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BP/E.ON Announcement 16th July 2001
2
This document, and in particular the deal
summaries and key financials, contain certain
forward-looking statements, with respect to,
inter alia, returns, costs, prices, sales,
volumes, value, earnings, synergies, market share
and margins. By their nature, forward-looking
statements involve risk and uncertainty because
they relate to events and depend on circumstances
that will occur in the future and are outside the
control of BP. Actual results may differ
materially from those expressed in such
statements for many reasons including levels of
industry product supply, demand and pricing,
currency exchange rates, economic growth in
relevant countries, successful partnering, the
actions of competitors and other changes to
business conditions. Additional information
including information on factors which may affect
BPs business, is contained in BPs Annual Report
and Accounts for 2000 and in the Annual Report on
Form 20 F filed with US Securities and Exchange
Commission. July 2001
3

• Lord Browne
• Group Chief Executive

4
Strategy and Opportunity

• Corporate Strategic Fit
• Focused strategic resources realise full value
  of Ruhrgas
• Important markets Germany
• Valuable brands ARAL
• Unique Opportunity
• Ruhrgas - E.ON views as strategic
• BP - accesses leadership position in major
  market
• - accesses material value
• High Quality Transaction
• Accretive to Group earnings and returns
• Acquisition accounting

Subject to Regulatory Approval
5

• Doug Ford
• Managing Director

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Transaction Details

• BP cash consideration 1.63bn plus 0.95bn
  debt
• contributes 51 of BPs 25.5 share of
  Ruhrgas
• BP acquires 51 of Veba Oil
• E.ON option to Put remaining 49 of Veba Oil
  after 1Q2002BP option to Put remaining 49 of
  BPs shares in Ruhrgas after 1Q2002 - BP Pays net
  cash of 340m
• Opens up integration cost synergies of at least
  200 million pa
• BP review likely to lead to sale of material but
  non-strategic upstream assetsretaining proceeds
  with sharing mechanism above a threshold price
• Subject to regulatory approval, expected by early
  2002

Subject to Certain adjustments / exchange
rate 0.86
Subject to Regulatory Approval
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Asset Earnings History
Veba Oil Downstream Petrochemicals
Estimated EBITDA m
1000
Average 98-00 656m pa
800
600
400
200
0
1998
1999
2000
1998 BP Estimates, 1999 BP Estimate using E.ON
data, 2000 Audited Data from E.ON
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Asset Earnings History
BP 25.5 Ruhrgas Operating Dividend
Veba Oil Downstream Petrochemicals
m Post Tax
Estimated EBITDA m
200
100
Average 98-00 656m pa
0
1998
1999
2000
Average 98-00 70m post tax p.a.
1998 BP Estimates, 1999 BP Estimate using E.ON
data, 2000 Audited Data from E.ON
9
Asset Earnings History
BP 25.5 Ruhrgas Operating Dividend
Veba Oil Downstream Petrochemicals
m Post Tax
Estimated EBITDA m
200
100
Average 98-00 656m pa
0
1998
1999
2000
Average 98-00 70m post tax p.a.
Veba Oil Upstream

• 2000 EBITDA 418m
• Production 159 mboed
• Proven reserves 604 mmboe
• Probable resources 155mmboe
• Possible resources 366 mmboe

1998 BP Estimates, 1999 BP Estimate using E.ON
data, 2000 Audited Data from E.ON
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Downstream StrategyImplementation
Amoco Arco coast to coast 1 in
USA Castrol leading global lubricants
player China investing for growth in
retail Mobil strengthening BP in
Europe Veba Oil
Market share BP Aral
gt 18 10-18 lt 10
BP Data
Subject to Regulatory Approval
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Positioning BP in Europe
Europe Retail Market Share ()
BP Aral Chosen Markets
16
14
12
10
8
6
4
2
0
BP pre-
BP post
BP
Shell/
TFE
Exxon
Repsol
Agip
Mobil
Mobil
Aral
Dea
of sites 5,355 8,170 10,975 9,869
9,908 5,089 3,540 1,341
Subject to Regulatory Approval
Source BP PFC Data
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Market Leader in Germany
Marketing Efficiency
Market Efficiency Ratio
High
Low
25-30
0-5
5-10
10-15
15-20
20-25
Market Share
Subject to Regulatory Approval
Subject to Regulatory Approval
Source MWV 2000
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Retail Deal impact
Central Europe
Europe
0
100
200
300
0
100
200
300
Retail customers
Retail volume
Number of sites
Convenience sales
BP
BP Aral
Subject to Regulatory Approval
Source BP data,
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Retail Marketing
A leading brand added to the portfolio
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BP Veba Oil Refinery Interests in Europe
2000 Throughput (000bpd) BP 1,084 Ve
ba Oil 314
BP Veba
Adjusted for 100 Mobil Veba Oil Share -
Accounts 2000
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Deal Summary

• BP acquires majority of Veba Oil
• BP realises full value of Ruhrgas
• BP/Aral fuels market leadership in Germany
  Austria
• Opens up integration cost synergies of at least
  200m pa restructuring costs of 200m over 2
  years
• Estimated to be accretive to Group earnings and
  returns in 2002

Subject to Regulatory Approval
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Question Answer Session

• Lord Browne
• Group Chief Executive
• Doug Ford
• Managing Director