CAPITAL MARKETS DAY PRESENTATIONS

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1 Company Secretariat 27 October 2014 BHP Billiton Limited BHP Billiton Plc 171 Collins Street Neathouse Place Melbourne Victoria 3000 Australia London SW1V 1LH UK GPO BOX 86 Tel Melbourne Victoria 3001 Australia Fax Tel Fax bhpbilliton.com bhpbilliton.com To: Australian Securities Exchange cc: New York Stock Exchange London Stock Exchange JSE Limited CAPITAL MARKETS DAY PRESENTATIONS Andrew Mackenzie, Chief Executive Officer, Mike Henry, President, HSE, Marketing and Technology, Jimmy Wilson, President, Iron Ore and Tim Cutt, President, Petroleum will present a capital markets briefing on Monday, 27 October A copy of the materials to be presented is attached. The presentations will be webcast at: Further information on BHP Billiton can be found at: Nicole Duncan Company Secretary BHP Billiton Limited ABN BHP Billiton Plc Registration number Registered in Australia Registered in England and Wales Registered Office: 171 Collins Street, Melbourne, Victoria 3000 Registered Office: Neathouse Place, London SW1V 1LH United Kingdom The BHP Billiton Group is headquartered in Australia

2 NEWS RELEASE Release Time IMMEDIATE Date 27 October 2014 Number 20/14 MAXIMISING VALUE AND SHAREHOLDER RETURNS BHP Billiton today explained how with a simpler portfolio it will maximise value and shareholder returns by reducing operating costs and improving capital efficiency. BHP Billiton Chief Executive Officer, Andrew Mackenzie, said: We are confident that our productivity drive will be accelerated by the demerger proposal we announced in August. A simpler portfolio, focused on our 19 core 1 assets, will retain an optimal level of diversification while generating even stronger growth and margins. Production 2 from the core portfolio is expected to grow by 23 per cent over the two years to the end of the 2015 financial year as the Company completes high-return, brownfield projects and embeds productivity-led volume gains. BHP Billiton remains on track to meet all 2015 financial year production guidance. The Group has cut unit costs across all its mineral businesses and expects further reductions across the core portfolio. Unit costs 3 at Western Australia Iron Ore fell 12 per cent in the second half of the 2014 financial year and a 25 per cent reduction is expected in the medium term. Production costs in the Copper business have also fallen despite grade decline. Escondida unit costs 4 declined by 22 per cent in the last two years and we forecast another five per cent reduction in the 2015 financial year. At Queensland Coal, a 24 per cent reduction in operating costs 5 has re-established the business as a leader in its industry. We expect to reduce unit costs by a further 10 per cent, to below US$90 per tonne, in the 2015 financial year as we continue to increase throughput from our installed infrastructure. In Petroleum, forensic benchmarking of every component of our Onshore US drilling program has significantly improved capital productivity. Drilling costs in the Black Hawk fell 16 per cent in the 2014 financial year. Onshore US operating costs 6 are also expected to improve with a 10 per cent reduction forecast in the 2015 financial year. BHP Billiton expects to embed a minimum of US$3.5 billion in annualised productivity gains 7 by the end of the 2017 financial year with more than US$2.3 billion to come from cash cost savings. Our longstanding capital management framework defines four priorities for cash flow: to retain a solid A credit rating to maintain a strong balance sheet through the cycle; to at least maintain or grow our progressive base dividend in every reporting period; to invest selectively in high-return opportunities through the cycle; and to return excess capital to shareholders in the most efficient way.

3 Mr Mackenzie said: We see our capital management strategy as a precondition to maximising shareholder value. It has allowed us to invest through the cycle and grow our dividend at an average annual rate of 17 per cent over the last decade without interruption. Our core portfolio includes a suite of development options that are expected to generate an average rate of return 8 of over 20 per cent. As our capital efficiency improves we will be able to create more value for less investment. We believe we can significantly reduce annual capital expenditure relative to our current plans while maintaining our growth trajectory. Our focus in Iron Ore and Coal is to safely stretch the potential of our existing infrastructure and equipment. In Copper, BHP Billiton holds many of the industry s best brownfield development options with projects under evaluation at Escondida, Spence and Olympic Dam. In Petroleum, the Group continues to prioritise value over volume which dictates a focus on Onshore US liquids development and investment in high-return brownfield projects across the Conventional business. Mr Mackenzie said: In the Eagle Ford and Permian we are forecasting liquids production of approximately 200 thousand barrels per day by the 2017 financial year. This is expected to generate significant value as investments in our liquids-rich Onshore US wells typically generate returns 9 of over 50 per cent. In time, we expect to fully develop our Haynesville gas field given the quality of our acreage. As we look to improve the balance of liquids and gas across our Petroleum portfolio we have initiated the marketing our Fayetteville acreage. However, we will only divest the field if it maximises value for shareholders. In closing, Mr Mackenzie said: Our strategy, including our commitment to a strong balance sheet, has worked well for our owners. We have delivered a total shareholder return of 394 per cent over the last decade including US$64 billion in dividends and buy-backs. By safely improving operating and capital efficiency we will maximise value and increase cash returns to our shareholders. Improving our competitiveness will benefit shareholders and the local communities and economies in which we operate. 1 Core assets include: Western Australia Iron Ore; Samarco; Queensland Coal; NSW Energy Coal; Cerrejón; Escondida; Olympic Dam; Pampa Norte; Antamina; Onshore US; Shenzi, Mad Dog, Atlantis; Angostura; North West Shelf; Bass Strait; Pyrenees, Macedon; and the Jansen project. 2 Copper equivalent production based on FY13 average realised product prices. 3 Unit cash costs excluding freight and royalties. Medium term reduction based on real 2014 terms and an exchange rate of AUD/USD Unit cash costs excluding treatment and refining charges. Percentage reduction in the last two years includes an adjustment to the FY12 reported figures for the effect of IFRIC 20. FY15 forecast based on an exchange rate of USD/CLP Unit cash costs. FY15 forecast based on an exchange rate of AUD/USD Unit cash costs. 7 Represents planned annualised volume and cash cost productivity gains to be delivered from our core assets only by the end of FY17, relative to our FY14 baseline. 8 Ungeared, post tax, nominal rate of return. 9 Weighted average rate of return after tax (based on September 2014 futures prices) for Eagle Ford and Permian wells expected to be put on line during FY15.

4 Further information on BHP Billiton can be found at: Media Relations Australia Emily Perry Tel: Mobile: Paul Hitchins Tel: Mobile: Eleanor Nichols Tel: Mobile: United Kingdom Ruban Yogarajah Tel: Mobile: Jennifer White Tel: Mobile: Americas Ruban Yogarajah Tel: Mobile: Investor Relations Australia Tara Dines Tel: Mobile: Andrew Gunn Tel: Mobile: United Kingdom and South Africa Jonathan Price Tel: Mobile: Dean Simon Tel: Mobile: Americas James Agar Tel: Mobile: Joseph Suarez Tel: Mobile: BHP Billiton Limited ABN Registered in Australia Registered Office: Level 16, 171 Collins Street Melbourne Victoria 3000 Australia Tel Fax BHP Billiton Plc Registration number Registered in England and Wales Registered Office: Neathouse Place London SW1V 1LH United Kingdom Tel Fax Members of the BHP Billiton Group which is headquartered in Australia

5 Western Australia Iron Ore Maximising value and shareholder returns 27 October 2014

6 Disclaimer Forward-looking statements This presentation contains forward-looking statements, which may include statements regarding: 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; 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, our 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 Billiton 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 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. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 2

7 Disclaimer (continued) Non-IFRS financial information BHP Billiton results are reported under International Financial Reporting Standards (IFRS) including Underlying EBIT and Underlying EBITDA which are used to measure segment performance. This release may also include certain non-ifrs measures including Underlying attributable profit, Underlying basic earnings per share, Underlying EBITDA interest coverage, Adjusted effective tax rate, Underlying EBIT margin, Underlying EBITDA margin, Underlying return on capital, Free cash flow, Net debt and Net operating assets. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources and assess operational management. Non-IFRS 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. UK GAAP financial information Certain historical financial information for periods prior to FY2005 has been presented on the basis of UK GAAP, which is not comparable to IFRS or US GAAP. Readers are cautioned not to place undue reliance on UK GAAP information. Basis of preparation Unless specified otherwise, production volumes, sales volumes and capital and exploration expenditure from subsidiaries (which include Escondida, Jimblebar, BHP Billiton Mitsui Coal and our manganese operations) are reported on a 100 per cent basis; production volumes, sales volumes and capital and exploration expenditure from equity accounted investments (which include Antamina, Samarco and Cerrejón) and other operations are reported on a proportionate consolidation basis. No offer of securities Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell BHP Billiton securities or securities in the new company to be created by the proposed demerger (NewCo) in any jurisdiction. 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 Billiton. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 3

8 Agenda Maximising value and shareholder returns Marketing: Uniquely placed to resource the future Productivity: Our pursuit of continuous improvement Question time Andrew Mackenzie Chief Executive Officer Mike Henry President HSE, Marketing and Technology Mike Henry President HSE, Marketing and Technology Break Iron Ore: Safely growing production while lowering costs Petroleum and Potash: A high-quality portfolio optimised for value Question time Jimmy Wilson President Iron Ore Tim Cutt President Petroleum and Potash Closing remarks Andrew Mackenzie Chief Executive Officer Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 4

9 Escondida Maximising value and shareholder returns Andrew Mackenzie Chief Executive Officer 27 October 2014

10 Key themes We are delivering on our commitments A simplified portfolio will deliver stronger growth and margins Safety is paramount Managing our assets in a sustainable way for the benefit of all stakeholders We are positioned for another year of record production Targeting at least another US$3.5 billion of productivity-led gains from our core portfolio Our high-quality assets and solid A balance sheet enable us to generate superior shareholder returns Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 6

11 We are delivering on our commitments Our FY14 scorecard Portfolio simplification Operating performance Sustainable productivity gains Capital & exploration expenditure Maximise free cash flow Capital management Announced proposed demerger having completed more than US$6.5 billion in divestments over the last two years at attractive valuations Record low Total Recordable Injury Frequency of 4.2 per million hours worked Strong operating performance with production records for 12 operations and four commodities Productivity-led gains of US$2.9 billion embedded, US$1.1 billion ahead of plan Controllable cash costs US$1.9 billion Capital and exploration expenditure 32% to US$15.2 billion as we continued to invest selectively in our portfolio of high-quality, high-return projects Free cash flow US$8.1 billion Net debt 6% to US$25.8 billion, maintained solid A credit rating, issued bonds totalling US$5.0 billion at attractive rates and extended the maturity curve to ~10 years Full-year base dividend 4% to 121 US cents per share for a payout ratio of 48% Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 7

12 A simpler and more productive organisation BHP Billiton core portfolio 1 Operated Non-operated Under review Minerals Western Australia Iron Ore Olympic Dam Escondida Pampa Norte Samarco Antamina Nickel West Queensland Coal 2 NSW Energy Coal Jansen project Cerrejón New Mexico Coal Petroleum Onshore US Shenzi Angostura Atlantis Mad Dog Smaller petroleum assets Pyrenees Macedon Bass Strait North West Shelf 1. Excludes exploration, appraisal and early stage development assets. 2. 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 Billiton. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 8

13 An even stronger and higher margin business The core portfolio generated stronger performance compared with the broader portfolio over the last 10 years production CAGR 1 of 7% (versus 4%) Optimal diversification for our core portfolio (FY14 revenue 3, %) Coal Underlying EBIT CAGR 1,2 of 21% (versus 15%) an average Underlying EBIT margin 2,3 of 48% (versus 41%) with no increase in volatility Petroleum Copper A higher margin business (Underlying EBIT margin 2,3, %) 60 Iron Ore 40 Core portfolio BHP Billiton 20 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 1. Compound annual growth rate (CAGR) from FY04 to FY14. Production CAGR is calculated on a copper equivalent basis based on FY05 average realised product prices. 2. Calculated on the basis of IFRS 10, IFRS 11 and IFRIC 20 for periods FY13 onwards. 3. Excludes third party trading activities. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 9

14 The creation of a new high-quality global metals and mining company It is intended that NewCo would NewCo be an Australian incorporated company listed on the Australian Securities Exchange (ASX) have an inward secondary listing on the Johannesburg Stock Exchange (JSE) GEMCO Worsley Cannington pursue a Standard listing on the UK Listing Authority s Official List and admission to trading on the London Stock Exchange (LSE) Hotazel Alumar Cerro Matoso We will seek final Board approval to put the proposal to shareholders following the receipt of third party approvals on satisfactory terms TEMCO Aluminium South Africa Illawarra Coal We expect to provide an update in November 2014 Metalloys Mozal Energy Coal South Africa Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 10

15 Safety is paramount Total Recordable Injury Frequency (TRIF) (number of recordable injuries per million hours worked) down 51% FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 11

16 Managing our assets in a sustainable way for the benefit of all stakeholders We aim to minimise our environmental impacts and deliver enduring benefits to biodiversity, ecosystems and other environmental resources We are taking action to address climate change by reducing our emissions, adapting to physical impacts and working with others to develop effective policy and accelerate the deployment of low emissions technologies Our total greenhouse gas emissions (GHG) reduced by 1.7 Mt compared to FY13, despite a 9% increase in production 1, and remained below our FY06 baseline We have reduced occupational exposures by 22% compared to our FY12 baseline Minimising our greenhouse gas emissions 2 (Mt CO 2 -e) FY06 baseline 4 Scope 1 3 Scope 2 3 FY12 FY13 FY14 Reducing our occupational exposures 5 (carcinogen and airborne contaminant exposures, FY12=100) 100 Targeting a 10% reduction over 5 years FY12 FY13 FY14 1. Copper equivalent production based on FY13 average realised product prices. 2. Measured according to the World Resources Institute/World Business Council for Sustainable Development Greenhouse Gas Protocol. 3. Scope 1: direct GHG emissions from operated assets. Scope 2: indirect GHG emissions from the generation of purchased electricity and steam that is consumed by operated assets. 4. FY06 baseline will be adjusted for material acquisitions and divestments based on asset GHG emissions at the time of transaction. 5. Exposures exceeding our occupational exposure limits if not for the use of personal protective equipment. 6. From FY12 to FY17 we are targeting a 10% reduction in potential occupational exposure to carcinogens and airborne contaminants. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 12

17 Managing our assets in a sustainable way for the benefit of all stakeholders We engage regularly and openly with those interested in and affected by our operations We support partnerships that promote social and economic development for the benefit of the broader community Our community investment totalled US$242 million 1 in FY14 We paid gross taxes and royalties of US$9.9 billion 2 in FY14 Port Hedland 1. The expenditure represents BHP Billiton s equity share for both operated and non-operated joint venture operations. 2. Comprises income tax and royalty-related taxes paid, production-based royalties accrued which approximate cash payments, royalties paid in-kind and certain other indirect taxes including customs and excise payments, payroll taxes paid and payments of Fringe Benefits Tax. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 13

18 Delivering more volume from existing infrastructure and our growth projects ahead of schedule Total production 1 increased by 9% in FY14 or 15% from the core portfolio Strong growth for our major commodities (production volumes, % change, FY14 versus FY13) guidance exceeded for our major commodities record Western Australia Iron Ore (WAIO) production, up 21% record Queensland Coal production, up 26% petroleum liquids production increased by 18% copper production increased by 2% despite a 5% decline in grade across our operated copper assets Our project development capability was reinforced by the completion of six projects in FY14 Iron ore Metallurgical coal Petroleum liquids Copper WAIO Jimblebar Mine Expansion and Queensland Coal Caval Ridge projects completed ahead of schedule and under Energy coal budget (10) Productivity Growth 1. Copper equivalent production based on FY13 average realised product prices. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 14

19 Positioned for another year of record production Our core portfolio is on track to deliver production 1 growth of 23% over the two years to the end of FY15 or 16% from the broader portfolio The ramp-up of major growth projects and our productivity agenda will deliver another year of record operational performance in FY15 iron ore production of 225 Mt, up 11% copper production of 1.8 Mt, up 5% 2 petroleum liquids production of 122 MMboe 3, up 15% 2 metallurgical coal production of 47 Mt, up 4% Production 1 growth from our core portfolio (FY13 to FY15, %) Petroleum liquids Iron ore Metallurgical coal Core portfolio Energy coal Copper (25) Copper equivalent production based on FY13 average realised product prices. 2. Excludes operations which were sold during FY14 (Liverpool Bay and Pinto Valley). 3. Included in total petroleum production guidance of 255 MMboe. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 15

20 Cost efficiencies of US$1.9 billion delivered in FY14 Our commitment to further improve the competitive position of our assets underpinned a US$1.9 billion reduction in controllable cash costs in FY14 Cost efficiencies delivered (FY14, US$ billion) 3.0 Queensland Coal unit costs declined by 24% unit cash costs at our operated copper assets declined by 6% despite a 5% reduction in average ore grade equipment debottlenecking, and a reduction in headcount and consumables, delivered US$335 million of cost savings in our Aluminium, Manganese and Nickel business % reduction in WAIO unit cash costs 1 in H2 FY14 while our focus on liquids led to a slight increase in Onshore US lifting costs, our development drilling costs declined by 16% in the Black Hawk 0.0 Coal Copper Aluminium, Manganese & Nickel Iron Ore Petroleum Total 1. Unit cash costs excluding freight and royalties. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 16

21 Targeting at least another US$3.5 billion of productivity-led gains from our core portfolio Productivity-led volume and cost efficiencies 1 (US$ billion) A minimum US$2.3 billion per annum reduction in cash costs is embedded in our three year plan Cash costs Volume 0.0 Iron Ore Petroleum Coal Copper Corporate Total 1. Represents planned annualised volume and cash cost productivity gains to be delivered from our core assets only by the end of FY17, relative to our FY14 baseline. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 17

22 Iron Ore: increasing the value of already installed infrastructure We plan to increase WAIO supply chain capacity to 290 Mtpa 1,2 by the end of FY17 at very low capital cost increase in mine output to ~275 Mtpa 1 for no additional fixed plant investment Targeting 11% growth in volumes (Mt) Inner Harbour Debottlenecking 1 and Jimblebar Phase 2 projects will support growth to 290 Mtpa 1,2 at a low capital intensity FY11 FY12 FY13 FY14 FY15e WAIO unit costs 3 are expected to decline by 15% in FY15 targeting a 25% reduction to less than US$20/t 4 in the medium term Targeting a 15% reduction in WAIO unit costs 3 (US$/t) % basis. 2. Aspirational run-rate by the end of FY17. Subject to Board approval. 3. Unit cash costs excluding freight and royalties. FY15e is based on an exchange rate of AUD/USD Based on real 2014 terms and an exchange rate of AUD/USD FY11 FY12 FY13 FY14 FY15e Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 18

23 Petroleum: a clear strategy focused on value over volume Prioritising the highest return opportunities in our Petroleum business investment in our shale liquids acreage generates strong investment returns, typically above 50% 1 high-return brownfield investments will maintain conventional oil and gas production Targeting 15% growth in liquids volumes (MMboe) Liquids Gas Onshore US unit cash costs are expected to decline by 10% in FY15 0 FY11 FY12 FY13 FY14 FY15e Our capital expenditure program of ~US$4 billion per annum in our Onshore US business will generate strong investment returns increase liquids production from the Eagle Ford and Permian to ~200 kb/d by FY17 Targeting a 10% reduction in Onshore US unit costs (US$/mcfe) deliver positive free cash flow in FY16 and ~US$3 billion per annum by FY20, representing a US$5 billion increase from FY FY11 FY12 FY13 FY14 FY15e 1. Weighted average rate of return after tax (based on September 2014 futures prices) for Eagle Ford and Permian wells expected to be put on line during FY15. Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 19

24 Copper: lowering unit costs despite grade decline We have a high-value suite of development opportunities in our copper portfolio evaluating the option to run three concentrators in parallel at Escondida the hypogene resource at Spence has the potential to add ~200 ktpa of production 1 heap leach trials at Olympic Dam are progressing well Escondida unit cash costs have declined significantly despite a 9% reduction in the copper grade unit costs 2 down 22% 4 in two years targeting another 5% reduction in FY15 1. Subject to Board approval. Production rate for the first 10 years after commissioning. 2. Unit cash costs excluding treatment and refining charges. FY15e is based on an exchange rate of USD/CLP Percentage growth in volumes excludes Pinto Valley which was sold during FY Percentage change includes an adjustment to the FY12 reported figures for the effect of IFRIC 20 on deferred stripping. Targeting 5% 3 growth in volumes (kt) 2,000 1,500 1,000 Targeting a 5% reduction in Escondida unit costs 2 (US$/lb) FY11 FY12 FY13 FY14 FY15e FY11 FY12 FY13 FY14 FY15e Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 20

25 Coal: moving sharply down the cost curve The successful delivery of our growth projects has added high-quality metallurgical coal capacity We have closed 6.8 Mtpa 1 of our highest-cost metallurgical coal production at Norwich Park and Gregory, and optimised contract stripping activities at Goonyella and Blackwater At Queensland Coal (QCoal) we have fundamentally reset the cost base and there is more to come unit cash costs down 43% in two years targeting another 10% reduction in FY15 All metallurgical coal operations are cash positive despite the low price environment Targeting 4% growth in metallurgical coal volumes (Mt) Targeting a 10% reduction in QCoal unit costs 2 (US$/t) Metallurgical coal Energy Coal FY11 FY12 FY13 FY14 FY15e 50 0 FY11 FY12 FY13 FY14 FY15e 1. Production ceased at the 5.5 Mt (100% basis) Norwich Park mine on 11 May 2012 and the 1.25 Mt (100% basis) Gregory open-cut mine on 10 October FY15e is based on an exchange rate of AUD/USD Andrew Mackenzie, Chief Executive Officer, 27 October 2014 Slide 21

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