1 Agenda Introduction Regional Outlook Value creating growth This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be no assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.

2 MOL today First significant oil and gas company in Central Europe to be privatised Enjoys domestic leadership in all of its core businesses and is well positioned to become the regional champion in the growing Central European market First major regional consolidation step concluded: through the partnership with Slovnaft, the Slovak national oil company Internationally experienced management team Shares listed on Budapest and Luxembourg Stock Exchanges and traded on SEAQ (London)

3 Regional comparison (yearly) E&P 320 R&M 79 E&P 366 R&M 325 E&P 262 E&P 273 R&M 223 R&M 355 R&M 274 R&M 168

4 Regional comparison (first quarter) R&M 55 E&P 99 R&M 60 E&P 85 E&P 48 R&M 18 E&P 68 R&M 49 R&M -1 R&M 14

5 Converging to the EU EU environment will help MOL in accessing directly neighbouring markets Energy markets will open up in line with general EU schedule  impact on competition  pricing principles  unbundling Special share of APV Rt. is not similar to golden shares attacked in the EU Potential impact on tax holiday

6 Rapid Growth and Converging Markets Population of more than 100 m, with high growth in car density and usage Markets converging towards the EU Improving road infrastructure Growing regional trade PL SK H HR SLO A RO +1.8% GDP 470 cars/000 capita +3.3% GDP 220 car/000 capita +1.1% GDP 220 cars/000 capita +3.7% GDP 380 cars/000 capita +3.2% GDP 200 cars/000 capita 3.9% GDP 120 cars/000 capita +4.0% GDP 227 cars/000 capita CZ +3.4% GDP 280 cars/000 capita YU BIH PL SK H HR SLO A RO +1.8% GDP 470 cars/000 capita +3.3% GDP 220 car/000 capita +1.1% GDP 220 cars/000 capita +3.7% GDP 380 cars/000 capita +3.2% GDP 200 cars/000 capita 3.9% GDP 120 cars/000 capita +3.8% GDP 227 cars/000 capita CZ +3.4% GDP 280 cars/000 capita 6.0% GDP UA YU 5.0% GDP BiH 7.0% GDP

7 Motor fuel demand growth Breakdown of incremental motor fuel demand growth, Growth prospects in CEE for 5 years avg GDP3-4% Oil products2-3% Natural gas4% Polimers>5% Growth prospects in CEE for 5 years avg GDP3-4% Oil products2-3% Natural gas4% Polimers>5% Demand outlook in the CEE region

8 Oil sector - privatisation and deregulation Despite deregulation NOCs still maintain a hugely dominant position in their respective home countries /2010 Hungary Czech Republic Poland Croatia Slovakia Slovenia Romania Progress in deregulation Most of the region’s main players are partly or wholly government-owned national oil companies (NOCs) /2010 Hungary Czech Republic Poland Croatia Slovakia Slovenia Romania Greece Greece 1992

9 Major strategic issue - regional consolidation Existing equity participation In talks or bidding process Further candidates for consolidation in Croatia (INA 25%), Slovenia (Petrol) and Serbia (NIS) Oil sector assets due for privatization - Rafineria Gdanska - PKN - Unipetrol - 30% of Hellenic Petroleum Oil sector assets due for privatization - Rafineria Gdanska - PKN - Unipetrol - 30% of Hellenic Petroleum 10% 36%

10 Changes Provide Opportunities for MOL MOL is the only company in the sector which delivered a successful partnership in the region Strict set of principles for new business initiatives Access to financial markets and financial discipline Depth of management to evaluate, execute and implement projects WELL POSITIONED FOR REGIONAL CONSOLIDATION

11 MOL & Slovnaft: The Winning Combination MOL/Slovnaft partnership State-of-the-art technology Restructuring experience of MOL applied to Slovnaft Strong downstream growth Financial strength Unrivalled market shares in the region Platform for further consolidation Medium-term benefits have already been identified MOL’s cost cutting expertise applied to Slovnaft’s operations Revenue enhancement from improved strategic position Supply Chain Management Medium-term benefits have already been identified MOL’s cost cutting expertise applied to Slovnaft’s operations Revenue enhancement from improved strategic position Supply Chain Management Sizeable operating synergies Already achieved 14 mn USD in 2001 Sizeable operating synergies Already achieved 14 mn USD in 2001

12 MOL-Slovnaft Assets Horny Hricov Kapu ŝ any Slovnaft Poland Slovakia Százhalombattat Tiszaújváros Csepel Ebes Szajol Pécs Dombóvár Székesfehérvár Vép Komárom Algyő Stozok Pozdsovce Kosice Budkovce Vojany Dolná Strehova Sahy Klacany Bucany Bratislava Hungary Ukraine Romania Yugoslavia Austria Czech Republic Oil Pipeline Product Pipeline Distribution terminals Refinery Refinery without primary distillation Duna 8.3 mtpa Bratislava 5.5 mtpa

13 Further information: Financial reports, announcements, other information and download files can be found on our homepage: MOL Investor Relations: Tel: