INDICATOR: 102-22

Based on Hellenic Petroleum’s shareholder composition, specific rules concerning the appointment and replacement of members of the Board of Directors have been developed, which are explicitly mentioned in the Company’s Articles of Association. The Greek State appoints seven (7) members out of a total of thirteen (13) BoD members if it holds, directly or indirectly, at least 35% of the shares through the HRADF. Paneuropean Oil and Industrial Holdings S.A. and its affiliated companies appoint two (2) members of the BoD provided that they hold at least 16.654% of the total of the Company’s voting shares. Two (2) members of the Board of Directors are comprised of employee representatives elected by employees of the Company and two (2) members represent the minority shareholders, elected by the Extraordinary General Meeting of the remaining minority shareholders (asides from the Greek State and Paneuropean Oil and Industrial Holdings S.A. or its affiliates).

The following table shows the allocations pertaining to the 78 members of the BoDs spread across the Group’s companies included in this Report:

78 BoD members from 10 companies