BHP Billiton S Africa : Bank of America Merrill Lynch Global Metals, Mining and Steel Conference Presentation

Our strategy delivers value and returns

Andrew Mackenzie

Chief Executive Officer 14 May 2019

Western Australia Iron Ore

Disclaimer

Forward-looking statements

This presentation contains forward-looking statements, including statements which may include: 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; productivity gains; cost reductions; 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'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 results are reported under International Financial Reporting Standards (IFRS). This presentation may also include certain non-IFRS (also referred to as alternate performance measures) and other measures including Underlying attributable profit, Underlying EBITDA (all references to EBITDA refer to Underlying EBITDA), Underlying EBIT, Adjusted effective tax rate, Controllable cash costs, Free cash flow, Gearing ratio, Net debt, Net operating assets, Operating assets free cash flow, Principal factors that affect Underlying EBITDA, Underlying basic earnings/(loss) per share, Underlying EBITDA margin and Underlying return on capital employed (ROCE) (all references to return on capital employed refer to Underlying return on capital employed), Underlying return on invested capital (ROIC). 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: value represents BHP share of risked discounted cash flows at consensus prices; copper equivalent production based on 2018 financial year average realised prices (as published in BHP's Results for the year ended 30 June 2018 on 21 August 2018); data from subsidiaries are shown on a 100 per cent basis and data from equity accounted investments and other operations are presented reflecting BHP's share; medium term refers to our five year plan. 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. Numbers presented may not add up precisely to the totals provided due to rounding. References to disciplined supply refer to lower levels of investment across the industry. All footnote content contained on slide 24.

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 securities in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP.

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.

BHP and its subsidiaries

In this presentation, the terms 'BHP', 'Group', 'BHP Group', 'we', 'us', 'our' and 'ourselves' are used to refer to BHP Group Limited, BHP Group Plc and, except where the context otherwise requires, their respective subsidiaries set out in note 13 'Related undertaking of the Group' in section 5.2 of BHP's Annual Report on Form 20-F. Notwithstanding that this presentation may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless otherwise stated.

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BHP's investment proposition

We have the assets, options, capabilities and discipline to sustainably grow long-term shareholder value and returns

Maximise cash flow		Capital discipline		Value and returns

Low-cost producer	US$10-15 bn net debt	ROCE to ~20%
efficiency, technology, culture	range to be maintained	by FY22 (at FY17 prices)1

Volume growth		Optimised portfolio
productivity, project delivery	per annum to FY20	post Onshore US divestment
Constructive outlook	Organic opportunities	Shareholder returns
for our commodities,	rich option set across commodities	>US$25 bn returned
solid demand, disciplined supply	and time periods	since 1 January 2016

Note: Disciplined supply: reflects lower levels of investment across the industry. Net debt range and ROCE: do not consider impact of IFRS 16 Leases which is still being assessed. Shareholder returns: includes dividends determined since 1 January 2016 and Onshore US proceeds.

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Our strategic framework

Maximise the value of our existing portfolio

Secure our future success

Our strategy to maximise value and returns

We aspire to have industry-leading capabilities applied to a portfolio of world-class assets in the most attractive commodities

Culture and capabilities that enable the execution of our business strategy

Commodities with high economic rent potential that match our capabilities

Best

culture and capabilities

Value and

returns

Best

commodities

Best	Assetsthat are resilient through
assets	the cycle, have embedded growth
	options and match our capabilities

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Our strategic framework

Maximise the value of our existing portfolio

Secure our future success

Social value secures our strategy

Drives transformation and the shift from social 'licence' to 'value'

Social licence

Manage risk

•Approach is grounded in risk management

•Protect our licence to operate by meeting commitments to our workforce, partners, communities and governments

-Health and safety

-Scope 1 and 2 emissions reductions

-Water permits

-Native title agreements

-Social investment of 1% ofpre-tax profits per annum2

Social value

Create opportunity

•Buildlong-term societal value through deep and authentic relationships with local, regional and global stakeholders

•Collaborate and advocate to effectively address challenges, and pursue opportunities, of importance to our communities

•Place a high value on thelong-term needs of society and the environment

-Carbon Capture Storage

-Water stewardship

-Indigenous peoples advocacy

	Secures access to capital, resources, markets and talent
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Our strategic frameworkMaximise the value of our existing portfolioSecure our future success

Balance sheet strength and capital allocation are critical

Our Capital Allocation Framework is transparent and embeds discipline

OperatingCapital

productivityproductivity

Net operating cash flow

Maintenance capital

Strong balance sheet

Minimum 50% payout ratio dividend

Excess cash flow

Debt	Additional	Buy-backs	Organic	Acquisitions/
reduction	dividends	development	divestments

Maximise value and returns

>US$25 billioncash returns to shareholders announced since 1 January 2016

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Our strategic frameworkMaximise the value of our existing portfolioSecure our future success

We navigate future uncertainty through scenario analysis

Maximise the value of our existing assets and optimise our portfolio to meet the evolving needs of markets

Drivers of

competitive

advantage

Culture and capabilities

Commodities

Assets

Present portfolio

Value-

Competitive conversion,

advantage de-risking

assessmentandexercising

options

Competitive portfolio of options and assets

Future

portfolio

New

commodity

entries

Asset

acquisitions/ Hypothesis

disposalstesting

Development

of core

strategic

capabilities

Examples of

strategic themes

Electrification of transport

Circular economy

Decarbonisation of stationary power

Biosphere: water stewardship and food (in)security

Licence to operate

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Our strategic framework

Maximise the value of our existing portfolio

Secure our future success

Our plans have delivered

Our actions deliver a ~50% uplift in ROCE1from FY16 to FY19e

Transformation

Cost

efficiencies

Latent capacity

Technology

Future

options

Exploration

Onshore US

~5% unit cost reduction3across our portfolio

4 projects completed and 3 projects underway4, with average returns5of >60%

Remote Operations Centre replication ongoing with Santiago CIO online early-FY20; innovation mine at Eastern Ridge established to prove technologies

4 projects completed and 3 projects underway6, in favoured commodities (copper and oil)

10 of 13 successful petroleum exploration and appraisal wells7; Oak Dam discovery; Trion interest,

SolGold stake and Orphan Basin licences acquired

Clean, timely exit completed for US$10.8 billion, with net proceeds returned to shareholders

Returns

(ROCE1excluding Onshore US, nominal %) 20

15

10

5

0

FY16		FY17	FY18	FY19e
		FY17 average realised prices			Actual/forecast

Note: CIO - Copper Integrated Operations.
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Our strategic framework

Maximise the value of our existing portfolio

Secure our future success

Maximise the value of our present portfolio

Petroleum		Escondida

•Brownfield and major projects support average annual production of ~110 MMboe in medium term (decline of ~1.5% p.a.)

•Advanced seismic imaging and ocean bottom node surveys to expand existing fields and unlock potential future opportunities

-West Barracouta: FY21 first gas, with FY23 peak

-Atlantis Phase 3: FY21 first oil, with FY24 peak

-Mad Dog Phase 2: FY22 first oil, with FY23 peak

•Remote Operations Centre to unlock bottlenecks and support throughput target of ~375 ktpd

•Pilot rollout of autonomous trucks and drills to deliver further load and haul efficiencies

•Three concentrator strategy to underpin production of ~1.2 Mtpa in medium term; unit costs flat despite higher power and water costs

Volume			Cost			Volume			Cost
(Petroleum production, MMboe)	(Petroleum unit costs, US$/boe)	(Escondida production, Mt)	(Escondida unit costs, US$/lb)
140		Higher volumes	15	Field decline in	1.30			1.50		Higher power
					~1.20
		longer term	the medium term <13
				Lower grades	and water costs
		assuming risked				1.21		average
			<11		1.12-1.18		<1.15	<1.15
	113-	exploration success					1.07
120	10
118
120		10			1.15			1.00
	~110
		average
100			5			1.00			0.50
FY18	FY19e	Medium	FY18	FY19e	Medium	FY18	FY19e	Medium	FY18	FY19e	Medium
		term			term 8			term			term8

Note: Petroleum volume and cost guidance includes projects which are yet to be sanctioned, including Ruby where we expect an investment decision in CY19. Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Escondida unit costs expected to be impacted by lower by-product credits (compared to FY19) in the short term.

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Our strategic framework

Maximise the value of our existing portfolio

Secure our future success

Maximise the value of our present portfolio

Western Australia Iron Ore

•Phasedroll-out of autonomous haul trucks to replicate improvement in haulage costs seen at Jimblebar

•Utilising moving block technology reduces distance between trains, increasing rail capacity

•South Flank mine increases average product quality from CY21

-higher price realisations offset higher costs (relative to Yandi)

Volume	Cost
(WAIO production, Mt)	(WAIO unit costs, US$/t)

300			18
		290	Derailment and
		weather impacts
			14	<15	Improved productivity
				and higher volumes
280			14
275	265-270				<13
260			10
FY18	FY19e	Medium	FY18	FY19e	Medium
		term			term8

Queensland Coal

•Improved equipment productivity through increased availability and utilisation; reduced turnover and improved labour performance through BHP Operations Services

•Reversion down tolong-term strip ratio9of ~11:1 bcm (24:1 tonnes)

•Blending optimisation across sites to improve yield

•Significant growth optionality at Blackwater

Volume							Cost
(Queensland Coal production, Mt)		(Queensland Coal unit costs, US$/t)
58											85
				49-54
																Higher strip ratio
																		68-72		Improved productivity
49											70				68					and higher volumes
				43-46								57-64
43
40												55
		FY18		FY19e Medium					FY18		FY19e		Medium
									term											term8

Note: Phased roll-out of autonomous haul trucks remains subject to Board approval.
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Our strategic framework

Maximise the value of our existing portfolio

Secure our future success

Transforming BHP

The world is undergoing significant change… we will be bolder and adapt faster to take advantage of this

Transformation

Current programs

Outcomes

Ways of work

Culture and capabilities

Strategic and innovative

partnerships

World Class Functions

•Reduce bureaucracy, fewer silos

•30% reduction in overhead costs10

BHP Operating System

•Front-line-ledcontinuous improvement

•Deployed across seven locations byend-FY19

Value Chain Automation

•Automating equipment

•Decision automation

•Automation of processes

Centres of Excellence

•Centrally defined global best practice

•Equipment consistently to exceed benchmark

Enhancing our access to capability

•Flexible partnerships to access talent

•Technical and engineering excellence

Innovative solutions for operations

•Address sustainability challenges (e.g. carbon capture, water, tailings)

Operational stability

Quantum shift in safety, performance and value

Continued increase in productivity

Flexibility to rapidly capture opportunities

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Shared social and environmental value

•Strategic partnerships for mutual benefit

11

Our strategic frameworkMaximise the value of our existing portfolioSecure our future success

Options provide ability to meet evolving market needs

Diversified across commodities, geographies and time periods

Jansen Stage 1e

Jansen Stage 2-4b

		Canadaa
		Orphan Basin explorationa
Resolutionc
Mad Dog northwest water injectionc
Wildlinga		Rubye
Samuraia	Triona	Northern T&Ta
Western GOMa	Southern T&Ta
Atlantis Phase 4b		Trinidad Oila

Petroleum

Copper

Iron ore

Coal

Potash

Nickel

Ecuadora

Spence materials reprocessingc

Spence in-pit crusher & conveyorb

Escondida materials reprocessingb

Escondida debottleneckingf

Scarboroughd

WAIO to 290 Mtpaf

Nickel West expansioncNickel West explorationa

Blackwaterf

Wards Wellc

South Walker Creekc

OD BFXd

OD ODEPb

Oak Dama

Note: Only selection of opportunities shown on map. BFX - Brownfield Expansion; GOM - Gulf of Mexico; ODEP - Olympic Dam Expansion Project; T&T - Trinidad and Tobago. a. Exploration; b. Pre-concept study phase; c. Concept study phase; d. Pre-feasibility study phase; e. Feasibility study phase; f. Latent capacity.

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Our strategic framework

Maximise the value of our existing portfolio

Secure our future success

Broad suite of attractive opportunities

Comprehensive approach to evaluate and rank opportunities based on returns, risk and optionality

Optionality

In execution

Higher	Orphan Basin	Ecuador and South		South Flank	Atlantis Phase 3
exploration	Australia exploration
	(Iron ore)	(Petroleum)
return	(Petroleum)	(Copper)
	Trion appraisal	Nickel West		Spence Materials	Mad Dog Phase 2
		Reprocessing
	expansion
	(Petroleum)		(Copper)	(Petroleum)
	(Nickel)

	Resolution	Wards Well		Spence Growth Option	Scarborough
	(Copper)	(Metallurgical coal)		(Copper)	(Petroleum)
	South Walker Creek	Olympic Dam		Jansen Stage 1	Autonomous Haulage
Lower	Expansion Project		Australia
(Metallurgical coal)		(Potash)
(Copper)		(Minerals Australia)
return
	Higher risk				Lower risk
Note: Olympic Dam Expansion Project refers to heap leach technology development option.
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Our strategic frameworkMaximise the value of our existing portfolioSecure our future success

Value and returns are at the centre of everything we do

Our plans deliver ROCE1of ~20% in FY22 (at FY17 prices) and further improvement in value

		•	>10% unit cost reductions11at bulk operations
		•	Escondida unit costs flat in medium term,
Transformation			despite higher power and water costs
		•	Petroleum unit costs reflect field decline
		•	~2% p.a. volume growth12over medium term
		•	~17% returns from our longer-term
Future			opportunities13
options		•	Unrisked value of ~US$14 bn spanning
			commodities and time periods13

Returns

(ROCE1excluding Onshore US, nominal %) 20

15

10

5

0

FY16	FY17	FY18	FY19e	FY22e	FY22e
				(consensus	(FY17
				prices)	prices)

Value

(% contribution to risked value uplift14) 100

•Petroleum wells continuallyde-risked with meaningful production expected mid-2020s

75

50

Latent capacity

Exploration•Actively growing our copper exploration prospects

•Unrisked value of up to US$15 bn15

Note: Volume growth includes production from future options which remain subject to Board approval.

Value Chain Automation

25	BHP Operating System

0World Class Functions

Transformation

Future options

Exploration

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BHP's investment proposition

We have the assets, options, capabilities and discipline to sustainably grow long-term shareholder value and returns

Maximise cash flow		Capital discipline		Value and returns

Low-cost producer	US$10-15 bn net debt	ROCE to ~20%
efficiency, technology, culture	range to be maintained	by FY22 (at FY17 prices)1

Volume growth		Optimised portfolio
productivity, project delivery	per annum to FY20	post Onshore US divestment
Constructive outlook	Organic opportunities	Shareholder returns
for our commodities,	rich option set across commodities	>US$25 bn returned
solid demand, disciplined supply	and time periods	since 1 January 2016

Note: Disciplined supply: reflects lower levels of investment across the industry. Net debt range and ROCE: do not consider impact of IFRS 16 Leases which is still being assessed. Shareholder returns: includes dividends determined since 1 January 2016 and Onshore US proceeds.

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Appendix

Transformation - delivers significant value

Increase in productivity, reduction in costs and application of technology

Initiatives	Value13	Timing16	Capex over	Description
					5-years
					(US$m)
						-	BHP Operating System: piloted at Port Hedland and Perth Repair Centre
WAIO				~5 years	<800	-	Value Chain Automation: focused on haulage, shiploaders, rail, integrated mine platforms and decision systems
						- Latent capacity: supply chain debottlenecking initiatives at the port and rail to increase production sustainably to 290 Mtpa
						-	BHP Operating System: piloted at Peak Downs and Caval Ridge
Queensland Coal				~5 years	~1,000	-	Value Chain Automation: focused on haulage, integrated mine platforms and decision systems
						- Latent capacity: focused on pre-strip productivity through equipment availability (including better maintenance strategies), utilisation and rate
						-	BHP Operating System: piloted at Olympic Dam surface operations
Olympic Dam				~10 years	<300	-	Value Chain Automation: replicate Integrated Remote Operations Centre
						- Latent capacity: continued development into the Southern Mine Area to access higher grade ore and refinery debottlenecking
						- BHP Operating System: piloted at Escondida concentrators
Escondida				Various	<200	-	Value Chain Automation: focused on haulage and precision mining
						- Latent capacity: debottlenecking and extending infrastructure life
						- BHP Operating System: piloted at leaching operations
Spence				Various	<200	-	Value Chain Automation: focused on haulage, drills and precision mining
						- Latent capacity: reprocessing of ripios dumped since the beginning of operations
World Class Functions				<5 years	~300	- Increased focus on the most important activities and cross-functional ways of working to drive world-class performance across culture,
				effectiveness and efficiency
Aggregate					~US$3 bn	Potential aggregate NPV13in the tens of billions of dollars
				BHP Operating System
				Value Chain Automation
				Latent Capacity

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Future options - worked for value, timed for returns

Investment decisions made in accordance with our Capital Allocation Framework and fully consider the broader market impact

Options	Description	Potential	Capex	Tollgate	IRR13	Risk17		Investment considerations
		execution	(US$m)			(1-5)
		timing
Ruby	Tie back into existing processing facilities in	<1 year	>250	Feasibility	>15	●●	-	Similar scope to existing tie backs	-	Early life sensitivity to oil price
Petroleum	Trinidad & Tobago	-	Utilisation of existing facility capacity
Mad Dog northwest	Incremental production of existing A-Spar					Non	-	Resilient to price	-	Non-operated JV
				-	Low risk, robust economics
water injection	<5 years	>250	Pre-feasibility	*
production wells in Mad Dog field	Operated
Petroleum
							-	Tier 1 resource	-	Oversupply of LNG driving low price market
Scarborough	Tie back development to existing LNG	<5 years	<2,000	Pre-feasibility	*	Non	-	Ability to process through existing		environment
Petroleum	facility	Operated		infrastructure	-	Remote field location, deep water, severe
										metocean conditions
Olympic Dam BFX18	Development into the Southern Mine Area,						-	Access to additional resource in Southern	-	Continued resource definition
debottlenecking of existing surface	<5 years	Up to	Pre-feasibility	12-25	●●		Mine Area	-	Power network instability
Copper	infrastructure to increase production capacity	~2,500	-	Accelerated additional production
	to 240-300 ktpa
	Underground block cave with attractive						-	High copper grades	-	Non-operated JV
Resolution					Non	-	Resilient to price	-	Technical risk due to caving at the resource depth
grade profile and competitive cost curve	>5 years	<3,000	Concept	~15
Copper	Operated				and tailings options
position
								-	Permitting requirements
Jansen Stage 119	Tier 1 resource with potential initial capacity						-	Tier 1 resource, stable jurisdiction	-	Risk of market oversupply
<5 years	5,300-	Feasibility	14-15	●●●	-	Operating costs of ~US$100/t (FOB	-	New commodity entry
Potash	of 4.3-4.5 Mtpa, with valuable expansion	5,700		Vancouver, excluding royalties)	-	Sensitive to price
optionality
						-	Unrivalled position of land	-	High capital cost and long payback
Jansen Stage 2-419							-	Long term growth optionality and value	-	Risk of market oversupply
Sequenced brownfield expansions of up to	>15 years	~4,000	Opportunity	~20	●●		generation	-	Complexities from project size
Potash	12 Mtpa (4 Mtpa per stage)	per stage	assessment	-	Adds diversification to BHP's portfolio	-	Significant capital requirement
									- Further de-risking required
Aggregate					~17		Aggregate unrisked value13of ~US$14 billion spanning commodities and time periods
Note: * Mad Dog northwest water injection and Scarborough IRRs under review with joint venture partners.
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Exploration - extending our conventional reserve life

Investment decisions made in accordance with our Capital Allocation Framework and fully consider the broader market impact

Options	Location	Ownership	Maturity	Earliest first	Description	Planned future activity
				production
Trion	Mexico - Gulf of	60%	Appraisal	Mid 2020s	Large oil discovery in the Mexican deepwater Gulf of Mexico.	Additional appraisal well approved; expected to spud in
Petroleum	Mexico	Operator	December 2019 half

Wildling	US - Gulf of Mexico	80+%	Appraisal	Mid 2020s	Large oil resource across multiple horizons near operated	Complete appraisal to optimise development plan
Petroleum	Operator	infrastructure in US Gulf of Mexico
Samurai	US - Gulf of Mexico	50%	Appraisal	Early 2020s	Oil discovery in the Wildling mini basin	Operator has commenced pre-FEED activities following
Petroleum	Samurai-2 discovery in 2018
Northern Gas	Trinidad and	70%			Potential material gas play in Deepwater Trinidad, well positioned	Currently drilling to test exploration prospects following the
Exploration	Mid 2020s	recent Bongos-2 success and Bele-1 encountered
Petroleum	Tobago	Operator	to the Atlantic LNG plant onshore T&T
		hydrocarbons
Magellan Southern	Trinidad and	65%	Exploration	Mid 2020s	Potential material gas play in Deepwater Trinidad, well positioned	Rig completed 2 well exploration program in October 2018;
Gas	Tobago	Operator	to the Atlantic LNG plant onshore T&T	incorporating results
Petroleum
Western GOM		100%				Completed acquisition of Ocean Bottom Node seismic
US - Gulf of Mexico	Frontier	Early 2030s	Acquired a significant acreage position in Western Gulf of Mexico	20
Petroleum	Operator	survey ; process & analyse seismic and incorporate into
				ongoing analysis
Trinidad Oil	Trinidad and	65-70%	Frontier	Late 2020s	Potential oil play in deepwater Trinidad	Geologic analysis ongoing
Petroleum	Tobago	Operator
Orphan Basin	Canada	100%	Frontier	Early 2030s	Recent bid success for blocks with large oil resource potential in	Geologic analysis ongoing
Petroleum	Operator	the offshore Orphan Basin in Eastern Canada
			Multi-billion barrel equivalent risked potential; unrisked NPV of up to US$15 billion15

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BHP guidance

Group	FY19e
Capital and exploration expenditure (US$bn)	<8.0		Cash basis. FY20e:
Including:
Maintenance	2.1		Includes non-discretionary capital expenditure to maintain asset integrity, reduce risks and meet compliance requirements. Also includes
			capitalised deferred stripping (FY19e: US$1.0 billion).
Improvement	2.2		Includes North West Shelf Greater Western Flank-B, Conventional Petroleum infill drilling, South Flank and transformation initiatives.
Latent capacity	0.6		Includes EWSE, Caval Ridge Southern Circuit, Olympic Dam SMA, WAIO to 290 Mtpa and West Barracouta.
Major growth	1.8		Includes Spence Growth Option, Mad Dog Phase 2, Jansen and Atlantis Phase 3.
Exploration	0.9		Includes US$750 million Petroleum and ~US$70 million Copper exploration programs.
Onshore US	0.4		Includes expenditure to the end of October 2018 to operate five rigs in Onshore US.
Conventional Petroleum	FY19e	Medium term
Petroleum production (MMboe)	113 - 118	~110	FY19 volumes expected to be top end of the range. Decline of ~1.5% p.a. over medium term includes projects yet to be sanctioned.
Capital expenditure (US$m)	730			Sanctioned	Capex	First production	Production
					(BHP share)		(100% basis at peak)
			Mad Dog Phase 2	February 2017	US$2.2 bn	FY22	140,000 boe/d
			West Barracouta	December 2018	~US$120 m	FY21	104 MMscf/d
			Atlantis Phase 3	February 2019	~US$700 m	FY21	38,000 boe/d
			Ruby	Decision in CY19	~US$330 m	FY22	16,000 bopd (oil) and
							80 MMscf/d (gas)
Exploration expenditure (US$m)	750		Focused on Mexico, the Gulf of Mexico and the Caribbean.
Unit cost (US$/boe)	<11	<13	Excludes inventory movements, embedded derivatives movements, freight, third party product purchases and exploration expense.
			Based on exchange rates of AUD/USD 0.75.

Note: All guidance is in nominal terms.
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BHP guidance (continued)

Copper	FY19e	Medium term
Copper production (kt)	1,645 - 1,740		Escondida: 1.12 - 1.18 Mt; Olympic Dam: 170 - 180 kt; Spence: 160 - 175 kt; Cerro Colorado: 60 - 70 kt; Antamina: 135 kt (zinc 35kt).
Capital and exploration expenditure (US$bn)	2.9		Includes US$70 million exploration expenditure.
				Sanctioned	Capex	First production	Production
					(BHP share)		(100% basis)
			EWSE	March 2018	US$308 m	FY20	1,300 l/s of water
			Spence Growth Option	August 2017	US$2.46 bn	FY21	~185 ktpa of copper
							(over first 10 years)
Escondida
Copper production (Mt, 100% basis)	1.12 - 1.18	~1.20	FY19 volumes expected to be towards lower end of range.
Unit cash costs (US$/lb)	<1.15	<1.15	Excludes freight and treatment and refining charges; net of by-product credits; includes costs to settle labour negotiations; based on an
			exchange rate of USD/CLP 663. Unit costs expected to be impacted by lower by-product credits (compared to FY19) in the short term.
			Medium term units costs flat despite higher water and power costs.
Iron Ore	FY19e	Medium term
Iron ore production (Mt)	235 - 239		Excludes production from Samarco.
Capital and exploration expenditure (US$bn)	1.8			Sanctioned	Capex	First production	Production
					(BHP share)		(100% basis)
			South Flank	June 2018	US$3.1 bn	CY21	80 Mtpa sustaining mine
Western Australia Iron Ore
Iron ore production (Mt, 100% basis)	265 - 270	290
Unit cash costs (US$/t)	<15	<13	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.
Sustaining capital expenditure (US$/t)		4	Medium term average; +/- 50% in any given year. Includes South Flank; excludes costs associated with Value Chain Automation.

Note: All guidance is in nominal terms.
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14 May 2019	22

BHP guidance (continued)

Coal	FY19e	Medium term
Metallurgical coal production (Mt)	43 - 46	49 - 54
Energy coal production (Mt)	28 - 29		NSWEC: 18 - 19 Mt; Cerrejón: 10 Mt.
Capital and exploration expenditure (US$bn)	0.6
Queensland Coal
Production (Mt, 100% basis)	75 - 81		FY19 volumes expected to be towards lower end of range.
Unit cash costs (US$/t)	68 - 72	57 - 64	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.
Sustaining capital expenditure (US$/t)		8	Medium term average; +/- 50% in any given year.
Other	FY19e
Other capex (US$bn)	1.2		Includes Nickel West and Jansen. FY19 also includes US$0.4 billion for Onshore US.
Including: Jansen current scope (US$bn)	~0.2		US$2.7 billion; completion in early 2021.

Note: All guidance is in nominal terms.
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14 May 2019	23

Footnotes

1.Slides 3,8,14,15: ROCE: Represents annualised attributable profit after tax excluding exceptional items and net finance costs (after tax) divided by average capital employed. Capital employed is net assets before net debt. Presentation of future Return on Capital Employed (ROCE) does not constitute guidance and represents outcomes based on differing price and other scenarios; does not consider impact of IFRS 16 Leases which is still being assessed.

2.Slide 5: Social investment: Our voluntary social investment is calculated as 1% of the average of the previous three years'pre-tax profit.

3.Slide 8: Unit cost: Represents weighted average change in unit costs for Conventional Petroleum, Escondida, Western Australia Iron Ore and Queensland Coal between FY16 and FY19e.

4.Slide 8: Latent capacity projects completed: Spence Recovery Optimisation (Copper), Los Colorado Extension (Copper), Caval Ridge Southern Circuit (Coal) and Southern Mine Area (Copper). Latent capacity projects underway: WAIO 290 Mtpa (Iron Ore), Escondida Water Supply Extension (Copper) and West Barracouta (Petroleum).

5.Slide 8: Average returns: Returns as presented in prior Bank of America Merrill Lynch Conference presentations.

6.Slide 8: Future options completed: Greater Western Flank A (Petroleum), Longford Gas Conditioning Plant (Petroleum), Escondida Water Supply (Copper) and Greater Western Flank B (Petroleum). Future options underway: Mad Dog Phase 2 (Petroleum), Spence Growth Option (Copper) and Atlantis Phase 3 (Petroleum).

7.Slide 8: A successful well is an exploratory or extension well that is not a dry well or met its exploration or appraisal objective. Successful wells include wells in which hydrocarbons were encountered and the drilling or completion of which has

been suspended pending further drilling. Excludes wells that had mechanical issues (Burrokeet-1 and Wildling-1 in FY17 and Bongos-1 in FY19) where the opportunities were tested by a subsequent well. Successful wells: Shenzi North-2,

Ruby-3,LeClerc-1,Caicos-1,Wildling-2,Samurai-2,Victoria-1,Bongos-2,Trion-2DEL and Bélé-1. Unsuccessful wells: Burrokeet-2, Scimitar and Concepcion-1.

8.Slides 9,10:Medium-term unit cost guidance: Based on an exchange rate of AUD/USD 0.75 and USD/CLP 663. Unit costs are in nominal terms.

9.Slide 10: Strip ratio: Represents prime excluding rehandle (bcm) to product (tonnes).

10.Slide 11: Reduction in overhead costs: Represents potential reduction from FY18 in scope Global Function costs.

11.Slide 14: Represents unit cost reduction from FY19e to medium term.

12.Slide 14: Volume growth: Copper equivalent production based on FY18 average realised prices.

13.Slides 14,18,19: Returns (IRR) and value (NPV): Calculated at 2019 analyst consensus price forecasts (except Potash which are at CRU and Integer (Argus Media) price forecasts); ungeared,post-tax, nominal rates.

14.Slide 14: Risked value uplift: Represents total potential increase in base value from the addition of upside opportunities.

15.Slides 14,20: Petroleum exploration and appraisal NPV: Unrisked values at BHPlong-term price forecasts.

16.Slide 18: Timing: Representsramp-up to steady state.

17.Slide 19: Risk: Based on a BHP assessment of each project against defined quantified andnon-quantified risk metrics rated out of 5; 5 represents more risk.

18.Slide 19: Olympic Dam: IRR of12-25% represents different development options of varying levels of certainty. The upper end of range relates to investment in a potential lower capital and production development towards BFX.

19.Slide 19: Jansen: Based on CRU and Integer (Argus Media) price assumptions(2025-2035 average mid-case: CRU US$325/t and Integer (Argus Media) US$342/t, rebased). Jansen Stage 1 IRR of 14-15% reflects capex range and excludes remaining funded investment of ~US$0.3 billion for completion of the shafts and installation of essential service infrastructure and utilities. Jansen Stages 2-4 capex is presented in real terms (July 2019) - those options would be brownfield and predominately require surface infrastructure, with shorter construction schedules and less risk than Stage 1. The execution of future stages would be subject to our review of supply and demand fundamentals and successful competition for capital under our Capital Allocation Framework. However, we expect that each subsequent expansion would be approved for development after the previous expansion had reached 3 to 4 years of full production. The existing shafts are capable of supporting production for Stages 2-4.

20.Slide 20: WGOM OBN 2018 Seismic Permit is OCS PermitT18-010.

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