Rejection of OMV conditional approach

At its meeting on Friday, 13 July 2007, the Board of MOL Hungarian Oil and Gas Public Limited Company ("MOL") considered a preliminary and conditional approach made by OMV to acquire MOL.

The Board unanimously rejected this unsolicited and unwelcome proposal.  The Board does not believe that the approach and a corporate combination with OMV represents a compelling business or value proposition for MOL, its shareholders and other key stakeholders.

MOL has an excellent future as an independent company and is determined to pursue its successful strategy to deliver superior and sustainable growth and value for all of its shareholders, customers, employees and other stakeholders. 

In a separate press release issued today, MOL sets out the company's excellent organic growth prospects and new progressive dividend policy.