BP ADR Each Representing Six Ord Shs(BP) July 13, 2010

Figures in Millions except per share values

Company Overview

ValuationCurrent Price 37.18$ Margin of SafetyNCAV (22.28)$

Total Net Reprod. Cost 45.53$

Earnings Power Value (EPV) 43.28$

Discounted Cash Flow (DCF) 54.46$

Ben Graham Formula 61.04$

Key Statistics Valuation RatiosMarket Cap (millions) 116,430.00$ P/E (TTM) 5.8

52-Week High 62.38$ P/S (TTM) 0.4

52-Week Low 26.75$ P/Tang.B (MRQ) 1.4

% off 52-Week Low 39% P/Tang. BV (MRQ) 1.4

FCF/EV (TTM) 6.2%

Cash Flows P/FCF (TTM) 0.0

Free Cash Flow Earnings Yld (TTM) 28.0%

5 yr FCF Growth 1.4% Piotroski (TTM) 6

10 yr FCF Growth 14.4% Altman (MRQ) 1.01

Beneish (TTM) -2.58 Balance Sheet

Effectiveness Cash and Equiv 6,841.00$

CROIC Margins & Profitability Short-Term Investments 5,355.00$

Avg 10.3% Gross Accts Rec 31,397.00$

FCF/S Gross Margin Inventory 23,221.00$

Avg 4.2% Operating Total Current Assets 69,461.00$

ROA Operating Margin Net PP&E 108,232.00$

Avg 9.3% Net Profit Intangibles 21,084.00$

ROE Net Margin Total Assets 240,401.00$

Avg 23.2%

Financial Strength (MRQ) Total Current Liabilities 70,140.00$

Efficiency Quick Ratio 0.8 Long-Term Debt 23,797.00$

Receivable Turnover (TTM) 9.3 Current Ratio 1.1 Total Liabilities 136,558.00$

Inventory Turnover (TTM) 11.0 LT Debt to Equity 22.9

Asset Turnover (TTM) 1.2 Total Debt to Equity 30.9

BP p.l.c. (BP) is an international oil and gas company. The Company operates in

more than 80 countries, providing its customers with fuel for transportation, energy for

heat and light, retail services and petrochemicals products. The Company operates

two segments: Exploration and Production, and Refining and Marketing. Exploration

and Production�s activities cover three key areas. Upstream activities include oil and

natural gas exploration, field development and production. Midstream activities

include pipeline, transportation and processing activities related to its upstream

activities. Marketing and trading activities include the marketing and trading of natural

gas, including liquefied natural gas (LNG), together with power and natural gas liquids

(NGLs). Refining and Marketing�s activities include the supply and trading, refining,

manufacturing, marketing and transportation of crude oil, petroleum and

petrochemicals products and related services.

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11/3/2003 11/3/2005 11/3/2007 11/3/2009

5 Year Historical Price vs DCF Intrinsic Value

Historical Price Intrinsic Value Buy Price

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5Low Risk

High Growth

Under Valued

Well Managed

Good Financial Health

Strong Moat

-160%

16%

22%

64%

46%