TNK-BP International Ltd.Presentation for investors

October 2012

2

Important noticeNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES OF AMERICA

THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF AND SHOULD NOT BE CONSTRUED AS, AN OFFER TO SELL OR ISSUE OR THE

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KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS,

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Table of contents

3

Introduction to TNK-BP

TNK-BP at a glanceStrong competitive position

Business Update

1H12 HighlightsHealth, Safety & EnvironmentUpstreamDownstream

Financial Performance

Financial HighlightsIFRS Business Environment Net Income – 1H12 v 1H11RevenuesCostsTaxes Net income - 2Q12 v 1Q12Sources and Uses of CashDebt and Liquidity

Outlook

4

TNK-BP at a glance

RUSSIABELARUS

UKRAINE

VIETNAM

VENEZUELA

BRAZIL

Russia’s top 3 largest oil company*

• 1H12 production 2,035 mboe/d with affiliates

• Brownfield assets in West Siberia and Orenburg

• Producing greenfields in Uvat and Verkhnechonskoye

• Yamal: a new generation of greenfield projects

• Growing gas business

Truly international player

• Ranking in the world’s top 10 non-state-owned oil producers*

• Venezuela: stakes in heavy and light oil projects

• Vietnam: stakes in offshore gas and pipeline projects

• Brazil: stake in high potential exploration project

• Ukraine and Belarus: downstream business

World class reserve base

• 39 bn boe of PRMS 3P reserves

• Reserve life of 21 years of 1P and 59 years of PRMS 3P reserves

• Industry-leading F&D costs and exploration success rate

Strong financial profile

• Investment grade credit ratings

• Strong credit metrics

• Robust financial performance

Fully integrated business

• Four refineries and 50% stake in YANOS refinery in Russia

• Refining capacity of 698 mb/d, refining cover of 38.4% in 1H12

• Extensive retail network with 1,274 retail sites in Russia, Ukraine and Belarus** * - based on total oil production

** - at the end of 1H12

Strong competitive position

5

0.9

1.0

0.8

0.9

0.9

1.7

1.8

1.2

2.4

2.2

1.8

1.7

2.4

2.2

2.3

0.2

0.1

0.7

0.7

0.8

0.2

0.3

1.1

0.2

0.5

0.8

1.5

1.0

1.3

2.2

0 1 2 3 4 5

Sinopec

Gazprom Neft

ENI

Statoil

ConocoPhilips

TNK-BP

Lukoil

Total

Rosneft

Petrobras

Chevron

Shell

PetroChina**

BP

ExxonMobil

2011

oil

and

gas

pro

du

ctio

n (

incl

. eq

uit

y af

filia

tes)

, mm

bo

e p

er d

ay

Oil Gas

Source: company reports. *PetroChina production as of 2010RRR - reserve replacement ratioF&D – finding and development

3Y

av

era

ge

SE

C L

OF

RR

R (

200

9-2

011

)

World class reserve replacement and F&D costsAmong top 10 oil producers globally

Best capital efficiency among Russian peers

1H

12 C

AP

EX

/ b

oe

, U

SD

Source: Consolidated Financial Statement, MD&A reports of companies

0 2 4 6 8 10 12 14 16

0%

50%

100%

150%

200%

250%

300%

Rosneft

Gazprom Neft

TNK-BPExxonMobil

3Y average F&D costs (2009-2011), USD/boe

TNK-BP Rosneft Lukoil Gazprom neft02468

1012141618

7.1

16.5

14.2 13.8

1H12 highlights

6

Continued robust operational performance

• 2,035 mboe/d - total oil and gas production*, up 4.1%

• 18% greenfields contribution to liquids production, up from 12% in 1H11

• 2.0 mln tons retail volumes in Russia, up 19%

• Continued refinery modernization with share of Euro-4 and 5 fuels up from 42% to 66%

• USD 5.9 bn EBITDA, down 21% on export duty lag, tax and tariff increases and one-offs

• USD 3.9 bn free cash flow, up 9% despite EBITDA decline

Note: All data in this presentation are for 1H12 and comparisons are 1H12 v 1H11, unless otherwise noted

* Including affiliates

7

Health, Safety and Environment

Health and Safety

• The reduction of TRIFR* by 20%

• The reduction of DAFWC by 10%

Environment

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

produced down 13%

– Spilt tons per thousand tons produced down 45%

* 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.

** The International Association of Oil and Gas Producers

Total Recordable Injury Frequency Rate – 12 Month Rolling Average

Spills Frequency – 12 Month Rolling Average

2008

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

2009

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

2010

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

2011

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

2012

Feb-12

Mar-12

Apr-12

May-12

Jun-12

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.048

0.021

0.122

0.006

spills per ths. tons produced spilt tons per ths. tons produced

1H12

2008

Feb-08

Mar-08

Apr-08

May-08

июн

авг

сен

окт

ноя

Dec-08

2009

фев

мар

апр

май

июнь

авг

сент

окт

нояб

дек

2010

фев

мар

апр

май

июнь

июль

август

сентябрь

октябрь

ноябрь

декабрь

2011

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

2012

Feb-12

Mar-12

Apr-12

May-12

Jun-12

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.63

0.20

0.35

TRIFR 2011 OGP ** average

1H12

8

Upstream: 1H12 overviewStrategy: Resources Reserves Production

USD 4.7 bn Upstream EBITDA

1,760 mb/d liquids production*, up 2.6%

275 mboe/d gas sales*, up 14.3 %

82.5% associated petroleum gas utilization

13.8 bn boe proved reserves on PRMS basis**

Focus areas:

brownfields stabilization new greenfields challenged reserves

* Including affiliates

** As of 31 December 2011

Reserves

9

Strategy: Resources Reserves Production

• Large reserve base: 39 bn boe 3P reserves

• An established track record of successful reserve replacement:

145% SEC LOF

203% PRMS

• Best-in-class efficiency:

72% average exploration success rate for 2009-2011

USD 4.4/bbl F&D costs (SEC LOF) in 2011

137 mmboe of resource adds with new discoveries mainly in Yamal 1H12

1P 2P 3P0

5

10

15

20

25

30

35

40

Proved Proved Proved

Probable Probable

Possible

bn boe

Reserve life 21 years

Reserve life 42 years

Reserve life 59 years

Reserve base (PRMS)

Reserve replacement ratio

2004 2005 2006 2007 2008 2009 2010 20110%

50%

100%

150%

200%

250%

300%

350%

127149

129

179

82

177

134 145

104126

156

297

146

329 322

203

SEC-LOF PRMS

10

Upstream: Liquids production in 1H12

• 1,760 mb/d liquids production incl. affiliates, up 2.6%

• VCNG production at 139 mb/d, up 60%

• Uvat production at 126 mb/d, up 28%

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

up from 12% in 1H11

• Orenburg liquids production down 0.6% - operational issues at

Sorochinsk in 1Q12

• West Siberia liquids production down 5.6% (6.5% in 1H11)

Production – continued growth

Greenfields – increasing contribution

Brownfields – target to stabilize production

mb/d

Changes in liquids production, including affiliates

1H 2011

West Siberia

Orenburg

VCNG

UVAT

Vietnam

Venezuela

Slavneft

1H 2012

1,715

1,760

(51)

(3)

(4)

+52

+28

+1

+22

1H12

1H11

Upstream: West Siberia

11

Effective Waterflood Management• New water shut-off technologies

being piloted and scaled up

• Plan to reduce water extraction in 2012 by 1% (4.5 mln tons)as result of new technologies moving forward

• Organizational capability improvementproject underway including skills assessment, training, peer review from external consultants

Improved drilling efficiency

• Mean Time Between Failure (MTBF) of electric submersible pumps increased to 630 days (from 615 in 2011)

• Low cost access drilling projects with Baker Hughes, Schlumberger and Halliburton

Innovative technologies in place

• 56 pilot projects (425 jobs) are expected to be completed in 2012

• “Asset of the future” concept of online monitoring of the field performance – to be scaled up in 2012

Successful application of multistage fracturing in horizontal wells:

up to 7 stage fracs

40 jobs performed in 1H12

over 100 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 0.9% in 1H12 v 1H11

TNK-BP – 600 mln tons of challenged reserves in 7 top fields in West Siberia

12

Technology pilots in 2012-2015 to scale-up and bring in production

Multi-stage frac

Multi-stage frac at Kamennoye licence area (LA) Pilots at Central Ryabchik of Samotlor field

Effective drilling and development

Drilling project for Pad 118 of Severo-Khokhryakovskoye field PK1-2 Van-Egan - Pilot for viscous oil Pilot at Em-Yegovsky LA

Waterflood management and water shutoff – integral part of West – Siberia program for 2012-14

Reconfiguration of waterflood system at Severo-Varyeganskoye field

Reconfiguration of waterflood system at South Talinskoye LA

Tyumen formation – priority project for challenged reserves development

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

Suzun 2016

Russkoye 2018

Intrafield pipeline

Messoyakha (50% share) 2016-18

Tagul 2019

Russko-Rechenskoe 2019

13

• Drilling of 7 pilot wells started in June to determine base development scenario

• The optimal field infrastructure concept prepared

• Reserves: 2.22 bn bbl 3P PRMS

• Field engineering survey completed for oil treatment facility and gas-turbine power plant

• Reserves: 0.32 bn bbl 3P PRMS

• Intrafield pipeline forecast for completion by end 2015

• Agreement with Transneft on oil transportation signed

• 2012 E&A program is aimed at viscous oil reserves confirmation

• Reserves: 1.14 bn bbl 3P PRMS

• Pilot 1 under way, initial rates confirmed for horizontal wells

• E&A program under way to prove reserves in least understood zones

• 2D/3D seismic to cover oilfield frontier zones

• Reserves: 1.7 bn bbl 3P PRMS

• Considerable gas reserves discovered (>50 bcm)

14

Upstream: Gas sales in 1H12

mboe/d

Changes in gas sales, including affiliates

• 275 mboe/d gas sales incl. affiliates, up 14.3%

• Increasing APG utilisation in West Siberia

(+4.5%) and Orenburg (+19.3%)

• 20 mboe/d gas sales from assets in Vietnam

and Venezuela

1H 2011

Rospan

West Siberia

Orenburg

Vietnam

Slavneft

Venezuela

1H 2012

240

275

+1

+8

+6

+18

+2

0

1H12

1H11

15

International Projects: Vietnam, Venezuela, Brazil

• Drilling of the 2nd Lan Do production well completed safely in April, plan to deliver first gas from Lan Do in 4Q12

• TNK-BP net share of JVs production up 6% on 1Q12 to 28 mboe/d following successful drilling campaign

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

Vietnam

Venezuela

Brazil

• Joint Operating Agreement Governance structure implemented; first OpsCom and ManCom in May

• Drilling operations: 2 wells completed in 2Q12, oil and gas shows in HRT-6, appraisal well HRT-7D dry, drilling of HRT-8 and HRT-9 ended in 3Q12 with hydrocarbons discovery

• Exploration program being optimized

Key performance indicators, 1H12 (TNK-BP share)

Production, mmboe

EBITDA,USD mln

Capex, USD mln

Vietnam 3.5 116 53

Venezuela 5 -29 73

Brazil 0 -30 16

Downstream: overview 1H12

16

USD 1.2 bn Downstream EBITDA

654 mb/d refining throughput

4 oil refineries and 50% stake in YANOS refinery in Russia

USD 12/bbl refining margin in 2Q12

High-margin retail sales in Russia:

BP site daily throughput 4x European average

Strategy: Maximization of integrated business value of production

Downstream: Refining 1H12

17

• Throughput of 618 mb/d at Russian refineries in 1H12 v 651 mb/d in 1H11 due to turnarounds

• Healthy refining margins of USD 12/bbl in 2Q12 v USD 6/bbl in 1Q12

• Focus on Euro-4 and Euro-5 product delivery

• Turnarounds at Yanos and Ryazan (RNPK) refineries completed successfully

• Transition completed to a 3 year turnaround cycle for AT-6 crude distillation complex at RNPK

• LINIK refinery operations are still suspended

Increasing share of Euro-4 and Euro-5 fuels

1H11 1H120

10

20

30

40

50

60

70

41.9%

66.3%

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

Downstream: Retail and B2B 1H12

18

Retail

• Expansion to new regions continues with 3 sites purchased in Samara, 8 in Orel and 3 land plots acquired in Volgograd

• Launch of 7 new BP sites in Moscow and St.-Petersburg and commissioning of 2 BP and 11 TNK sites after reconstruction

• The number of Carbon loyalty program participants reached 650,000

B2B

• Share of jet fuel sales directly to airlines in 1H12 increased to 73% v 45% in 1H11

• Jet deliveries started to air companies Tatarstan and I-Fly

• Development of TNK-Alfabit continues with bitumen laid at M1 federal highway, Rublevsky highway and F1 race track in Volokolamsk

• Distribution agreement for Valvoline lubricants signed with sales starting in July

BP brand TNK brand0

200

400

600

800

1,000

1,200

1,400

1,600

510

1,162

607

1,385

Retail volumes in Russia

1H11 1H12

th.tons

,,,

,

,

Financial highlights

19

IFRS 1H12 1H11 % Change

EBITDA 5.9 7.4 -21%

Net Income 3.0 4.8 -38%

Cash flow from Operations 6.6 6.1 9%

Capex (organic) 2.4 2.2 8%

Gearing 23% 22%

USD bn

1H11 under IFRS

20

• 1H11 and 2Q11 numbers have been restated for comparative purposes

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

(0%)

4.5 4.8

7%

(1%)

-

1

2

3

4

5

6

1H11US GAAP

DT recalculation

Replacement accounting

Other 1H11IFRS

1H11 Net Income IFRS v US GAAPUSD bn

(1%)

2.4 2.6

6%

(1%)

-

1

2

3

2Q11US GAAP

DT recalculation

Replacement accounting

Other 2Q11IFRS

2Q11 Net Income IFRS v US GAAPUSD bn

Business environment

21

Weak environment both y-o-y and q-o-q, with severe negative duty lag affecting performance

1H12 v 1H11:

• Urals up 3% to USD 111.7/bbl

• Negative duty lag: USD 9.0/bbl

2Q12 v 1Q12:

• Urals down 9% to USD 106.5/bbl

• Negative duty lag: USD 20.0/bbl

1H12 v 1H11 and 2Q12 v 1Q12: negative impact of weaker rouble on deferred tax partly offset by costs benefit

• 1H12 average rouble rate at 30.6, 7% down

• 2Q12 average rouble rate at 31.0, 2% down

60

80

100

120

Price

1Q11 2Q11 3Q11 4Q11 1Q12

USD/bbl

$111.7/bbl

Urals

Duty reference price

$108.1/bbl

$116.9/bbl

$106.5/bbl

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

2Q12

Net income – 1H12 v 1H11

22

Environment:• Price & Duty lag: negative duty lag – USD 9.0/bbl,

partly offset by 3% higher Urals and 60/66 duty regime benefit

• Forex: negative impact on deferred tax partly offset by forex benefit on rouble denominated costs

• Tariffs & Tax: primarily increases in MET and excise (USD 0.5 bn) rates and transportation tariffs (USD 0.1 bn)

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

up 79 mboe/d (+4.1%), MET relief utilization offset by costs increase and lower petroleum production volumes

• One-offs: primarily due to 1Q12 Linik impairment (USD 0.2 bn) vs. 1Q11 Kovykta disposal gains (USD 0.2 bn)

(0.5) (0.1)

(0.8) (0.4)4.8

3.0

0.1

(0.1)

-

1

2

3

4

5

1H11 Price & Duty lag

Forex Tarif fs & Tax rates

Operations One-of fs Other 1H12

USD bn

118

5860

63

79

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

Revenues

23

• Price: 2% sales growth, on the back of a 3% Urals price increase

• Volume and Mix:

- 4 mmboe volume increase in crude and products due to 2.3% own crude production growth;

- sales mix: products share decreased primarily due to a turnaround at the Ryazan refinery in 2Q and suspension of crude refining at Linik since March that were partly offset by processing at Mozyr

• Other sales:

Primarily 8 mmboe increase in sales of gas, condensate and gas products as a result of production growth (incl. 4 mmboe Vietnam contribution)

1H11 1H12

• Sales volumes up 12 mmboe, or 3%

• Products share* 41% in 1H12 vs 47% in 1H11

366 mmboe 378 mmboe

* Share from combined crude and oil products sales

104

5480

57

71

5

10

15

20

25

30

35

1H11 Crude Products Crude Products Gas & Other 1H12

USD

Price(+2%)29.2

Volume & Mix (+1%)

0.3

30.3

0.41.7

(1.4)0.1

Other(+1%)

Costs

24

Transportation costs:

• 7% weighted-average increase in Transneft and rail tariffs partly offset by forex (6%)

• 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 reflecting inflationary pressure mitigated by a weaker rouble:

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

growth• One-offs: legacy environmental provision in

1H11 (USD 0.1bn)

2.1 2.1

0

1

2

3

1H11 Forex Tariff Routes 1H12

USD bn Transportation

1%7%(6%)

3.5 3.5

4%

0

1

2

3

4

1H11 Forex Inflation Volume& Mix

One-offs Other 1H12

USD bn OPEX & SD&A

(7%) 4% 2% (3%)

Taxes

25

Export duties and Taxes other than income tax up 16% to USD 15.6 bn primarily due to higher Urals price and negative duty lag• 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 increased by 15% to USD 1.3 bn primarily through the foreign exchange impact on the deferred tax charge, non-deductible LINIK impairment and operating losses in Ukraine• 1H12 effective tax rate was 27.1%, above

the 20% statutory rate primarily due to the foreign exchange impact on deferred tax and non-deductible costs

13.4

15.6

10

11

12

13

14

15

16

1H11 Price Duty lag MET & Excise rate

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

1H12

Export duties, Taxes other than Income TaxUSD bn

ReliefsLegislationEnvironment

17.5%27.1%

05

1015202530

1H11 eff ective rate

Forex LINIK non-deductible expenses

Deferred tax valuation provision

1H11 Kovykta disposal

Other permanent diff erences

1H12 eff ective rate

% Income Tax Rate

Net income – 2Q12 v 1Q12

26

Environment:• Price: Urals down USD 10/bbl (9%)• Duty lag: negative duty lag - USD 20.0/bbl• Forex: primarily negative impact on deferred

tax

Performance:• Operations: increased liquids production by 6

mb/d, partly offset by changes in mix in favor of oil

• One-offs: largely due to 1Q12 Linik impairment

(0.7)

(0.6)

0.1

2.2

0.8

(0.4)

0.2

-

1

2

3

1Q12 Price - Market Price - Duty lag Forex Operations One-of fs 2Q12

USD bn

Income statement – 2Q12 v 2Q11

27

USD bn %2Q12 2Q11 Change

Revenues 14.3 15.4 -7% Primarily lower Urals price

Export Duties (4.7) (4.2) 12% Primarily negative duty lag partly offset by 60/66 regime

MET & Excise (2.9) (3.0) -3%Lower Urals price and decrease of excisable products,

partly offset by increase in MET and excise rates

Costs (2.8) (3.0) -6%11% rouble depreciation and legacy environmental provision in 2Q11

Other (1.7) (1.8) -10%Primarily decrease in purchased crude and products volumes

EBITDA 2.2 3.4 -34%

DD&A (0.6) (0.5)

Income tax & other (0.8) (0.7)

Net Income* 0.8 2.2 -63%

*Profit for the period attributable to Group shareholders

Sources and Uses of Cash

28

• Cash from operations (before WC and income tax paid) of USD 6.2 bn is net oftaxes other than income tax and export duties payment of USD 15.6 bn

• Capex: field development, associated gas, refinery and retail network modernization• Acquisitions: exploration assets in Brazil and jet fueling complex Koltsovo • Net Borrowings: decrease primarily due to $0.5 bn Eurobond and other debt

repayment

1.32.4

6.2 1.5

(1.1)

(2.7)(0.4)

(1.0)

(1.4)

-

2

4

6

8

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 Cash & deposits as

of 30.06.2012

USD bnOperating activities Investing activities Financing activities

1.3

3.9

Debt and liquidity

29

Borrowing• No new borrowings in 2Q12• Two committed lines for the total amount

of USD 200 mln renewed • Gearing level at 23%• Average portfolio life at 3.53 years

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

amount of USD 420 mln• Smooth repayment profile

Ratings• Investment grade ratings maintained, however

negative outlook assigned by Moody's to Baa2 rating (related to shareholder ownership uncertainty)

• 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(4) 2Q2012 and 1Q2012 calculation includes the letter of credit; 2Q2011 Gearing calculated

based on US GAAP amounts to 22%

TNK-BP Financial indebtedness(1)

  30.06.2012 31.03.2012 30.06.2011

Financial indebtedness, incl.:

$8.0 bn $8.4 bn $6.9 bn

- Finance debt(2) $7.2 bn $7.4 bn $6.9 bn

- Letter of credit(3) $0.8 bn $1.0 bn -

Gearing(4) 23% 29% 22%

Fixed / Floating 62% / 38% 61% / 39% 79% / 21%

USD denominated 99% 99% 96%

LT / ST debt 84% / 16% 85% / 15% 77% / 23%

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

Portfolio average life 3.53 years 3.72 years 3.86 years

Financial indebtedness maturity profile as of 30 June 2012

H2 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

244,444,444

586,904,762

1,217,460,317

642,857,143

200

400 200

600,000,000 500,000,000

1,000,000,000800,000,000

1,100,000,000

500,000,000

1332

Other Letter of credit Bank debtEurobonds

$ mln

,

,

,

,

Outlook

30

Margin

enhancementReserves Production

Gas monetization

International diversification

Lower production decline in West Siberia

Pilot development of challenged reserves

Prepare to launch Yamal fields in 2016-2019

Progress with refinery modernization program

Increase retail presence in core markets

Launch new products and promote the new highway offer

Prepare for Rospan full field development

Negotiate long-term sales agreements for Rospan gas

Increase associated gas utilization

Health, Safety and Environment: continues as a top priority

Portfolio: pursue select M&A opportunities

Progress with exploration program in Brazil with focus on oil prone areas and gas monetization

Consider additional expansion opportunities in Vietnam

TNK-BP Holding – public subsidiary with leading investor returns

31

¾ of 44 bn USD 2005 market cap returned to shareholders as of end August 2012

USD 1.63 bn attributable to non-controlling interest since 2005

16% dividend yield – highest in the industry*

98% - average dividend payout ratio based on RAS net income amounts

* Cash returns are calculated as the share buyback, dividends and change in net debtSource: Bloomberg; Troika estimates

* Amounts are stated in years to which dividends are attributable. Dividend calculation based on Company and registrar data

mln USD

* Source: Troika Dialog research, report dt. 21/09/12

TNK-BP Holding

Exxon Mobil

Chevron BP Royal Dutch Shell

LUKoil Gazprom0%

10%

20%

30%

40%

50%

60%

70%63%

50% 48%

24% 23%20%

4%

Cash returns 2006-11 as a share of Mcap at end 2005*

2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

300

350

246228

104

152

256

324 319

TNK-BP Holding dividends attributable to non-controlling interest*

32

Board of Directors

Viktor VekselbergChairman, Renova Group

Brian GilvaryGroup CFO, BP

David PeattieHead of BP Russia

Michael TownshendPresident of BP Iraq

Len Blavatnik Chairman, Access Industries

Alex KnasterChairman of Pamplona Capital

Management

Mikhail Fridman

Chairman

The Rt Hon Lord (George) Robertson

of Port Ellen

Deputy Chairman

Evert Henkes Independent Director

Alexander ShokhinIndependent Director

TBCIndependent Director

representatives of BP

independent directors

representatives of AAR

33

TNK-BP corporate structure1

Upstream Refining Marketing

95%

c.50%

TNK-BP Ltd (BVI)

Slavneft

(JV withGazprom Neft)

TNK-BP Finance S.A. (Luxembourg)

Lisichansk Refinery(Ukraine)

c.95%

100%

TNK-BP Holding

TNK-BP Management

100%

TNK-BP Commerce (Ukraine)

TNK-BP International Ltd (BVI)

100%

100%

50% 50%Alfa, Access/Renova BP

TNK Overseas Ltd

100%

34

Management structure of TNK-BP

Chairman of the Management Board

Vacant

Executive Director – Vice President

UpstreamA. Dodds

Executive Director – Vice PresidentDownstreamA. Barrios

Chief Financial OfficerJ. Muir

Executive DirectorG. Khan

Executive Vice President

Support ServicesA. Tyomkin

Executive Vice President Strategy and New

Business DevelopmentM. Slobodin

Executive Vice President

LegalI. Maydannik

Executive Director –Advisor to the Chairman

of the MBV. Vekselberg

members of the Management Board