BP (BP)

Annual Bonus

        Fifty per cent of the annual bonus awards for 2004 is based on a mix of financial targets (primarily cash from operations) and 50% is based on long-run metrics and wide-ranging milestones that drive performance improvement and measure the continuing delivery of strategy (including production and sales levels, efficiency, cost management, business development, project delivery and technology progress). All the targets were established at the beginning of the year by the remuneration committee. 2004 was an extremely good year. The Group met or exceeded its annual plan in all material respects. The primary financial target, cash from operations, was exceeded. All the key metrics and milestones were delivered, along with some notable successes in relation to Russia and exploration in Egypt and the Gulf of Mexico. Assessment of all the results, including those on people, safety, environment and organization, resulted in awards of 150% of salary for the executive directors. The committee determined that, given the year's excellent performance, it was appropriate that Lord Browne receive 165% of salary, reflecting his higher bonus target level. All calculations have been reviewed by the auditors.

Annual Bonus

        Fifty per cent of the annual bonus awards for 2004 is based on a mix of financial targets (primarily cash from operations) and 50% is based on long-run metrics and wide-ranging milestones that drive performance improvement and measure the continuing delivery of strategy (including production and sales levels, efficiency, cost management, business development, project delivery and technology progress). All the targets were established at the beginning of the year by the remuneration committee. 2004 was an extremely good year. The Group met or exceeded its annual plan in all material respects. The primary financial target, cash from operations, was exceeded. All the key metrics and milestones were delivered, along with some notable successes in relation to Russia and exploration in Egypt and the Gulf of Mexico. Assessment of all the results, including those on people, safety, environment and organization, resulted in awards of 150% of salary for the executive directors. The committee determined that, given the year's excellent performance, it was appropriate that Lord Browne receive 165% of salary, reflecting his higher bonus target level. All calculations have been reviewed by the auditors.