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summary review 2009

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bhp billiton locations petroleum ref country 1 algeria 2 algeria 3 australia site/asset ohanet rod bass strait description onshore wet gas development onshore oil development comprising development and production of six oil fields production of oil condensate lpg natural gas and ethane located in the gippsland basin offshore southern australia operator of offshore gas field development in the otway basin of victoria ownership 45 45 50 mrn guinea alumina project 16 mozambique mozal 17 south africa hillside bayside 18 suriname paranam 14 brazil 15 guinea aluminium ref country 12 australia 13 brazil site/asset boddington worsley alumar description integrated bauxite mine and alumina refinery in western australia integrated alumina refinery aluminium smelter and port facilities in maranhão province bauxite mine in pará province integrated bauxite mine and alumina refinery currently undertaking feasibility study aluminium smelter near maputo two aluminium smelters at richards bay bauxite mines and alumina refinery ownership 86 36­40 4 australia 5 australia minerva north west shelf stybarrow griffin zamzama greater angostura bruce/keith liverpool bay gulf of mexico 90 14.8 33.3 6 australia 7 pakistan 8 trinidad and tobago 9 uk 10 uk 11 us one of australia s largest resource projects 8.33­ producing liquids lng and domestic gas 16.67 located offshore northwestern australia operator of stybarrow oil development 45­50 and griffin oil and gas development located offshore western australia operator of onshore gas development 38.5 in sindh province operator of oil and gas field located 45 offshore east trinidad oil and gas production in the uk north sea 16­31.83 operator of oil and gas developments in the irish sea interests in several producing assets including deepwater oil and gas production at · atlantis · shenzi/genghis khan · mad dog · neptune additional other interests in producing assets and a significant exploration acreage position 46.1 47.1 100 45 asset sale completed 31 july 2009 base metals ref country 19 australia 20 australia 21 chile site/asset cannington olympic dam cerro colorado escondida spence antamina pinto valley description ownership silver lead and zinc mine in northwest 100 queensland underground copper uranium gold 100 and silver mine in south australia open-cut mine producing copper cathode 100 in atacama desert northern chile copper mines in atacama desert 57.5 northern chile open-cut mine producing copper cathode 100 in atacama desert northern chile copper and zinc mine located in the andes 33.75 north-central peru copper mine located in the state of arizona 100 44 44 23.9 35 22 chile 23 chile 24 peru 4.95­100 25 us 26 27 51 offices ref country 43 australia 44 australia 45 australia 46 australia 47 australia 48 australia 49 belgium 50 brazil 51 canada 52 chile 53 china 54 colombia 55 gabon 56 india 57 indonesia 58 japan location adelaide brisbane melbourne global headquarters newcastle perth sydney antwerp rio de janeiro vancouver santiago shanghai cartagena libreville new delhi jakarta tokyo ref country location 59 netherlands the hague 60 new noumea caledonia 61 philippines manila 62 russia 63 singapore moscow singapore 70 25 42 69 11 64 south africa johannesburg 65 south africa richards bay 66 south korea seoul 67 switzerland baar 68 uk 69 us 70 us london houston pittsburgh 54 40 31 8 18 14 13 24 21 23 22 corporate/business centres marketing offices minerals exploration offices 33 50 offices petroleum aluminium base metals diamonds and specialty products stainless steel materials iron ore manganese metallurgical coal energy coal 52

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diamonds and specialty products ref country 26 canada 27 canada site/asset ekati potash description diamond mines in northwest territories ownership 80 100 50 manganese ref country 34 australia 35 australia site/asset gemco temco description ownership producer of manganese ore in the 60 northern territory producer of manganese alloys in tasmania 60 integrated producer of manganese ore hotazel manganese mines alloy metalloys and manganese metal manganese metal company 60 greenfield potash projects near saskatoon saskatchewan 28 south africa richards bay integrated titanium smelter and mineral minerals sands mine 36 south africa samancor manganese stainless steel materials ref country 29 australia site/asset nickel west description ownership nickel assets including mt keith leinster 100 and cliffs operations kambalda nickel concentrator kalgoorlie nickel smelter kwinana nickel refinery and ravensthorpe nickel mine and processing facility 100 99.94 metallurgical coal ref country 37 australia site/asset illawarra coal queensland coal description ownership three underground coal mines in southern 100 new south wales with access to rail and port facilities integrated mine rail and port operations including a loading terminal at hay point in the bowen basin central queensland 50­80 yabulu laterite nickel and cobalt processing plants refinery northwest of townsville 31 colombia cerro integrated ferronickel mining and smelting matoso complex in northern colombia asset sale completed 31 july 2009 30 australia 38 australia energy coal ref country 39 australia ownership 85­100 site/asset description hunter valley mt arthur coal open-cut mine in energy coal hunter valley new south wales cerrejón export coal mine with integrated rail and port facilities in la guajira province three energy coal mines in witbank region of mpumalanga province ownership 100 33.3 84­100 100 iron ore ref country 32 australia site/asset western australia iron ore samarco description integrated mine rail and port operations in the pilbara integrated mine pipeline and port operations producing iron ore pellets in southeast brazil 40 colombia 33 brazil 50 41 south africa energy coal south africa 42 us new mexico two mines in new mexico supplying coal energy coal to adjacent power stations 9 10 68 59 49 67 62 66 58 2 1 7 56 53 15 61 55 63 57 34 5 6 64 41 16 17 36 28 65 32 20 43 30 19 38 44 39 46 48 45 37 4 3 35 60 29 47 12

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in this summary review our results at a glance includes a snapshot of our results and five-year summary we are part of the community our responsibility to the communities in which we operate by j michael yeager see page 2 chairman s review the year in review by don argus see page 22 board of directors profiles of our directors see page 4 chief executive officer s report overview of the group s activities by marius kloppers see page 26 group management committee profiles of our senior management team see page 6 customer sector group performance operational snapshot of bhp billiton s nine customer sector groups see page 29 corporate governance summary governance at bhp billiton see page 30 remuneration summary and principles key principles of our remuneration policy see page 8 financial strength and marketing financial strategy outlined by alex vanselow and marketing overview by alberto calderon see page 31 shareholder information overview of shareholder information including key dates and our dividend policy see page 16 strategy of world-class assets operational update for ferrous and coal by marcus randolph and non-ferrous by andrew mackenzie see page 32 corporate directory a list of key offices and our share registries see page 18 our people our commitment to our people and our safety performance by karen wood see inside back cover see page 20 this summary review is designed to provide you with an update on the operations and performance of bhp billiton over the year ended 30 june 2009 in a concise and easy-to-read format it is not a summary financial statement for the purposes of the uk companies act 2006 this summary review is not intended to provide a guide as to the likely future performance of the group certain statements may be forward-looking statements which are based on current expectations beliefs and assumptions regarding present and future business strategies and environments in which the group will operate in the future such expectations beliefs and assumptions may or may not prove to be correct and are subject to a number of known and unknown risks and uncertainties that could cause actual results performance and achievements to differ materially the annual report 2009 sets out certain risk factors that may cause our results to be materially less favourable than those implied by these forward-looking statements past performance cannot be relied on as a guide to future performance nothing in this summary review should be construed as either an offer to sell or the solicitation of an offer to buy or sell bhp billiton securities in any jurisdiction this summary review is not a substitute for the annual report 2009 and does not contain all the information needed to give as full an understanding of the group s performance financial position and future prospects as is provided by the annual report 2009 which can be downloaded from the bhp billiton website at www.bhpbilliton.com printed copies of the annual report 2009 will be distributed to all shareholders who elected to receive them and can be requested by contacting the share registry bhp billiton limited abn 49 004 028 077 registered in australia registered office 180 lonsdale street melbourne victoria 3000 australia bhp billiton plc registration number 3196209 registered in england and wales registered office neathouse place london sw1v 1bh uk each of bhp billiton limited and bhp billiton plc are members of the bhp billiton group which is headquartered in australia.

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we are bhp billiton a leading global natural resources company our purpose is to create long-term shareholder value through the discovery development and conversion of natural resources and the provision of innovative customer and market-focused solutions for almost a decade we have been committed to a long-term strategy of investing in low-cost world-class expandable and export-oriented operations that reflect diversification across markets and geographic regions today this strategy remains unchanged bhp billiton summary review 2009 1

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our results at a glance · a strong financial result despite very challenging market conditions · record net operating cash flow of us$18.9 billion · underlying ebit margin of 40.1 per cent and underlying return on capital of 24.6 per cent · exceptional items of us$4.8 billion the majority of which relate to restructuring of the nickel operations · maintained our strong balance sheet with net debt of us$5.6 billion gearing of 12.1 per cent and underlying ebitda interest cover of 57 times · full year dividend of 82 us cents per share an increase of 17.1 per cent · capital and exploration expenditure of us$10.7 billion · four projects approved and proposed formation of the western australia iron ore production joint venture with rio tinto announced · seven fatalities occurred in our operations our total recordable injury frequency has improved to 5.6 five-year summary us$m 2009 50,211 18,214 10,722 5,877 18,863 2008 59,473 24,282 15,368 15,390 17,817 2007 47,473 20,067 13,675 13,416 15,957 2006 39,099 15,277 10,154 10,450 11,325 2005 31,150 9,921 6,426 6,396 9,117 revenue underlying ebit a attributable profit ­ excluding exceptional items attributable profit ­ including exceptional items net operating cash flow b basic eps ­ excluding exceptional items us cents per share basic eps ­ including exceptional items us cents per share dividend per share bhp billiton plc us cents bhp billiton limited us cents underlying ebitda interest coverage a gearing per cent c a 192.7 274.9 233.9 168.2 104.9 105.6 275.3 229.5 173.2 104.4 82.0 82.0 56.8 12.1 70.0 70.0 49.4 17.8 47.0 47.0 43.6 25.0 36.0 36.0 33.6 27.2 28.0 28.0 35.6 35.8 b c underlying ebit is earnings before net finance costs and taxation and any exceptional items underlying ebitda is underlying ebit before depreciation impairments and amortisation we believe that underlying ebit and underlying ebitda provide useful information but should not be considered as an indication of or alternative to attributable profit as an indicator of operating performance or as an alternative to cash flow as a measure of liquidity net operating cash flow is after net interest and taxation gearing is net debt over net debt plus net assets the measure is inclusive of continuing operations of group companies and jointly controlled entities 2 bhp billiton summary review 2009

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underlying ebit us$18.2b 25,000 20,000 attributable profit ­ excluding exceptional items total returns to shareholders us$10.7b 16,000 14,000 12,000 10,000 us million 8,000 6,000 4,000 us$32.5b 10,000 8,000 us million us million 15,000 6,000 10,000 4,000 5,000 2,000 2008 2009 2,000 2005 2006 2007 2008 dividends declared us$4.6b 5,000 4,000 market capitalisation at 30 june 2009 community contributions us$143.6b 250,000 200,000 us$197.8m 210 180 150 us million us million us million 3,000 150,000 120 90 60 2,000 100,000 1,000 50,000 30 2005 2006 2005 2006 2008 2008 2005 2007 2007 2009 2009 2006 2007 2008 incorporates us$60 million into uk-based charitable company bhp billiton sustainable communities relative share price performance index ­ five year 500 bhp billiton limited 450 400 350 300 250 200 150 100 50 0 30/6/04 30/6/05 30/6/06 30/6/07 30/6/08 30/6/09 bhp billiton plc asx 200 ftse 100 s&p 500 2009 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2005 2006 2007 0 0 0 dividends share buy-backs demerger of bhp steel bhp billiton summary review 2009 3

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chairman s review don argus chairman by any measure this has been an extraordinary year the global financial crisis has created the worst business environment the world has faced in more than 60 years world economic activity contracted dramatically and commodity prices fell sharply accompanying this volatility has been high and should remain for the immediate future while the global economy is showing signs of stabilising the large developed economies are not expected to show real growth until at least the end of 2010 bhp billiton s strategy has served us well during these volatile times since the merger of bhp and billiton in 2001 we have focused on a few key fundamentals these include owning and operating large low-cost long-life tier one assets a commitment to a solid `a credit rating a deep inventory of growth projects and working hard to be leaders in safety environmental management and community engagement we remain committed to achieving the highest level of governance and continue to believe that there is a fundamental link between high-quality governance and the creation of shareholder value while low commodity prices and less demand for our products led to a fall in profits our resolute focus on our longterm strategy delivered record operating cash flow of almost us$19 billion profit from operations excluding exceptional items of us$18.2 billion and margins on this profit of more than 40 per cent dividends were increased by 17.1 per cent to 82 us cents per share we have enviable balance sheet strength at 30 june 2009 gearing was 12.1 per cent and we have an `a credit rating with significant funding capacity despite producing strong operating and financial performance during a challenging year our safety performance was simply unacceptable this year we had seven fatalities the death of a family member at work has a devastating and long-lasting impact not only on the immediate family but also on a wide community of relatives friends and work colleagues the board has reinforced its emphasis on management creating a workplace free of injury 4 bhp billiton summary review 2009

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in environmental management the immediate issue facing the world is climate change bhp billiton shares the view that mainstream science is correct in drawing attention to the high risks associated with unmitigated climate change however we also believe that the problem is solvable and strongly support a global regime that is endorsed by both developed and major developing countries and provides the clarity and stability necessary to allow investment in carbon abatement activities to occur we are determined to play our part and see business leadership as part of our role in achieving low carbon growth to this end we support key initiatives like the establishment of binding commitments for all developed and major developing countries we remain committed to prudently investing for the future this is reflected in the agreement we signed with rio tinto in june this year to create an iron ore production joint venture in western australia this joint venture represents a significant strategic investment for the group that provides us with the opportunity to capture significant synergies that can only come through this unique partnership the agreement is non-binding and pre-conditions for its formation include regulatory relevant governmental and shareholder approvals from both rio tinto and bhp billiton shareholders our ability to fund opportunities like these and the group s consistent solid financial performance during this period is testament to the ability of marius kloppers and his team over the past five years we have delivered total shareholder returns 1 of 220 per cent outperforming the ftse 100 asx 100 and our peers there are very few companies in any sector with such solid financial and operating strength clearly as a board we have a responsibility to shareholders to ensure we attract develop and retain the talented people we need to run our business the way we reward and recognise those people is an important part of how we do this our reward and recognition arrangements are set out in the remuneration report from your board s point of view the critical issue is that shareholders have the ability to fully understand remuneration arrangements to monitor them and to express their opinion on their value aligning executive remuneration with shareholder value creation is fundamental our program of board renewal continued this year david jenkins after nine years on the board will retire after the annual general meetings david has made an outstanding contribution to the work of the board and on your behalf i would like to thank david and wish him well for the future we also appointed wayne murdy as a non-executive director wayne s experience will be invaluable to your board given his background as chairman and chief executive officer of newmont mining corporation and 30 years experience in the mining and petroleum industries china which has been the major source of demand for commodities in 2009 is showing early signs of improvement providing strong support for short-term economic growth over the longer term we believe that emerging economies such as china and india will contribute the majority of world economic growth as they continue to industrialise which will see demand for commodities continue to grow bhp billiton maintains its unique position in the resources industry we are able to generate above average returns in this part of the cycle continue to invest in growth and are well-placed to take advantage of any upturn finally this will be my last report to you as chairman jac nasser will succeed me when i retire it is your directors view that the choice of the chairman is the responsibility of the board this is why over the past 18 months the board itself has conducted the succession process for the new chairman and when the board met john buchanan the senior independent director for bhp billiton plc chaired the meetings jac has outstanding skills and experience and will be an excellent chairman to ensure an orderly transition the board has asked me to stand for re-election at the upcoming annual general meetings although i will not serve a full term and expect to retire from the board in early 2010 i want to acknowledge and sincerely thank you our shareholders for your support over the 13 years i have been on the bhp billiton board and my 10 years as chairman it has always been my underpinning principle to respect shareholders as the owners of the company as it is to you that i am accountable for the governance and performance of bhp billiton it has been an outstanding highlight in my life and an extraordinary privilege to serve you as chairman the economic landscape has changed and organisations have had to adjust to meet these unprecedented economic challenges we remain committed to achieving the highest level of governance and continue to believe that there is a fundamental link between high-quality governance and the creation of shareholder value we also recognise that governance is not just a matter for the board but that a good governance culture must be fostered throughout the group undoubtedly the past year has been difficult the economic landscape has changed and organisations have had to adjust to meet these unprecedented economic challenges in many sectors of the economy we have witnessed quite dramatic falls in demand and there have been large cutbacks in production across the commodities sector we were not immune from this we reduced production levels from many of our operations in response to the lower global commodities demand and in some instances also made difficult decisions to indefinitely suspend or close operations looking ahead economies around the world are responding to governmentdriven economic stimulus packages the impact of which is difficult to measure and consequently there remains a level of uncertainty about the rate of economic growth over the short term having said that there is evidence in the us uk europe and australia of increasing stability in financial systems and economies don argus chairman 1 weighted three month average us total shareholder returns tsr of bhp billiton limited and bhp billiton plc tsr reflects the changes in share price plus dividends over the period bhp billiton summary review 2009 5

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chief executive officer s report marius kloppers chief executive officer during the year we stayed true to our strategy of focusing on long-term value creation 6 bhp billiton summary review 2009

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the 2009 financial year was an interesting one as it was divided into distinct periods ­ the first with rapid growth in demand for products at record prices and the second in which a global de-stocking cycle following the global financial crisis resulted in diminished demand and lower prices with aggressive growth plans following the preceding year s record world economic growth in our industry many of our peers and other companies were forced to make an about-turn in strategy in response to the global economic downturn in many cases long-term value was sacrificed as a result of short-term pressures while the shift in demand and prices also presented challenges for bhp billiton our long-standing strategy of focusing on a diversified portfolio of tier one low-cost long-life assets allowed us to continue to focus on the long-term creation of value in line with our corporate objective managing through the cycle i have already stated that during the year we stayed true to our strategy of focusing on long-term value creation operationally however we continued to seek ways that allow us to be responsive in the short term for example very early on in the global financial crisis and consistent with the way we have always managed our business we reiterated our commitment to taking swift action in any operation that was cash negative and set to remain so or for which we did not have sufficient customers for the particular product additionally our strong cash flow and low gearing enabled us to contemplate other non-organic growth opportunities in this regard we are very pleased with the recent non-binding agreement with rio tinto to combine our iron ore businesses in western australia in a 50-50 owned production joint venture this joint venture will see us invest a further us$5.8 billion in this business beyond the already sanctioned projects looking ahead the major economies are starting to rebuild their inventories in sequence led by an early recovery in china and we may see a more predictable demand scenario for our products in the coming financial year however we do not expect a return to the same buoyant demand conditions that prevailed before the global financial crisis or a return to record global growth rates within our forecasting horizon given that china represents approximately 20 per cent of bhp billiton s revenue and up to 50 per cent of the world s raw material consumption it merits additional comment china s reduction of lending controls in november 2008 has facilitated an increase in real estate and mortgage lending which in turn has supported an increase in construction and increased demand for products we supply also the infrastructure stimulus measures announced to improve china s rail road and air transport links will in due course create a need for raw materials therefore we expect the resource intensive nature of chinese growth to substantially drive global raw materials consumption the investment plans that i detailed earlier will continue to supply product to meet this demand on a final note i wish to thank all of bhp billiton s employees and contractors for their continued commitment which has enabled the group to deliver value in very challenging times in summary our group remains in an enviable position in its industry our low gearing strong cash flow and portfolio of investment options positions us well to create value from the long-term demand for our commodities our group remains in an enviable position in its industry safety our workforce contains many talented people who help make this group what it is today a premier global organisation given this i am personally deeply saddened to report that this year seven deaths occurred at our operations any injury is unacceptable and these fatalities highlight the need to do more as an organisation to protect the health and safety of our people to this end we have undertaken a variety of measures which have included reviews of our management procedures and safety systems encouragingly seven of our customer sector groups reported improvements in total recordable injury frequency performance ranging from seven to 44 per cent twenty-four bhp billiton sites completed 12 months of operations without a lost time injury in aggregate this amounts to more than 23 million hours of work without a lost time injury our challenge is to replicate this performance throughout our business and we must remain diligent in continuing our work towards zero workplace injuries we acted quickly to curtail production across our metallurgical coal manganese nickel and iron ore pellet operations disappointingly this slowdown in demand coupled with the dramatic fall in nickel prices led to the indefinite suspension of our ravensthorpe operation in western australia i can assure you that these decisions were carefully considered and that we are ever mindful of the effects on everyone involved while difficult decisions to reduce staff numbers were taken in some areas we have continued to implement programs that work to attract and retain skilled people for example in may we announced the introduction of uniform minimum paid parental leave benefits across our operations the introduction of this initiative actively encourages broad inclusion in the workplace which we believe will ultimately give us a strong competitive edge the strong cash flow from our existing portfolio along with low levels of financial gearing enabled us to continue with our stated strategy of investing in our business throughout the cycle with another four projects constituting us$5.9 billion of investment being approved during the year together with previously approved projects it brings our pipeline of projects in execution to approximately us$14 billion we intend to invest approximately us$10 billion in capital and exploration expenditure in fy2010 marius kloppers chief executive officer bhp billiton summary review 2009 7

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customer sector group performance bhp billiton operates nine customer sector groups aligned with the commodities we extract and market petroleum underlying ebit decreased aluminium underlying ebit decreased base metals underlying ebit decreased diamonds and specialty products underlying ebit decreased stainless steel materials underlying ebit decreased 25.5 us million revenue 7,211 underlying ebit 4,085 capital expenditure 1,905 net operating assets 9,056 86.9 us million revenue 4,151 underlying ebit 192 capital expenditure 863 net operating assets 6,333 83.8 us million revenue 7,105 underlying ebit 1,292 capital expenditure 1,018 net operating assets 11,817 23.3 us million revenue underlying ebit capital expenditure net operating assets 896 145 112 1,781 167.0 us million revenue 2,355 underlying ebit 854 capital expenditure 685 net operating assets 3,285 8 bhp billiton summary review 2009

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· solid annual production was achieved across the group despite weak and volatile demand conditions and weather-related interruptions · annual production records in three commodities were achieved across petroleum copper cathode and iron ore · annual production records were set at six of our assets western australia iron ore north west shelf and saraji all in australia alumar refinery brazil cerrejón coal colombia and zamzama pakistan · first product was delivered from five petroleum projects during the financial year neptune shenzi and atlantis north us north west shelf train 5 and angel australia and also at the manganese gemco expansion project in australia iron ore underlying ebit increased manganese underlying ebit decreased metallurgical coal underlying ebit increased energy coal underlying ebit increased 34.5 us million revenue 10,048 underlying ebit 6,229 capital expenditure 1,922 net operating assets 7,234 17.9 us million revenue 2,536 underlying ebit 1,349 capital expenditure 279 net operating assets 883 402.8 us million revenue underlying ebit capital expenditure net operating assets 8,087 4,711 1,562 3,680 38.1 us million revenue 6,524 underlying ebit 1,460 capital expenditure 876 net operating assets 2,551 bhp billiton summary review 2009 9

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petroleum petroleum set yet another production record with production volumes up six per cent from fy2008 to 137.2 million barrels of oil-equivalent lower average realised oil prices per barrel saw underlying ebit decrease j michael yeager production volumes up 6 aluminium key expansions at alumar and worsley will lift refinery capacity by 2.6 million tonnes per annum over the next two years lower prices and premiums higher operating costs and the closure of potlines at bayside saw underlying ebit decrease comparatively jon dudas production volumes in fy2009 set yet another record 137.2 million barrels of oil-equivalent up six per cent on fy2008 volumes representing a nine per cent compound annual growth rate for production since fy2007 a disciplined approach in production operations resulted in 92 per cent facility and well up-time despite the impact of major hurricanes that swept through the gulf of mexico causing devastating damage lower average realised oil prices per barrel saw underlying ebit decrease by 25.5 per cent to us$4,085 million petroleum s project pipeline continued to deliver bringing five new projects on-stream bhp billiton operated neptune and shenzi projects and non-operated atlantis north us commenced production during the year the fifth lng train and the angel project were also welcome additions to existing north west shelf operations in western australia focus on long-term growth was maintained during recent turbulent economic conditions and us$548 million was invested to build our exploration inventory exploration rights were acquired in seven deepwater blocks in india and 28 leases in the gulf of mexico underlying ebit decreased by 86.9 per cent from the corresponding period to us$192 million impacted by lower london metal exchange prices and premiums for aluminium higher operating costs and the closure of two potlines at bayside aluminium we are developing capacity through expansion projects at alumar brazil and worsley western australia the alumar expansion project will raise capacity at the refinery by 1.5 million tonnes per annum to 3.5 million tonnes per annum 100 per cent capacity first production was announced in july 2009 with full mechanical completion due in october 2009 and full nameplate capacity to be achieved by the second half of cy2009 at worsley the efficiency and growth project will raise capacity at the refinery by 1.1 million tonnes per annum to 4.6 million tonnes per annum 100 per cent capacity and is due for completion in the first half of cy2011 on 31 july 2009 bhp billiton maatschappij suriname bms was sold to suralco an alcoa subsidiary as a result of our decision to exit suriname the bakhuis project was discontinued expanding capacity by 2.6 mtpa base metals effective cost management saw base metals deliver an underlying ebit of us$1,292 million despite lower average realised prices for all base metals commodities except gold diego hernandez in a period of economic downturn and relative low prices base metals delivered underlying ebit of us$1,292 million a decrease of 83.8 per cent on last year responding quickly and effectively to capture cost reductions and protect cash flow record annual copper cathode production was achieved due to the continued ramp-up of spence and escondida sulphide leach and zinc production was higher than all comparative periods due to better grade and an increased proportion of ore containing zinc at antamina peru uranium production increased at olympic dam compared with june 2008 and march 2009 quarters reflecting record ore milled and improved recoveries the olympic dam expansion project released its draft environmental impact statement a major milestone in the development of the project exploration activity around escondida close to existing infrastructure and facilities continues to show good results copper cathode production increased by a new annual record 16 10 bhp billiton summary review 2009

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diamonds and specialty products extensive greenfield potash exploration is anticipated to reap long-term benefits a reduction in diamond demand and average realised prices in fy2009 resulted in lower sales volumes and a comparative decrease in underlying ebit graham kerr underlying ebit of us$145 million was impacted by lower diamonds sales volumes and a reduction in average realised prices this was offset by a stronger us dollar higher value per carat of production and improved plant recoveries while operating performance at the ekati diamond mine in canada was strong production continues to be influenced by variability of ore sources due to the mix of open-cut and underground mining the koala underground mine commissioned in december 2007 has been fully ramped-up we continued advancing the jansen project a greenfield potash project near saskatoon saskatchewan which has the potential to produce 4­8 million tonnes per annum and is currently in the pre-feasibility stage extensive exploration increased costs drilling and a further 3d seismic program was completed in fy2009 meanwhile we ceased exploration and development activities for diamonds in angola and titanium minerals in mozambique 4 ­8 mtpa mega mine the key focus of exploration stainless steel materials stainless steel materials maintained stable sales volumes and operational costs while managing a multitude of challenges in fy2009 from the significantly lower london metal exchange nickel prices to the indefinite suspension at ravensthorpe jimmy wilson london metal exchange nickel prices fell more than 50 iron ore underlying ebit increased by 34.5 per cent to us$6,229 million driven by higher average realised prices and a ninth consecutive production record at western australia iron ore ian ashby underlying ebit decreased by us$2,129 million primarily due to significantly lower average london metal exchange nickel prices us$6.03/lb compared with us$12.93/lb sales volumes were in line with the prior year and production volumes were slightly ahead however changes in product mix had an adverse impact on underlying ebit a return to full production rates at cerro matoso colombia largely offset lost production associated with the furnace rebuild at the kalgoorlie nickel smelter and maintenance at kwinana nickel refinery both in australia operational costs were broadly unchanged as increased mining costs and inflationary pressures in australia were offset by a weakening australian dollar underlying ebit was positively impacted following the indefinite suspension of operations at ravensthorpe given the weak market conditions significant business restructuring and capital reduction continued through the financial year to preserve cash the divestment of yabulu was successfully completed on 31 july 2009 gerard bond assumed the role of acting president stainless steel materials from 1 september 2009 underlying ebit increased significantly up 34.5 per cent to us$6,229 million driven by higher average realised prices a ninth consecutive production record was achieved at our iron ore operation in western australia production was 106.1 million wet tonnes an increase of two per cent on the previous financial year rapid growth project 5 was announced in november 2008 and is expected to increase installed capacity by 50 million tonnes per annum to 205 million tonnes per annum with a total projected expenditure of us$4.8 billion samarco operations in brazil were impacted by the temporary suspension of two out of three pellet plants in response to decreased global demand while the second and third pellet plants have since been restarted their continued operation will be subject to ongoing assessment to align with demand in june iron ore entered into a non-binding agreement to establish a 50-50 production joint venture combining bhp billiton and rio tinto s western australian iron ore assets 9th consecutive production record for western australia iron ore bhp billiton summary review 2009 11

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