Slovnaft to not pay out dividends; 2013 profits to be invested

• SLOVNAFT, a.s., posts 2013 profits of EUR 8.17 million to retained earnings with an eye toward extensive investment into development
• Oszkár Világi re-elected Chairman of the Board
• Buyback of Slovnaft shares approved at Annual General Meeting

BRATISLAVA, 10 April 2014 – Shareholders at the annual general meeting of SLOVNAFT, a.s. have decided to assign after tax profits of EUR 8.17 million reported for 2013 to retained earnings.No dividends are to be paid out to shareholders this year.

The shareholders also discussed the company’s annual report and approved separate and consolidated financial statements for 2013. By putting last year’s reported profits into retained earnings, the company intends to have resources available for future investments.“The reason behind this move is the need to fund development in the coming years that will support our market position both at home and abroad and contribute to the company’s long-term positive figures,” commented CEO and Chairman of SLOVNAFT, a.s., Oszkár Világi.

Mr Világi was also elected at the Annual General Meeting to a second term as Chairman of the Board.Members of the company’s executive board serve five-year terms.

Shareholders also adopted a resolution for Slovnaft to buy back its own shares if specified conditions are met.These shares could subsequently be used, for instance, as currency in selected commercial transactions or as part of a share option scheme.Similar rules have already been put in place at parent company MOL, headquartered in Budapest.

The option of a company buyback of its shares is not the same as an offer to purchase shares or a mandatory takeover bid.

Slovnaft’s majority shareholder is MOL, an international oil and gas company that owns 98.4% of Slovnaft, with others holding the remaining 1.6% of shares.