MOL Magyar Olaj es Gazipari Nyilvanosan Mukodo Reszvenytarsasag : Investor presentation - August, 2020

MOL GROUP

INVESTOR PRESENTATION

August 2020

MOL GROUP IN BRIEF

INTEGRATED CENTRAL EUROPEAN MID-CAP OIL & GAS COMPANY

CORE ACTIVITIES

UPSTREAM	DOWNSTREAM	CONSUMER	GAS
SERVICES
Exploration	Petrochemicals	MIDSTREAM
Retail
Production	Refining	Mobility

CLEAN CCS EBITDA BY SEGMENTS IN 2019 (USD MN)

UPSTREAM	DOWNSTREAM	CONSUMER	GAS
1,052	866	471	187

KEY FIGURES

	CAPITAL MARKETS	BUSINESS / ASSETS
Market	Free float	Countries	25,000	111		Reserves
cap.		DJSI					(Mmboe)
46%	33			Production
USD 4.9bn	Constituent	Employees	270
						(mboepd)
INVESTMENT		379		Steam	~1,900		Retail
USD7.7	cracker1		transactions
GRADE	mn	Refinery	capacity	Service		per day
	Credit	capacity
	Liquidity	890	(ktpa)	stations	1,000,000
	rating	(mbpd)
	(last 6M avg.)

2

(1) Ethylene

MOL GROUP GEOGRAPHY

CEE-BASED INTEGRATED OPERATIONS AND INTERNATIONAL UPSTREAM

SLOVAKIA

CZECHREP.

HUNGARY

SLOVENIA

CROATIA

BOSNIA

MONTENEGRO

UK

RUSSIA

NORWAY

KAZAKHSTAN

AZERBAIJAN

HQ

IRAQ

	PAKISTAN
	OMAN
ROMANIA	EGYPT
	SYRIA
	(IN FORCEMAJEURE)
SERBIA

ANGOLA

UPSTREAM

DOWNSTREAM

CONSUMER SERVICES

3

(LINK TO Q4 2019 RESULTS)

AGENDA

THE MOL GROUP EQUITY STORY

SUPPORTING SLIDES

Q2 2020 RECAP

DOWNSTREAM

CONSUMER SERVICES

EXPLORATION AND PRODUCTION

FINANCIALS, GOVERNANCE AND OTHERS

4

THE MOL GROUP EQUITY STORY

DELIVERING TODAY, READY TO DELIVER TOMORROW

Efficiency & Safety: systematic focus on efficiency and safety in each business

Integration: deeply integrated business model provides remarkable cash flow stability

Resilience: high-quality,low-cost asset base, breaking even at the bottom of the cycle

MOL2030: transforming MOL for "beyond the fuel age"

Downstream: cash engine to drive "fuel to chemicals" transformation

Consumer Services: becoming a true consumer goods retailer and leading the revolution of transportation in CEE

E&P: highly value accretive barrels fund inorganic reserve replacement

Gas Midstream: stable, non-cyclical cash flows

Financials: robust financial framework supports strategic transformation

Sustainable: transforming to low carbon world

6

DOWNSTREAM: CASH ENGINE TO DRIVE "FUEL TO CHEMICALS" TRANSFORMATION AND GROWTH

DELIVERING TODAY

High-quality,low-cost asset base

Market leading position in Central Europe with long-standing customer relations

Strong captive markets and a deeply integrated refining-chemicals-distribution value chain

Proven efficiency track record: almost USD 1bn EBITDA uplift since 2011

Outstanding margin capture, capable of delivering double-digit unit EBITDA (USD/bbl)

READY TO DELIVER TOMORROW

Enhancing flexibility in refining and substantially reducing motor fuel yield by 2030 mostly through increasing feedstock transfer to chemicals

Investing USD 4.5bn by 2030 to grow in chemicals by moving deeper along the value chain

Sustainability: aiming to become a recycling leader in CEE, investing in decarbonization and energy efficiency

DS2022: delivering net efficiency gains and a visible EBITDA contribution from the transformational projects

7

CONSUMER SERVICES: BECOMING A TRUE CONSUMER GOODS RETAILER AND LEADING THE REVOLUTION OF TRANSPORTATION IN CEE

DELIVERING TODAY

Leading CEE fuel retailer with ~1,900 sites, market leader in 4 countries

Exploiting the fuel market potential in CEE

Increasing Fresh Corner penetration (45%+), rising non-fuel contribution (at ~30%), searching for the "next coffee"

READY TO DELIVER TOMORROW

USD 600mn+ EBITDA in 2023 from a more diverse portfolio

Boosting Consumer Goods EBITDA with proficient FMCG capabilities

Scaling up mobility services with car sharing, fleet management and public transport

Digitalizing customer interactions and operations

8

E&P: HIGHLY VALUE ACCRETIVE BARRELS TO FUND INORGANIC RESERVE REPLACEMENT

DELIVERING TODAY

Production to average at 115-120 mboepd in 2020, including the contribution from ACG from 16 April

Strong cost discipline with an E&P cost base fit for the bottom of the cycle

New measures adjusted capex and opex to bring down portfolio-levelcash breakeven to around USD 25/boe

Proven capabilities to operate mature, onshore assets in a cost-efficient way

READY TO DELIVER TOMORROW

MOL 2030: transforming to a sustainable international Upstream portfolio

9

GAS MIDSTREAM: STABLE, NON-CYCLICAL CASH FLOW

DELIVERING TODAY

Regulated domestic transmission business

Profitable international transit business spanning 6 regional countries

Recent years saw significant pipeline and trade infrastructure developments as well as efficiency improvements

READY TO DELIVER TOMORROW

European gas market trends (increasing liquidity and interconnectedness) to bring opportunities and upside

10

ROBUST FINANCIAL FRAMEWORK SUPPORTS STRATEGIC TRANSFORMATION

DELIVERING TODAY

H1 2020: lower EBITDA, but positive simplified FCF despite the pandemic and economic crisis

New 2020 EBITDA guidance of USD 1.7-1.9bn with unchanged capex guidance of "up to USD 1.5bn"

Strong commitment remains to continue with the 2030 strategic projects, including the USD 3bn+ investments earmarked for downstream transformational projects in 2019-23

Robust balance sheet a priority; credit metrics to be commensurate with investment grade credit rating

Steadily growing cash base dividend per share, complemented by special dividends from macro upside

READY TO DELIVER TOMORROW

MOL 2030 financial framework: existing assets shall generate sufficient free cash flow to fund strategic Downstream capex, Upstream reserve replacement and rising dividends

MOL 2030 works with or without INA; good asset fit, but with declining importance

11

SUSTAINABLE: TRANSFORMING TO LOW CARBON WORLD

DELIVERING TODAY

Sustainable Development Committee integral part of the Board of Directors

Minimize environmental footprint in line with climate change policy

Only Emerging European corporation member of the Dow Jones Sustainability Index

Strong sustainability scores across leading ESG research/rating providers

TRANSFORMING FOR TOMORROW

MOL 2030: transforming MOL to adapt to circular economy and a low carbon world

MOL total carbon footprint to decline driven by fuel to chemicals transformation

New integrated sustainability and climate strategy to address decarbonization

MEMBER OF:

RATED BY:

12

MOL GROUP 2030:

DELIVERING TODAY, READY TO DELIVER TOMORROW

TODAY

FROM FUELS

FROM FUEL RETAILING

FROM CEE

FROM BACK

OFFICE

Significantly reducing motor fuel yield Becoming the leading CEE chemicals company

Becoming a true consumer goods retailer Leading the revolution of transport in CEE

100% reserves replacement

Mostly through inorganic steps

Digital transformation

Making functional areas real strategy enablers

TOMORROW

TO CHEMICALS

TO CONSUMER

GOODS/MOBILITY

TO

INTERNATIONAL

UPSTREAM

TO DIGITAL

ORGANIZATION

13

MOL 2030: TRACKING PROGRESS IN 2017-19 - WE ARE DELIVERING

DOWNSTREAM

CONSUMERS

E&P

FINANCIALS

INTERIM TARGETS

EFFICIENCY

ENTER NEW CHEMICAL

PRODUCT LINE(S)

EBITDA 2023: USD 600MN+

RISING NON-FUEL

CONTRIBUTION

STABLE PRODUCTION,

STRONG FCF IN 2017-19

START INORGANIC RESERVE

REPLACEMENT

USD 2.0-2.2BN EBITDA; USD 1.0-1.1BN

SIMPLIFIED FCF (AVG.P.A.)

RISING DIVIDEND PER SHARE

2017-2019 STATUS

DS2022 EFFICIENCY DELIVERED USD 110MN IN 2018,

ADDED USD 40MN IN 2019

POLYOL PROJECT ON SCHEDULE, ON BUDGET, REACHED 50% COMPLETION,

CONSTRUCTION STARTED & MARKETING TEAM SET UP

EBITDA: USD 471MN IN 2019

2023 TARGET UPGRADED TO USD 600MN

29.8% SHARE IN Q4 2019 (OF TOTAL MARGIN);

30% TARGET REACHED MUCH EARLIER THAN EXPECTED

2017-2019 PRODUCTION: 107-112 MBOEPD,

2017-2019 SIMPLIFIED FCF: USD 14-25/BOE

ACG/BTC ACQUISITION

2017-2019: EBITDA USD 2.4-2.7BN,

SIMPLIFIED FCF: USD 1.4BN IN 2017-18; USD 0.36 IN 2019

10% CAGR IN BASE DPS IN 2017-19

50% TOP-UP AS SPECIAL DIVIDEND IN BOTH 2018 AND 2019

SUSTAINABILITY		TOP 15% O&G INDUSTRY		DJSI INCLUSION IN EACH YEAR (TOP 10% IN 2019)

14

DOWNSTREAM

INTEGRATED DOWNSTREAM MODEL IN CEE

11COUNTRIES

5

SALES OF 19mtpa

REFINED PRODUCTS

AND 1.11 mtpa

PETROCHEMICALS

EMPLOYEES

9,400

16

HIGH QUALITY CORE REFINING ASSETS

COMPLEX REFINERIES WITH VERY HIGH WHITE PRODUCT YIELD

NCI

REFINERY NELSON COMPLEXITY OF PEERS1

16			6.1 Mtpa
14
			8.1 Mtpa
11.5			4.5 Mtpa
12	10.6	9.1
10

8

6

4

2

0

#1 #2 #3 Bratislava #4 #5 #6 Danube #7 #8 #9 #10 #11 Rijeka #12 #13 #14 #15 #16 #17 #18 #19 #20 #21 #22

GROUP REFINERY YIELD, 2019 (%)

8.9%	2.4%	LPG
	9.4%
10.0%	8.1%	Naphta
2.3%	18.4%	Motor gasoline
3.5%	Middle distillates
4.2%	19.0%	Fuel oil
		Bitumen
		Other products
45.2%	Own use & loss
45.9%

CLEAN CCS-BASED DS UNIT EBITDA2 (USD/t)

DOWNSTREAM VOLUMES (2019, MN BBL)

	100									Medium / heavy sour		63
										crude intake
	80
USD/t	60									Middle distillate		61
								produced
40
										HFO	4
	20									produced
	0									High complexity provides high motor fuel yields, substantial
	H1	H2	H1	H2	H1	H2	H1	H2	H1
	2015	2015	2016	2016	2017	2017	2018	2018	2019	middle distillate (diesel) output, material petchem feedstock
			Range		MOL Group		Median			and limited fuel oil output (Rijeka)

1. Peer group consists of OMV, PKN, Lotos, Neste, Tupras, Galp, Motor Oil, Hellenic Petroleum, NIS
2. Unit EBITDA range is based on volume sold and includes ELPE, Lotos, OMV, PKN, Tupras

~85% of total crude intake is Urals or other heavy crude

17

DEEP DOWNSTREAM INTEGRATION

MARKET LEADING POSITION WITH STRONG CUSTOMER RELATIONS IN CEE

MARKET SHARE (%)1

DOWNSTREAM INTEGRATION (FUELS)2

~24%

CRUDE INTAKE:

• Russian:

66%

• Seaborne:

26%

~85%

~39%

• Own

Refining

production:

8%

						~80%
				~37%		captive
				Retail	~45%	market
<10%	10-20%	20-40%	40+%
	own
					market 3

Deeply integrated portfolio of downstream assets
Complex and flexible core refineries	~15%

Very strong land-locked market presence	Petchem
Retail network fully within refinery supply radius
Enhanced access to alternative crude supply

18

1. Estimate for 2019 FY; (2) Including motor fuels, heating oil & naphtha of landlocked refineries; (3) Own market is calculated as sales to own petchem and own retail over own production

PETROCHEMICALS IN MOL'S INTEGRATED DOWNSTREAM VALUE CHAIN

MOL PETROCHEMICAL VALUE CHAIN

			OLEFINS
			(ETHYLENE,
			PROPYLENE,
			C4 STREAM)
Refining			Ethylene
Petchem
890 kt

Internal feedstock1:

~2.1 Mt in 2019

AROMATICS2

LDPE4: 220 ktpa unit replaced three old ones in Bratislava in 2016

Butadiene: 130 ktpa unit commissioned in 2016

SSBR: 60 ktpa unit (49% MOL stake)

1. Considering steam cracker feedstock (naphtha & LPG) from Danube & Bratislava refineries only
2. Considering 2018 production

	Capacity
HDPE	420 kt
LDPE	285 kt

1. 535 kt

Butadiene

130 kt

SSBR

60 kt

350 kt

19

IMPROVING MARGIN CAPTURE BY 2023

DS 2022 PROGRAM TARGETS OFFSETTING POTENTIAL MACRO NORMALIZATION

DS EBITDA PROFITABILITY EVOLUTION (2017-23, USD/BBL)1

MOL group ref.: USD 4-5/bbl

			Petchem: EUR 300-400/t
	11.4					0.8
					~3.5
		4.0-4.5				Higher CO2 price
						Wage pressure in
	6.9					CEE
				~1.5
R&M
							12+
			7.0-7.5
Petchem	4.5							4-5
	2017 CCS EBITDA	Macro	Normalized	Polyol	Other DS	Offsetting items	Post-2023 DS	Maintenance
		normalization	CCS EBITDA		2022 actions	2	CCS EBITDA	CAPEX

(1)	Based on processed volumes w/o INA R&M (excl. raw water and reprocessed gasoil)	20
(2)	DS 2022 program and additional benefits of 2023, excl. Rijeka DC

PROVEN EFFICIENCY TRACK RECORD

GRADUALLY INCREASING FOCUS ON GROWTH AND TRANSFORMATION

PROGRAM SCOPEFINANCIALS

3	200+	0	0	0	500	150
years	Actions	Enabler1	Operational2	Large	USD mn	USD mn
	actions	actions	projects3	EBITDA4
program		CAPEX

3	300+	0	0	8	500	1,200
years	Actions	Enabler1	Operational2	Large	USD mn	USD mn
program		actions	actions	projects3	EBITDA4	CAPEX

6	~450	190	140	10+	600	3,200
years	Actions	Enabler1	Operational2	Large	USD mn	USD mn
program		actions	actions	projects3	EBITDA	CAPEX

(1) Soft actions or very early stage ideas with progress tracking
(2) Actions with measured hard operational KPIs , but non-quantified financial impact	21

1. USD ›10 mn CAPEX
2. Including Retail

DOWNSTREAM TO CONTINUE TO DELIVER NET EFFICIENCY GAIN

AND VISIBLE CONTRIBUTION FROM THE FIRST ROUND OF STRATEGIC, TRANSFORMATIONAL PROJECTS BY 2023

				CLEAN CCS EBITDA EVOLUTION (USD MN)
Consumer Services								Ref. margin: -2.0 USD/bbl
									Petchem margin: -150 EUR/t
			~320	1,530				1,600+
		940		358					~400
								1,200+
	~560			1,172
350
2011	Macro	Internal efficiency	Offsetting items	2017	Polyol and	Efficiency	Potential off-	EBITDA @ 2017	Macro	Post-2023
		delivered			strategic 1	and other 1	setting items 2	macro in 2023	normalization	EBITDA @ mid-
										cycle macro

N DSP

(1) DS 2022 program and additional benefits of 2023

(2) Offsetting items: wage pressure, CO2, etc.

22

DOWNSTREAM STRATEGY IS BUILT ON FOUR PILLARS

FUEL TO PETCHEM

Fuel conversion options

Steam cracker capacity expansions

	FUEL TO
Drivers	PETCHEM

	VALUE CHAIN
Decreasing fuel	EXTENSION
demand
Increasing
competitiveness	EFFICIENCY
Increasing demand
for sustainable	SUSTAINABILITY
plastics solutions in
a circular economy	EFFICIENCY
	Energy and
	residue program

INA DCU

DS 2022

VALUE CHAIN EXTENSION

Polyol

Diversification opportunities

Compounding

Results

Resilient investment portfolio compiled into DS 2030 Roadmap

SUSTAINABILITY

Advanced Biofuel

Recycling

Rubber Bitumen

23

FUEL TO PETCHEM: SIGNIFICANT SHIFT IN YIELDS BY 2030 AND BEYOND

PETCHEM FEEDSTOCK, OTHER HIGH-VALUE PRODUCTS TO INCREASE BY 1-2 MN TONS

GROUP REFINERIES' YIELD (Mt)		NON-FUEL YIELD INCREASE ROADMAP
2015	2030	Short-to-mid term opportunities, shifting 500-700kt:

Fuels

High-valuenon-fuels

Black product

8.5

Refinery output: ~2mT to be converted as non-motor fuel output1

Utilizing existing flexibility to produce more naphtha, feeding the steam crackers

MPC and SN steam crackers' lifetime extension, efficiency improvement or intensification

FCC projects allow to increase propylene production at the expense of the gasoline pool

Lubricants yield to increase due to the new base oil and wax strategy

Mid-to-long term opportunities to shift up to 1.5mn tons:

Multiple technologies assessed how to rebalance refineries towards petchem production

					~5
3.0
1.2				~1
	Refinery	Short to	1st wave	2nd wave of	Refinery
	output	medium	of mid-	long term	output
(1) Considering MOL and Slovnaft refining	term	long term

Investigated opportunities concern both gasoline and diesel pools

Changes to be implemented in a series of waves due to their size

24

VALUE CHAIN EXTENSION IN CHEMICALS: POLYOL

EARLY R&D, MARKETING EFFORTS TO SUPPORT GRADUAL PRODUCTION RAMP-UP

PRODUCTION RAMP-UP OF THE POLYOL PLANT

Propylene-glycol	100%
	capacity
Polyol

2021 2022 2023 Mid-cycle

USD 1.4bn investment for a 200kt p.a. polyol plant

Location: Tiszaújváros, Hungary

MARKET OPPORUNITIES OF POLYETHER POLYOL

• CASE (1)

• Rigid foamADDED VALUE

• Flexible foam

Internal sales and R&D teams are already set up to formulate marketing strategy

Original planned completion of H2 2021 may suffer small delays due to COVID-19

Mid-cycle EBITDA generation potential: USD 170mn

Progress: 65% overall project completion as of end of Q2 2020, construction works ongoing

During the ramp-up period production to be gradually shifting towards polyol

Ratio of high value-added products to increase with the development of R&D cooperation and commercial channels

25

(1) Coatings, Adhesives, Sealants, Elastomers

HOW TO PICK THE RIGHT PRODUCT/MARKET?

REPLICATING THE DOWNSTREAM SUCCESS STORY WITH STRONG CEE FOCUS

INVESTMENT LOGIC

Crude oil (naphtha) based chemistry and feedstock integration

Attractive end-user markets (Demand)

Limited regional competition (Supply)

Advanced technology, high entry barrier

Leverage on well-established customer relationship in CEE (capture inland premium)

Polyethylenes (LDPE, HDPE)

VAST OPPORTUNITIES TO EXPAND ALONG THE PETCHEM VALUE CHAIN

Polyols

Propylene

glycol ethers

26

NAPHTHA-BASED PROPYLENE CHEMISTRY

ENTERING THE POLYURETHANES VALUE CHAIN

Petchem feedstock	Basic chemicals	Intermediates / pre-polymers
	benzene	nitro-	MDI/PMDI
	benzene
naphtha	propylene	propylene	polyols
-oxide
	toluene	nitro-	TDI
	toluene

OLEFIN

REFININGCHEMICAL COMPANIES

PRODUCERS

Polymers

Polyurethanes

(PUR)

PUR FORMULATORS

"SYSTEM HOUSES"

(R&D, technical service, END-USERS some production)

MOL GROUP

DIVERSIFICATION

current coverage

organic development

SPECIALISATION

27

ATTRACTIVE END-USER MARKETS

WIDESPREAD APPLICATION OF POLYOL AS PUR COMPONENT DRIVES DEMAND

GLOBAL POLYURETHANE DEMAND BY INDUSTRY (% OF

GLOBAL DEMAND

GROWTH DRIVERS

~30%

FURNITURE &

INTERIOR

~25%

CONSTRUCTION

~15%

AUTOMOTIVE

Improving access to "essentials of life", increasing comfort needs

Improving life expectancy and population growth

Improving energy efficiency in construction

Polyurethanes (PUR) have outstanding insulation characteristics, 50-70% less material required to reach same insulation value

Lighter weight vehicles to reduce fuel consumption

PP/PUR represent 50%+ of total plastic used in car manufacturing

Average plastic content of a midrange car grew fivefold since the 1970s (to up to 200kg), including ca. 20-25kg polyol today

28

LIMITED REGIONAL COMPETITION

MOL TO BECOME THE SOLE INTEGRATED REGIONAL POLYOL PRODUCER

Netherlands

Multiple units 984 ktpa LyondellBasell 80 ktpa Multiple units 1013 ktpa

Marl

Sasol 18 ktpa

Schwarzheide

Legend: LOCATION

POLYOL UNIT

PG UNIT

PO UNIT (TECHNOLOGY)

(PO/SM, PO/TBA)

Antwerp

BASF 170 ktpa

Bayer 250+60 ktpa BASF/Dow 300 ktpa (HPPO)

Dormagen/Cologne

Bayer 260 ktpa INEOS 120 ktpa INEOS 200 ktpa(Chlorohydrin)

Stade

DOW 290 ktpa DOW 630 ktpa (Chlorohydrin)

BASF 150 ktpa

Brzeg Dolny

PCC Rokita 100 ktpa PCC Rokita 48 ktpa (Chlorohydrin)

Bubble size shows the size of the plant

CE POLYOL MARKET

Supply Demand

~3% CAGR

Tertre

Dow 94 ktpa

LudwigshafenBASF 80 ktpa BASF 124 ktpa (Chlorohydrin)

~180

Current ~2025

		Fos-sur-mer
	Tarragona	Bayer 140 ktpa
Puertollano	LyondellBasell 80 ktpa
Dow 60 ktpa
LyondellBasell 220 ktpa
Repsol 70 ktpa	Repsol 130 ktpa
(PO/TBA)
	Repsol 63 ktpa
Barreiro	Repsol 200 ktpa
(SM/PO)
PC Barreiro 10 ktpa

Ramnicu Valcea Oltchim113ktpa Oltchim15 ktpa Oltchim 100 ktpa

(Chlorohydrin)

Source: company data

~250 kt CE consumption represent ~15% of total European demand

No ongoing capacity addition project in Europe

29

A HIGH MARGIN SEMI-COMMODITY PRODUCT

WITH AN EXPECTED USD 170MN+ MID-CYCLE EBITDA CONTRIBUTION

PROPYLENE VS. POLYOL SPREADS1 (EUR/T)

Relative deviation: PO - propylene: 18%

PP - propylene: 36%

1.200

1.000

800

600

400

200

0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Polyol - Propylene Spread		Polypropylene - Propylene spread

Moving from commodity (polypropylene) to semi- commodity (polyol): a 400-500 EUR/t step-up in average margin capture

CE producers enjoy 50+ EUR/t transportation cost advantage vs coastal NW-European producers

POLYOL PLANT EBITDA & SENSITIVITY (USD MN)

170+

~100

EBITDA generation @ mid-cycle	EBITDA generation @
	bottom of the cycle

Nominal payback : <10 years assuming mid-cycle margin environment

Propylene glycol production provides optionality in lower than mid-cycle margin environment

30

(1) Monthly nominal quotations

SUSTAINABILITY: FIRST STEPS TOWARDS DECARBONIZATION

SOLVENT RECLYING

COMPOUNDING

RUBBER BITUMEN

SOLAR POWER PLANT

BIOREFINERY

DECARBONIZATION

Strategic partnership for solvent-based recycling

Cooperation started in 2018

Acquisition of German recycled plastic compounder in 2019

Proprietary technology to recycle used tires since 2013

Expansion project ongoing with ~20kt capacity to be completed in 2020

Utilization of unused own industrial sites for solar power plant installation

Currently ~20+ MW installed

Investment in second generation biofuels

Focus of energy consumption reduction

Investigate other opportunities in recycling both as product design and technology

31

DIVERSIFIED PROJECT PIPELINE SUPPORTS TRANSFORMATION BY 2030

<20%		PROBABILITY	100%
				CAPEX UNDER CONSIDERATION (USD BN)
THINK	ASSESS	SELECT	DEFINE	IMPLEMENT

							5.5
FCC Revamp
		Base Oil and Wax
	Fuels to	production strategy	MOL Blending
			alternative crudes
	Petchem
	Aromatic Unit	PP3 Revamp		PP Splitter
	Revamp			MPC SC LTE&Efficiency
			Metathesis
	HPP3	HDPE-1		Polyol	2.1
Advanced Biofuel	Value chain		Maleic Anhydride
MPC SC2
	extension		Rubber Bitumen
		Intensification		1.0
	Mechanical recycling		Residue upgrade		0.7
				Co-processing
	Value chain	Biorefinery
	extension 2nd
	wave			Efficiency	Fuel to	Sustainability	Value chain
	MOL-APK JV				petchem		extension
Compounding
		USD < 100mn	USD 100-500mn	USD 500+ mn			32

TRANSFORMATION PROGRAM OF INA R&M

DELAYED COKER RECEIVED FID IN Q4 2019

COMPLEX UPGRADE OF THE RIJEKA

REFINERY

					USD
				TRANSFORM SISAK INTO AN INDUSTRIAL	100+
Average yearly	SITE	mn
EBITDA in the
last 10 years
	STRONG REGIONAL MARKET POSITION	Average yearly
	USD
				EBITDA after 2023
	-90
	mn		FIRST CHOICE OF CUSTOMERS &
				EMPLOYEES

RIJEKA	Final investment decision on	Propane-propylene
REFINERY	Residue Upgrade project		splitter on-stream
	Q4 2019	2020	2021
SISAK	Discontinuation of		2021 Start-up of	2021 Start-up of Bitumen
REFINERY	Crude processing		Logistics Hub	production unit

RIJEKA REFINERY

Continuing the upgrade of the refinery via the installation of a Delayed Coker (DC) unit enabling full conversion and utilization

SISAK REFINERY

Discontinuation of crude processing and development of standalone alternative industrial activities

Residue Upgrade

unit on-stream

20222023

2021 Start-up of	2023+
Lubricants production	Potential Bio
	refinery

33

CRUDE DIVERSIFICATION CONTINUES

TARGETING 33% SEABORNE SUPPLY BY 2022

ADRIATIC PIPELINE ACCESS ESTABLISHED
	Increased
	pipeline
	capacity:
	6Mtpa = SN
		97%
	Increased	3%
	pipeline capacity:
	14Mtpa = MOL+SN
		2011

ENHANCING FEEDSTOCK FLEXIBILITY

CRUDE DIVERSIFICATION1

Ural

(Friendship

pipeline)

	Seaborne
16%	33%

20192022

Majority of the crude intake to remain Ural, crude basket includes over 50 different types

Crude blending system (in Hungary) and new crude oil tanks (in Slovakia) are under construction to further enhance supply capability

Following the successful rehabilitation and expansion of the Friendship 1 pipeline, seaborne crude oil delivery to Slovnaft was launched in 2016

34

(1) MOL+Slovnaft

CONSUMER SERVICES

A LEADING REGIONAL NETWORK

MARKET LEADING

IN 60% OF THE NETWORK

TOP 3

IN 90% OF THE NETWORK

9 COUNTRIES

6 WELL ESTABLISHED BRANDS

1,900+

MOSTLY COCO / COCA SERVICE STATIONS

CZECH R.

MARKET POSITION: 2

MARKET SHARE: 20%

SLOVENIA

MARKET POSITION: 3

MARKET SHARE: 10%

CROATIA

MARKET POSITION: 1

MARKET SHARE: >50%

BiH

MARKET POSITION: 1

MARKET SHARE: 13%

SLOVAKIA

MARKET POSITION: 1

MARKET SHARE: 48%

HUNGARY

MARKET POSITION: 1

MARKET SHARE: 44%

ROMANIA

MARKET POSITION: 3

MARKET SHARE: 20%

SERBIA

MARKET POSITION: 5

MARKET SHARE: 5%

MONTENEGRO

MARKET POSITION: 3

MARKET SHARE: 15%

CORE 5 COUNTRIES

REFINERY

36

Market share sources: Hu, Ro, Sk, Cz - local oil associations, Slo, Cro, Srb, BiH, Me - own estimate

THREE STRATEGIC GOALS WITH UPGRADED TARGETS

	STRATEGIC GOALS
1. RETAIL	Becoming a true consumer
goods retailer

Digitalizing customer

2. DIGITALinteractions and operations

Increasing our share in the

3. MOBILITYconsumers' spending for mobility services

STATUS

EBITDA: USD 471mn

Non-fuel margin: 29% of total margin in 2019

Advanced analytics pilots in Hungary

Car sharing in Budapest with 450 cars (increased EV fleet)

~4,000 cars in managed fleet (50%+ external)

STRATEGIC TARGETS

USD 600mn+ EBITDA target by 2023

Non-fuel margin contribution to reach 35% by 2023

Build proficient retailer capabilities

Digitalizing for more convenient and personalized offers

Data-driven reward management

Gradual build-up of mobility services: building up EV chargers and fleet operations

Continuing with car sharing, public transport

700

600

CONSUMER SERVICES EBITDA (USD MN)

FX effect

600+

2016-2019 CAGR

Fuel

+4.5%

volume

COMMENTS

Volume growth slightly ahead of market implying market share growth

500

500

427 -29

Fuel unit

Uplift driven by regional consolidation and improving demand

400

margin

+4.6%

Extending supply chain operations, focusing on coffee sales, optimizing number of SKUs

300

371

324 -10

-17

Non-fuel

200

100

0

307 361

427 471

margin

+19.3%

Productivity Excellence program for

managing operating costs and Head Office rightsizing to optimize personnel expenses

OPEX +7.4%

37

2016

2017

2018

2019

…

2023

MARKET-DRIVEN TAILWIND LIKELY TO SLOW DOWN

INCREASING MARKET SHARE MAY DRIVE FURTHER GROWTH IN FUEL MARGIN

					4.5%
				TOTAL MOL GROUP FUEL VOLUME (BN LITERS)
8				5.55	+14%	5.71	5.98
6
	5.24
		1.65	1.84				1.93	2.05
4
2		3.59	3.71				3.78	3.93
0
	2016	2017				2018	2019
		2.91	3.02				3.13	3.25
		Throughput / SeS (mn liters/site)			B2B			B2C

POSITIVE MID-TERM OUTLOOK

Volume

CEE markets may grow further albeit at a lower pace than in the previous years

CEE: Positive GDP/capita trend, increasing real wages and disposable income; low unemployment

Low EV penetration (2-3% in new car sales)

Non-cyclical business; possible recession will affect this segment with a few years lag

FUEL UNIT MARGIN (USD CENTS / LITERS)

14			+15%
12
10
8
6	10.5	11.0	11.5	12.0
4
2
0
	2016	2017	2018	2019

Unit margin

Share of premium fuels increased from 5% to 8.5% in the last 4 years

Stronger marketing activities to boost premium fuels to 10%+ in the coming years

38

Note: numbers are in USD mn (with 2018 constant FX base)

SIGNIFICANT UPSIDE REMAINS IN NON-FUEL MARGIN

NON-FUEL MARGIN CONTRIBUTION TO RISE CLOSE TO 35% BY 2023

1,400

1,200

1,000

800

600

400

200

0

NON-FUEL SALES (MN USD)

+39%

	990	1,098	1,238
890
2016	2017	2018	2019

NON-FUEL MARGIN (MN USD)

1,400

1,200

1,000

800

600

400

200

0

FRESH CORNER ROLLOUT (SITES)

1,250

					687	877
				447
			248
	23
2015	2016	2017	2018	2019	…	2021

NON-FUEL MARGIN CONTRIBUTION

300

200

100

0

+82%

249

160194

290

35

30

25

20

15

10

5

0

~35%

22% 24% 25% 27% 29%

2016

2017

2018

2019

2015

2016

2017

2018

2019

…

2023

39

Note: numbers are in USD mn (with 2018 constant FX base)

STRENGTHENING CONTROL OVER THE SUPPLY CHAIN

BUILDING UP OWN LOGISTICS AND FOCUSING ON ACTIVE SUPPLIER MANAGEMENT

RESULTS OF LOGISTICS OPERATIONS

3.5			94.6%	97.7%
3.0		74.5%
2.5				1.94
2.0		1.36	1.40
1.5
1.0		23.1%	13.4%	12.8%
0.5
0.0
	2018 Mar.	2018 Dec.	2019

Logistics costs in % of COGS - right axis

Service level - right axis1

Shipped item in mn pcs - left axis

SUPPLIER CONTRIBUTION OF NON-FUEL MARGIN (%)

100	20		Ambition: to close gap until
			20% (FMCG retailer
80	15		benchmark) in next years
60
40	10				20%
20
0	5		11%
	0
		2019	…	2023 Target

Backward logistics integration: targeted 95+% service level achieved in 1.5 years and logistics costs declined (from 23% of COGS to 13%)

Similar results targeted on other operating markets as well

Pilot logistics facility established in Hungary, where MOL is the owner of shop goods

Managing suppliers with more active negotiations to reach retailer benchmark

Asking for higher price for valuable display, fridge and other promotion offers for suppliers

Grow sales and supplier engagement by utilizing new marketing tools such as digital signage

40

1. Service level: difference between ordered and received goods in shop

COFFEE IS THE BIGGEST CONTRIBUTOR TO NON-FUEL MARGIN GROWTH

COFFEE HELPS TO BUILD THE FRESH CORNER BRAND AND EXPERIENCE IN DEVELOPING GASTRO OFFERS

SHARE OF COFFEE OF TOTAL CONSUMER GOODS

MARGIN (%)

20
15
10			17.2	18.7
		14.6
5
0

2017

2018

2019

Significant upside remains

Promoting own coffee brand under the Fresh Corner umbrella

COFFEES SOLD/SITE IN TOP5 MARKETS

'000 cups/site/year

				+18%
					51
	CZ		37	44
			2017	2018	2019
				+14%
	SK		28	32	37
				+16%
	RO		27	32	37

Reducing the gap between top-seller and laggard countries

Increasing coffee consumption in CEE

Continued roll-out of Fresh Corner network

+4%

	HU	25	26
23
					+16%
	HR1
				10		11		13

41

1. INA and Tifon brands

WHAT WILL BE THE NEXT COFFEE?

COFFEE WITH ~30% SALES CAGR; FURTHER POTENTIAL IN GROCERY AND NON-COFFEE GASTRO

2019 NON-FUEL SALES AND MARGIN BREAKDOWN (%)

2017-2019 SALES CAGR OF GROCERY AND GASTRO (USD MN)

100%	100%
16%
							31%
6%
5%
							19%
36%
							10%
			6%	18%
1%
							9%
		29%
							6%
								6%
								2%
			0%
Non-fuel sales	Non-fuel margin

Grocery Gastro coffee

Gastro non-coffee Nonfood

Forecourt

Car wash

Services

Other

Grocery

+12%

161	181	202

2017

2018

2019

Gastro Coffee

+31%

	58	74
43
2017	2018	2019
Gastro non-Coffee
	+24%
	51	63
41
2017	2018	2019

42

GRADUAL BUILD-UP OF MOBILITY SERVICES GOES ACCORDING TO PLAN

Alternative fuels

(EV charging)

Strategic aims are to develop only high performing infrastructure and be the leading provider by 2030

Status

Close to 200 chargers in operation in the group

Fleet management		Car sharing
Build capabilities		Connect MOL
to manage the		brand and
future connected		shared cars in
car ecosystem		customers'
(purchasing,		minds (building
financing and		on MOL brand
operating		reputation)
vehicles, etc.)
Status		Status
Managed fleet of		Operation in
close to 4,000		Budapest with
cars (50%+ are		~450 cars and
external)		increased EV
		fleet

Public transport

Develop capabilities and test new business models in public transport and vehicle manufacturing

Status

Operation of bus fleets in several cities and scaled- up manufacturing

Future plans

Exploring additional opportunities in CEE mobility

Aiming profitability of existing businesses

Continue investments in new capabilities

43

EARLY BENEFIT FROM ADVANCED ANALYTICS IN HUNGARY

IMPLEMENTATION ON OTHER MARKETS IS IN PROGRESS

Workforce

Efficiency

Optimizing human

resource need at service

stations: 300 kUSD1

Staff utilization is assessed on service station-level by machine- learning algorithm

As a result, staff level can be increased to drive up sales or decreased to drive down cost

Grocery Pricing

Optimization

Improving grocery

margin through location- based pricing : 400 kUSD1

Margin maximizing price adjustments for grocery products on service station level based on price elasticity

Price changes both up and down depending on service station and product

Digital Signage

Measurement

Margin increase through product display on Digital Signage: 100 kUSD1

Early tests show that displaying products on Digital Signage increases sales by ~25% on average

Additional benefits result from using screen time for suppliers' advertisements

SeS ID

44

1. Annual benefit in Hungary

EXPLORATION AND PRODUCTION

PRODUCTION IN 9 COUNTRIES

CEE TOTAL

Croatia, Hungary

Reserves: 159.6 MMboe

Production: 64.6 mboepd

o/w CEE offshore

Reserves: 8.2 MMboe

Production: 5.1 mboepd

UK, NORTH SEA

Reserves: 24.6 MMboe

Production: 19.2 mboepd

NO

RUSSIA

UK

KAZAKHSTAN

AZERBAIJAN

IRAQ

HU

PAKISTAN

EGYPT

HRRO

OMAN

EXPLORATION

PRODUCTION ANGOLA

AZERBAIJAN

Production: 8.2 mboepd

RUSSIA

Reserves: 26.2 MMboe

Production: 4.5 mboepd

KAZAKHSTAN

Reserves: 23.5 MMboe

PAKISTAN

Reserves: 14.5 MMboe

Production: 7.0 mboepd

OTHER INTERNATIONAL

Egypt, Angola, Kurdistan Region of Iraq

Reserves: 21.6 MMboe

Production: 10.5 mboepd

PRODUCTION BY COUNTRIES AND PRODUCTS	RESERVES BREAKDOWN BY COUNTRIES AND
(MBOEPD; H1 2020)	PRODUCTS (MMBOE; YE 2019)

15%
	32%
17%	114
11%
	25%

	7%
41%	114	51%

22%	21%
9%	270
10%	38%

	8%
40%	270	52%

Hungary	WEU (North Sea)	Oil	Hungary	WEU (North Sea)
Croatia	MEA & Africa	Gas	Croatia	MEA & Africa
CIS		Condensate	CIS

Notes: Group production figures include consolidated assets, JVs (Baitex in Russia, 4.5 mboepd) and associates (Pearl in the KRI, 4.3 mboepd). Azerbaijan H1 production figure represents contribution from 16 April 2020. 2019YE reserves figures exclude Azerbaijan.

Oil Gas Condensate

46

PRODUCTION GUIDANCE AT 115-120 MBOEPD FOR 2020

PRODUCTION (MBOEPD)

107	111	111	114	115-120

2017A	2018A	2019A	2020H1	2020F
	UNIT DIRECT PRODUCTION COST (USD/BOE)
6.2	6.3		6.4	6.0

E&P International CEE

COMMENT

2020 H1: Lower production in Pakistan due to limited refinery offtake and also in the UK (Catcher outage), offset by ACG contribution from April

ACG adds to production around 20 mboepd or more as entitlement production share is to increase in low oil price environment (PSA regime)

COMMENT

2020 H1: unit production cost decreased to a very competitive USD 6.0/boe level, aided by the favourable effect of low unit cost ACG barrels

2017

2018

2019

H1 2020

CAPEX (USD MN)

389

343340

156

2017

2018

2019

H1 2020

COMMENT

Strong capex scrutiny across the portfolio

Planned CAPEX spending in 2020 reduced by USD ~100 mn (without ACG)

47

KEY PROJECTS IN 2020-23: CAPEX ADJUSTED TO THE "NEW NORMAL"

CEE

HUNGARY

Shallow gas exploration

Production optimization

CROATIA

Offshore development campaign

Onshore exploration

Production optimization

NORTH SEA EXPLORATION

INTERNATIONAL

PAKISTAN: Maintain and extend production plateau, exploration drillings

UK: Catcher near-field development, Scott in-fill wells

KURDISTAN: Shaikan field development project suspended by the Operator until circumstances turn more favourable

KAZAKHSTAN: Rozhkovsky Trial Production Project

ACG

NORWAY

Oil and gas discovery announced on PL820 operated license, appraisal plans under discussion with partners

One more committed operated drilling, further operated and non-operated options in the pipeline

AZERBAIJAN

Significant 2P reserve addition in 2020 and ~20 mboepd (net) increase in Group production

Next stage of ACG development commenced in 2019; new offshore platform and facilities designed to process up to additional 100 mboepd (gross)

48

SUCCESSFUL CLOSURE OF THE ACG TRANSACTION

DEAL SUMMARY

USD 1.5bn transaction value includes Chevron's 9.57% interest in ACG, 8.9% in the BTC pipeline and related midstream assets

A major step towards the 2030 strategic target of transforming MOL E&P into an international platform; it adds exposure to the key Russia/CIS region

The deal is immediately EBITDA and EPS accretive

ASSET HIGHLIGHTS

Portfolio consists of a stake in the ACG oil field, a super-giant offshore field in Azerbaijan, with 535 mboepd gross production in 2019

ACG is operated by BP (30.37% stake) and state-owned SOCAR has a 25% stake; MOL is the third largest partner

Export to international markets is secured through ownership in the Sangachal processing plant and in pipeline assets to the Mediterranean and Black Seas (BTC and WREP pipelines)

Pro-forma group production would increase by around 20 mboepd (net)

MOL's total 2P reserves are estimated to increase to ~360-380 mmboe by

the end of 2020

First oil	1997
PSA contract expiry	2049
Gross production1 (2019)	535 mboepd
Chevron net entitlement	18 mboepd
production1 (2019)
Gross recoverable resources1	~3,000 MMBoe
(2018)

49

Notes: (1) Based on public sources (the websites of the project partners)

PSA REGIME/PROFILE

Investing

companies

OPEX

Recovery

CAPEX

Recovery

ACG PSA SCHEME

Government

Signature

Bonus

Gross Production

Limit of 100% of revenues per quarter

Limit of 50% of revenues net of OPEX recovery per quarter, rolled over to next quarter if not recovered

Profit Oil

HIGHLIGHTS

Original PSA signed in 1994

Latest amendment in 2017 with the expiry date of 2049

ACG shareholders have access to own entitlement production

Cost Oil	Contractor	Government
(25%)	Share (75%)

25% Income Tax, unlimited tax loss carry forward 1

Entitlement production

50

Notes: (1) Income tax is charged on P&L-basedpre-tax profit Based on public sources (website of the project operator)

POSITIVE UNIT CASH FLOW DESPITE DEPRESSED OIL AND GAS PRICES

PRICE REALIZATION, EBITDA, SIMPLIFIED FCF1 (USD/BOE)

71

64

52	54

	44
					40	Brent price
						Realized HC price
			24			Unit EBITDA
			18
		15		8	Unit Simplified FCF
1	7
2015A	2016A	2017A	2018A	2019A	2020H1
87	260	548	992	715	163	SFCF (USD mn)

Notes: Simplified free cash flow = EBITDA less Organic CAPEX; Norway tax refund effect excluded; Entitlement production basis ; figures include	51
equity assets and ACG/BTC contribution from 16th April 2020.

2020 E&P PORTFOLIO BREAKEVEN REDUCED TO USD 25/BBL

2020 E&P PORTFOLIO CASH BREAKEVEN OIL PRICE (USD/BBL)

-5

~30
				~25
Original Portfolio	CAPEX	Project OPEX	OPEX	New Portfolio
breakeven				breakeven

Effect of cost reduction measures

KEY MESSAGES

Comprehensive set of measures put in place to adjust our operating and capital expenditure

Portfolio break-even reduced by USD ~5/bbl to USD ~25/bbl oil price in 2020

52

FINANCIALS, GOVERNANCE AND OTHERS

GENERATING POSITIVE SIMPLIFIED FCF AMIDST THE CRISIS

NEW EBITDA TARGET FOR 2020 IMPLIES SUSTAINED SIMPLIFIED FCF GENERATION

RESILIENT

INTEGRATED

BUSINESS

MODEL

FINANCIAL DISCIPLINE

SYSTEMATIC

SAFETY & EFFICIENCY

HIGH-QUALITY

LOW-COST

ASSET BASE

MOL 2030: BUILD ON EXISTING STRENGTHS

GROUP CLEAN

CCS EBITDA

GROUP CAPEX

(ORGANIC)

SIMPLIFIED FCF*

OIL & GAS

PRODUCTION**

NET DEBT/EBITDA

HSE - TRIR***

2019

USD 2.44 BN

USD 2.08 BN

USD 0.36 BN

111 MBOEPD

0.81X

1.43

H1 2020

USD 975 MN

USD 619 MN

USD 356 MN

114 MBOEPD

1.63X

1.02

2020

TARGETS

USD 1.7-1.9 BN

UP TO USD 1.5 BN

USD 0.2-0.4BN

115-120 MBOEPD

<2.0X

<1.4

• Clean CCS EBITDA less Organic capex

**	Including JVs and associates	54
***	Total Recordable Injury Rate

ROBUST EBITDA GENERATION

COVID-19, ECONOMIC CRISIS TO AFFECT 2020 EBITDA

					CLEAN CCS EBITDA (USD BN)
							2.7
2.5				2.4
		2.2
0.7				0.9	1.3
		0.7
1.4	1.2			1.2	1.0
0.3	0.3			0.4	0.4
	0.2	0.2			0.2	0.2
-0.1
	-0.2			-0.2	-0.2
2015	2016			2017	2018
		US	DS	CS		GM	C&O (incl. intersegment)

2.4

1.1

1.7-1.9

0.9
Q2	0.4
0.5	0.6
Q1
0.2
-0.1
2019	H1 2020

55

"SUSTAIN" CAPEX AT AROUND USD 1.0-1.3BN

COVID/ECONOMIC CRISIS WILL SEE MORE CAPEX SCRUTINY AND DELAY; ACG WILL ADD TO SUSTAIN CAPEX

		SUSTAIN CAPEX (USD BN)
1.3				1.3
			1.1	0.4
	1.0	1.0	0.3
0.7
		0.3
	0.4
			0.4	0.6
		0.4				0.4
0.4
0.4
		0.2		Q2
			0.2	0.2
0.1		0.1
0.1				Q1	0.2
2015	2016	2017	2018	2019		H1 2020

Organic US Organic DS Organic CS Organic GM Organic C&O (incl. intersegment)

56

USD 3BN+ DOWNSTREAM STRATEGIC CAPEX PLANNED FOR 2019-23

COVID-19 MAY AFFECT TIMING OF THE STRATEGIC PROJECTS

		STRATEGIC/TRANSFORMATIONAL CAPEX (USD BN)
	0.78	0.75 (?)
	0.09				Other strategic (DS2022)
			0.60 (?)		Polyol (DS2022)
				0.50 (?)	0.50 (?)
	0.69
0.17				0.50	0.50
	0.14	Q2
0.07
0.10		0.13	Q1
2018	2019	2020E	2021E	2022E	2023E

Key strategic projects (e.g. polyol, delayed coker, propylene splitter, alternative crude processing etc) are ongoing and are not affected by the 2020 capex revision

COVID-19-related logistics and supply chain issues may, however, result in unintended delays to strategic projects as well

57

ROBUST SIMPLIFIED FREE CASH FLOW IN 2015-2019

TRANSFORMATIONAL CAPEX REDUCES FCF FROM 2019

			SIMPLIFIED FCF (USD BN)
			1.4	1.4
	1.2	1.2
		0.2	0.5
			1.0	0.4
	1.0	0.8			0.7
0.5		0.7
0.3				0.4			0.4
0.2	0.2	0.3	0.2	0.2	0.3	Q2	0.04
	0.3
0.2	0.2	0.2	0.2	0.2	0.1	Q1
					-0.5

2014

2015

2016

2017

2018

2019

H1 2020

Upstream Downstream Consumer Services Gas Midstream C&O (incl. intersegment)

58

(1) Simplified Free Cash Flow = Clean CCS EBITDA - Organic CAPEX

2020 DIVIDEND PAYMENT TO BE REVISITED LATER

STEADILY RISING BASE DPS IN 2014-19, COMPLEMENTED BY SPECIAL DIVIDEND IN 2018 AND 2019

				DIVIDEND PER SHARE1 (HUF)
2.5%	2.9%	3.6%	3.3%	3.5%	3.0%	3.0%	2.9%
+1%	+2%	+1.5%	+1.5%
Special dividend						48
Regular dividend			BASE DPS: +10%		43
		CAGR IN 2014-19
		16
						85	95
				71	78
57	58	58	61
								0
2012	2013	2014	2015	2016	2017	2018	2019	2020

Cash dividend is the primary distribution channel to shareholders

Target is to increase base dividend per share in next 4-5 years under normalized conditions

AGM decided not to pay 2020 dividend due to the pandemic; Board to revisit decision once the situation normalizes

Special dividend is a tool to share excess free cash flow with shareholders when balance sheet, CAPEX plans allow it

Annual review of the status and the potential use of treasury shares to continue

(1)	Restated to reflect post share split values;	59
(2)	Calculated with publication date (AGM) share prices

Disclaimer: dividend decisions are made by the AGMs, based on the proposal of the Board of Directors, or the shareholders, reflecting the prevailing business conditions

SOURCES AND APPLICATIONS OF CASH

			SOURCES AND APPLICATIONS OF CASH, 2012-19 (USD MN)1
				180
			-613	348						78
									716
	546								115
			557
								162
		354
						738
				579
					402
	205
	270		196					383
				164		202
	575	473					350		261
		302
					427		2 687
2 524				2 477			37
				2 447			2 435
				322
	164	2 308
	2 183		2 153	111
						2 079
				1 689
	1 034	1 211		1 258		1 011	1 037		1 290
2012		2013	2014	2015	2016		2017		2018	2019

Clean CCS EBITDA

Organic CAPEX

Inorganic CAPEX

Interests & Taxes

Dividend

(De)leveraging & Other

EBITDA/CAPEX gap should cover taxes, cost of funding, dividends and small-size M&A...

...and would also contribute to funding the upcoming transformational projects

60

(1) Dividends refer to the year when they were earned, rather than when they were paid out

BALANCE SHEET REMAINS ROBUST POST-ACG COMPLETION

				NET DEBT TO EBITDA (X)					MOL 2030
2.5										ACG transaction lifted leverage upon completion to
										around 1.6x, still well within our comfort zone
2.0									1.6	ACG is immediately EBITDA accretive, hence will
									contribute to bringing down leverage from day 1
1.5
									Credit metrics shall remain commensurate with
		1.0								investment grade credit rating
1.0				0.8		0.9
							ACG was funded from available liquidity and the
			0.6
0.5				0.4						transaction required no material adjustment in our
								funding strategy
		2016	2017	2018	2019	Q1 2020	H1 2020

61

AMPLE FINANCIAL HEADROOM

FROM DIVERSIFIED FUNDING SOURCES

AVERAGE MATURITY OF 3.5 YEARS

Reported cash & cash equivalents		Medium term loan	Undrawn facilities
Senior Unsecured Bonds		Long term loan (multilaterals)

USD mn

2,500

2,000

1,500

1,000

500

0

												586					735
																			32
		1,161															88			1,548
												9				840
												561
																				89		22
				26		9		43		18
	Reported cash&cash	2020				2021			2022			2023		2024	2025	2026+
		equivalents
	MID- AND LONG-TERM COMMITTED FUNDING									DRAWN VERSUS UNDRAWN FACILITIES
			PORTFOLIO													(30.06.2020)

Syndicated / club loans undrawn

Syndicated / club loans drawn	29%
43%

Schuldschein	Senior unsecured bonds
20%
3%
Multilateral loans
Other bilateral loans
1%
4%

FULL INVESTMENT GRADE RATING PRESERVED

EVEN UNDER CURRENT UNPRECEDENTED AND CHALLENGING MARKET CONDITIONS

HISTORICAL FOREIGN LONG TERM RATINGS	FFO ADJUSTED NET LEVERAGE (4Y AVG. 2016-2019)
	PKN Orlen, BBB-		0.41
	MOL, BBB-			0.86
	Bashneft, BBB				1.09
	OMV, A-				1.35
	Total, AA-					1.60
	Tupras, BB-*						2.14
	Repsol, BBB						2.14
	ENI, A-*						2.42
	0.0	0.5	1.0	1.5	2.0	2.5	3.0
	Source:www.fitchratings.com
	*FY2019 figures not included in average

Standard & Poor's confirmed BBB- investment grade rating, with revised outlook (from positive to stable) in March 2020

BBB- (stable outlook) affirmed by Fitch Ratings in June 2020

MOL's strong financials are visible even among better-rated peers and kept stable even under harsh downturn following the oil price collapse and coronavirus outbreak in the first months of 2020

63

Note: S&P has been rating MOL since 2005, Fitch since 2010

MOL 2030 WORKS WITH OR WITHOUT INA

FOCUS ON SECURING RETURN ON INVESTMENT

REALITIES AND PRIORITIES

STRONG REGIONAL ASSET BASE

MOL 2030 strategy can be and will be executed with or without INA

Good geographical fit and untapped efficiency upside in downstream

Low-cost E&P in Croatia* (both onshore and off-shore)

Coastal refinery (Rijeka)

Construction of Rijeka Delayed Coker	Extensive retail network
Conversion of Sisak site to various industrial activities	SLOVENIA: 6
SERVICE STATIONS
	CROATIA: 386
Yet, the relative importance of INA has declined within	SERVICE STATIONS
MOL Group	RIJEKA
	SISAK

Priority: to maximise the value of MOL's investment in INA:

Keeping/operating INA on market-based terms and with a MOL-controlling position or

Selling/monetizing the investment

Legal proceedings continue; first arbitration in favour of MOL (all Croatian claims rejected)

BOSNIA: 107

SERVICE STATIONS

MONTENEGRO

11 SERVICE

STATION

REFINERY PIPELINE

OIL/GAS FIELD

More information on the history of MOL & INA

64

*E&P activities primarily within Croatia, with international activities in Angola/Egypt (activities in Syria are currently suspended due to force

majeure proclaimed in Feb 2012)

THE HISTORY OF INA & MOL, 2003-2019

SHAREHOLDER	AGREEMENTS

		STORYLINE
1ST SHAREHOLDER RIGHTS AGREEMENT (SHA):		MOL AND THE GOVT OF CROATIA SIGN THE GAS
MOL ALLOWED TO NOMINATE TWO MEMBERS	1ST AMENDMENT	MASTER AGREEMENT (GMA) AND AN
TO THE SUPERVISORY BOARD, THE CFO AND A		AMENDMENT TO THE FIRST SHAREHOLDERS
VP TO THE MANAGEMENT BOARD		AGREEMENT (FASHA) BY WHICH MOL GAINS
		FULL MANAGEMENT CONTROL ON INA.

UNDER THE FASHA, MOL DELEGATES FIVE OUT OF NINE MEMBERS TO THE SUPERVISORY BOARD AND THREE OUT OF SIX MEMBERS TO THE MANAGEMENT BOARD, INCLUDING THE PRESIDENT (WITH THE TIE-BREAKING VOTE).

OWNERSHIP

LEGAL PROCEEDINGS

RULLINGS

MOL ACQUIRES A 25% STAKE

MOL GROUP INCREASES

MOL GROUP ACQUIRES AN

MOL GROUP HOLDS 49.1%

IN INA PLUS 1 SHARE

STAKE IN INA TO 47.1%

ADDITIONAL 2% STAKE IN INA

IN INA AS DECEMBER 2018

(USD 505 MN)

(USD 1.18 BN)

(USD 131 MN)

(USD 1.8 BN)

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

CROATIA BEGINS INVESTIGATION OF EX-PM IVO SANADER FOR ALLEGEDLY BEING OFFERED A €10MN BRIBE BY MOL FOR SECURING

CROATIA ISSUES EUROPEAN

AFTER THE CROATIAN CONSTITUTIONAL COURT

THE ZAGREB COUNTY COURT FOUND

MANAGEMENT RIGHTS IN INA. THE INVESTIGATION ALSO TARGETS MOL CHARIMAN/CEO.

ARREST WARRANT (EAW) FOR

QUASHED THE 1ST AND 2ND INSTANCE

MOL CHAIRMAN ZSOLT HERNADI

MOL CHAIRMAN/CEO.

CONVICTION OF EX-PM SANADER IN 2015, ON-

GUILTY OF BRIBING FORMER

CROATIA REQUESTS

GOING RETRIAL AGAINST MR. SANADER AND

CROATIAN PRIME MINISTER

INTERPOL TO PLACE A RED

HERNÁDI (FOR ALLEGED BRIBE FOR SECURING

IVO SANADER TO ALLOW

HUNGARIAN PROSECUTION LAUNCHES INVESTIGATION ON SUSPICION OF BRIBERY IN CONNECTION WITH FASHA

NOTICE FOR THE ARREST OF

MOL'S MANAGEMENT RIGHTS IN INA) FOLLOWING

MOL TO TAKE CONTROL OF INA.

MOL CHAIR/CEO. INTERPOL

SEVERAL SUSPENSIONS OVER THE PAST FEW

ACCEPTS.

YEARS DUE TO PROCEDURAL REASONS.

MOL FILES A REQUEST FOR ARBITRATION WITH THE INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES TO START ARBITRATION

ZAGREB COURT OVERTURNS THE

PROCEEDINGS VS THE GOVT OF CROATIA FOR BREACHING CONTRACTUAL OBLIGATIONS UNDER THE FASHA/GMA. NO RULING AS OF 30.04.2018

CROATIA GOVT LAUNCHES ARBITRATION UNDER UNCITRAL RULES

DETENTION ORDER AGAINST ZSOLT

SEEKING NULLIFICATION OF THE 2009 FASHA/GMA, CLAIMING

HERNADI WHICH COULD RESULT IN

THAT MOL UNLAWFULLY OBTAINED MANAGEMENT RIGHTS

THE CANCELLATION OF THE

EUROPEAN ARREST WARRANT AND

THE REMOVAL OF HIS NAME FROM

CROATIAN REGULAR (1st and 2nd inst.) COURTS FIND THE EX. PM GUILTY OF ACCEPTING THE ALLEDGED BRIBE

THE INTERPOL WANTED LIST.

A BUDAPEST COURT REJECTS CROATIA'S REQUEST FOR EXTRADITION OF MOL CHAIRMAN/CEO

INTERPOL CANCELS RED NOTICE

BUT EAW STILL STANDS

UNCITRAL REJECTS ALL OF CROATIA'S CLAIMS

AIMING AT NULLIFYING THE 2009 FASHA/GMA.

THE CONSTITUTIONAL COURT OF CROATIA REVOKES TWO PREVIOUS LOWER INSTANCE RULLINGS AND ORDERED FOR RETRIAL

ALLEGATIONS OF BRIBERY, BREACHING THE 2003

AUSTRIA AND GERMANY

SHA AND NOT ACTING WITHIN CROATIAN

COMPANY LAW ARE ALL DISMISSED. SWISS

HUNGARIAN PROSECUTION DECLARES THAT THE CRIMINAL ACCUSTATION RAISED

SUSPEND EAW ON MOL

SUPREME COURT CONFIRMS RULING.

CHAIRMAN/CEO

BY CROATIA ON SUSPICION OF BRIBERY IS UNFOUNDED. INVESTIGATION ENDS.

MOL IS CLEARED.

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015		2016	2017	2018	2019	2020

CROATIAN BRIBERY INVESTIGATION INTO EX CROATIA PM AND MOL CHAIRMAN/CEO

HUNGARIAN BRIBERY INVESTIGATION INTO MOL CHAIRMAN/CEO

ARREST WARRANT FOR MOL CHAIRMAN/CEO

ICSID ARBITRATION

UNCITRAL ARBITRATION

65

MOL-CROATIA ARBITRATION STATUS

	UNCITRAL ARBITRATION	ICSID ARBITRATION
	(CROATIA VS. MOL)	(MOL VS. CROATIA)
INITIATED	GOVERNMENT OF CROATIA	MOL
BY
WHEN	17 JANUARY 2014	26 NOVEMBER 2013
	PCA (PERMANENT COURT OF ARBITRATION), GENEVA	ICSID (INTERNATIONAL SETTLEMENT OF INVESTMENT
FORUM	UNDER UNCITRAL (UNITED NATIONS COMMISSION ON
DISPUTES), WASHINGTON
	INTERNATIONAL TRADE LAW) RULES
THE	THE MAIN ALLEGATION OF THE GoC2 WAS THAT
CLAIM	CHAIRMAN OF MOL HAD BRIBED CRO'S FORMER PM DR.	REMEDY FOR SUBSTIANTIAL LOSSES INA SUFFERED IN
	IVO SANADER TO GAIN MANAGEMENT CONTROL OVER	THE GAS BUSINESS AS A CONSEQUENCE OF THE BREACH
	OF THE 2009 AGREEMENTS1 BY THE GoC2. THE
	INA THROUGH AMENDING THE 2003 SHAREHOLDERS
	AGREEMENT AND SIGNING AN OTHER AGREEMENT	PROCEEDING IS ALSO ABOUT ABUSE OF REGULATORY
	RELATING TO INA'S GAS BUSINESS IN 2009. THEREFORE	POWER AT THE EXPENSE OF A SINGLE ACTOR, INA, AND
	IT REQUESTED NULIFICATION OF THESE AGREEMENTS	INDIRECTLY, MOL.
	ON VARIOUS BASIS.
STATUS	FINAL AWARD (IN MOL'S FAVOUR)	ONGOING
	ON 23 DECEMBER 2016, THE UNCITRAL TRIBUNAL
	REJECTED ALL OF CROATIA'S CLAIMS BASED ON
	BRIBERY, CORPORATE GOVERNANCE AND MOL'S
	ALLEGED BREACHES OF THE 2003 SHAREHOLDERS
	AGREEMENT.

(1)	2009 Agreements refers to FASHA (First Amendment to the Shareholders Agreement), GMA (Gas Master Agreement) and FAGMA (First	66
	Amendment to the Gas Master Agreement)
(2)	The Government of Croatia

SHAREHOLDER STRUCTURE1

Commerzbank AG Treasury shares

UniCredit Bank AG	6.4%
ING Bank N.V.	3.4%	1.3%

	4.8%	Foreign investors (mainly institutional)
	29.7%
OTP Bank Plc.	4.9%
OmanOil (Budapest) Limited 7.1%
Tihany Foundation	10.0%	9.3%
		Domestic institutional
	10.0%	6.6%

Maecenas Corvini Foundation25.2% 1.3%Domestic private investors

Hungarian State (MNV Zrt.) OTP Fund Management

Free-float

46.3%

67

1. Shareholders structure as of 30 June, 2020
2. Voting rights controlled by the Hungarian State

TWO KEY COMMODITY DRIVERS NOSEDIVED IN Q2, ONE HELD UP

RESILIENT INTEGRATED BUSINESS MODEL FAILS TO WORK FULLY UNDER EXTREME MARKET STRESS

EXTERNAL ENVIRONMENT* VS MOL CLEAN CCS EBITDA (USD MN)

100%			800
85%
			600
70%
55%			400
40%
			200
25%
10%			0
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Clean CCS EBITDA (r.s.)	MOL Group Refining Margin	Integrated Petchem Margin	Brent crude

• The quarterly % values of the Refinery Margin, Petchem Margin and Brent price are measured against their respective maximum values (100%) in the period of Q1 2012 - Q2 2020
  100% equals to the following values:

MOL Group Refining Margin: 7.3 USD/bbl; MOL Group Petrochemicals margin: 654 EUR/t; Brent crude: 119 USD/bbl	68

KEY ITEMS OF TAXATION

CORPORATE INCOME TAX (CIT) RATES CUT IN CORE OPERATING COUNTRIES

HUNGARY

CIT tax remains at 9%

Profit based 'Robin Hood' with an implied tax rate of 21%

Only energy related part of the profit affected (~66%), nameplate tax rate is 31%

Only the Hungarian operation of certain companies are affected (i.e: MOL Plc., while gas transmission (FGSZ) or petrochemicals (MOL Petrochemicals) are not subject to the tax)

Gross margin-based Local Trade Tax (2%) and Innovation Fee (0.3%)

CROATIA & SLOVAKIA

CIT rate at 18% in Croatia and 21% in Slovakia

HUF bn	2015	2016	2017	2018	2019
Local Trade Tax and Innovation Fee	15	14	15	16	16
Corporate Income Tax (incl. RH tax)	23	37	29	24	17
Total cash taxes	38	51	44	40	33

69

GHG: DOWNSTREAM AND FUEL SALES BIGGEST GHG CONTRIBUTORS

SCOPE 2 IS MINIMAL

TOTAL GHG EMISSIONS SCOPE 1

Downstream accounts for 90% of MOL's own GHG emissions

Around 90% of all Scope 1 falls under ETS

Scope 2 emissions are typically around 1 million tonnes pa.

1%

12%

1%
14%	6.8mn
	tonnes	52%

20%

Refining	Power and heat generation	Upstream
Petrochemicals	Other DS	Others
DOWNSTREAM

TOTAL GHG EMISSIONS SCOPE 3

Use of sold products, incl. refinery products (diesel, gasoline) and natural gas accounts for 95% of all Scope 3 emissions

Purchased goods include purchased crude oil and bio-fuel

7.8% 3.4%

0.7%

0.3%

59.3mn tonnes

87.8%
Purchased goods and services	End-of-life treatment of sold products
Use of sold products - Refinery excl. Naphta	Upstream JVs
Use of sold products - Natural gas	70

MOL SCENARIO ANALYSIS: GHG TO DECREASE

2030 STRATEGY PUTS MOL GHG ON THE RIGHT TRACK

IN COOPERATION WITH:

MOL 2030 SCOPE 1,2,3 GHG EMISSIONS (tonnes)

CPS

NPS

SDS

BASIS FOR CALCULATION: decrease of oil related tons of CO2 emissions in transport for the years 2017-30 in each scenario. Reduction factors calculated based on transport related emissions for EU28.

MOL 2030 SCOPE 1,2,3 GHG EMISSIONS (tonnes)

2030 strategy sets MOL's total footprint on right path

Own emissions (Scope 1) to rise with new petrochemical

investments

Reduction in GHG Scope-3 driven by DS transformation "from fuel to chemicals"

Scope 3 emissions to peak due to decline in fuel sales, shift into petrochemicals product portfolio

Strategy addresses low-carbon economy transition risk

Further improvement through sustainability strategy,

energy efficiency, renewable energy, e-mobility

Further steps required, but introducing new actions,

footprint curve gradually to reach/surpass scenarios

71

• Assumptions: Fuel sales peak in 2023. Two polyol size projects with two year gradual ramp-ups, incl. supporting projects. 110 Mbbl Upstream production till 2030; Gradual fall to zero flaring by 2030. Plastic recycling of 75% in line with EU targets. No change in INA status. Zero energy efficiency gains, zero renewable energy generation factored in. No carbon capture/storage. FGSZ (Gas Midstream) excluded. No M&A included. Last Update Q1 2019

ESG: STRONG RATINGS, LEADING IN TRANSPARENCY

TOP POSITIONS ACROSS LEADING ESG1 RESEARCH, RATING AND INDEX HOUSES

ESG INDEXES AND RATINGS

Monitoring of and response to all ESG rating/index houses

Engagement with ESG analysts to ensure understanding of MOL

Consistently strong(er) E&S scores across all players, while somewhat weaker, but improving corporate governance scores

RELATIVE RATING2 VS INDUSTRY PEERS	TOP 10%	TOP 20%
MOL SCORE	70	AA
ENVIRONMENTAL	75	7.6
SOCIAL	68	8.3
GOVERNANCE	694	4.7

6th lowest risk among 284 global O&G peers (top 2%); and

2nd lowest risk among 45 global integr. O&G peers (top 3%)

ESG REPORTING AND DISCLOSURE

MOL reports using both SASB and GRI Standards

Integrated Reporting combined with Data Library

Data Library contains over 650 ESG data points

Pre-empt, address rising ESG disclosure expectations

Target: leader in industry disclosure practices

MOL # 1 in the Bloomberg ESG Disclosure Score for its sub-industry with a total of 69 points (out of 100)

72

(1) ESG = Environmental, Social and Governance (2) Latest Available Score (3) As of May 7th 2020. (4) DJSI has a separate G (Governance) score but it is called "Economic"

MOL GROUP REFINERY AND PETCHEM MARGINS

MOL GROUP REFINERY MARGIN1 (USD/bbl)

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0 -1.0-2.0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014-2019 range

2019

2020

IMPLIED YIELDS

8.9%	5.2%		8.6%	5.1%
11.7%	18.5%	10.6%		17.6%
MOL		Complex
Group		refinery
refinery	9.5%	margin	11.3%
margin	(MOL+SN)
46.2%			46.8%
Gas and chemicals	Naphtha	Black product+VGO
Motor gasoline	Middle distillate	Own consumption and loss

PETROCHEMICALS MARGIN (EUR/t)2

900

800

700

600

500

400

300

200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014-2019 range

2019

2020

IMPLIED YIELDS AND FEEDSTOCK

129.5%

		100.0%						Naphtha
Polypropylene
									Propylene
HDPE	37.3%
LDPE							117.5%
Ethylene	25.5%
Benzene
Butadiene	16.0%
		8.3%
					7.6%
			5.3%					12.0%
							Input
			Output
							73

1. Based on weighted Solomon refinery yields, contains cost of purchased energy
2. From January 2016 we use MOL Group Petrochemical Margin figures instead of Integrated Petrochemical Margin

RESILIENT, INTEGRATED BUSINESS MODEL STRENGHTENED

NO CHANGE IN MOL'S MID-TERM BASE MACRO FRAMEWORK AND ASSUMPTIONS

KEY MACRO ASSUMPTIONS

EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS

	2016	2017	2018	2019	2020 YTD	8Y AVG
Brent crude	44	54	71	64	40	76
(USD/bbl)
MOL Group
refinery	5.7	6.5	5.4	4.3	4.0	4.9
margin
(USD/bbl)
MOL Group
petchem	543	504	399	372	394	423
margin
(EUR/t)

Sensitivity			Est. Clean CCS EBITDA
				impact (USD mn)
+/- 50 USD/Mcm		~30
Gas Price (NCG)
+/- 10 USD/bbl
	~110	~40
Brent price
+/- 50 EUR/t
MOL Group		~80
petchem margin
+/- 1 USD/bbl
MOL Group		~110
refinery margin

• of Group EBITDA 2019

1%

4.5%/6%

3%

4.5%

Notes:

The impact of acquisitions

-Sensitivity calculated for 2020; ceteric paribus for current assets assuming full re-pricing of the portfolio; all other premises and volumes remain unchanged

-Gas price sensitivity is the net impact of E&P sensitivity (around USD 50m) and an offsetting Downstream sensitivity; NCG: Largest German trading point for natural gas (operated by NetConnect Germany)

-Crude price sensitivity is the net impact of Upstream sensitivity (including all liquids sensitivity and also the oil price-linked gas production sensitivity) and an offsetting	74
Downstream sensitivity

TOP MANAGEMENT INCENTIVE SCHEMES

FOR EXECUTIVE MEMBERS**, AROUND 2/3 OF TOTAL REMUNERATION IS VARIABLE AND PERFORMANCE DRIVEN

SHORT-TERM INCENTIVES

Bonus opportunity between 0.85x and 1x of annual base salary, depending on the level

Payout linked to yearly performance based on financial, operational and individual measures, including but not limited to:

Group Level target: Clean CCS EBITDA*, CAPEX utilization, TRIR

Divisional targets: Clean CCS EBITDA, CAPEX utilization, OPEX, TRIR, non-financial targets etc.

LONG-TERM INCENTIVES

Long-term incentive (LTI) scheme consists of two elements: Absolute share value based (previous stock option plan) and Relative market index based (previously Performance Share Plan) plans

LTI payout is linked to long-term share price performance, both nominal and relative

Absolute share value plan: a plan with 2-yearlock-up period in which shares are granted on a past strike price. Any payout being the difference between strike price and actual spot price

Relative index-based plan: measures MOL share price vs regional (CETOP) and industry specific indices (DJ Emerging Market Titans Oil&Gas 30 and MSCI Energy Industry Group Index) over 3 years

Benchmark choice: MOL competes regionally (CEE) for investor flows, as well as with the global emerging market O&G sector

Purpose: Incentivize and reward executives for providing competitive returns to shareholders relative to the regional and global O&G markets

From 2017, target amounts and actual payout for both LTI pillars are based on physical MOL shares in order to further strengthen the alignment between the interest of our shareholders and MOL management.

REMUNERATION MIX

	26%		28%
48%	Chairman	44%	Group
	CEO		CEO
	26%		28%

35%	Other	32%
35%
37%	ExecutiveOther
Executives**Board
	Members
	30%

Base Salary		Short Term Incentives		Long Term Incentives	75

*2019 target for the CEO was set at USD 2.69bn. FY19 Clean CCS EBITDA for the Group reached USD 2,435mn. For 2019, the BoD set the corporate factor at 0.91 for the CEO reflecting external effects and internal impacts.

** We refer to the members of the Management Committee as Executive Members. These newly formed governing bodies together with the Chief Executive Committee took over the role of the formal Executive Board from 1st February 2019.

GAS MIDSTREAM: NON-CYCLICAL CASH FLOW

GAS MIDSTREAM EBITDA (HUF BN, USD MN)

FACTS & FIGURES

70	256	250	252
60
			213		223
				194
50						189	187
40
30	58		59	60		61			116
56	55	50	54
20
								36
10
0	2012	2013	2014	2015	2016	2017	2018	2019	H1 2020
				HUF bn	USD mn (rhs)

Domestic natural gas transmission system

300 operator

1. Regulated business (asset base and return)

1. with continuous regulatory scrutiny

150 Nearly 6,000km pipeline system in Hungary

100 Transit to Serbia, Bosnia-Herzegovina

50 Interconnectors to Croatia, Romania,

0 Slovakia, Ukraine

76

DISCLAIMER

"This presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to uncertainty and changes in circumstances. Those forward-looking statements may include, but are not limited to, those regarding capital employed, capital expenditure, cash flows, costs, savings, debt, demand, depreciation, disposals, dividends, earnings, efficiency, gearing, growth, improvements, investments, margins, performance, prices, production, productivity, profits, reserves, returns, sales, share buy backs, special and exceptional items, strategy, synergies, tax rates, trends, value, volumes, and the effects of MOL merger and acquisition activities. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward- looking statements. These risks, uncertainties and other factors include, but are not limited to developments in government regulations, foreign exchange rates, crude oil and gas prices, crack spreads, political stability, economic growth and the completion of ongoing transactions. Many of these factors are beyond the Company's ability to control or predict. Given these and other uncertainties, you are cautioned not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements (which speak only as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable securities laws.

Statements and data contained in this presentation and the associated slides and discussions, which relate to the performance of MOL in this and future years, represent plans, targets or projections."

MORE INFO ATwww.molgroup.info
CONTACT:
Phone: [phone]
E-mail: [e-mail]	77

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