The answer is E because the code fragment creates a new Pet object with the name "Dog" and assigns it to the variable p. Then, it assigns p to p1. Next, it changes the name of p1 to "Cat". Then, it assigns p1 to p. Finally, it sets p to null and prints the name of p and p1. The output will be "Cat" and "null" because p is set to null and p1 still points to the Pet object with the name "Cat".