Overview of MOL Group Strategy

Lajos AlácsExecutive Vice President

Strategy and Business Development Budapest, 14th of November 2007

A Leading European Integrated Oil and Gas Company

2

36,4

10,0

5,4

10,0

9,2

8,3

8,2

5,5

7,1

Foreign investors (mainly institutional)

MFB Invest ZrtOTP Bank Nyrt

BNP Paribas

MOL Plc (treasury shares)Magnolia

Domestic investors

OMVBank Austria AG

► One of the best performingintegrated energy companiesin the world

► Leader in core markets ofHungary, Slovakia and inCroatia via INA

► State of the art asset baseserving a high growthdownstream region

► Highly successfulregional partnerships:Slovnaft, TVK, INA

► Management withoutstanding track record inoperational integration andefficiency improvement

Shareholding structure (%)(approximate) (01.10.2007)

Slovnaft ( 98.4 %)

INA ( 25.0%+1 share)

TVK ( 94.9%)*

*direct and indirect influence

UPSTREAMGas

TransmissionE&P

DOWNSTREAM

PetrochemicalsR&M

MOL Plc.

Operational integration

Key financial indicators

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2005 In USD m* 2006 Change

2006/2005

1,524.3 Operating profit 1,875.4 +23%

1,453.1 Adjusted operating profit** 1,485.0 +2%

2,142.7 EBITDA 2,514.4 +17%

1,413.1 Operating cash flow 2,515.3 +78%

1,183.3 CAPEX 889.4 (25%)

1,226.3 Net income 1,565.2 +28%

12.0 Basic EPS (USD) 16.3 +36%

23.4% Gearing (17.3%) -

29.9% ROACE*** 27.2% -

► (*) In converting HUF financial data into US Dollars the following rates were used: for 2004: 202.6 HUF/USD for 2005:199.7 HUF/USD, for 2006: 210.5 HUF/USD.

► (**) Operating profit excluding the HUF 82.6 bn one-off gain on the gas transaction and the profit of the subsidiaries sold in this transaction (Wholesale and Storage).

► (***) Excluding HUF 82.6 bn one-off gain on the gas transaction.

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► Gas transmission 5,226 km high-pressure natural gas pipeline network across

Hungary Regulated domestic business with stable cash flow Transit activity to Serbia and Bosnia-Herzegovina

Main businesses of MOL Group

► Petrochemicals Largest polymer player in Central Europe (839 kt ethylene and

1281 kt polymer capacity) Majority of sales in high growth, converging European market Full operational integration with Downstream business

► Refining and Marketing 2 complex refineries with capacity of 14.2 mtpa (NCI above 10) Turning high sulphur content Ural into quality products Pipeline based supply, extensive product pipeline and depot system 838 filling stations in 8 countries IES closing expected in Q4 2007

► Exploration and production Sizeable domestic activity since 1937 and focused international activities since early

1990s Production in 2006: 102,618 boe/day (48% gas – 52% oil) Proven reserves in 2006: 331.5 mm boe incl 25% of INA (66% gas – 34% oil)

Focused upstream portfolio with potential for significant growth

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ALGLBA

EGY PAK

KAZ

OM

YEM

SYR

ANG

RUS

RO

PRODUCTION

EXPLORATION

INA

Potential newcore markets

MOL

CRH

I

ALGLBA

EGY PAK

KAZ

OM

YEM

SYR

ANG

RUS

RO

PRODUCTION

EXPLORATION

INA

Potential newcore markets

MOL

CRH

I

H

CR

102600

300000

58200

0

50000

100000

150000

200000

250000

300000

2006 2010 Target

MOL INA

Production

266,2

261,2

900

0

300

600

900

2006 2010 Target

MOL INA

Reserveboepd mboe

Exploration & Production

High quality refining assets combined with unique logistics

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D

D

BG

UKR

ALMK

Friendship oil pipeline

Friendship ICapacity: 20 mtpa

Friendship IlCapacity: 7.9 mtpa

Adria JANAFCapacity: 10 mtpa

Refineries

BRATISLAVACapacity: 6.1 mtpaNCI: 11.5

DUNA Capacity: 8.1 mtpaNCI: 10.6

SISAKCapacity: 2.2 mtpa NCI: 6.1

RIJEKA Capacity: 4.5 mtpaNCI: 5.8

MOL Group depots used INA depots used Refineries

Friendship oil pipeline Adria oil pipeline Product pipeline

► Key target: refined product sales exceeding 25 mtpa

► Pipeline based crude supply and alternative import route

► Group level SCM optimisation

► MOL, SN complex refineries produce only EU 2009 quality products

► Extensive proprietary product pipeline logistics

► Efficient regional depot system

Refining & Marketing

CZ

A

PL

RO

BIH

SLO

SCGI

H

IES*Capacity: 2.6 mtpaNCI: 8.4

* Transaction is expected to be closed in Q4 2007

Retail: Develop an efficient network within our refineries’ supply radius

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► Key target: develop an efficient retail network of 1500 filling stations

► Retail is strongly integrated with refining and wholesale activities, enabling the capture of synergies

► MOL: 838 FSs (incl. Tifon)INA: 454 FSs

► Closing in progress:IES (Ita): 5 COCO, 30 CODO, 126 DODO

0 500 1000

MOL Group filling stations INA filling stations

km

PLD

A

CZ

RO

BIH

SLO

SCG

UKR

HR

SK

H 320 COCA43 DODO

407

10 COCO

41

Optimisation of existing network

Potential growth through greenfield or acquisition

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67

MOL-INA JV filling stations

1,41

2,70

3,52

4,78

3,38

4,34

1,82

128 CODO

Average site throughput per year (Mlitre)

34 CODO

28 COCO

209 CODO

30 CODO

3,40

1,20

Refining & Marketing

36 COCO

Europe’s Highest Net Cash Refining Margin ($/bbl) European Upstream Net Income ($/boe, 2005) (1)

16,8

15,4 15,2 15,1 14,7 14,513,8

13,312,1

28,9

23,1

19,0

17,9 17,8 17,6

0

10

20

30

MO

LO

MV

Source: Wood Mackenzie

Source: John S. Herold, Harrison Lovegrove

(1) 2006 results are not yet available

Average = $17/bbl

$/bbl

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Outstanding profitability in Europe in Core Businesses

Source: Wood Mackenzie, 2007

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► Strong track record in delivering profitable growth to continue– Superior profitability in core businesses versus European peers (Downstream and

Upstream)– Strong market position

► Significant unrecognised organic upside potential– A number of high-growth organic projects are not fully recognised by the market– MOL’s high-quality asset base and unique expertise will be leveraged– EBITDA CAGR of 6.5% expected through 2011, EBITDA reaching USD 3 billion

► Clear vision of corporate development strategy (M&A and partnerships)– Actively evaluating various acquisition opportunities– Strong and disciplined M&A track record– Continuing to pursue business partnerships in order to maximise shareholder value– Favourable geographical location enables us to capitalise on partnerships with suppliers and

customers

► Commitment to maintain efficient capital structure– Enables us to continue our focused M&A activity – Provides flexibility to distribute even more cash back to shareholders

MOL’s stated independent strategy creates the highest value for our shareholders

Independent value creating strategy

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► Refining and Marketing• Duna Refinery Hydrocracker project to boost capacity & profitability• Increasing electricity integration should drive cost savings

► Exploration and Production• Intensive use of acreage through partnerships in Hungary• Replicating Hungarian E&P success internationally• Strong exploration portfolio with proven track record based on recent

transactions

► Petrochemicals• Further efficiency improvements on back of merging TVK and Slovnaft

petchem operations• 4% capacity expansion till 2011 through intensification and debottlenecking• Stronger sales based on improved marketing strategy

► Natural Gas• Doubling gas transit business through new international pipeline connections• New Hungarian gas storage business: profitable, stable upside

► Power generation• 2 gas fired power plants in Százhalombatta and Bratislava

► Targeted 2007-2010 total organic Capex: $5.3 Bn (without power generation)

Leveraging on organic growth potential…

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… while having a strong track record in inorganic growth and actively pursuing new opportunities

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► Recently announced transactions: ► Agreement on acquisition of 40% non-operating interest of an offshore exploration block in Cameroon► Signature of Production Sharing Agreements in Kurdistan (2 exploration blocks with 80% and 20%paying interest)

► MOL enforces strict evaluation criteria that focus on strategic, financial and operational targets

► Investments passing these criteria provide robust returns

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 ofShell

Romaniaacquisition

Sale of Gas Business

Acquisition of 100%

shareholding of IES SpA

2000 2001 2002 2003 2004 2005 2006 2007

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-7

Acquisition of 42% of TVK

Acquisition of 100%

stake in Tifon

► R A T I N G

„MOL is a leading corporate governance actor in Central and Eastern Europe and clearly exceeds the average performance of companies in developed economies particularly in its disclosure standards and its board structure and functioning.”

Source: ISS Corporate Services Inc. (former Deminor) – Corporate Governance Rating & Investor Report, 7 June 2007

8.08.5

7.58.0

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Rights & Dutiesof Shareholders

Commitment toShareholder

Value

CorporateGovernanceDisclosure

Board Structure& Functioning

Regional leader in Corporate Governance

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