BP AND AAR SETTLE ALL OUTSTANDING DISPUTES

press release

13 November 2012

BP and AAR SETTLE ALL outstanding DISPUTES

BP and AAR, joint shareholders in TNK-BP, today announced that they have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other.

The agreement includes an immediate waiver of the new opportunities provision in the TNK-BP shareholder agreement, allowing each party to explore new opportunities and partnerships in Russia and the Ukraine, effective immediately.

The parties have agreed to work constructively together with each other and with Rosneft to progress their respective disposals of their shareholdings in TNK-BP.

Further information:

BP press office, London: +44 (0)20 7496 4076, [email protected]

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