Press releases in December 2008

TNK-BP Holding EGM Approves Amended Charter, Elects New Board

TNK-BP Holding (TBH) held an Extraordinary General Meeting of shareholders (EGM) today which approved amendments to the Charter of the company, and elected a new Board of Directors.

Changes to the TBH governance structure are being made pursuant to the Memorandum of Understanding signed by AAR and BP on September 4^th this year.

The new Board which is responsible for strategic oversight of TBH activities consists of an equal number of representatives from AAR and BP and also includes one independent director. This composition will ensure equal and direct involvement of both shareholder groups in all key decision-making. The presence of an independent director will bring new perspectives to board discussions and help avoid possible board deadlock in case of differences.

TNK-BP CEO Tim Summers said: “TNK-BP Holding is a key part of the TNK-BP group and the management of the company now looks forward to proceeding under the new governance model as we move to the next phase of the company’s evolution.”   

EGM 22 December, 2008

Note to Editors:

1. TNK-BP Holding is a Russian registered and domiciled open joint stock company incorporated in November 2004. TNK-BP Holding holds the majority of TNK-BP’s assets and operations in Russia, having subsumed the Russian assets of TNK, ONAKO and Sidanco as a result of TNK-BP’s corporate restructuring program. It does not include TNK-BP’s interests in Ukraine, or the joint venture interests of the TNK-BP group in Russia, other than the Verkhnechonskoye joint venture.
2. Minority shareholders own approximately 5% of the shareholding in TNK-BP Holding and their shares are quoted on the RTS.
3. TNK-BP Management is the managing company for TNK-BP Holding, providing all management services under an agreement with TNK-BP Holding.
4. The Board of Directors of OJSC “TNK-BP Holding”

Directors nominated by AAR:

• Anatoly Akimenko
• Pavel Nazaryan
• Aleksey Savchenko
• Igor Cheremkin

Directors nominated by BP:

• Paul Kitson
• Richard Sloan
• Grant Warnsby
• Peter Charow

Independent director:

• David Lasfargue

For further information please contact:                

Marina Dracheva: TNK-BP International Media — telephone +7 495 363-65-80
Vladimir Bobylev: TNK-BP Russian Media — telephone +7 495 745-78-46.

TNK-BP Deepens Russian Downstream Investment

OGK-1 and TNK-BP Approve an Agreement with the Siemens-Enka Consortium to Start the Project for the Third Power Unit at the Nizhnevartovsk State District Power Plant