BP Annual Report and Accounts 2003 contains forward-looking statements, particularly those regarding BP’s asset portfolio and changes in it, capital expenditure, cash flow, charges for depreciation, costs, debt to equity ratio, dividends, environmental remediation costs, earnings, future performance, gearing, growth, industry growth and other trend projections, investments and divestments, margins, preparation for changes in accounting standards, production, productivity, reserves, returns and share repurchases. Forward-looking statements by their nature involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. It is believed that the expectations reflected in these statements are reasonable, but actual results may differ from those expressed in such statements, depending on a variety of factors, including industry product supply; demand and pricing; political stability and economic growth in relevant areas of the world; development and use of new technology; public expectations; successful partnering; the actions of competitors; natural disasters and other changes in business conditions; wars and acts of terrorism or sabotage; and other factors discussed elsewhere in this document.