TNK-BP International Ltd.9 Month 2012 Operational and Financial Results

Moscow, 30 October, 2012

SPEAKERS

2

Jonathan MuirChief Financial Officer

Paul MaguireSenior Vice President – Financial Controller

Gennady ShulenkoVice President, Finance and Treasury

3

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Table of contents

4

1. Business Update9M12 Highlights

Health, Safety & Environment

Upstream

Downstream

2. Financial PerformanceFinancial Highlights

IFRS

Business Environment

Net Income – 9M12 v 9M11

Revenues

Costs

Taxes

Net income - 3Q12 v 2Q12

Sources and Uses of Cash

Debt and Liquidity

Business update

9M12 highlights

6

Growth complemented by strong free cash flow

• 2,024 mboe/d - total oil and gas production*, up 2.8%

• 18% greenfield contribution to liquids production, up from 14% in 9M11

• Progress in major projects

Rospan full field development Hydrocracking unit construction in Ryazan Yamal projects fiscal support

• Retail volumes up 13% to 3.1 mln tons

• Growing production of quality products with share of Euro-4 and 5 fuels up from 42% to 71%

• Potential gas exploration upside in Brazil

• Lan Do first gas on time, under budget offshore Vietnam

• USD 10.2 bn EBITDA

• USD 5.3 bn free cash flow

Note: All data in this presentation are for 9M12 and comparisons are 9M12 v 9M11, unless otherwise noted* Including affiliates

Health, Safety and EnvironmentTotal Recordable Injury Frequency Rate – 12 Month Rolling Average

Spills Frequency – 12 Month Rolling Average

7

9M12

Health and Safety

• Reduction of TRIFR* by 21%

• Reduction of DAFWC** by 32%

• No major road accidents recorded v 5 accidents in the same period last year

Environment

• Spills frequency continuously improving:– The number of spills per thousand tons

produced down 13%

– Spilt tons per thousand tons produced down 33%

2008

feb

mar

apr

may

jun

july

aug

sen

oct

nov

dec.08

2009

feb

mar

apr

may

jun

jul

aug

sen

oct

nov

dec.09

2010

feb

mar

apr

may

jun

jul

aug

sen

oct

nov

dec.10

2011

feb

mar

apr

may

jun

jul

aug

sen

oct

nov

dec.11

2012

feb

mar

apr

may

jun

00.10.20.30.40.50.60.70.8

0.63

0.19

0.35

TRIFR 2011 OGP *** average

2008

фев.08

мар.08

апр.08

май.08

июн.08

июл.08

авг.08

сен.08

окт.08

ноя.08

дек.08

2009

фев.09

мар.09

апр.09

май.09

июн.09

июл.09

авг.09

сен.09

окт.09

ноя.09

дек.09

2010

фев.10

мар.10

апр.10

май.10

июн.10

июл.10

авг.10

сен.10

окт.10

ноя.10

дек.10

2011

фев.11

мар.11

апр.11

май.11

июн.11

июл.11

авг.11

сен.11

окт.11

ноя.11

дек.11

2012

фев.12

мар.12

апр.12

май.12

июн.12

июл.12

авг.12

сен.12

00.020.040.060.080.1

0.120.14

0.048

0.02

0.122

0.006

spills per ths. tons producedspilt tons per ths. tons produced

* Total Recordable Injury Frequency Rate (TRIFR) comprises the total number of fatalities, lost time injuries, restricted work cases and medical treatment cases as per OSHA definitions.

** (DAFWC) Number of days away from work cases per 200 thousand man-hours worked.

*** The International Association of Oil and Gas Producers

9M12

Upstream: Production and renewal

8

2,024 mboe/d total hydrocarbon production, 2.8% increase y-o-y

73% exploration success rate, exploration spend of USD 227 mln

4 licenses acquired in Orenburg and Yamal with estimated resources of approx. 470 mln boe

Strategy: Resources Reserves Production

9

Upstream: Liquids production in 9M12

• 1,757 mb/d liquids production incl. affiliates, up 1.4%

• VCNG production at 142 mb/d, up 50%

• Uvat production at 129 mb/d, up 24%

• Share of greenfields in total liquids production at 18%,

up from 14% in 9M11

• Orenburg liquids production down 0.7%

• West Siberia liquids production down 6.2%

v 7.4% decline in 9M11**

* Venezuelan deal closed on 10 June 2011, production not consolidated up to this date

** Not adjusted for OAO “Novosibirskneftegas” and OAO “Severnoeneftegas”

Production – continued growth

Greenfields – increasing contribution

Brownfields – target to stabilize production

mb/d

Changes in liquids production, including affiliates

9M11

West Siberia

Orenburg

VCNG

TNK-UVAT

Rospan

Vietnam

Venezuela*

Slavneft

9M12

1732

1757.36717862607

(55)

(3)

(1)

(5)

+47

+25

+1

+16

Upstream: West Siberia

10

Effective waterflood management• Waterflood patterns analyzed -

optimization of water injection underway; 30% of over 4 000 patterns to be evaluated in 2012

• Organizational capability improvementproject underway including skills assessment, training and peer review

Improved drilling efficiency• Mean Time Between Failure of

electric submersible pumps increased to 649 days (from 615 in 2011)

• Low cost access drilling projects with Baker Hughes, Schlumberger and Halliburton targeting improved well construction

Innovative technologies in place• 66 pilot projects (465 jobs) are

expected to be completed in 2012

• “Asset of the future” concept of online monitoring of the field performance introduced at Samotlor for scaling up in Orenburg, Varyoganneftegas, Nyagan and Uvat

Successful application of multistage fracturing in horizontal wells:

up to 7 stage fracs 80 jobs performed in Jan-Sept 2012 – will contribute over 400 th.

tons in calendar 2012. nearly 140 jobs planned for 2012 tests in difficult layers with 2-3x higher flows than conventional

frac advanced completion technology with fully controlled stage frac

in cemented liner

Production decline lowered by 1.2% in 9M12 v 9M11

Yamal – major new oil province with 5.5 bn barrels of 3P reserves

11

• Suzunskoye - design and exploration work to complete in 2012

• Russkoye – trial crude transportation by road and rail to Nizhnevartovsk for delivery in Transneft system

• Messoyakha – first crude produced; action plan for 2013 – 2014 approved

• Tagulskoye – new productive layers added to base development scenario

• Russko-Rechenskoye – gas/condensate production levels determined

• Engineering survey completed

• Pipeline pilot construction planned for 2013

DEVELOPMENT

INFRASTRUCTURE – INTRAFIELD PIPELINE

TAX INCENTIVES IN PLACE• MET benefit

Russkoye – life of field Messoyakha

Russko-Rechenskoye

• Crude export duty benefit Suzunskoye Tagulskoye

TAX INCENTIVES PROPOSED• MET holidays extended till 2022

Suzunskoye Tagulskoye

• Unified mechanism for calculation of crude export duty – transparent and predictable rules for obtaining benefits

till 2022

12

Upstream: Gas sales in 9M12

mboe/d

Changes in gas sales, including affiliates

• 267 mboe/d gas sales incl. affiliates, up 12.8%

• 16 mboe/d gas sales from assets in Vietnam,

biggest contribution

Steady production growth

• 82% APG utilisation

• Gas processing agreement with Sibur on JV

Yugragaspererabotka extended till 2026

• JV set up to process APG at Zagorskaya plant in Orenburg

Progressing major project execution

• Rospan - first stage of full field development supported by

the Board; USD 600 mln allocated for 4Q12-1Q13

• Long-term gas sales agreements being negotiated – target

incremental gas delivery of 8.5 bcma in 2016

Developing gas value chain

9M11

Rospan

West Siberia

Orenburg

Vietnam

Slavneft

Venezuela

9M12

236

267

+1

+6

+6

+16

+2

+0.1

13

International Projects: Vietnam, Venezuela, Brazil

Vietnam

Venezuela

Brazil

Key performance indicators, 9m12 (TNK-BP share)

Production, mmboe

EBITDA,USD mln

Capex, USD mln

Vietnam 4.8 152 62

Venezuela 7.5 -23 72Brazil 0 -52 56

• Lan Do development project successfully completed with first gas delivered on 7 October

• No lost time injuries, no reportable spills amid growing operations

• PetroMonagas: record production of 140 mb/d (gross) following successful drilling campaign

• Junin-6: first production within Early Oil project officially launched in September

• Current negative effect on EBITDA due to impact of discounting of outstanding payments from PDVSA

• 2 successful gas wells drilled in 3Q with HRT-9 reported as highest flow-rate from any on-shore Brazil well

• Significant improvement of drilling efficiency: HRT-9 drilled in 60 days v 127 days average in 2011

• Letter of intent for gas monetization signed with Petrobras

• Key personnel placed in TNK-BP office in Brazil and seconded to HRT project organization

Downstream: Refining

14

Strategy: Maximization of integrated business value of production

• Throughput of 644 mb/d at Russian refineries in 9M12 v 654 mb/d in 9M11 due to turnarounds

• Refining margins of USD 10/bbl in 3Q12

• Successful Euro-5 delivery

• Diesel and gasoline produced at Saratov and YANOS Euro-5 compliant since July 1

• Significant increase in Euro-5 fuels at Ryazan

• Incremental performance effect of approx. USD 60 mln due to excise rates differentiation

• Hydrocracker project at Ryazan supported by the Board; other major projects on schedule

1Q 2Q 3Q -

100

200

300

400

500

600

700

800

0

4

8

12

16

641

595 694 5

13

10

Refin

ing

thro

ughp

ut, m

b/d

Refin

ing

mar

gin,

$/b

bl

Increasing share of Euro-4 and Euro-5 fuels

9M11 9M120

1020304050607080

42%

71%

Note: Share of Euro-4 and Euro-5 fuels in total gasoline and diesel output of TNK-BP Russian refineries

%

Downstream: Supply, trading and logistics, retail and B2B

15

Retail• Expanding presence in the south of Russia - consolidation

of TNK-South joint venture, incl. 121 retail sites and 11 oil depots

• High-margin sales of accompanying goods at retail sites delivering USD 193 mln in revenue, 5% up y-o-y

B2B• Direct “in wing” sales to airlines increased to 74% v 42% in 9M11

• Expansion of jet fuel sales to airports in Novy Urengoy and Ivanovo

• Sales of Valvoline premium brand lubes launched at over 3,000 retail sites

Supply, trading and logistics• Price-setting mechanism for wholesale gasoline and diesel

sales agreed by Federal Anti-Monopoly Service

• ESPO crude shipments of 25 mln bbl, 26% up on 9M11

Retail volumes in Russia – 13% growthth.litres per

site daily

9m 2011 9m 20120.02.04.06.08.0

10.012.014.016.018.020.0

16.7 18.8

Financial performance

Financial Highlights

17

IFRS 9M12 9M11 % Change

EBITDA 10.2 10.8 -6%

Net Income 5.7 6.6 -13%

Cash flow from Operations 9.5 8.2 16%

Capex (organic) 4.0 3.5 14%

Gearing 17% 22%

USD bn

9M 2011 under IFRS

18

• 9M11 and 3Q11 numbers have been restated for comparative purposes

• The main change relates to deferred tax, with higher forex driven volatility under IFRS

• ‘Affiliates’ relates to the change in Slavneft’s functional currency from the USD to the Rouble

(1%)

0%

6.8 6.6

(2%) (1%)

-

2

4

6

8

9M11US GAAP

DTrecalculation

Aff iliates Replacementaccounting

Other 9M11IFRS

9M11 Net Income IFRS v US GAAPUSD bn

(1%)

1%

2.31.8

(18%) (3%)

-

1

2

3

3Q11US GAAP

DTrecalculation

Af f iliates Replacementaccounting

Other 3Q11IFRS

3Q11 Net Income IFRS v US GAAPUSD bn

Business Environment

19

9M12 v 9M11: Negative duty lag offset by stronger Urals and 60/66 benefit• Urals up 1% to USD 110.8/bbl• Negative duty lag: USD 3.5/bbl• 60/66 regime benefit: USD 1.5/bbl EBITDA benefit in respect of available crude

3Q12 v 2Q12: Stronger environment due to both positive duty lag and price growth• Urals up 2% to USD 109.0/bbl• Positive duty lag: USD 20.0/bbl

9M12 v 9M11 and 3Q12 v 2Q12: positive impact of average weaker rouble on costs • 9M12 average rouble rate at 31.1, 8% weaker• 3Q12 average rouble rate at 32.0, 3% weakerStronger rouble (30.9) at 3Q end: USD 0.5 bn under IFRS deferred tax benefit q-o-q

25

30

35

Month-end exchange rates (RUR/USD)

1Q11 3Q11 4Q112Q11 1Q12 2Q12 3Q12

32.831.9

30.930.5

32.2

29.3

60

80

100

120

Price

1Q11 2Q11 3Q11 4Q11 1Q12

USD/bbl

$110.8/bbl

Urals

Duty reference price

$109.2/bbl

$109.0/bbl$106.5/bbl

Duty lag: +$7/bblDuty lag:-$13/bbl

2Q12 3Q12

Net income – 9M12 v 9M11

20

Environment:• Price & Duty lag: negative duty lag – USD 3.5/bbl

offset by 60/66 duty regime benefit and 1% higher Urals

• Forex: positive impact on rouble denominated costs due to a weaker rouble together with the forex benefit on deferred tax

• Tariffs & Tax: primarily increases in MET and excise (USD 0.6 bn) rates and transportation tariffs (USD 0.2 bn) as well as the abolition of export duty allowance for VCNG in May 2011 (0.2 bn)

Performance:• Operations: total TNK-BP oil and gas production

up 55 mboe/d (+2.8%), MET relief utilization partly offset by a 6% reduction in refining throughput and by inflationary pressure on costs

• One-offs: primarily due to 1Q12 Linik impairment (USD 0.3 bn) and 2011 disposal gains (USD 0.3 bn) partly offset by a gain on Novosibirsk assets disposal (USD 0.1 bn) in 3Q12

(0.4)

0.7

(1.1) (0.6) (0.1)

6.65.7

0.4 0.2

-

2

4

6

8

9M11 Price - Market Price - Duty lag

Forex Tarif fs & Tax rates

Operations One-offs Other 9M12

USD bn

160

81114

93

106173

9296

97

117

Crude - Export Crude - Domestic and CISProducts - Export Products - Domestic and CISGas, Gas Products and Condensate

Revenues

21

• Price: 2% sales growth, on the back of a 1.4% Urals price increase

• Volume and Mix of crude oil and oil products:

- 10 mmboe volume increase due to 1.2% own crude oil production growth together with a stock reduction from increased sales

- sales mix: products share decreased primarily due to suspension of crude refining at Linik since March, partly offset by processing at Mozyr

• Other sales: Primarily 11 mmboe increase in sales of gas, condensate and gas products as a result of production growth (incl. 4.8 mmboe Vietnam contribution)

9M11 9M12

• Sales volumes up 19 mmboe, or 4%

• Products share* 42% in 9M12 vs 46% in 9M11

554 mmboe 575 mmboe

* Share from combined crude and oil products sales

10

20

30

40

50

9M11 Crude Products Crude Products Gas & Other 9M12

USD bn

Price(+2%)44.5

Volume & Mix (+1%)

0.4

46.1

0.4 2.1(1.5)

0.2

Other(+1%)

Costs

22

Transportation costs: • 7% weighted-average increase in Transneft

and rail tariffs was offset by forex (7%)• Changes in routes and in sales mix resulted

in costs growth by 1% due to increased crude export volumes via higher margin routes

Opex & SD&A dynamics reflect the weaker rouble partly offset by inflationary pressure :

• Costs down by 7% due to a weaker rouble• Volume & Mix factor reflecting production

growth• Other: costs of operating a larger retail

network partly offset by savings from the Linik suspension

3.1 3.1

0

1

2

3

4

9M11 Forex Tariff Routes 9M12

USD bn Transportation

1%7%(7%)

5.4 5.4

0

2

4

6

9M11 Forex Inflation& tariffs

Volume& Mix

Other 9M12

USD bn OPEX & SD&A

(7%) 5% 1% 1%

Taxes

23

Export duties and Taxes other than income tax up 7% to USD 22.6 bn primarily due to higher Urals price and a higher duty reference price• Increase in MET and excise rates starting

1 January 2012• MET reliefs: sustaining production at

depleted fields in Orenburg and increase in non-taxable VCNG production

• Volume&Mix, other: primarily increase in crude export leading to growth in export duties

Income tax decreased by 9% to USD 1.9 bn primarily through lower taxable profits and the foreign exchange impact on the deferred tax charge.• 9M12 effective tax rate was 22.8%, above

the 20% statutory rate primarily due to non-deductible costs, including impairment and operating losses in Ukraine, partly offset by the foreign exchange impact on deferred tax

21.122.6

16

17

18

19

20

21

22

23

24

9M11 Price Duty lag MET & Excise rate

60/66 regime Export duty MET Volume&Mix, other

9M12

Export duties and Taxes other than Income TaxUSD bn

ReliefsLegislationEnvironment

22.5% 22.8%

0

5

10

15

20

25

9M11 effective rate

Forex LINIK non-deductible expenses

Deferred tax valuation provision

9M11 Kovykta disposal

Other permanent differences

9M12 effective rate

% Income Tax Rate

Net income – 3Q12 v 2Q12

24

Environment:• Price: Urals up USD 2.5/bbl (2%), realised

crude domestic price up 24% supported by duty lag

• Duty lag: positive duty lag – USD 20/bbl• Forex: a significantly stronger rouble at the end

of 3Q vs 2Q had a positive impact on deferred tax together with the positive effect on costs of a weaker average rouble q-o-q

Performance:• Operations: positive impact of selling during

3Q previously accumulated crude and product inventory, partly offset by a net decrease of total production by 29 mboe/d (-1.5%)

0.7

0.6 0.1

0.8

2.70.5

-

1

2

3

2Q12 Price - Market Price - Duty lag Forex Operations 3Q12

USD bn

Income Statement – 3Q12 v 3Q11

25

USD bn %3Q12 3Q11 Change

Revenues 15.7 15.3 3%Sales of accumulated stock in 3Q12, partly offset by

lower Urals price (-2%)

Export Duties (3.9) (4.6) -15%Positive duty lag, lower Urals price and positive effect of 60/66 regime partly offset by increased export sales volumes

MET & Excise (2.9) (2.9) -1%Lower Urals price and decrease of excisable products

offset by increase in MET and excise rates

Costs (2.9) (2.9) -1%10% weaker rouble benefit offset by legacy environmental provision accrual in 3Q12

Other (1.7) (1.4) 23%Primarily increase in crude purchases and exploration expenses

EBITDA 4.3 3.5 25%

DD&A (0.6) (0.5)

Income tax & other (1.0) (1.2)

Net Income* 2.7 1.8 53%

*Profit for the period attributable to Group shareholders

Sources and Uses of Cash

26

• Cash from operations (before WC and income tax paid) of USD 10.2 bn is net oftaxes other than income tax and export duty payments of USD 22.6 bn

• Capex: field development, associated gas, refinery and retail network modernization• Acquisitions: exploration assets in Brazil, jet fueling complex Koltsovo partly offset with

Novosibirsk assets disposal• Net Borrowings: decrease primarily due to $0.5 bn Eurobond and other debt

repayment • Equity: TNK-Yug minority buy-out

1.34.0

10.2 1.0

(1.7)

(4.1) (0.3) (0.6)

(1.6) (0.2)

-

2

4

6

8

10

12

Cash & deposits as

of 31.12.2011

Cash f rom operations before WC

Income tax paid

Change in Working Capital

Capex Free Cash Flow

Acquisitions& Other

Net Borrowings

Dividends Equity Cash & deposits as

of 30.09.2012

USD bn Operating activities Investing activities Financing activities

5.3

1.3

Debt and liquidity

27

Borrowing and Portfolio• USD 675 mln unsecured loan facility obtained

from a club of 9 international banks in September• Second USD 200 mln instalment paid under the

Brazilian LC(3) in September • Gearing level at 17%• Average portfolio life at 3.23 years

Liquidity• Strong cash balances maintained• Five undrawn committed lines in the total amount

of USD 440 mln available• Smooth repayment profile maintained

Ratings• Investment grade ratings• Strong credit metrics maintained

(1) Financial Indebtedness and gearing are calculated based on IFRS(2) Finance debt includes outstanding indebtedness under loan agreements and Eurobonds(3) Represents deferred payment obligation in favor of HRT related to Brazil assets acquisition

TNK-BP Financial indebtedness(1)

  30.09.2012Actual

30.06.2012Actual

30.09.2011Actual

Financial indebtedness, incl.: USD 8.3 bn USD 8.0 bn USD 7.8 bn

- Finance debt(2) USD 7.7 bn USD 7.2 bn USD 7.8 bn

- Letter of credit(3) USD 0.6 bn USD 0.8 bn -

Gearing 17% 23% 22%

Fixed / Floating 58%/42% 62%/38% 64%/36%

USD denominated 100% 99% 97%

LT / ST debt 84%/16% 84%/16% 86%/14%

Unsecured / Secured 100%/0% 100%/0% 100%/0%

Average portfolio life 3.23 years 3.53 years 3.84 years

Financial indebtedness maturity profile as of 30 September 2012

Q4 2012

2013 2014 2015 2016 2017 2018 2019 20200

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

1,400,000,000

1,600,000,000

133,333,333

736,904,762

1,517,460,317867,857,143

600,000,000 500,000,000

1,000,000,000800,000,000

1,100,000,000

500,000,000

400 200

Letter of credit Bank debt EurobondsUSD mln