1. TNK-BP Investor presentation
March 2011

2. Important notice
These materials include statements that are, or may be deemed to be, ‘‘forward-looking statements’’. These forward-looking statements can be identified by the use of forward-looking terminology, including, but not limited to, the terms ‘‘believes’’, ‘‘estimates’’, ‘‘anticipates’’, ‘‘expects’’, ‘‘intends’’, ‘‘may’’, ‘‘target’’, ‘‘will’’, or ‘‘should’’ or, in each case, their negative or other variations or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the intentions, beliefs and statements of current expectations of TNK-BP International Limited and its subsidiaries (“TNK-BP”) concerning, amongst other things, TNK-BP’s results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries and locations in which TNK-BP operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of TNK-BP's operations, financial condition and liquidity and the development of the country, regions, political environment and industries in which TNK-BP operates may differ materially from those described in, or suggested by, the forward-looking statements contained in these materials. TNK-BP does not intend, and does not assume any obligation, to update or revise any forward-looking statements or information set out in these materials, whether as a result of new information, future events or otherwise. TNK-BP does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
These materials contain reserves data for TNK-BP which has been extracted without material adjustment from the Reserves Reports prepared for TNK-BP by independent petroleum engineers using three different methods. These methods include the U.S. Securities and Exchange Commission ("SEC") standards, the U.S. Society of Petroleum Engineers, Inc. ("SPE") standards and a variation of the SEC standards pursuant to which reserves are calculated through the economic life of the fields ("SEC-LOF"). The SEC-LOF standards differ in certain material respects from the SEC standards and the SPE standards. Unless otherwise indicated reserves data contained in these materials are based on the SEC-LOF standards as in effect on the date of the Reserve Report from which such data has been extracted. The SEC has adopted significant revisions to the SEC standards on oil and gas reporting, which became effective on 1 January The main revisions that may have an impact on TNK-BP’s reserve quantities relate to the use of a 12-month average price to estimate reserves rather than the price on the last day of the year and to the use of new technology and the enlargement of the areas for which reserves may be determined.
These materials do not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire any securities in any jurisdiction or an inducement to enter into investment activity. No part of these materials, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.
These materials may not be forwarded, distributed or reproduced in whole or in part, in any manner whatsoever, without TNK-BP’s express consent.

3. Yamal (early development)
TNK-BP at a glance
Ample reserve base
8.6 bn boe of proved reserves (SEC-LOF), 30+ bn boe of PRMS 3P reserves
Reserve life of 14 years (SEC-LOF) and 50 years of PRMS 3P reserves
Industry-leading F&D costs and exploration success rate
Among largest private oil & gas producers globally
Ranking in world’s top 10 private oil and gas producers
Russia’s top 3 vertically integrated oil company
Producing 1,734 mboed, 3.4% organic growth 
Refineries
Greenfield projects
YANOS refinery, 50/50 owned with Gazprom Neft
Brownfield projects
Legend:
Yamal (early development) 
Strong financial profile
Investment grade credit ratings
Strong credit metrics
Robust financial performance 
West Siberia  
Uvat
Orenburg 
East Siberia
Fully integrated business
Russia’s top 3 refiner
Five and a half refineries (including one in Ukraine), total capacity 772 mbpd
Refining cover of 43%
Extensive retail network with over 1,400 retail sites in Russia, Ukraine and Belarus
Exciting growth opportunities
New generation of greenfield projects
Growing gas business
International expansion
Reserves and refining capacity as at end 2009, production, refining and retail data for 9M10

4. Strong competitive position
World class reserve replacement and F&D costs
Strong production growth
TNK-BP
Rosneft
Gazprom Neft BP
Chevron
Conoco Phillips
Exxon Mobil
R&D Shell 0%
20%
40%
60%
80%
100%
120%
140%
160% 5 10 15 20 25 30 35 40 45 50
3Y average F&D costs ( ), $/boe
3Y average organic RRR ( )
3.0%
Source: company reports, TNK-BP data, Reserve Replacement Ratio (RRR) based on SEC-LOF reserve data
Source: CDU TEK, TNK-BP data, daily liquids production without JVs, 9M10 v 9M09
Among the world’s largest oil producers*
Ample reserve base – world class reserve life globally
Source: UBS Global Integrated Oil & Gas Analyser, 2009 * Excluding fully state-owned companies
Source: UBS Global Integrated Oil & Gas Analyser, Reserve life based on 2008 disclosure and SEC methodology except Lukoil which is based on PRMS methodology

5. Strategy for growth A LEADER IN THE RUSSIAN OIL & GAS INDUSTRY
:53
Strategy for growth
A LEADER IN THE RUSSIAN OIL & GAS INDUSTRY
Convert resources to reserves to production
Enhance margins
Monetize our gas portfolio
World-class corporate governance
Grow production to 100 mln tonnes by 2015
20-25% production from greenfields by 2015
Yamal: up to 750 mboed by 2020
42%  50% refining cover
Retail expansion
30 bcma gas production by 2020
“20/20/20”:
20% of total production and EBITDA by 2020
HSE
Ethics
Process fitness
International portfolio
Technology
People

6. 9M10 operational & financial highlights
HSE
9M10 Financials
Days Away From Work Cases frequency down 4% in 9M10 v 9M09
Zero major vehicle accidents in 9M10
Spills frequency down 15% in 9M10 v 9M09
EBITDA at $7.2 bn, up 9% on 9M09
Net Income at $3.9 bn, up 5% on 9M09
Operating cash flow at $6.9 bn, up 50% on 9M09
Upstream
Portfolio
3.4% production growth (liquids and gas, excl. Slavneft) in 9M10 v 9M09
A long-term transportation agreement signed with Gazprom for Rospan gas in 3Q10
New discoveries of c. 300 mmboe in Yamal, Uvat and Orenburg during 9M10
8 licenses acquired through auctions and M&A in Orenburg in 9M10, adding >250 mmboe, including 3 licenses in 3Q10
Downstream
International activity
Robust 3Q10 and 9M10 refining margins of over $12/bbl
Operational availability for 2010 forecast at 97% – historical highest
All-time high average daily throughput in 9M10 at 715 mbpd
Strong sales growth in retail of 3% in 9M10 v 9M09
Agreement reached with BP to acquire BP’s upstream and pipeline assets in Vietnam and Venezuela for $1.8 bn
A memorandum of understanding signed with PetroVietnam on oil and gas cooperation
A memorandum of understanding signed to develop tight sand gas in Eastern Ukraine on a production-sharing basis

7. Acquisitions in Venezuela and Vietnam
13/04/ :53
Acquisitions in Venezuela and Vietnam
Venezuela
Extra Heavy Oil Brownfield Opportunity
Vietnam
Integrated Gas Project – Offshore Gas Fields, Pipeline & Power Plant
Stakes in three Empresa Mixtas / JVs with state-owned PDVSA: PetroMonagas, PetroPerija and Boquerón
Stakes across gas value chain: offshore gas assets (Block 06-01), Nam Con Son gas pipeline and Phu My 3 power plant
TNK-BP and BP p.l.c. have reached an agreement for TNK-BP to acquire BP's upstream and pipeline assets in Vietnam and Venezuela for an overall consideration of $1.8 billion
The acquisitions will be financed entirely from the company’s available resources
Subject to pre-emption rights and the fulfillment of other agreed pre-closing conditions, the companies expect the transaction to be completed in the first half of 2011
Altogether, the acquisitions of the assets in Venezuela and Vietnam will bring TNK-BP net proved and probable (2P) reserves of c. 290 million barrels of oil equivalent on a working interest basis, or c. 260 million barrels of oil equivalent on an entitlement basis (following taxes paid according to Production Sharing Agreement)
The assets would add c. 40 mboed to TNK-BP production on an entitlement basis
© THK-BP presentation name 7

8. Taxation regime: recent developments
Positive changes in taxation regime – already introduced
Export duty suspended for 22 East Siberian fields (incl. Verkhnechonskoye, Suzunskoye, Tagulskoye) during 1H10, a reduced per barrel rate of 0.45 * (Urals price – $50) applies from 1 July 2010
MET holidays introduced to encourage development of new fields in East Siberia
Accelerated VAT refund effective from 2010 – positive for working capital
Non taxable threshold for MET up from $9 to $15 per barrel from 1 January 2009
Corporate income tax rate reduced from 24% to 20% effective 1 January 2009
Export duty calculation methodology changed effective 1 December 2008, reducing duty lag effect
Negative changes in taxation regime – already introduced
Government Decree on crude MET increase by 6.5% in 2012, by 5.4% in 2013, and on gas MET increase by 61% in 2011 with further inflation indexation
Government Decree on gradual duties levelling for light and dark oil products starting with 1 February 2011 at 67% of crude export duty for dark oil products (instead of 70%) and at 46.7% of crude export duty for dark oil products (instead of 40%) to reach 60% by 1 January 2013
Changes in taxation regime – under discussion
Ministry of energy proposes the “60-66” taxation system providing for lowering of the crude export duty by c. 7% and levelling crude export duties for dark and light oil products at 66% of the crude export duty in 2011
MET holidays for 10 years to encourage development of new fields in YaNAO – under discussion by Russian Government bodies
MET benefits for small oil fields with production of up to 5 mln tonnes

9. Reserves and production
:53
Reserves and production
Ample reserve base
Maintaining a world class reserve base:
SEC-LOF: 8.6 bn boe proved reserves, reserve life of 14 years
PRMS: 11.7 bn boe proved reserves, reserve life of 19 years
An established track record of successful reserve replacement:
SEC-LOF: 3-year average RRR of 146%
PRMS: 3-year average RRR of 258%
Industry leading exploration success rate and F&D costs:
Exploration success rate: 3-year average of 73%
F&D costs: 3-year average of $3.6/boe, with $2.2/boe in 2009
Resource base (PRMS)
Sustainable production growth
Hydrocarbon production of 1,734 mboed in 9M10, up 3.4% on 9M09
Liquids production of 1,525 mbpd in 9M10, up 3.0% on 9M09
Impressive liquids production growth in Orenburg, up 8.8% in 9M10 v 9M09
Increasing share of greenfield barrels in total liquids production: 10.8% in 9M10, more than doubled on 9M09
Production in Western Siberia down 3.5% in 9M10 v 9M09
Hydrocarbon production
Reserves as at end 2009, 3-year averages for Reserves and production data exclude Slavneft
© THK-BP presentation name 9

10. Brownfield asset base       
Brownfield assets located in West Siberia and Orenburg
3P reserves of 19.6 bn boe
Currently deliver 89% of total liquids output
West Siberia
Production maintained broadly flat through application of select new technology and processes
+90% water cut
Samotlor
Giant field, 5th largest ever discovered
More than 40 years in production
Delivers 37% of TNK-BP’s total liquids production
Will remain a reliable producer going forward
Orenburg
60-70 years in production
Delivers 27% of TNK-BP’s total liquids production
Outstanding liquids production growth
6.6% 2009 v 2008
8.8% in 9M10 v 9M09
Achieved primarily through accessing satellite formations and building on infrastructural synergies
Samotlor field
3P Reserves: 7.6 bn boe
9M10 liquids production: 565 mbpd
Other West Siberia fields
3P Reserves: 4.9 bn boe
9M10 liquids production: 266 mbpd  
Moscow
Samotlor
Nyagan 
Nizhnevartovsk  
Orenburg  
Orenburg fields
3P Reserves: 2.4 bn boe
9M10 liquids production: 411 mbpd
Novosibirsk
Nyagan fields
3P Reserves: 4.7 bn boe
9M10 liquids production: 105 mbpd
Reserves as at end 2009, Nyagan reserves exclude Kamennoye

11. Greenfields: building for the future
Currently approx. 11% of total liquids production, potential to reach 20-25% by 2015
Producing greenfields
Major project delivery on time and on budget
Select application of technology – safe for people and environment
Projects in early development
Capable of delivering up to approx mboed by 2020
Developing new production centers of international significance
Rospan
3P Reserves: 2.7 bn boe (liquids + gas)
Potential plateau: 16 bcma
9M10 gas production: 1.9 bcm (43 mboed)
9M10 condensate production: 13 mbpd
Yamal projects
3P Reserves: 3.1 bn boe
Potential start-up:
Verkhnechonskoye
3P Reserves: 1.9 bn boe
Start-up: 2008
9M10 liquids production: 51 mbpd
Messoyakha* 
Rospan 
Suzunskoye  
Tagulskoye 
Russkoye 
Kamennoye  
Verkhnechonskoye
Uvat
Kamennoye
3P Reserves: 2.4 bn boe
Start-up: 2009 (north)
9M10 liquids production: 36 mbpd (north)
Uvat
3P Reserves: 1.1 bn boe
Start-up: 2009
9M10 liquids production: 78 mbpd
Projects at phase of commercial production 
Greenfield projects under development
Gas project
Legend:
Reserves as at end 2009, Kamennoye reserves are for the whole field
*Messoyakha (3P + 3C resources – 3.2 bn boe) is owned by a 50/50 JV between TNK-BP and Gazprom Neft

12. Producing greenfields: Verkhnechonskoye
3P reserves: 1.9 bn boe
9M10 production: 51 mbpd
Peak production: 150 mbpd
Peak year: 2017
Project overview
Largest oil field in East Siberia discovered in 1978
Developed in partnership with Rosneft
2010 milestones
Current 2010 production forecast at c mm bbl, up 8% on plan
Next phase of the full field development plan supported by the Board of Directors, including 90 wells, related infrastructure, power station
5th drilling rig deployed
23+ mm bbl p.a. oil treatment unit commissioned
26 MW power station commissioned
Surface pressure maintenance facilities installed
ESPO – a new strategic export route for Russian crude 
Verkhnechonskoye
An alternative supply for Asia Pacific and US markets
ESPO blend gains ground in the international market, trades at a premium to Urals
Single ESPO tariff set by Transneft at the end of 2009
Zero export duty applied to Verkhnechonskoye exports during 1H 2010, a reduced per barrel rate of * (Urals price – $50) applies from 1 July 2010
MET holidays for first 25 mln tonnes if produced until 2017
Source: Reuters

13. Producing greenfields: Uvat
3P reserves: 1.1 bn boe
9M10 production: 78 mbpd
Peak production: 200 mbpd
Peak year: 2017
Project overview
21 fields in 15 license plots in the south of Tyumen region, West Siberia, some 700 km away from Tyumen city
Eastern Hub: production centre launched in (Urnenskoye and Ust- Tegusskoye fields)
Central Uvat: pilot production commenced at Tyamkinskoye field in March 2010, ahead of plan
Development partly financed with regional government grants
2010 milestones
Current 2010 production forecast at c mm bbl, up 14% on plan
Gas Turbine Power Plant (GTPP) 1st phase (22 MW) – construction completed
Continue with Tyamkinskoye pilot targeting full field development in 2011
Uvat infrastructure:
Road construction under way for all year access
41 mm bbl p.a. Central Processing Facility commissioned
Western Uvat
Central Uvat
Eastern Uvat
Kalchinsky field
Tyamkinsky field
Protozanovsky field
Urnenskoye field
Ust-Tegusskoye field

14. Targeted application of technology
Technology challenges
Brownfields
Decline reduction
Water shut off
ESP mean time between failures
Energy efficiency
Ineffective well stock reduction
Low cost drilling
Effective gas utilization
Greenfields
Heavy oil extraction
Complex well designs
Completions
Water management
Seismic and modelling
Gas utilization
Field automation
Technology examples
Water Shut-Off
Dual Completions
Opex/Capex reduction
Accelerates oil production
Involves additional oil reserves into production
100% independent production from 2 formations; 1st in Russia
Significant energy savings
Increased oil recovery factor: in some cases from a production ratio of only 1-2% oil and 98-99% water to a ratio of almost 20% oil and 80% water

15. Potential year of launch
Yamal – a major new production area for TNK-BP and Russia
One of the few remaining undeveloped hydrocarbon provinces in Russia and the world
Mineral extraction tax holidays and a reduced export duty currently apply for certain fields
Yamal integrated program being developed by the government
A major potential source of TNK-BP’s future growth but significant challenges to overcome:
Lack of transportation infrastructure
Current Russian oil & gas taxation does not stimulate new developments
Technical challenge of developing the reserves: quality of oil (Russkoye) and complex reservoirs (Tagul, Messoyakha)
Project
3P + 3C resources, bn boe
Potential year of launch
Field summary
Suzun
0.3
2015
Best explored field with well-understood geology and high quality light oil
Tagul
1.9
2016
Complicated field with numerous reservoirs and medium-quality crude
Russkoye
2.2
Large but technically challenging field (highly viscous oil, gas caps)
Russko-Rechenskoye
0.1
Small field adjacent to Tagul on the west
Messoyakha (50%)
1.6
2017
Potentially gigantic field, technically challenging (multiple layers, heavy oil)

16. © THK-BP presentation name
TNK-BP gas portfolio
Associated Gas
Nyagan
Rospan
Gas Sales in 2009
Natural Gas
Associated gas utilization at Krasnoleninskoye field
East-Urengoyskoye and Novo-Urengoyskoye gas and condensate fields
506 bcm reserves (A+B+C1)
2009 production 2.4 bcma, plateau up to 16 bcma in 2017+
Associated Gas 9.7 bcm
Natural Gas 2.4 bcm
Gas Processing Plant
Yamal
Ukraine
Associated gas utilization at Suzunskoye, Tagulskoye, Russkoye, Russko-Rechenskoye and Messoyakha fields
Assessment of unconventional gas potential
Verkhnechonsk
Gas utilization at Verkhnechonskoye field
Orenburg
Novosibirsk
Nizhnevartovsk
2009 production 1.5 bcma (natural gas and APG) with a potential to reach 3-4 bcma
Zaikinskiy GPP (capacity 1.1 bcma, under enhancement to 2.2+ bcma)
Associated gas utilization at Verkh-Tarskoye field
8 bcma of associated gas production
Processing JV with Sibur at Belozerny and Nizhnevartovsky GPP (current capacity 9.4 bcma, 10.1 bcma after extension in 2012)
25% in Nizhnevartovsk GRES (1,600 MW)
Gas caps project

17. Rospan – a gas growth opportunity
Largest TNK-BP’s natural gas asset, located in Urengoy region
3P gas reserves: 1.4 bn boe; A+B+C1: 506 bcm
Capable of producing 16 bcma of gas and up to 5 mln tonnes of condensate a year starting from 2017
Existing gas production 1.9 bcm in 9M10 (up 12% v 9M09), 2.4 bcm in FY09
Long-term gas transportation agreement signed with Gazprom in September 2010 (up to 13.2 bcma in 2016)
Work in progress on long-term sales agreements
A full field development plan is being worked on
Total estimated capex c. $6 bn
Novy
Urengoi
Urengoyskaya - 3 1 2
Korotchaevo
Urengoyskaya-3
Urengoyskaya-1
Urengoyskaya-2
Gazprom
Gazprom, ENI, ENEL
(Urengoygazprom)
(Arcticgas)
TNK-BP
Defined Greater Achimov Horizon
(Rospan)
Major gas pipeline
Railway
Compressor station

18. Increasing APG utilization
:53
Strictly Confidential
Increasing APG utilization
APG utilization, %
$1.8 bn investments planned to significantly increase TNK-BP’s APG utilization level in :
Orenburg
Integrated project
Expansion of Zaikinsky GPP
Nizhnevarovsk
Associated gas processing JV with Sibur
NVGRES
Nyagan
Construction of a power generation unit
Construction of a gas turbine power plant at Kamennoye field (completion in 2010)
Uvat
Construction of a gas turbine power plant
Verkchnechonskoye
Considering different options including gas reinjection for storage and future use
Yamal
Considering various projects including power generation, gas reinjection, supply to the gas pipe
A few facts about the current position:
There is now more transparency and understanding regarding the whole issue of gas flaring and AG utilization. Official estimates are now put at 14 bcma with a utilization level around 75%. Unofficial estimates are considerably more.
It is increasingly being viewed as both a challenge and an opportunity. Challenge because requires significant efforts including developing a strategy, setting targets, making capital investments and building organizational capability to resolve the issue, and opportunity because managing flaring can create various positive effects and deliver significant benefits, both social and economic for all the stakeholders.
2008 – 2012 is critical time to set direction and show progress:
Both the State and Industry acknowledge that the size of flaring problem in Russia is significant
If right approaches are applied APG may not only improve efficiency and environment but become a considerable source of gas supply for Russia (up to 50 bcma by 2015).
APG in TNK-BP, 2009
Utilization level – 84.4%
In production – total 143 fields
Production of APG – 12.5 bcma
DRAFT 18

19. Gas to power to power savings
TNK-BP is a major consumer of power and gas producer – demands 13.4 bln kWph (Upstream – bln kWph, Downstream – 1.3 bln kWph)
Cost of power is a significant part of oil production costs and continues to grow
TNK-BP plans to invest over $700 mln in development of power generation projects in
The company considers construction of power plants (captive & commercial) in the regions of its operations, including Nizhnevartovsk, Irkutsk, Orenburg, Ryazan and Yamal
Nizhnevartovsk GRES
TNK-BP – Sibur JV (Yugragazpererabotka)

20. Downstream overview       Russia Third largest refiner in Russia20
:53
:53
Downstream overview
YANOS:
Important factor for enhanced presence on St. Petersburg market
Russia
Ekaterinburg 
ТНК
Ufa
Chelyabinsk
Kazan
St. Petersburg BP
ТНК
Samara
Priority development:
Major competitive refinery – Ryazan
Best retail networks
Efficient logistics
ТНК
Third largest refiner in Russia
Four refineries in Russia plus 50% in Yanos refinery, LINIK refinery in Ukraine
Refineries strategically positioned to serve key markets in Russia and Ukraine
A retail chain of more than 1,400 sites in Russia, Ukraine and Belarus
Strategy to maximize integrated value of the business, building on coordinated growth of all business units  BP
ТНК
YANOS
N.Novgorod
Moscow  
ТНК
Minsk
ТНК
ТНК
ТНК
RNPK
ТНК
Mozyr
Saratov
ТНК
Saratov Refinery:
Quality projects and “quick win” commercial projects
Belarus BP
ТНК
LINIK
Kiev
ТНК
Ukraine
ТНК
ТНК
Rostov
Donetsk
Dnepropetrovsk 
Sustainable business model:
Competitive refinery
Best retail site networks and other sales channels in the East of Ukraine BP
ТНК
Krasnodar BP
ТНК
Refinery
Depot
Airport 
Retail network
© THK-BP presentation name
© THK-BP presentation name 20 20

21. Refining Refining throughput of 715 mbpd in 9M10 (all-time high)
:53
Refining
Refining throughput of 715 mbpd in 9M10 (all-time high)
Robust refining margins benefiting from fiscal regime – over $12/bbl in 3Q10 and 9M10
Operational availability for 2010 forecast at 97% – historical highest (v 91% in 2009 taking into account refinery units turnaround cycle)
Refining cover of 43% in 9M 2010*
3Q10 throughput exceeding the plan by over 2.3 mm bbl
Strong refining performance generated additional $103 mln EBITDA in 9M10 from units mode optimization, high operational availability, logistics and cost optimization
Continued modernization of refining portfolio to produce fuel to meet European quality standards
Refining margins outperform other regions
Stable throughput and high operating availability
Source: BP trading conditions update, Company data
© THK-BP presentation name 21

22. Marketing New range of products under TNK and BP brands
B2B business expansion: jet fuels, bitumen, lubricants and marine fuel
Strengthening position in the premium market through construction of new BP outlets and focused rebranding of well-located retail sites into BP brand
TNK-BP actively promotes exchange trade of oil products domestically, share of light product sales made through the exchange approaching 16% in 3Q10
New branded fuel, PULSAR, launched in 2009 and is being rolled out to an increasing number of regions
Work in progress on further regional retail expansion
Throughput per site
TNK-BP retail network in Russia, Ukraine and Belarus
Brand
# of sites at 30 Sept 10
Company owned and operated sites BP 77
TNK
810
Jobber sites
547

23. Outlook Focus on HSE to maintain improvement momentum
Operations
Focus on HSE to maintain improvement momentum
Targeted production growth of approximately 3% in 2010 and 1-3% in 2011
Further development of VCNG and Uvat
Yamal – plans of regional infrastructure development
Rospan – full field development plan being prepared
Cost focus – particularly energy efficiency
Building capability for refinery upgrades
Revisit current Ukraine business model
Progressing Venezuela and Vietnam deal to successful completion in 1H11
Selective M&A opportunities – small retail / gas
Portfolio

24. Additional information

25. TNK-BP corporate structure
Note: Showing principal holding and operating companies

26. Lord Robertson of Port Ellen
Board of Directors
Mikhail Fridman
Chairman
Lord Robertson of Port Ellen
Deputy Chairman
Tony Hayward
Former Chief Executive, BP
Gerhard Schroeder
Independent Director
Len Blavatnik
Chairman, Access Industries
Brian Gilvary
Deputy Group CFO, BP
Alexander Shokhin
Independent Director
Alex Knaster
Chairman of Pamplona Capital Management, Alfa Group
David Peattie
Head of BP Russia
James Leng
Independent Director
Viktor Vekselberg
Chairman, Renova Group
representatives of AAR
representatives of BP
independent directors

27. Management structure CEO Interim M. Fridman Deputy CEO M. Barskiy*
Advisor of the CEO
V. Vekselberg
СОО
B. Schrader
CFO
J. Muir
Executive Director
G. Khan
EVP Gas and Power
M. Slobodin
EVP Downstream / Executive Director
D. Baudrand
EVP Upstream
S. Brezitsky
EVP Technology
F. Sommer
EVP Support Services
A. Tyomkin
EVP Strategy & Business Development
S. Miroshnik
EVP Legal
I. Maydannik
members of the Management Board
* M. Barskiy planned to become CEO in 2011

28. © THK-BP presentation name
:53
Venezuelan assets
PetroMonagas, PetroPerija & Boqueron
Overview
Brownfield extra heavy oil opportunity
Minority stakes in three producing Empresa Mixtas (JVs):
State-owned PDVSA – major partner (except for Boqueron where OMV also has 13.3% stake)
Current net crude production c. 25 mboed (sustainable in the long term)
Net reserves of 207 mmboe on a working interest basis
PetroMonagas is the largest asset acquired
Boquerón
PetroPerija
Petromonagas
Junin 6
(NPC)
Ayacucho 2
(TNK-BP)
(BP)
PetroMonagas (16.7%)
Located in best portion of Faja Heavy Oil Belt (8.5 deg API oil)
On production for 10 years
Excellent reservoir quality and thick reservoir section
Integrated project, extra-heavy crude converted into lighter export-bound synthetic crude and transported by pipeline to upgrader on the coast
Current net production c. 19 mboed, net 2P reserves of 191 mmboe on a working interest basis
PetroPerija (40.0%)
5 separate fields located on western side of Lake Maracaibo
Three fields in production (Alpuf, Alturitas and San Jose), two fields non- producing (Machiques, San Julian)
Boqueron (26.7%)
Mature field, production peaked in 2001
© THK-BP presentation name 28

29. Integrated gas project
Vietnamese assets
Block 06.1, Nam Con Son Pipeline and Phu My 3 Power Plant
Overview
Integrated gas project
High quality, low risk vertically integrated gas and power value chain
Strategic asset for Vietnam, largest in-country gas producer, > 30% of Vietnam electricity generation (5-6% of Vietnam’s total power demand)
State-owned PetroVietnam is an anchor investor in all assets as well as in all adjacent blocks in the region
Strong protection against political risks
Presence across entire value chain ensures transparency and strong governance
Block 06.1 – Upstream gas production (35.0%)
Located in the Nam Con Basin 370km off the Southern coast of Vietnam
Contains two gas condensate fields Lan Tay (in production) and Lan Do (in development)
Gas from Lan Tay used in power generation and fertiliser production at Phu My complex
The Vietnamese assets would add of 30 mboed gross production (on a working interest basis), or 15 thousand barrels per day on a net entitlement basis
Nam Con Son Pipeline & Terminal (NSCP) – Midstream (32.7%)
NCSP system includes pipeline (399 km), onshore Dinh Co Gas Processing Terminal and metering station at Phu My
Key hydrocarbon transportation and processing infrastructure asset contracted to 650 mmscfd / 6.7 bcma of gas
Only gas pipeline in Nam Con Son basin, links upstream fields to Phu My Power complex
Phu My 3 – Power Plant (33.3%)
Generation capacity of 750MW

30. Orenburg – an expanding business
Liquids production
2010 production forecast – approx. 20 mln tonnes, up 19% on 2006
Potential to increase production by 25% up to 25 mln tonnes by 2015
Gas production
2010 production forecast – 2 bcma, generating approx. $100 mln in revenues
Potential to increase production up to 5 bcma by 2015
Gas processing and utilisation
Two major new gas processing facilities now under construction with capacity of 1.7 bcma and the technology to strip liquids from wet gas
On track to eliminate excess flaring from 2013
Gas monetisation options
Advantaged access to the 16 bcma Samara region gas market
Different alternative gas monetisation options are also considered, including electricity generation
TNK-BP’s Orenburg assets

31. Conventional single FRAC
TNK-BP technology examples
Dual Completions
Water Shut-Off
UVAT / Orenburg
Opex/Capex reduction
Accelerates oil production
Involves additional oil reserves into production
100% independent production from 2 formations; 1st in Russia
Across TNK-BP
Significant energy savings
Increased oil recovery factor
Fiber Frac
Horizontal well with Multi Frac
Access to additional resources
Significant incremental oil rate increase comparing to single Frac technique
Kamennoye, Samotlor
Improvement in Frac success rate
Formation damage decrease
Lower water cuts after frac (incremental oil rate increase)
Nyagan, Talinskoe, Em-Yogovskiy, Samotlor А В С
Multi FRAC
Conventional single FRAC

32. TNK-BP technology examples
Production from sidetrack wells
Streamline Modeling
Orenburg / Samotlor
Significant increase in oil production
Energy savings
The Rotaflex pump was applied for the first time in the world in a sidetrack branch
Samotlor
Recovery factor increase
Application of flow simulation streamline models for sector and full-scale modeling
Refining Excellence
Seismic imaging
Yamal, Uvat
Access to additional resources
Optimized drilling (significantly lower number of wells)
Increase refinery throughputs
Implement Quality Fuels Program
Optimal highly activated catalysts

33. Gas business strategy: monetization of gas potential
Goals for Company’s gas business development to 2020
Gas value assurance for “stranded resources” –
(Rospan, gas caps) – i.e. reserves monetization
Reduce gas flaring – attain maximum possible associated gas utilization
Extend the gas value chain
Broaden gas options – to improve leverage and provide growth (organic/inorganic options)
Unlock the Company’s significant gas potential

34. World gas reserves and TNK-BP position
TNK-BP comparative gas reserves
potential 2020
TNK-BP
bcm
500
1 000
1 500
2 000
2 500
3 000
3 500
Norway
Egypt
Canada
TNK-BP Total
Azerbaijan
Bolivia
Romania
TNK-BP Rospan
United Kingdom
TNK-BP Gas Cap
TNK-BP Assoc. Gas
TNK-BP Other
Germany
Italy
Source: BP Statistical Review 2009, TNK-BP data (ABC1 reserves)
Source: company reports, TNK-BP data

35. Russian gas production and macro environment
Source: CDU TEK, TNK-BP estimates
Source: CDU TEK
Source: FTS, TNK-BP estimates
Source: TNK-BP estimates

36. Strong refining presence and an extensive marketing network
Ryazan
Modernised in 2006
Capacity: 323 mbpd
Conversion ratio: 63%
Light products output: 55%
Utilisation: 91%
Krasnoleninsk
Built in 1998
Capacity: 4 mbpd
Utilisation: 78%
Nizhnevartovsk
Built in 1998
Capacity: 26 mbpd
Utilisation: 90%
Retail sites
Refinery assets
Legend:
YANOS (50%)
Modernised in 2006
Capacity: 286 mbpd (100%)
Conversion ratio: 63%
Light products output: 57%
Utilisation: 96%
Moscow
Nyagan
Nizhnevartovsk
1,434 retail sites
Orenburg
Novosibirsk
Lisichansk
Modernised in 2008
Capacity: 144 mbpd
Conversion ratio: 71%
Light products output: 58%
Utilisation: 71%
Saratov
Modernised in 2004
Capacity: 132 mbpd
Conversion ratio: 70%
Light products output: 44%
Utilisation: 88%
Refining data as at end 2009, retail sites as at end 9M10

37. Projects in refining in Russia37
Projects in refining in Russia
TNK-BP’s Russian refining development program is focusing on:
Sustainability of operations and achievement of highest HSE standards
Compliance with RF technical regulation for gasoline, diesel and jet fuel, gasoline pool octane improvement
Throughput expansion, deep conversion and fuel oil reduction projects
Area
Projects
RNPK: Isomerization unit, Hydrotreater upgrade, MTBE
SNPZ: Isomerization unit, Hydrotreater upgrade
Integrity and Quality
RNPK: VT4, Hydro cracking VGO, AVT 5, Reconstruction of FCC
SNPZ: Visbreaking, AVT6 upgrade
Efficiency and growth 37

38. Ukraine: an overview Refining
LINIK is the best plant in the country, certified for quality management, environmental and H&S quality
Most advantageous position and ample capacity to supply both Company owned and other channels in the highly populated east part of the country, as well as in the Kiev core market
Production of diesel compliant with Euro 4 since 2007
Turnaround of the refinery in May-June completed (every 2 years)
Refining modernization plans:
To meet Euro 4 for all fuels from 1 January ($70 mln investment planned)
To increase light products output
TNK-BP has 21%+ retail footprint in Kiev and an extensive jobber network all over the country
TNK-BP exercises dual brand strategy and plans to leverage the premium brand BP and the logistic advantage in the east of the country
Plans to further expand own retail network and increase market share
May 2010 – acquisition of Vikoil with 118 retail sites, 8 depots, 49 oil trucks and 122 land plots in 13 regions
Priority market Current own retail market share ~21%
Area of TNK-BP presence
Dnepropetrovsk
Odesa
L’viv
Donets’k
Kyiv
Khar’kiv
Lisichansk
Marketing
170 own sites: 3 BP 167 TNK, Golden Gepard, Vikoil
249 jobber sites
Lisichansk refinery
Modernized in 2008
Capacity: 144 mbpd
Conversion ratio: 71%
Light products output: 58%
Utilization: 71%
M&A

39. Other downstream areas
B2B
International expansion
B2B
Strategic goal – maximize Downstream integrated value on refining products (jet, bitumen, lubes, bunkering fuel) based on:
Deriving profit from the most favorable customer segments or/and logistics
Deriving profit from specific production opportunities (by-products)
Profit of a customer offer and brand – when applicable
… and by means of the following criteria for separate businesses:
Leadership in the industry (#1 or #2)
Significant growth potential
Unique value proposition (offer)
Material integral margin for Downstream and substantiality
Strategic goal – expand trading activity to international oil markets and grow towards capturing additional value along the value chain
Gradual international expansion will allow to:
Diversify the market routes
Access new sources of trading value and enter new markets
Better compete with our Russian peers and the growing number of other large producers that are accessing this value
Support and monetize any future TNK-BP assets or positions outside of Russia participating in the related geographies
Increase TNK-BP profits and make it more resistant to adverse market movements

40. Health, safety & environment
Health and Safety
DAFWC* frequency improving, down 4% on 9M09
Zero major vehicle accidents in 9M10 v 3 major vehicle accidents in 9M09
Zero MVAR** in 9M10 v MVAR of in 9M09
Environment
Spills frequency also continuously improving:
Number of spills per thousand tonnes produced down 15% on 9M09
Spilt tonnes per thousand tonnes produced down 49% on 9M09
DAFWC Frequency – 12 Month Rolling Average
2009 OGP*** average
2009 OGP Top Quartile
DAFWC
Spills Frequency – 12 Month Rolling Average
* Number of days away from work cases per 200 thousand man- hours worked
** Number of major or severe vehicle accidents per 1 m km driven
*** The International Association of Oil and Gas Producers
Number of spills per thousand tonnes produced
Spilt tonnes per thousand tonnes produced

41. 9M10 v 9M09 daily production growth (excl. Slavneft)
Upstream
Production
Impressive liquids production growth in Orenburg, up 8.8% in 9M10 v 9M09
Production in Western Siberia down 3.5% in 9M10 v 9M09
Share of greenfield barrels in total liquids production more than doubled: 10.8% in 9M10 v 4.6% 9M09
Uvat
Production up 126% in 9M10 v 9M09 to 78 mbpd
Verkhnechonskoye (VCNG)
Production up 148% in 9M10 v 9M09 to 51 mbpd, 5th rig assembly commenced
Cost management
Continuous focus on costs:
Further improvement in ESP mean time between failure to 545 days as at end 9M10, up 11% v end 9M09
Approx. $80 mln savings in 9M10 as a result of cost optimisation initiatives
Ongoing work with contractors to reduce cost of services
Production (oil & gas, excl. Slavneft)
3.0% (liquids) to 1,525 mbpd
3.4% (liquids & gas) to 1,734 mboed
9M10 v 9M09 daily production growth (excl. Slavneft)

42. Technology and exploration
Cost optimization
Pilot programs of $100 mln being tried across the company
Successes on water shut-off and horizontal waterflood in Samotlor
E&A program
New discoveries / appraisal success in 9M10:
Brownfields: 90 mmboe of recoverable reserves from 2 new fields in Orenburg
Greenfields: >200 mmboe of reserves in Yamal (Tagul) and Uvat
Seismic acquisition in 9M10:
2D: 4,405 km with focus on Greenfields (Uvat, Yamal) and Bluefields (Astrakhan, Timan-Pechora)
3D: Brownfields 1,121 km2, Greenfields 1,218 km2
20 exploration wells completed in 9M10 with 65% success ratio
License acquisition
Acquisition of 3 licenses in federal auctions in Orenburg region in 3Q10 (including the large Pokrovsko-Sorochinsky area) with estimated resources of >200 mmboe. Overall, >250 mmboe of resources added through auctions and M&A in 9M10
National Petroleum Consortium (NPC)* update
Subsoil rights transferred to the JV by Venezuelan presidential decree in July
Operating and funding framework established to enable JV start-up
* NPC is a JV between 5 Russian oil majors and Venezuelan PDVSA for the development of Junin 6 field

43. Downstream
Refining
Operational availability for 2010 forecast at 97% – historical highest (v 91% in 2009 taking into account refinery units TAR cycle)
Robust refining margins of over $12/bbl in 3Q10 and 9M10
AVT-2 unit debottlenecking at RNPK completed in 3Q10
All-time high average daily throughput in 9M10 at 715 mbpd
3Q10 throughput exceeding the plan by 319 k tonnes
Strong refining performance generated additional $103 mln EBITDA in 9M10 from units mode optimization, high operational availability, logistics and cost optimization
STL
TNK-BP continues to actively participate in exchange trading of oil products, with approx. 16% of 3Q domestic light product sales made through the exchange
Increasing VCNG sales through ESPO: 512 k tonnes in 3Q10, up 10% on 2Q10. Total of 1,409 k tonnes in 9M10
1-year term contract signed with PetroVietnam for crude deliveries via ESPO
Geneva-based trader: project team moving ahead with approved plans
Retail
Strengthening position in premium markets in 3Q10:
St. Petersburg: 2 BP sites put into operation in September and 3 BP sites under construction
Moscow: 13 sites in reconstruction to BP brand, 1 new BP site under construction
PULSAR branded fuel launched in St. Petersburg in September
Streamlining of organizational structure by consolidating retail network in Russia
Work in progress on further regional retail expansion

44. Associated petroleum gas (APG) sales and utilization rate
Rospan gas production
Rospan
A long-term transportation agreement signed with Gazprom in 3Q10 with 6-year access to the pipeline system granted for up to 13.2 bcma in 2016
A full field development plan is being prepared
Long-term sales agreements with major customers are being prepared
Rospan gas production at 1.9 bcm in 9M10, up 12% on 9M09 due to additional pipeline access negotiated with Gazprom
Associated gas
Associated gas sales up by 5% in 9M10 on 9M09 due to on- going efforts to increase APG utilization plus turnaround idle time optimization at YugraGasPererabotka gas processing plant
Associated gas utilization at 84.1% in 9M10, improving on 9M09, consistent with our commitment to increase utilization
Approval given to TNK-BP’s first Kyoto Protocol project
NV GRES JV
Main Equipment Supplier and General Design Contractor selected for the 3rd unit
1.7
1.9 2
9M09
9M10
bcm
Associated petroleum gas (APG) sales and utilization rate
7.0
7.4
83.3%
84.1% 1 2 3 4 5 6
9M09
9M10
bcm
APG sales
APG utilization

45. Financial highlights

46. Business environment Stronger markets in 9M10 v 9M09:
Urals higher by $19/bbl (34%)
Duty lag benefit lower by $4.5/bbl
3Q10 markets flat v 2Q10:
Urals slightly lower by $1.4/bbl (-2%)
Duty lag higher by $2.8/bbl
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Negative impact of forex in 9M10 v 9M09:
RUR/$ strengthened 7% from 32.5 to 30.3
Negative forex effect on costs partly offset by a positive effect on domestic sales
3Q10 average RUR/$ flat v 2Q10
2009
2010

47. Revenues Price Price: Volume Urals up 34%
Domestic crude price higher by 24%
Product prices up 21-41%
Average realisations increased by 31%
Volume:
Production growth of 58 mboed (+3.4%)*
Changes in sales structure towards products
Period-on-period stock effect
* excl. Slavneft

48. Net income – 9M10 v 9M09 Environment: Performance:
3.7
3.9 - 3 6
9M09
Price
Market
Duty lag
Forex
Tariffs
Operations
One
offs
Other
9M10
$ bn
Environment:
Price: Urals up $19/bbl (34%)
Duty lag: negative effect of $4.5/bbl
Forex: negative effect on costs from stronger RUR
Tariffs: transportation and electricity tariffs up c. 21%
Performance:
Operations: production up 58 mboed (+3.4%)
One-offs: largely comparative effect of prior
year one-off benefits

49. © THK-BP presentation name
:53
Costs
Forex negative effect: $0.2 bn
Tariff increase of 19%
Benefit from optimization of transportation routes and volume effects c.4%
Overall cost increase of 18%
Forex negative effect : $0.2 bn
Inflationary increase of 8%
Overall cost increase of 17%
© THK-BP presentation name 49

50. Taxes Taxes other than Income Tax higher by 54%:
Urals price: causes 55% increase in Export Duties and MET ($5.4 bn) and negative duty lag effect ($0.7 bn)
Volume: decreased exports partly offset by increased production
Income tax higher by 18%:
Taxable profits: higher in 9M10
One-offs: reduction of tax audit provision in 9M09

51. Sources and uses of cash – 9M10
$ bn
Operations: strong pre-tax inflows of $22.9 bn
Taxes: $16.0 bn paid in total
Capex: $2.7 bn of organic investments
Debt: $1.9 bn repaid with $1.2 bn of new debt raised
Dividends: $2.2 bn paid in respect of 4Q09-2Q10 earnings
Net debt repayment

52. Debt maturity profile as of 30 September 2010
Debt and liquidity
Portfolio of undrawn committed bank lines in excess of $500m maintained with 7 Russian and international banks
Average portfolio life increased by 18% to 4.7 years v end 2009
Strong free cash balances maintained
Investment grade credit ratings with stable outlook maintained
$2 bn bank club loan facility signed with 16 banks in October 2010, consisting of $1 bn term loan and $1 bn committed tranche
TNK-BP debt position
Gross debt
$2.8 bn
$7.0 bn
$6.3 bn
Gearing
18%
28%
20%
Fixed / Floating
46% / 54%
66% / 34%
87% / 13%
USD denominated
62%
96%
LT / ST debt
68% / 32%
80% / 20%
84%/16%
Unsecured / Secured
51% / 49%
93% / 7%
100% / 0%
Average life
2.9 years
4.0 years
4.7 years
Debt maturity profile as of 30 September 2010 52