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BP Recommends ADS Holders Reject Mini-tender Offer By TRC Capital - Quick Facts

BP plc (BP.L,BP_UN.TO,BP) announced it has received notification that on November 19, 2018 TRC Capital Corp. commenced an unsolicited, below-market mini-tender offer to purchase up to 3 million of the American Depositary Shares (ADSs) of BP, equivalent to 18 million ordinary shares, or approximately 0.08 percent of BP's outstanding ordinary shares, at a price of $39.00 per ADS. BP recommended that ADS holders reject the offer and do not tender their ADSs in response to the offer by TRC. BP noted that the company is in no way associated with TRC, the mini-tender offer or the offer documents.

BP plc noted that the TRC offer is being made at a 4.51 percent discount to the closing price of $40.84 per ADS on November 16, 2018, the last trading day before the offer commenced. The offer by TRC contains other terms which may be disadvantageous to tendering ADS holders, BP stated.

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