Settlement and new option agreement with ING Bank N.V.

MOL Hungarian Oil and Gas Plc. (“MOL“) hereby informs the capital market’s participants that the under the option agreement signed on 16 March 2009 with ING Bank N.V. (“ING”) regarding 5,220,000 MOL Series “A” Ordinary shares MOL exercised on 11 March 2010 its American call option with cash-settlement method. The strike price is EUR 30.97089. Settlement will occur on 16 March 2010.

Parallel, MOL and ING signed a share option agreement on 11 March 2010, as a result of the transactions, ING received a European put option regarding the number of 5,220,000 ’A’ series MOL shares owned by it and MOL received an American call option regarding those shares. The maturity for both options is 1 year. The strike price for both call and put option is 75.3628.

As a result of the transactions the number of own shares has not changed. MOL owns 7,434,737 "A" series and 578 "C" series ordinary shares.

For further information, please contact:

Investor Relations                                               + 36 1 464 1395

Facsimile:                                                          + 36 1 464 1335

MOL Communication                                        + 36 70 373 1907