ROMPETROL’S SUCCESS STORY

ENERGY—Romania’s Forum on Oil, Gas and Energy

Bucharest, June 16, 2005

Table of contents

The Rompetrol Group Profile

Rompetrol History

Privatization Attempts

The Turnaround of Rompetrol Rafinare

Structure of Romanian Oil Industry

Difference between Rompetrol Rafinare and others

Investigation into privatization procedures

The Rompetrol Group Profile

Largest Romanian group of private companies (2004 gross revenues of $1.61 billion), representing almost 7% of State Budget revenues

Covers 32% share of Romanian refined products market Domiciled in The Netherlands with worldwide operations and

assets (though mostly in Romania) Owned 100% by management Financed principally by international banks; audited to IAS

standards Active in upstream, refining, marketing and services One of the country’s largest exporters and taxpayers ($635

million in tax payments in 2004)

Achieved a landmark agreement with MOF in 4Q 2003 rescheduling historic tax liabilities

Our online Investor Relations center (at www.rompetrol.com) provides transparent information on company operations via our 2003 and 2004 Annual Reports, management presentations and a White Book on the 3-year post-privatization history of the Petromidia refinery

Our largest subsidiary, Rompetrol Rafinare SA, was listed on the Bucharest Stock Exchange on April 7th, 2004 and broke all trading records (and the IT system!) on the first day

The Rompetrol Group Profile

1998 - Control purchased by Dinu Patriciu and local investor group

1999 – Holding company established as The Rompetrol Group (‘TRG’) in the Netherlands

Rompetrol – History

1974 - Established as the international operator of the Romanian oil industry

1993 - Privatized by Management and Employee Buy Out (“MEBO”) and turnover subsequently reduced to below $6 million by 1998

1999 – First major acquisition. The Vega refinery – located in Ploiesti – is bought and doubles its revenues in the first nine months after take-over

2000 – Rompetrol takes over Petros – at that time Romania’s principal oilfield operator. The company has since been renamed Rompetrol Well Services, which is now listed on RASDAQ, Romania’s OTC market.

2001 – The Group’s largest acquisition, Petromidia S.A., is also Romania’s largest and most sophisticated oil refinery. Rompetrol committed itself to a sustained modernization process to make Petromidia a state-of-the-art facility in Eastern and Central Europe

2000 - Private equity investment by US-managed Romania & Moldova Direct Fund, L.P.

History – cont’d

History – cont’d

2001 – Rompetrol creates Rominserv, Romania’s first Engineering Procurement Construction & Maintenance (EPCM) company focusing on the oil industry.

2002 – OMV of Austria buys 25.1% of TRG NV; RMDF exits; OMV Chairman Dr. Wolfgang Ruttenstorfer joins TRG Board.

2002-2003 – Rompetrol opens subsidiaries in neighboring Republic of Moldova (Rompetrol Moldova) and Bulgaria (Rompetrol Bulgaria)

2004 – OMV takes over Petrom and sells its 25.1% stake in TRG back to management

2005 - Most significant Q1 results ever with net profit reaching $43 million. Rompetrol starts operations in Albania and opens a representative office in Moscow

Complexul Petrochimic Midia Navodari (the first name of Rompetrol Rafinare S.A) was one of the large oil refining plants which appeared after 1975

In 1991, the entity was changed into a stock company by taking over all of the assets of the former unit. The Romanian Government attempted three privatizations of Petromidia The first attempt was carried out in 1997 when the State Ownership Fund (SOF) had discussions with Daewoo, Glencore and Petromidia USA

The second effort was made over July 1998 - January 1999 and resulted in a sales/purchase agreement for 65.323% in Petromidia’s share capital with Turkish investor Akmaya

Due to the disagreements between the Romanian authorities and Akmaya regarding the additional incentives the Government re-slated the sale of a controlling interest in Petromidia

In a third effort, SOF concluded an agreement with the Rompetrol Group N.V. on 31 October 2000. Actual transfer of the stake was subsequently performed on 26 January 2001

Privatization Attempts

The turnaround of Rompetrol Rafinare

Crude Supply - considerations

Brent vs. Urals YTD 2005

$25

$30

$35

$40

$45

$50

$55

$60

$65

USD/bbl

Brent (Dtd) Urals (Med)

Crude Oil Prices

Types of crude used

The turnaround of Rompetrol Rafinare

Avg. Q1 Crude prices - 2004 vs. 2005

$32.03

$47.70

$29.00

$43.28

$3.02

$4.42

$- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00

2004

2005

Brent Dtd Urals Med Differential

6.8847.297

8.488

13.148

0

2

4

6

8

10

12

14

2001 2002 2003 2004

% MTBE

Evolution of MTBE % in unleaded gasoline

The turnaround of Rompetrol Rafinare

Products Euro Products Sour CrudeSweet Crude

The turnaround of Rompetrol Rafinare

Production – 100% sour crude into 100% euro standard fuels

Structure of Romanian Oil Industry—Survival of 3 out of 5

80% Dinu Patriciu

TRG20% Phil Stephenson

51% OMV

Difference between Rompetrol Rafinare and others

RRC is a public company listed on the BSE and the ROTX Vienna Index

RRC discloses all ultimate beneficial owners

RRC has net profits as of Q4, 2004 and Q1, 2005

RRC financial results are audited by international independent auditors

RRC covers 32% of the refining market share in Romania

RRC has open and transparent supply contracts for crude imports

RRC is backed mostly by international banks which finance its activity

RRC has expanded its exports and activity regionally

RRC meets EU quality and environmental standards

Interest groups are still active in Romania and receive strong political backing PNA investigation started and ended last year—charges were rejected and sent for investigation to the General Prosecutor’s Office The General Prosecutor’s Office has launched an investigation into the privatization of Petromidia Although we suspect the initiation of the investigation was politically motivated, Rompetrol will cooperate fully with the prosecutors all through the process, which we hope will be:

Professional Expeditious Apolitical

Conclusions expected to vindicate the Rompetrol Group and also to disarm special interest groups

Investigations into privatization procedures

What we are doing to defend ourselves

To prove our innocence we have been cooperating with prosecutors and provided documents and answers that show no wrongdoing

Rompetrol retained the services of a team of local and international attorneys including international law firm Salans

Rompetrol shareholders brought forth to the public attention the lack of due process in conducting the investigation

Local and international media and civil society have rallied in support of principles such as presumption of innocence, fair and quick due process free of political or economic interference

Rompetrol shareholders are considering international legal action to defend investments made in the company

Rompetrol welcomes a swift and independent investigation conducted with the observance of due process and respect for the justice process

Rompetrol has posted documents, releases and media articles on its website detailing the issues surrounding the inquiry

Why should you care

Oil industry development in Romania moving away from old guard to a new paradigm embodied by Rompetrol will allow business to thrive and benefit all constituencies

Maintain positive investor climate in light of forthcoming EU accession

Respect for the rule of law and true presumption of innocence as part of the due process, to be followed

Cooperation with civil society to defend human rights

Prevent potential negative economic impact of justice does not follow due process

What happened to us can happen to anyone conducting business in Romania unless structural reform is applied