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Agenda

Introduction

Regional Outlook

Value creating growth

This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be no assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.

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MOL today

25%

10%

47%

1%

17%Hungarian Government OMVInternational Institutional InvestorsMOL TreasuryDomestic

Shareholding structure (approximate)

First significant oil and gas company in Central Europe to be privatised

Enjoys domestic leadership in all of its core businesses and is well positioned to become the regional champion in the growing Central European market

First major regional consolidation step concluded: through the partnership with Slovnaft, the Slovak national oil company

Internationally experienced management team

Shares listed on Budapest and Luxembourg Stock Exchanges and traded on SEAQ (London)

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Regional comparison (yearly)

Operating profit in non-regulated segments (m EUR)

0100200300400500600700800

2000 2001OMV MOL PKN

E&P320

R&M79

E&P366

R&M325

E&P262

E&P273

R&M223

R&M355

R&M274

R&M168

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Regional comparison (first quarter)

Operating profit in non-regulated segments (m EUR)

020406080

100120140160180

1Q 2001 1Q 2002OMV MOL PKN

R&M55

E&P99

R&M60

E&P85

E&P48

R&M18

E&P68

R&M49

R&M -1 R&M 14

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Converging to the EU

EU environment will help MOL in accessing directly neighbouring markets

Energy markets will open up in line with general EU schedule impact on competition pricing principles unbundling

Special share of APV Rt. is not similar to golden shares attacked in the EU

Potential impact on tax holiday

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Rapid Growth and Converging Markets

Population of more than 100 m, with high growth in car density and usage

Markets converging towards the EU

Improving road infrastructure

Growing regional trade

PL

SK

H

HRSLO

ARO

+1.8% GDP470 cars/000 capita

+3.3% GDP220 car/000 capita

+1.1% GDP220 cars/000 capita

+3.7% GDP380 cars/000 capita

+3.2% GDP200 cars/000 capita

3.9% GDP120 cars/000 capita

+4.0% GDP227 cars/000 capita

CZ

+3.4% GDP280 cars/000 capita

GDP GROWTH (%)

0

2

4

6

8

1997 1998 1999 2000

EU average Hungary

YU

BIH

PL

SK

H

HRSLO

ARO

+1.8% GDP470 cars/000 capita

+3.3% GDP220 car/000 capita

+1.1% GDP220 cars/000 capita

+3.7% GDP380 cars/000 capita

+3.2% GDP200 cars/000 capita

3.9% GDP120 cars/000 capita

+3.8% GDP227 cars/000 capita

CZ

+3.4% GDP280 cars/000 capita 6.0% GDP

UA

YU

5.0% GDPBiH

7.0% GDP

7

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

4,5%

Poland CzechRepublic

Slovakia Hungary Slovenia Croatia Romania

CAGR

1999-2005 2006-2010

Motor fuel demand growth

CROATIA8%

POLAND51%

SLOVENIA2%

ROMANIA20%

SLOVAKIA4%

HUNGARY7%

CZECH REPUBLIC8%

Breakdown of incrementalmotor fuel demand growth, 1998-2010

Growth prospects in CEE for 5 years avgGDP 3-4%Oil products 2-3%Natural gas 4%Polimers>5%

Growth prospects in CEE for 5 years avgGDP 3-4%Oil products 2-3%Natural gas 4%Polimers>5%

Demand outlook in the CEE region

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Oil sector - privatisation and deregulation

•Despite deregulation NOCs still maintain a

hugely dominant position in their respective home

countries

•Despite deregulation NOCs still maintain a

hugely dominant position in their respective home

countries

...1996 1997 1998 1999 2000 2001 2002 2003 2004 2005/2010

Hungary

Czech Repub

lic

Poland

Croatia

Slovakia

Slovenia Romani

a

Progress in deregulation

• Most of the region’s main players are partly or

wholly government-owned national oil companies

(NOCs)

• Most of the region’s main players are partly or

wholly government-owned national oil companies

(NOCs)

...1998 1999 2000 2001 2002 2003 2004 2005/2010Hungary

Czech Republ

icPolan

d

Croatia

Slovakia

Slovenia Roman

iaGreece

Greece 1992

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Major strategic issue - regional consolidation

Existing equity participationIn talks or bidding process

• Further candidates for consolidation in Croatia (INA 25%), Slovenia (Petrol) and Serbia (NIS)

• Further candidates for consolidation in Croatia (INA 25%), Slovenia (Petrol) and Serbia (NIS)

• Oil sector assets due for privatization- Rafineria Gdanska- PKN - Unipetrol- 30% of Hellenic Petroleum

• Oil sector assets due for privatization- Rafineria Gdanska- PKN - Unipetrol- 30% of Hellenic Petroleum

10%36%

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Changes Provide Opportunities for MOL

MOL is the only company in the sector which delivered a

successful partnership in the region

Strict set of principles for new business initiatives

Access to financial markets and financial discipline

Depth of management to evaluate, execute and implement projects

WELL POSITIONED FOR REGIONAL CONSOLIDATION

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MOL & Slovnaft: The Winning Combination

MOL/Slovnaftpartnership

State-of-the-arttechnology

Restructuring experience of

MOL applied to Slovnaft

Strongdownstream growth

Financialstrength

Unrivalled market shares in the region

Platform for further

consolidation

Medium-term benefits have already been identified• MOL’s cost cutting expertise applied to Slovnaft’s operations• Revenue enhancement from improved strategic position • Supply Chain Management

Medium-term benefits have already been identified• MOL’s cost cutting expertise applied to Slovnaft’s operations• Revenue enhancement from improved strategic position • Supply Chain Management

Sizeable operating synergiesAlready achieved 14 mn USD in 2001

Sizeable operating synergiesAlready achieved 14 mn USD in 2001

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MOL-Slovnaft Assets

Horny Hricov Kapuŝany

Slovnaft

Poland

Slovakia

Százhalombattat

Tiszaújváros

Csepel Ebes

Szajol

Pécs

Dombóvár

SzékesfehérvárVép

Komárom

Algyő

Stozok

PozdsovceKosice

Budkovce Vojany

Dolná Strehova

Sahy

Klacany

Bucany

Bratislava

Hungary

Ukraine

Romania

Yugoslavia

Austria

Czech Republic

Oil Pipeline

Product Pipeline

Distribution terminals

Refinery

Refinery without primary distillation

Duna

8.3 mtpa

Bratislava

5.5 mtpa

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Further information:

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

MOL Investor Relations:

www.mol.hu

Tel: +361-464-1395E-mail: investorrelations@mol.hu