Eurobank Investor Forum June 2013 Contents Introduction Group - PDF document

Eurobank Investor Forum June 2013

Contents • Introduction – Group Overview • Strategy update • Strategic business units (SBUs) • Funding & Dividend • Appendix 1

Group’s Profile… • Largest independent downstream Group in SEE, with Power & Gas investments – €10b Turnover with 14 MT of product sales – Leading domestic market position covering c. 60% of local wholesale market fuels demand – Regional footprint through subsidiaries and exports enabling coastal location of assets • Completed its transformational investment plan and competitiveness initiatives, supporting significant cash generation improvement – Implemented a €2bn investment plan delivering €200m incremental EBITDA* on a FY basis – Transformation initiatives added €230m annual benefits with further upside of €70m – Assets allow upside potential on the back of refining margins and market growth • Consistent delivery of targets with tight balance sheet management – Achievement of strategic targets, despite Greek crisis & industry “black swans” – Completion of capex cycle allows deleveraging from higher than target gearing – Opportunities for value monetisation (DEPA/DESFA sale process) – Strong balance sheet post refinancing and €500m Eurobond issue * At mid-cycle margins 2

Shareholding & Governance Controlling shareholders’ agreement supported successful transition from state to private sector Group, divestment of remaining 35.5% held by the Greek State already announced Corporate Governance Shareholding structure Board of Directors: Retail Int’l institutionals 7% •Consists of 13 members (4 executive and 9 4% GR institutionals non executive) appointed as per Articles of 11% Association 43% POIH •Board Committees (Finance / Audit / HR) Executive Committee: 36% Greek State •Key management executives with responsibility for strategy and operations 3

Assets overview Core business around downstream assets with activities across the energy value chain DESCRIPTION METRICS • Exploration assets in Egypt: West Obayed (30%), Exploration & Mesaha (30%) Production • Recently upgraded refining asset base: • Capacity: 16MT – Aspropyrgos (FCC, 145kbpd) • NCI: 9.3 /Solomon: 11.0 Refining, Supply – Elefsina (HDC, 100kbpd) • Market share: 65% – Thessaloniki (HS, 95kbpd) & Trading Tankage: 7m M 3 • • Owner of only refinery in FYROM • c.1,900 petrol stations Domestic • Leading position in all market channels (Retail, • 29% market share Commercial, Aviation, Bunkering) Marketing • Sales volumes: 4MT • Presence in Cyprus, Montenegro, Serbia, Bulgaria • c.280 petrol stations International • Significant advantage on supply chain/vertical • Sales volumes: 1MT Marketing integration • Sole producer and main marketer in Greece with Petrochemicals strong export orientation • Capacity (PP): 220 kt • PP value chain integrated with refineries • Capacity: 810 MW • Second largest IPP in Greece (JV with Edison/EdF) (CCGT) Power & Gas • 35% in Greece’s incumbent NatGas supply company • Volumes (2012): 4.2bcm 4

Our Group in numbers – key financials (FY12) ASSETS SALES EBITDA FTEs € Μ € Μ € Μ Refining, Supply 2,691 10,154 345 2,666 & Trading Domestic 566 2,781 12 568 Marketing International 274 1,087 41 418 Marketing 144 371 47 190 Petrochemicals 2,390 1 70 2 646 972 Power & Gas GROUP 4,350 10,469 444 4,051 TOTAL 3 (1) Total sales (not consolidated at Group level) (2) Net income contribution (consolidated using equity method) (3) As consolidated (does not include associates), includes other business segments 5

Contents • Introduction - Group overview • Strategy update • Strategic business units (SBUs) • Funding & Dividend • Appendix 6

Completion of transformational strategy 2007-12 Successful execution of Group strategy delivers projected profitability step-up OUR OBJECTIVE Adjusted EBITDA evolution (at historic mid cycle margins) Upgrade Refining Assets € million 1 150-200 30-50 700-900 30-50 150-250 Enhance vertical 2 450 integration Capex Transformation driven driven Historic Average Refining Assets Marketing Assets Portfolio Performance Medium Term 3 Rationalisation Improvement Manage Portfolio for value INVESTMENT PLAN Group Growth Capex 2009-12 (excl. Maintenance) € million Growth >2bn Improve competitiveness 4 in SEE BP ground fuels business 160 40 acquisition 360 Network 80 development Elefsina upgrade 5 Fit-for-purpose organisation 1200 Thessaloniki 200 upgrade Domestic Refining Domestic Marketing International Other Total 2009 - 2012 Marketing 7

Structural step-up of operating profitability implemented despite challenging environment; transforming ELPE cash generation profile Adjusted EBITDA evolution 2012-2014 (€ mil) 70 700 200 450 FY12 Elefsina upgrade Performance Improvement Medium Term Cash Flow profile pre and post-investment plan* (€ mil) Post-upgrade Investment phase 400 -700 -150 700 550 -300 EBITDA Capex Pre Tax Free Cash Flow EBITDA Capex Pre Tax Free Cash Flow (*): assuming mid-cycle margins 8

Elefsina Refinery Upgrade: 50% of production upgraded from Fuel Oil to Middle Distillates and Naptha New refinery schematic Product slate 100kbpd Propane 17% Other 25% Light Ends Recovery LPG 11% Sweetening Kerosene Naphtha 11% Atmospheric Distillation Desulphurization Jet Fuel 24% Jet Crude Diesel 40kbpd Heating Diesel Hydrogen (Haldor Hydrocracker (UOP) Topsoe) Auto Diesel 64% Diesel/Gas oil 20kbpd Existing Units Marine 47% Diesel New Units Vacuum Unit (Exxon Mobil) Flexicoker Petcoke or c.50% of Flexigas CDU Fuel oil output New units, Sulphur, 45kbpd Amine, SWS Sulphur Pre upgrade Current • Solomon complexity raised to 13.9 • All emissions significantly reduced (eg SO2 by 70% and PM by 84%) 9

Transformation benefits Maintaining focus on cost control and competitiveness generated €230m of additional cash benefits to date; medium target another €70m Group Fixed Opex Group Headcount (FTEs) -16% -21% 530 5.138 447 4.051 Evolution of transformation initiatives (€m) FY08 FY12 FY09 FY12 100 80 60 60 67 48 77 47 2 4 2 3 65 75 44 44 Procurement Reorganisation Marketing Refining (BEST 80) & HR competitiveness Excellence BEST80 savings (% over spent) Propylene production (k Τ ) Medium-Term target Actual 1Q13 Actual FY12 14 +30% 163 9 125 FY09 FY12 10

Transformation benefits Implementation of transformation initiatives supported Group results through a period of weak margins and Greek crisis Group adjusted EBITDA (€m) vs benchmark FCC cracking margins ($/bbl) 800 EURm 7.3 7.22 7.07 6.77 700 600 Benchmark FCC 4.7 cracking margins 4.38 7 500 3.74 2.87 117 400 Contribution from 190 61 transformation 300 130 initiatives 526 506 466 458 200 357 301 254 233 100 0 2005 2006 2007 2008 2009 2010 2011 2012 11

Strategy 2013-2017 Business strategy focuses on operational improvements, risk management and cash flow maximisation Financial Targets Business Priorities Operational Excellence Improve profitability • • – Optimize South hub refining operations – Achieve medium term EBITDA of €700m pa – Adapt Domestic marketing to current environment – Deliver €200-350m FCF pa – Maintain competitiveness improvement momentum Rebalance exposure to Greek market • Deleverage Group • – Grow trading capabilities on the back of refining assets – Reduce Debt/EBITDA < 2 within 3 years – Develop regional footprint strategy (wholesale/retail) – Decrease gearing to D/E < 0.75 Leverage business portfolio • Diversify funding mix – Maximise value out of 35% participation in gas • incumbent (DEPA/DESFA) – Increase capital markets participation – Optimise value generation for all our businesses – Expand trade financing Develop our people and continue to build • culture of excellence 12

Contents • Introduction - Group overview • Strategy update • Strategic Business Units (SBUs) • Funding & Dividend • Appendix 13 13

Refinery assets: Coastal location supports integration and provides growth opportunities in neighboring markets offsetting weak Greek market � Coastal location of refineries ensures wide crude oil sourcing options ROMANIA BOSNIA SERBIA � Cost advantaged to supply SEE/East Med markets with end- BULGARIA MONTENEGRO products FYROM ALBANIA � Opportunities for regional consolidation and synergies on GREECE logistics footprint TURKEY Nelson/Solomon complexity – benchmark margins ($/bbl, average 2011-12) Refining -3 4 5 Marketing 13.9 11.0 11.0 Power & Gas CYPRUS 8.1 7.3 7.0 Aspropygros Elefsina Thessaloniki NCI Solomon 14 14

Refineries complexity upgrade impact on the Group’s crude and product slate Product slate — Group-wide Crude slate — Group-wide 10% 11% Other High sulphur 23% 21% Gasoline 8% 9% 75% 89% Jet Medium sulphur 32% 45% Diesel/Gas oil 10% 26% 0% 15% Low sulphur 15% 11% Fuel oil Pre upgrade Current Pre Upgrade Current Crude slate — Elefsina Product slate — Elefsina 17% 25% Other 11% High sulphur 59% 11% 24% Jet 100% 64% Diesel/Gas oil 47% 41% Medium sulphur Fuel oil Pre upgrade Current Pre upgrade Current 15