Italiana Energia e Servizi S.p.A. (IES), a 100% MOL-owned Italian company's Board meeting in Budapest

Italiana Energia e Servizi S.p.A. (IES), a 100% MOL-owned Italian company, will hold a Board meeting in Budapest on February 4th, 2008, MOL having acquired ownership of IES on November 15th, 2007. The Company operates the Mantua Refinery in Northern Italy and more than 200 filling stations.

The Board meeting agenda will include, inter alia, the introduction of certain elements of MOL Group Governance policy, since it functions very well in several countries in which  MOL Group operates, and will include the dual signatory system, and the List of Decision-making Authorities, since they very effectively facilitate efficiency and flow of information within the Group. Also on the agenda will be the approval of the Board of Directors’ Charter (the Board will in fact have Italian and Hungarian members). MOL developed proposals to introduce these systems as well as a plan to integrate the Italian company into MOL Group, in line with the Italian legal environment and local and national specifications, with great care.

The Board will have seven directors and the two Italian members (representing local interests) will report on the Company’s business operations and results since the date of the acquisition, in addition to reports from senior MOL Group management. Although IES, along with other sector players, faced challenges caused by the current macro-economic environment and Quarter IV 2007 and January 2008  oil price changes , the business has continually grown: franchise agreements were concluded in the past few months with 50 filling station operators and a key gas oil de-sulphurisation plant project, with a CAPEX of more than Euro 130m, is progressing in full swing (planned commissioning date: December, 2008).