Overview of MOL Group Strategy Lajos Alács Executive Vice President Strategy and Business Development Budapest, 14 th of November 2007

A Leading European Integrated Oil and Gas Company 2 ► 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 Shareholding structure (%) (approximate) ( ) Slovnaft ( 98.4 %) INA ( 25.0%+1 share) TVK ( 94.9%)* *direct and indirect influence UPSTREAM Gas Transmission E&P DOWNSTREAM PetrochemicalsR&M MOL Plc. Operational integration

Key financial indicators In USD m*2006 Change 2006/2005 1,524.3Operating profit1, % 1,453.1Adjusted operating profit**1, % 2,142.7EBITDA2, % 1,413.1Operating cash flow2, % 1,183.3CAPEX889.4(25%) 1,226.3Net income1, % 12.0Basic EPS (USD) % 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: HUF/USD for 2005:199.7 HUF/USD, for 2006: 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.

4 ► 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 Q ► 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: mm boe incl 25% of INA (66% gas – 34% oil)

Focused upstream portfolio with potential for significant growth 5 ALG LBA EGY PAK KAZ OM YEM SYR ANG RUS RO PRODUCTION EXPLORATION INA Potentialnew coremarkets MOL CR H I ALG LBA EGY PAK KAZ OM YEM SYR ANG RUS RO PRODUCTION EXPLORATION INA Potentialnew coremarkets MOL CR H I H ProductionReserve boepd mboe Exploration & Production

High quality refining assets combined with unique logistics 6 D D BG UKR AL MK Friendship oil pipeline Friendship I Capacity: 20 mtpa Friendship Il Capacity: 7.9 mtpa Adria JANAF Capacity: 10 mtpa Refineries BRATISLAVA Capacity: 6.1 mtpa NCI: 11.5 DUNA Capacity: 8.1 mtpa NCI: 10.6 SISAK Capacity: 2.2 mtpa NCI: 6.1 RIJEKA Capacity: 4.5 mtpa NCI: 5.8 MOL Group depots usedINA depots used Refineries Friendship oil pipelineAdria 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 SCG I H IES* Capacity: 2.6 mtpa NCI: 8.4 * Transaction is expected to be closed in Q4 2007

Retail: Develop an efficient network within our refineries’ supply radius 7 ► 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 MOL Group filling stations INA filling stations km PL D A CZ RO BIH SLO SCG UKR HR SK H 320 COCA 43 DODO COCO 4141 Optimisation of existing network Potential growth through greenfield or acquisition 6 67 MOL-INA JV filling stations 1,41 2,70 3,52 4,78 3,38 4,34 1, 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) Source: Wood Mackenzie Source: John S. Herold, Harrison Lovegrove (1) 2006 results are not yet available Average = $17/bbl $/bbl Outstanding profitability in Europe in Core Businesses Source: Wood Mackenzie,

► 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 9

► 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 total organic Capex: $5.3 Bn (without power generation) Leveraging on organic growth potential… 10

… while having a strong track record in inorganic growth and actively pursuing new opportunities 11 ► 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 of Shell Romania acquisition Sale of Gas Business Acquisition of 100% shareholding of IES SpA 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 Regional leader in Corporate Governance 12