9 July 2003

The Board of Directors of the Slovak Financial Market Office overruled the first instance decision, which refused the draft public offer for Slovnaft shares submitted by MOL, and obliged the Financial Market Office to conduct a new procedure

MOL Hungarian Oil and Gas Company accepts the decision of the Financial Market Office, according to which further investigations are necessary to render a decision on the merits. In its decision the Financial Market Office accepted MOL`s argumentation not to render any decision on the draft public offer, to be launched by MOL for the Slovnaft shares, as long as the investigation of the suspicious trades in the period immediately before the acquisition of more than 66% of the Slovnaft shares by MOL has not been closed.  MOL still believes that the transaction of 202,000 Slovnaft shares on the Bratislava Stock Exchange on 20 March 2002 is invalid, as the purpose of the transaction was to illegally position the average price of the shares at a distorted level. However, in order to preserve the stability of the capital market and restore investors` confidence, MOL also considers it important that the Slovak Financial Market Office should conduct the necessary investigations and close the procedure as soon as possible.