1. Hellenic Petroleum Company Presentation Hellenic Petroleum Company Presentation Dr E. Tzellas Chairman and Managing Director Dr E. Tzellas Chairman and Managing Director 4th Annual Capital Link Forum Conference New York October 30, 2000 4th Annual Capital Link Forum Conference New York October 30, 2000

2. Business Environment

3. -3- Total Primary Energy Demand (PED) Structure of Energy Supply Greek Energy Market  Benefit from geographical position  No major natural sources of energy except for lignite  Oil and coal provide 58% and 33% respectively of PED  Development of natural gas infrastructure is progressing well and is strongly supported by the Government and EU

4. -4- Drivers of Growth 0 5 10 15 20 25 19901995200020052010 IndustryResidential/CommercialTransportOther (mtoe) Oil Consumption by Sector Natural Gas Infrastructure  Key drivers: growth in transportation and residential consumption Source: IEA CAGR (2000-2010) 4.4% (EU Average: 1.3%)

5. -5- Regional Environment - Growth Potential  Economic recovery and the need for modernisation of the oil and gas sectors in the region is expected to provide significant opportunities to expand product sales into the neighbouring countries

6. Business Activities

7. -7- Refining - Current position  50% of the refining capacity in Greece and 57% of the market  Competitive advantages: –strategic position –complexity –strong logistics infrastructure –unified operations  Significant investment on stream at the end of 1999  Production in compliance to Auto Oil I specifications Aspropyrgos Refinery Aspropyrgos Refinery Thessaloniki Refinery Skopje Refinery Skopje Refinery Crude Pipeline Burgas Alexandroupolis pipeline (proposed) Burgas Alexandroupolis pipeline (proposed)

8. -8- Refining - Going forward  High growth in domestic and export sales  Substantial capex to: –increase capacity and complexity –increase margins and reduce costs –increase light product yields –produce on Auto Oil II specifications Refining capex Drs bn Refining capex Drs bn 2000E - 2001E 2002E - 2004E Total 2000 - 2004

9. -9- Marketing - Current Position  Leading market share  Presence in more than 1600 retail stations  Well perceived brand names  High quality fuels and lubricants  Country-wide coverage  Strong logistics infrastructure  Strong position in LPG and industrial sales

10. -10- Marketing - Going Forward  Increase market share through acquisitions  Upgrade the retail network  Expand retail network outside Greece  Development of non - fuel retail sales  Development of motorway service station network Marketing Capex, Drs bn 2000E - 2001E 2002E - 2004E Total 2000 - 2004

11. -11- Petrochemicals - Current Position  Only volume producer in Greece  Leading market position  Integrated with refining operations  Strong geographical location advantage over imports  Restructuring programme well underway  Start up of BOPP film plant (DIAXON) Thessaloniki industial complex PVC production unit

12. -12- Petrochemicals - Going Forward  Development of new, high growth and high margin products  Further closure/downsizing of unprofitable units  Profit improvement programme in petrochemical operations after success in refining Petrochemicals capex, Drs bn 2000E - 2001E 2002E - 2004E Total 2000 - 2004

13. -13- Exploration and Production - Current Position  Exclusive rights over 54000 Km 2 in Greece  Participation in exploration in 4 areas in Western Greece in consortia with international companies  Right to receive royalties for any production in Greece  Natural Gas field in Epanomi  Participation (30%) with OMV in by-back service contract in Iran  Evaluation of E&P projects in Albania, Libya  Strong commercial relationships with producing countries

14. -14-  Participate in consortia for production sharing agreements internationally  Leverage of Greek acreage portfolio to attract JV partners E&P capex, Drs bn 2000E - 2001E 2002E - 2004E Total 2000 - 2004 Exploration and Production - Going Forward

15. -15- AsprofosAsprofos  Largest engineering company in SE Europe  Activities currently focus on projects within the Group  Rapildy expanding engineering services to third parties and abroad

16. -16- Natural Gas - Current Position  Main infrastructure already in place  High demand growth rates  Market liberalisation from 2007  Substantial EU funding  35% stake in DEPA  Option to acquire the remainder from the Greek State

17. -17- Natural Gas - Going Forward  Strong expected demand growth  Development of new business based on Natural Gas feed  Introduction of strategic investors/operators entry  Expansion of household consumption Natural Gas capex, Drs bn 2000E - 2001E 2002E - 2004E Total 2000 - 2004 Total

18. Financial Highlights (IAS)

19. -19- Group Net Income and Capex + 94% + 88%

20. -20- Group 6 Months Results 2000 versus 1999 Financial Results Source: Hellenic Petroleum IAS accounts Note: EBITDA equals operating profit plus depreciation, depletion and amortisation 49,5 29,4 21,4 16,1 55,6 33,8 68,1 82,0 0 10 20 30 40 50 60 70 80 90 Gross ProfitEBITDAOperating ProfitNet Income Drs bn 1H991H00 66 % 131% 159 % 110 %

21. Strategy Overview

22. -22- Corporate Competitive Advantage Strengths  Leading market position in Greece  Premium refining margins  Vertically integrated downstream operations  Competitive advantage from logistics, geography and limited import infrastructure  Exposure to gas growth through increase in DEPA stake  Strong financial position to fund expansion Opportunities  Growing domestic demand for light products  Option to increase stake in DEPA  Regional R&M expansion in South Eastern Europe  Increased participation in E&P projects

23. -23- Vision - Strategic Target  Transform into a fully integrated energy group  Significantly increase revenues and profitability over the next five years

24. -24- Corporate Strategy  Performance improvement — Reorganise operational structure in order to cut costs and improve productivity — Maximise refining efficiency and profitability — Increase retail market share and improve retail margins  Operational/Geographical expansion — Increase production of lighter products — Increase exposure to natural gas — Continue restructuring petrochemicals (move to high value products) — Expand downstream activities in the Balkans — Develop upstream business

25. -25- 19982000E2002ETotal Drs Bn -1999-2001E -2004Ε 2000-2004 19982000E2002ETotal Drs Bn -1999-2001E -2004Ε 2000-2004 Refining86,181,0187,9268,9 Marketing25,443,123,566,6 Chemicals36,649,75,455,1 E&P0,353,621,274,8 IT-Others-4.42.16.5 Asprofos3,80,20,50,7 Participations29,088,515,0103,5 Total180,2320,5255,6576,1 Capex distribution 2000-2004 1,2% 46,7% 13,0% 11,6% Marketing 17,9% Participations IT-others 9,6% Chemicals Ε&P Refining  Major investments: –Thessaloniki Refinery upgrade –BOPP Film/Polypropylene new plants –Retail upgrade –E&P projects –DEPA stake Capital Expenditure Programme