, which is a continuing trend from the quarter ended 31 December 2013

• As at 31 March 2014, the Company’s total bank borrowings and net debt were at approximately the same level as at 31 December 2013

26 27