Settlement and entering into a new option agreement with ING Bank

MOL Hungarian Oil and Gas Public Limited Company (“MOL“) hereby informs the capital market’s participants, that it has been agreed with ING Bank N.V. (“ING”), that the option rights arising out of the share option agreement concluded between them on 4 January 2011, regarding 5,220,000 MOL Series “A” Ordinary shares, will be cash settled in respect of all the shares on 5 December, 2011. The strike price is EUR 78.6028 per share.

Simultaneously, MOL and ING signed a share option agreement on 30 November, 2011. As a result of the transactions, MOL received an American call option and ING received an European put option regarding the 5,220,000 MOL Series “A” Ordinary shares. The maturity of both options is 1 year. The strike price of both call and put option is EUR 59.519 per one share.

As a result of the transactions the number of Treasury shares has not changed. MOL owns 5,793,316 "A" Series and 578 "C" Series MOL Ordinary shares.

For further information, please contact:

Investor Relations    + 36 1 464 1395
facsimile:                + 36 1 464 1335