Outcomes of the Annual General Shareholders Meeting of OJSC TNK-BP Holding

The Board consists of nine persons, including four representatives of each of TNK-BP Ltd. majority shareholder groups, as well as an independent director. This is consistent with the corporate governance system that was endorsed by Alfa, Access/Renova consortium and BP in early 2009.
The elected members of the Board of Directors of OJSC TNK-BP Holding are:
1. David Lasfargue – independent director; Partner, Head of Gide Loyrette Nouel Representative Office in Moscow
2. Anatoly Akimenko, Vice President, Access Industries
3. Pavel Nazarian, Executive Director, Alfa Finance Holdings SA
4. Alexey Savchenko, Strategic Planning Director, CTF Consultancy Ltd (Alfa Group Consortium)
5. Igor Cheremikin, Legal Director, Renova Management AG (Switzerland) Branch in the Russian Federation
6. Olga Karaseva-Valyarevich, Advisor on Interaction with Joint Ventures TNK-BP, BP Exploration Operating Company Ltd (Moscow Branch)
7. Elizaveta Minkina, Financial Controller, BP Exploration Operating Company Ltd (Moscow Branch)
8. Richard Scott Sloan, Finance Director, BP Exploration Operating Company Ltd (Moscow Branch)
9. Peter Charow, BP Plc. Vice President for Russia and Kazakhstan
The meeting also approved payment of the dividend based on the results of 2009. The dividend amounts to 2.18 rubles per common or preferred share. This dividend comes in addition to the interim dividend of 7.41 rubles per share, which was endorsed by an Extraordinary Shareholder Meeting in December 2009. Therefore, the total accrued dividends of OJSC TNK-BP Holding for 2009 amounted to 148.1 bln rubles, which represents 74% of the company’s net income during that year according to the Russian Accounting Standards (RAS).
Pursuant to the Charter of OJSC TNK-BP Holding, the dividends approved by the Annual General Meeting on June 30, 2010 shall be paid before December 30, 2010. It is planned that Novy Investments Ltd., part of the TNK-BP Group and the majority shareholder of OJSC TNK-BP Holding, will reinvest the proceeds in TNK-BP’s upstream and downstream projects in Russia as soon as possible upon receipt of the dividends.
The shareholder meeting approved CJSC PricewaterhouseCoopers Audit as the company auditor for 2010.
OJSC TNK-BP Holding is an open joint-stock company established in November 2004, registered and operating in Russia. OJSC TNK-BP Holding owns the majority of Russian assets of TNK-BP. OJSC TNK-BP Holding does not include TNK-BP’s interests in Ukraine and OJSC “NGK “Slavneft” as well as some other assets of the TNK-BP Group. Minority shareholders own c. 5% of OJSC TNK-BP Holding shares; indicative quotations for company shares are published in RTS Board information system (TNBPI.RTS).