An Eastern Mediterranean Refinery An Eastern Mediterranean Refinery ––Continuously Building Shareholder Value Continuously Building Shareholder Value

2002002007 Full Year7 Full Year7 Full Year PerformancePerformancePerformance ReviewReviewReview

March March 20020088

2

EVOLUTION OF SHAREHOLDER BASEEVOLUTION OF SHAREHOLDER BASEEVOLUTION OF SHAREHOLDER BASE

3

Evolution of Shareholder BaseEvolution of Shareholder Base

100%VARDINOYANNIS

GROUP

50%VARDINOYANNIS

GROUP

50%SAUDI

ARAMCO

42%VARDINOYANNIS

GROUP

42%SAUDI

ARAMCO

16%PUBLIC

1972 1972 -- 19951995

1996

2001

61.5%VARDINOYANNIS GROUP

38.5%PUBLIC

2005

4

THE GREEK & EASTERN THE GREEK & EASTERN THE GREEK & EASTERN MEDITERRANEAN OIL MARKETMEDITERRANEAN OIL MARKETMEDITERRANEAN OIL MARKET

5

Main source of energy Main source of energy

Remote from the energy markets of the West Remote from the energy markets of the West European countriesEuropean countries

MandatoryMandatory oiloil reserves within the country reserves within the country

Increasing demandIncreasing demand

CharacteristicsCharacteristics of the Greek & Eastern of the Greek & Eastern Mediterranean Mediterranean Oil MarketOil Market

The Greek Market

The Eastern Mediterranean Market

oo Increasing demand Increasing demand

oo Outdated refineries Outdated refineries

oo Large number of alternative crude oil suppliersLarge number of alternative crude oil suppliers

6

THE COMPANYTHE COMPANYTHE COMPANY

7

Competitive AdvantagesCompetitive Advantages

Ref

iner

y C

onfig

urat

ion

“Sec

ured

”Sa

les

Con

tinuo

us In

vest

men

ts

Strong Corporate Structure

8

Refinery ConfigurationRefinery ConfigurationStateState--ofof--thethe--art refineryart refineryHigh complexity & flexibilityHigh complexity & flexibilityFull range of products Full range of products High refinery marginsHigh refinery margins

““Secured” SalesSecured” SalesPresence in Presence in all all 3 main markets3 main marketsStrong & long trade relationshipsStrong & long trade relationshipsAAVVIN OILIN OIL retail networkretail networkISO 9001 & 14001 certificationsISO 9001 & 14001 certifications

Continuous InvestmentsContinuous InvestmentsNew 60,000 bbl/day Crude Dist. UnitNew 60,000 bbl/day Crude Dist. UnitHydrocrackerHydrocracker in full operation 2006in full operation 2006Emphasis on production of high Emphasis on production of high valuevalue--added products (specs 2009)added products (specs 2009)

Strong Corporate structureStrong Corporate structureEfficient & Experienced MgmtEfficient & Experienced MgmtHigh level of Corporate GovernanceHigh level of Corporate GovernanceSolid Shareholder baseSolid Shareholder base

Competitive AdvantagesCompetitive Advantages

9

Refineries in GreeceRefineries in Greece

NCI: 11.95

Hellenic(Aspropyrgos)

NCI: 9.69

Hellenic (Salonica)NCI: 5.06

Hellenic (Elefsina)NCI: 1.35

NCI: Nelson Complexity Index 9

10

The only Base-Oil producer in Greece

Energy autonomous refinery (68 MWatts)

Modern port facilities with a maximum docking capacity of 450,000 tons

Storage facilities: 2.3 million m3

Refinery area: 2.000.000 m2

Nelson Complexity Index: 11.95

InstallationsInstallations

11

1.912

331 364

2.919 2.978

427 690

2.1382.156

198

1.945

240217215

8.1978.532

2006 2007

TOTAL

LUBRICANTS

LIQUID GASES

GASOLINES

JET FUELS

DIESELS / GASOILS

SPECIAL PRODUCTS

FUEL OILS

2%3%

26%

5%

36%

4%

24%

PRODUCTIONPRODUCTION PERPER PRODUCT CATEGORYPRODUCT CATEGORY(in thousand m(in thousand m33))

Full Range of ProductsFull Range of Products

3%3%

25%

8%

35%

4%

22%

12

Refining MarginsRefining Margins

Motor Oil HellasMotor Oil Hellas

Complex MediterraneanComplex MediterraneanRefineriesRefineries

Simple Mediterranean Simple Mediterranean RefineriesRefineries

-10 0 10 30 40 50 $/ΜΤ

$2$266 -- $$7373

$19 $19 -- $$6969

$$--1010 -- $1$100

Source : Purvin & Gertz, MOH

Comparative Annual Gross Profit Margins 2002Comparative Annual Gross Profit Margins 2002--2007 ($/MT)2007 ($/MT)

60 70 8020

13Source : Purvin & Gertz, MOH

Reported Refining MarginsReported Refining Margins

71.2

60.9

72.8

53.939.633.8

63.6

66.857.3

63.4

56.8

34.4

18.7

69.4

0

10

20

30

40

50

60

70

80

90

100

110

Full year2002

Full year2003

Full year2004

Full year2005

Full Year2006

Full Year2007

MOH RefiningMargin (as reported)

Mild HydrocrackingMed. MarginBenchmark

Cracking Med.Complex RefineryMargin

MOH Blended = 61.8Trading = -3.1

MOH Blended = 51.0 Trading = 8.2

(in USD/MT)(in USD/MT)

14Source : Purvin & Gertz, MOH

‘‘Adjusted’ Refining Margin Adjusted’ Refining Margin (Inventory gain/loss excluded)(Inventory gain/loss excluded)

66,3 63,6

57,3

63,966,8

69,4

30

40

50

60

70

80

Full Year 2006 Full Year 2007MOH 'Adjusted' Refining Margin (excluding Inventory gain/loss)Mild Hydrocracking Med. Margin BenchmarkCracking Med. Complex Refinery Margin

(in USD/MT)(in USD/MT)MOH

‘Adjusted’ Blended margin = 55.4‘Adjusted’ Trading margin = -3.4

MOH ‘Adjusted’ Blended margin = 55.5‘Adjusted’ Trading margin = 8.9

15

3,160 3,066 3,238 3,272 3,065

2,372 2,8673,160

3,589 3,848

1,2291,370

1,2521,515 1,401

6,7617,303

7,650

8,376 8,313

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2003 2004 2005 2006 2007

Total

Shipping -Aviation

Exports

DomesticMarket

Presence in All 3 Main MarketsPresence in All 3 Main Markets

SALES BREAKDOWN 2007SALES BREAKDOWN 2007(in thousand Metric Tones)(in thousand Metric Tones)

16

Strong & Stable Trade RelationshipsStrong & Stable Trade Relationships

MOH's Big Customers

Turkish customers 5%

NOC (Libya) 5% Others 33%

BP (Group) 6%

Shell (Group) 10%E.U. customers 22%

Avin Oil 13%

American State 6%

17

AAVVININ OILOIL retail networkretail network

((100% MOH subsidiary100% MOH subsidiary))

18

44thth in the Greek Oil Retail Market in the Greek Oil Retail Market

560 gas stations all over Greece560 gas stations all over Greece

9% market share in fuels and 30% of the asphalt market 9% market share in fuels and 30% of the asphalt market

Strong local Brand Name Strong local Brand Name

Entrance into aviation fuels in GreeceEntrance into aviation fuels in Greece

Strong presence in lubricants and LPG marketsStrong presence in lubricants and LPG markets

AAVVININ OILOIL Retail NetworkRetail Network

19

HSE HSE –– A Leader in GreeceA Leader in Greece

QUALITY CONTROLAdaptation and application of quality control in the whole range of activities

“Pro-active” quality management philosophy

ISO 9001:2000 obtained in January 2003

Continuous investments

EMPHASIS ON ENVIRONMENTAL PROTECTION

Establishment of methods and processes which protect the environment

Full compliance to the strictest international standards

Use of advanced processing methods which do not pollute the environment

The only company of the sector in Greece with ISO 14001

Eco-Management and Audit Scheme standards (EMAS ER/761/2001) certified by Bureau Veritas in July 2007

20

……more than Euro 500 million investmentsmore than Euro 500 million investments

86

243

154

37 4380

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008(planned)

(in million Euros)

The The HydrocrackerHydrocracker projectproject

21

GOALSGOALS

Goals & StrategyGoals & Strategy

Improvement of Refinery Profit MarginImprovement of Refinery Profit Margin

Preservation of high safety levels and environmental Preservation of high safety levels and environmental protection standardsprotection standards

Maximization Maximization –– Optimization of SalesOptimization of Sales22

11

33

22

STRATEGYSTRATEGY

NEW CRUDE DISTILLATION UNIT (NEW CRUDE DISTILLATION UNIT (60,000 bbl/day60,000 bbl/day))Fuel oil import substitution by own productionFuel oil import substitution by own productionOptimisationOptimisation among different types of crude among different types of crude Increase Total Refining Capacity from 7.2 to 9.0 million MTIncrease Total Refining Capacity from 7.2 to 9.0 million MT

‘THE HYDROCRACKER PROJECT’‘THE HYDROCRACKER PROJECT’High Standards & High Value Added ProductsHigh Standards & High Value Added Products

New “clean” products according to 2005 & 2009 specsNew “clean” products according to 2005 & 2009 specsIncrease of Diesel production Increase of Diesel production Nelson Complexity Index from 8.5 to 11.95Nelson Complexity Index from 8.5 to 11.95

IMPROVEMENT OF THE REFINERY ENERGY EFFICIENCYIMPROVEMENT OF THE REFINERY ENERGY EFFICIENCYIncrease of electrical power production / coIncrease of electrical power production / co--generationgenerationLinking to Natural Gas networkLinking to Natural Gas network

Goals & StrategyGoals & Strategy

GO

AL

ΙG

OA

L Ι

:: Im

prov

emen

t of R

efin

ery

Impr

ovem

ent o

f Ref

iner

yPr

ofit

Mar

gin

Prof

it M

argi

n

23

INCREASE OF DOMESTIC MARKET SHAREINCREASE OF DOMESTIC MARKET SHAREParticipation in OLYMPIC FUEL COMPANY Participation in OLYMPIC FUEL COMPANY (28%)(28%)

Participation in ATHENS AIRPORT FUEL PIPELINE COMPANY Participation in ATHENS AIRPORT FUEL PIPELINE COMPANY (16%)(16%)

Improvement of distribution system Improvement of distribution system Terminal Installation in Northern Greece Terminal Installation in Northern Greece –– KavalaKavala area (longarea (long--term lease)term lease)

Connection to the transportation networksConnection to the transportation networks

GROWTH IN THE WIDER EASTERN MEDITERANNEAN AREAGROWTH IN THE WIDER EASTERN MEDITERANNEAN AREAConstruction of 6 new tanksConstruction of 6 new tanks

Goals & StrategyGoals & Strategy

GO

AL ΙΙ

GO

AL ΙΙ

:: Max

imiz

atio

n M

axim

izat

ion

––O

ptim

izat

ion

of S

ales

Opt

imiz

atio

n of

Sal

esSTRATEGYSTRATEGY

ELECTRICITY MARKETELECTRICITY MARKETKORINTHOS POWER S.A. KORINTHOS POWER S.A. IBERDROLA (70%) IBERDROLA (70%) -- MOH (30%) MOH (30%)

Development of 400 MW CCGT plant in GreeceDevelopment of 400 MW CCGT plant in Greece

24

Full Year 2007 Financial Results Full Year 2007 Financial Results Full Year 2007 Financial Results under IFRSunder IFRSunder IFRS

25

(in million Euros)

Cost of SalesGross Margin

Other Income / ExpensesOperating Expenses (before depreciation)Refinery Cost (before depreciation)

Net Financial Expenses

Earnings Before Depreciation and TaxDepreciation

4th Quarter 2006

Income from Participations

Turnover (Sales)

Earnings Before Int., Tax, Depr.& Amort. (EBITDA)

Earnings Before Tax (EBT)-10.5

-0.10

Earnings After Tax (EAT)

Earnings Per Share (EPS)

814.4-777.8

36.6

-9.6

-8.8

-10.5

-0.6

-25.2

---9.9

Parent Company Financial Results Parent Company Financial Results (under I.F.R.S.)(under I.F.R.S.)

16.9

18.7

4th Quarter 2007

31.5

0.29

1,220.8-1,129.5

91.3

-10.3

-9.3

-12.1

45.2

-28.4

---57.3

14.0

66.6

26

(in million Euros)

Cost of SalesGross Margin

Other Income / ExpensesOperating Expenses (before depreciation)Refinery Cost (before depreciation)

Net Financial Expenses

Earnings Before Depreciation and TaxDepreciation

2006

Income from Participations

Turnover (Sales)

Earnings Before Int., Tax, Depr.& Amort. (EBITDA)

Earnings Before Tax (EBT)127.5

1.15

Earnings After Tax (EAT)

Dividend Per Share (DPS)

3,629.7-3,288.3

341.4

-32.0

-31.4

45.1

-43.3

189.6

-95.9

5.7

258.6

232.9

Parent Company Financial Results Parent Company Financial Results (under I.F.R.S.)(under I.F.R.S.)

1.15Earnings Per Share (EPS)

2007

154.7

1.20

3,719.1-3,345.1

374.0

-36.6

-35.3

52.4

-45.9

208.4

-103.5

3.3

286.3

254.3

1.40

27

Consolidated Consolidated Financial Results Financial Results (under I.F.R.S)(under I.F.R.S)

(in million Euros) 2006

Turnover (Sales)

Earnings Before Int., Tax, Depr.& Amort. (EBITDA)

Earnings Before Tax (EBT)

3,977.1

191.2

270.0

127.6Earnings After Tax (EAT)

2007

4,070.0

206.0

296.4

149.9

28

Strong Historical Financial PerformanceStrong Historical Financial PerformanceStrong Historical Financial Performance

29

6,797 7,263

2,158

1,579 1,0507,6508,313

5,492

8,376

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2005 2006 2007

Total Volume

Trading Volume

ProductionVolume

Sales VolumeSales Volume

(In thousand Metric Tons)

30

Turnover BreakdownTurnover Breakdown

( in million Euros)

2,859.73,176.6

915.1

770.0542.5

2,923.8

3,629.7 3,719.1

2,008.7

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2005 2006 2007

Total

TradingActivity

RefiningProduction

31

219

189

259

190

286

208

0

50

100

150

200

250

300

EBITDA EBT

2005

2006

2007

Strengthening Strengthening CashflowCashflow and Earningsand Earnings

(in million Euros)

32

131 127

155

122 127 133

020406080

100120140160180

2005 2006 2007

Earnings After Tax Dividends

High dividend policy

Returning Cash to ShareholdersReturning Cash to Shareholders

(in million Euros)

33

Highly sophisticated refinery fed by 100% sour Highly sophisticated refinery fed by 100% sour crudescrudes. Emphasis on high value . Emphasis on high value added product mix of 2005 & 2009 specs. The only lube refinery iadded product mix of 2005 & 2009 specs. The only lube refinery in Greece. n Greece.

The The HydrocrackerHydrocracker in full operation advancing to new level of profitability in full operation advancing to new level of profitability supported by strong fundamentals. supported by strong fundamentals.

High dividend payout policy and shareholder returns.High dividend payout policy and shareholder returns.

1

4

3

5

High refinery margins supported by sales optimization in all 3 mHigh refinery margins supported by sales optimization in all 3 main markets ofain markets ofthe Eastern Mediterranean. Vertical integration with the Eastern Mediterranean. Vertical integration with AVIN OILAVIN OIL retail network. retail network.

The MOH Investment CaseThe MOH Investment Case

Construction of new Crude Distillation unit to match “Upgrading”Construction of new Crude Distillation unit to match “Upgrading” with “Distillation”with “Distillation”capacity and increase Refining Production from 7,2 million MT tocapacity and increase Refining Production from 7,2 million MT to 9,0 million MT 9,0 million MT by 2010.by 2010.

2

An Eastern Mediterranean Refinery An Eastern Mediterranean Refinery ––Continuously Building Shareholder Value Continuously Building Shareholder Value

2002002007 Full Year7 Full Year7 Full Year PerformancePerformancePerformance ReviewReviewReview

March March 20020088

35

APPENDIXAPPENDIXAPPENDIX

36

SHAREHOLDERSSHAREHOLDERS NUMBER NUMBER OF SHARESOF SHARES %%

Petroventure Holdings Ltd. 56.499.320 51,0%

Petroshares Ltd. 11.673.690 10,5%

Public 42.609.970 38,5%

TOTALTOTAL 110.782.980110.782.980 100,0%100,0%

Solid Shareholder BaseSolid Shareholder Base

37

CATALYTIC CRACKING

COMPLEX (FCC)

LUBRICANTSCOMPLEX

GASOLINESCOMPLEX

FUELSCOMPLEX

(112,000 bbl/day)

HYDROCRACKERCOMPLEX

Existing Refinery ConfigurationExisting Refinery Configuration

Naphtha

Crude Oil

Fuel Oil & VGO

Fuel Oil & VGO

LPGLPG

DIESELSDIESELS

FUEL OILSFUEL OILS

LUBRICANTSLUBRICANTS

GASOLINESGASOLINES

JET FUELSJET FUELS

GASOLINESGASOLINES

ASPHALTASPHALT

38

CATALYTIC CRACKING

COMPLEX (FCC)

LUBRICANTSCOMPLEX

GASOLINESCOMPLEX

FUELSCOMPLEX

(112,000 bbl/day)

HYDROCRACKERCOMPLEX

New Refinery ConfigurationNew Refinery Configuration

Naphtha

CrudeOil

Fuel Oil

Fuel Oil

LPGLPG

DIESELSDIESELS

FUEL OILSFUEL OILS

LUBRICANTSLUBRICANTS

GASOLINESGASOLINES

JET FUELSJET FUELS

GASOLINESGASOLINES

ASPHALTASPHALT

NEW CRUDE DISTILLATION UNIT

(60,000 bbl/day)

VGO

39

(in million Euros)

Cost of SalesGross Margin

Other Income / ExpensesOperating Expenses (before depreciation)Refinery Cost (before depreciation)

Net Financial Expenses

Earnings Before Depreciation and TaxDepreciation

2006

Income from Participations

Turnover (Sales)

Earnings Before Int., Tax, Depr.& Amort. (EBITDA)

Earnings Before Tax (EBT)

127.5

1.15

Earnings After Tax (EAT)

Dividend Per Share (DPS)

3,629.7-3,288.3

341.4

-32.0

-31.4

45.1

-43.3

189.6

-95.9

5.7

258.6

232.9

Parent Company Financial Results Parent Company Financial Results (under I.F.R.S.)(under I.F.R.S.)

1.15Earnings Per Share (EPS)

2007

154.7

1.20

3,719.1-3,345.1

374.0

-36.6

-35.3

52.4

-45.9

208.4

-103.5

3.3

286.3

254.3

1.40

2005

-2,570.4353.4

-28.3-17.3

-11.9

-22.5

-89.1

211.0

4.2

2,923.8

218.7

188.5

1.10

130.7

1.18

40

14.2%38.6%

983.2338.6

45.3599.3983.2243.7

40.50.9

698.131/12/2005

14.6%37.0%

1,031.6344.3

46.5640.8

1,031.6298.8

40.70.6

691.531/12/2006

18.0%ROIC %41.6%ROE %

1,014.4INVESTED CAPITAL371.5Shareholders Equity & Reserves

37.2Provisions605.6Net Debt

1,014.4ASSETS283.5Working Capital

42.4Participations & LT receivables1.2Net Intangible Assets

687.2Net Tangible Assets31/12/2007(in million €)

Balance Sheet DataBalance Sheet Data

41

(9.6)1.53.1Provisions(171.5)(78.9)180.8Cash From Financing

0.00.00.0Capital Increase

216.1115.8(26.0)Operating Cash Flow

(34.5)41.6271.7Net Debt Increase/(Decrease)

(127.4)(121.9)(94.0)Dividends171.5171.578.978.9(180.8)Free Cash Flow(1.7)(0.2)(0.3)Acquisitions

(42.9)(36.7)(154.5)Capital Expenditures

15.5(55.0)(179.2)Changes in working capital200.6170.8153.2Gross Cash Flow

45.943.322,5Depreciation154.7127.5130.7After Tax Earnings200720062005(in million €)

Cash FlowCash Flow