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On December 15, Interim Directors of Petrom were installed in accordance with the privatisation

On December 15, Interim Directors of Petrom were installed in accordance with the privatisation agreement and will be in place until the next Petrom shareholders’ meeting, scheduled for mid-January. Interim directors are OMV’s Werner Schinhan, who has acted as observer in Petrom since signing and Hilmar Kroat-Reder, Head of OMV Mergers & Acquisitions Legal. The Interim directors have appointed a new Managing Committee on December 15. The Managing Committee includes four members of OMV and two members of Petrom.

 Gheorghe Constantinescu will continue as Chief Executive Officer (CEO). In addition, OMV managers Reinhard Pichler, Werner Ladwein and Tamas Mayer, as well as Petrom manager, Florian Constantinescu, will resume positions in the Management Committee. All OMV managers have already acted as observers or deputy observers since the signing of the privatisation contract, and have been included in all major Petrom decisions. Werner Schinhan will act as Deputy CEO responsible for Corporate Development, Corporate Affairs, Treasury and Chemicals after his resignation as interim director scheduled for mid-January. Reinhard Pichler will act as Chief Financial Officer (CFO), Werner Ladwein will be in charge of upstream operations, Tamas Mayer will hold responsible for the Marketing business of Petrom, and Florian Constantinescu for Refining.

   Pending the decision of the shareholders’ meeting, the future Board of Directors of Petrom will consist of seven members, four of which will be the OMV Executive Board (Wolfgang Ruttenstorfer, Gerhard Roiss, David C. Davies, Helmut Langanger). Two Board members will be appointed by the Romanian Government and one member will be independent.

Background Information on the Management Committee

Georghe Constantinescu
Chief Executive Officer (CEO) responsible for corporate communication, human resources, health, safety and environment. Previously CEO of Petrom.

Werner Schinhan
Deputy CEO responsible for Corporate Development Corporate Affairs, Treasury and Chemicals after resignation as Interim Director scheduled for mid-January.
Senior positions at OMV in the Treasury, Risk Management and Mergers & Acquisitions departments (2000-2002), Senior Vice President and Head of Corporate Development and Strategy (since 2002)

Reinhard Pichler
Chief Financial Officer.
Previously Deputy Director of Group Controlling (1996-2000); Managing Director of OMV Solutions (2000-2002); Senior vice President and Director of Corporate Controlling & Accounting (since 2002).

Werner Ladwein
Member of the Managing Committee, responsible for upstream operations.
Previously General Manager of OMV E&P Libya (1993-1997); General Manager of OMV Albania (1997-2001); General Manager of OMV Pakistan (since 2002).

Tamas Mayer
Member of the Managing Committee, responsible for Marketing.
Previously Managing Director of OMV Hungaria (1992-1998); Managing Director of OMV Bulgaria (1998-2002); responsible for the management of OMV Retail and Commercial in Rumania, Bulgaria Serbia and Montenegro (since 2003).

Florian Constantinescu
Member of the Managing Committee, responsible for Refining.
Previously General Director of Petrom’s Oil and Gas Refining Department and member of the Managing Committee.

Background Information on the Board of Directors

Hilmar Kroat-Reder
Interim Director
Head of OMV Mergers & Acquisitions Legal (since 2002)

Background Information

Petrom SA
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Petrochemicals, as well as Sales and Marketing. Petrom has estimated oil and gas reserves of 1 billion boe, refining capacity of 8 million metric tons and 600 filling stations. In 2003 the sales revenue of the group was EUR 2,031 million, EBITDA was EUR 342 million and the loss was EUR 8 million.

OMV Aktiengesellschaft
     With Group sales of EUR 7.64 billion and a workforce of 6,137 employees in 2003, as well as market capitalization of more than EUR 5 billion, OMV Aktiengesellschaft is Austria’s largest listed industrial company. As the leading oil and gas group in Central Europe, OMV is active in Refining and Marketing (R&M) in 13 countries and has set the goal of doubling its 2001 market share to 20% by 2008. In Exploration and Production (E&P) OMV is active in 17 countries on five continents. In the Gas business segment OMV has storage facilities and a 2,000 km long pipeline system, transporting 41 billion m³ of natural gas annually to countries such as Germany and Italy. OMV owns integrated chemical and petrochemical plants, and has a 25% stake in Borealis A/S, one of the world’s leading producers of polyolefin. Other important holdings are: 51% of Petrom SA, 50% of Econgas GmbH, 45% of the BAYERNOIL refining network, and 10% of the Hungarian company MOL.

     With the closing of its acquisition of a majority stake in Petrom in December 2004, OMV has become the largest oil and gas group in Central Europe, with oil and gas reserves of around 1.4 billion boe, daily production of around 340,000 boe and an annual refining capacity of 26.4 million metric tons. OMV now has over 2,394 filling stations in 13 countries. The market share of the group in the R&M business segment in the Danube Region is now approximately 18%. Petrom will be consolidated in the 2004 balance sheet and in 2005 it should already contribute to OMV’s financial results.