Wolfgang Ruttenstorfer, chief executive officer of OMV:

“Against the backdrop of a deteriorating economic situation and crude prices only slightly recovering towards the end of Q1/09, the operational environment remained difficult for OMV. While earnings came under pressure we managed, at the same time, to strengthen our balance sheet, notably through the sale of our 21.2% stake in MOL but also through the issue of a Eurobond and German Loan Notes. More encouragingly, the Maari oil field in New Zealand has been brought on stream and current production rates look very promising. Overall, OMV is well prepared to cope with the global economic downturn. Its operational and financial strength allows the Company to continue pursuing its growth strategy in its core regions, which will offer attractive growth rates in the medium and long term.”

First quarter 2009 (Q1/09)

In the first quarter of 2009, results reflected the strong decline in crude prices. The average Brent price decreased by 54% compared to Q1/08. Furthermore these lower average crude prices led to negative CCS effects in refining. The Group’s reported EBIT of EUR266 million was therefore significantly below the level of first quarter of 2008. For the same reasons the contribution of Petrom to reported EBIT was only EUR 77 million. The net financial result was below the Q1/08 level, as the MOL sale as well as Borealis’ and Petrol Ofisi’s results made a negative contribution. Net income after minorities of EUR40 million was down compared to EUR 446million in first quarter of 2008. Clean CCS EBIT was down by 54% at EUR340 million excluding a minor net special income of EUR 8 mn and CCS effects of EUR (82) million. Petrom’s clean CCS EBIT was EUR 93 million. Clean CCS net income after minorities was EUR126 million and clean CCS EPS after minorities was EUR 0.42. At the end of March, net debt of the Group was EUR3,336 million and the gearing ratio stood at 33.9%.

In exploration and production (E&P), clean EBIT decreased by 69% compared to first quarter of 2008 to EUR227 million as oil prices fell dramatically, only partly compensated by the positive impact of FX developments. The Group’s oil and gas production was 308,000 boe/d, 4% below the level of first quarter of 2008.

In Refining and Marketing (R&M), clean CCS EBIT was EUR 22 million, versus EUR (7) million in first quarter of 2008. Timing effects (crude oil bought at higher price levels than prevailing at the moment of sale of finalized products) led to negative CCS effects of EUR (82) in refining. The petrochemical business suffered from depressed margins. The marketing result came in well above the level of Q1/08, mainly due to higher sales volumes and cost reductions in Petrom.

In gas and power (G&P), clean EBIT decreased by 2% to EUR86 million compared to first quarter of 2008, with good results from gas supply, marketing and trading partially compensating for negative effects from Doljchim.

Significant events in Q1/09

On January 21, 2009 OMV announced the planned sale of additional 70 OMV and Avanti filling stations in Austria.

On February 12, 2009 OMV was awarded an additional offshore exploration license in Norway, which is located in the Barents Sea, and will be operated by OMV (Norge) AS in a joint venture with Sagex Petroleum Norge AS. OMV now has interests in seven licenses in Norway.

On February 23, 2009 OMV announced the planned sale of its subsidiary, OMV Italia S.r.L. with a network of 96 filling stations in the Northern-Italian region of Triveneto (Trentino, South Tirol, Friuli-Venezia Giulia, Veneto) by year-end 2009.

On February 25, 2009 OMV announced first oil from Maari, New Zealand, operated by OMV New Zealand in a joint venture with Todd Energy, Horizon Oil International Ltd and Cue Taranaki Pty Ltd. A peak production level of approximately 30,000 bbl/d is expected in 2010 (gross).

On March 9, 2009 OMV announced the start of the extended well test of Latif-1 located in the Latif Block about 100 km from Sukkur in southern Pakistan’s province of Sindh. During 9m/09 the testing gas rate is estimated to reach approximately 1,000 boe/d.

On March 25, 2009 the OMV Supervisory Board reconfirmed all Members of the Executive Board. Wolfgang Ruttenstorfer will serve as CEO until March 31, 2011 and will be succeeded by Gerhard Roiss.

On March 30, 2009 OMV announced the sale of its 21.2% stake in MOL to Surgutneftegaz, for a total consideration of EUR 1,400 million.

On March 31, 2009 OMV announced its debut EUR750 million Eurobond transaction, with a maturity of five years. Due to high demand the bond issue was later increased to EUR 1,000 million.