Dividends received by the majority shareholder of TNK-BP Holding are merely a technical transaction

Dividends will be paid to all eligible shareholders (Record Date – 12 October 2010) within six months after declaration.
The principal shareholder of OJSC TNK-BP Holding is Novy Investments Ltd., a wholly owned company of the TNK-BP group. The dividend distribution to Novy Investments Ltd. is of pure technical nature and does not lead to immediate receipt of the dividend by the shareholders of the parent company TNK-BP Ltd. (BP and AAR). The dividend due to Novy Investments Ltd. will be primarily used for capital investment in TNK-BP business in Russia as well as for settlement of inter-company indebtedness.
Jonathan Muir, Chief Financial Officer of TNK-BP, emphasized the excellent operational and financial results achieved by OJSC TNK-BP Holding in the first nine months of 2010. “TNK-BP Holding continued its strong operating performance in the nine months of 2010, with increased investment in greenfield projects, refinery upgrades and retail expansion. This is reflected in robust financial results. Dividends received by the majority shareholder of TNK-BP Holding are merely a technical transaction as cash does not leave the group and is used for intra-company settlements. However, consistent with our commitment to high corporate governance standards, I am pleased to say we once again share our success with minority shareholders.”