The SEC adopted revised rules for the modernisation of oil and gas reporting requirements in 2008, and the FASB adopted a revised standard for oil and gas reserves estimation and disclosures 2010. All the figures referring to December 31, 2009 or to the total of 2009 in these disclosures, including the reserves and the standardised measure of discounted future cash flows, are calculated on the basis of the revised SEC and FASB standards. All the figures presented in these disclosures for the years 2008 and 2007 are reported in accordance with the earlier disclosure standards in effect during such periods. The tables for the current reporting period and the 2008 and 2007 historical data have been aligned to the modernised SEC requirement for geographic area disclosure. Thus the regional analysis below is on a continent basis, with separate information on countries that contain 15% or more of the total proved reserves. These disclosures do not include information about MOL’s share in INA’s oil and gas activities, as these disclosures were not available on INA’s oil and gas activities in 2009 or for previous years; and about MOL’s share in equity consolidated Pearl project (in Kurdistani region of Iraq), as these disclosures were not available on its activities for 2009.

A) Reserves

Proved reserves are the estimated quantities of oil and gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are those reserves which can be expected to be recovered through existing wells with existing equipment and operating methods. The reserves reported exclude volumes attributable to oil and gas discoveries that are not at present considered proved. Such reserves will be included when technical, fiscal and other conditions allow them to be economically developed and produced. Oil and gas reserves cannot be measured exactly since estimation involves indirect data subjective judgement and arbitrary determinations. Estimates remain subject to revision. Estimated net proved reserves of crude oil and natural gas liquids at the end of the year and the changes in such reserves during the year are set out below.

B) Capitalised costs

The aggregate amount of tangible and intangible fixed assets of Group companies relating to oil and gas exploration and production activities and the aggregate amount of the related depreciation, depletion, amortisation and impairment at December 31 are shown in the table below:

C) Costs incurred

Costs incurred by Group companies during the year in oil and gas property acquisition, exploration anddevelopment activities, whether capitalised or expensed directly, are shown in the table below.

D) Earnings

Earnings of Group companies from exploration and production activities excluding financing costs and related tax effects.

Other income/cost do not include the administration cost inside MOL Plc.

E/1) Standardised measure of discounted future net cash flows

The following table presents the standardized measure of discounted future net cash flows and their changes relating to crude oil and natural gas production from the group’s estimated proved reserves and based on a 12-month unweighted arithmetic average sales price, calculated on a first day of the month basis, with cost factors based on those at the end of each year, currently enacted tax rates and a 10% annual discount factor. For the 2008 and 2007 periods, the price and costs were those at year end.

Future net cash flows have been prepared on the basis of certain assumptions which may or may not be realized. These include the timing of future production, the estimation of crude oil and natural gas reserves and the application of average crude oil and natural gas prices and exchange rates. Furthermore, both proved reserves estimates and production forecasts are subject to revision as further technical information becomes available and economic conditions change.

The standardised measure of discounted future net cash flows does not purport nor should it be interpreted to present the fair value of the Company’s oil and gas reserves. An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs and a discount factor more representative of the time value of money and risks inherent in reserves estimate.

E/2) Change in standardised measure of discounted future cash flows