WHAT OTHERS THINK

SHAREHOLDERS

“I couldn’t believe it [BHP admitting that its processes for calculating US shale impairments were deficient] and the thing I was really stunned about the governance area of BHP wrote a letter saying ‘it is very complicated, that is why we have made a mistake.’” –Ross Illingworth, Kingfisher Capital Partners

“In many ways they [Elliott] are regurgitating in public what is already obvious to investors.” –Ross Barker, Australian Foundation Investment Company Managing Director

“I think it [Elliott’s campaign] has generally been good because I think they [BHP] are too insular and too introverted and I think this has forced them to wake up to the fact that they are a publicly-listed company with publicly-elected directors.” –Ross Illingworth, Kingfisher Capital Partners

“With the amount of resources that get invested in their [BHP’s] corporations in terms of governance and oversight and compliance, to actually have the embarrassment, and to fob it off as ‘its a complicated area’ it is really quite inadequate.” –Ross Illingworth, Kingfisher Capital Partners

“I actually think they [Elliott] have been helpful in the sense that they have brought into the public focus the fact that BHP has actually underperformed over the last three, five to 10 years and nobody can deny that is true and management and the board aren’t denying that either." –Ross Barker, Australian Foundation Investment Company

“Our view is that it [BHP’s dual-listed structure] should be unwound, it is an out of date structure, it is just a question of when and how to do it in a way that is in the best interests of shareholders.” –Ross Barker, Australian Foundation Investment Company

“Everybody is in heated agreement that the shale assets should be sold if you can get a good price for it, the sooner the better.” –Ross Barker, Australian Foundation Investment Company Managing Director

“I don’t think they’re particularly good at managing it [shale assets]. It’s a really sore point for a lot of people.” –Brenton Saunders, BT Investment Management

“We believe there is merit to Elliott Management’s proposal, and if BHP were to act, it would create an opportunity for franking credits to be delivered to shareholders.” –Matthew Haupt, Wilson Asset Management

“You can’t really argue with their [Elliott’s] logic. The real issue comes down to onshore oil and gas. BHP haven’t had a great track record there, many would argue." –Matthew Haupt, Wilson Asset Management

I think it’s healthy to have constructive debate around best use of funds. I am supportive of those things, as long as they’re constructive, and Elliott has been." –Matthew Haupt, Wilson Asset Management

“We both [Tribeca and Elliott] see a lot of value that isn’t being realized.” –James Eginton, Tribeca Investment Partners

“We know the U.S. shale assets have been a problem.” –Fidelis Madavo, Public Investment Corporation

“Ultimately, a single listing in Australia would be ideal because it is an Australian-based company and most of its business is here.” –Andrew Preston, Aberdeen Asset Management

“The question of releasing franking credits to Australian investors is quite a key one. If that could be better achieved by a single listing here, then that would be positive for local investors in the company.” –Andrew Preston, Aberdeen Asset Management

“We’re not against the idea of spinning it off, it’s more a matter of working out the economics… If you’re getting out of the business, you might as well get out of the entire business.”–Hugh Young, Aberdeen Asset Management

“We believe that BHP should be looking to divest the entirety of their U.S. onshore assets and begin a formal process for this.”–Craig Evans, Tribeca Investment Partners

“There’s no way the market is ascribing enough value to BHP’s petroleum business. Of the three proposals, petroleum warrants the most interest. It’s definitely the one people should focus on the most and where we need to see most activity.”–Craig Evans, Tribeca Investment Partners

“[Elliott’s proposal] makes sense…It also comes down to capital allocation. The board spent a lot of money on those assets and they need to do something to demonstrate value for shareholders.”–Gabriel Radzyminski, Sandon Capital

Updated July 25, 2017