INA Group Results and activities i n Q1 201 2

1. INA GroupResults and activities in Q1 2012 Zagreb, April 2012

2. % Despite a challenging external environment, INA Group delivered strong, stable results in Q1 2012 compared to previous periods, even without incomes from Syria… 1 Total EBITDA of INA Group (q-o-q) HRK millions (excluding special items) • As a result of management’s efforts to increase operational efficiency and financial stability, INA could overcome the challenges deriving from several unfavorable market conditions • deteriorating market demand for crude oil products in INA’s core markets • regulatory constraints resulting in a loss of HRK 382 million (capped natural gas prices for households and small industrial companies) • inability to receive any revenues from Syrian operations in the first quarter of 2012 • Despite the above factors, INA Group EBITDA (the key financial performance indicator in the oil and gas industry) was relatively stable compared to previous periods • Results were led by Exploration and Production segments’ contribution, despite the losses generated by the gas trading business • At the net profit level (excluding special items) in Q1 2012, the result improved over Q4 2011, with HRK 630 million net profit achieved compared to HRK 248 million net profit in Q4 2011 1,808 1,475 1,328 1,060 424 Q1 2009 Q1 2010 Q1 2012 Q1 2011 Q4 2011 Total EBITDA of INA Group (y-o-y) HRK millions (excluding special items) 6.776 5.212 2.310 1.475 2011 Q1 2012 2009 2010 SOURCE: INA 1

3. 2 ...significant contribution to the results was achieved due to recent years’ operational efficiency improvement with significant contribution of OptINA and PSO projects Improved operational performance Exploration & Production Refining & Marketing Retail • Improving operational efficiency through decreasing unit production cost by 9 % • Introducing new projects and technologies to further support long-term growth and efficiency • More favorable product slate resulting from modernized refinery system contributing to results • Continuously optimized operations and optimized feedstock selection • Optimized sales and operations • Introduction of EURO V fuels in parallel with additivized (CLASS) fuels • Network optimization • Retail modernization process initiated Increasing efficiency through a series of saving measures and special projects OptINA Procurement Spending Optimization (PSO) • HRK 1,6 bn EBIT improvements delivered compared to 2008 baseline with more than HRK 1,1 bn in recurring cost savings • Additional improvements expected to add further to INA’s profitability • Reviewed contracts/procurement spend • Identified more than 350 new Croatian suppliers, retendered more than 300 contracts SOURCE: INA

4. 3 The management is committed to further improve the financial position of the company to ensure the basis for a strong investment cycle ahead of the company… 3 Net debt of INA Group HRK billions Gearing of INA Group Percentage 9.9 9.1 43.7 8.6 6 % 40.9 8.2 38.8 37.1 4.4 % Q1 2012 2009 2010 2011 2010 2011 2009 Q1 2012 • Net debt was further reduced by 6% and resulted in an improving but still high gearing ratio that was at the level of 37.1% as at 31 March 2012 (compared to 38.8% as at 31 December 2011). SOURCE: INA

5. % ...which will support further development of the Company through value creating investments in all business segments in the benefit of Croatia 4 Investment programs strongly focusing on development of the Croatian economy Exploration & Production Refining & Marketing Retail • Drilling 5-6 exploratory wells in Croatia in 2012 • Carrying our Zutica EOR project (with over HRK 500 mn investments in 3 year period) • Completing Middle and South Adriatic 2D/3D seismic • Implementation of a refinery development concept creating value to shareholders • Preparing the project for a deep conversion facility in the Rijeka refinery and an oil derivatives pipeline between Rijeka and Sisak refineries • Retail modernization program carried out at an intensified way • By the end of 2012, INA will have the largest number of new or modernized filling stations in Croatia - by far more than any of our competitors Further benefits for the citizens of Croatia Exploration & Production Refining & Marketing Retail • Stable income of municipialties and the state • Securing energy supply • Reduction of emission • Improved services provided to customers SOURCE: INA 4

6. Exploration and production activities overview KEY FIGURES OF EXPLORATION AND PRODUCTION ACTIVITIES

7. UPSTREAM PORTFOLIO OVERVIEW Croatian onshore Syria Hayan BlockAphamia Block Croatian off shore North Adriatic Aiza Laura Izabela Egypt Ras Qattara West Abu Gharadig North Bahariya Sidi Rahman Angola 3/05 A Block, 3/85 Block,3/91 Block Production structure outlook for 2012 (without Syria**) *Diluted share is based on working interest **Production outlook excludes Syrian contribution due to the announced “force majeure” on 27th February 2012

8. KEY FIGURES OF 2011 E&P ACTIVITIES AND PLANS FOR 2012 CAPEX distribution by investment categories Summary of tested wells*** in 2011 Developments 91% Developments 71% Geographical CAPEX distribution ** *Total CAPEX indicates maximum spending for 2012 ** Activities are fully in line with US and EU sanctions; forward looking work program and expenditures are depend on the termination of the "force majeure" *** Only wells with finished tests. One exploration well in Syria and one development well in Croatia were in progress at the end of 2011

9. SUMMARY OF TESTED WELLS IN 2011

10. SCHEDULE OF PLANNED EXPLORATION AND APPRAISAL ACTIVITIES * Well drilling Well test OVERVIEW OF DEVELOPMENT PROGRAM IN 2012 * Activities are fully in line with US and EU sanctions; forward looking work program and expenditures are depend on the termination of the "force majeure"

11. CROATIA ONSHORE Croatia onshore

12. CROATIA OFF SHORE Croatia off shore

13. SYRIA – IN LINE WITH SANCTIONS MAINTAINING ECONOMIC INTERESTForce majeure announced • TIGHTENING SITUATION OVER THE LAST MONTHS • EU and US embargo on Syrian oil export • Two production cuts in September and December 2011 in a sum of 2.8 mboepd due to the local requirements • Encountering significant obstacles in the collection of receivables from the Syrian partner for its share of hydrocarbon production; • Withdraw the employees who are not required for the continuation of the daily operations • FORCE MAJEURE ANNOUNCED ON FEBRUARY27, 2012 • Temporary suspension of all business activities • Company does not expect to receive any revenues neither to realize its production share until the termination of „force majoure” • MAINTAINING ECONOMIC INTEREST • „Force majeure” doesn’t mean termination of the agreement or exit from the project Production (2011): 20.3 mboepd, Hayan Block: development phase, 100% INA; operator Aphamia Block: exploration phase, 100% INA • EXPLORATION AND FIELD DEVELOPMENT • Exploration activity started in 1998 and was completed in 2007. First oil production started in 2005 on Jihar Field, first gas production started in 2006 on Palmyra Field. • PEAK PRODUCTION IN 2011 • Gas Treatment Plant operating from 2011, resulting in significant increase in oil, condensate and gas production. • Activities are fully in line with US and EU sanctions; forward looking work program and expenditures are depend on the termination of the "force majeure"

14. SYRIA* SYRIA* *Activities are fully in line with US and EU sanctions; forward looking work program and expenditures are depend on the termination of the "force majeure" *Total expenditure for exploration and development indicates maximum spending for 2012

15. EGYPT AND ANGOLA: WORK PROGRAM ANGOLA EGYPT

16. Disclaimer • Some of the information in this presentation may contain projections and other forward-lookingstatements regarding future performance of the Company. These statements represent plans,targets or predictions and actual results may differ materially as they are subject to risks,uncertainties and other factors such as general economic conditions, the competitiveenvironment, exchange rates, oil and gas prices, margins, market changes, regulatorydevelopments, etc. You are therefore cautioned not to place undue reliance on any forwardlooking statements contained in this presentation. • The Company does not undertake any obligation to release any revisions of these forward-lookingstatements.