Change in the share ownership of senior executives

MOL Hungarian Oil and Gas Company and the insider persons concerned hereby announce that on 2 October 2006, 194 convertible bonds were converted into 345,126 shares and allocated to the participants, in accordance with the convertible bond programme as approved by the Extraordinary General Meeting of MOL held on 1 September 2003. On 2 October 2006, the shares were also listed on the Budapest Stock Exchange.

The participants in the bond programme financed their bond subscription from credit facilities granted by a credit bank. Due to the financing structure, these subscribers are obliged to pay back the credit following the conversion of the bonds. The majority of the participants have sold MOL shares in order to repay the bank credit. They sold shares at HUF19,725 per share on 2 October 2006, with the assistance of the OTP Bank Plc. as investment service provider.

The share and the bond ownership and of the senior executives changed as follows:

Name
Position
Bond ownership after the share allocation
Share ownership after the share allocation
Number of shares sold
Share ownership following the sale of shares

Zsolt Hernádi	Chairman-CEO	52	121 443	35 000	86 443
Dr Sándor Csányi	Vice chairman	14	12 453	0	12 453
György Mosonyi	CEO	36	54 376	12 000	42 376
László Akar	Member of the Board of Directors	10	16 356	0	16 356
Michel-Marc Delcommune	Member of the Board of Director	20	36 168	0	36 168
Dr. Miklós Dobák	Member of the Board of Directors	12	22 232	7 000	15 232
dr. Gábor Horváth	Member of the Board of Directors	10	16 366	7 116	9 250
Dr. Ernő Kemenes	Member of the Board of Directors	10	11 563	3 300	8 263
Iain Paterson	Member of the Board of Directors	10	17 816	8 895	8 921
Mrs. Kálmán Simóka PhD	Member of the Board of Directors	10	11 563	3 168	8 395
József Molnár	Executive Vice President	26	23 857	12 000	11 857
Lajos Alács	Executive Vice President	10	13 894	7 116	6 778
Zoltán Áldott	Executive Vice President	26	51 666	11 666	40 000
Ferenc Horváth	Executive Vice President	26	28 810	17 000	11 810
József Simola	Executive Vice President	16	14 232	11 386	2 846

Participants of the convertible bond programme, through ownership of additional bonds, continue to be incentivized to maximise long-term share price performance.