To the Shareholders of MOL Hungarian Oil and Gas Public Limited Company

1.) We have audited the accompanying 2010 consolidated annual fi nancial statements of MOL Hungarian Oil and Gas Plc.
(“the Company”), which comprises the consolidated balance sheet as at 31 December 2010 - showing a balance sheet total
of HUF 4,485,729 million and a profi t for the year of HUF 108,717 million -, the related consolidated income statement,
consolidated statement of comprehensive income for the year then ended, consolidated statement of changes in equity,
consolidated statement of cash fl ows for the year then ended and the summary of signifi cant accounting policies and other
explanatory notes.

2.) We issued an unqualifi ed opinion on the Company’s consolidated annual fi nancial statements prepared in accordance
with the International Financial Reporting Standards as adopted by eU as at 31 December 2009 on 25 March 2010.

Management’s Responsibility for the Consolidated Financial Statements

3.) Management is responsible for the preparation and fair presentation of these consolidated fi nancial statements in
accordance with the International Financial Reporting Standards as adopted by eU. this responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated fi nancial
statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

4.) Our responsibility is to express an opinion on these consolidated fi nancial statements based on the audit and to assess
whether the consolidated business report is consistent with the consolidated fi nancial statements. We conducted our audit
in accordance with Hungarian national and International Auditing Standards and with applicable laws and regulations in
Hungary. those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the consolidated fi nancial statements are free from material misstatement.

5.) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
fi nancial statements. the procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the consolidated fi nancial statements, whether due to fraud or error. In making those
risk assessments the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
consolidated fi nancial statements in order to design audit procedures that are appropriate in the circumstances but not for
the purpose of expressing an opinion on the eff ectiveness of the entity’s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the consolidated fi nancial statements. Our work regarding the consolidated
business report is restricted to assessing whether the consolidated business report is consistent with the consolidated
financial statements and does not include reviewing other information originated from non-audited fi nancial records.

6.) We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Opinion

7.) We have audited the elements of and disclosures in the consolidated annual fi nancial statements, along with underlying
records and supporting documentation, of MOL Hungarian Oil and Gas Plc. in accordance with Hungarian national and
International Auditing Standards and have gained suffi cient and appropriate evidence that the consolidated annual fi nancial
statements have been prepared in accordance with the International Financial Reporting Standards as adopted by eU. In
our opinion the consolidated annual fi nancial statements give a true and fair view of the equity and fi nancial position of
MOL Hungarian Oil and Gas Plc. as at 31 December 2010 and of the results of its operations for the year then ended. the
consolidated business report corresponds to the disclosures in the consolidated fi nancial statements.

     
Budapest, 24 March 2011    
    Judit Szilágyi
Ernst & Young Kft.   Registered Auditor
Registration No. 001165   Chamber membership No.: 001368
annual report 2010