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MOL grOup

Dear Friends!

It gives us immense pleasure to be able to present our friends in pakistan with an over-view of MOL group and its activities - our upstream business in particular - here, and in other parts of the world. MOL considers its upstream business to be at the heart of its strategic development efforts and is therefore concentrating on a number of key core market production centres to build up a focused but robust portfolio. We see such international activities as central to the de-velopment of MOL group as a whole.

As a result, we hope to increase our current presence in pakistan. Many of you will al-ready be aware that we have now become one of the leading foreign producers of nat-ural gas in the NWFp (North West Frontier province) and currently we aim to gain the same position in the whole of the northern part of the country.

MOL group is relatively new to pakistan. Although we only started operations here in 1999, our success in this short period has given us confidence and high expectations of the potential for further significant up-stream activities in pakistan.

Letter from the Executive Management

Zsolt Hernádi

Chairman and CEO,

MOL group

János Fehér

Managing Director/CEO

MOL pakistan Oil & gas MOL group has evinced increasing interest in the opportunities for privatisation in paki-stan, especially in undertakings that are in-volved in the upstream business. We also look forward to new concessions from the government of pakistan so as to increase our investment and business activities in the country.

MOL group is also proud to be recog-nised as a responsible corporate citizen in pakistan. Our commitment to the people of pakistan after the catastrophic earth-quake in October 2005 and the devastating monsoon floods in 2006 was clearly dem-onstrated by the various actions we took during the weeks and months that followed the two disasters. We have, moreover, com-mitted ourselves to many projects in the Tal Block that support local communities. We are proud to be associated with these proj-ects and firmly believe that they will merely be the beginning of many such endeavours in the future.

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Worldwide operations of MOL Group

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General information

MOL grOup

MOL had 352 million boe p1+p2 hydrocar-bon reserves (according to SpE guidelines) and 86 thousand boe/day hydrocarbon production. MOL group also operates over 5,000 km high pressure natural gas pipeline network in Hungary and is involved in the petrochemical business as well.MOL group comprises MOL plc (Hungary); Slovnaft – the largest oil company in Slova-kia; TVK – one of Europe’s largest petro-chemical firms; its strategic partner, INA – Croatia’s leading oil & gas company; as well as international interests in exploration and production projects in russia, pakistan, Yemen, Oman, Northern Iraqi Kurdistan, Cameroon, Kazakhstan, and, through INA, in Angola, Egypt, Libya and Syria.

MOL relies on its proven skills in Seismic Sequence Stratigraphy and Structural In-terpretation.

Today, this expertise is applied not only in Central Europe, but in three of the most important hydrocarbon regions in the world: the Middle East, North Africa and the CIS area.

MOL Plc is a leading independent, interna-tional and integrated oil and gas company in Central-Eastern Europe, headquartered in Budapest. MOL group has operations in Europe, Middle East, Africa and the CIS member states and it employs over 15.000 people worldwide. MOL also owns 3 highly complex refineries in Hungary, Slovakia and Italy and according to Wood Mackenzie global survey MOL’s refiner-ies in Hungary and in Slovakia are the most efficient refineries in Europe. MOL oper-ates over 1000 filling stations in Central and South Eastern Europe. At the end of 2008

MOL Group’s upstream activities MOL group has 70 years’ exploration ex-perience in Hungary and has maintained its position of lead player in the country by obtaining highly productive explora-tion licences. Although most production fields are now mature, discoveries of new reserves have mitigated declines in domestic production. Systematic devel-opment of geological formations in the Carpathian Basin has ensured mainte-nance of the portfolio Value. In addition,

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MOL group is among the top foreign pro-ducers in pakistan and russia and we carry out oil exploration as operator in Oman, Ye-men, Northern Iraqi Kurdistan, Kazakhstan, russia and pakistan and as non-operator in Cameroon. Be it in Central Europe, or any-where else in the world, we apply cutting-edge technology and employ the best pro-fessionals available, while relying on local know-how and expertise.

International exploration and production activities of MOL Group

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* According to guidelines of SpE 2p system** MOL has a 47.16% ownership in INA as of December 31, 2008*** Including pakistan, Syria, Egypt and Angola

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Brief Background MOL pakistan (http://www.molpakistan.pk), a fully owned subsidiary of the MOL group (http://www.mol.hu/eng) registered in Nether -lands, has been operating in pakistan since 1999. Currently, it is led by Mr János Fehér, Managing Director/CEO, who brought a wealth of international experience in Exploration and production projects from across the globe to ensure that MOL group achieves its desired position and long-term goals in pakistan.MOL pakistan presently produces hydro-carbon from TAL Block and is the Operator of the concession. It also holds concessions for Margala and Margala North Blocks and has recently acquired 40% undivided work-ing interest in the Mari gas Company Ltd operated Karak block

The TAL Block is located in NWFp and is spread over the areas of districts Kohat, Karak, Hangu and Bannu and some areas of North Waziristan and Orakzai agencies of Federally Administered Tribal Areas (FATA).

MOL pakistan as Operator of TAL Block has three successive discoveries to its credit. With the start of production from its Manzalai Central processing Facility (CpF) in Manzalai Development & produc-tion Lease during the year 2009, MOL paki-stan along with TAL Joint Venture partners would proudly be catering more than 75% energy requirements of the NWFp. Second discovery named as Makori is currently under Extended Well Test (EWT) during

Appraisal phase. Third recent discovery named as Mami -Khel is currently also un-der appraisal phase.

Currently, MOL pakistan is supplying around 35MMSCFD gas and 500 barrels per day of condensate from Manzalai Field, which would be increased to 250MMSCFD gas, and 4,200 barrels per day of condensate/oil with start of production from Manzalai CpF. In addition to Manzalai production, MOL pakistan is supplying around 30MMSCFD associated gas and 2300 barrels per day of condensate from Makori Field.

It is expected that the above mentioned discoveries in the TAL Block will add signifi-cant reserves of Oil and gas in country.

MOL pakistan is on the look for further in-vestment opportunities in pakistan petro-leum sector through involvement in further Exploration Blocks and acquisition of state owned upstream/downstream opportuni-ties available for privatization. MOL paki-stan sincerely believes that its E & p skill inventory gathered over the period of time can positively contribute towards the self-sustainability of pakistan’s energy needs.

TAL Block The government of pakistan granted Tal pe-troleum Concession & Exploration License to MOL in TAL Block (3370-3) with the Oil & gas Development Corporation Ltd (Og-DCL), pakistan petroleum Ltd (ppL) and government Holdings (pvt.) Ltd (gHpL) as Joint Venture partners on February 11, 1999. pakistan Oilfields Ltd (pOL) also joined the TAL consortium in 2001.

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Margala and Margala North BlocksMOL pakistan is also the Operator of the Margala (Block 3372-20) and Margala North (Block 3372-21) Blocks, covering area of the Federal Capital and parts of punjab and NWFp, where pOL is a Joint Venture partner (30% undivided working interest). These blocks were awarded to MOL on 8th November, 2006.

preliminary studies of field geological and environmental studies are already complet-ed. In-house interpretation of existing seis-mic and well data is completed and new 2D seismic acquisition campaign has started in July, 2008.

Karak Blockrecently on November 14, 2008, MOL pakistan has been assigned 40% undivided working interest of Mari gas Company Lim-ited operated Karak Block situated in the NWFp.

Inception to 2008 2009 TotalTAL Block (100%) 502 193 695Margala & Margala North Blocks (100%) 13 15 28Karak Block (100%) 3 3Total 518 208 726

Details of total investments made by MOL Pakistan and it’s

JV partners are given below:

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(NCHD), sponsor two visits by a specialist rescue Team with disinfectants, providing decontamination equipment and to pay for the construction of MOL City at Havelian – 40 houses to provide proper shelter to the then homeless families.

Again, when the horrendous monsoon rains and ensuing floods hit pakistan in 2006, MOL group was quick to respond with an immediate provision of basic food supplies and tents for the distressed to the value of uS$20,000.

In the year 2008, Balochistan was hit by an earthquake resulting in the loss of life and material besides renedering thousands as homeless. MOL pakistan and it’s employees

MOL cares about PakistanMOL group believes in supporting the com-munities within which it operates across the globe by taking genuine interest in establish-ing partnerships that can provide benefits to local communities. In line with this policy, MOL quickly responded to the catastrophic October 8th, 2005 earthquake in northern part of pakistan and contributed more than uS$500,000 to help alleviate the sufferings of its victims. This sum was contributed to the president’s relief Fund, to establish a tent village in cooperation with the Nation-al Commission for Human Development

in continuation of the company’s tradition decided to show their compassionate side and donated two truckloads of relief goods for the victims of the earthquake.

Besides these major efforts, MOL seeks to promote on-going development of local com-munities. It has undertaken multiple commu-nity development projects in the TAL Block, MOL group also spent a huge amount in pro-vision of portable water to the villages falling in D&p Lease Area of the TAL Block. So far besides test bores based on ErS survey at gurguri and urbashi, water supply schemes for Tehsil Headquarter Hospital Banda Daud. Shah and Sam Banda have been completed while those for Adam Banda, Sharqi Banda and gurguri are in progress.

Currently, MOL is managing the reconstruc-tion of the road from Terri to gurguri. This project will reduce travel time from gurguri

The heartland of MOL Group upstream: HungaryMOL is one of the leading onshore oil and gas producers in West and Central Europe, with a daily production of 25 thousand bbl crude oil and 45,5 thousand boe natural gas. Because of the maturity and complex-ity of its Hungarian field portfolio, MOL group has in-depth experience in EOr/IOr techniques, which significantly extend the production life of old fields.

MOL Group’s strategic partner: INAINA, the Croatian oil company, has its own valuable upstream portfolio. In terms of do-mestic onshore operations, decades-long geo-technical cooperation in the Drava Ba-sin is now turning into a commercially viable partnership. At the same time, Ina’s interna-tional exploration projects may soon lead to expanded MOL group oil resources in Syria, Angola and Egypt.

Russia For decades, MOL group has had excellent long-standing relationships with major rus-

sian oil and gas producers, such as Lukoil and gazprom. The group has a joint ven-ture with russneft for production in the Za-padno Malobalik (ZMB) oilfield in Western Siberia. The field was started in 2003 and current production is about 40,000 bpd.

In 2006, MOL gained a 100% stake in the very promising Surgut-7 exploration block near ZMB, and has 100% interest in Matjushkinskaya block. MOL also holds a 100% stake in the oil-producing BaiTex LLC in the Volga ural region of the russian Fed-eration.

KazakhstanAfter intensive study, MOL entered Kazakh-stan in 2004 by acquiring a research inter-est in the Fedorovsky Block, which lies on the North Caspian basins’ northern shore. MOL group subsidiary, MOL Caspian Oil & gas Ltd. increased its share in the Block

to the main highway and thus improve farm-to-market access. It will also facilitate trans-port of condensate from the well located in the area. Furthermore, for the last four years, MOL has been donating scholarships for intermediate education to able youngsters from needy families. In 2007, MOL started donating Technical scholarships to the stu-dents from TAL Block for higher education

Having signed Manzalai Development & production Lease with the government of pakistan for minimum 25 years, long term social welfare development planning and commitments including construction of schools, water supply schemes and schol-arships are under consideration.

MOL aims to continue to invest in Health, Education and Water Schemes in the years to come and the government of pakistan has been very appreciative of MOL’s suc-cess in finding hydrocarbon reserves as well as of its charitable efforts.

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In the Kurdistan region of Iraq, we signed a production Sharing Contract on November 6, 2007 with the Kurdistan regional gov-ernment on two exploration blocks of Akri-Bijeel and Shaikan. MOL has an 80% work-ing interest share in the Akri-Bijeel block, while we hold a 20% working interest in the Shaikan Block.

Qatar petroleum International Ltd and MOL Oil and gas plc signed a Memorandum of understanding on October 8, 2007 in Doha, State of Qatar to jointly develop upstream and downstream hydrocarbon and petro-chemical projects worldwide.

Though already present in Libya through INA, Croatia, MOL group has also established a representative Office to secure future growth. In December 2007 the Libyan Invest-ment Authority and MOL Oil and gas plc signed a Memorandum of understanding for joint investments in the upstream and down-stream sectors of the petroleum industry.

MOL is also present in Cameroon by partici-pating in the Ngosso permit. The shallow-water offshore block with an area of 474 sqkm is located in the prolific rio del rey Basin, in the proximity of existing oil-fields is operated by Addax.

to 27.5%, thus becoming the operator. MOL partners in Kazakhstan comprise Explora-tion Venture Ltd. and FIOC, a subsidiary of the Chinese company, Sinopec.

The Middle EastMOL group conducted exploration in Syria between 1996 and 2001, in the palmyra East block. At the same time MOL had a 40% in-terest in the Qatari NW-1 offshore explora-tion field, operated by Chevron.

MOL also has an interest in an exploration block in Yemen. In Block 48 two exploration wells were drilled in the first phase. One of them resulted in a non-commercial oil dis-covery. Based on the encouraging data we applied and received an extension approval for 2nd exploration phase in order to contin-ue our activity in the block.

In Oman, MOL and the Ministry of Oil & gas signed a Concession Agreement on June 28th, 2006, for the exploration of Block 43B (approx. 15,000 sqkm) and opened a local MOL group representative Office in Mus-cat. Block 43B is located onshore in North-Eastern Oman, and its geological formation is analogous to that of MOL’s successful Tal Block in pakistan. Our partner is Mari gas Company Limited of pakistan with 25%.

Contact for MOL Pakistan Oil & Gas Company B.V. ENVIrONMENT

MOL Pakistan Oil and Gas Company B.VJános FehérManaging Director/CEOAddress: MOL pakistan Oil and gas Co. B.V.plot No. 5/A, Crown plaza, F-7 Markaz,p.O.Box: 1562, Islamabad, pakistan 44000Tel: + 92 51 111 665 725Fax: +92-51-2655827

CRS Public Relations MOL group Official pr agency for pakistanHouse 27, Street 36, F-8/1Tel: + 92 51 2851840Fax: + 92 51 2851842

MOL Group HQ – International CommunicationsH-1117 Budapest, Október huszonharmadika u. 18.Catalina romanE-mail: croman@mol.hu

Environment and social responsibilityOil and gas are depleting finite resources the uses of which have detrimental effects on the environment. We are fully aware of our responsibility to society and to future generations. Considerable investments in desulphurisation and other environmental alleviation strategies have enabled us to produce some of the cleanest fuels in the world. In the meantime, we are also invest-ing in bio-fuel production and experiment-ing with geothermal energy.

MOL group is a responsible stakeholder. We have partnerships with many institu-tions and NgOs, and are proud to spon-sor a broad variety of cultural and sporting events. Indeed, the group actively partici-pates in an array of social, cultural, scien-tific, sports, educational, environmental and health activities across the central and east European countries and russia.