One size does not fit all Laszlo Varro, MOL Group

Agenda ► MOL’s way to international expansion ► How we have been doing it ► Conclusions 2

3 MOL Group today Slovnaft ( 98.4 %) INA ( 25.0%+1 share) TVK ( 94.9%)* *direct and indirect influence ► One of the best performing integrated energy companies in the world ► Leader in core markets of Hungary, Slovakia and in Croatia via INA ► State of the art asset base serving a high growth downstream region ► Highly successful regional partnerships: Slovnaft, TVK, INA ► Management with outstanding track record in operational integration and efficiency improvement ► Market cap as of 04/06/2007 USD million UPSTREAM (E&P) Gas Transmission E&P DOWNSTREAM (R&M) PetrochemicalsR&M MOL Plc. Operational integration Shareholding structure (%) (approximate) ( )

Market capitalization Expansion beyond regional boundaries Transformation to a regional leader Stabilization after privatisation Prepare for privatization Successful transformation from a state-owned conglomerate to a leading regional private oil company 4

Acquisition of 36.2% of Slovnaft Gain control over Slovnaft (stake 70.0%) Acquisition of Shell Romanian Retail Sites Acquisition of 25.0% in INA Acquisition of 22.5% stake in Kazakh exploration block (Federovsky) Acquisition of Austrian Roth company Closing of Shell Romania acquisition Sale of Gas Distribution Acquisition of 32.9% of TVK Gain control over TVK (stake 34.5%) ZMB JV signed Acquisition of Austrian storage facility 98.4% stake in Slovnaft through public offer Increasing stake to 27.5% in Kazakh Federovsky Block MOL & INA acquired 67.5% of Energopetrol Acquisition of BaiTex, Surgut Way to inorganic growth 5

H CR Truly international operation in Upstream (exploration and production) 6

We are stepping out of our conventional Downstream region PL D A CZ RO BIH SLO SCG BG UKR TR AL I MK HR SK GR H +6.5% +3.2% +3.1% +3.2% +3.7% +6.0% +3.2% +3.6% +7.1% +3.9% +6.5% +5.0% +4.0% Conventional investment markets New targets 7 Expected motor fuel demand CAGR %+2.0% +2.0%+2.0%

Agenda 8 ► MOL’s way to international expansion ► How we have been doing it ► Conclusions

MENTALCHANGE INTERNATIONALEXPANSIONINTERNATIONALEXPANSION INTERNALCAPABILITIES ONE SIZE DOES NOT FIT ALL Market oppotuninty 9 Building blocks of international expansion strategy STRONGDOMESTICPOSITION

Mental change: Talents are distributed equally on planet 10 Why others not us?

from OPPORTUNISTIC …….. to SYSTEMATIC Confident REGIONALLY DISCIPLINED corporate operation Concentrate on COST Become truly INTERNATIONAL Develop an INTEGRATIVE corporate structure Nurture DIVERSITY Emphasize superior internal and external CUSTOMER service Change while keeping our existing strengths: effective, result-oriented, adaptive, aspirational PEOPLE ORGANIZATION CULTURE FOCUS Create value through HOMOGENITY Executing mental change Develop new capabilities 11

► Favourable geographical position ► Sole refiner in Hungary with 3 operating refineries ► Pipeline based supply with alternative route (Adria) ► Dominant player in wholesale (cca. 80% market share) ► Market leader in retail (cca. 40% market share) ► Balanced portfolio of international upstream assets ► New management focusing on value creation and efficieny improvement Leveraging strong domestic market position – MOL in ‘99 D PL A CZ RO BIH SLO SCG BG UKR AL I MK H MOL depots usedMOL refineries Friendship oil pipelines Adria oil pipeline Product pipeline 12

Capability Development to Ensure International Operational Excellence 13 OPERATIONAL CSF 1.Strengthen cooperation and integration with INA 2.Triple E&P production via international acquisitions 3.Double R&M production & sales 4.Maintain quality leadership in refining 5.Develop central role in Gas Transmission 6.Diversify and sustain our crude oil supply 7.Establish a sustainable, scaleable Retail operation and brand structure 8.Achieve our efficiency improvement targets CAPABILITY CSF 9.Improve our ability to acquire new businesses & partners 10.Integrate new businesses quickly and efficiently 11.Become an international player 12.Develop change management and continuous improvement culture

INAZMBRothSlovnaftShell Romania Acquired ownership 25%50%75%98.4%100% BusinessDownstream & upstream UpstreamDownstream CountryCroatia + subsidiaries RussiaAustriaSlovakia + subsidiaries Romania Deal sizeLarge SmallLargeMedium FTE~ ~4 000~100 AssetsRefineries, depos, FSs, upstream assets Oil field - production Depo, FSs, tank cars Refinery, depos, FSs FSs, depo Company acquisition Strategic partnership Joint-ventureYes PartnerCroatian government RussneftOwner retained 25% No, 1.6% free floatNo Depth of integration Close partnership, co-ordinated actions Joint-venture Organisational structure remained intact Integrated operation Merged into MOL Romania Keeping name / brand name Yesn.a.Yes No „One size does not fit all” – adapting to local conditions is key for successful international expansion 14

Agenda 15 ► MOL’s way to international expansion ► How we have been doing it ► Conclusions

„Must have”-s and „Can be”-s of becoming international 16 ► Market opportunity is there ► We can have added value ► Synergy potential is important ► We have the capabilities (or can build up) to capture value creation opportunities ► Investment size ► Investment structure ► Rights ► Partners ► Ownership share ► Depth of integration ► Brand We invest only if: We can be flexible at: Why to do How to do