THIRD QUARTER/NINE MONTH 2007 FINANCIAL RESULTS

• Sales Revenue                 €5.9bn, down 3% (3Q: €2.1bn, up 5%)
• Net Income                       €265m, up 23% (3Q: €84m, up 109%)
• Earnings per share           €0.87, up 23% (3Q: €0.27, up 109%)
• “Clean” EBITDA             €392m, down 11% (3Q: €132m, down 30%)
• “Clean” Net Income         €226m, up 3% (3Q: €82m, down 18%)
• ROΑCE (12-mth trailing)  10%
• ROE (12-mth trailing)        11%

• After the exceptional strength in May, Mediterranean benchmark refining margins weakened   significantly, with the 3Q blended benchmark refining margin down by $2.5/bbl over the previous quarter and $0.8/bbl lower versus 3Q06. However, in 9M07 the blended benchmark refining margin was 2% higher y-o-y.
• During 3Q, the EUR strengthened further against the USD, with an adverse translation effect on refining margins and, thus, profitability. However, weakness in the USD positively affected the revaluation of USD-denominated loans, resulting in €16m currency gains.
• Still growing Greek products market (excluding seasonal heating Gasoil sales) by 0.9%, on the back of strong automotive diesel and aviation fuel sales. Heating gasoil sales down 14% due to warmer winter, while gasolines were flat.
• In 3Q, crude oil prices continued their ascent, moving by an average $6/bbl over 2Q07, leading to a positive inventory effect. In contrast, the sharp fall in crude oil prices led to inventory losses of €85m in 3Q06.

• In the absence of last year’s inventory losses, 9M reported EBITDA increased by 3% to €444m (3Q at €135m, up 32%); “Clean” EBITDA was down 11% to €392m (3Q at €132m, 30% lower).
• Net Income grew 23% to €265m in 9M (3Q at €84m, up 109%). On a comparable, “Clean” basis, Net Income increased by 3% y-o-y to €226m in the respective period.
• Free cash flow (FCF) reached €282m, driven by improvements in working capital needs.
• Net Income boosted by FX gains, stronger DEPA-related income and a lower tax rate; 9M reported EPS increased by 23% to €0.87 (3Q at €0.27, up 109%), while “Clean” EPS was up 3% to €0.74 (3Q at €0.26, down 18%).

• An improved product mix and higher sales volumes (particularly in “white” products) in Greece mitigated part of the weakness in benchmark refining margins in 3Q.
• OKTA sales volume grew 4%, on the back of a strong domestic market.
• As expected, profitability was adversely affected by the planned, 3-week turnaround of the Aspropyrgos refinery in 1Q, lower heating gasoil sales and strengthening of the EUR versus the USD.

The refinery upgrades of Elefsina and Thessaloniki are proceeding as planned, with contracting strategies finalised and implementation progressing.
 
b) Retail Marketing

Retail marketing accounted for 13% of 9M07 Group EBITDA. EBITDA was flat y-o-y, amounting to €58m.

• EKO sales volume in Greece were up 6% to 3.1m tonnes, with volumes in the seasonally strong 3Q increasing by 12% to 1.2m tonnes. Building on the solid performance of 1H07, sales of gasoline and diesel in 3Q were up 14% and 5%, respectively.
• Improved margin performance and market share gains in Greece in 3Q, compared to 1H.
• Network rationalisation in the domestic market continued, with company-controlled petrol stations accounting for 21% of the total network, versus 17% in 3Q06. 
• Continuous rollout of network in key foreign markets (Bulgaria and Serbia), which, together with improvements in average throughputs, led to a 17% increase in volume sales abroad.
  – Further margin improvements in International Marketing; EBITDA increased 36% to €26m.