FOOTNOTES

The data used for the purposes of preparing the home pages of this website and the FAQs provided on this website is all as of June 30, 2017 except where data is taken from prior Elliott presentations provided on this website or where otherwise noted below.

Footnote (1): The US$ figures in the below chart are based on total shareholder returns.

Footnote (2): Please refer to Elliott’s presentations of April 10, 2017 and/or May 16, 2017 for the basis of and/or more information in relation to the following figures.

Footnote (3): That US$40B of value destroyed would not necessarily have been fully reflected in the aggregate market capitalization of BHP.

Footnote (4): Plc. no longer generates profits in proportion to Plc.’s portion of the total number of shares in issue for each of Plc. and Ltd. Some rounding has been applied to the numbers shown for simplification.

Footnote (5): Assumes that BHP would transfer more dividends from Ltd to fund Plc over time, given the earnings imbalance, and that following unification the number of shares in unified BHP held by Australian tax-resident shareholders would increase and lead to more efficient usage of franking credits.

Footnote (6): The hypothetical investment in BHP refers to an Australian tax-resident person investing in the shares of a unified Australian-incorporated BHP. Current Path: Assumes that the 2018 dividend is at a 50% payout ratio based on analyst consensus net income and uses that to calculate the 2018 yield to investors as after-tax returns to 15% and 0% Australian tax resident shareholders. The grossed-up 2018 yield is then multiplied by five to get to the aggregate five year return. Smarter BHP: Includes the returns under Current Path and additional after-tax yield from discounted off-market buybacks undertaken at the June 30, 2017 share price for Limited. Assumes a 30% acceptance rate for 14% discounted off-market buybacks and that the share capital of BHP for these purposes is the combined consolidated share capital of Limited and Plc. Includes the value of the future capital gains tax (CGT) benefit for 15% tax shareholders and assumes the cost base is the average Limited share price in the twelve months ended June 30, 2017 and that all of such CGT benefit can be used.

Footnote (7): Total shale investment includes acquisition costs of Fayetteville and Petrohawk and the associated cumulative (negative) free cash flow to 31 December 2016. Current consensus value is based on investment banks’ sum-of- the-parts valuations and include only valuations using the discounted cash flow methodology.

Footnote (8): Please refer to Elliott’s presentations of April 10, 2017 and/or May 16, 2017 for the basis of and/or more information in relation to the following figures.

Footnote (9): Please refer to footnote (6) above and the materials on this website to which it relates.