BP’s share capital is made up of ordinary shares of US$0.25 each, 8% cumulative preference shares of £1 each (‘First preference shares’), and 9% cumulative preference shares of £1 each (‘Second preference shares’). The main underlying economic currency of the BP group’s cash flows is the US dollar. This is because BP’s major product, oil, is priced internationally in US dollars. Accordingly, to reflect the nature of our business and help investors to assess our performance better, our accounts are prepared in US dollars as the functional currency of BP and our ordinary shares are also denominated in US dollars. The primary market for BP’s ordinary shares is the London Stock Exchange. BP’s ordinary shares are also traded on the Frankfurt Stock Exchange in Germany. In the US, the company’s securities are traded in the form of ADSs, for which JP Morgan Chase NA is the Depositary and transfer agent. The Depositary’s principal office is 1 Chase Manhattan Plaza, Floor 58, New York, NY 10005-1401, US. Each ADS represents six ordinary shares. ADSs are listed on the New York Stock Exchange.