BP to Pay 2Q Dividend

On 26 July 2016, the Directors of BP p.l.c. announced that the interim dividend for the second quarter 2016 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 16 September 2016 to shareholders on the share register on 5 August 2016. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative will be made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

The ‘Reference Share Price’ for the issue of new ordinary shares under the scrip dividend alternative is:
                                         
US$5.495 for each new ordinary share.

For holders of ordinary shares this is equivalent to 1 new share for approximately every 54.95 shares held prior to the ex-dividend date of 4 August 2016.

The Reference Share Price is the average of the US dollar equivalent of the closing mid price quotation for a BP ordinary share on the London Stock Exchange Daily Official List for the five consecutive dealing days beginning on the ex-dividend date of 4 August 2016. The US dollar equivalent price each day is calculated from the sterling closing mid price using the exchange rate published by the Bank of England at 4pm each day.

The ‘Reference ADS Price’ for the issue of new ADSs under the scrip dividend alternative is:

   US$33.020 for each new ADS.

For holders of ADSs this is equivalent to 1 new ADS for
approximately every 55.033 ADSs held prior to the ex-dividend
date of 3 August 2016.

The Reference ADS Price is calculated by multiplying the Reference Share Price by six (as there are six ordinary shares underlying each ADS) and adjusting for the fee payable to the Depositary under the ADS Deposit Agreement (US$0.05 per ADS). Prior to the 2012 first quarter dividend payment stamp duty reserve tax (“SDRT”) of 1.5% was deducted from this calculation, but following a tax tribunal decision in 2012, HM Revenue & Customs will no longer seek to impose 1.5% SDRT on issues of UK shares and securities to non-EU clearance services and depositary receipt systems.

Dividends payable in cash in sterling on 16 September 2016 will be converted from US dollars at the average of the market exchange rates for the four dealing days from 31 August to 5 September 2016. The sterling cash dividend will be announced to the London Stock Exchange on 6 September 2016.