The global economy went through a transition period in recent years and signs of the recovery were already visible in 2010
in the continuously increasing hydrocarbon prices and gradual improvement of refining environment. MOL continuously
adjusts its operation to the external environment and became more international, more efficient and more upstream driven
in the recent years.

In 2010 approximately half of the Group EBITDA was generated outside Hungary as share of international operation increased
further considerably and we expect this tendency to continue in the coming years. The Upstream division’s contribution has
grown significantly in the past years, achieving almost two-third of the Group EBITDA in 2010 and became a strong growth
pillar for the Group. Downstream integration strengthened in order to reinforce our regional stronghold position.
In 2010 EBITDA, excluding special items increased by 56% to HUF 598.2 bn, while operating profit, excluding special items
improved by 83% and amounted to HUF 330.1 bn, despite unfavorable regulatory environment. International operations
had a substantially increased share in the operating profit in 2010. Profit improvement resulted mainly from the Upstream
operation as recent year’s major developments turned into production and with its 79% improvement, Upstream division
remained the main profit contributor to the Group operating result. In a gradually improving external environment
Downstream operating profit, excluding special items doubled compared to the relatively low basis of 2009. Petrochemicals
turned to positive while Gas & Power remained an important contributor.

In 2010 net profit of MOL Group increased by 9% to HUF 104.0 bn, as the significantly improved operating performance was
partly decreased by the imposed crisis tax in Hungary (HUF 25.8 bn) and additional royalty payment plus interest (HUF 35.2
bn) based on decision of EU Commission. In the first full-year consolidation of INA its net contribution turned to a profit.

MOL remained committed to keep its financial stability in 2010, which is based on our immediate and adequate answers to
the crisis. Our disciplined CAPEX spending (HUF 333 bn, 13% lower than previous year) was financed through the operating
cash flow, our net debt position decreased, resulting in an improved gearing ratio of 31.3% at the end of December 2010.
MOL not just remained committed to keep its financial stability, but continued the key development projects, hereby
established an outstanding position for the upturn period in each business division. The investments focused on growth-type
projects, like the Syrian and Adriatic off-shore developments in Upstream, modernization of Rijeka refinery in Downstream
and Hungarian-Croatian cross border pipeline development in Gas and Power.

In 2010 MOL’s Upstream business made significant steps towards an optimized, efficiently operated portfolio. Key projects
turned from field development to production phase increasing our daily production to 144 mboepd and creating the basis
of medium term sustainability. MOL Group’s total approved 2P reserves estimations according to SPE guidelines were 619
MMboe as of 31, December 2010, while the current best estimates of the recoverable resource potential is 1,650 MMboe.
Remarkable exploration successes were achieved in the Kurdistan Region of Iraq and Pakistan in the past year. These
successes along with increasing exploration activity should support our long term growth in the future. MOL is committed to
maintain its reserve base and production level at their elevated levels.

Regarding the downstream business MOL Group’s main goal is to reinforce its regional position by focusing on market driven
developments and efficiency improvements thus exploiting the gradually improving environment. The Group focuses to
exploit further synergies through the whole value chain, elevate Rijeka refinery to similar levels represented by the key
refineries of MOL and improve the overall efficiency of Downstream portfolio.
On Group level we aim to exploit the significant organic growth potential of our integrated portfolio by operating the existing
asset base on maximum efficiency.

annual report 2010