INVESTOR PRESENTATION - PDF by cuiliqing

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									INVESTOR PRESENTATION

              June 2009
MOL at glance*
               E&P                                      G&P                      R&M                                   Petchem

 ►70 years                           ► 5,300 km high               ► 336,000 bbl/day
                                                                   refining capacity                           ► One of the largest
 experiences in                      pressure gas                                                              polymer players in
 domestic E&P                        pipeline operator             ► High quality asset                        CEE
 ► International                                                   base
 activities since early                   ► Building of UGS         ►1091 filling
 1990s                                    with 1.2 bcm strategic    stations in ten                                ► 879 kt ethylene
                                          and 0.7 bcm               countries                                      and 1202 kt polymer
 ► 352.3 MMboe SPE
                                          commercial capacity                                                      capacity
 2P reserves (2008)                                                    ► Ability to turn sour
 ► 2008 production of                                                  crude into quality
                                               ► JV with CEZ to        products
 86.3 Mboe/day (46%                                                                                            ►  Full operational
                                               build CCGTs
 gas) in 3 countries                                               ► Extensive crude                           integration with R&M
 ► Exploration in 10                                               and product pipeline
 countries                           ►         Energy Trade Ltd.   system

              EBITDA excl. special items 2007 (USD mn)                           EBITDA excl. special items 2008 (USD mn)
                                                                   1500
     1500             1279                                                   946       829
                                                                   1000
     1000      658                                                  500                          295
       500                   251     328                                                                  70       -159          33
                                                   -115   -7            0
         0
                                                                   -500
                E&P




                                                                                             P




                                                                                                                            rs
                                                                                                         m



                                                                                                                   O
                                                          Inters




                                                                             P
                                                   CO
                      R&M




                                                                                    M
                             Gas &
                             Power


                                     Petchem




                                                                                             &
                                                                            E&




       -500




                                                                                                                   C
                                                                                                       he
                                                                                   &




                                                                                                                            te
                                                                                             G
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                                                                                                                          In
                                                                                                     tc
*Excluding INA                                                                                     Pe                                    2
Existing upstream portfolio: solid basis for further growth
► Exploration activities in 10                                                                                       Russia, ZMB field
  countries*                                                                                                    Production*: 19,900 bblpd
                                                                                                                Reserves**: 49.1 MMbbl

► Producing assets in 3                                                                                                                               Russia,
                                                                                                                                                  Surgut-7 Block
  countries*                                                                        Russia, Baituganskoye Block                                 Reserve**: 9.1 MMbbl
                                                          Hungary                  Production*: 2,200 bblpd
                                                 Production*: 61,700 boepd         Reserves**: 64.7 MMbbl
      Production, 2008**                         Reserves**: 183.8 MMboe
                                                                                                                                  Russia, Matyushkinskaya Block
            54%                                                                                                                   Production*: 1,300 bblpd
                       28%                                                                                                        Reserves**: 31.2 MMbbl
46%

                                                                                                                    Pakistan, Margala,
                                                                                             Fedorovsky Block
                                                                                             Kazkhstan,              Margala-N and            Pakistan, Tal Block
                                                                                               Kazakhstan,
                                                                                             Fedorovsky Block         Karak Blocks          Production*: 1,200 bblpd
                                                                                                                                            Reserves**: 14.4 MMboe

                                          72%
                                                Kurdistan (Iraq), Khor
                                                 Mor, Chemchemal
       Reserves, 2008***
                                                                             Kurdistan (Iraq), Akri-Bijeel
                                                                                and Shaikan Blocks

42%                    48
                       %
                                          52
               58%                        %
                                                                                                                                                India, Block HF-
                                                                                                  Yemen, Block 48       Oman, Block 43B
                                                                                                                                                  OON-2001/1
                                                    Cameroon,
                                                Ngosso Permit Block


      Oil              Hungary
      Gas              Russia, Pakistan


  * excluding INA
  ** Mboe/day
  *** SPE, 2P, MMboe
                                                                                                                                                                       3
Downstream portfolio – solid basis for growth
                                                                                    Refineries              Crude pipelines
                                                                               Danube                        Friendship I      D
                                                                               Capacity: 8.1 Mtpa            Capacity: 20 Mtpa
                                                                               NCI: 10.6
                                                                               Bratislava                    Friendship II
                                                                               Capacity: 6.1 Mtpa            Capacity: 7.9 Mtpa
                                                                               NCI: 11.5                     Adria - JANAF
                                                                               Mantova - IES                 Capacity: 10 Mtpa
                                                                               Capacity: 2.6 Mtpa
                                                                               NCI: 8.4
                                                                               Rijeka
                                                                               Capacity: 4.5 Mtpa
                                                                               NCI: 5.8
                                                                               Sisak
                                                                               Capacity: 2.2 Mtpa
                                                                               NCI: 6.1



 MOL and SN product slate (2008)                   IES product slate (2008)                         Petchem and retail captive
                                                                                                          market (2008)
                2%                                       3% 2%
           9%                                       4%                  14%                                             16%
                            21%
     13%
                                             25%
    5%
    2%

                             48%             2%                               50%                                          15%
                                                                                                      69%
                                                                                                             Petchem
                                                                                                             Retail
                LPG                Motor Gasoline        Middle distillate                                   Other
                Fuel oils          Bitumen               Naphtha
                Other
                                                                                                                                   4
  Efficiency leadership in upstream and downstream
                                         Lifting cost / boe (2003-2008)

          30,0                                                                                           ►Highly competitive OPEX maintained
                                                                                                         (5.8 USD/boe)
          20,0
USD/boe




                                                                                                         ►One  of the lowest lifting cost among
          10,0                                                                                           European Upstream players
                                                                                                         ►„Downstream   Business of the Year”
           0,0
                        2003           2004              2005            2006       2007         2008    award in 2008 (Platt’s)

                      MOL          Peer group (median)           Peer group (min)     Peer group (max)   ► Highest net cash margin in Europe in
                                                                                                         2007 (Duna & Slovnaft refineries)*
                      Source: John S. Herold database; 2008 – MOL data



                                        Net cash margin 2007 (USD/bbl)
                 12         Duna
                            Slovnaft
                 10

                  8

                  6                                Mantova
                                                                Rijeka
                  4                                                        Sisak

                  2

                  0

                 -2
             *Source: WoodMackenzie – European and Russian refiners



                                                                                                                                                  5
Growth strategy successfully pursued in 2008

               ► MOL became the biggest shareholder of INA (47.16%) via a voluntary
               public offer in October 2008 (EUR 873 mn),
    INA        ►The Shareholders’ Agreement Amendment in early 2009 provides
largest ever   management control and enables the full consolidation of INA
transaction    ►   Gas Master Agreement - first step in value creation
               ►   Value creation through harmonised operations
               ►   Increase the efficiency of INA to MOL’s standards

               ►   Strong exploration; Reserve Replacement Ratio over 100%
               ►   IES integration successfully started
 Organic
 projects      ►   We remain committed to the Hydrocrack Development Project
               ► Gas infrastructure development on track to transform MOL into a
               regional gas hub


Unconventi-    ► Significant resource potential, MOL’s local strengths (local geology,
   onal        acreage position, well developed infrastructure)
exploration    ►ExxonMobil’s    expertise and proprietary technology

                                                                                         6
  Strong CCS-based operating profit in Q1 2009 and in FY 2008
   Q1 2008            Q1 2009           Ch %         (IFRS), in HUF billion                                FY 2007               FY 2008             Ch %
        101.6               107.6              6     EBITDA                                                       496.0                 351.1            (29)
          67.3               67.4               -    Operating profit                                             355.5                 199.2            (44)
                                                     CCS-based operating profit excl.
          59.6               42.7           (28)     special items(2)                                             267.3                 286.4               7
         (1.3)              147.1           n.a.     Net financial expenses/(gain)                                 16.6                   16.1            (3)
          65.0            (114.9)           n.a.     Net income                                                   257.8                 141.4            (45)

   Q1 2008            Q1 2009           Ch %         (IFRS), in USD million(1)                              FY 2007               FY 2008            Ch %
        586.7               475.4           (19)     EBITDA                                                     2,698.8               2,043.8            (24)
        388.6               297.7           (23)     Operating profit                                           1,934.2               1,159.6            (40)
                                                     CCS-based operating profit excl.
        344.5               189.7           (45)     special items(2)                                           1,454.5               1,666.8              15
         (7.5)              649.9           n.a.     Net financial expenses/(gain)                                  90.1                  93.6              4
        375.3             (507.1)           n.a.     Net income                                                 1,402.6                  823.2           (41)


(1) In converting HUF financial data into USD, the following average NBH rates were used: for Q1 2008: 173.2 HUF/USD, for FY 2008: 171.8 HUF/USD, for Q1
2009: 226.4 HUF/USD.
 (2) Operating profit excludes the one-off gain on the subsequent settlement from E.ON in connection with the gas business sale for Q1 2009 and FY 2008 (HUF
14.0 bn and HUF 6.4 bn, respectively), the fine imposed by the European Commission in association with paraffin trading (HUF 5.8 bn) realised in Q3 2008, the
repayment by the Slovak Ministry of Finance of the unfounded penalty in Q4 2008 (HUF 4.6 bn).




                                                                                                                                                                7
Stable EBITDA in Q1 2009, but significant unrealised net FX loss

                                    MOL Group financial results (HUF bn) - Q1 2009
100
               Special
                items
    50

     0

 -50

-100                                                         Loss from discontinued
                                                                 INA operation
-150
         CCS-based operating   Inventory gain    Net financial       Income from      Income tax expense   Net income
               profit                             expenses            associates


►   Despite the tough environment, sales volumes were stable and EBITDA grew by 6% (HUF-terms)
►Operating       profit, excl special items, decreased by 21%, while CCS-based operating profit down 28%
y-o-y
► Considerable unrealised net FX loss of HUF 140 bn in Q1 2009, due to the dramatic depreciation of
the HUF against the USD and the EUR
►The  loss from associates was HUF 12 bn, of which the loss from discontinued INA operations (gas
trading) amounted to HUF 6 bn in Q1 2009.
►   As a consequence, a net loss of HUF 125 bn was reported, excluding special items.
                                                                                                                        8
          Current oil macro: volatile but not unfavourable
 300                                                                                                                                                                   140

 250                                                                                                                                                                   120

 200
                                                                                                                                                                       100
 150
                                                                                                                                                                       80
 100
                                                                                                                                                                       60
  50

                                                                                                                                                                       40
      0

  -50                                                                                                                                                                  20

 -100                                                                                                                                                                   0
             Q1      Q2      Q3     Q4     Q1     Q2     Q3     Q4     Q1      Q2      Q3      Q4       Q1       Q2     Q3      Q4     Q1      April     May                  Q1      Q2      Q3      Q4      Q1      Q2       Q3       Q4       Q1       Q2       Q3        Q4     Q1      Q2     Q3     Q4      Q1        April      May
            2005    2005    2005   2005   2006   2006   2006   2006   2007    2007    2007    2007     2008     2008   2008    2008   2009     2009      2009                2005    2005    2005    2005    2006    2006     2006     2006     2007     2007     2007      2007   2008    2008   2008   2008    2009       2009       2009

                                                                                                                                                                                                                                                                2004-08                   2008
                                                                              2004-08                2008                                                                    Oil price (USD/bbl)                                                                  Av                       Av                E 2009                 Q1 2009
 Crack spreads (USD/t)                                                          Av                    Av                 E 2009               Q1 2009
 Gas oil FOB ROTT                                                                124.7                 101.1                   66.0                    73.7                  Brent dated                                                                               72.2                   97.3              47.5                      44.4
 Premium unleaded gasoline FOB ROTT                                              145.6                 212.4                  101.0                 101.3
 Naphtha FOB MED                                                                     51.1                23.7                  25.0                    25.9




600                                                                                                                                                                          250



500
                                                                                                                                                                             200


400
                                                                                                                                                                             150

300
                                                                                                                                                                             100
200

                                                                                                                                                                              50
100


 0                                                                                                                                                                            0
           Q1       Q2      Q3      Q4     Q1     Q2     Q3     Q4      Q1      Q2      Q3       Q4       Q1       Q2      Q3      Q4         Q1       April    May                  Q1      Q2      Q3      Q4      Q1      Q2       Q3       Q4       Q1       Q2       Q3     Q4     Q1      Q2     Q3      Q4     Q1       April     May
          2005     2005    2005    2005   2006   2006   2006   2006    2007    2007    2007     2007     2008     2008    2008    2008       2009      2009     2009                2005    2005    2005    2005    2006    2006     2006     2006     2007     2007     2007   2007   2008    2008   2008    2008   2009      2009      2009


                                                                                 2004-08                  2008                                                                                                                                                   2004-08                  2008
      Margin (EUR/t)                                                               Av                      Av                 E 2009                Q1 2009                   Currency                                                                             Av                      Av                E 2009                 Q1 2009

      Integrated petrochemical margin                                                   449                     406                   386                      312            HUF/USD average                                                                          191.4               171.8                218.9                   226.4




                                                                                                                                                                                                                                                                                                                                                 9
Upstream – outlook for 2009
           External environment
►Stabilising   crude price
►Weakening    natural gas price (based on            Revised hydrocarbon production profile based on
previous 9-months average of certain oil             our existing portfolio weighted by geological risk
product quotation)                                        120


►Weaker   HUF is supporting EBIT                          100



                                                           80




                                                thboe/d
     Modified E&P focus reflecting the                     60


            different oil macro                            40


►Significant   cut in 2009 capex to USD 314                20
mn
                                                            0
►Main focus on field development projects to                2008                    2009              2010      2011            2012                2013


generate cash instead of reserve generation                     Liquids - Hungary          Gas - Hungary     Liquids - Russia      Liquids - Pakistan
                                                                Gas - Pakistan             Liquids - Other   Gas - Other

►Low  risk development projects with early
                                                Volume outlook: Upstream production is expected to
cash generation prioritised, riskier projects
                                                   oscillate between 75,000- 80,000 bpd for 2009
delayed
►EOR   / IOR / EGR projects are subject to
the changes due to the price-sensitivity of
these projects


                                                                                                                                                           10
Downstream –outlook for 2009

                                                 External environment:
                                                 ►Volatile crack spreads, but improving diesel
                                                 crack spread is expected
                                                 ►Weaker     HUF is supporting EBIT
                                                 ►Low   crude price environment is favourable
                                                 for our internal crude consumption

                                                 Volume outlook:
    MOL refinery
    INA refinery                                 ►Only  slight demand decrease expected for
    Other refineries                             the main refined products for 2009
    Crude Pipeline
                                                 ►Planned   shut downs at both Duna Refinery
         Favourable geographical position        (including FCC, HF Alkylation, DC, Gasoil
                                                 Hydrotreating)    and    Slovnaft  Refinery
► Our main markets are landlocked markets,
                                                 (Hydrocracker) in Q2-Q3 2009.
isolated from the Transatlantic gasoline trade
                                                 ►Profit driven volume optimisation via our
►Our core markets has remained short in diesel
                                                 supply chain management
and balanced in gasoline
►Well established commercial links to the
customers


                                                                                                 11
Financial flexibility to pursue growth strategy
               ►MOL Group had Net debt of EUR 2.9 bn and a gearing ratio of 40.9% at the end-
   Strong      March 2009
  financial    ►   More than EUR 1.3 bn unutilized credit facility and cash deposit
  position
               ►   First large maturity is in October 2010


  Revised      ►   HUF 220 bn CAPEX target for 2009 (a 35% decrease versus the previous plan)
  CAPEX        ►   CAPEX is planned to be financed fully from the operating cash-flow in 2009


               ► Disciplined revision of the operating costs with stringent cost control across the
Cost cutting   board
               ►   Broadly flat OPEX target in 2009 vs. 2008

               ► No dividend on 2008 earnings, considering the largest ever transaction in INA
               (EUR 873m)
 Dividend
               ►On long-term keeping dividend policy of 40% payout on normalised earnings,
               depending on investments



               Sufficient external funding for expected projects
    Preference to maintain financing headroom of at least EUR 1.2 bn
                                                                                                      12
INA
INA at glance
      E&P continuing              Discontinued                    R&M                           Retail
        operation                   operation
                             ► INA exits from the
►Core  regions                                           ►Two  refineries in
                             regulated Gas Storage                                      ► Country wide retail
   ►Onshore Croatia                                      Croatia:                       network with 435
                             and Gas Trading             ► Rijeka (4.5 mtpa)
   ► Offshore Croatia                                                                   stations in Croatia
                              ►INA  had direct cash      ► Sisak (2.2 mtpa)
   ►Middle East
   (Syria)                    loss on Russian gas                                           ► 50 stations in
   ►North and West            imports of HRK                 ►  Marketer of nearly          Bosnia &
   Africa                     1.15/cm                                                       Herzegovina,
                                                             5 mt of fuel products
► 382 MMboe of                                               in Croatia and South           Slovenia
proved and probable          ► In 2008 operating             East Europe
reserves (2008)              loss on discontinued                                       ► Acquisition of
► 2008 production of         operation was USD         ► Extensive logistics            Energopetrol (50-
58.9 Mboe/day (58%           345 mn                    network                          50% with MOL),
gas)                                                                                    adding 65 stations in
                                                                                        Bosnia&Herzegovina

          478   EBIT 2007 (USD mn)
    500                                                          715    EBIT 2008 (USD mn)
                                                      800
    400
                                                      600
    300
                                                      400
    200                                 (17)
    100                          11                   200                   (345)       (257)       (20)
                    (96)
      0                                                 0
 -100     E&P    Discont'd    R&M       Retail        -200        E&P       Discont'd     R&M        Retail
                                                      -400
                                                                                                                14
INA Upstream: significant portfolio

Production assets                                                      Exploration assets
      Croatia onshore
                                                                        Syria, Hayan&Aphania Blocks




                                                                         Egypt, East Yidma, Ras El
      Croatia offshore                                                   Ush and East Kalabsha Bl.



                                                                           Iran, Moghan-2 Block

     Syria, Hayan Block
                                                                        Angola, Block 3/05, 3/85, 3/91



                                                                            Namibia, Zaris Block
 Egypt, West Abu Gharadig,
 North Bahariya, Ras Qattara
   and East Yidma Blocks

                                                         MOL

                                                         INA
    Angola, Block 3/05A
                                                         PRODUCTION

                                                         EXPLORATION




                   Total proven + probable reserves of INA: 382 MMboe*
                      Hydrocarbon production in 2008: 58.9 Mboe/d
 *as of 31. 12. 2008                                                                                     15
INA Downstream: strategically located assets under
modernisation
                                                                                       Refining

                                                           Refineries:                 Rijeka              Sisak
                                                               Capacity:               4.5 mtpa           2.2 mtpa
                                                               NCI:                       5.8                6.1

                                                               ►   INA owns and operates the only two fuel refineries in
                                                                   Croatia :
                                                                      ► the Sisak refinery located in the middle of the
                                   Bratislava                           country,
                                    Refinery                          ► the Rijeka refinery at the Adriatic seashore

                                                               ►   Appr 17 % of the crude oil requirement covered from its
                                                                   own Upstream production in 2008
                                                Danube
                                                               ►   INA sold a total of 4.4 mt oil derivatives, of which 64%
                                                Refinery
                                                                   on the domestic market in 2008,
      Mantova Refinery                                         ►   Development programs are ongoing at both refineries
                                     Sisak Refinery                to modernize the facilities in line with market demand
                         Rijeka Refinery                           and regulatory standards


                                                                                       Retail
                                                           ►   488 FSs in Croatia, Bosnia and Slovenia, in the supply
                                                               radius of INA refineries
                                                           ►   INA fuel retail markets has significant growth potential
 MOL refinery
                                                           ►   Traditional, strong brand fitting into MOL's multibrand
 INA refinery                                                  strategy
 Other refineries
 Crude Pipeline
                                                                                                                        16
MOL and INA - a perfect match
Complementary asset base on adjacent markets
Complementary asset base on adjacent markets
   Doubling Proven + Probable reserves                    68% increase in Hydrocarbon production,
                (MMboe)*                                               2008 (Mboe/d)
     1000                                                    200

      750                                                    150

                                382                                                          58,9
      500                                                    100
                                                 734                                                    145,2
      250                                                     50           86,3
               352
          0                                                    0
               MOL               INA            MOL+INA                     MOL                   INA   MOL+INA
                     * As of 31 December 2008


 40% increase in refining capacities (mtpa)                  More than 1500 petrol stations (units)*

     30                                                      2000

     23                                                      1500
                               6,7                                                                485
     15                                                      1000
                                                 23,5                                                    1561
      8       16,8                                            500           1076

      0                                                            0
              MOL              INA              MOL+INA                      MOL                  INA   MOL+INA
                                                                       * As of 31 December 2008
                                                                                                                  17
INA provides value creation potential accross the value chain

Current business portfolio of INA
                    1                                                      2                           3

                                     Transmission                       Storage                   Gas trading
   Gas




                                     (Not with INA)

             Exploration &
             Production
                                                            4                                          5


                                                Refining & Marketing                                 Retail
   Oil




  1      Exploration & Production                               4      Refining & Marketing
  ►INA  suffered huge opportunity loss in Croatian              ►Well   located refineries in need of modernisation
  natural gas production due to regulated gas prices
  ►Regulatory risk of royalty regime change


  2      Storage                                                5      Retail
  ►Gas  storage cost in Croatia is not part of the              ►Good  market coverage but unit profitability needs to
  regulatory cost base                                          be improved

  3      Gas trading
  ►Direct loss on gas imports due to regulated gas
  prices vs. market price of imported gas

                                                                                                                         18
Creating shareholder value

                  Controlling gas operation restructuring in
          A frame contract for stake enables value creation H1 2009
                                                1    Restructuring with strong minority position

                                                In November 2003 MOL acquired 25% plus one
                                                vote in INA for USD 505 mn
                        3                       The Shareholders’ Agreement provided strong
                                                minority rights
                    Amendment                   MOL initiated the restructuring of INA, essential to
                        of                      the harmonisation of the two companies
                   Shareholders’
                    Agreement                   2    47.16% shareholding

                                                In October 2008 MOL became the largest
                    Creating
                                                shareholder of INA raising its stake to 47.16% via
                   shareholder
         1            value           2         voluntary public offer for EUR 873 mn

   Restructuring                                3   Amendment of Shareholders’ Agreement
    with strong                     47.16%
     minority                    shareholding   2009 January: The Amendment to the
     position                                   Shareholders’ Agreement provides management
                                                control for MOL and consolidation of INA
                                                This opens up the way for the improvement of
                                                efficiency and profitability as well as realization of
                                                upside potential


                                                                                                         19
Amendment to the Shareholders’ Agreement provides control and
allows IFRS consolidation of INA

MOL gains operational control of INA:
        ►   Supervisory Board: MOL delegates 5 out of 9 members (incl. the Vice-president)
        ► Management Board: MOL delegates 3 out of 6 members (incl. the President who
        has tie-casting vote)


The Government will have veto rights ensuring the national security of energy
   supply and key decisions with respect to strategic assets of INA


The Government has certain transfer limitations for INA shares from MOL:
        ►   MOL has taken an additional lock-up period of 5 years (2+3 years)
        ► Following the expiration of the lock-up period the Government will have the right
        of first refusal for the shares owned by MOL
        ► The Government can repurchase INA shares in case of non-recommended
        change of control of MOL

*The Shareholders Agreement was concluded with the Government of Croatia for indefinite period of time, whilst both
parties continue to hold at least 25%+1 share ownership in INA.
                                                                                                                      20
Gas Master Agreement: near-term value creation

Gas operation restructuring in H1 2009
                   1                                                   2                        3
                                       Transmission
             Exploration &
                                       (Not with INA)               Storage                Gas trading
    Gas




             Production




1   Exploration & Production            2     Storage                         3   Gas trading
► Agreement on long-term gas supply      ► EXIT: Unbundling and sale of gas   ► EXIT: Unbundling and sale of
to the Croatian market (take-or-pay)     storage of INA                       gas trading/wholesale activities of
► Sales price of the natural gas         ► Buyer: Plinacro, the state-owned   INA
produced by INA domestically will        gas transmission company             ► Transfer of Take-or-Pay
gradually reach import parity level      ► Price: HRK 514 million based on    obligation of gas imports
between 2010-14                          independent valuation
► Predictable royalty regime for the
hydrocarbon production of INA in
Croatia within the maximum royalty
level set at 10%

                                             INA exits from the regulated parts of the gas value chain
 Boost the profitability of INA                         Direct loss on gas imports is eliminated
          Upstream
                                        Operating loss of discontinued operation was USD 345 mn in
                                                                    2008
                                                                                                                    21
Downstream: INA refinery upgrade program provides medium-
term value creation
                                              Main goals

►   Comply with EU environmental standards and produce EU quality products
►   Enhance INA profitability via product yield improvement
►   Increase operational capacity
►   Improve overall efficiency

Project details                    Sisak                                            Rijeka
                  ►   Revamp of the Coker Gasoil                 ►   The key element of the upgrading
                      Hydrodesulphurisation unit was                 program is the construction of a Mild
                      completed in 2007                              Hydrocracker unit. Its expected
      1st phase




                  ►   New Claus plant was completed in 2008          completion date is Q1 2010.
                  ►   FCC-gasoline Hydrodesulphurisation unit    ►   A Claus plant and a Hydrogen plant (with
                      reached its mechanical completion in           a completion date of Q4 2009), are
                      November 2008, currently the pre-              necessary for production of low sulphur
                      commissioning activities are in progress       diesel
      2nd phase




                  ►   Coker reconstruction and a Hydrocracker    ►   Residue upgrading project is under
                      Complex will further increase capacity         development and it will complete the yield
                      and improve yields                             improvement program




                                                                                                                  22
Proven track record of MOL to upgrade assets and improve
efficiency of operations will be at use in INA
                            UPSTREAM                                                 DOWNSTREAM
         Net income / boe            Lifting costs / boe                        Refining Net cash margin - 2007
USD/bbl                        USD/bbl                         USD/bbl
    20                          10                             12

                                 8                             10
    15
                                                                8
                                 6
    10                                                          6
                                 4
                                                                4
     5
                                 2
                                                                2

     0                           0                              0
           MOL        INA                MOL      INA                    Duna     Bratislava   Mantova   Rijeka   Sisak
     Source: Herold                                                 Source: WoodMackenzie

►   Partnering in certain projects                         ►   Global Supply Chain Optimisation
►   Optimization of international presence                 ►   Economies of scale in refinery management
►   Utilizing a bigger expert pool and knowledge           ►   Harmonized refinery operation, maintenance
    transfer                                                   and marketing activities
       ► EOR/IOR activity
                                                           ►   Logistic system integration
       ► Offshore experiences
                                                           ►   Knowledge transfer
►   In-house drilling and seismic companies                ►   Operational efficiency improvement in
                                                                 ► procurement,
►   Cost reduction
                                                                 ► energy consumption,
       ► in operation and maintenance, and
                                                                 ► maintenance,
       ► via inventory optimization
                                                                 ► logistics



                                                                                                                          23
Timeline to close the transactions


Amendment to the Shareholders Agreement


                                                                              INA General
               Antimonopoly   EU Commission     Antimonopoly   Closing
   Signing
•2002                                                                       Meeting elects
                process        approval         decision     Preparation
                                                                           Supervisory Board


   30 Jan 09                                                                   30 June 09


Gas Business Reorganization

                                 - Closing of Storage Co sale
     Gas Master                                                               Sale of
•2002                        -Legal unbundling of Trading Co,
      Agreement                                                             Trading Co.
                      with royalty and long term supply agreements




IFRS consolidation of INA when new Supervisory Board will be in place

                                                                                               24
Key milestones of boosting INA’s profitability and value



             ►   Non recurring revenue from sale of gas storage of HRK 514 mn
             ►   Loss on Russian gas imports will be eliminated from mid-2009
             ►   Gas revenue expected to remain stable at USD 240/th cm
 2009




             ►   Royalty rate remains unchanged at 2.6%
             ►   Launch the second phase of refinery upgrade
             ►   Efficiency review and first actions

             ►   Gas price gradually converging to import parity
                  Royalty rate for oil and gas produced in Croatia gradually
 2010-2014




             ►
                 increases to 10% by 2014 and remains unchanged afterwards
             ►   Refinery upgrade program
             ►    Efficiency improvements across the businesses and functional
                 support areas
                                                                                 25
Acquisition of a 10% stake in Pearl Company
MOL acquired 10% stake in Pearl Petroleum Company

 ► Pearl Petroleum Company Ltd. (Pearl)                                 ► Deal description

      Pearl was established as a 50-50% joint-venture of                  MOL acquired 10 % of Pearl Petroleum Company
      Dana Gas PJSC and Crescent Petroleum Company                        Ltd. for 6,271,142 “A” series MOL shares, (6% of
      International Limited.                                              registered capital)

      Pearl as a Special Purpose Vehicle (SPV) is                         Deal was closed on 15 May 2009
      developing two giant gas-condensate fields:

                Khor Mor field
                                                                                  Shareholding Structure of Pearl Petroleum
                Chemchemal field                                                             Com pany Lim ited
                                                                                                10%

      USD 605 mn has been invested (incl. field                                          10%

                                                                                                                  40%
      development of the Khor Mor gas field and a 176 km
      pipeline connection to power generators).

      Further USD 8 billion capex is planned to develop
                                                                                            40%
      the    companies’        assets      also    facilitating   the
                                                                                 Crescent Petroleum         Dana Gas PJSC
      subsequent exports of surplus natural gas into                             MOL Plc.                   OMV AG

      neighboring countries, including Turkey and beyond
      into Europe, benefiting local, regional and European
      economies



                                                                                                                              27
Source: Dana Gas and Crescent Petroleum publications
MOL assets in Kurdistani Region of Iraq


 ► 10% stake in Pearl Petroleum                                ► Other MOL assets in Iraq

    Khor Mor field:                                              80% operating interest in Akri-Bijeel block
         Producing gas-condensate field in production and        20% participating interest in Shaikan block
         development phase with significant upside potential
         at low drilling costs;
         Reserves independently verified by an international     Shaikan block
                                                                                                    Akri-Bijeel block
         expert company capable of producing in excess of
         3bcf/day;
         299 sqkm area;
         605 MM USD investment to date including drilling
         related costs, surface infrastructure and 176km
         pipeline infrastructure to connect field with local
         power plants;
         Current gas production: 90 million cf per day.
    Chemchemal field:
         Giant gas field in appraisal phase;
         1169 sqkm area.




                                                                                                                        28
Source: Dana Gas and Crescent Petroleum publications
Marketing possibilities for produced gas resources range from regional
sales opportunities to European export, enabling gas diversification

 ► Gas demand and routes*                                                                                           ► Alternative marketing possibilities

                                                                                                                       European markets could be reached               on
       +0                                       +19                    +18                                             alternative routes (LNG, TAP, IGI).
                                                                                               +29
          90**
   89.8                             +41
                                              9.3 11.1
                                              9.3 11.1
                                                            +6.3
                                                                     6.6 7.8
                                                                     6.6 7.8                                           There is a growing demand for natural gas in Iraq:
                                                                      SVK                       23.4
                                                                                         18.2
                                  8.7 13.5*
                                               CZR
                                                         14.2 15.1
                                                                                                                               Natural gas production should be
                                   AUT +127                                                                                    provided to the local industries as a first
                      +38
                                      1.1 2.5
                        114             SLO
                                                           HUN
                                                                         +108              ROM                                 priority while the excess gas can be
                                                +15
                                                             +287
                                                                       2.4 5.0
                                                                         SRB
                                                                                                                               exported.
                   82                         2.7 3.1                                      +33
                                                           0.4 1.6
                                                CRO
                                                             BIH
                                                                                         3.3 4.4
                                                                                           BUL
                                                                                                                       Turkey, who has one of the most booming natural
       GER                                                                                                             gas end-user markets all over the world, could be
                                                                                                                       an alternative consumer:
                                                                                                                               Other Middle Eastern countries e.g. Iran
                                                                                                                               (currently net importer in natural gas).
                     ITA
          Gas imports by origin                                                                                        Condensates and LPG from Khor Mor can be
                 Russia
                 Algeria                                                                                               marketed as well.
                 North Sea
                 LNG
                                                            2006 (bcm)           2020F (bcm)     +     Change (%)
            Source: KPMG, Eurogas, AGGM*, BNetzA**




                                          In Europe there is continuously growing demand for natural gas.
                                          Produced gas from the two fields could feed Nabucco.
                                          Before Nabucco’s completion MOL can sell its natural gas share on other
                                          alternative markets.

   *   Central European import routes and yearly consumption, 2006-2020 in bcm                                                                                               29
The Pearl transaction is a landmark in MOL’s strategy


                            ► Significant investment opportunity
                                Access to Khor Mor production and development phase field with
                                huge recoverable proven and probable reserves
                                Access to Chemchemal appraisal phase field with equally sizeable
                                recoverable proven and probable reserves
                                Significant up-side potential in reserves

                            ► Extended presence in the Middle East
 ► 10% stake in Pearl
                                Increasing presence in one of the fastest growing upstream regions
     Acquisition provides       Increased commitment and strengthening position in Kurdistan Region
     quality assets and         of Iraq following interests in Shaikan and Akri-Bijeel blocks
     increased strategic        Possibility to benefit from growing domestic consumption and recently
     importance in gas          experienced increasing export possibilities
     business                   Second strong strategic partnership with companies from the region


                            ► Source for gas diversification in Europe
                                Assets provide sufficient feedstock capacity for pipelines targeting
                                Central European markets such as Nabucco
                                Via virtual or actual swap deals exported gas can serve as a basis of
                                intensive trading activity according to global trading strategy




                                                                                                        30
Founders of Pearl Company provide a solid basis for further growth in the
Kurdistan Region of Iraq and other regions
 Shareholder structure – the sellers and future strategic partners

 ► Dana Gas                                                          ► Crescent Petroleum
       Dana Gas is the first regional private-sector natural              Crescent Petroleum, headquartered in Sharjah in the
       gas company in the Middle East, established with over              UAE, has been operating as a regional private
       300 reputable founder shareholders from across the                 upstream oil and gas company in the United Arab
       Gulf Cooperation Council (GCC) region, and some                    Emirates (UAE) for almost forty years.
       400,000 investors from over 100 nationalities                      The company’s long term growth focus is
       worldwide who submitted applications of over USD 78                development, marketing and utilization of natural gas
       billion over ten days in the company's regional IPO in             assets in the Middle East North Africa South Asia
       late 2005. Dana Gas has a USD 1,438 billion market                 (MENASA) region and currently possesses interests
       capitalization as of 15th May 2009.                                in:
       The company’s strategic aim is to focus on all                               Exploration and Production in the UAE with
       segments of the gas value chain:                                             Mubarek and Sir Abu Nu’ayr offshore fields
                 Supply and resource ownership;                                     and the Dana Gas PJSC onshore in Northern
                 Transportation, processing, marketing;                             Iraq;
                 Expansion into Upstream and Downstream.                            and various midstream, pipeline projects in
                                                                                    the Middle East region.

 ► Important presence in Kurdistan Region of Iraq
       Dana Gas and Crescent work program on Khor Mor enabled local gas-fired power plants to substitute oil fired plants in order
       to safely supply 4 million Iraqis while reducing governmental fuel cost by approximately 2 billion USD per year.
       Ambitious plans to invest 8 billion USD to further community contribution while utilizing excess volumes to supply Regional
       and European customer needs.




                                                                                                                                     31
Source: Dana Gas and Crescent Petroleum web sites
FINANCIAL OVERVIEW
Revised 2009 CAPEX plan

►CAPEX      plan of HUF 220 bn (35% cut vs. previous plan), to be financed by internal cash-flow
►Projects supporting the sustainability and operational reliability of current cash generating assets
have the priority
►The   2009 capex spending is restricted to the already contracted/committed projects


                                  2009 CAPEX plan by segments
                                                   ►E&P:  focus on development projects with early
                                                   cash generation and committed exploration work
               6%                                  programs
          6%                        E&P
                          30%                      ►R&M:     finalization of refinery modernization of IES,
                                    R&M
    14%                                            projects supporting sustainability and operational
                                    FGSZ           reliability, cost optimization of the Hydrocrack
                                    Gas & Power    investment
    13%
                                    Petchem        ►FGSZ:    transit connections to Romania and
                    31%             Corporate      Croatia
                                                   ►Gas  & Power: strategic gas storage project
                                                   completion and preparatory works in connection
                                                   with CEZ (PPT and CCGT)


               We are committed to even a stricter CAPEX spending
                                                                                                              33
CAPEX dominated by INA transaction in FY 2008
                                     CAPEX by segments (USDmn)
                     Acquisition of two           Acquisition of IES     Acquisition of INA
  1500               exploration blocks,          and Tifon                         shares
                     organic exploration
                                                                                                          1338
                     and development
                               1201,4
  1200                                             Spending on Mantova
                                                   refinery and VGO
                                                   Hydrocrack             Large-scale pipeline
   900                                                                    construction projects
                                                               707
                                       650
   600
               400                                                                                375,2
         330
  300                                                  167,8
  E&P
  E&P                                                                       40,9     56
    0
           E&P                    R&M                     G&P                Petchem                 C&O
                                           2007                             2008




          2008 CAPEX: USD 3.1 bn, while 2007 CAPEX was USD 2.1 bn




                                                                                                                 34
CAPEX in Q1 2009 was in line with the reduced target

                     CAPEX by segm ents (USDm n)


                                 125
       101                             109                            Q1 2009 CAPEX of USD 231 mn (down
             50
                     63
                            53                                                     23% y-o-y)
                                                     15
                                               5            5     4   HUF 52 bn CAPEX (unchanged y-o-y) in
 0
         E&P          R&M          G&P        Petchem        C&O      line with the reduced CAPEX target of
                  2008 Q1                                 2009 Q1                 HUF 220 bn



                     Operating cash flow (USDm n)
                                                    861
900                                    757
                          619
600


300
                                                                112
                                                                        Operating cash inflow in Q1 2009
  0                                                                      was USD 112 mn, compared to
-300                                                                      USD 241 mn loss in Q1 2008
          -241
        Q1 2008      Q2 2008      Q3 2008     Q4 2008       Q1 2009




                                                                                                              35
Upstream – natgas price still favourable


    Q1 2009 vs. Q4 2008                       Brent & Ural daily average crude price (USD/bbl)

►Brent decreased by 19%         150
from 55 USD/bbl in Q4 2008
                                130
to 44 USD/bbl in Q1 2009
                                110
► Natural gas price eroded       90
by 10% (USD-terms)               70
                                                                      Q1 2009: Brent: 44 USD/bbl
► Realized average               50
hydrocarbon price decreased      30
by 13% in USD-terms             2007.01.02       2007.07.02        2008.01.02      2008.07.02         2009.01.02
                                                     Brent Dtd                              Ural CIF (Med)

    Q1 2009 vs. Q1 2008               Realized gross crude oil and condensate prices (USD/bbl)

►Brent  price decreased from                         Hungarian                                       Russian
                                                                                     80
close to 100 USD/bbl to 44              100

USD/bbl (down by 54%)                    80                                          60
                                                   -54%                                        -61%
                                         60
                                                                                     40
                                                                   -20%
► Natural gas price increased            40                                                                    -23%
                                                                                     20
by 34% (USD-terms)                       20

                                          0                                           0
► Realized average                            Q1 2008 Q1 2009 Q4 2008 Q1 2009             Q1 2008 Q1 2009 Q4 2008 Q1 2009

hydrocarbon prices drop by
21% in USD-terms
                                                                                                                            36
Upstream – Q1 2009 the highest-ever quarterly operating profit
Q4 2008   Q1 2009   Q1 2008   Ch. %   Exploration & Production – in HUF bn                          FY 2007   FY 2008     Ch. %

   50.8      56.3      96.4   (42)    EBITDA                                                          119.3       227.8    91
   50.8      56.3      31.1    81     EBITDA excluding Szőreg 1 field disposal                        119.3       162.5    36

   38.4      46.0      89.2   (48)    Operating profit/(loss)                                          78.9       191.0   142
   38.4      46.0      23.9    93     Operating profit/(loss) excluding Szőreg 1 field disposal        78.9       125.7    59



Q4 2008   Q1 2009   Q1 2008   Ch. %   Exploration & Production – in USD mn                          FY 2007   FY 2008     Ch. %

    255       248       556   (55)    EBITDA                                                            649       1,326   104
    255       248       179    39     EBITDA excluding Szőreg 1 field disposal                          649        946     46
    192       203       515   (61)    Operating profit/(loss)                                           429       1,112   159
    192       203       138    47     Operating profit/(loss) excluding Szőreg 1 field disposal         429        732     71



          Q1 2009 vs. Q1 2008 EBIT movers                                            2008 vs. 2007 EBIT movers:
+ Significant positive FX rate impact on a 31%                       + The annual average Brent oil price was 34%
weakening of HUF against the USD                                     higher year-on-year
+ Lower mining tax payments                                          + The annual average gas price increased by 57%
                                                                     in 2008.
- 21% lower average realised hydrocarbon price
(USD-terms)                                                          - The higher realised USD prices were softened
                                                                     by a weaker USD against the HUF in the first half
- Lower production volumes by 3%, but…
                                                                     of the year
+ …the contribution of the higher-margin natural
                                                                     - Slightly lower production
gas increased (January gas crisis)



                                                                                                                                  37
Downstream – deteriorated environment
                                          Average diesel crack spread               Average premium unleaded
    Q1 2009 vs. Q4 2008 :                          (10 ppm)                           crack spread (10 ppm)
                                    USD/t                                         USD/t
► Average crack spread              250                                           200

narrowed further by USD 28/t        200
                                                                                  150
►Dieselcrack spread halved          150
(down by USD 95/t)                                                                100
                                    100
► Gasoline and naphtha crack
                                                                                   50
spreads improved by USD 30/t         50

►Brent-Ural spread narrowed           0                                             0
by USD 0.6 USD/bbl                          Q1   Q2          Q3   Q4      Q1                 Q1    Q2          Q3         Q4    Q1
                                                      2008               2009                           2008                   2009


    Q1 2009 vs. Q1 2008             Brent-Urals differential (USD/bbl)
►Averagecrack spread fell by    7


45% (USD 40/t)                  6

                                5

►Diesel crack spread            4


decreased by 42% (USD 73/t)     3

                                2

► Gasoline crack spread fell    1


by 29% (USD 32/t)               0
                               08.01.03
                               -1
                                                  08.04.03             08.07.03         08.10.03               09.01.03               09.04.03


► Naphtha crack spread went
down by 70% (USD 59/t)
►Brent-Uralspread narrowed
by USD 2.0 USD/bbl
                                                                                                                                                 38
Downstream – Q1 2009 hit by halving crack spreads
Q4 2008     Q1 2009     Q1 2008    Ch. %     Refining & Marketing – in HUF bn                       FY 2007   FY 2008     Ch. %
   (20.0)       24.6        57.8    (58)     EBITDA                                                   235.1       147.0      (37)
   (41.3)         4.7       40.1    (88)     Operating profit/(loss)                                  171.9        72.4      (58)
    45.9        (6.0)       32.4   (119.0)   Estimated CCS-based EBIT excl. one-off effects           139.8       160.8       15



Q4 2008     Q1 2009     Q1 2008    Ch. %     Refining & Marketing – in USD mn                       FY 2007   FY 2008     Ch. %
   (100)         109        334     (67)     EBITDA                                                   1,279        829       (33)
   (207)          21        232     (91)     Operating profit/(loss)                                    935        422       (55)
   230.3       (26.5)      187.1   (114.0)   Estimated CCS-based EBIT excl. one-off effects             761       936.0       23




            Q1 2009 vs. Q1 2008 EBIT movers                                             2008 vs 2007 EBIT movers
 + Despite the recession, sales volume remained                         + Negative effect of inventory holding of HUF 92.4
 stable                                                                 bn in 2008
 + Positive FX rate impact on weakening HUF vs.                         + 73% higher diesel crack spread
 the USD
                                                                        - Fx loss on creditors and vendors due to
 - USD 40 /t (45%) decrease in average crack                            extremely volatile fx movements in H2 2008
 spreads, in particular diesel fell by USD 73/t
                                                                        - A significant increase in energy cost
 - USD 2.0/bbl lower Brent-Ural spread
 - A significant increase in energy cost (HUF 10 bn)




                                                                                                                                    39
Petrochemicals – further margin decline
Q4 2008   Q1 2009       Q1 2008    Ch. %     Petrochemicals – in HUF bn                                           FY 2007        FY 2008             Ch. %
    8.5        1.0           7.4      (86)   EBITDA                                                                    60.3           12.1                (80)
    3.7       (3.7)          2.6      n.a.   Operating profit/(loss)                                                   40.9           (7.6)               n.a.


Q4 2008   Q1 2009       Q1 2008    Ch. %     Petrochemicals – in USD mn                                           FY 2007        FY 2008             Ch. %
     43             5         43      (88)   EBITDA                                                                     328             70                (79)
     19        (16)           15      n.a.   Operating profit/(loss)                                                    223           (44)                n.a.




 Q1 2009 vs. Q1 2008 EBIT movers             EUR/t              Integrated margin, Naphtha price (Med, FOB)                                     USD/t
                                              600                                                                                                     1200

- Integrated petrochemical margin
decreased by 25%                              500                                                                                                     1000

      ► Naphtha quotation
                                              400                                                                                                     800
      decreased by 56%,
      ► Polyolefin quotations                 300                                                                                                     600
      decreased by 39-43% on
      average                                 200                                                                                                     400

- Considerable increase in energy
                                              100                                                                                                     200
prices and
- Monomer and polymer sales were                 0                                                                                                    0
                                                       Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4      Q1     Q2      Q3     Q4       Q1
reduced by 12% and 9%, respectively                   2006   2006   2006   2006   2007   2007   2007   2007    2008   2008    2008   2008     2009
due to weakening market demand
                                                      Naphtha price (USD/t)                                   Integrated margin (EUR/t)

                                                                                                                                                                 40
MOL - Solid financial position
    EUR 700 mn revolving facility (May 2005)                      EUR 750 mn fixed rate note
►   Maturity: 5+1+1 years with bullet repayment      ►   Maturity on 5th October 2015,
►   Interest rate: EURIBOR plus 22.5 to 37.5 bp      ► Annual coupon of 3.875%.
                                                     ► Rated BB+ (Standard & Poor’s).

    EUR 825 mn revolving facility (July 2006)        EUR 2,100 mn revolving facility (October 2007)
►Maturity:   5+1+1 years with bullet repayment       ►Maturity:   3 years with bullet repayment
►Interest   rate of EURIBOR plus 18 bp out of the    ►Interest   rate: EURIBOR plus 27.5 bp out of the
box.                                                 box.
                                           Undrawn facilities
Long term debt (EUR bn)              31.03.2008      Short term debt (EUR bn)            31.03.2008
MOL                                     1.23         MOL                                    0.07
TVK                                     0.00         TVK                                    0.03
SN                                      0.02         SN                                     0.13
IES                                     0.05         IES                                    0.29
Total                                   1.31         Total                                  0.52



     The facilities subject to a margin grid based on the actual Net Debt to
                                  EBITDA ratio.
                                                                                                         41
MOL group net currency exposure

       Net currency exposure*                                Expected group net FX exposure*
  ►   Upstream
                                                  Long FX exposure                 Short FX exposure
         ►   long in USD
         ►   short in HUF, RUB
  ►   Downstream                                                                                28%


         ►   long in USD                             51%             49%


         ►   short in HUF and EUR                                                     72%

  ►   Petchem
         ►   long in EUR
         ►   short in USD, HUF
                                                           USD       EUR             HUF       RUB




           MOL Group is expected to be 51% long in USD and 49% long in EUR
       Currency mix of Group debt is in line with currency mix of the free cash-flow



* based on 12-months forward looking EBITDA calculated in Dec 2008
                                                                                                       42
Sensitivity analysis for 2009

Effect on FY operating profit (HUF bn)                                   E&P            R&M          Chemicals       TOTAL
 +/- 5 USD/bbl crude oil price movement (with fixed crack spread and
petrochemical margin)                                                  +5,9 / -5,2    +1,1 / -1,1    -3,0 /+3,0     +4,0 /-3,3
+/- 10 USD/HUF, with fixed crack spreads                               +4,0 / -3,9   +10,3 /-10,3    -5,8 /+5,8     +8,5 /-8,4
+/- 10 EUR/HUF, with fixed crack spreads                                              +2,2 / -2,2    +6,2 / -6,2    +8,4 /-8,4
+/- 10 USD/t Crack spread change (R&M)                                               +13,6 / -13,6                 +13,6 /-13,6
+/- 10 EUR/t integrated petrochemical margin change                                                  +2,3/-2,3      +2,3 /-2,3
Total                                                                  +9,9 / -9,1   +27,2 / -27,2   -0,3/+0,3     +36,8 / -36,0



 ► MOL exposure
      Oil business USD based (dollar input, dollar based output unless extreme
      conditions)
      Petrochemicals: USD based input, EUR based output
      Gas transmission: mainly regulated HUF tariff revenues, HUF costs
                   Overall currency exposure: long USD, long EUR

 ► Potential effect of significant HUF weakening
       Lower HUF based costs
       Higher HUF based margins
    BUT
       Potential pricing parity difficulty in high price environment
       Economic growth may be negatively effected ie. volume effect in domestic market


* Assuming unchanged USD/EUR FX rate.

                                                                                                                                   43
UPSTREAM
Stabilized production from existing portfolio

Average hydrocarbon production (2002-2008, boe/day)                                    Reserves (2006-2008, MMboe)(1)

                                                                      400
 120.000                                                              350
 100.000                                                              300
  80.000                                                              250
  60.000                                                              200
                                                                      150
  40.000
                                                                      100
  20.000                                                               50
      0                                                                 0
           2002   2003   2004      2005       2006      2007   2008              2006 SEC          2007 SEC         2007 SPE 2P   2008 SPE 2P

                           crude oil   natural gas                                                     crude oil   natural gas
                                                                            (1): excluding 25% of INA reserves



       Hydrocarbon production breakdown (2008)                                         Reserves breakdown (2008)(2)




                                            Hungary                                                                                  Hungary
                                                                                                                                     Russia
                                            Russia
                                                                                                                                     Other MOL
                                            Other MOL




                                                                      (2): based on SPE 2P, excluding INA reserves


                                                                                                                                                 45
Upstream – activities of 2008

Strong exploration results in Hungary and in international arena – creating reserve base
►Remarkable  3-year’s average drilling success ratio of 66% in Hungary adding 17 mn boe to our SPE
2P reserve base
►Several discoveries in Russia, Kazakhstan and Pakistan resulting in 46% 3-year’s average drilling
success ratio and 36.4 mn boe SPE 2P reserve addition
►The  average finding cost was at USD 6.5/bbl during 2006-08, including exploration related acquisition
cost as past cost or cost of exploration license
►The   reserve replacement ratio was above 100% in 2007 and 2008.

Continuous strict cost control to remain one of the most effective onshore producer in Europe
►Several   operation improvements and risk mitigation tools implemented, in line with industry trends
►Competitive   5.8 USD/boe unit production cost despite cost inflation
►Harvesting   soaring oil prices – record result

Systematic portfolio building activity continued
►Unconventional    exploration with ExxonMobil
►Strong    focus on partnering
►New    blocks in Kurdistan, India and Cameroon

                                                                                                          46
Upstream CAPEX, 2008-2009




                            47
Hungary – Extended activities to exploit organic upside potential

            Location of the main completed and planned
                     developments in 2008-09                                         KEY FACTS (2008)
 Létavértes
 Földes-NE-1
                                                                          ►   183.8 MMboe 2P reserves
 Hosszúpályi-S pres. boost up

 Okány-Kőrösújfalu-Zsadány-és Komádi-10
                                                                          ►   61,700 boepd production
 Dévaványa

 Tóalmás                                                                  ►   USD 101 mn CAPEX
 Gomba



 Kardoskút
 Dombegyház-SW

 Sávoly-W
 Bajánsenye-Őriszentpéter
 Sávoly-S
                                                   Oil    Gas
                                                 Completed
 Nagylengyel
                                                   0-1 MMboe
                                                   1-5 MMboe
 Görgeteg-Babócsa
 Vízvár-N                                        In progress or started
                                                     0-1 MMboe
                                                     1-5 MMboe



                                          Planned activities (2009)

 ► We dedicate USD 61 m capex for 26 Hungarian development projects in 2009, targeting 25,6
 MMboe from our proved but undeveloped reserve base.
 ► High returns are expected, as transportation infrastructure and gathering systems are available in
 their proximity.
 ► In 2009 we expect to drill and/or test 11 exploration wells in Hungary (some of them was started in
 2008) and to carry out 2 seismic acquisitions to identify new prospects in our Hungarian acreages.
 (USD 46 m)

                                                                                                         48
Russia – significant production growth potential

                                                                            KEY FACTS (2008)

                                                             Baitugan
                                                             Owners                         MOL (100%)
                                                             Reserve in 2008 (MMboe)        64.7 (2P)
                                                             Production in 2008 (bbl/day)   2,2
                                                             ZMB
                                                             Owners                         MOL (50%) Russneft (50%)
                                                             Reserve in 2008 (MMboe)        49.1 (2P)
                                                             Production in 2008 (bbl/day)   19,9
                                                             Surgut 7
                                                             Owners                         MOL (100%)
                                                             Reserve in 2008 (MMboe)        9.1
                                                             Production in 2008 (bbl/day)   -
                                                             Matyuskinshkaya
                                                             Owners                         MOL (100%)
                                                             Reserve in 2008 (MMboe)        30.8 (2P)
                                                                                            31.2
                                                             Production in 2008 (bbl/day)   1,3



                                       Planned activities (2009)

  ►   Matyushkinshkaya: development of Ledovoye field and building surface facilities on Ledovoye
      and Matyushkinsky fields
  ►   Surgut: Extended well test of the Ayskaya-1 well and drilling of the second exploratory well
      Atayskaya-2
  ►   Baitugan: 19 new production and 9 injection wells will be drilled, and extension of the surface
      facilities
  ►   ZMB: focusing on maintenance                                                                                     49
Other international portfolio elements

                                                                         KEY FACTS (2008):

                                                                   ►   14.4 MMboe 2P reserves
                                                                   ►   1,200 boepd production



                                                   MOL
                                                    INA


                                                   PRODUCTION
                                                   EXPLORATION



                                         Planned activities (2009)

  ►   Pakistan: further development of Manzalai field with significant increase in production from Q2,
      one exploration well in Tal block, seismic acquisition and interpretation in Margala, Margala-N
      and Karak blocks
  ►   Kazakhstan: spud an appraisal well to assess the discovery made in Rozhkovsky-U-10 well
  ►   India: 1 exploration well
  ►   Kurdistan: drilling and testing one exploration well in Akri Bijeel Block and one exploration well in
      Shaikan Block

                                                                                                              50
Unconventional exploration with a reputed partner

                                                                                               MOL-EXXON JV:
    UNCONVENTIONAL BASINS
         IN HUNGARY
                                                                                     ►   Joint Technical Study proved the
                                                                                         potential for Makó and Békés basins
                                Optional*
                                                                                     ►   Joint exploration program to gain
                                                          Derecske
                                                          Basin                          further geological information and test
                                                                                         commerciality

                                                   Békés Basin
                                                                                            Potential of Makó basin
 Zala Basin
                                                    MOL-INA possible joint
                         Firm                       exploration project
                                                    MOL exploration project          ►   Total area of 2,769 km2
                                      Makó Basin
         Drava Basin                                ExxonMobil-MOL Strategic
                                                    JV                               ►   Resources of the basin above 2,000
                                                                                         MMboe (~340 Bcm)
                                            Planned activities (2009)

                       Capabilities                                                             Activities

    ►    MOL’s local strengths (local geology,                                ►   2-4 year exploration and appraisal
         acreage position, well-developed                                         program
         infrastructure)
                                                                              ►   In case of success, the production is
    ►    ExxonMobil’s expertise and proprietary                                   planned to commence after 2012
         technology

                                                                                                                                   51
DOWNSTREAM
 Extended asset portfolio leverages competitive advantage
 Refineries                                                                                                  Refineries, Depots, Pipeline
DUNA                                                                                                                      Own Refinery
Capacity: 8.1 Mtpa                                                                                                        47% in INA
NCI: 10.6
                                                                                                                          Competing Refinery
BRATISLAVA
Capacity: 6.1 Mtpa                                                                                                        Own or Rented Depot
NCI: 11.5                                                                                                                 MOL uses CEPRO
Mantova - IES                                                                                                             system against a certain
Capacity: 2.6 Mtpa                                                                                                        fee
NCI: 8.4
                                                                                                                          Crude Pipeline
RIJEKA
Capacity: 4.5 Mtpa                                                                                                        Product Pipeline
NCI: 5.8                                             Bratislava Refinery
SISAK
Capacity: 2.2 Mtpa
NCI: 6.1
                                                            Danube Refinery

                      Mantova Refinery
                                                 Sisak Refinery
                                         Rijeka Refinery
                                                               MOL and SN product slate*                                 IES product slate*

                                                                                     2%                                             3% 2%
                                                                                9%                                            4%                  14%
                                                                                                 21%
 Crude pipelines                                                          13%
                                                                                                                    25%
Friendship I      D
                                                                      5%
Capacity: 20 Mtpa
                                                                      2%
Friendship Il                                                                                     48%                    2%                             50%
Capacity: 7.9 Mtpa

Adria                                                                                LPG                Motor Gasoline        Middle distillate
JANAF                                                                                Fuel oils          Bitumen               Naphtha
Capacity: 10 Mtpa                                                                    Other
                                                                  *2008

                                                                                                                                                              53
Strong, leading position among European refineries…
                          Net Cash Margin of European and Russian Refineries (2007)
            In USD/bbl

           12      Duna/Hungary (MOL)
                     Bratislava/Slovak Republic (MOL)
           10

            8

            6
                                                        Frassino, Mantova/Italy (MOL)

                                                                            Rijeka/Croatia (INA)
            4                                                                            Sisak/Croatia (INA)


            2

            0

            -2
  Key drivers
                                                           KEY DRIVERS
  ►   High quality asset base
  ►   Opportunity to purchase heavier, sour crude raw material
  ►   High refinery complexity provides outstanding product slate
  ►   Significant market position supported by complex logistics in a ‘landlocked’ environment
  ►   Supply chain optimization along the whole value chain (refineries, petchem, retail)

                                                                                                               54
…driven by ‘crude to plastic’ philosophy



       SCM contributes to
    Downstream EBIT by 0.5-1.0
            USD/bbl

  ►Joint optimization of
  Downstream and Petchem and
  channelling gasoline surplus to
  Petchem
  ►Transfers between the three
  Refineries
  ►Joint operative supply
  management and distribution
  scheduling




                                           55
Global and regional supply-demand balance estimation
                                                           Greater Europe                                                                  FSU
                                                                                                    Gasoil
                                                          42 57 72 71                                                         8   9 14 15
                                                                                                                                                   45 40 46 38
          North America
                         2   9 14 3                                       -35 -51 -50 -53




                                                                                                                                                   Gas
                                               Gaso
                                                   line                             G as
                                                                                        oil       Middle East                                                          China
                -42




                                                                                                                                                      oil
    -72 -72 -65                                                                                         18 14                      47 37
                                                                                                                             17 13                          4   0          0 0
                                                                                              -13 -10                                                               -10 -22
                                                                                                                                                                                       -34 -85
                                                            Sub-Saharan Africa                                          il
                                                                                                             G
                                                                                                                 as
                                                                                                                    o             Ga
                                                                                                                                       so
                                                                                                                                          il   India
                       Latin America                                                                                          4 13 14 12         14 16 20 11
                                                             -11 -12 -15 -18    -9 -12 -17 -22
                                                                                                                                                                          Other Asia-Pacific
                      -7 -11 -11 -13   -8 -12 -9 -13                                                                                                                                             9
                                                                                                                                                                               -1 -4     0   5       -5
                                                                                                                                                                      -7 -10


 Legend                                                        SUPPLY DEMAND TENDENCIES BY 2020
 Years: 2007 / 2010 / 2015 / 2020
                                                               ►   Growing diesel deficit, remaining gasoline surplus in Europe
 in Million tonnes per annum

      Gasoline Balance
                                                               ► US gasoline import expected to slow down or even
                                                               disappear (further ethanol production, demand decrease,
      Diesel/Gasoil Balance
                                                               refinery capacity developments)
                                                               ►   Asia-Pacific gasoil demand extremely high
                                                               ► Middle-East capacity increase to be partly absorbed by own
Source: Woodmac and MOL estimations, 2009 Jan                  consumption, by Asia, Africa and Europe
                                                                                                                                                                                                          56
European supply-demand balance estimation

  MOL core region: short in diesel and balanced in gasoline

                                                                                         Europe Total
                                                                          42   57   72    71
                North and West Europe
               28 36 44 47
                                     -1
                                                                                                   -35 -51 -50 -53
                                          -14 -15 -10

                                      MOL core region: Central-Eastern Europe
                                           -2   0   2   2                                      North and West Europe:
                                                                                               F (North), B, NL, L, D, CH,
                                                            -14 -15 -12 -17                    UK, IRL, DK, IS, S, N, SF

                                Other Mediterranean                                            MOL core region:
                                                                                           H, SK, A, CZ, PL, SLO, HR,
  Legend                              16 21 25 23                                                BiH, SRB, RO,
  Years: 2007 / 2010 / 2015 / 2020                                                                   I (North)
  in Million tonnes per annum
                                                        -20 -22 -23 -26                      Other Mediterranean:
       Gasoline Balance
                                                                                           E, P, F (Med), I (Med), GR,
       Diesel/Gasoil Balance                                                               TR, BG, MK, ALB, M, GBZ,
                                                                                           CY, MA, DZ, TN, LAR, ET,
                                                                                                   IL, RL, SYR               57
Source: Woodmac and MOL estimates, 2008 Dec
 Crack spread development

300


250


200


150


100


 50


  0
        Q1     Q2     Q3     Q4     Q1       Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1    April   May
       2005   2005   2005   2005   2006     2006   2006   2006   2007   2007   2007   2007   2008   2008   2008   2008   2009   2009    2009
 -50


-100

                                          Crack spread – premium unleaded gasoline (USD/t) FOB ROTT

                                          Crack spread – gas oil (USD/t) FOB ROTT

                                          Crack spread – naphtha (USD/t) FOB MED




                                                                                                                                               58
Significant increase in capacity and middle distillate yield


                                  MOL GROUP PRODUCT SLATE

                         2008 actual                                                              2013 target
                   Crude processing: 15.0 Mt                                                Crude processing: 25 Mt1
   MOL and SN product slate                        IES product slate                             MOL Group incl. INA
                                                         3% 2%                                     8%       2%
          9%   2%                                  4%                    14%                 10%                  19%
                           21%
    13%
                                            25%                                             5%

   5%                                                                                       3%
   2%
                                              2%                               50%
                            48%                                                                                     53%

                                                                                          LPG                    Motor Gasoline
               LPG                      LPG
                                  Motor Gasoline     Middle distillate         Motor Gasoline distillate
                                                                                          Middle                 Fuel oils
               Fuel oils                Middle
                                  Bitumen     distillate
                                                Naphtha                        Fuel oils Bitumen
                                                                                          Other
                                                                                                                 Naphtha
               Other                    Bitumen                                Naphtha
                                        Other




                                                                                                                                  59
IES– extended MOL Group core region

                          Bayernoil
                                                                              IES – IMPROVING DIESEL FOCUS
                          12,0              Bratislava                                                                          3% 2%
                                            MOL GROUP ;6,1                                                                 4%            14%
           Ingolstadt
           PETROPLUS, 5,0
                                                                      ► Focus    on middle distillates
                                                                                                                     25%
                                         Schwechat
                          Burghausen
                          OMV ;3,5
                                         OMV ;9,6                     ► Favourable      location in the most
       Cressier
                                                     Százhalombatta
       PETROPLUS, 3,4
                                                     MOL GROUP ;8,1       industrialized Northern Italy               2%                       50%
      Collombay
                                                Sisak
      TAMOIL, 2,7Mantova
S. Martino di                                   INA ;2,2              ► 50%    middle distillate yield
                   MOL GROUP ;2,6 Rijeka                                                                   LPG                          Motor Gasoline
Trecate                              INA ;4,5                                                              Middle distillate            Fuel oils
EXXONM.;8,7                                                                                                Bitumen                      Naphtha
                             Porto                                                                         Other
    Sanazzaro
    ENI ;8,0        Cremona Marghera;3,5
                    TAMOIL ;4,5
           Busalla
           IPLOM ;1,7             Falconara
                                  API ;3,9
                                                                      Organic growth strategy based on synergies
                    Livorno
                    ENI ;4,2
                                Pantano                               ► Group    level refinery and sales optimization in the
                                TOTAL/ERG ;4,3
                                                                          North-Adriatic region including INA
                                                                      ► Continuous    crude oil mix optimization
                                                                      ► Transportation    mode re-optimization
Key facts                                          Taranto
                                                   ENI ;5,5
          cracking refinery 2.6 Mtpa
► ThermalSorroch
                                                                      ► Retail   network development
              SARAS ;15,0
► NCI 8.4                                                             ► Fuel   card cross-acceptance (MOL and 3rd parties)
                                           Milazzo
                                           ENI/KPC ;8,0
► 96% capacity utilization
                     Augusta
                             EXXONM.;8,7
                                                                      Well positioned for inorganic value creation
► Crude supply     via 124 km                     2.6 Nord
                                            long ErgmedMtpa
                        Gela
                                                 ERG ;8,0             ►   First step in a region interlocking with MOL core
   IES pipeline from Marghera port
                        ENI ;6,0                  Ergmed Sud
                                                                          markets
► Captive filling station network of              ERG sites
                                                  205 ;11,4
                                                                      ►   Retail network development
                                                                                                                                                         60
Crude supply security managed by diversification
                                                                                                Baltic Pipeline System 1-2
                                                                                                  Current capacity: 75 Mt/y
                                Primorsk crude export 2006:                                    Total planned capacity 150 Mt/y
                                          62,5 Mt
                                                                                          Estimated finish construction: end of 2008
 ► EU export expected to
 be stable                                                                                     BTL

 ► Opportunity to extend
 long term supply
 contracts
                                                                                                     Pipeline crude export 2006:
                                                                m
 Key opportunities for MOL                                Northe                                               62,8 Mts
                                                          Dru zhba
 group:
 ►Continuous supply of MOL
                                                                                 Od
 and SLOVNAFT refineries                                                              es s
                                                                                          a
                                                              aI
 from Russia                                         Druzhb
                                                                             I
                                                                                                                            CPC
                                                                          aI
                                                                     hb
 ►Flexible management of                                        uz

                                       TAL
                                                              Dr
 stock transfers between the
 two refineries
                                                 Adria
 ►Purchase    of crude oil
 cargoes through Adriatic
                               IES           Adria
 Pipeline for refinery




                                                                                                                              C
                                                                                                                           BT
 optimization
 ►Opportunity to further                                                               Burgas – Alexandropolis pipeline project
 harmonize crude purchase                                                               Total capacity: 15-24-35 Mt/y in 3 phases
                                                                                                      First oil: 2009
 with IES                             Black Sea crude export
                                            2006: 49 Mt


                                                                                                                                       61
Biofuels – managing sustainable criteria for biofuels will be
essential for fuel suppliers


                                             Update low
     REN e% target will force                 bioblend              10% GHG intensity reduction target
 fuel suppliers through national              scenarios             will force all fuel suppliers in the EU
    legislation to sell biofuels           (E5/10, B5/B7)                  to sell biofuels with the
   to meet national obligations                                             best GHG performance
                                             to meet the
                                               targets


Biocomponent need will increase from 0.4 Mtpa in 2008 to 1 Mtpa by 2013 for MOL



         Diesel: Challenging value chain             Gasoline: Large scale of available capacities

   FAME production in MOL joint ventures (Rossi,       Mid-term supply contracts with local ethanol
   Meroco) by 250 kt/year                              suppliers
   Most efficient, integrated FAME production
   capabilities in CEE




                                                                                                              62
 Retail at a glance
                                                                                                               15%
                                                                             Retail captive market
                                                                             (2008)
                                         30 FS
                                         2% Mkt share
                                                        209 FS
                                                        29% Mkt share
                                                                                                      85%
                               47 FS
                                                    361 FS
                                                                                              ► 1091 Fuel Stations (FSs)
                               1.5% Mkt share                                                   in 10 countries
                                                    36% Mkt share            134 FS
                                       11 FS                                                  ► Regional network
                                       1.5% Mkt share                        11
               205 FS                                                                           operates under multi-
                                                                             % Mkt share
               2% Mkt share                                                                     brand structure with 2
                                   43 FS            22 FS
                                                            29 FS                               international (MOL,
                                                   10% Mkt
                                   7% Mkt
                                                   share   1.9% Mkt share                       Slovnaft), 4 country-
                                   share
                                                                                                specific (IES, TIFON,
                                                                                                ROTH, EP) brands
                                                                                              ► 2.3 Mt fuel sales in the
                                                                                                region
                                                                                              ► 2.9 ml/yr
                                                             Supply radius                      throughput/station as
                                                                                                regional average in own
                                                                                                network
Fully consolidated companies
Market share data as Q4 2008

                                                                                                                           63
Establishing strong position in Italy through IES acquisition

                                                      ► IES has 205 fuel stations with 1.5
                                                        ml/yr/fuel station throughput
                                 app. 120
                                                      ► The network is spread out of the
                                                        country, but mainly concentrated
                                                        in the supply radius on Mantova
                                                        refinery
                                                      ► Find new retail acquisition
        App. 25
                                            app. 55
                                                        opportunities to expand IES
                                                        network
                                                      ► Leverage on the retail know-how
                                                        transfer opportunities within MOL
                                                        group and develop new
                                                        Customer Value Proposition to
                                                        improve network profitability




 Not including 4 highway sites




                                                                                             64
Tifon acquisition - strengthening our position in Croatia


                                        ► TIFON has a premium network
                                          of 43 fuel stations with 3.7
                                          ml/yr/FS throughput
                                        ► Improve Customer Value
                                          Proposition to improve network
                                          profitability
                                        ► Leverage on premium brand
                                          position and excellent product
                                          quality
                                        ► Introduce efficient network
                                          management practices to
                                          increase cost-control




                                                                           65
PETCHEM
Petrochemicals – crude to plastic optimisation
              Petrochemicals is a significant risk mitigator in the hydrocarbon value chain.

      MOL R&M                   MOL Petrochemicals

                                                              ► Petrochemicals support
                                                              R&M growth as captive
      Refining
(naphtha, LPG, gasoil)
                            Olefins            Polymers
                     (ethylene, propylene) (LDPE, HDPE, PP)
                                                              market for excess
                                                              gasoline through naphtha.


           Base transfers
                                                                                             Current annual
                                                              ►  Current annual feedstock
                                                                                            synergies of EUR
                                                              transfer of 2.3Mt from
                                                                                            40 mn from joint
                                                              Refining to Petchem…
                                                                                             optimisation of
                                                              ► …and 0.6Mt from               Refining and
                                                              Petchem to Refining            Petrochemicals



                            16% - transfer to Petchem

                                                              ► Petchem accounts for
                                                              16% of refined product
                                                              sales in volume-terms
                                                              (2008)

      84%
                                                                                                               67
MOL is well positioned to serve the growing CEE

Our objective is to              CEE polyolefin demand growth will outpace the West
                                                  European growth
► Leverage our established
position in the domestic and            MATURE                             REGIONAL                                   GROWTH
CEE markets                        Customer portfolio
                                                                     Customer portfolio
                                                                 optimisation and price level                New customer acquisition
                                     optimisation
► Strengthen traditional niche                                            increase

market positions in Western                                                                                           CIS
                                                                                                                            5.4%
European markets                                                            21.3
                                                                                                                     8.4
                                                                                                                            6.1%
                                  UK                                                PL
► Simultaneously develop                                     D
                                                                      40
our presence in the strategic                                              CZ           24.3
                                                                                                                 UKR
                                                                                                                             6,7%
                                                                                   SK
Eastern growth markets.                Western Europe 56.5
                                                                       A                 H
                                                                                                                     3.7
                                                                                                                             5.6%
                                                                                37.6
                                           FR                                                           RO    5.8%
                                                                      SLO HR
                                                                                   9.5              7.0
                                                                                                              2.1%
                                                                                BIH SCG
                                                                  I                                     BG
                                                                                                 12.9



                                                                                               PE average annual growth rate (2006-10)
                                       PE and PP demand (kg/capita/year)
                                                                                               PP average annual growth rate (2006-10)




                                  Proximity to rapid growth                                  We aim to fulfil the rapidly
                                 regions of Eastern Europe is                                increasing LDPE deficit in
                                   a significant competitive                                 CEE region in the coming
                                          advantage.                                                   years.

                                                                                                                                         68
Integrated petchem margin vs. crude oil
 140                                                                                                                     600



 120
                                                                                                                         500


 100
                                                                                                                         400


  80

                                                                                                                         300

  60


                                                                                                                         200
  40


                                                                                                                         100
  20



  0                                                                                                                      0
        Q1     Q2     Q3     Q4     Q1     Q2      Q3     Q4       Q1      Q2       Q3      Q4      Q1    April   May
       2006   2006   2006   2006   2007   2007    2007   2007     2008    2008     2008    2008    2009   2009    2009


                               Brent dated (USD/bbl)            Integrated petrochemical margin (EUR/t)


                                                                                                                               69
One of the largest polyolefin player in CEE
  Polyolefin capacities in the region*

   300                                                                                                                                                LDPE
                                                                                                                                                                                                                                                                                                                              Our competitive
               247


   200                                         160                           155
                                                                                                          145          140
                                                                                                                                                          120

                                                                                                                                                                                                                                                                                                                              advantages:
                                                                                                                                                                                 105
                                                                                                                                                                                                                          86                 80
   100                                                                                                                                                                                                                                                                              60                              50


     0

                                                                                                                                                                                                                                                                                                                                  efficient assets
                                               Dow




                                                                                                                                                       Basell-Orlen




                                                                                                                                                                                                                                                                                                                    HIP
                                                                                                                                                                                 Polimeri Europa




                                                                                                                                                                                                                          Lukoil
                                                                                                                                                                                                                                                                                                                              ►
            Petrochemicals




                                                                             DIOKI




                                                                                                           Borealis




                                                                                                                                                                                                                                             Petrom




                                                                                                                                                                                                                                                                             Petrochemicals
                                                                                                                       Polymir




                                                                                                                                                       Polyolefins




                                                                                                                                                                                                                                                                               Rompetrol
                 MOL




                                                                                                                                                                                                                                                                                                                              ►   up-to-date product
     450                       420                                                                                                                    HDPE                                                                                                                                                                    portfolio
     400                                                      355
     350                                                                                                     320
     300
     250
     200                                                                                                                                   175
                                                                                                                                                                                                                                                                                                                              ►   our integrated and
     150                                                                                                                                                                100

                                                                                                                                                                                                                                                                                                                              optimised feedstock supply
                                                                                                                                                                                                                             75
     100                                                                                                                                                                                                                                                  60
                                                                                                                                                                                                                                                                                                     30
      50
       0
                                                                                                                                                                        Lukoil
                             Petrochem icals




                                                                                                                                                                                                                                                      Petrochem icals




                                                                                                                                                                                                                                                                                                    Petrom (OM V)
                                                                                                        Basell-Orlen




                                                                                                                                                                                                                             H IP
                                                           U nipetrol




                                                                                                                                           Borealis
                                                                                                         Polyolefins
                                                            (Orlen)




                                                                                                                                                                                                                                                        R om petrol
                                                                                                                                                                                                                                                                                                                              ►   strong regional position
                                  M OL




                                                                                                                                                                                                                                                                                                                              ►   proximity to rapid growth
                                                                                                                                                       PP                                                                                                                                                                     regions of Easter Europe
     1200
                             970
     1000
      800
                                                      535
      600                                                                                  400
      400                                                                                                              290
                                                                                                                                                                215                                    180                          140
      200                                                                                                                                                                                                                                                                     60                                      30
        0                                                                                                                                                                                                                                                                           (KazMunaiGaz)
                                                                                                                                                                                                                                    Lukoil
                                                                                                                       Unipetrol (Orlen)




                                                                                                                                                                  Dow
                                                                                     Basell-Orlen




                                                                                                                                                                                                              Petroleum




                                                                                                                                                                                                                                                                                                                      Hipol
                               Borealis




                                                            Petrochemicals




                                                                                                    Polyolefins




                                                                                                                                                                                                   Hellenic




                                                                                                                                                                                                                                                                        Rompetrol
                                                     MOL




 * Region contains: H, CZ, SK, PL, SLO, CRO, RO, BiH, SR, CG, MAC, GR, BG, TR and FSU countries                                                                                                                                                                                                                                                               70
GAS AND POWER
Gas & Power core portfolio
Geographical overview of existing activities and business upsides                    Gas assets/activities existing/under development

                                                                                       1 FGSZ Zrt. (Gas Transmission) (100% MOL share)
                                                                                         – 5300 km long network transmits 15.1 bcm domestic and 2.4
                                                                                             bcm transit volumes (2008)
                                                                                       2 Pipeline developments of FGSZ Zrt.
     Baumgarten        6                                                  Beregovo         – Import capacity extension from Ukraine by 11 bcm/y
                  4
                                                                                           – Interconnection to Romania with 1.5 bcm/y capacity
                                       4                  2                                – Interconnection to Croatia with 1.5 bcm/y capacity
                                                                                           – NETS project
                                     5                9
                             1               10                                        3   MMBF Zrt. (Gas Storage) (72.5% MOL share)
                                 Városföld
                                                                                           – Storage of Hungary’s 1.2 bcm strategic reserves and 0.7 bcm
                      10 9         2         3            2                                  mobile capacities for commercial use with 25 mcm/d
                             9                                                               withdrawal rate. Start of operation in 2010
                                                                                       4   MOL Energy Trade Ltd. (100% MOL share)
                                                                                           – Max. available gas source 4 bcm/y
                                                                   7 N
                                                                       ab                  – Trading activities in HU, AUT, SRB
                                                  8                      uc
                                                                            co        Ongoing power plant developments in cooperation with CEZ
                                                      SE




                                                                                            Hungary - 800 MW CCGT2 power plant development at MOL
                                                        P
                                                              1)




                                                                                       5
                                                                                            Duna Refinery


                                                                                       6    Slovakia - 960 MW CCGT power plant and TPP development at
                                                                                            Slovnaft Refinery
                                                                                     Further regional business development opportunities

         LEGEND                                                                        7   16.6 % share in the Nabucco pipeline project
              Existing high pressure grids and transit routes
                                                                                       8   Joint project company with Gazprom to evaluate opportunities
                Planned interconnections                                                   in gas transmission and storage in SEE/CEE
                Planned major gas transit routes                                       9   Screening inert gas utilization with partners
                                                                                      10 Screening geothermal energy utilization with partners


1)   South European Pipeline, possible route                                                                                                              72
2)   Combined cycle gas turbine technology
Gas transmission - an interactive transitor instead of a dead-end street

                                                                 MARKET FEATURES
   ►   Gas consumption of Hungary and the region is expected to grow further
   ►   Increasing import need on regional level requires more flexible transmission system
   ►   Transmission systems in the region are currently working mainly on country level

                      To became interactive transitor MOL carries out its own developments…

     Geographical overview of FGSZ network developments                                      Network development rationale

                                                                Velky Kapusany        ► Stable cash-flow on existing asset base in
   Baumgarten
                                                                                        accordance with the Hungarian regulatory
                      Bratislava
                                                      Capacity extension                framework
                                                                           Beregovo
    Mosonmagyaróvár                                                                   ► Further capacity extensions on the Hungarian
                      Budapest ring                                                     gas transmission system due to growing local
                                                                 Hajdúszoboszló
                          Százhalombatta                                                consumption
                                                            Endrőd
                                                                                      ► Responding to the expected demand growth,
                                       Városföld
                   Croatian transit                     Romanian transit                import need and increased volatility of volume
                                      Strategic UGS                                     required, FGSZ is developing itself as an
                                       connection   Algyő
                                                                                        interactive transitor between five directions
                                                                                        instead of to be an asset, which is a dead-end
                                                                                        street

           Ongoing transmission system development projects
           Potential developments subject to market demand/balance
                                                                                                                                         73
Source: MOL and FGSZ analysis
Gas transmission - an interactive transitor instead of a dead-end street

                           …and play an active role in the international transition projects.

                            Nabucco                                                            NETS
                                                                ► NETS integrates the gas network system of the
 ► Nabucco is not solely an infrastructure development,
    it is the adequate answer to CEE’s gas source                 CEE TSOs* in the frame of a unique partnership
    diversification (e.g. Iranian, Caspian source)              ► NETS enhances regional infrastructural
                                                                  development and works as a basis for establishing
 ► The project is strongly supported by the EU
                                                                  regional gas market
 ► MOL has 16.67% share in the project
                                                                ► Already signed MoU**: HR, RO, HU

                                                                ► Interested parties: FBIH, SRB, BG, SLO




                                                                    Planned interconnections          Nabucco
                                                                                                      Countries expected to join
                                                                    Countries already signed MoU

                                                                                                                                   74
 * Transmission system operator
 ** MoU: Memorandum of Understanding
Underground gas storage

                    Increasing role of UGS assets                                                                                 MMBF UGS
 ► Regional gas pipeline and power plant developments                                                    ► MMBF is one of the most competitive storage
       provide a unique value creating opportunity from                                                    facilities in the region due to its excellent geological
       establishing UGS                                                                                    and technical features
 ► MOL intends to utilize its depleted reservoirs                                            for         ► 1200 mcm strategic and 700 mcm commercial
       establishing underground gas storages                                                               storage capacity contributes to the flexibility of
 ► Hungary may be a major storage country of the region                                                    regional gas supply
       due to its geological feauters and geographical position
                                                                                                         ► Due to the intensive development of gas pipeline
 ► UGS will play an important balancing role in regional
                                                                                                           interconnectors and gas-fired power plants in the
       energy supply due to the increasing role of peak load
                                                                                                           region, MMBF will contribute sufficiently to regional
       electricity and gas-fired power generation in CEE
                                                                                                           gas supply flexibility
 [bcm]         Monthly natural gas consumption in EU-27 [bcm]
 80

                             43.8                      40.0                  45.1
 70

 60


 50
                 39.9                   44.3                       44.0                  46.3
 40

 30


 20

 10


  0
                  2003                 2004                      2005                2006
                                                                                                                                                    Szőreg-1
                                                                                                                                                    Sz?reg-1
                                                                                                                                                    Strategic + commercial
xx Total withdrawals from storage facilities in winter        Level of consumption                               Legend                             1200 mcm + 700 mcm
                                                                                                                                                    20 mcm/d + 5 mcm/d
xx Total injection into storage facilities in summer                                                                 Current pipelines
                                                              Level of domestic production and imports
                                                                                                                     Planned interconnectors
      Withdrawals from gas storage
                                                              Level of domestic production
      Injection into gas storage                                                                                     MMBF storage facility (MOL 72.5 %, MSZKSZ 27.5%)

Source: Eurostat, MOL analysis
                                                                                                                                                                             75
Power plant developments: inevitable to ensure supply demand balance
MARKET ENVIRONMENT
                                                                                          Expected decrease in available generating
 Expected net electricity deficit in CEE region in 2020
                                                                                                 capacities in Hungary (MW)
                                                                                 12 000


   Germany
                                                                                 10 000
   EEX price
                     Czech Republic
                     ±EEX price                                                   8 000
                                                                                                                                         Gap expected
                                     Slovak Republic                                                                                      to increase
                                     EEX price + x                                6 000


 Hungary
 EEX price + xx                                                                   4 000



                                                                                  2 000


   Croatia and Slovenia
   EEX price + xxx                                                                   0
                                                                                     2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

                                                                                      Nuclear       Thermal *   Renewable     Import      Excess demand

                                                                                      Source: MAVIR
                                             Albania
                                             EEX price + xxxx
                                                                                   ~3500 MW new power generation capacities are
                                                     Net deficit > 5 TWh         needed by 2020 to ensure electricity supply-demand
                                                     Net deficit < 5 TWh                        balance in Hungary
                                                     Net surplus < 3 TWh
                                                     Net surplus > 3 TWh
                                                     Expected electricity flow


 * Source: McKinsey, MOL internal analysis                                         * Coal, gas and oil                                                       76
CCGT power production is the answer to supply flexibility required by
volatile demand and enhance power supply security of MOL

Matching complementary skills: competitive advantage                  MOL Group electricity demand as captive market

                                                 •MOL as pure oil           Expected growth of MOL Group’s electricity
                                                 and gas player              consumption provides captive market for
                                                                                        power generation
                                                 with substantial
                                   5 300 GWh     electricity and
                                                 steam                     3500
                                                 consumption
                                                                           3000
                                                 • CEZ as pure
                                                 electricity               2500
                                                 generating and
                                                 trading company           2000




                                                                    GWh
                    4 000 GWh
                                                 with substantial
                                                 future gas                1500
    MOL Group assets                CEZ assets
    Main electricity consumers of MOL Group      consumption
                                                                           1000

                                                                            500

                                                                               0
                                                                                           2005             2010         2015
                                                                          Danube Refinery         TVK              Slovnaft-Refinery
                                                                          Slovnaft-Petchem        MOL E&P          Other refineries
                                                                          INA refineries          INA E&P          IES




                                                                                                                                       77
Back up slides
Shareholding structure


                    SHAREHOLDERS STRUCTURE (%) 31 March 2009


                            4,8                       Foreign investors
                      3,9
              5,6                                     OMV
                                        22,8
          0,9                                         BHV AG
                                                      OmanOil (Budapest) Limited
        8,5
                                                      BNP Paribas Arbitrage S.N.C.
                                                      CEZ MH B.V.
        5,0                                           Magnolia Finance Limited
                                               12,0   ING Bank N.V.
          5,7                                         OTP Bank Nyrt.
                                                      MFB Invest Zrt.
                7,3                     9,2           Domestic institutional investors
                        7,3                           Domestic private investors
                                  7,0
                                                      MOL Nyrt. (treasury shares)




                                                                                         79
A leading European integrated oil and gas company



          E&P                  Gas & Power                      R&M                                 Petchem

                                                                                                     TVK ( 94.9%)

                                                                               Slovnaft ( 98.4 %)

                                  INA ( 47.16%)

   International Expl. Co.-s     FGSZ Zrt (100%)                IES (100%)

         ZMB (50%)                MMBF Zrt (72.5 %)             Tifon (100%)

         GES (100%)            MOL Energy Trade (100%)   Energopetrol (67% with INA)

    Geoinform Kft (50%)         CMEPI (MOL-CEZ Zrt.)            Roth (75%)
                                     (50%)
                                                           MOL Románia (100%)
                                   CEGE Zrt. (50%)
                                                             MOL LUB (100%)




                                                                                                                    80
 Inventory impact
CCS-base operating profit excl. one-off items                 Monthly average Ural crude oil price
 HUF bn                                                USD/bbl
  70                                                    140

  60                                                    120

  50
                                                        100
  40
                                                        80
  30
                                                        60
  20
                                                        40
  10

     0                                                  20

  -10                                                    0
         Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1           Mar   Jun   Sept   Dec   Mar   Jun   Sept   Dec   March




                                  Current Cost of Supply (CCS) reporting

 ► CCS results exclude inventory holding gains and losses that are inherent in weighted average
 inventory accounting
 ► CCS reflect the actual cost of supplies incurred during the period.
 ► Semi-finished and finished products used / sold are charged to cost of sales at the value for which
 the crude oil content of these products could have been purchased in the period of sales
 ► At MOL CCS calculation is applied on a monthly basis, and are reported aggregated for a
 quarterly period.
                                                                                                                        81
M&A strategy

                                                Downstream                                                                                            Upstream
 ► Investigating opportunities in the broader
 region, including Mediterranean and CIS
 ►  Our retail strategy is to maintain DS
 integrity and enhance it through acquisitions



     Potential Direction of Strategic
     Expansion



      Expected motor fuel demand                                                       BEL
               CAGR 2006 - 2010

                                                    PL
                                                                                                                                                                           MOL
                                                                                                                                                                           INA
                                                         +5.9%
                                                                                                                                                                           PRODUCTION
                                                                                                 UKR
                                                                                                                                                                           EXPLORATION
                                        CZ
                                         +2.4%
                                                         SR


                                        +0.9%
                                                     +5.7%

                                                             +5.7%
                                                                                                 MOL                                      ► We plan to enter into further upstream
                                                                                                                                          acquisition to boost production and
           CH                       A                    H                          +5.5%
                                        +3.3%
                                                                                     RO
                                        SLO
                                               HR

                           I
                                           +3.0%
                                               V     BH
                                                     V
                                                                     SER                                                                  reserves leveraged on our expertise and
                                                     +4.0%
                                                                      +5.6%
                               0%
                                                                                            BG
                                                                                                                                          knowledge
                                                                 AL           MAC
                                                              +5.5%                               Source: WMRC


                                                                           GR                           GDP growth 2006-10 average < 4%

                                                                                                        GDP growth 2006-10 average 4-5%

                                                                                                        GDP growth 2006-10 average > 5%




                                                                                                                                                                                         82
MOL - MD&A

                                                                              Acquisition of       Increasing
                       Gain control                       Acquisition of      22.5% stake           stake to
  Acquisition of         over TVK            ZMB JV          Austrian           in Kazakh           27.5% in
  32.9% of TVK        (stake 34.5%)          signed       storage facility     exploration           Kazakh
                                                                                   block           Federovsky
                                                                              (Federovsky)            Block



     2000               2001           2002               2003               2004              2005

 Acquisition                     Acquisition                      98.4% stake in        Acquisition     Closing of
  of 36.2%      Gain control      of Shell       Acquisition         Slovnaft           of Austrian       Shell
      of       over Slovnaft     Romanian         of 25.0%        through public           Roth          Romania
  Slovnaft     (stake 70.0%)       Retail          in INA              offer             company        acquisition
                                   Sites



                            Acquisition of                                                                            Acquisition of 40%       CEZ-MOL
            Sale of           67% in             Exploration             Increasing            Acquisition of 100%     interest in a new   strategic alliance
          Natural Gas       Energopetrol          rights in         influence in TVK to                IES                                    on gas-fired
           Business                               Pakistan                 94.85%                                      offshore block in
                             (with INA)                                                                                   Cameroon         power generation




                             2006                                                  2007

                                                                                                                      Production Sharing
        Exploration      Acquisition                           Acquisition of 100% in                                  Contract with the
         rights in       of 100% in      Acquisition of          Matjushkinskaya            Acquisition of 100%
                                        100% in BaiTex                                             Tifon              Kurdistan Regional
          Oman            Surgut-7                                                                                       Government




                                                                                                                                                                83
Further information

  MOL Group received the IR Magazine award in 2008 for ‘Best IR by a
    Hungarian company’ within the country category for the fourth
             consecutive year. Thank you for voting us!


               Financial reports, announcements, other information
            and download possibilities can be found on our homepage:


                            www.mol.hu
                            MOL Investor Relations:
                               Tel: +361-464-1395
                        E-mail: investorrelations@mol.hu




                                                                       84
Disclaimer

"This presentation and the associated slides and discussion contain forward-looking
"T
statements.       These statements are naturally subject to uncertainty and changes in
circumstances. Those forward-looking statements may include, but are not limited to, those
regarding capital employed, capital expenditure, cash flows, costs, savings, debt, demand,
depreciation, disposals, dividends, earnings, efficiency, gearing, growth, improvements, investments,
margins, performance, prices, production, productivity, profits, reserves, returns, sales, share buy
backs, special and exceptional items, strategy, synergies, tax rates, trends, value, volumes, and the
effects of MOL merger and acquisition activities. These forward-looking statements are subject to
risks, uncertainties and other factors, which could cause actual results to differ materially from those
expressed or implied by these forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to developments in government regulations, foreign exchange
rates, crude oil and gas prices, crack spreads, political stability, economic growth and the completion
of ongoing transactions. Many of these factors are beyond the Company's ability to control or predict.
Given these and other uncertainties, you are cautioned not to place undue reliance on any of the
forward-looking statements contained herein or otherwise. The Company does not undertake any
obligation to release publicly any revisions to these forward-looking statements (which speak only as
of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events, except as maybe required under applicable securities laws.

Statements and data contained in this presentation and the associated slides and discussions, which
relate to the performance of MOL in this and future years, represent plans, targets or projections."




                                                                                                            85

								
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