MOL Hungarian Oil and Gas Plc General Meeting (AGM) held on April 27, 2006

MOL had outstanding results in 2005. The Company fulfilled the strategic targets set out for 2003-2005, and its capitalisation exceeded USD 10 bn. As a result of developments implemented in the Refining and Marketing Segment MOL’s leading refineries belong to the group of Europe’s strongest profit-generating units. Through the successful international operations and high crude prices the exploration and production segment could also reach excellent results. Divestment of parts of the gas business to E.ON Ruhrgas is clearly a milestone in MOL history. These outstanding results enable the Company to pay, in line with the strategic objectives, twice higher dividend than last year.

On the AGM the shareholders have approved the report of the Board of Directors on the business management in 2005, and MOL plc annual report and the Group annual report prepared in accordance with the Hungarian Accounting Standards (HAS) and the international financial and reporting standards (IFRS), respectively, as well as the relevant auditors’ report.

The AGM has approved the Board’s proposal for paying HUF 35 bn dividend after the 2005 business year, therefore shareholders will receive nearly HUF 325 per share (depending on the number of treasury shares), twice the amount that last year.

MOL has always pointed out that the highest-standard corporate governance system is a key priority and it had the pioneer’s role in applying the best international practices in this respect. Now the AGM, following this philosophy, has approved the corporate governance representation, which will be submitted to the Budapest Stock Exchange much earlier than prescribed by the Company Act.

The shareholders have granted a mandate to the Board for 18 months for purchasing treasury shares up to maximum 10 % of the share capital. During the potential acquisition transactions the opportunity for paying with shares or arranging a share swap deal will most likely emerge in accordance with the international practices. Having this mandate the Board has got an effective tool for implementing the strategic targets. Furthermore, the treasury shares can ensure smooth operation of the share-based incentive systems and the chance for optimising the capital structure.

The AGM has also approved some amendments in MOL Articles of Association, thus shareholders can more easily exercise their voting rights: in the future and in line with the international corporate governance guidelines there will be no need to restrict shares for participating in the AGM and shareholders will be able to vote using the forms issued and sent by the Company (so called „proxy card”).

In his keynote address Hernádi Zsolt highlighted: „Our goals remain quite ambitious. Based on our existing capabilities and proven experiences our strategic objective for 2006- 2010 is to maximise the growth potentials embedded in the “New Europe” concept, to continue developments of the Group focusing on growth and efficiency. MOL shares can clearly demonstrate that the shareholders have full confidence in us and also that we can fully implement the published strategy.”