The Court of Registration has registered the capital increase of MOL

MOL Hungarian Oil and Gas Plc. hereby announces that on 16 October 2008 the Court of Registration registered the capital increase of MOL, which was made as part of the convertible bond programme approved by the EGM held on 1 September 2003. The share capital of the company increased from HUF 104,191,727,578 to HUF 104,519,063,578.

The approved incentive scheme links a significant part of the compensation of the members of the Board of Directors and senior managers to the development of the price of MOL shares on the stock exchange. Within the framework of the programme, MOL issued a total of 1,200 convertible bonds with a par value of HUF 10 million each. Bond holders submitted 184 bonds for conversion, therefore 327,336 pieces “A” series, ordinary, dematerialized shares, each with a nominal value of HUF 1,000, with identical right, will be allocated to them.

As follows the share capital of the company is composed of:

-       104,518,484 “A” series ordinary shares with a par value of HUF 1,000 each
-       1 “B” series voting preference share with a par value of HUF 1,000 each and
-       578 “C” series ordinary shares with a par value of HUF 1,001 each.

The expected day of the listing of the shares is 22 October 2008.

The convertible bond program which was decided in 2003 was concluded with this conversion. From 1 January 2009 the member of the Board of Directors will get fix remuneration and incentive system based on the value added method, which was approved by the AGM in 2008.