Disposal

BP Amoco PLC 30 January 2001 BP SUCCESSFULLY PRICES LUKOIL MONETISATION BP announced today that it has successfully priced the transaction launched yesterday to monetise its stake in Lukoil, Russia's leading oil company, through a combined ADR placement and exchangeable bond offering. The ADR placement and bond offering were sized and priced at the close of business in New York last night (Monday, January 29). Tony Hayward, BP's group vice president, Finance said: 'This sale has been a tremendous success. There was very substantial, high quality demand for both the placement and offering and the book building process was completed in a single day.' 'The bond issue was heavily oversubscribed and supported a larger than expected ADR placement. We sold some $237 million (41 per cent of our stake) in ADR form, priced at $40.375 per ADR and $420 million (59 per cent of our stake) in exchangeable bonds, which carry a 3 per cent coupon and 23.8 per cent exchange premium.' 'We were keen to sell to institutional funds who are long term investors in emerging markets, including Russia, and are very pleased with the outcome.' Credit Suisse First Boston and UBS Warburg conducted the sale on behalf of BP. Further enquiries: BP: Press: Ian Stewart, press office, London: +44 (0)20 7496 4324 Analysts: Peter Hall, Investor Relations, London: +44 (0)20 7496 4956 CSFB: Press: Maria Marinos, press officer: +44 (020) 7888 6499 Analysts: Simon Menneer, Managing Director, European Natural Resources: + 44 (020) 7888 1873 UBS Warburg: Press: Iona Lawson, Media Communications: +44 (020) 7568 2910 Analysts: Peter Thompson, Co-Head, European M&A: +44 (020) 7568 2845 This press release is not an offer of Securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Stabilisation: FSA - ENDS -

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