Mikhail Fridman resigns as Chief Executive Officer of TNK-BP

Mikhail Fridman has also sent TNK-BP shareholders a letter of resignation from the position of Chairman of the Management Board of TNK-BP Management, a Russian subsidiary of TNK-BP Group which manages the Company’s assets in Russia and Ukraine, including the publicly traded TNK-BP Holding.

Both resignations take effect in 30 days.

After Mikhail Fridman’s resignation, TNK-BP will be managed by a group of executives who hold powers of attorney related to their areas of responsibility.

AAR shareholders German Khan and Victor Vekselberg remain with the business as Executive Directors and Members of the Management Board.