He started at odd of 5/1 for a produce sweepstakes over the Rowley Mile course and finished second of the six runners behind Pledge, a filly owned by the Duke of Grafton.
[5] At the next Newmarket meeting, Hephestion was one of nine three-year-olds, from an original entry of twenty-seven, to contest the second running of the 2,000 Guineas Stakes over the Rowley Mile.
[7] A month after his win at Newmarket, Hephestion was moved up in distance to contest the Derby Stakes over one and a half miles at Epsom Downs Racecourse.
By the end of that month he had entered the ownership of Sir H. Lippincott and at the Epsom Derby meeting he finished third in the Gold Cup over two miles[10] after which he was campaigned at relatively minor courses.
[11] At the end of June Hephestion had three engagements at the Bibury Club meeting at Burford: he was withdrawn from the Sherborne Stakes, finished third in a four mile sweepstakes, received compromise when his rival failed to appear for a match race and then recorded his first competitive win of the season when he won a one mile match against a six-year-old mare named Matilda.
[12] His next appearance was at Bath Racecourse on 5 July, when he contested a handicap race run in a series of one mile heats, with the prize going to the first horse to win twice.