Treasury share transaction

MOL Hungarian Oil and Gas Public Limited Company (“MOL”) hereby announces that BNP Paribas SA (“BNP”) and MOL signed an agreement on 10 April 2006 regarding Series “A”  Ordinary Shares of MOL currently held in treasury.

According to this agreement, MOL will sell 1,404,217 Series “A” Ordinary Shares of MOL to BNP in a stock exchange transaction at market price on the Budapest Stock Exchange. The broker for the stock exchange transactions is expected to be ING Bank (Hungary) Rt.

Simultaneously with the share purchase agreement, MOL and BNP entered into option agreements, pursuant to which upon the completion of the transaction MOL will receive an American call option on these shares from BNP and BNP will receive a European put option on the same number of MOL shares from MOL. For both options the expiration date is 18 December 2006 and the exercise price is equal to the original selling price.

Upon the successful closing and settlement of the transaction MOL will have no Series “A” Ordinary Shares and 578 Series “C” Ordinary Shares in treasury.