Interim Results – 31 December 2007

6 February 2008

Marius Kloppers Chief Executive Officer

Alex Vanselow Chief Financial Officer
 Disclaimer
This document has been prepared by BHP Billiton and comprises the slides for a presentation
concerning BHP Billiton’s preliminary statement of its report and accounts for the half year ended
31 December 2007.
The views expressed in this document contain information derived from publicly available sources
that have not been independently verified. No representation or warranty is made as to, and
accordingly no reliance should be placed on, the fairness, accuracy, completeness or reliability of
the information. Any forward looking information in this document speaks as at 31 December 2007
and has been prepared on the basis of a number of assumptions which may prove to be incorrect.
The information and opinions expressed in this document are subject to change without notice and
BHP Billiton does not assume any responsibility or obligation, save as required by law, to update
publicly or review any forward looking information contained herein, regardless of whether that
information is affected by the results of new information, future events or otherwise. This document
does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any
offer to purchase or subscribe for, any shares in BHP Billiton, nor shall it or any part of it nor the fact
of its distribution form the basis of, or be relied on in connection with, any contract or investment
decision. No statement in this document is intended to be a profit forecast.
BHP Billiton results are reported under International Financial Reporting Standards (IFRS).
References to Underlying EBIT and Underlying EBITDA exclude any exceptional items. A
reconciliation to profit from operations is contained within the profit announcement. All references
to dollars are to US dollars and references to EBIT are Underlying EBIT.

Interim Results
Slide 2 6 February 2008
Interim Results – 31 December 2007
Marius Kloppers Chief Executive Officer
 Safety
• Injury rates – our 12 month rolling Total Recordable Injury Rate
improved by 13 per cent to 6.4
• Our statistical measures are showing an improving trend
• However, improving statistics do not guarantee safety
• Tragically, we had ten fatalities in the past six months
• Our focus remains on the elimination of fatalities and Zero Harm

Interim Results
Slide 4 6 February 2008
 Highlights – Half year ended December 2007
• Strong operating and financial results
• Cost control focus is yielding excellent results
• Project delivery – first production from seven new projects
• Healthy volume growth from new production expected in FY 2008
• A further four projects approved
• Interim dividend increased 45% to 29 US cents per share
• Longer term fundamentals remain strong

Interim Results
Slide 5 6 February 2008
Interim Results – 31 December 2007
Alex Vanselow Chief Financial Officer
 Financial highlights
Half year ended December (US$m) 2007 2006 % Change

Revenue 25,539 22,113 +15

Underlying EBITDA 11,167 10,494 +6
Underlying EBIT 9,623 9,134 +5
Attributable profit (excluding exceptionals) 5,995 6,168 -3
Attributable profit 6,017 6,168 -2
Net operating cash flows 7,870 7,116 +11
EPS (excluding exceptionals) (US cents) 106.8 103.9 +3
Dividends per share (US cents) 29 20 +45

Interim Results
Slide 7 6 February 2008
 Underlying EBIT by Customer Sector Group
Half year ended December (US$m) 2007 2006% %
Change
Change

Petroleum 1,972 1,612 +22

Aluminium 680 840 -19
Base Metals (including Uranium) 3,367 2,889 +17
Diamonds & Specialty Products 72 78 -8
Stainless Steel Materials 799 1,427 -44
Iron Ore 1,673 1,404 +19
Manganese 431 105 +311
Metallurgical Coal 523 657 -20
Energy Coal 277 242 +15
Group & Unallocated Items (1) (171) (120)
BHP Billiton (Total) 9,623 9,134 +5

Interim Results
Slide 8 6 February 2008 (1) Includes Technology
 Underlying EBIT by Customer Sector Group
Half year ended December (US$m) 2007 2006 %%Change
Change

Petroleum 1,972 1,612 +22.3

• Record half year EBIT

• Record half year production from global continuing
operations
• Cash costs flat with comparative half
• Three major new projects on line in first half: Stybarrow,
Atlantis and Genghis Khan
• Exploration – successful drilling of Thebe and acreage
captured in Gulf of Mexico and Falklands

Shenzi

Interim Results
Slide 9 6 February 2008
 Underlying EBIT by Customer Sector Group
Half year ended December (US$m) 2007 2006 % %Change
Change
Aluminium 680 840 -19.0
• Production at record levels
• Softer prices for metals and cost impacted by weaker US$
• South African power situation will impact metal production
Mozal
Base Metals 3,367 2,889 +16.5
• Record copper concentrate production
• Contribution of 96,000 tonnes from new projects
• Olympic Dam pre-feasibility study progressing well
Olympic Dam
Stainless Steel Materials 799 1,427 -44.0
• Production and sales volumes improved second quarter
• Ravensthorpe ramping up as expected

Nickel West

Interim Results
Slide 10 6 February 2008
 Underlying EBIT by Customer Sector Group
Half year ended December (US$m) 2007 2006 %%Change
Change

Iron Ore 1,673 1,404 +19.2

• Record Half Year EBIT
• Record production and shipments
• RGP3 commissioned and RGP4 on schedule
Mount Newman
Manganese 431 105 +310.5
• Record production and shipments
• Groote Eylandt expansion approved lifting capacity to
4.2mtpa of ore and concentrate
TEMCO
Metallurgical Coal 523 657 -20.4
• Record shipments benefiting from expanded Hay Point Terminal
• EBIT impacted by lower prices
• Severe flooding in Queensland will impact production
BMA

Interim Results
Slide 11 6 February 2008
 Underlying EBIT by Customer Sector Group
Half year ended December (US$m) 2007 2006 %%Change
Change

Energy Coal 277 242 +14.5

• Higher export prices driven by strong demand
• Record annual production at Hunter Valley and Cerrejon
• Approval of Klipspruit (+1.8mtpa export coal) and Newcastle
third port

BECSA

Diamonds & Specialty Products 72 78 -7.7

• Koala Underground completed ahead of schedule and
budget
• Increased exploration activity on diamond targets in
Angola and potash opportunity in Canada

Ekati

Interim Results
Slide 12 6 February 2008
 Declining rate of cost increase
Operating cost increase relative to preceding half year
9% 8.4%
Total
8% Excl Non-Cash
6.7%
7%
5.9% 5.8%
6% 5.6% 5.5%
4.9%
5% 4.5%
4.3%
3.9% 4.0%
4%
3.0%
3%
2.2%
1.7%
2%

1%

0%
H1 FY2005 H2 FY2005 H1 FY2006 H2 FY2006 H1 FY2007 H2 FY2007 H1 FY2008

Interim Results H1 FY2005 and H2 FY2005 are shown on the basis of UKGAAP.
Slide 13 6 February 2008 Other periods are calculated under IFRS. All periods excluded third party trading.
Strong cash flow - delivering value to shareholders
Available
Available Cash
Cash Flow
Flow Organic Growth1
(US$m)
(US$m) (US$m)
9000
18,000
7500

6000
16,000
4500

14,000 H1 H2 3000

1500
12,000
0
FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008
10,000
Return to Shareholders2
(US$m)
8,000 9000

7500
6,000
6000

4,000 4500

3000
2,000
1500

0 0
FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008
FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008
(1) Capital and Exploration FY expenditures (exclude acquisitions).
(2) Dividends paid and share buy-backs.
Interim Results (3) FY2005, FY2006, FY2007 and H1 FY2008 have been calculated on the basis of the IFRS.
Slide 14 6 February 2008 Prior periods have been calculated on the basis of UKGAAP.
Interim Results – 31 December 2007
Marius Kloppers Chief Executive Officer
 Outlook – long term fundamentals strong, shorter term more fluid
Gross domestic product (US$bn) ISM purchasing manufacturers index
5,000
India China 58

56
4,000
54

52
3,000
50

48
2,000

46

1,000 44

42

0 40
Jan-07 Apr-07 Jul-07 Oct-07
98

99

00

01

02

03

04

05

06

F
07

08
19

19

20

20

20

20

20

20

20
20

20

Source: International Monetary Fund Source: Thomson Financial

Interim Results
Slide 16 6 February 2008
 China’s growth driven by domestic demand… Asian export
markets more important than the US
Composition of Chinese GDP
(RMB trillions)
25
Destination of Chinese exports
Other
20
North 9% Europe
America 24%
15 21%

46% Asia
10

0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007F

Consumption Investment Inventories Net Exports

Interim Results
Slide 17 6 February 2008 Source: CEIC, BHP Billiton Estimates for CY2007.
 Can Chinese consumption growth offset the shorter term slow
down in the US?
Share of Consumption China Share of Incremental Demand
(2007, %) (1997-2007, %)
100 100
90 90
80 80
70 70

60 60

50 50

40 40

30 30

20 20

10 10

0 0
Iron Ore Copper Energy Iron Ore Copper Energy
China India USA Europe

Interim Results
Slide 18 6 February 2008 Source: CRU, BP Statistical Review of Energy
 Long term demand remains intact…
Beijing 2008 Tokyo

Beijing 2050 Paris

Interim Results
Slide 19 6 February 2008
 Future growth from high quality opportunities
As at 6 February 2008
Proposed capital expenditure

WA
WA Iron
Iron Ore
Ore Cannington
Cannington
Quantum <$500m
<$500m $501m-$2bn
$501m-$2bn $2bn+
$2bn+
Quantum 11 Life
Life Ext
Ext CMSA
CMSA Heap
Heap
Leach
Leach 22 Kennedy
Angola
Angola
NWS DRC && DRC
DRC Macedon
NWS DRC Macedon CMSA
CMSA Heap
Heap
WFG
WFG Smelter
Smelter Canadian Olympic Navajo
Canadian Olympic Dam
Dam Leach
Leach 11 Worsley WA
NWS
NWS
Potash
Potash Expansion
Expansion 11
Sth Worsley WA Iron
Iron Ore
Ore Angel
Angel
Caroona
Caroona Daunia
Daunia Knotty E&G
E&G RGP
RGP 44
Knotty
Hallmark
Hallmark Head
Head Kipper
Kipper
Thebe NWS
NWS CP
CP Shenzi Perseverance
Perseverance Klipspruit
Thebe Ekati Deeps
Nth Ekati Deeps Maruwai NWS Yabulu
Yabulu
Blackwater Boffa/Santou
Boffa/Santou Peak Peak Downs
Downs GEMCO NWS
Nimba Refinery
Refinery Exp Stage 2 T5
T5
UG Nimba Exp Exp Cerrejon Bakhuis Neptune
KNS Opt Exp
Olympic
Olympic Dam
Dam KNS Douglas-
Douglas- Shenzi
Shenzi
Mad Dog Expansion
Expansion 22 Exp
Exp Samarco
Samarco 4
4 Middelburg
Middelburg
Saraji
Saraji Browse WA Samarco
SWR Browse WA Iron
Iron Ore
Ore GEMCO Samarco
SA Mn LNG
LNG Quantum
Quantum 2 2 Angostura NWS
NWS Nth
Nth
Maya Gabon
Gabon Gas
Ore Exp Rankin
Rankin BB
Nickel WA Iron Ore
WA Iron Ore Eastern
Eastern Zamzama AlumarAlumar Atlantis
RGP 5 MKO
MKO Corridor Phase 2
Neptune
Neptune RGP 5 Talc Kipper
Kipper Indonesian
Indonesian Corridor Guinea
Guinea North
Talc Sands
Sands II
Nth
Nth Goonyella
Goonyella Ph
Ph 22 Facility
Facility Alumina
Alumina
Expansions
Expansions
Mt Arthur Pyrenees Newcastle
Pyrenees
Resolution Coal UG Maruwai Cliffs
Cliffs Third Port
CMSA
CMSA Scarborough
Scarborough Resolution Escondida
Turrum
Turrum Escondida Stage 1
Pyro
Pyro Expansion
Expansion 3rd
3rd Conc
Conc
RBM
RBM Corridor
Corridor Red Hill Execution
Puma
Puma Olympic
Olympic Dam
Dam Sands II
Sands II
Feasibility 2010 2008
UG
CW
CW Africa
Africa Wards
Wards
Expansion
Expansion 33 2013
Exploration
Exploration Well
Well
Future Options CSG
Petroleum D&SP Manganese
Aluminium SSM Met Coal
Interim Results Iron Ore
Base Metals Energy Coal
Slide 20 6 February 2008
 A track record of project delivery – progress in FY 2008
• First production
– Ravensthorpe, RGP3, Pinto Valley, Koala Underground,
Genghis Khan, Atlantis South, Stybarrow
• Progressed to execution
– Newcastle Third Port, GEMCO, Kipper, Klipspruit
• 12 new projects added to future options

Interim Results
Slide 21 6 February 2008
 Development spend in high margin businesses
Development pipeline capex EBITDA margins
(Total US$16.1bn) (12 months to December 2007)
80%
Petroleum
70%
Other

28% 60%
33%
50%

40%

30%
15%
24% 20%
Iron Ore
10%

Aluminium 0%
Petroleum Iron Ore Aluminium

Note: Represents pipeline projects in execution, feasibility does not include pre-feasibility projects.
EBITDA margins for business in 12 months to 31 December 2007 not for individual projects.
Interim Results EBITDA margin excluded third party trading.
Slide 22 6 February 2008 Source: BHP Billiton estimates.
 A unique balance across high margin CSM, non ferrous
and energy commodities
EBITDA margin H1 FY 2008 EBITDA H1 FY 2008
(Total = US$11.4bn)
Iron Ore Other

Manganese CSM 1% CSM

Met Coal 26%
Petroleum
Energy
Energy Coal
49%
Ag/Pb/Zn
24%
Copper

Nickel Non Ferrous

Energy
Aluminium Non Ferrous

Diamonds Other

0% 10% 20% 30% 40% 50% 60% 70% 80%

Interim Results Note: EBITDA margin excludes third party trading.
Slide 23 6 February 2008 EBITDA excluded third party trading and Group and Unallocated.
 Broad exposure to carbon steel sector demand
Iron Ore is an important part of the mix
• Geographic proximity to the growing Asian market Total Carbon Steel Sector H1 FY 2008
EBIT
• Record H1 production and shipments (Total = US$2.6bn)
• Plans underway to expand WAIO to 300mtpa by 2015
Manganese
But so is Metallurgical coal Iron Ore
• Leading position in the seaborne market 16%
• 100% BMA owned Hay Point limits impact of
infrastructure constraints
20%
• Significant growth options 64%
Met Coal
And Manganese is a significant contributor
• Largest supplier of seaborne manganese ore from high
quality resource base
• Manganese ore and alloy assets operating at record
production levels in a strong demand environment

Interim Results
Slide 24 6 February 2008
 Developing world metals demand to show significant growth
US$ expenditure
(per capita)
50
Aluminium
Copper
40
China: $2,000 per capita
30
Iron Ore
20
Coking Coal

10

10 20 30 40
GDP per capita (US$’000)*

Interim Results * 1 January 2008 real US dollars

Slide 25 6 February 2008 Source: CRU, Brook Hunt, IISI, World Bank (WDI Database)
 But, the dollar value of oil intensity per capita is 10 times
that of non ferrous metals

US$ Expenditure
(per capita) Crude Oil

500
China: $2,000 per capita
400

300

200

100
Aluminium/Copper

10 20 30 40
GDP per capita (US$’000)*

Interim Results * 1 January 2008 real US dollars

Slide 26 6 February 2008 Source: CRU, Brook Hunt, IISI, World Bank (WDI Database), BP Statistical Review of Energy
Well positioned to meet energy demand regardless of fuel mix
Projected world primary energy demand
2007 = 100
180

170 Nuclear
160
Coal
150 Gas
Energy Demand
140 Renewables
130 Oil

120

110

100

90
2007 2010 2015 2020 2025 2030

Interim Results Source: EIA International Energy Outlook 2007

Slide 27 6 February 2008 WNA Global Nuclear Fuel Market 2007
 Summary
• Continued excellent operating and financial results
• Unique portfolio balance provides stability
• Project pipeline and global footprint to support future growth
• Longer term outlook for global growth remains robust

Interim Results
Slide 28 6 February 2008
Appendix
 Return on capital and margins

60%
(1) (2)
Return on Capital EBIT Margin
50% 48%
44% 44%
40% 38%
40%
35%
30% 29% 30%
30%
24%
20% 21%
20%
13%
11%
10%

0%
FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 H1 2008

(1) H1 2008 is calculated on an annualised basis.

Interim Results (2) FY2005, FY2006, FY2007 and H1 2008 are shown on the basis of Underlying EBIT.
Slide 31 6 February 2008 Prior periods are calculated under UKGAAP. All periods excluded third party trading.
 Underlying EBIT analysis
Half year ended Dec 2007 vs Dec 2006
US$m
12,000
461
11,000 1,635

(506) (206)
10,000 9,623
(199) (61)
9,134 (222)
9,000
(413)

8,000

7,000

6,000

5,000

4,000

3,000
(1) (2)
Dec-06 Net Price Volume Exchange Inflation Cash Costs Non Cash Exploration Other Dec-07
Costs & Bus. Dev

Interim Results (1) Including $154m of price-linked costs impact.

Slide 32 6 February 2008 (2) Including $324m due to increase in volume from new operations.
 Impact of major volume changes
Half year ended Dec 2007 vs Dec 2006
Total volume(1) variance US$461 million
US$m
450 Copper
387
350

250
Met Iron
150 Ore Other
Coal Aluminium/
83 81 102
Alumina D&SP
44
50 24

-50 Energy
Coal Petroleum
(9) (25)
-150

-250
Nickel
(226)

Interim Results (1) Volume variances calculated using previous year margin and including $324m due
Slide 33 6 February 2008 to increase in volume from new operations.
 Impact of major commodity price
Half year ended Dec 2007 vs Dec 2006
Total price variance US$1,635 million(1)
US$m Petroleum
500 466
Base
400 Metals Manganese Iron Ore Energy
350 346 Coal
333
308
300

200
SSM
97
100

0
Diamonds
(23) Aluminium
-100 (44)

-200
Met Coal
(198)
Interim Results
Slide 34 6 February 2008 (1) Including $154m of price-linked costs impact.
 Cash flow
Half year ended December (US$m) 2007 2006
Operating cash flow and dividends (1) 11,600 10,188
Net interest paid (313) (231)
Tax paid (2) (3,417) (2,841)
Net operating cash flow 7,870 7,116
Capital expenditure (3,753) (3,466)
Exploration expenditure (598) (312)
Purchases of investments (153) (31)
Proceeds from sale of fixed assets & investments 134 298
Net cash flow before dividends and funding 3,500 3,605
Dividends paid (3) (1,571) (1,122)
Net cash flow before funding & buy-backs 1,929 2,483

(1) Operating cash flow includes dividends received.

Interim Results (2) Includes royalty related taxes paid.
Slide 35 6 February 2008 (3) Includes dividends paid to minority interests.
 Global commodity and energy consumption – China is the
world’s largest consumer of key raw materials
Aluminium Copper
China
Other China Other

India

Europe India
Europe USA
Japan USA Japan

Steel Energy China

Other
China

Other India

USA
Europe
India Europe
Japan USA Japan

Interim Results Data for 2007, except for primary energy (2006). Steel represents crude steel production.
Slide 36 6 February 2008 Source: CRU, Brook Hunt, BP Statistical Review of Energy, IISI
 China
• Diversification remains for sales into China
• Currently 20% of total company revenues
US$m
5,500 5,293 5,013
5,000 ROW
Europe
4,500
Australia 3,999
4,000
3,611
3,500 Japan

China
2,946
3,000 Other Asia
Nth
2,500 America
2,407
2,000
1,588
1,500 1,357
1,075
1,000 785
371 431
500
0
FY02 H1 03 H2 03 H1 04 H2 04 H1 05 H2 05 H1 06 H2 06 H1 07 H2 07 H1 08
Petroleum Aluminium Base Metals Iron Ore Met Coal
Manganese Energy Coal SSM Other
Interim Results
Slide 37 6 February 2008
 EBIT margin(1) by Customer Sector Group
70%
2005 2006 2007 H1 2008
60%

50%

40%

30%

20%

10%

0%
Petroleum Aluminium Base Metals Diamonds Stainless Iron Ore Manganese Met Coal Energy
& Specialty Steel Coal
Products Materials
Interim Results
Slide 38 6 February 2008 (1) All periods excluded third party trading.
 Capital & exploration expenditure
US$ Billion 2002 2003 2004 2005 2006 2007 2008F (1) 2008 Forecast includes
US$600m for Petroleum
Growth 1.9 2.0 1.8 2.6 4.2 5.2 7.1
Sustaining & Other 0.9 0.7 0.8 1.2 1.4 1.4 1.5
Exploration (1) 0.4 0.3 0.5 0.5 0.8 0.8 1.3
Total 3.2 3.0 3.1 4.3 6.4 7.4 9.9
US$bn
10.0
9.0
Exploration
8.0
7.0
6.0 Sustaining
5.0 Capex

4.0
Growth
3.0 Expenditure
2.0
1.0
0.0
FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 F
Interim Results
Slide 39 6 February 2008
 Portfolio management – US$6.1bn of disposals
US$m
7,000
Proceeds from
US$m
6,000 sale of assets
Dec 2007 139
5,000
FY 2007 444
4,000 FY 2006 934
FY 2005 1,035
3,000
FY 2004 277
2,000 FY 2003 (1) 2,472
1,000 FY 2002 845
Total proceeds 6,146
0
(1) Includes BHP Steel demerger and BHP Steel loans
Sale Proceeds (net of cash disposed and costs)

Base Metals D&SP Energy Coal

SSM Petroleum Steel
Other
Interim Results
Slide 40 6 February 2008
 Key net profit sensitivities
Approximate impact(1) on FY 2008 net profit
(US$m)
after tax of changes of:
US$1/t on iron ore price 60
US$1/bbl on oil price 30
US$1/t on metallurgical coal price 25
USc1/lb on aluminium price 25
USc1/lb on copper price 25
US$1/t on energy coal price 25
USc1/lb on nickel price 2
AUD (USc1/A$) Operations(2) 65
RAND (0.2 Rand/US$) Operations(2) 35

Interim Results (1) Assumes total volumes exposed to price.

Slide 41 6 February 2008 (2) Impact based on average exchange rate for the period.
 Sanctioned development projects (US$9.6bn)
Share of
Initial
Minerals Projects Commodity Approved Production Production Capacity Progress
Capex (100%)
Target Date
US$m
Alumar Refinery Expansion On time and
Alumina 725 Q2 CY09 2 million tpa
(Brazil) – 36% budget.
Western Australia Iron Ore RGP Iron Ore 1,850 H1 CY10 Increase system capacity On time and
4 (Australia) – 86.2% to 155 million tpa budget.
Samarco Third Pellet Plant On time and
(Brazil) – 50% Iron Ore 590 H1 CY08 7.6 million tpa budget.
Additional 1 million tpa
GEMCO (Australia) – 60 % Mn Ore 110 H1 CY09 Sanctioned
manganese concentrate
Incremental 1.8 million
Energy tpa export coal
Klipspruit – 100% Coal 450 H2 CY09 Sanctioned
Incremental 2.1 million
tpa domestic
Third coal berth capable
Newcastle Third Port (Australia) – Energy
35.5% Coal 390 End CY10 of handling an estimated Sanctioned
30 million tpa

Interim Results
Slide 42 6 February 2008
 Sanctioned development projects (US$9.6bn) cont.
Share of
Minerals Projects Initial
Commodity Approved Production Production Capacity Progress
(cont’d) Capex (100%)
Target Date
US$m
On revised
Yabulu (Australia) – 100% Nickel 556 Q1 CY08 45,000 tpa nickel schedule and
budget
On time and
Cliffs (Australia) – 100% Nickel 139 H1 CY08 360,000 tpa nickel ore
budget.
Share of
Initial
Approved Production Capacity
Petroleum Projects Commodity Production Progress
Capex (100%)
Target Date
US$m
Zamzama Phase 2 (Pakistan) – On revised
Gas 46 H1 CY08 150 million cubic feet gas
per day schedule and
38.5% budget
50,000 barrels and 50
Oil/Gas 405 Q1 CY08 On time and
Neptune (US) – 35% million cubic feet gas per
day budget.

North West Shelf 5th Train LNG processing capacity On time and
LNG 350 Late CY08
(Australia) – 16.67% 4.2 million tpa budget.

Interim Results
Slide 43 6 February 2008
 Sanctioned development projects (US$9.6bn) cont.
Share of
Initial
Petroleum Projects Approved Production Capacity
Commodity Production Progress
(cont’d) Capex (100%)
Target Date
US$m
800 million cubic feet gas
North West Shelf Angel Oil/Gas 200 End CY08 On time and
per day and 50,000 bpd
(Australia) – 16.67% budget.
condensate
100,000 barrels and 50
On time and
Shenzi (US) – 44% Oil/gas 1,940 Mid CY09 million cubic feet of gas
per day budget.

On time and
Atlantis North (US) – 44% Oil/Gas 100 H2 CY09 Tie-back to Atlantis South
budget.

96,000 barrels of oil and

On time and
Pyrenees (Australia) – 71.43% Oil/Gas 1,200 H1 CY10 60 million cubic feet gas
per day budget.

10,000 bpd condensate

Oil/Gas 500 CY11 and processing capacity
Kipper (Australia) – 32.5%-50% Sanctioned
of 80 million cubic feet
gas per day

Interim Results
Slide 44 6 February 2008
 Development projects in feasibility (US$6.5bn)
Minerals Projects Estimated Share
Forecast Initial Project Capacity
Commodity of Capex*
(US$4.7bn) US$m
Production* (100%)*

Worsley Efficiency and Growth Alumina 1,750 End CY10 1.1 million tpa
(Australia) – 86%
Guinea Alumina Project (Guinea) – Alumina 1,000 H2 CY11 3.2 million tpa
33.3%
Bakhuis (Suriname) – 45% Bauxite 320 H2 CY09 6.9 million tpa bauxite

Maruwai Stage 1 (Indonesia) – Met Coal 50 End CY08 1 million tpa clean coal
100%
Maruwai (Indonesia) – 100% Met Coal 405 H2 CY10 5 million tpa clean coal
Douglas-Middelburg Optimisation Optimisation of existing
Energy Coal 1,000 H1 CY08
(South Africa) – 84% reserve base

Interim Results
Slide 45 6 February 2008 * Indicative only
 Development projects in feasibility (US$6.5bn) cont.
Minerals Projects Estimated Share
Forecast Initial Project Capacity
Commodity of Capex*
(US$4.7bn) US$m
Production* (100%)*

Mt Arthur Coal UG (Australia) – Energy Coal 475 End CY10 7 million tpa saleable coal
100%
Navajo South Mine Extension Energy Coal 480 End CY10 5.7 million tpa saleable coal
(USA) – 100%
Perseverance Deeps (Australia) – Maintain Nickel West system
Nickel 500 H2 CY13
100% capacity

Petroleum Projects Estimated Share

Forecast Initial Project Capacity
Commodity of Capex*
(US$600m) US$m
Production* (100%)*

LNG processing capacity

NWS North Rankin B – 16.67% LNG 600 H2 CY12
2.5 million tpa

Interim Results
Slide 46 6 February 2008 * Indicative only
 Development projects commissioned since July 2001
Our Share of Capex Initial Production Date
Project Budget Actual Budget Actual
US$m US$m
Antamina (Peru) – 33.75% 775 752 Q2 CY01 Q2 CY01
Typhoon (US) – 50% 128 114 Q3 CY01 Q3 CY01
Tintaya Oxide (Peru) – 99.9% 138 120 Q2 CY02 Q2 CY02
Escondida Phase IV (Chile) – 57.5% 600 543 Q3 CY02 Q3 CY02
San Juan Underground (US) – 100% 146 143 Q3 CY02 Q3 CY02
Bream Gas Pipeline (Australia) – 50% 50 34 Q2 CY03 Q4 CY02
Mozal 2 (Mozambique) – 47.1% 405 311 Q4 CY03 Q2 CY03
Zamzama (Pakistan) – 38.5% 40 40 Q3 CY03 Q2 CY03
Area C (Australia) – 85% 181 171 Q4 CY03 Q3 CY03
Mt Arthur North (Australia) – 100% 411 380 Q4 CY03 Q4 CY03
Hillside 3 (South Africa) – 100% 449 411 Q2 CY04 Q4 CY03
Ohanet (Algeria) – 45% 464 464 Q4 CY03 Q4 CY03
Cerrejon Zona Norte (Colombia) – 33.3% 50 33 Q1 CY04 Q1 CY04
Products & Capacity Expansion (Australia) – 85% 299 266 Q2 CY04 Q1 CY04

Interim Results
Slide 47 6 February 2008
 Development projects commissioned since July 2001
Our Share of Capex Initial Production Date
Project Budget Actual Budget Actual
US$m US$m
WA Iron Ore Accelerated Expansion (Australia) – 85% 83 80 Q2 CY04 Q2 CY04
NWS Train 4 (Australia) – 16.7% 247 252 Mid CY04 Mid CY04
ROD (Algeria) – 36% 192 192 Q4 CY04 Q4 CY04
GoM Pipelines Infrastructure (US) – 22/25% 132 132 . Q4 CY04 Q4 CY04
Western Australia Iron Ore RGP (Australia) – 85% 95 101 Q4 CY04 Q4 CY04
Mad Dog (US) – 23.9% 368. 370 End CY04 Jan 2005
Minerva (Australia) – 90% 150. 157 Q4 CY04 Jan 2005
Angostura (Trinidad) – 45% 327 337 End CY04 Jan 2005
Panda Underground (Canada) – 80% 146 139 Early CY05 April 2005
Dendrobium (Australia) – 100% 200. 200 Mid CY05 April 2005
BMA Phase 1 (Including Broadmeadow) (Australia) – 50% 90. 100 Mid CY05 Mid CY05
Escondida Norte (Chile) – 57.5% 230 251 Q4 CY05 Oct 2005
Paranam Refinery Expansion (Suriname) – 45% 29 33 Q3 CY05 Q4 CY05
Worsley Development Capital Project (Australia) – 86% 165 188 Q1 CY06 Q2 CY06

Interim Results
Slide 48 6 February 2008
 Development projects commissioned since July 2001
Our Share of Capex Initial Production Date
Project Budget Actual Budget Actual
US$m US$m
Escondida Sulphide Leach (Chile) – 57.5% 500 566 H2 CY06 Q2 CY06
Western Australia Iron Ore RGP2 (Australia) – 85% 489 501 H2 CY06 Q2 CY06
Spence (Chile) – 100% 990 1,100 Q4 CY06 Q4 CY06
BMA Phase 2 (Australia) – 50% 88 88(1) H2 CY06 Q4 CY06
Blackwater Coal Preparation (Australia) – 50% 100 140(1) Mid CY07 H1 CY07
Genghis Khan (US) – 44% 365 365(1) H2 CY07 H2 CY07
Atlantis South (US) – 44% 1,630 1,630(1) H2 CY07 H2 CY07
Stybarrow (Australia)- 50% 380 380(1) Q2 CY08 Q2 CY08
Koala Underground (Canada) – 80% 200 176 End CY07 End CY07
Ravensthorpe (Australia) – 100% 2,200 2,079(1) Q1 CY08 Q4 CY07
Pinto Valley (USA) – 100% 140 144(1) Q4 CY07 Q4 CY07
Western Australia Iron Ore RGP3 (Australia) – 86.2% 1,300 1,300(1) Q4 CY07 Q4 CY07

Interim Results
(1) Actual cost subject to finalisation.
Slide 49 6 February 2008