Rompetrol Rafinare S.A. Corporate Presentation 4/24/2019 Rompetrol Rafinare S.A. Corporate Presentation November 2005

Table of Contents Group Overview History Organizational Structure 4/24/2019 Table of Contents Group Overview History Organizational Structure Corporate Governance Rompetrol Rafinare Technical Operational Rompetrol Rafinare Subsidiaries Petrochemicals Wholesale and Retail Strategy Stock Performance Financials 2004 vs. 2003 Financials Q1 2005 vs. Q1 2004 Hybrid Instrument

Significant Corporate Events 4/24/2019 Significant Corporate Events 1974 - Established as the international operator of the Romanian oil industry 1993 - Privatized through a Management and Employee Buy Out (“MEBO”), turnover subsequently reduced to below $6 million by 1998 1998 - Control purchased by Dinu Patriciu and a group of local investors 1999 – Holding company established as The Rompetrol Group (TRG) in the Netherlands 1999 – The first major acquisition; the Vega refinery located in Ploiesti, is bought and doubles its revenues in the first nine months after the take-over 2000 - Private equity investment by US-managed Romania & Moldova Direct Fund L.P. 2000 - Rompetrol takes over Petros – at that time Romania’s principal oilfield operator. The company has since been renamed Rompetrol Well Services 2001 – The Group’s largest acquisition, Petromidia S.A. (later renamed Rompetrol Rafinare), Romania’s largest and most sophisticated oil refinery. 2001 – Rompetrol creates Rominserv, Romania’s first Engineering Procurement Construction & Maintenance (EPCM) company focusing on the oil industry 2002 – OMV of Austria buys 25.1% of TRG NV, RMDF exits. OMV Chairman Dr. Wolfgang Ruttenstorfer joins TRG Board 2002 – Rompetrol opens subsidiaries in neighboring Republic of Moldova (Rompetrol Moldova) and Bulgaria (Rompetrol Bulgaria) 2003 – Rompetrol Rafinare reaches an agreement with the Ministry of Public Finance to restructure a historical tax liability 2004 – Rompetrol Rafinare (April) is listed on the Bucharest Stock Exchange & becomes 20% of Index (November) 2004 – In June both Standard & Poor’s and Fitch rated The Rompetrol Group with B- Outlook Stable 2005 – OMV completes Petrom acquisition and exits from TRG

Corporate structure Rompetrol Rompetrol Rompetrol Rompetrol Rompetrol Dinu Patriciu 80% Rompetrol Holding S.A. (Switzerland) Phil Stephenson 20% 100 % The Rompetrol Holding S.A. (Switzerland) The Rompetrol Group N.V. (The Netherlands) 82,36% 72,22% 85 % 90 % 60% 60% 50,59% 70,4% 60% 100 % 50 % Rompetrol S.A. (Romania) Rompetrol Financial Group SRL (Romania) Rompetrol Bulgaria JSC (Bulgaria) Rompetrol Moldova S.A. (Moldova) RP Albania Downstream Sh.A (Albania) RP Albania Wholesale Sh.A (Albania) Rompetrol Rafinare S.A. (Romania) Rompetrol Well Services SA (Romania) Geopetsa (Ecuador) Rompetrol Upstream International Ltd. (Bahamas) P&G Consulting (Overseas) Ltd. (Cyprus) 27,78% 95 % 15,75% 0,1% 20% 9,14% Vector Energy S.A. (Switzerland) 99.95% 99.52% Intreprinderea mixta Palplast SRL (Moldova) 2,62% Rominserv SA (Romania) Ecomaster SA (Romania) 60% 23% 60.27% 100% 99,99% 99,99% 99% 23% 23% Rompetrol Industrial Parks SA (Romania) Rompetrol Logistics SA (Romania) Rompetrol Petrochemicals SRL (Romania) Rompetrol Downstream SA (Romania) Rom Oil SA (Romania) Rompetrol Quality Control SRL (Romania) Rominservices Therm SA (Romania) 59% 23% 99.4% 51% 97.28% Palplast S.A. (Romania) Eurojet Romania SA (Romania) Global Security Sistem SA (Romania) 83.91% 43.43% 60% Astra Investitii Imobiliare SA (Romania) CET Midia SA (Romania) Romcalor Oil Services SA (Romania)

Corporate Governance & Controls 4/24/2019 Corporate Governance & Controls The Board of Directors of TRG N.V. (the parent company) approves all major transactions and operations such as business acquisitions/disposals, fundamental business policy strategy, capital expenditure above certain limits, credit facilities above certain limits, long-term agreements above certain limits All the Group companies have established (by the Board of Directors) certain authority limits for the general managers acquisitions (divided in oil related/investments/other acquisitions) Annual audited IAS financials (consolidated and for each major subsidiary) by Deloitte & Touche (Netherlands and Romania/Bulgaria for subsidiaries); annual Management letter as well Group legal department advice on each major contract/operation is required All the Group companies credit facilities are negotiated by the Group Treasury IT (based on Oracle Platform implemented for all operating subsidiaries) has been a major factor in improving control functions by enabling management to access real time data, both operating and financial

Rompetrol Rafinare - Petromidia 4/24/2019 Rompetrol Rafinare - Petromidia

Shareholders Name No. No. of shares (*) % Total 33,286 21,099,276,002 4/24/2019 Shareholders Name No. No. of shares (*) % The Rompetrol Group N.V. and Affiliates 5 16,765,605,321 79.46% Legal Entities 281 2,468,378,470 11.70% Individuals 33,000 1,865,292,211 8.84% Total 33,286 21,099,276,002 100.0% As of April 19, 2005

Refinery Technical Layout Refinery Layout Refinery Technical Layout Refinery layout AROMATIC EXTRACTION 430 000 BTX SEPARATION 240 000 o-XYLENE & ETHYLBENZENE 90 000 NAPHTHA HYDROTREATER 833 000 CRUDE UNIT 4 800 000 JET FUEL 340 000 DIESEL 720 000 FCC FEED 1 200 000 m-XYLENE IZOMERIZATION 270 000 AMINE TREATERS AND CLAUS UNITS 32 000 LIGHT ENDS 200 000 FCC 1 100 000 MTBE 35 000 TEL ADDITION 350 000 p-XYLENE 310 000 UNLEADED GASOLINE PROPYLENE C4 CUT LEADED GASOLINE COKE METHANE OILFIELD CONDENSATE CRUDE TOLUENE o-XYLENE SULPHUR PROPANE n-BUTANE RAFFINATE LPG FUEL OIL BENZENE HYDROGEN NETWORK REFINERY FUEL GAS PLATFORMER 500 000 DELAYED COKER 1 170 000 PLANTS 3x1700 All capacities are in mt/y * All marked installations have been upgraded or otherwise modernized following investments

4/24/2019 Licensors Petromidia is the most sophisticated of all Romanian refineries Was designed and built between 1975-1977 using Romanian and foreign technology: UOP Mitsui Snam Progetti Heat Research Was modernized in the early 1990s and can process a wide variety of crude oils, with different sulfur content and API It is the only Romanian refinery producing Jet A-1 fuel and plans to become the prime supplier of jet fuel for aviation companies operating in Romania and the Republic of Moldova

Logistical Infrastructure 4/24/2019 Logistical Infrastructure The refinery general logistical framework includes: Pipelines Maritime berths for loading – unloading Railway loading-unloading facilities Automotive loading-unloading facilities The pipeline system The oil pipeline connecting Oil Terminal Constanta used for crude oil imports The gasoline pipeline connecting the refinery to Oil Terminal Constanta, used for gasoline exports The diesel pipeline connecting the refinery to Oil Terminal Constanta, used for diesel exports.

Competitive Advantages 4/24/2019 Competitive Advantages Has the highest (81%) white products yield in the region Strategic location near the Constanta Oil Terminal, on the Black Sea coast Direct access to the Danube-Black Sea Channel, the Midia port, and Constanta port (one of largest harbors on the Black Sea) Close vicinity to crude oil pipelines Its own railway yard Facilities allowing crude oil reception and shipment of liquid products by railway tankers

Consideration on Crude supply 4/24/2019 Consideration on Crude supply Petromidia refinery benefit from processing only Ural crude (strategic decision taken in 2001) improved in 2004 as a result of increased differential between Brent and Ural Average differential in 2004 was approx. 3.76 USD/bbl while the average on the last 5 years was less than 2 USD/bbl The trend is expected to continue in the next years

Production figures thousands tones 2004 2003 % Feedstock processed 4/24/2019 Production figures thousands tones 2004 2003 % Feedstock processed 3,301 3,045 2.56 Gasoline produced 919 988 -7.0 Diesel & Petrols produced 1,172 1.161 0.9 High prices of crude and domestic market margins evolutions caused refinery optimization to occur at lower Urals crude throughputs.

Trading Environment thousands tones 2004 2003 % 4/24/2019 Trading Environment thousands tones 2004 2003 % Sales gasoline,diesel, jet 2,050 2,105 -2.6 Export 991 1,105 -10.3 Export (%) 48% 52% Domestic market 1,059 1,000 5.9 Domestic market (%)

Petrochemicals Rompetrol Petrochemicals has a standard output: 4/24/2019 Petrochemicals Rompetrol Petrochemicals has a standard output: 200,000 mt/year of ethylene (currently in conservation) 80,000 mt/year of polypropylene (operating at capacity) In 2004 the company manufactured or purchased from third parties products sold under the Rompetrol Petrochemicals brand (special grades of polypropylene, HDPE, LDPE, PET). The offer covers the domestic and the regional markets (Black Sea, Mediterranean Sea, Central & Eastern European)

4/24/2019 Wholesale and Retail

4/24/2019 Wholesale Capacity of over 62,000 m3 of storage in all 6 modern depots in Romania owned by Rom Oil Major clients include own network, MOL Romania, and Agip Romania Other clients include transportation, agricultural and small retail companies Logistics is assured by a modern fleet of trucks for oil products transportation, four locomotives for unloading of railway tankers All depots have facilities for loading and unloading products (for both railway and road vehicles)

Wholesale Map 4/24/2019 Vatra Dornei Simleul Silvaniei Arad Zarnesti Craiova Constanta Bucharest

4/24/2019 Retail Today: 93 filling stations owned and 7 under construction by Rompetrol Downstream 152 filling stations operated through allied clients distribution contracts Currently second largest downstream company in Romania (by volumes) behind Petrom Romania’s first gas station network to sell only Euro standard fuels Strategy: Rompetrol network to be fully extended in Romania by 2006 to 200 owned filling stations Planning regional expansion to Moldova, Bulgaria, Serbia and Turkey Continue with the allied client distribution program and acquire sole suppliership position with other Romanian retailers Bring all Rompetrol stations to European standards

4/24/2019 Retail Network

Rompetrol Rafinare Strategy 4/24/2019 Rompetrol Rafinare Strategy Rompetrol Rafinare strives to become, through organic growth and sensible low-cost acquisitions that integrate with its existing operations, the leading low-cost provider of petroleum products in the Balkans The strategy will be executed by: Refining: Increasing the quantitative and qualitative performance of the Petromidia platform while upgrading to continue to meet EU quality standards Downstream: Maintaining an approximate 50-50 balance between internal and external markets, while establishing direct selling operations in regional countries and building the retail brand in Romania Petrochemicals: Restarting of the Ethylene Plant and the related Polyethylene plants and becoming a middle size player in the Balkans Services: Using services companies synergistically with the group (Rominserv), with third parties (Rompetrol Logistics) or divesting them as “non-core”

Key Figures 2004 2004 2003 Diff. Throughput (million mt) 3.3 3.04 4/24/2019 Key Figures 2004 2004 2003 Diff. Throughput (million mt) 3.3 3.04 +2.5% Average Brent – Ural differential (USD/bbl) 3.76 1.79 +110% RRC Refining Margin (USD/bbl) 7.56 4.66 +63% Benchmark Refining Margin (Ural Cracking) 5.71 3.67 +56% Net cash refining margin/bbl (USD/bbl ) 3.48 0.72 +384% Consolidated EBITDA (million USD) 98 22 346% Average yearly liter per retail station (million liter/year) 2.8 2.3 +22% Petrochemicals sold (k mt) 105 78 +35%

IAS Financials ’04 vs ’03 Income Statement 4/24/2019 IAS Financials ’04 vs ’03 Income Statement USD Million – Standalone - Audited 2004 2003 % Gross Revenues 1,445 1,138 27 Sales Taxes (399) (317) 26 Net Revenues 1,046 821 Gross Margin 90 32 183 Selling, General and Admin (49) (56) -13 EBIT 41 (24) N/A EBITDA 86 16 437 Finance, net (30) (103) Exceptional Item - 415 Net profit / (loss) 11 288

Consolidated vs. Standalone 2004 Income Statement 4/24/2019 Consolidated vs. Standalone 2004 Income Statement USD Million Consolidated Standalone % Gross Revenues 1,534 1,445 +6 Sales Taxes (399) - Net Revenues 1,135 1,046 +9 Gross Margin 133 90 +48 Selling, General and Admin (94) (49) +92 EBIT 39 41 -5 EBITDA 98 86 14 Finance, net (31) (30) +3 Income tax (2) N/a Net profit / (loss) 6 11 -45

IFRS Consolidated Financials H1’05 vs H1’04 – Income Statement 4/24/2019 IFRS Consolidated Financials H1’05 vs H1’04 – Income Statement Million USD H1’05 H1’04 % Gross Revenues 989 599 +65 Sales Taxes (223) (161) +39 Net Revenues 766 438 +75 Gross Margin 127 37 +243 SGA & other (50) (38) +32 EBIT 77 (1) N/A EBITDA 97 24 +304 Finance, net (21) (20) +5 Forex 15 2 +650 Net result 71 (19)

RRC - Stock Performance 4/24/2019 RRC - Stock Performance