INVESTOR PRESENTATION February 2012 DISCLAIMER "T "This - - PowerPoint PPT Presentation

INVESTOR PRESENTATION February 2012

DISCLAIMER

"T "This presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to uncertainty and changes in circumstances. Those forward-looking statements may include, but are not limited to, th di it l l d it l dit h fl t i d bt d d d i ti di l 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 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 , y p y g 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

• ccurrence 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

• f MOL in this and future years, represent plans, targets or projections."

2

KEY FIGURES KEY FIGURES

bn USD EBITDA generation in 2011 (+18%), >70% from Upstream, >50% from international operation

3

• rganic reserve replacement rate in last year

2P reserves at 682 MMboe*

• ver

200%

Bboe Recoverable Resource Potential (WI) in 11 countries more than 50% in Kurdistan

1.4

wells to be drilled in Kurdistan Region of Iraq in 2012-2013

9

t

in European refinery ranking with the two largest assets having diesel gearing Net debt / EBITDA ratio no additional financing need in 2012

1 4

top

5%

Executive

Net debt / EBITDA ratio, no additional financing need in 2012 CAPEX should be fully financed by operating cash-flow year MOL is in the Dow Jones Sustainability World Index

1.4 2nd

e summary

3

uniquely in the region

2nd

*MOL estimate

UPSTREAM-DRIVEN, INTEGRATED COMPANY

Over 50% international contribution to USD 3bn EBITDA in 2011 Over 50% international contribution to USD 3bn EBITDA in 2011

REGION EBITDA 2011 DATA 2011

► Field development driven growth in short ► 682 Mmboe* SPE 2P

GROWTH DRIVERS & COMPETITIVE ADVANTAGE Upstream

p g term (RUS)

► Transforming of existing exploration

assets to production in the mid term (KAZ)

► Long term growth based on exploration-

reserves

► 219%* organic reserve

replacement ratio

► 147 mboepd production ► Production in 8,

led strategy (Kurdistan Region of Iraq) exploration in 12 countries

► Largest assets with high net cash

margin

► 5 refineries, 470 thbpd

Downstream

margin

► Strong landlocked market position

with outstanding captive market

► Maintain leading position & improve

profitability: efficiency improvement

► 20.5 Mtpa sales ► 1,600+ filling stations ► 2 petrochemical plants Refinery Refinery Petchem Petchem unit unit

am

and reshape smaller assets

► Gas Transmission:

5,560 km pipeline in

► Growing international transit ► Good geographical position

Executive

Gas Midstrea

MMBF UGS ► Gas Storage capacity:

1.9 bcm , p p Hungary

► Good geographical position ► Secured EUR-base return on storage

e summary

4

Previous pipeline developments *MOL estimate

OVER 200% RRR: 117 MMBOE RESERVES* BOOKED IN 2011

Broader set of core countries Russia Kazakhstan Broader set of core countries – Russia, Kazakhstan

Breakdown of reserves increase in 2011*/*** Breakdown of reserves**

120 140

(MMboe)

67% 20%

147.4

mboepd 80 100

13%

p 40 60 9%

CEE Russia Middle East and other

20 40 47% 44%

Executive

CEE Russia Kazakhstan Total

*Key additions were audited by noted auditors: DeGolyer and MacNaughton

Oil Gas Condensate

e summary

5

**Middle East including Syria ***MOL estimate

2012 PRODUCTION: 135 MBOEPD, IN NORMAL BUSINESS ENVIRONMENT

3-4% production growth from 2014 3 4% production growth from 2014

Total hydrocarbon production by countries (mboepd)* Total hydrocarbon production by products (boepd)*

150 150 150 150 100 100 50 50

• 2012

2013 2014 2012 2013 2014

Executive

CEE Russia Middle East and other Oil Gas Condensate

Largest contributors

Short term growth is expected from Russia

e summary

6

*Middle East including Syria

ADDITIONAL RESERVE GROWTH FROM 1.4 BBOE RESOURCE*

Supporting long term growth Supporting long term growth

Recoverable Resource Potential*, WI (MMboe), SPE 2P SPE 2P reserves* (MMboe) – 2012-2014

900 1500 1800 600 900 1200 300 300 600 2P Reserves (2011) Expected production Reserve addition expectation SPE 2P RRP

Executive

Largest contributors

*Expected reserves addition and recoverable resource potential @ 100 USD/boe.

RRR could reach 130% in the next 3 years

e summary

7

p p @ *SPE 2P reserves are entitlement based, while recoverable resource potential is working interest based. * MOL estimate

COMPANY-MAKER POTENTIAL IN KURDISTAN REGION OF IRAQ

2 exploration and 7 appraisal wells in 2012-2013 in two blocks 2 exploration and 7 appraisal wells in 2012 2013 in two blocks

Block Fully diluted WI Operator Partner Akri-Bijeel 51.2% MOL GKP Shaikan 13.6% GKP MOL

► Intensified exploration and appraisal program to fully explore block potential

Largest contributors

► Intensified exploration and appraisal program to fully explore block potential ► Ongoing early production from Shaikan Block ► Construct surface facilities in Akri-Bijeel to start early production in 2012/2013 year turn

Executive

Largest contributors

► Construct surface facilities in Akri Bijeel to start early production in 2012/2013 year turn ► 725 MMboe recoverable resource potential** ► Commercial production exp. as of 2015/2017 with projected peak 55-62 mboepd* in 2017-2020

e summary

8

p p p j p p

*Fully diluted entitlement based at 120-80 USD/bbl. **Expected reserves addition and recoverable resource potential @ 100 USD/boe. resource potential is working interest based. MOL estimate.

RUSSIA, KAZAKHSTAN – UNRECOGNISED VALUE

Largest contributors to short and mid-term production growth Largest contributors to short and mid-term production growth

Largest contributors

Fedorovsky Block

SPE 2P Reserves (MMboe) - WI 37 SPE 2P Reserves (MMboe) - WI 186

Fedorovsky Block

Recoverable resource potential* (MMboe) 10 Peak production, plateau (year) 2019-2022 Peak production, plateau (mboepd) - WI 11-12 Recoverable resource potential* (MMboe) 235 Production 2011 (mboepd) 18.7 Expected production in 2017 (mboepd) 40

Executive

Largest contributors Largest contributors

100% exploration success rate M th d bli d ti

*Working Interest (unrisked)

Significant reserve booking in 2011 First production in 2015

*Working Interest (unrisked)

e summary

9

More than doubling production First production in 2015

CHALLENGING REFINERY ENVIRONMENT

• nly gradual improvement expected

…only gradual improvement expected

150

USD/bbl

S i d il i i d

► We expect oil to stay on similar

Crude oil price

CHALLENGES EXPECTED DEVELOPMENTS

50 100 150

► Surging crude oil price increased

costs on own consumption & loss dramatically

► We expect oil to stay on similar

levels also in mid term

► Deteriorating DS market in

12 14

Refinery margins

USD/bbl

► Many downstream companies

Brent DTD crude oil price

2005 2012

► still the GDP correlated diesel drive

the profitability … Europe in 2011

2 4 6 8 10 12

under water, further shutdowns

► Real margin improvement in-line

with demand increase

NWE Urals Cracking

with demand increase Shrinking and fluctuating

► Returning Middle East heavy

6

Brent-Ural spread

USD/bbl 2005 2012

Executive

► Shrinking and fluctuating

Brent-Ural spread supply

► New discoveries are heavy oils ► Quality differences should be

2 4

e summary

10

► Quality differences should be

reflected in price

Brent ‐ Ural spread

2005 2012

DEMAND SUFFERS FROM ECONOMIC CRISIS, BUT…

long term growth potential remains in the region …long term growth potential remains in the region

Gasoline demand change

in %

SHORT TERM CRISIS EFFECT LONG TERM POTENTIAL REMAINS Car penetration curve

► GRADUAL

500 600 700 800

Italy France Austria Germany C h R Poland 1,000 inhabitant 5 10 15

Gasoline demand change

in %

Car penetration curve

► Regional car

penetration is still well bellow EU

IMPROVEMENT IN DIESEL PER CAPITA COMSUMPTION WITH GDP GROWTH

100 200 300 400

Czech Rep. Slovakia Croatia Russia Romania Serbia China Pakistan India

HUNGARY

Cars per 10

• 5

5

average

► Room for additional

gasoline demand

Hungary

5000 10000 15000 20000 25000 30000 35000 40000 45000

GDP per Capita (PPP in USD)

700

• 10

2005 2006 2007 2008 2009 2010 2011

Domestic markets CEE region

Diesel demand change

in %

Diesel consumption per capita

300 400 500 600 700

5 10 15

► GDP growth

potential of the region remains

liter / capita

Executive

100 200

• 5

5

Domestic markets CEE region

► Significant additional

diesel demand is expected in the CEE

e summary

11

CEE North West Europe

• 10

2005 2006 2007 2008 2009 2010 2011

Domestic markets CEE region

Source: Woodmac and MOL estimates.

INCREASE EFFICIENCY AND IMPROVE PROFITABILITY

by optimization of assets and processes on Group level …by optimization of assets and processes on Group level

Reinforce Regional Downstream by utilising all

I.) Value Chain Optimization

► Improved crude selection

O d d d ti i fi i

synergies of integrated

• peration

► On demand production in refineries ► Maintain petrochemical integration

Net Cash Margin ranking of European refineries*(2010)

Bratislava

8

II.) Asset Management

► Selective organic growth projects: Butadiene, LDPE, Rijeka ► Improve or reshape less efficient assets (Croatian downstream, IES)

L i ti & R t il t k ti i ti t ti k t

2 4 6 8

Danube Rijeka Mantova

► Logistics & Retail network optimization to serve captive market ► Focus on Energy Management to reduce OPEX

‐4 ‐2

Sisak III.) Market management

► Make or buy – own production vs local purchase ► Capture additional sales margin with higher wholesale &retail *Source: Woodmac.

Executive

IV.) Resource and process efficiency

► Comprehensive efficiency program

Aim to reach break even ti i C ti till 2014

e summary

12

► Decrease OPEX via process optimization

• peration in Croatia till 2014

FURTHER STRENGTHENED FINANCIAL POSITION

Fitch reinforced the investment grade credit rating

Covenants

Fitch reinforced the investment grade credit rating

USD bn

Gearing (%)

2,5 3 3,5 2,5 3

35 40

1 1,5 2 1 5 2

30

0,5 1 1,5

2 008 2 009 2 010 2 011 20 25 2008 2009 2010 2011

EBITDA Net debt to EBITDA

Keep covenants and gearing in the safety zone

Gearing

Executive

Largest contributors

Keep covenants and gearing in the safety zone 3.4 years average maturity profile

e summary

13

2012-2014 CAPEX SHOULD BE FULLY FINANCED FROM OPERATING CF

Up to annual USD 2 bn CAPEX spending

► Kurdistan, Iraq: Akri-Bijeel and Shaikan blocks

R i B it d M tj hki k bl k

GROUP 2012‐2014

Up to annual USD 2 bn CAPEX spending

► Russia: Baitex and Matjushkinsky blocks ► Kazakhstan: Fedorovsky block ► Hungarian conventional and unconventional exploration

pstream

50% 4% 21%

cts

► Hungarian conventional and unconventional exploration ► Croatian exploration and field development ► Hungarian field development

U

50% 25%

• wth proje

m

► Modernization through new LDPE unit, Slovnaft

Upstream Downstream Gas Midstream Contingency

• rganic gro

Downstream

► Rijeka residue processing – Delayed Coker ► Butadiene Extraction Unit

Key o

Executive

D

► Logistic and retail development

e summary

14

MOL is committed to Sustainable Development

SUSTAINABILITY IS A TOP PRIORITY IN MOL GROUP

The only CEE company in Dow Jones Sustainability Index

position taken among European refineries in CO2-efficiency*

Top 20%

Climate Change

The only CEE company in Dow Jones Sustainability Index

decrease in lost-time injury frequency (LTIF) since 2006

44%

Health & Safety teams from 62 countries participated in MOL’s online

competition aiming to attract best talents

596

Human Capital recycling/reuse rate achieved in waste management

56%

Environment mn USD social investment projects in 2010 to support

local communities in the field of education, health, environment and culture

~10

Communities

Executive

average customer satisfaction level in Wholesale

in core markets

89%

Economic sustainability

e summary

15 *excluding INA’s refineries

EXPLORATION AND PRODUCTION

Focus on exploration and active portfolio management Focus on exploration and active portfolio management

Upstream

16

UPSTREAM – 75 YEARS EXPERIENCE AND OUTSTANDING EXPLORATION SUCCESS RATE Competitive advantages Competitive advantages

KEY STRENGTHS TO BUILD UPON

► Promising E&P portfolio

OUTSTANDING EXPLORATION SUCCESS RATE (2008-2011)

35

• No. of wells

► Organic growth on existing exploration portfolio ► Proven track record in successful portfolio development

and project execution

10 15 20 25 30

67% 60%

► Leading European low cost on-shore producer ► MOL and INA complementary skill base 1930 1940 1950 1960 1970 1980 1990 2010 2009 2008 2007 2006 2005

5 CEE International

Total drillings Successful drilling

2011 Predeccessor of MOL started to explore hydrocarbons in the begining of 1930’ in Hungary Using EOR/IOR techniques since 1970 1930 1940 1950 1960 2002 1970 1980 1990 2010 2009 2008 2007 2006 2005 2011 First international production (Kazakhstan, 1993) MOL built up a sizeable international portfolio Increased multinational E&P portfolio Increased multinational E&P portfolio and workforce with INA Major project execution: the consortium, led by MOL provide 7-8% gas consumption of Pakistan Major discoveries in Kurdistan Region of Iraq and Kazakhstan (2008-2010)

Upstream

17 17

( )

PRODUCTION ACTIVITIES IN 8 COUNTRIES

Provide a good basis for the next three years Provide a good basis for the next three years

Croatia, Hungary Croatia, Hungary Reserves: 405 MMboe P d ti 99 6 b d CEE CEE total total Middle Middle East East and and Other Other Syria Syria, , Egypt Egypt and Angola, and Angola, Kurdistan Kurdistan Region Region of

• f Iraq

Iraq Total reserves: 44 MMboe Production: 147.4 mboepd Reserves: 682 MMboe Production: 99.6 mboepd Pakistan Pakistan Total reserves: 44 MMboe Total production: 23.7 mboepd Reserves: 186 MMboe Production: 18.7 mboepd Reserves: 11 MMboe Production: 5.5 mboepd Pakistan Pakistan Russia Russia Kazakhstan Kazakhstan Reserves: 37 MMboe Production breakdown by countries and products, 2011 Reserves breakdown by countries and products, 2011**

9% 67% 20% 32% 10% 14% 47% 44% 67% 13%

CEE

58% 59% 27%

147.4

mboepd

147.4

mboepd

682

MMboe

682

MMboe

Upstream

18

Note: SPE 2P reserves. Reserves and production of non-consolidated projects are not highlighted. Reserves at the end of the year 2011. Production as of 2011. MOL estimate. Middle East including Syria. Oil Gas Condensate CEE Russia Middle East and other Oil Gas Condensate

CEE Russia Middle East and other

1,4 BBOE* EXPLORATION POTENTIAL OF CURRENT ASSETS

to secure organic mid-term growth

Kazakhstan Kazakhstan Russia Russia

to secure organic mid-term growth

CEE onshore, offshore, CEE onshore, offshore, unconventional unconventional Matjushkinskiy, Surgut-7, Baitex Blocks Hungary, Croatia, Romania Hungary, Croatia, Romania 245 280 Kazakhstan Kazakhstan Pakistan Pakistan Fedorovskoye Block T l K k M l & Kurdistan Region of Iraq Kurdistan Region of Iraq 40 725 Tal, Karak, Margala & Margala North Blocks Other International Other International Egypt Syria Cameroon Egypt Syria Cameroon Akri-Bijeel, Shaikan Blocks 110 725 Egypt, Syria, Cameroon Egypt, Syria, Cameroon, , Angola, Oman Angola, Oman Estimated recoverable resource potential* MMboe Increasing exploration activity with new focus areas Recoverable resource potential*, MMboe (2012-2014)

USD mn

Exploration CAPEX Exploration CAPEX

160 180 200 1200 1500 20 40 60 80 100 120 140 300 600 900

MMboe

Upstream

19

*Working Interest (unrisked). Exploration potential of current assets at the end of 2011.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

International Hungary

Kurdistan CEE CIS Pakistan Other Total Resources

UPSTREAM - POSITIONING AS A STRONG GROWTH PILLAR OF MOL GROUP

Exploration-led strategy increasing reserve and maintaining production at elevated levels Exploration-led strategy, increasing reserve and maintaining production at elevated levels

I.) Dynamic exploration strategy

► Competency based target setting

IV.) Active management of the portfolio

► Most of our existing prospects will be drilled within three years ► Opening towards higher impact elements, aiming to add further

elements to the portfolio

► a geographically and life-cycle-wise ► Continuous monitoring of

inorganic growth opportunities

Development

A S S P T P T KZ KZ KS S

KA KA CEE – Exploration Russian exploration (M) Pakistan – Karak block Kurdistan Region of Iraq – Akri Bijeel block CE CE RD RD

EBITDA CAPEX

P P A A

RE RE

Discovery Appraisal Maturity

O KA A R R O O ZMB ZMB KZ KZ

The majority of value creation

RE RE

P T P T Kurdistan Region of Iraq – S Shaikan block Pakistan – Tal block Russia – MOL’s operated portfolio Kazakhstan R R O O KZ KZ KS KS

Upstream cash cycle

P P A A

CE CE

j y happens in exploration phase however the risk is also higher.

Dominantly geological, technical, political risks during the different phases while marketability risk also appears

Time

A O O ZMB ZMB Kazakhstan Russia Development – Matyushinsky, Baitex Russia – ZMB CEE Onshore production CEE Adriatic offshore RD RD

y pp

Time

S Syria – Hayan block

III.) Focus on field development with short-term impact II.) Transforming of existing exploration assets to production in the mid term

Upstream

20 20

production in the mid-term

OVER 200% RRR: 117 MMBOE RESERVES* BOOKED IN 2011

Broader set of core countries Russia Kazakhstan Broader set of core countries – Russia, Kazakhstan

Breakdown of reserves increase in 2011*/*** Breakdown of reserves**

120 140

(MMboe)

67% 20%

147.4

mboepd 80 100

13%

p 40 60 9%

CEE Russia Middle East and other

20 40 47% 44% CEE Russia Kazakhstan Total

*Key additions were audited by noted auditors: DeGolyer and MacNaughton

Oil Gas Condensate

Upstream

21

**Middle East including Syria ***MOL estimate

2012 PRODUCTION: 135 MBOEPD, IN NORMAL BUSINESS ENVIRONMENT

3-4% production growth from 2014 3 4% production growth from 2014

Total hydrocarbon production by countries (mboepd)* Total hydrocarbon production by products (boepd)*

150 150 150 150 100 100 50 50

• 2012

2013 2014 2012 2013 2014 CEE Russia Middle East and other Oil Gas Condensate

Largest contributors

Short term growth is expected from Russia

Upstream

22

*Middle East including Syria

ADDITIONAL RESERVE GROWTH FROM 1.4 BBOE RESOURCE*

Supporting long term growth Supporting long term growth

Recoverable Resource Potential*, WI (MMboe), SPE 2P SPE 2P reserves* (MMboe) – 2012-2014

900 1500 1800 600 900 1200 300 300 600 2P Reserves (2011) Expected production Reserve addition expectation SPE 2P RRP

Largest contributors

RRR could reach 130% in the next 3 years

Upstream

23

*Expected reserves addition and recoverable resource potential @ 100 USD/boe. *SPE 2P reserves are entitlement based, while recoverable resource potential is working interest based. * MOL estimate

KEY UPSTREAM PROJECTS

Upstream

24

KURDISTAN REGION OF IRAQ - AN UNDEREXPLORED PROLIFIC OIL PROVINCE

With improving political environment With improving political environment

I.) Underexplored area

► US Geological Society estimated 40 bn boe oil

Kurdis

► US Geological Society estimated 40 bn boe oil

and 60 Tcf gas in 2010

► Several undrilled anticlines

stan Region o II.) Competitive access to world-class resources

► More than 70% discovery rates

• f Iraq

► Over 5 bn boe discovered up to date ► Low finding and development costs

III ) Improving regional political dynamics III.) Improving regional political dynamics

► Attracting increasing number of foreign oil

companies

► Transparency: KRG published PSA agreements

IV.) Crude oil export restarted in February, 2011 with partial payment of cost oil to IOCs Upstream

25

partial payment of cost oil to IOCs

POTENTIAL COMPANY- MAKER WITH LARGE RESOURCE POTENTIAL

• f 725 MMboe
• f 725 MMboe

ENTERING THE KURDISTAN REGION OF IRAQ IN 2007

► MOL has interest in four blocks ► Two major discoveries in recent years

Kurdis j y INTENSIVE APPRAISAL PROGRAM TO EXPLORE THE BLOCKS’ POTENTIAL

► Akri-Bijeel: two exploration and six appraisal wells are

stan Region o

► Akri-Bijeel: two exploration and six appraisal wells are

planned to drilled in 2012-2013

► Shaikan: 1 appraisal well will be drilled, the drilling of 2

wells are ongoing and one is waiting for test in 2012, increase of extended well test capacity

• f Iraq

increase of extended well test capacity SURFACE INFRASTRUCTURE FOR EARLY PRODUCTION

► In Akri-Bijeel extended well test is planned, aiming to

th i f ti d ti it f i hil gather information on productivity of reservoir, while surface infrastructure was built in the Shaikan field

Block W.I. Fully diluted WI Operator Other partner

COMMERCIAL PRODUCTION EXPECTATION

Akri-Bijeel 80% 51.2% MOL GKP (20%) Shaikan 20% 13.6% GKP MOL Khor Mor 10% 10% Pearl Petroleum Dana Gas, Cresent Petroleum, Chemchemal 10% 10% Peak production Akri-Bijeel and Shaikan Block Long-term oil price year

2017-2020 @ 120-80 USD/boe

Production *

55-62 Mboepd @ 120-80 USD/boe

Upstream

26

, MOL, OMV

55 62 Mboepd @ 120 80 USD/boe

*Fully diluted, entitlement based

TWO MAJOR DISCOVERIES IN THE LAST YEARS Shaikan and Akri Bijeel

HIGHLIGHTS

► In 2010 the Bijell-1 exploratory well showed very promising case hole test results from Jurassic formations with a daily test production of 3,700

barrels of oil and 100 boe of gas, which gave the Group the prospect of a fields with an in place volume of 2.4 billions of barrels (OIIP).

Shaikan and Akri Bijeel

Kurdis

► The Shaikan Block is the scene of intense drilling after the discovery in 2009 of several billion barrels’ worth of heavy oil-in-place. ► After the discoveries was announced, the Kurdistan Regional Government gave permission to start the appraisal program of the fields.

stan Region o

SHAIKAN-1 BIJELL-1 SHAIKAN-3 SHAIKAN-2 BEKHME-1 SHAIKAN-4 SHAIKAN-5 SHAIKAN-6

► The preparation works for Extended well test were started in October 2010 for Shaikan discovery, and in 2011 for the Bijell-1 discovery.

• f Iraq

1000m SPUD 27 April, 2009 SHAIKAN DISCOVERY August, 2009

2009 2010 2011

SPUD 11 December, 2009 BIJELL DISCOVERY March, 2010 SPUD 2 September, 2010 SPUD 1 December, 2010 SPUD 23 March, 2011 SPUD 21 May, 2011 SPUD Oct, 2011 SPUD Dec, 2011 2000m 3000m 4000m TOTAL DEPTH 2,950m November, 2009 TOTAL DEPTH 1,518m December, 2010 TOTAL DEPTH EXPECTED EST. EST.

MILESTONES

5000m TOTAL DEPTH 4,377m November, 2010 O 3,300m August, 2011 TOTAL DEPTH 5,000m October ,2011 C TD: 3,400m S TD: 3,500m S TD: 3,800m

Upstream

27

INTENSIVE WORK PROGRAM IS PLANNED FOR 2012-2013

to derisk full block potential to derisk full block potential

HIGHLIGHTS

► 2 exploration wells and 7 appraisal wells planned to start drilling in 2012-2013 in two blocks.

Kurdis

► Significant 3D seismic acquisition in Akri-Bijeel over the Bijell discovery area. ► A surface facility will be built (10 mboepd gross capacity and storage capacity of cca. 30 mbbl) until Q3 2012 in Akri-Bijeel Block. Updated

estimation of the earliest date for first production of this facility is expected at the end of Q3 2012.

stan Region o

Field / Prospect Activity Well 2011 2012 2013 Comments Q4 Q1 Q2 Q3 Q4 Q1 Q2

► During the finalization of appraisal program (by 2013) on Shaikan field, in case of success the field’s potential will be de-risked.

• f Iraq

Exploration Gulak-1 Large footwall prospect south of Bekhme-1 Exploration Bakrman-1 Testing large undrilled anticline on trend with Shaikan and underlying footwall prospect Appraisal Bijell-2 Appraisal Bijell-3 Akri- Bijeel To prove the extension of the accumulation of Bijell structure and targeting Cretaceous & Jurassic pp j Appraisal Bijell-4 Appraisal Bijell-5 Appraisal Bijell-6 A i l Bij ll 7 Appraisal Bijell-7 3D Seismic n.a. Significant sized seismic acquisition over the Bijell discovery area

• Prod. dev.

n.a. Surface facility: 10 mboepd gross cap.; storage cap. ~ 30 mbbl Appraisal Shaikan-5 Develop- Jurassic and Triassic extension of known oil

Upstream

28

Shaikan p ment drilling Appraisal Shaikan-6 Jurassic and Triassic with possible oil water contact definition Appraisal Shaikan-7 Deeper Triassic and Permian targets

PLANNED WORK PROGRAM FOR 2012 PLANNED WORK PROGRAM FOR 2012

Kurdistan Region of Iraq Upstream

29

STRUCTURE OF PRODUCTION SHARING AGREEMENT STRUCTURE OF PRODUCTION SHARING AGREEMENT

Schematic of Production sharing at Akri-Bijeel Block Schematic of Production sharing at Shaikan Block

Kurdis

Oil produced Royalty Oil 10% of total Crude oil Oil produced Royalty Oil 10% of total Crude oil

stan Region o

Available crude Oil Cost oil Recovery oil (Op, expl. And appr. Costs) Total Profit Oil Based on ”R” factor Available crude Oil Cost oil Recovery oil (Op, expl. And appr. Costs) Total Profit Oil Based on ”R” factor

43% 40%

• f Iraq

Contractor’s profit oil share Government ( p, p pp ) Contractor’s profit oil share Government Contractor’s share Contractor’s share MOL 51.2% GKP 12.8% Third Party 12.0% KRG 20.0% GKP 51.0% MOL 13.6% TKI 3.4% Third Party 12.0% KRG 20.0% Contractor s share Contractor s share Contractor’s share R factor R < 1 30% 1 < R <2 30 15% on linear scale Contractor’s share R factor R < 1 32% 1 < R <2 32 16% on linear scale

Upstream

30

1 < R <2 30-15% on linear scale 15% R > 2 1 < R <2 32-16% on linear scale 16% R > 2

RUSSIA – CORE COUNTRY WITH SHORT AND MID TERM PRODUCTION GROWTH Intensive work program in the coming years Intensive work program in the coming years

EXPERIENCES

► Primary target region: Volga-Ural, Western Siberia ►10 years experience ensures technical capability in field

development-rejuvenation and exploration FOUR BLOCKS IN DIFFERENT PROJECT PHASES – SIGNIFICANT UNDEVELOPED RESOURCE/RESERVE

► ZMB: developed field (mature)

cash cow” Russia

► ZMB: developed field (mature) – „cash-cow” ► Baitugan field: under development – low risk,

exploration

► Matyushkinsky block: under development and

intensive exploration

2P reserves (2011): 186 MMboe Production (2011): 18.7 mboepd

intensive exploration

► Surgut-7: exploration block

INTENSIFICATION OF PRODUCTION

( ) p Estimated recoverable resource potential: 235 MMboe Expected production in 2017: 40 mboepd

OPERATIONAL COST REDUCTION POSITIVE CHANGE IN LEGISLATION (60/66)

Block W.I. Operator Other partner ZMB 50% Russneft MOL (50%)

2012-2014

► Our plan to spend USD 150-200 mn CAPEX yearly for

field development and exploration.

► It is expected that MOL will drill yearly 50-60 production

and injection wells and yearly 2 3 exploration wells in the

ZMB 50% Russneft MOL (50%) Baitugan 100% MOL

• Matjushkinsky

100% MOL

• Surgut-7

100% MOL

• Upstream

31

and injection wells and yearly 2-3 exploration wells in the next 3 years

*Working Interest (unrisked)

MATYUSHINSKY BLOCK

Exploration upside: 7 10 prospects

BAITEX BLOCK

Significant reserves accessible for production

Russia Legend Oil field Block boundary

Exploration upside: 7-10 prospects Significant reserves accessible for production

Russia Oil pipeline Gas pipeline

Transneft pipeline

Russia

The Komalka river

Road

10 20 30 40 50km 10 20 30 miles

Baitugan Field

Baitugan OTU The Baltugan river

Acquired by MOL plc in Dec, 2006 Operator : MOL, 100% 2P reserves: 112 MMbbl (2011) 2011 production: 4.8 mboepd Oil quality: 26 0 API Acquired by MOL plc in April, 2007 Operator: MOL, 100% 2P reserves: 28 MMbbl (2011) 2011 production: 3.3 mboepd Oil quality: 34 0 API

Planned pipeline in 2012 (40km) Further pipeline construction Central Processing Station Transneft pipeline is located 90 km from the Central Processing Station. Transneft pipeline is located on Western part of the field, The field is connected to the oil pipeline . Oil well Oil gathering unit License area border Transneft pipeline

Upstream

32 Oil quality: 26 API Area: Western Siberia, with sizable acreage (3,200 km2) Area: Volga-Ural region (70 km2) Oil quality: 34 API

g

MATYUSHINSKY BLOCK

Exploration upside: 7 10 prospects

BAITEX BLOCK

Significant reserves accessible for production Exploration upside: 7-10 prospects

COMPLEX BLOCK

► Sizeable acreage ► Producing assets: 46 production and 8 injection wells in two fields ► However in recent years MOL found three oil fields and identified 7-10

INTENSIVE DEVELOPMENT RESULTED RESERVES BOOKING

► An intense construction and investment program was launched in 2007

with the goal of fully rehabilitating the field (more than 200 production and injection wells)

Significant reserves accessible for production

► However in recent years MOL found three oil fields and identified 7 10

prospects which will be further explored in the next years INTENSIVE DEVELOPMENT TO RAMP UP PRODUCTION

► 100% exploration success rate with three wells

Oil d ti f 0 6 b d (2007) t 4 4 b d (Q4 2011) injection wells)

► Oil production increased from 1.8 mboepd (2007) to 4.9 mboepd (Q4 2011). ► Due to newly gained data during the production intensification, the

closing SPE 2P reserves significantly (81%) increased in 2011 y-o-y DECLINING COSTS OF OPERATION IN THE RECENT YEARS

Russia

► Oil production up from 0.6 mboepd (2007) to 4.4 mboepd (Q4 2011) ► It is expected that MOL will drill yearly 20-30 production wells to

increase production, pipeline construction (40 km) HUGE EXPLORATION POTENTIAL DECLINING COSTS OF OPERATION IN THE RECENT YEARS

► Baituganskoye oilfield is located in one of Russia’s most developed oil

and gas province

► Shallow, compact field with developed infrastructure support low energy

and operational costs

Ledovoye 101 (M) Kvartovoye-11 (M) Prikoltogorskoye (M) Baitugan-5r (B) Kedrovoye (M) Verkhne Laryeganskoy (M)

► Due to the sizeable acreage at least 7-10 undrilled prospects ► MOL plans to drill 2-3 exploration wells yearly

UPSIDE POTENTIAL

► Further exploration potential in deeper zones

7-10.th Exploration ll (M B) 1000m Ledovoye-101 (M) SPUD February, 2008

2008 2010 2012

SPUD April, 2008 Prikoltogorskoye (M), Baitugan-5r (B) SPUD Febr, 2012 SPUD March, 2012 SPUD February, 2013

2009 2011 2013 2014

Verkhne Laryeganskoy (M) SPUD April, 2011 Verkhne wells (M,B) SPUD Nov, 2012 1000m 3000m TOTAL DEPTH Ledovoye DISCOVERY July, 2008 TOTAL DEPTH Kvartovoye DISCOVERY November, 2008 EXPECTED TD: EST. TD: EST. TD: TOTAL DEPTH 2860m Verkhne Laryeganskoye DISCOVERY Aug, 2011 EST. TD:

It is expected that MOL will drill 100-150 production and injection wells to increase significantly the production level in the next three years.

Upstream

33

DEPTH 2722m March, 2008 DEPTH 3054m June, 2008 TD: 2900-3500m TD: 3365m 2960m May, 2011 2960m

KAZAKHSTAN – UNRECOGNISED VALUE IN THE UPSTREAM PORTFOLIO

Significant reserve booking at the end of 2011

Exploration wells gas Condensate Total (100%) U-10 ~1,900 boepd ~2,100 boepd 4,000 boepd

Significant reserve booking at the end of 2011

MAJOR DISCOVERY IN 2008

, p , p , p U-12 ~1,700 boepd ~2,400 boepd 4,100 boepd

► Wells proven multiple gas and condensate reservoirs in

Kazakhstan the Rozhkovsky field structure. EVALUATION OF COMMERCIAL SIGNIFICANCE F f th l ti ti it E l ti Li

Fedorovsky Block

► For further exploration activity, Exploration License was

extended for appraisal of Rozhkovsky area for 4 years period (May, 2010 – May, 2014).

Block W.I. Operating shareholder Other partner Fedorovsky 27.5% MOL KMG EP (50%), SINOPEC (22 5%)

Fedorovsky Block

SALES POSSIBILITIES

► Major gas pipeline in the vicinity with sizeable free

capacity

Fedorovsky 27.5% MOL SINOPEC (22.5%)

SPE 2P Reserves (MMboe) - WI 37 Recoverable resource potential (MMboe) 10

► Developed infrastructures provide the possibilities to sale

the products on the domestic and export market

First oil 2015 Peak production, plateau (year) 2019-2022 Peak production, plateau (mboepd) - WI 11-12

Upstream

34

START OF EARLY PRODUCTION IS EXPECTED IN 2015

Following a drilling campaign in the next years Following a drilling campaign in the next years

► Focus both on drilling appraisal wells and development for early production phase ► 2012-2013: Drilling 3 appraisal wells, testing 6 wells ► 2014: 5 wells completion ► The start of the early production is expected from 2015 for a minimum of 1.5 MMcm sales gas per day production

capacity and 6 mboepd condensate production capacity (first train – 100%) Kazakhstan capacity and 6 mboepd condensate production capacity (first train – 100%)

U-10 U-12 U-21 U-11 U-26 U-24 U-22 U-23 1000m SPUD 27 April, 2008 U-10 DISCOVERY August, 2008

2008 2010 2012

SPUD 11 December, 2009 U-12 ACCUMULATION CONFIRMED March, 2009 SPUD 28 October, 2010 EXP.SPUD June, 2012

• EXP. SPUD

October, 2012 SPUD February, 2013

2009 2011 2013 2014

SPUD 2 March, 2011 SPUD 6 August, 2011 4,000 boepd (Total, 100%) 4,100 boepd (Total, 100%) 5 wells completion in 2014 for production preparation 2000m 3000m 4000m 5000m TOTAL DEPTH 4,806m November, 2009 TOTAL DEPTH 4,500m November, 2010 TOTAL DEPTH 4,500m January, 2011 EST TD: 4,500m EST. TD: 5,300m EST. TD: 5,300m TOTAL DEPTH 4,500m June, 2011 TOTAL DEPTH 4,530m October, 2011 Targeting further upside potential in the deeper,

Upstream

35

Devonian play

PAKISTAN – INTENSIVE SIMULTANEOUS ACTIVITY FROM EXPLORATION TO PRODUCTION Outstanding exploration success over the last 11 years Outstanding exploration success over the last 11 years

TAL BLOCK

► The aim is to continue appraisal activity on recent

di i (M iKh l M i M k i E d discoveries (MamiKhel, Maramzai, Makori East and Tolanj) and to continue exploration of remaining potential of the block. Increase reserve base and production in the next years Pakistan

► Increase reserve base and production in the next years ► Increase capacity of the surface facilities to be able to

handle growing production

2P reserves (2011): 11 MMboe Production (2011): 5.5 mboepd

KARAK BLOCK

► Oil discovery in Q4 2011 (1,700 bbl/d; - 100% WI) ► 2012-2013: tie-in of well to early production, drilling of

Estimated recoverable resource potential* targeted 40 MMboe Estimated peak production*: 17-18 mboepd between 2017-2020

► 2012 2013: tie in of well to early production, drilling of

1 appraisal well MARGALA AND MARGALA NORTH

Block W.I. Operator Other partner Tal 10% (expl.) MOL PPL, OGDCL, *Working Interest (unrisked) ► Interpretation of ongoing 2D seismics ► In case of prospectivity, drilling of 1 exploration well 8.42% (dev.) POL, GHPL Karak 40% Mari Gas MOL (40%) Margala, MN 70% MOL POL (30%)

Upstream

36

Working Interest (unrisked)

ENSURES RESERVE AND PRODUCTION GROWTH IN THE NEXT THREE YEARS

MOL has acquired noticeable operation experience

HIGHLIGHTS

► 6 significant discoveries since 1999 ► Production started only two years after the first discovery

MOL has acquired noticeable operation experience

► Production started only two years after the first discovery ► Noticeable operation experience, local and technical knowledge, which ensures the security of the operations and the

assets

► The consortium provides 7-8% of gas production of Pakistan and MOL continuously supports local communities and

Pakistan pays special attention on education and health care PLANNED FIELD DEVELOPMENT

► Continuing the early production of the discovery wells (MamiKhel-1, Maramzai-1, Makori East-1) ► The drilling and tie-in to the processing facilities of the appraisal wells (MamiKhel-2, Maramzai-2, Makori East-2) ► Capacity increase of existing processing facilities and construct new gas treatment plant to handle growing production ► Drilling of two exploration wells in the next two years and acquiring 3D seismic and interpretation 1999

MardanKhel exploration well

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Exploration well

► Drilling of two exploration wells in the next two years and acquiring 3D seismic and interpretation

Award date

• f TAL block

August, 1999 MANZALAI DISCOVERY December, 2002 MAKORI DISCOVERY January, 2005 MAMI KHEL DISCOVERY March, 2008 MARAMZAI DISCOVERY October, 2009 MAKORI EAST DISCOVERY November, 2010 TOLANJ DISCOVERY February, 2011 MANZALAI Early Prod. Facility 2003-2004 MAKORI EPF 2005 MANZALAI CENTRAL PROCESSING FACILITY 2007-2009

• Drilling, testing and completion of

appraisal wells Field development

Upstream

37

appraisal wells, Field development (Mami Khel, Maramzai, Makori East)

CEE: MAXIMIZE RECOVERY RATES FROM EXISTING FIELDS AND MITIGATE DECLINE RATE Onshore and offshore field development (2012) Onshore and offshore field development (2012)

FIELD DEVELOPMENTS AND EOR/IOR PROJECTS

► ~130 producing fields

CEE p g

► 14 field developments in progress ► 20 new field development projects

E - Developm

► EOR project implementation in the next years ► 20-25 new field development projects,

20 25 MMb dditi l t ti l ment FIELD DEVELOPMENTS AND EOR/IOR PROJECTS

► close to 60 producing fields ► 20-25 MMboe additional reserve potential

2011 reserves* (SPE 2P): 405 MMboe Production (2011): 99.6 mboepd CAPEX (2012): USD 255 mn

► close to 60 producing fields ► 5 new wells (three new wells and two new reentry wells) ► EOR project implementation on Ivanic and Zutica fields: ► Close to USD 100 mn investments in the next 3 years ► Close to USD 100 mn investments in the next 3 years ► Increasing total production volume by 3.4 million tons

• f oil and 600 million cubic meters of gas in the

following 2 decades (total: 28 MMboe) by Upstream

38

g ( ) y

*MOL estimate

280 MMBOE TARGETED RECOVERABLE RESOURCE POTENTIAL CEE exploration (2012) – outstanding success ratio in the region

► Number of licenses, acreage exposure: 33; 37,400 km2 ► 2012: 13 conventional and 3 tight gas (unconventional) drillings and tests

CEE exploration (2012)

• utstanding success ratio in the region

CE

► 2 3D seismic measurements ► Exploration expenditure for 2012 (USD mn): ~USD 133 mn ► Plan to secure acreage position in the next years as majority of the licenses will

expire by 2013 E - Explorati expire by 2013

► Number of licenses, acreage exposure: 5; 41,876 km2 ► Drilling 6 wells (included 1unconventional) and 1 well: Zalata-1 East in Hungary

(INA 50%) ion (INA 50%).

► Offshore-drilling: 3 wells are expected; Ilena-1 Dir, Ivna-1 (optional) and Irina SW

(optional), study program to prepare following drilling campaign

► Plan to regain the exploration licenses as INA remains the only entity currently in

Croatia which has the necessary equipment experience knowledge and projects

► 70% MOL operator (after ratification by state), 30% Expert Petroleum ► Number of licenses acreage exposure: 3; 3 400 km2

Croatia, which has the necessary equipment, experience, knowledge and projects prepared ready to drill to accelerate exploration activities

► Number of licenses, acreage exposure: 3; 3,400 km2 ► Blocks are located in the vicinity of successful Hungarian fields ► Compulsory work program (2012-2014): ► 600 km of 2D seismic,

Upstream

39

► 1700km2 of 3D seismic ► 19 exploration wells (including unconventional well)

UNCONVENTIONAL: TEST COMMERCIAL PRODUCTION AT DERECSKE BASIN

Drilling an other exploration well to increase proven hydrocarbon volume Drilling an other exploration well to increase proven hydrocarbon volume

TIGHT GAS PROJECT WAS INTENSIFIED IN 2010

► Drilling of two wells (Beru-4, Beru-3).

CEE -

1 B 1 Beru-4 Beru 6 2 2 Beru-ÉNy-1

► MOL found (Beru-4) the expected formation in the target

zone with strong gas shows. IN 2011-2012 THE FOCUS IS i ) th b tt iti f th b i ith t t f

• Unconvent

2 3 Beru-1 Beru-2 Beru-M-1 Beru-3 Beru-6 Beru-7

i.) the better position of the basin with test for commerciality proved by fracturing (Beru-4) ii.) and drilling to increase proved hydrocarbon volume (Beru-6). tional ( )

► The

fracturing

• f

the formation was finalized by Halliburton in Q4 2011. Well test and pilot production is expected in H1 2012.

1 – Földes-East - Field analogy Targets of exploration program: 2 – Structural prospects 3 – Non - structural position Beru-2 Drilled wells Beru-7 Planned wells Beru-6 Well under drilling Beru-4 Under Fracturing Beru-ÉNy-1 Alternate plan

• f Beru-7

► In 2012 the exploration program aims to continue the

evaluation of unconventional potential with drilling of two (Beru-7, Beru-M-1) and testing of one (Beru-6) well. IN CASE OF SUCCESS IN CASE OF SUCCESS

► In the next years MOL will explore the potential of the

basis, while in case of success production could start around 2015-2017.

► MOL focuses on the smaller, but more promising

Derecske basin in the vicinity of already producing wells. Upstream

40

SYRIA – IN LINE WITH SANCTIONS MAINTAINING ECONOMIC INTEREST

Negative effects due to tightening sanctions and security issues Negative effects due to tightening sanctions and security issues

TIGHTENING US AND EU SANCTIONS DURING 2011-2012

► Embargo on Syrian oil export

Two production cuts in September and December 2011

► Two production cuts in September and December 2011

in a sum of 2.8 mboepd due to the local requirements

► The restrictive measures might have additional adverse

effects. Syria

Production (2011): 20.3 mboepd,

NEGATIVE EFFECT OF THE RESTRICTIVE MEASURES

► Encountering significant obstacles in the collection of

Hayan Block: development phase, 100% INA; operator Aphamia Block: exploration phase, 100% INA

receivables from the Syrian partner for its share of hydrocarbon production;

► There has been no improvement in this situation since

October 2011. CURRENT SECURITY SITUATION

► Adapting the numbers of its staff to the current security

EXPLORATION AND FIELD DEVELOPMENT

► Exploration activity started in 1998 and was completed in 2007.

First oil production started in 2005 on Jihar Field, first gas production started in 2006 on Palmyra Field.

► Adapting the numbers of its staff to the current security

situation: temporarily withdraw the employees who are not required for the continuation of the daily operations

PEAK PRODUCTION IN 2011

► Gas Treatment Plant operating from 2011, resulting in significant

increase in oil, condensate and gas production.

Upstream

41

DOWNSTREAM

Reinforce Regional Stronghold Position Reinforce Regional Stronghold Position

Downstream

42

TWO LARGEST ASSETS WITH HIGH COMPLEXITY

Integrated operation in adjacent markets Integrated operation in adjacent markets

KEY STRENGTH

► Strong land-locked market presence – 21% motor fuel

market share in the CEE

► Region-wide Logistics, Wholesale and Retail network serve

the market - above 55% end-user share

Mantova Bratislava Danube Sisak Rij k

3%9% 23% 4% 6% 4%4%

LPG Naphtha Mototre Gasoline Middle Distillates y yield 2012E

• ver

80%

hit d

Rijeka

48%

Fuel Oil Bitumen Other Other chemical prds.

Refining Logistics

Refinery

Marketing

white prd. Retail Network

• 1,600+ FS
• 3.5 Mt total fuel sales
• Avrergae throughput: 2.7 Mlpa

Refining

Wholesale

• 19 Mt external sales
• 21% regional market share
• Market leader in 4 countries

Logistics

Refinery Mtpa thbpd NCI MOL Group 23.5 470 9.9 Danube 8 1 161 10 6

Marketing D

g g p p

• 18% captive market for refineries

1.5 Mt external sales volume

• 27% end-user sales

Petrochemicals

Capacity (ktpa) TVK SPC Danube 8.1 161 10.6 Bratislava 6.1 122 11.5 Rijeka 4.5 90 9.1 Mantova 2 6 52 8 4 Key facts

Logistics

• wnstream

43 13% captive market for Refining Ethylene 660 220 Polymer 765 435 Mantova 2.6 52 8.4 Sisak 2.2 44 6.1

CHALLENGING REFINERY ENVIRONMENT

• nly gradual improvement expected

…only gradual improvement expected

150

USD/bbl

S i d il i i d

► We expect oil to stay on similar

Crude oil price

CHALLENGES EXPECTED DEVELOPMENTS

50 100 150

► Surging crude oil price increased

costs on own consumption & loss dramatically

► We expect oil to stay on similar

levels also in mid term

► Deteriorating DS market in

12 14

Refinery margins

USD/bbl

► Many downstream companies

Brent DTD crude oil price

2005 2012

► still the GDP correlated diesel drive

the profitability … Europe in 2011

2 4 6 8 10 12

under water, further shutdowns

► Real margin improvement in-line

with demand increase

NWE Urals Cracking

with demand increase Shrinking and fluctuating

► Returning Middle East heavy

6

Brent-Ural spread

USD/bbl 2005 2012

D

► Shrinking and fluctuating

Brent-Ural spread supply

► New discoveries are heavy oils ► Quality differences should be

2 4

• wnstream

44

► Quality differences should be

reflected in price

Brent ‐ Ural spread

2005 2012

DEMAND SUFFERS FROM ECONOMIC CRISIS, BUT…

long term growth potential remains in the region …long term growth potential remains in the region

Gasoline demand change

in %

SHORT TERM CRISIS EFFECT LONG TERM POTENTIAL REMAINS Car penetration curve

► GRADUAL

500 600 700 800

Italy France Austria Germany C h R Poland 1,000 inhabitant 5 10 15

Gasoline demand change

in %

Car penetration curve

► Regional car

penetration is still well bellow EU

IMPROVEMENT IN DIESEL PER CAPITA COMSUMPTION WITH GDP GROWTH

100 200 300 400

Czech Rep. Slovakia Croatia Russia Romania Serbia China Pakistan India

HUNGARY

Cars per 10

• 5

5

average

► Room for additional

gasoline demand

Hungary

5000 10000 15000 20000 25000 30000 35000 40000 45000

GDP per Capita (PPP in USD)

700

• 10

2005 2006 2007 2008 2009 2010 2011

Domestic markets CEE region

Diesel demand change

in %

Diesel consumption per capita

300 400 500 600 700

5 10 15

► GDP growth

potential of the region remains

liter / capita

D

100 200

• 5

5

Domestic markets CEE region

► Significant additional

diesel demand is expected in the CEE

• wnstream

45

CEE North West Europe

• 10

2005 2006 2007 2008 2009 2010 2011

Domestic markets CEE region

Source: Woodmac and MOL estimates.

LONG-TERM TENDENCIES JUSTIFY COMPLEXITY AND DIESEL FOCUS

Favourable balance of landlocked CEE market Favourable balance of landlocked CEE market

5

Supply-Demand Balance - 2012 / 2016 / 2020

(including refinery and bio supply in Mt)

Supply-Demand Balance of the CEE region

‐5 North-West Europe

Gasoline Diesel

22 28 31

• 16 -29 -26

3 4 4 ‐15 ‐10

Gasoil Balance Gasoline Balance

CEE- MOL’s Core region 3 4 4

• 7 -8 -10

16 18 18 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Other Mediterranean*

• 30 -29 -29

► Diesel demand supported by favourable long term regional GDP growth ► Increasing diesel shortage provides room for further mid-term diesel projects (Rijeka DC, Duna HCK)

D

Largest contributors

► Stable gasoline surplus requires keeping existing flexibility through refining-petrochemical integration

(new LDPE unit)

• wnstream

46

Source: Woodmac and MOL estimates.

INCREASE EFFICIENCY AND IMPROVE PROFITABILITY

by optimization of assets and processes on Group level …by optimization of assets and processes on Group level

Reinforce Regional Downstream by utilising all

I.) Value Chain Optimization

► Improved crude selection

O d d d ti i fi i

synergies of integrated

• peration

► On demand production in refineries ► Maintain petrochemical integration

Net Cash Margin ranking of European refineries*(2010)

Bratislava

8

II.) Asset Management

► Selective organic growth projects: Butadiene, LDPE, Rijeka ► Improve or reshape less efficient assets (Croatian downstream, IES)

L i ti & R t il t k ti i ti t ti k t

2 4 6 8

Danube Rijeka Mantova

► Logistics & Retail network optimization to serve captive market ► Focus on Energy Management to reduce OPEX

‐4 ‐2

Sisak III.) Market management

► Make or buy – own production vs local purchase ► Capture additional sales margin with higher wholesale &retail *Source: Woodmac.

D

IV.) Resource and process efficiency

► Comprehensive efficiency program

• wnstream

Aim to reach break even ti i C ti till 2014

47

► Decrease OPEX via process optimization

• peration in Croatia till 2014

SELECTIVE INVESTMENTS TO MAINTAIN LEADING POSITION

…and improve profitability …and improve profitability

LOGISTICS AND RETAIL INVESTMENTS Growth in high margin captive market

Largest contributors

► New logistics, depots ensure better market reach ► Retail investments focuses on growth markets and sites with favourable position

SELECTIVE PETROCHEMICAL DEVELOPMENTS Ensure flexibility & capture profitable niche segment

Largest contributors

Exploit high margin butadiene market

► New 130 ktpa butadiene unit: caa. EUR 100 mn CAPEX; ~EUR 50 mn EBITDA improvement

Maintain synergies from Refining – Petrochemicals integration

► Shut down 3 old subscale LDPE units new 220 ktpa LDPE unit CAPEX: cca EUR 260 mn ► Shut down 3 old, subscale LDPE units, new 220 ktpa LDPE unit, CAPEX: cca EUR 260 mn ► Increased flexibility - higher naphtha off-take from refineries (plus cca. 120 ktpa)

Aim to reach break-even operation till 2014 with gradual improvement CROATIAN DOWNSTREAM D

Largest contributors

► Short term efficiency actions: OPEX cut, logistics & retail network rationalization ► On-demand operation of refineries

N i li ti b t fi i f fl ibl ti ti p g p

• wnstream

48

► New pipeline connection between refineries for flexible, synergetic operation ► Preparation for residue disruption (new Coker unit)

FOCUSING ON MOST PROFITABLE SALES IN KEY LANDLOCKED COUNTRIES

Capturing regional growth opportunities by differentiated geographic focus Capturing regional growth opportunities by differentiated geographic focus

FOCUS ON PRINCIPAL EXTENSIVE GROWTH AREAS

► ‘Hold fast’: maintain market share in HUN, ITA, while increase in SK, regain in CRO and BIH

, , , g

► ‘Go for it’: further growth on key export markets AUT, CZ, expansion in West-ROM, SRB, SLO ► ‘Keep up’: maintain and build up market presence on markets ensuring optimum flexibility to refining assets

HARMONIZED DEVELOPMENT OF LOGISTICS, COMMERCIAL AND RETAIL TO SUPPORT SALES

►

Focus on growing markets & keep leading position in domestic countries D b ttl ki th l i ti t

Largest contributors

►

Increasing retail presence on growth markets INCREASE RETIAL NETWORK EFFICIENCY

►

Debottlenecking the logistics system

►

Greenfield investments

►

Opportunistic network acquisitions

►

Improve brand perception & increase non-fuel revenue D

►

Increase avr. throughput per site to 3.0 Mlpa

►

Dispose inefficient sites

• wnstream

49

Keep and strenghten locational benefit: margin-driven sales optimization with end-user focus

Financials

Financials

50

ALL TIME HIGH EBITDA IN 2011

International Upstream contribution delivered the growth International Upstream contribution delivered the growth

Q3 2011 restated Q4 2011 Q4 2010 restated % (IFRS), in HUF billion FY 2010 restated FY 2011 % 129.5 132.6 140.0 (5) EBITDA 526.0 601.8 14 140.9 150.8 150.2

• EBITDA excl. special items(1)

606.1 643.8 6 121.2 131.4 108.1 22

• /w Upstream

400.8 484.5 21 11.6 (7.1) 30.1 n.a.

• /w Downstream

178.0 117.1 (34) 20.5 22.8 15.2 50

• /w Gas Midstream

71.8 85.7 19 52.5 10.1 62.8 (84) Profit from operation 245.5 251.6 2 64.5 61.5 84.1 (27) Profit from operation excl. special items(1) 336.6 335.2

• 73.7

65.5 72.8 (10) Clean CCS-based operating profit (1) (2) 300.3 305.2 2 20.1 45.6 20.7 120 Net financial expenses/(gain) 85.5 48.7 (43) 36.4 (31.1) 36.1 n.a. Net profit for the period(3) 104.0 152.0 46

In Q4 2011

42.5 18.4 46.8 (61) Net profit for the period excl. special items(1) (3) 165.6 221.2 34 154.8 109.4 178.5 (31) Operating cash flow 378.9 371.8 (2)

In Q4 2011

► EBITDA(1) increased due to higher Upstream contribution, which more than offset weak Downstream performance. ► Upstream growth were boosted by the restart of Croatian oil and condensate sales after Sisak returned to operation

in November and strengthening USD, which more than offset the negative effect of lack of Syrian revenues in Q4.

F

in November and strengthening USD, which more than offset the negative effect of lack of Syrian revenues in Q4.

► Downstream operated still in a very unfavourable external environment, hit by further shrinking light heavy

differential, increasing energy costs, seasonally higher OPEX and all time low integrated petrochemical margin

► Group Clean CCS R&M operating profit(2) excluding INA remained profitable emphasising the strength of our

Financials

51

p p g p g p p g g most complex refineries.

(1) Special items of operating profit and EBITDA are detailed in Appendix VII and IX of the Q4 2011 Flash Report. (2) Estimated Current Cost of Supply based operating profit/(loss) excluding special items, FX gain or loss on debtors and creditors and impairment on inventories in Refining and Marketing

FURTHER STRENGTHENED FINANCIAL POSITION

Fitch reinforced the investment grade credit rating

Covenants

Fitch reinforced the investment grade credit rating

USD bn

Gearing (%)

2,5 3 3,5 2,5 3

35 40

1 1,5 2 2

30

0,5 1 1 1,5

2 008 2 009 2 010 2 011 20 25 2008 2009 2010 2011

EBITDA Net debt to EBITDA

Keep covenants and gearing in the safety zone

Gearing

F

Largest contributors

Keep covenants and gearing in the safety zone 3.4 years average maturity profile

Financials

52

2012 CAPEX: STRONG FOCUS ON UPSTREAM

Up to USD 2 bn CAPEX spending Up to USD 2 bn CAPEX spending

12% 21%

UPSTREAM (2012) DOWNSTREAM (2012)

3% 13%

MOL GROUP (2012)

25% 5% 4% 47% 3% 21% 17% 16%

Hungary Croatia

60% 19%

Refining and Marketing

37%

Upstream Downstream ► Strict control on maintenance; focus ► Increasing share of exploration: speed Kurdistan, Iraq Russia Syria Pakistan Other Retail Petrochemicals Gas Midstream C&O

P t ti l i t t th h i

L t t ib t

► Strict control on maintenance; focus

• n safe operation

► Improve flexibility and extend value

chain in Petchem

► Increasing share of exploration: speed

up in Kurdistan Region of Iraq

► Exploration with international focus is

targeting reasonable resource base

► Potential investment on the horizon

► Conservative and flexible approach

F

Largest contributors

► Increase retail presence and logistic

developments to secure enduser market

► Focus on developments in Russia,

Kazakhstan and Pakistan

► Mitigating natural decline in the CEE

Financials

53

region

2012-2014 CAPEX SHOULD BE FULLY FINANCED FROM OPERATING CF

Up to annual USD 2 bn CAPEX spending

► Kurdistan, Iraq: Akri-Bijeel and Shaikan blocks

R i B it d M tj hki k bl k

GROUP 2012‐2014

Up to annual USD 2 bn CAPEX spending

► Russia: Baitex and Matjushkinsky blocks ► Kazakhstan: Federovsky block ► Hungarian conventional and unconventional exploration

pstream

50% 4% 21%

cts

► Hungarian conventional and unconventional exploration ► Croatian exploration and field development ► Hungarian field development

U

50% 25%

• wth proje

m

► Modernization through new LDPE unit, Slovnaft

Upstream Downstream Gas Midstream Contingency

• rganic gro

Downstream

► Rijeka residue processing – Delayed Coker ► Butadiene Extraction Unit

Key o

F

D

► Logistic and retail development

Financials

54

NO PRESSURE FOR FURTHER FINANCING IN 2012

Stable maturity profile more than EUR 2 bn available liquidity

3000

Stable maturity profile, more than EUR 2 bn available liquidity

2000 2500

2014 2013

1500

2016 2014 mn EUR

500 1000

m

500

Deposits Undrawn facilities Available liquidity 2012 2013 2014

F

• 1000
• 500

Financials

55

2012-2014 CAPEX SHOULD BE FULLY FINANCED FROM OPERATING CF

Up to annual USD 2 bn CAPEX spending

► Kurdistan, Iraq: Akri-Bijeel and Shaikan blocks

R i B it d M tj hki k bl k

GROUP 2012-2014

Up to annual USD 2 bn CAPEX spending

► Russia: Baitex and Matjushkinsky blocks ► Kazakhstan: Federovsky block ► Hungarian conventional and unconventional exploration

pstream

50% 4% 21%

cts

► Hungarian conventional and unconventional exploration ► Croatian exploration and field development ► Hungarian field development

U

50% 25%

• wth proje

m

► Modernization through new LDPE unit, Slovnaft

Upstream Downstream Gas Midstream Contingency

• rganic gro

Downstream

► Rijeka residue processing – Delayed Coker ► Butadiene Extraction Unit

Key o

F

D

► Logistic and retail development

Financials

NATURAL HEDGE POSITION IN FX

USD and EUR denominated business mix USD and EUR denominated business mix

► Both in Upstream and Downstream operating

cash flow is mainly driven by USD and EUR

3%

Total debt – YE 2011

► CAPEX is also linked mainly to USD, EUR

27%

► Weaker local currencies is slightly beneficial

70%

► FX structure of indebtedness naturally

decreases the above exposures

EUR USD HUF and other currency

Financials

57

APPENDIX

Appendix

58

ALL TIME HIGH EBITDA IN 2011

International Upstream contribution delivered the growth International Upstream contribution delivered the growth

Q3 2011 restated Q4 2011 Q4 2010 restated % (IFRS), in HUF billion FY 2010 restated FY 2011 % 129.5 132.6 140.0 (5) EBITDA 526.0 601.8 14 140.9 150.8 150.2 ‐ EBITDA excl. special items(1) 606.1 643.8 6 121.2 131.4 108.1 22

• /w Upstream

400.8 484.5 21 11.6 (7.1) 30.1 n.a.

• /w Downstream

178.0 117.1 (34) 20.5 22.8 15.2 50

• /w Gas Midstream

71.8 85.7 19 52.5 10.1 62.8 (84) Profit from operation 245.5 251.6 2 64.5 61.5 84.1 (27) Profit from operation excl. special items(1) 336.6 335.2 ‐ 73.7 65.5 72.8 (10) Clean CCS‐based operating profit (1) (2) 300.3 305.2 2 20.1 45.6 20.7 120 Net financial expenses/(gain) 85.5 48.7 (43) 36.4 (31.1) 36.1 n.a. Net profit for the period(3) 104.0 152.0 46

In Q4 2011

42.5 18.4 46.8 (61) Net profit for the period excl. special items(1) (3) 165.6 221.2 34 154.8 109.4 178.5 (31) Operating cash flow 378.9 371.8 (2)

In Q4 2011

► EBITDA(1) increased due to higher Upstream contribution, which more than offset weak Downstream performance. ► Upstream growth were boosted by the restart of Croatian oil and condensate sales after Sisak returned to operation

in November and strengthening USD, which more than offset the negative effect of lack of Syrian revenues in Q4.

A

in November and strengthening USD, which more than offset the negative effect of lack of Syrian revenues in Q4.

► Downstream operated still in a very unfavourable external environment, hit by further shrinking light heavy

differential, increasing energy costs, seasonally higher OPEX and all time low integrated petrochemical margin

► Group Clean CCS R&M operating profit(2) excluding INA remained profitable emphasising the strength of our

Appendix

59

p p g p g p p g g most complex refineries.

(1) Special items of operating profit and EBITDA are detailed in Appendix VII and IX of the Q4 2011 Flash Report. (2) Estimated Current Cost of Supply based operating profit/(loss) excluding special items, FX gain or loss on debtors and creditors and impairment on inventories in Refining and Marketing

UPSTREAM - STABLE PRODUCTION

High crude price stronger USD

160

Daily hydrocarbon production (m boepd)

Other international cond.

High crude price, stronger USD

120

Brent (USD/bbl)

‐4%

80

Total realized hydrocarbon price (USD/boe)

0%

145,8 144,8 143,4

5,2 14,3 13,8 4,7 4,9 5 5,7 4,7 4,7

0,7 4,2 4,2 6,9 5,5 4,5

120 140 Croatian condensate Syrian condensate Hungarian condensate P ki t i

86,5 113,4 109,4

80 100 60,9 73,9 74 60

, 144,8 143,4

33,8 30 9 31 7 38,9 34,3 34,6

60 80 100 Pakistani gas Syrian gas Croatian gas Hungarian gas

HUF/USD average

240 60 Q4 2010 Q3 2011 Q4 2011 40 Q4 2010 Q3 2011 Q4 2011 6

HRK/USD average

19,5 18,6 18,8 9,5 9,1 8,6 6,8 6,9 5,3 30,9 31,7

20 40 60 Other International crude

• il

Croatian crude oil Russia crude oil

16

225,5

200 5,42 5 28 5,57 5 6

5% 16% 12,7 11,8 11,5

Q4 2010 Q3 2011 Q4 2011 Hungarian crude oil

203,1 194,6

160 Q4 2010 Q3 2011 Q4 2011 5,42 5,28 4 Q4 2010 Q3 2011 Q4 2011

A

► Supporting price environment ► Average daily hydrocarbon production decreased slightly in Q4 mainly due to announced production

cuts in Syria, and lower Croatian crude oil and condensate production.

Appendix

60

y p

UPSTREAM RESULT WAS RECORD HIGH IN Q4 UPSTREAM RESULT WAS RECORD HIGH IN Q4…

EBITDA* (HUF bn)

Positive effects of

►

Restart of Croatian oil and condensate sales to Si k (b k t ti i N b )

131 4 120 130 140

+

8%

Sisak (back to operation in November)

►

Strengthening USD against HUF

108,1 121,2 131,4 100 110 Q4 2010 Q3 2011 Q4 2011

were moderated by negative effects of

►

Lack of Syrian revenues

90 100

Operating profit* (HUF bn)

• ►

Lack of Syrian revenues

►

Severe impact of regulated Hungarian natural gas price for household costumers

►

Slight production decrease

82,4 81,3 87 70 80 90

7%

A

►

Slight production decrease

60 Q4 2010 Q3 2011 Q4 2011

Appendix

61

* Excluding special items

AND ALL TIME HIGH IN 2011 … AND ALL TIME HIGH IN 2011

350

Operating profit* (HUF bn)

500

EBITDA* (HUF bn)

21%

284,2 330,2

150 200 250 300

Results were boosted by positive effects of

►

higher average hydrocarbon production driven by increased

400,8 484,5

200 300 400 16% 21%

78,9 125,8 144,7

50 100 2007 2008 2009 2010 2011

p y volumes from Syria

►

26% higher realized hydrocarbon prices due to increasing international t ti

119,3 162,6 212,3

100 2007 2008 2009 2010 2011

+

quotations. … and moderated by the negative effects of

►

Hungarian regulated gas price for h h ld t

80

Realized hydrocarbon price (USD/boe)

100 150

Upstream CAPEX -

• /w exploration CAPEX (HUF bn)

26%

household customers

►

slightly weaker USD

53,4 75,4 52,2 57,9 72,7 40 60

• 123,0

110,9 40,4 39,5 50 100

A

2007 2008 2009 2010 2011

2010 2011 ■ Upstream ■ o/w exploration

Appendix

62

* Excluding special items

DOWNSTREAM: STILL DEPRESSED MACRO ENVIRONMENT

High oil price and falling Brent-Ural spread ruled the conditions High oil price and falling Brent Ural spread ruled the conditions

Brent-Ural differential (USD/bbl)

1,5 170 premium unleaded (USD/t) /FOB ROTT/ 1 70 120 gas oil (USD/t) /FOB ROTT/ 1,45 0,79 0 26 0,5 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 ‐200 ‐150 ‐100 fuel oil 3.5 (USD/t) /FOB MED/ bitumen (USD/t; Argus ITA)

‐67%

0,26 Q4 2010 Q3 2011 Q4 2011 ‐300 ‐250 bitumen (USD/t; Argus ITA)

► Worsening external conditions due to ► (1) further shrinking Brent-Ural spread, ► (2) lower average crack spread and

A

► (3) decreasing petrochemical margin to historical low level.

Appendix

63

MOL SALES OUTPERFORMED THE CORE MARKET

Consumption of motor fuels in the CEE region decreased

y‐o‐y change % Q4 Market Q4 MOL Group

G li Di l M t F l G li Di l M t F l

Q4 - Demand change of Motor Fuels *

Consumption of motor fuels in the CEE region decreased

y o y change %

Gasoline Diesel Motor Fuel Gasoline Diesel Motor Fuel

Hungary

(2.7) (6.6) (5.4) 0.1 (2.6) 1.9

Slovakia

(10.2) (3.8) (5.6) (2.6) (0.0) (0.7)

Croatia

(11.9) (13.5) (13.0) (6.6) (4.0) (4.8)

Other

(4.8) 0.3 (1.0) 0.2 (3.3) (2.3)

CEE 10 countries

(5.2) (1.0) (2.1) (1.1) (0.9) (1.0)

y‐o‐y change % FY 2011 Market FY 2011 MOL Group

Gasoline Diesel Motor Fuel Gasoline Diesel Motor Fuel

FY - Demand change of Motor Fuels *

Hungary

(5.7) (0.9) (2.5) (3.3) 4.5 2.0

Slovakia

(9.4) 0.4 (2.5) (1.0) 3.9 2.4

Croatia

(11.4) (8.1) (9.1) (9.4) (6.4) (7.4)

Other

(4 8) 2 8 (1 2) 4 1 2 1 9 6

A

Other

(4.8) 2.8 (1.2) 4.1 2.1 9.6

CEE 10** countries

(5.4) 2.0 (0.0) 8.8 9.9 3.6

• Source: Company estimates
• ** Volume weighted

Appendix

64

DOWNSTREAM in Q4 2011 – SUFFERED FROM EXTERNAL ENVIRONMENT

Clean CCS R&M profit** excluding INA is still positive

External refined product and petrochemical sales (Mt)

Clean CCS R&M profit excluding INA is still positive

Downstream EBITDA* (HUF bn)

30 6

EBITDA* turned to negative

► challenging Downstream environment

30,1 11 6 10 20 30 5,3 5,4 5,2 4 6

‐3% ► challenging Downstream environment ► seasonally higher operating costs (energy

and maintenance costs)

• 11,6
• 7,1
• 10

Q4 2010 Q3 2011 Q4 2011 , 5,2 2 Q4 2010 Q3 2011 Q4 2011

CCS-based** R&M operating profit –MOL excl. INA (HUF bn) CCS-based** R&M operating profit -Group (HUF bn)

► seasonally weaker retail sales

… just slightly moderated by internal efforts

7 7 10,5 5 10

• 8,8
• 1,2
• 29
• 20
• 10

► efforts to maintain sales margin

+

‐60%

A

7,7 4,2 Q4 2010 Q3 2011 Q4 2011

• 30

Q4 2010 Q3 2011 Q4 2011 * Excluding special item

Appendix

65

Excluding special item ** Excluding special items, forex gains on debtors and creditors and impairment on inventories

DOWNSTREAM IN 2011 – DEPRESSED EXTERNAL CONDITIONS

Relatively healthy profit contribution of clean R&M excluding INA

25

External refined product and petrochemical sales (Mt)

Relatively healthy profit contribution of clean R&M excluding INA

EBITDA* (HUF bn)

The refining business was challenged by:

►

higher cost of own consumption and

20 178 110 140 170

‐34% 0%

loss, due to high oil price and Croatian refinery stoppages

►

lower average crack spreads and

20,4 20,5 15 2010 2011 117,1 50 80 2010 2011

• ►

lower average crack spreads and integrated petrochemical margin Results were supported by internal efforts, as

CCS-based** R&M operating profit –MOL excl. INA (HUF bn)

20 30

CCS-based** R&M operating profit -Group (HUF bn)

80

►

efficiency improvement,

►

improving product slate,

►

increasing market share on CEE market

20,9

• 21,4

20

• 10

10 20 63,8 50 1 60

+

‐21%

A

►

increasing market share on CEE market.

* Excluding special item

• 30
• 20

2010 2011 50,1 40 2010 2011

Appendix

66

Excluding special item ** Excluding special items, forex gains on debtors and creditors and impairment on inventories

GAS MIDSTREAM – HIGHER RESULTS DUE TO LOWER CROATIAN LOSS

Better transmission result after end of tariff freezing in July Better transmission result after end of tariff freezing in July

FGSZ Zrt. – HUF 46.6 operating profit in 2011

Gas Midstream Operating profit* (HUF bn)

► negative effect of frozen gas tariffs ended in July ► 10% decline in transmission volumes (milder weather conditions) ► increased transit volume by 4% 65 7 50 60 70

p ( )

24%

► favourable change in foreign exchange rate ► Recognition of previous investments in regulatory asset base

increased revenues

52,9 65,7 30 40 2010 2011

FGSZ Operating profit (HUF bn)

50

Prirodi Prin HUF 5 1 bn operating loss in Q4 2011

44,0 46,6 40

Prirodi Prin HUF 5.1 bn operating loss in Q4 2011

► … due to the increasing import price and ► the application of the maximum level of the natural gas price

for the eligible customers

6%

A

, 30 2010 2011

g

► no tariff increase for household customers

Appendix

67

* Excluding special items

STRONG FINANCIAL POSITION

2011 CAPEX is below target due to conservative approach 2011 CAPEX is below target due to conservative approach

Robust operating cash fully covered C

Gearing position

150

Operating cash flow before changes in working capital (HUF bn)

CAPEX payments

► Net debt (HUF 900 bn) and gearing

increased slightly vs Q3 2011

►

as a results of significantly weaker

25% 30% 35% 135 128 100 150

) ►… as a results of significantly weaker

closing 2011 HUF FX rate.

31% 27% 28% 15% 20% Q4 2010 Q3 2011 Q4 2011 116 135 128 50 Q4 2010 Q3 2011 Q4 2011

CAPEX spending was 18% lower in 2011 vs 2010, with the following focus:

►

Upstream: CEE region, Russia and

100 150

CAPEX (HUF bn)

Kurdistan Region of Iraq

►

Downstream: Thermal Power Plant revamp at Bratislava refinery and finalization of Rijeka refinery

123,0 123,2 79,7 110,9 110,9 18,2

50

A

finalization of Rijeka refinery modernization

Upstream Downstream Gas Midstream

2010 2011

Appendix

68