MOL has reached an agreement with the Hungarian State on the settlement related to the dissolution of the MOL New Europe Foundation

In accordance with the provisions of Act IX of 2021 on public interest trusts performing public duties, MOL Plc. and MOL Investment Kft. signed an agreement today with the Hungarian State regarding the settlement (“Settlement Agreement”) related to the dissolution of the MOL-New Europe Foundation (“MNEF”). Under the terms of the Settlement Agreement, the 42,977,996 Series “A” MOL shares owned by MNEF, other liquid financial assets – comprising of cash and corporate and government bonds – with a market value of approximately 40 billion forints (USD 129 million), as well as tangible assets with a book value of approximately 300 million forints (USD 1 million), will become the property of the MOL Group.

In accordance with the law, the Hungarian State will assume MNEF’s public duties as its legal successor. The MOL Group will continue to pursue those objectives of the foundation that are consistent with the MOL Group’s corporate social responsibility goals. Accordingly, the MOL Group has confirmed in a letter of intent that over the next three years, it will allocate at least 10 billion forints (USD 32 million) annually to talent development, youth development, sustainability, pediatric care, sports, education, the preservation of cultural heritage, and the strengthening of ties among Central European communities.