NOIA Conference 2017 October 4-6, Jackson Hole, Wyoming

BHP portfolio Our strategy is to own and operate large, long-life, low-cost, expandable, upstream assets diversified by commodity, geography and market. Petroleum Iron Ore Copper Coal Reminder at start of presentation: Acknowledgement of Mexico earthquake BHP sends it condolences to the Mexican people in the aftermath of the recent earthquakes. We are planning to contribute $150,000 to the Mexican Red Cross BHP has been in business for more than 150 years. Our purpose is to create long-term shareholder value through the discovery, acquisition, development and marketing of natural resources. Our products are sold worldwide, with sales and marketing led through Singapore and Houston, United States. Our company’s global headquarters are in Melbourne, Australia. The diversified nature of our business sets us apart from other companies and provides resilience and flexibility through volatile market conditions to enhance value

Our Petroleum Conventional Asset - Quality Conventional assets concentrated in Australia and GoM Conventional production outlook (FY17e, BHP Billiton share) International other 3-4 MMboe North West Shelf 28-30 MMboe Gulf of Mexico 33-35 MMboe Trinidad & Tobago 5-6 MMboe   Our conventional assets and exploration targets are high quality and align to the overall BHP strategy of owning and operating large, long-life, low-cost, expandable upstream assets. Our recent classification of our Shale assets as non-core represents BHP’s continued efforts to sharpen our focus on operating in the right commodities, with the right assets and capabilities to extract maximum value for our shareholders. BACK UP Message on Shale - Our shale assets are high quality and of significant value but with the assets largely gas, the global shale opportunities largely US based and the pro-cyclical nature of investment, they do not sit comfortably in our portfolio. Gas Crude & Condensate LNG NGL Australia operated 16-17 MMboe Bass Strait 35-37 MMboe Note: Based on FY17 forecast production. Size of bubbles scaled to overall production. Ranking of production based on Woodmac and BHP Billiton analysis.

BHP submits winning bid for Trion in Mexico's first deepwater bid round Original contract bid terms and conditions not anything anyone would have bid on. 2nd Operator was originally required with maximum WI for Operator of 45% JOA terms ie, voting procedures, use of 3rd party experts etc. Contract terms ie., Clause 32.2 anti corruption, attesting on behalf of partner Derisked with requirement for MWP only; additional carry not payable if not commercial Got License vs. PSC AMEXHI was huge support; overall positive outcome

BHP wins bid for Trion interest Acquiring a operated 60% participating interest in Blocks AE-0092 and AE-0093 in the deep-water GOM in Mexico Pemex to retain a non-operated 40% working interest PEMEX and BHP believe that, once fully appraised, Trion could be one of the top 10 fields discovered in the Gulf of Mexico. Bid elements include: 4% royalty in addition to existing royalty Commitment to a minimum work program A cash offer of US$624 million consisting of US$62.4 million cash payment at closing Commitment to a Minimum Work Programme in the order of $320 million Transaction closed 3 March 2017

Why Trion? Selection process Oil Copper Deepwater Mexico Trion Portfolio growth Oil Copper Conventional Deepwater New heartland Mexico Discovered resource Trion Exploratus Maximino Supremus BHP looks at GoM in total, not US separate from Mexico We have acreage contiguous with the border Trion is strategic early mover entry and partnership with NOC PEMEX has been great partner, providing support to make the project a success – excellent collaboration Discovered -> de-risked -Access to new heartland Adjacent to our existing GOM acreage on US side -Complementary to exploration efforts Operatorship -Early-mover advantage Relationship builder with Mexican Gov’t & PEMEX -Upside potential Gate to future expansion in Mexico -Investment optionality Favorable fiscal terms -Low oil prices Quick Facts (Trion) Discovered in 2012 Partially appraised with 2 wells and 1 sidetrack exploring horizons in the Paleocene and Eocene layers Spreads over 2 blocks (AE 0092, AE 0093) with a total area of 1284 km2 The fluid tests have demonstrated good quality oil 2,530 m water depth ~30 km south of the US/Mexico border ~60 km from Great White ~180 km from the Mexican coastline Governed by license fiscal regime, i.e. Government takes its share through taxation

Milestones and What’s Ahead Achieved to date: HSE management system approved by ASEA August 17. This is the foundation for our license to operate. Social Impact Study assessment submitted August 24 (submitted but not yet approved). E&A plan submitted to CNH on August 29; entails our initial plans and thoughts for potential exploration, work program and budget. Tender process for preferred rig under way with focus on safety, quality and cost competitiveness.  Next Steps (next 6 months) Prioritize exploration prospects and advance assessment of preferred option. Develop basis of well designs to enable us to execute the wells safely and efficiently. Advance the well permitting process - as the first international operator to drill in the deepwater, we are working through the permitting process with the help of the regulators involved. Review and award the Shorebase operations and decide on the best option for aviation and vessels. Base of operations will be in Mexico; continue to evaluate which is the best location to service the Trion area We expect to start drilling the first of the appraisal wells in the second half of the 2018 calendar year.