GROUP OVERVIEW

2007RESULTS

Zürs, April 2008

• Core regions

• Onshore Croatia

• Offshore Croatia

• Middle East (Syria)

• North and West Africa• Sale/Import of natural gas

• Integrated Oil Serv ices

• Tw o fuel refineries

• Rijeka (4.5MMt)

• Sisak (4.0MMt)

• Marketer of 4.90 MMt of fuel products in Croatia and South East Europe (2007)

• Lubricants business

• LPG business

• Operator of 413 ow n petrol stations in Croatia, 20 ow ned by subsidiaries,43 in Bosnia and Herzegovina, 6 in Slov enia

• In 2007 MOL/INA consortium closed the acquisition of the ow nership over Energopetrol d.d.(Bosnia and Herzegovina) - 67 % of share capital

Maintenance Ser vices

Safety and Security Ser vices

Exploration and ProductionExploration and Production Refining and MarketingRefining and Marketing RetailRetail Corporate and OtherCorporate and Other

Focused E&P Portfolio w ith Development Upside

Focused E&P Portfolio w ith Development Upside

Refineries underModernisation;

an Extensive Logistics Network

Refineries underModernisation;

an Extensive Logistics Network

Premier Retail NetworkPremier Retail NetworkOperating on SAP systemimplemented wall-to-wall

Jan 2007

Operating on SAP systemimplemented wall-to-wall

Jan 2007

• Corporate –supportserv ices

• Other – otheractiv ities

SloveniaUnited Kingdom

Germany Hungary BiH Belarus

Angola

Egypt

Macedonia

Albania

Syria

Iran

Turkey

UAE

Indonesia

AzerbaijanCuba

Serbia

China

Namibia

Russia

Yemen

Italy

Myanmar

LibyaTunisiaAlgeriaGabon

Jordan

INA WORLDWIDEMontenegro

ZAGREB CROATIA

INA PRIVATISATION PROCESS

Privatisation Phase I Phase II (IPO)

Up to 2003 2003 2005 2006 2007

Phase III

* Lock-up period 6-12 months from mid November 2007

As at 31 Dec 2007

Republicof Croatia

100%MOL25%

Republicof Croatia

75%

MOL25%

Republicof Croatia

68%

VeteransFund7%

MOL25%

Republicof Croatia

51%Free Float

15%

VeteransFund7%

GreenShoe2%

Republicof Croatia44,85%

Free Float16,87%

Employees*6,28%

VeteransFund

7,00%

MOL25,00%

Price (HRK/share)Turnover (HRK)

INA, d.d. share trading on Zagreb Stock Exchange(Jan 2007 - April 2008)

2,000

2,500

3,000

3,500

-

10,000,000

20,000,000

30,000,000

40,000,000

Share price (HRK)

Turnover (HRK)

ATTRACTIVE SOUTH-EAST EUROPE MARKETS

• INA’s Core Region comprises Croatia, Slovenia, Bosnia-Herzegovina, Serbia, Montenegro, Macedonia and Albania

• Area of sustained above-average economic growth in the period 2002 -2006

• EU accession key driver of growth

• Increasing energy and oil products demand as a result of continued GDP growth

MKAL

TR

GR

SLO RO

BG

I

SK

A

HR

CG

SCG

D UA

MD

UA

Other South East European C ountries (“South East Europe”)

INA’s Strategic Focus Area (“Core Region”)

Macedonia

Albania

Turkey

Greece

Slovenia Romania

Bulgaria

Ital y

Slovakia

Austria

Hungary

Croatia

Bosni a-Herzegovi na

Monte-negro

Serbia

Germany Ukraine

Moldova

Ukraine

INA’s Strategic Focus Area

0

100

200

300

400

500

600

200 7 200 8 200 9 201 0 20 11

Upstream Ref ining&Wholesale Retail Other

CAPEX by 2011

200250

300

350

400450

500550

600

2007 2008 2009 2010 2011

CAPEX

CAPEX by SEGMENT

USD mill

USD mill

• Exploration and Production– Completion of current projects

– Offshore Croatia

– Onshore Syria and Croatia (EOR)

– Continue with intensive exploration activities

• Refineries and Marketing– Complete the modernisation of Rijeka and

Sisak refineries

• Retail– Modernisation of existing petrol stations

and construction of new

– Acquisitions in Croatia and neighbouring countries

Exploration and ProductionExploration and Production

• Increased production and operating profit

• Reduced loss on regulated gas market

Refining and MarketingRefining and Marketing

RetailRetail

2007 INA GROUP HIGHLIGHTS

Corporate and Other

• Increased production of EURO IV fuels

• Total throughput and production increased by 9%

• Network development in line with the retail strategy

• Average throughput per site in level with 2006

• Efficiency programmes ongoing

• SAP fully integrated

INA GROUP - highlightsINA GROUP - highlights

• Sales revenues reached HRK 25.8 billion

• Operating profit increased 4.7% to HRK 1.02 billion

• EBITDA reached HRK 2.8 billion (13.3% increase)

9

Brent FOB Med (USD/bbl) Economy growth rates ( % )

Premium unleaded petrol spread (USD/t )

BUSINESS ENVIRONMENT

25

50

75

100

2007 2006

4.9

2.5

5.8

0

4

8

2003 2004 2005 2006 2007e

World Europe Middle and East Europe

0

50

100

150

2005 2006 2007

USD

USD

10

DOMESTIC BUSINESS ENVIRONMENT

5.3

4.3 4.34.8

5.9

0

3

6

2003 2004 2005 2006 2007

% 1.82.1

3.3 3.22.9

0

2

4

2003 2004 2005 2006 2007

%

GDP growth (%) CPI Inflation (%)

Exchange rate movement

2

6

10

2002 2003 2004 2005 2006 2007

HRK/Eur HRK/USD

15,34517,988

21,07023,434

25,848

2003 2004 2005 2006 2007

Sales revenuesHRK millions

Net profitHRK millions

EBITDAHRK millions

594

1,130

885 883 869

2003 2004 2005 2006 2007

1,756

2,985 2,966

2,4742,803

2003 2004 2005 2006 2007

KEY FINANCIAL INDICATORS

Exploration and

Production

Exploration and

Production

El Alameincommercial discovery

• Sidi Rahman 1 production start-up

Refining and

Marketing

Refining and

Marketing

RetailRetail

KEY DEVELOPMENTS

INA – MOL partnership

• Hydrocarbon reserves found in PodravskaSlatina region

• Novi GradacJoint venture

CROSCO acquires Rotary

• Internationalexpansion in drilling and other wellservices

Hayan block -Syria

• Jazal development phase

• Mustadira Notice of commercial discovery

Sisak refinery

Isomerisationunit contract

awarded

Sisak refinery

I. phase of theClaus unit completed

Rijeka refinery

Hydrogen generation unit

contract awarded

Rijeka refinery

HDS unit contractawarded

Shop sales

increased by 5.9%5 new premium sites built in line with

the new retail strategy

13

Gearing (%) Total debt (HRK mill)

23.5520.55

13.29

0

10

20

30

2005 2006 2007

%

4,923

3,938

2,182

0

2,500

5,000

2005 2006 2007

GEARING

14

117

850

140212

985

1,747

382

1,559

Corporate&other Retail Refining&Marketing Exploration&Production

2006 2007

CAPITAL EXPENDITURE

HRK mill

EXPLORATION AND PRODUCTION

16

EXPLORATION AND PRODUCTION

R e s u l t s (HRK millions)

Sales revenues 6,794 8,133 19.7Operating profit 1,623 2,045 26.0CAPEX 1,747 1,559 (10.8)

2006 2007 % change

Operating profit up by 26%

Higher hydrocarbon production

New discoveries of oil and gas

EXPLORATION AND PRODUCTION

49.2 47.7

15.7 24.1 40.6

42.5

0

30

60

90

120

2005 2006 2007On shore Of shore Syria

Natural gas production (Bcf)

800

1,700

2005 2006 2007Av erage Sales price Import price

Natural gas prices (HRK/Mcm/33.34MJ)

-1200

-900

-600

-300

02005 2006 2007

Eligible Tariff Total

Import price differential (in HRK/Mcm/33.34 MJ)Gas production in 2007: 86.1 Bcf.

(up by 19.9%)

Lower import price differential

Regulated prices

64.871.8

86.1

EXPLORATION AND PRODUCTION

261,1 270,4

140,7 120,1 104,7

245,1

0

200

400

2005 2006 2007Proved Probable

Hydrocarbon reserves (MMboe)

Proved reserves increased by 9.3MMboe

Proved reserves replacement ratio: 141.0 %

REFINING AND MARKETING

20

• With the Refinery Modernisation Programme CAPEX rose by 16 %

• Sales of EURO IV from own production increased by 19%

• Results strongly influenced by the price cap

REFINING & MARKETING

R e s u l t s (HRK millions)

Sales revenues 18,136 18,746 3.5Operating profit 170 59 (65.3)CAPEX 850 985 15.9

2006 2007 % change

21

By market (kt) By product (kt)

577 635 730

2,9232,9183,035

1,304 1,219 1,238

0

2,000

4,000

6,000

2005 2006 2007Croatia BiH Other markets

885 914 957

1,2541,2341,278

2,753 2,624 2,681

0

3,000

6,000

2005 2006 2007

Motor gasolines Gas and fuel oil Other products

Refining & Marketing - SALES

• Total exports rose by 6%• Sales in BiH up by 15%• INA retained its strong market position

in Croatia

• Fuel sales increased by 2.5%

• Sales of EURO IV-grade fuel (from own production) grew by 19%

RETAIL SEGMENTRETAIL SEGMENT

23

RETAIL

R e s u l t s (HRK millions)

Sales revenues 5,669 5,850 3.2Operating profit 33 (90)CAPEX 117 212 81.2

2006 2007 % change

• In 2007, revenues rose by 3.2%

24

Sales (kt)

0

500

1,000

1,500

2005 2006 2007

Motor gasolines Gas and fuel oil LPG Other

•Diesel sales up by 4.4 % •INA Card in total sales: 23 % •Average throughput per site: 2,816 t

RETAIL

300

400

500

2005 2006 2007Croatia BiH Slovenia

Number of filling stations

1,0901,154 1,163

475 472 482

Targeted Annual ImprovementsTargeted Annual Improvements

EFFICIENCY IMPROVEMENT PROGRAMMES

HRK mill

• Key OptINA efficiency projects include:

- Procurement: Optimisation of purchasing of energy, travel, telecom, office supplies, MRO (spare parts), etc. Full procurement capability-building programme started to sustain savings

- Maintenance optimisation: Reduction of sub-contractor spending and improvement of work scheduling (prioritisation) and monthly budgeting

- Reduction of Rijeka refinery bottleneck

- Reduction of refining losses and own consumption: Massive energy efficiency programme at both refineries (over 65 technical projects)

- Working capital management

OptINA• Total OptINA improvements reached HRK 422 M

SAP• Went live in 2 packages; project officially closed

422

223

747652

161

0

200

400

600

800

2006 2007 2008

Actual Plan

DISCLAIMER

• Some of the information in this presentation may contain projections and other forward-looking statements regarding future performance of the Company. These statements represent plans, targets or predictions and actual results may differ materially as they are subject to risks, uncertainties and other factors such as general economic conditions, the competitive environment, exchange rates, oil and gas prices, margins, market changes, regulatory developments, etc. You are therefore cautioned not to place undue reliance on any forward-looking statements contained in this presentation.

• The Company does not undertake any obligation to release any revisions of these forward-looking statements.

CONTACTS

Željan SImeonov, BSc.Econ.IR HeadPhone: +385 1 / 64 50 102Fax: +385 1 / 64 52 102 Fax-2-Mail: +385 1 /64 52 109E-mail: zeljan.simeonov@ina.hr

www.ina.hr

INA - INDUSTRIJA NAFTE d.d.Av. V. Holjevca 10

10 000 ZagrebCroatia