BP Cash dividends per American Depositary Share

For dividends paid prior to May 1, 2004, the US/UK Tax Treaty provided for a tax credit, deemed paid to qualifying ADS holders, that was exactly offset by an amount deemed by the Treaty to be a UK withholding tax. A new US/UK Tax Treaty became effective May 1, 2003, with a phase-in period ending April 30, 2004. One aspect of the new Treaty is the elimination of the deemed tax credit and associated withholding tax. For this reason, no withholding tax information is reported after our March, 2004 dividend.

These values have been restated following the BP Amoco 2-for-1 stock split of October 4, 1999 which doubled the number of shares in issue.

Following shareholder approval at the Extraordinary General Meeting in September, the subdivision of the company's ordinary share capital became effective on Monday, October 4, 1999. The subdivision is generally understood in the US as a 2-for-1 stock split.

In this section are Questions and Answers which should help clarify some of the more common issues arising from the stock split. If you have any further questions, please call:

• our agent, JPMorgan Chase Bank, toll-free at 1-877-638-5672

Q. Why did BP split its shares?
Prior to the 2-for-1 stock split, BP Amoco ADS shares were trading at prices significantly higher than those of the company's principal competitors. Splitting the shares has caused the price per share to be reduced and as a result the shares should be more attractive to individual investors and liquidity improved.

Q. How has the 2-for-1 stock split affected my shareholding in the company?
The number of ADS shares that were registered in your name at the close of business on Friday, October 1, 1999 was doubled. While it is not possible to isolate the effect of the stock split on the price of BP ADS shares from all the other factors affecting that price, it is believed that the immediate effect of the 2-for-1 stock split reduced the price per share to approximately one-half of that prevailing immediately before the stock split. This reduction in price, when coupled with the doubling of your registered shares, will have left the value of your shareholding approximately the same immediately after, as it had been immediately before, the stock split.

Q. I hold some of my shares in certificated form, what should I do with my existing ADS share certificate(s)?
Your existing ADS share certificate(s) remains valid and should be kept in a safe place. Any certificates you may have received represent the additional ADS shares issued to you as a result of the 2-for-1 stock split. We would like to remind you that at any time you can send your certificates via registered mail to our agent, JPMorgan Chase Bank, and request your account be converted to book-entry form. Book-entry is the most secure and efficient form of ownership. Please contact JPMorgan Chase Bank at 1-877-638-5672 if you should have any questions about book-entry ownership.

Q. Will the 2-for-1 stock split affect the payment of my dividends?
No. While the stock split will result in a halving of what would otherwise have been the dividend rate per share, your aggregate dividend will remain the same as it otherwise would have been because your shareholding has doubled.

Q. Will I be subject to US federal income tax upon receipt of additional ADS shares as a result of the 2-for-1 stock split?
No. The stock split has no US federal income tax implications for ADS shareholders, except that such shareholders must allocate to the additional ADS shares generally half of the shareholder's cost basis in their original ADS shares. The additional ADS shares will have the same holding period for capital gain purposes as the original ADS shares.

IF YOU HAVE ANY FURTHER QUESTIONS ON THE 2-FOR-1 STOCK SPLIT, PLEASE CONTACT OUR AGENT, JPMORGAN CHASE BANK, TOLL-FREE AT 1-877-638-5672.