1. Rompetrol Rafinare S.A. Corporate Presentation
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Rompetrol Rafinare S.A. Corporate Presentation
November 2005

2. Table of Contents Group Overview History Organizational Structure
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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 Q vs. Q1 2004
Hybrid Instrument

3. Significant Corporate Events
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Significant Corporate Events
Established as the international operator of the Romanian oil industry
Privatized through a Management and Employee Buy Out (“MEBO”), turnover subsequently reduced to below $6 million by 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
Private equity investment by US-managed Romania & Moldova Direct Fund L.P.
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

4. 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)

5. Corporate Governance & Controls
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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

6. Rompetrol Rafinare - Petromidia
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Rompetrol Rafinare - Petromidia

7. Shareholders Name No. No. of shares (*) % Total 33,286 21,099,276,002
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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

8. Refinery Technical Layout
Refinery Layout
Refinery Technical Layout
Refinery layout
AROMATIC
EXTRACTION
BTX
SEPARATION
o-XYLENE &
ETHYLBENZENE
90 000
NAPHTHA
HYDROTREATER
CRUDE UNIT
JET FUEL
DIESEL
FCC FEED
m-XYLENE
IZOMERIZATION
AMINE TREATERS
AND CLAUS UNITS
32 000
LIGHT ENDS
FCC
MTBE
35 000
TEL
ADDITION
p-XYLENE
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
DELAYED
COKER
PLANTS
3x1700
All capacities are in mt/y
* All marked installations have been upgraded or otherwise modernized following investments

9. 4/24/2019
Licensors
Petromidia is the most sophisticated of all Romanian refineries
Was designed and built between 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

10. Logistical Infrastructure
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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.

11. Competitive Advantages
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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

12. Consideration on Crude supply
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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 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

13. Production figures thousands tones 2004 2003 % Feedstock processed
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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.

14. Trading Environment thousands tones 2004 2003 %
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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 (%)

15. Petrochemicals Rompetrol Petrochemicals has a standard output:
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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)

16. 4/24/2019
Wholesale and Retail

17. 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)

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

19. 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

20. 4/24/2019
Retail Network

21. Rompetrol Rafinare Strategy
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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 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”

22. Key Figures 2004 2004 2003 Diff. Throughput (million mt) 3.3 3.04
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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%

23. IAS Financials ’04 vs ’03 Income Statement
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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

24. Consolidated vs. Standalone 2004 Income Statement
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Consolidated vs. Standalone 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

25. IFRS Consolidated Financials H1’05 vs H1’04 – Income Statement
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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)

26. RRC - Stock Performance
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RRC - Stock Performance