We Are BHP Billiton, A Leading Global Resources Company

Our purpose is to create long-term value through the discovery, development and conversion of natural resources, and the provision of innovative customer and market-focused solutions.

To prosper and achieve real growth, we must:

• Actively manage and build our portfolio of high quality assets and services.
• Continue the drive towards a high performance organisation in which every individual accepts responsibility and is rewarded for results.
• Earn the trust of employees, customers, suppliers, communities and shareholders by being forthright in our communications and consistently delivering on commitments.

We value:

• Safety and the Environment — An overriding commitment to health, safety, environmental responsibility and sustainable development.
• Integrity — Including doing what we say we will do.
• High Performance — The excitement and fulfilment of achieving superior business results and stretching our capabilities.
• Win-Win Relationships — Having relationships which focus on the creation of value for all parties.
• The Courage to Lead Change — Accepting the responsibility to inspire and deliver positive change in the face of adversity.
• Respect for Each Other — The embracing of diversity, enriched by openness, sharing, trust, teamwork and involvement.

We are successful in creating value when:

• Our shareholders are realising a superior return on their investment.
• Our customers and suppliers are benefiting from our business relationships.
• The communities in which we operate value our citizenship.
• Every employee starts each day with a sense of purpose and ends each day with a sense of accomplishment.

Chip Goodyear
Chief Executive Officer
October 2004