BHP Group Limited — Interim / Quarterly Report 2017

Feb 20, 2017

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BHP Billiton Limited BHP Billiton Plc 171 Collins Street Neathouse Place Melbourne Victoria 3000 Australia London SW1V 1LH UK GPO BOX 86 Tel +44 20 7802 4000 Melbourne Victoria 3001 Australia Fax + 44 20 7802 4111 Tel +61 1300 55 47 57 Fax +61 3 9609 3015 bhpbilliton.com bhpbilliton.com

21 February 2017

To: Australian Securities Exchange New York Stock Exchange

INTERIM RESULTS PRESENTATION

Attached are the presentation slides for a presentation that will be given by the Chief Executive Officer and Chief Financial Officer shortly.

The Webcast for this presentation can be accessed at:

• http://edge.media server.com/m/p/9z6ohcy5

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Rachel Agnew Company Secretary

BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209 LEI WZE1WSENV6JSZFK0JC28 LEI 549300C116EOWV835768 Registered in Australia Registered in England and Wales Registered Office: 171 Collins Street Melbourne Victoria 3000 Registered Office: Neathouse Place, London SW1V 1LH United Kingdom

The BHP Billiton Group is headquartered in Australia

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Financial results Half year ended 31 December 2016

Disclaimer

Forward-looking statements

This presentation contains forward-looking statements, including statements regarding: trends in commodity prices and currency exchange rates; demand for commodities; plans, strategies and objectives of management; closure or divestment of certain operations or facilities (including associated costs); anticipated production or construction commencement dates; capital costs and scheduling; operating costs and shortages of materials and skilled employees; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; tax and regulatory developments.

Forward-looking statements can be identified by the use of terminology such as ‘intend’, ‘aim’, ‘project’, ‘anticipate’, ‘estimate’, ‘plan’, ‘believe’, ‘expect’, ‘may’, ‘should’, ‘will’, ‘continue’, ‘annualised’ or similar words. These statements discuss future expectations concerning the results of operations or financial condition, or provide other forward-looking statements.

These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements.

For example, future revenues from our operations, projects or mines described in this presentation will be based, in part, upon the market price of the minerals, metals or petroleum produced, which may vary significantly from current levels. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing operations.

Other factors that may affect the actual construction or production commencement dates, costs or production output and anticipated lives of operations, mines or facilities include our ability to profitably produce and transport the minerals, petroleum and/or metals extracted to applicable markets; the impact of foreign currency exchange rates on the market prices of the minerals, petroleum or metals we produce; activities of government authorities in some of the countries where we are exploring or developing these projects, facilities or mines, including increases in taxes, changes in environmental and other regulations and political uncertainty; labour unrest; and other factors identified in the risk factors discussed in BHP Billiton’s filings with the US Securities and Exchange Commission (the “SEC”) (including in Annual Reports on Form 20-F) which are available on the SEC’s website at www.sec.gov.

Except as required by applicable regulations or by law, the Group does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.

Non-IFRS and other financial information

BHP Billiton results are reported under International Financial Reporting Standards (IFRS). This release may also include certain non-IFRS and other measures including Underlying EBIT, Underlying EBITDA (all references to EBITDA refer to Underlying EBITDA), Adjusted effective tax rate, Free cash flow, Gearing ratio, Controllable cash costs, Net debt, Net operating assets, Underlying return on capital, Underlying attributable profit, Underlying basic earnings/(loss) per share and Underlying EBITDA margin. These measures are used internally by management to assess the performance of our business and segments, make decisions on the allocation of our resources and assess operational management. Non-IFRS and other measures have not been subject to audit or review and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.

Presentation of data

Unless specified otherwise: variance analysis relates to the relative performance of BHP Billiton and/or its operations during December 2016 half year compared with the December 2015 half year; on slide 17 the reference to recent years refers to the 2013 financial year onwards; references to Underlying EBITDA margin exclude third party trading activities; data from subsidiaries are shown on a 100 per cent basis and data from equity accounted investments and other operations is presented, with the exception of net operating assets, reflecting BHP Billiton’s share. Queensland Coal comprises the BHP Billiton Mitsubishi Alliance (BMA) asset, jointly operated with Mitsubishi, and the BHP Billiton Mitsui Coal (BMC) asset, operated by BHP Billiton. Numbers presented may not add up precisely to the totals provided due to rounding.

No offer of securities

Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell BHP Billiton securities in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP Billiton.

Reliance on third party information

The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton.

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Financial results

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Financial results Half year ended 31 December 2016 Andrew Mackenzie Chief Executive Officer

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Mt Arthur Coal
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Interim FY17 scorecard

Strong cash generation drives debt reduction

Safety Despite improvements in a range of safety measures, tragically there was a fatality at Escondida 9%[1] reduction in TRIF Volume One-off events and Onshore US deferrals offset underlying release of latent capacity Record WAIO volumes; Caval Ridge wash-plant throughput maximised during high prices Cost H1 FY17 productivity gains of US$1.2 billion Unit cash costs down at our major assets Financial Underlying EBITDA of US$9.9 billion; Underlying EBITDA margin of 54% results Attributable profit of US$3.2 billion Cash Net operating cash flow of US$7.7 billion demonstrates strong conversion of higher commodity prices into cash flow Free cash flow of US$5.8 billion from capital discipline and productivity Balance Net debt of US$20.1 billion; gearing 24.3% sheet ‘A’ credit rating with S&P; outlook raised to stable Dividend Interim dividend of US$0.40 per share US$0.30 per share under minimum 50% payout ratio and additional US$532 million or US$0.10 per share

1. BHP Billiton operated assets, from FY16.

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Financial results

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Safety is paramount

The health and safety of our people and communities always comes first

• Tragically, there was a fatality at Escondida during the period

• Total Recordable Injury Frequency (TRIF) of 3.9 is down 9%[1]

TRIF performance at operated sites

(Number of recordable injuries per million hours worked[2] )

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10
8
6
4
2
0
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 H1 FY17
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1. BHP Billiton operated assets, from FY16.

2. FY06 to FY14 presented on a total operations basis.

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Financial results

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Progress at Samarco

Committed to social and environmental rehabilitation

Avenida Beira Rio – Barra Longa

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November 2015
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October 2016
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Rehabilitation

• Renova Foundation fully functional

• Rehabilitation and compensation programs making good progress

• Resettlements, land purchases underway

• Dam stabilised, containment dykes in place

• River bank remediation on track

Legal developments

• Constructive Preliminary Agreement with Federal Prosecutors

• Technical advisors appointed to review remediation program

• Bottom-up, community-focused, cost-based approach

• Criminal cases ongoing

Mine restart

• Restart important but must be safe and economically viable

• Require state and federal approvals and community support

• Negotiations for use of Vale’s Timbopeba pit underway

• Debtholder negotiations

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Financial results

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Financial results Half year ended 31 December 2016 Peter Beaven Chief Financial Officer

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Eagle Ford
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Strong financial performance

Diversified portfolio and simplified structure underpins superior margins

• Underlying EBITDA of US$9.9 billion, up 65%

• Underlying EBIT of US$6.0 billion, up US$4.6 billion

• Attributable profit of US$3.2 billion

• adjusted effective tax rate[1] of 34.7% or 44.5% including royalties

• Underlying return on capital of 9.2%

• US$0.40 per share dividend determined for H1 FY17

• US$0.30 under minimum 50% payout ratio

• US$0.10 additional amount

Leading margins through the cycle (Underlying EBITDA margin[2] , %)

60 35 BHP Billiton Peer group range 10 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 H1 FY17

Iron Ore 42% of Group[3] Petroleum 20% of Group[3] Metallurgical Coal 18% of Group[3] 118 Mt 4% 106 MMboe 15% 21 Mt 1% Cost[4] : US$15.05/t 1% Conventional cost: US$8.42/boe 10% Cost[4] : US$56.43/t 4% EBITDA[4] : US$4.1 bn 52% EBITDA: US$2.0 bn 10% EBITDA[4] : US$1.8 bn US$1.7 bn EBITDA[4] margin: 60% EBITDA margin: 61% EBITDA[4] margin: 54%

Copper 18% of Group[3] 712 kt 7% Cost[5] : US$1.09/lb 24% EBITDA: US$1.7 bn 110% EBITDA margin: 46%

1. Excludes the influence of exchange rate movements and exceptional items.

2. BHP Billiton data for FY06 to FY14 presented on a total operations basis. Peer group comprises Anglo American, Rio Tinto and Vale.

3. Percentage contribution to Group Underlying EBITDA.

4. Unit cost, EBITDA and EBITDA margins refer to Western Australia Iron Ore and Queensland Coal.

5. Operated copper assets (Escondida, Pampa Norte and Olympic Dam).

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Financial results

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Group EBITDA waterfall

Rise in EBITDA driven by commodity prices and productivity

Underlying EBITDA variance

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(US$ billion)
External US$3.1 billion Controllable US$0.8 billion
12
1.1 0.0 0.0 9.9
3.5
9.1 0.1 (0.2)
(0.3)
(0.1)
(0.2)
8
6.0
4
0
H1 FY16 Price¹ Foreign Inflation Sub-total Growth Productivity Controllable Fuel & Non-cash³ Other 4 H1 FY17
exchange volumes volumes cash costs² energy
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1. Net of price-linked costs.

2. Includes a benefit related to the increase in estimated recoverable copper contained in the Escondida sulphide leach pad and favourable inventory movements. 3. Non-cash includes net deferred stripping costs.

3. Other includes ceased and sold operations, asset sales, one-off items and other items (including profit/loss from equity accounted investments).

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Financial results

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Productivity lifts margins

Over US$11 billion of productivity gains delivered over past four years

• Underlying EBITDA margin of 54%

• without productivity gains, margin would have been <30%[1]

• Costs down at our major assets in H1 FY17

• Revised unit cost guidance reflects stronger AUD

• WAIO raised to <US$15/t

• Queensland Coal raised to US$54/t

• Conventional petroleum and Escondida[2] remain unchanged

Margins supported by our productivity agenda (Underlying EBITDA margin, %)

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60
30
0
FY13 FY14 FY15 FY16 H1 FY17
EBITDA margin EBITDA margin ex-productivity¹
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Sustainably lower unit costs

(Index, FY13=100, operating cost per copper equivalent tonne[3] )

1. Illustrative representation based on reported Revenue and Underlying EBITDA in each period less cumulative productivity gains since FY12.

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100
80
60
40
FY13 FY14 FY15 FY16 H1 FY17
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1. Excluding impact of industrial action.

2. Presented on a continuing operations basis excluding royalties; BHP Billiton's share of volumes from equity accounted investments; copper equivalent volumes calculated using FY16 realised prices.

Financial results

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Strong cash flow and balance sheet

Simpler portfolio delivers substantial conversion of higher prices into cash flow

• Net operating cash flow of US$7.7 billion

• despite US$1.3 billion working capital increase reflecting stock build ahead of LCE commissioning and higher prices

• Free cash flow of US$5.8 billion

• capital and exploration expenditure of US$2.7 billion

• Onshore US free cash flow positive

• Balance sheet is strong

• net debt of US$20.1 billion

Net debt and gearing

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(Net debt, US$ billion) (Gearing, %)
30 36
20 28
10 20
FY12 FY13 FY14 FY15 FY16 H1 FY17
Net debt Net gearing
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• gearing of 24.3%

• average maturity of 8.5 years with low refinancing risk

– ‘A’ credit rating raised to stable outlook

1. Other movements include dividend paid to non-controlling interest, purchase of shares by Employee Share Ownership Plan Trusts, and other items.

2. Non-cash movement includes foreign exchange variance due to the revaluation of local currency denominated debt to USD and mark-to-market interest rate on bonds.

Financial results

Movements in net debt

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(US$ billion)
30
26.1
Non-cash
0.7 0.5 0.6
20.1
20
(5.8) (2.0)
10
FY16 Free cash Dividends Other Kelar Fair value H1 FY17
flow paid movements¹ finance movement²
lease
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Disciplined capital allocation

With heightened uncertainty and elevated prices, we have a bias for debt reduction

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H1 FY17
Operating Capital
productivity productivity
Net operating cash flow
Less: dividends to
US$7.7 bn
NCIs of US$0.3 bn [1]
Maintenance capital US$0.6 bn
Strong balance sheet A rating
Minimum 50% payout ratio dividend [2] US$0.4 bn
Excess cash
[[2]]
US$6.4 bn
Balance Additional Organic Acquisitions/
Buy-backs
sheet dividends [2] growth (Divestments)
US$4.7 bn US$0.3 bn US$0.0 bn US$2.1 bn (US$0.7 bn)
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• Maintenance: US$0.6 billion including deferred stripping

• US$1.4 billion guidance for FY17 under revised definition of maintenance capital

• Excess cash of US$6.4 billion[1] allocated during the period

• Cash to balance sheet: US$4.7 billion

• Organic growth: US$2.1 billion

  • major projects tracking to plan (Escondida Water Supply, NWS Greater Western Flank-B and Jansen)

  • additional rigs in Onshore US

  • successful Trion bid and positive exploration results

• Additional dividends: US$0.3 billion determined for H2 FY16[[2]]

• Further simplification of the portfolio: US$0.7 billion of proceeds received

• Dividends paid to non-controlling interests of US$300 million.

• Related to final dividend determined by the Board for FY16 and paid in September 2016.

Financial results

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Financial results Half year ended 31 December 2016 Andrew Mackenzie Chief Executive Officer

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Olympic Dam
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Near-term uncertainty, attractive long-term fundamentals

Copper and oil remain our preferred long-term growth commodities

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Short-term Medium-term Long-term
Modest Growth in Urbanisation
Political Steeper
economic New supply population, and new
uncertainty cost curves
growth wealth demand centres
Petroleum
Price Sustainable Asian
market Decarbonisation Technology
volatility productivity growth
rebalances
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Financial results

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Well placed for anticipated conditions

Our diversified portfolio, strong balance sheet and competitive growth options position us well

• Simple portfolio of tier 1 assets, diversified across our preferred commodities

• cost curve positions enhanced with over US$11 billion of annualised productivity gains delivered in the past four years

• Strong balance sheet insulates operations and investment capacity from cyclical swings

• US$6 billion reduction in net debt over six months

• Rich opportunity-set of investment options across the near, medium and long term

• 40% reduction in capital intensity[1] of growth options since FY12

• will only be executed at the right time and in accordance with the capital allocation framework

Tier 1 portfolio

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(H1 FY17 Underlying EBITDA margin, %)
Iron ore
80 Petroleum Note: Bubble size
represents percentage
Copper
60 contribution to H1 FY17
Group Underlying EBITDA
40
Metallurgical
coal
20
0
1 [st] 2 [nd] 3 [rd] 4 [th]
Cost curve position [2] (quartile)
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We have growth options across time periods and commodities
(Index, FY17e=100, copper equivalent volumes)
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175
150
125
100
Short-term Medium-term Long-term Petroleum Base decline
to FY20 FY21 to FY25 post FY25 exploration
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Source: AME; Wood Mackenzie; BHP Billiton analysis.

1. Capital intensity is calculated as the aggregate growth capital expenditure divided by the incremental copper equivalent tonnes.

2. Based on weighted average equity share of production using quality-adjusted operating cost curves versus contestable demand in the markets in which our assets operate; metallurgical coal excludes Blackwater mine.

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Financial results

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Progress on our roadmap

We have made significant progress across a broad suite of opportunities to grow value and returns

Productivity On track for full-year productivity guidance of US$1.8 billion (excluding impact of Escondida industrial action) The benefits of our simplified portfolio and new operating model will drive further gains Latent Spence Recovery Optimisation completed; accessing high-grade ore from the Olympic Dam Southern Mining Area capacity Los Colorados Extension ramp-up in late FY17; Caval Ridge Southern Circuit approval expected in FY17 Onshore US Well productivity improved; positive Eagle Ford well trials; Permian acreage swaps; non-core acreage sales Haynesville hedging program expanded; further rigs dependent on market conditions Growth Mad Dog 2 approved; Spence Growth Option to Board in CY17; Olympic Dam BFX advanced; successful Trion bid portfolio Long term: positive Olympic Dam 450 leach trials; Jansen in feasibility; Scarborough momentum with new JV Exploration

Mad Dog 2 approved; Spence Growth Option to Board in CY17; Olympic Dam BFX advanced; successful Trion bid Long term: positive Olympic Dam 450 leach trials; Jansen in feasibility; Scarborough momentum with new JV Wildling well accelerated as follow-up to Caicos discovery; assessing commerciality of LeClerc discovery Added over 100 exploration leases in US Gulf of Mexico over the last 12 months 3 sub-functions: Research and Development; Project Delivery and Operational Technology Current initiatives: Remote operations; equipment automation; decision automation; mass mining methods; chemical extraction; precision mining

Technology

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Financial results

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Emerging stronger from the downturn

We have responded to the challenges of recent years…

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Progress on our roadmap
of value creation and
improved returns
Demerger and Over US$11 billion of
US$7 billion of productivity
divestments improvements
Added to Onshore US 40% reduction in
Latent capacity
well inventory and capital intensity of
released
conventional resource growth options
Enhanced capital Balance sheet Dividend policy improves Simplified
allocation framework strengthened financial flexibility operating model
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…and have the right foundations in place to substantially grow shareholder value

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Financial results

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Appendix

BHP Billiton guidance

Group	FY17e	FY18e
Capital and exploration expenditure (US$bn)	5.6	6.3 Cash basis.
Including:
Maintenance	1.4	Includes non-discretionary capital expenditure to maintain asset integrity, reduce risks, and meet compliance requirements.
		Also includes deferred development and production stripping of US$394m for FY17.
Exploration	1.0	0.9 Includes: US$820m Petroleum and US$60m Copper exploration program planned for FY17.
Petroleum	FY17e
Total petroleum production (MMboe)	200 - 210
Onshore US
Capital expenditure (US$bn)	0.6	Development activity tailored to market conditions.
Production (MMboe)	77 - 83	We continue to balance near-term cash flow performance and long-term value maximisation.
Conventional Petroleum
Capital expenditure (US$bn)	0.8	Focused on life extension projects at Bass Strait and North West Shelf.
Production (MMboe)	123 - 127	Planned maintenance at Atlantis, divestment of our Pakistan gas business and natural field decline.
Unit cost (US$/barrel)	10	Excludes inventory movements, embedded derivatives movements, freight, third party product purchases and exploration expense.
Exploration (US$bn)	0.8	Focused on Mexico, the Gulf of Mexico, the Caribbean and Western Australia’s Northern Beagle Basin.

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Financial results 21 February 2017

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BHP Billiton guidance (continued)

Copper	FY17e
Total copper production (Mt)	1.62	Guidance for Escondida at 1.07 Mt. Pampa Norte production is expected to increase. Guidance for Olympic Dam at 160 kt - 170 kt. Guidance for
		Antamina production at 130 kt and zinc at 90 kt. Excludes impact of Escondida industrial action.
Escondida
Production (Mt, 100% basis)	1.07	Enabled by the commissioning of the Escondida Water Supply project. Excludes impact of industrial action.
Unit cash costs (US$/lb)	1.00	Excludes freight and treatment and refining charges; net of by-product credits; based on an exchange rate of USD/CLP 663. Excludes impact of
		industrial action.
Iron Ore	FY17e
Total iron ore production (Mt)	228 - 237	Excludes production from Samarco.
Western Australia Iron Ore
Production (Mt, 100% basis)	265 - 275
Unit cash costs (US$/t)	<15	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75. Includes additional rail maintenance costs.
Coal	FY17e
Total metallurgical coal production (Mt)	44
Total energy coal production (Mt)	30	The divestment of Navajo Coal to Navajo Transitional Energy Company was completed on 29 July 2016.
Queensland Coal
Production (Mt)	44
Unit cash costs (US$/t)	54	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.
NSW Energy Coal
Production (Mt)	19
Unit cash costs (US$/t)	40	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.

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Financial results 21 February 2017

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Key Underlying EBITDA sensitivities

Approximate impact1 on FY17 Underlying EBITDA of changes of:	US$ million
US$1/t on iron ore price2	217
US$1/bbl on oil price3	79
US¢10/MMbtu on US gas price	26
US$1/t on metallurgical coal price	42
US¢1/lb on copper price2,4	34
US$1/t on energy coal price2	18
US¢1/lb on nickel price	2
AUD (US¢1/A$) operations5	78

1. Assumes total volume exposed to price; determined on the basis of BHP Billiton’s existing portfolio.

2. Excludes impact of equity accounted investments.

3. Excludes impact of change in input costs across the Group.

4. Excludes impact of Escondida industrial action.

5. Based on average exchange rate for the period.

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Financial results 21 February 2017

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Debt maturity profile

Debt balances[1]

(US$ billion[2] )

8

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6
4
2
0
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Post FY28
US$ Euro Sterling A$ C$
Bonds [3] Bonds [3] Bonds [3] Bonds Bonds Subsidiaries
% of portfolio 44% 31% 11% 5% 2% 7%
Capital markets 93% Asset financing 7%
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1. All debt balances are represented in notional US$ values and based on financial years; as at 31 December 2016, prior to bond buy backs in H2 FY17.

2. Subsidiary debt is presented in accordance with IFRS 10 and IFRS 11.

3. Includes hybrid bonds (19% of portfolio: 9% in US$, 7% in Euro, 3% in Sterling).

Financial results

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