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<P align=center>BHP Half Year Report</P>
<P align=center>November 1999</P></B></FONT><FONT face=BHP size=7>
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<P align=center>B</P>
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<P>The Broken Hill Proprietary Company Limited</P></FONT><I><FONT size=1>
<P>Australian Company Number 004 028 077</P></I>
<P> </P><I>
<P align=justify>Registered Office:</P>
<P align=justify>45th Floor BHP Tower - Bourke Place</P>
<P>600 Bourke Street Melbourne 3000 Australia</P></I></FONT><B><FONT size=4>
<P>CONTENTS</P></B></FONT><FONT size=2>
<P align=justify></FONT><FONT size=4>Page</P></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=3 width=683>
<BODY>
<TR>
<TD vAlign=top width="92%">
<P align=justify><B>REVIEW OF OPERATIONS</B></P></TD>
<TD vAlign=top width="8%"><B>
<P align=right>1</B></P></TD></TR>
<TR>
<TD vAlign=top width="92%"><B>
<P align=justify>DIRECTORS' REPORT</B></P></TD>
<TD vAlign=top width="8%"><B>
<P align=right>9</B></P></TD></TR>
<TR>
<TD vAlign=top width="92%"><B>
<P>FINANCIAL STATEMENTS</P>
<DIR></B><FONT size=2>
<P>Profit and loss statement</P>
<P>Balance sheet</P>
<P>Statement of cash flows</P>
<P>Notes to the financial statements</P></DIR></FONT></TD>
<TD vAlign=top width="8%"><B>
<P align=right>10</P></B><FONT size=2>
<P align=right>11</P>
<P>12</P>
<P>13</P>
<P>14</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="92%"><B>
<P align=justify>DIRECTORS' DECLARATION</B></P></TD>
<TD vAlign=top width="8%"><B>
<P align=right>30</B></P></TD></TR>
<TR>
<TD vAlign=top width="92%"><B>
<P align=justify>INDEPENDENT REVIEW REPORT</B></P></TD>
<TD vAlign=top width="8%"><B>
<P align=right>31</B></P></TD></TR></BODY></TABLE><FONT size=2>
<P align=justify> </P>
<P align=justify> </P>
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<TABLE border=0 cellPadding=7 cellSpacing=0 width=683>
<BODY>
<TR>
<TD colSpan=2 vAlign=top width="93%">
<P align=justify><B><FONT size=2>Notes to the financial
statements</B></FONT></P></TD>
<TD vAlign=top width="8%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>1.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Basis of preparation of half year financial statements</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>14</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>2.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Revenue</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>14</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>3.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Depreciation and amortisation</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>15</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>4.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Borrowing costs</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>16</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>5.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Abnormal items</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>16</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>6.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Income tax</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>17</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>7.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Segment results</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>18</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>8.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Dividends</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>20</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>9.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Earnings per share</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>20</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>10.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Property, plant and equipment</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>21</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>11.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Exploration, evaluation and development expenditure
capitalised</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>21</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>12.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Other assets (non-current)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>21</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>13.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Share capital</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>22</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>14.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Reserves</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>24</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>15.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Notes to the statement of cash flows</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>24</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>16.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Investments in associated entities</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>25</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>17.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Statistics</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>26</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>18.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Reconciliation to United States generally accepted accounting
principles</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>27</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="6%"><FONT size=2>
<P align=justify>19.</FONT></P></TD>
<TD vAlign=top width="87%"><FONT size=2>
<P>Significant events after end of half year</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>29</FONT></P></TD></TR></BODY></TABLE><FONT size=2>
<P align=justify> </P>
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<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=3 width=683>
<BODY>
<TR>
<TD vAlign=top width="87%">
<P align=justify><FONT size=2>All amounts are expressed in Australian
dollars unless otherwise stated.</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR></BODY></TABLE><B>
<P align=justify>THE BROKEN HILL PROPRIETARY COMPANY LIMITED</P>
<P align=justify>AND ITS CONTROLLED ENTITIES</P></B><FONT size=2>
<P align=justify>The Directors present their report together with the
consolidated financial statements for the half year ended
30 November 1999 and the auditors' review report
thereon.</P></FONT><B>
<P align=justify>REVIEW OF OPERATIONS</P></B>
<P align=right>
<TABLE border=1 borderColor=#0000ff cellPadding=7 cellSpacing=2 width=670>
<BODY>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%">
<P> </P></TD>
<TD bgColor=#ffffff colSpan=2 vAlign=top width="38%"><U><FONT size=2>
<P align=center> </P>
<P align=center>Half year ended 30 November</U></FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%">
<P> </P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>Results Summary</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><B><FONT size=2>
<P align=justify><U>1999</B></U></FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><B><FONT size=2>
<P align=justify></B><U>1998</U></FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><B><FONT size=2>
<P></B><U>Chang<B>e</B></U></FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>Operating revenue ($ million)</P>
<P align=justify>- Sales revenue</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify></P>
<P align=justify>9 527</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify></P>
<P align=justify>9 954</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right> </P>
<P align=right>-4.3%</FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>- Other revenue</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify><U> 610</U></FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify><U> 614</U></FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right>-0.7%</FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%">
<P> </P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify>10 137</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify>10 568</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right>-4.1%</FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P>Operating profit attributable<BR>to BHP shareholders ($
million)</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify> </P>
<P align=justify> </FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify> </P>
<P align=justify> </FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right> </P>
<P align=right> </FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>- Excluding abnormal items</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify>809</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify>436</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right>+85.6%</FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>- Including abnormal items</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify>1 081</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify>436</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right>+147.9%</FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>Basic earnings per share (cents)</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%">
<P> </P></TD>
<TD bgColor=#ffffff vAlign=top width="21%">
<P> </P></TD>
<TD bgColor=#ffffff vAlign=top width="20%">
<P> </P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>- Excluding abnormal items</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify>46.0</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify>25.3</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right>+81.8%</FONT></P></TD></TR>
<TR>
<TD bgColor=#ffffff vAlign=top width="42%"><FONT size=2>
<P align=justify>- Including abnormal items</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="17%"><FONT size=2>
<P align=justify>61.5</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="21%"><FONT size=2>
<P align=justify>25.3</FONT></P></TD>
<TD bgColor=#ffffff vAlign=top width="20%"><FONT size=2>
<P align=right>+143.1%</FONT></P></TD></TR></BODY></TABLE></P><FONT size=2>
<P align=justify>The operating profit after income tax excluding abnormal items
attributable to BHP shareholders for the half year ended
30 November 1999 was $809 million, an increase of $373 million or
85.6% compared with the corresponding period.</P>
<P align=justify>Including abnormal items, the profit was $1 081 million,
an increase of $645 million compared with the corresponding period. The result
included a net abnormal profit of $272 million, comprising:</P>
<UL>
<P align=justify>
<LI>a tax benefit of $160 million arising from the restatement of deferred tax
balances as a consequence of the Australian company income tax rate change to
34% applicable from 1 July 2000, and then to 30% applicable from 1 July 2001;
and
<P></P>
<P align=justify></P>
<LI>a tax benefit of $112 million arising from finalisation of funding
arrangements in August 1999 related to the Beenup mineral sands project.
<P></P></LI></UL>
<P align=justify>For details of abnormal items by segment, refer to page 17.
There were no abnormal items in the corresponding period.</P>
<P align=justify>Basic earnings per share were 46.0 cents excluding abnormal
items and 61.5 cents including abnormal items. Comparative earnings per share
for the half year ended 30 November 1998 were 25.3 cents.</P><B>
<P align=justify>Dividend</P></B>
<P align=justify>An unfranked dividend of 25 cents per share was declared and
paid during the half year, the same amount as the dividend in the corresponding
period. The Dividend Investment Plan was suspended following payment of the half
yearly dividend on 24 November 1999. Since the dividend was unfranked, the
Bonus Share Plan (BSP) was suspended in accordance with the Company's
Constitution and Rule 8 of the BSP on 17 September 1999.</P><B>
<P align=justify>Change of financial year</P></B>
<P align=justify>Directors announced that the financial year end for the BHP
Group would change from 31 May to 30 June with effect from 30 June 2000.
The Company will report results for the 13 months to 30 June 2000 and
release to the Australian Stock Exchange (ASX) on 27 July 2000. The Company's
profit report for the period ending 31 March 2000 will be released to the ASX on
4 May 2000.</P></FONT><FONT size=1>
<P align=justify> </P></FONT><B>
<P align=justify>Operating result excluding abnormal items</P></B><FONT size=2>
<P align=justify>The following major factors affected operating profit after
tax, excluding abnormal items, attributable to BHP shareholders:</P><B>
<P align=justify>Costs</P></B>
<P align=justify>Lower costs of approximately $430 million
($275 million after tax) were achieved during the half year compared with
the corresponding period. Benefits from cost reduction initiatives continue to
be reflected in lower production and overhead costs throughout BHP, with
significant reductions being achieved within the Minerals and Steel businesses.
In addition, lower borrowing costs resulted from a reduction in funding levels.
</P><B>
<P align=justify>Exchange rates</P></B>
<P align=justify>Compared with the corresponding period, foreign currency
fluctuations net of hedging had a favourable effect of approximately
$90 million.</P><B>
<P align=justify>Exploration expenditure</P></B>
<P align=justify>Exploration expenditure charged to profit decreased by
approximately $70 million compared with the corresponding period mainly
reflecting a reduction in the Minerals worldwide exploration program.</P><B>
<P align=justify>Ceased/Sold operations</P></B>
<P align=justify>Decisions to close or cease operations including the Hartley
platinum mine (Zimbabwe), Beenup mineral sands operation (Western Australia) and
North America copper had a favourable effect on results of approximately
$105 million compared with the corresponding period. This was partly offset
by profits of approximately $50 million in the corresponding period from
manganese operations and other assets sold.</P><B>
<P align=justify>New operations</P></B>
<P align=justify>Profits from diamond sales at the EKATI (TM)
diamond mine were approximately $80 million
for the half year. This was partly offset by operating losses in the current
half year of approximately $60 million following the start up of the HBI
operation (Western Australia).</P><B>
<P align=justify>Volumes</P></B>
<P align=justify>Higher sales volumes have increased profit by approximately
$10 million compared with the corresponding period. This reflects the
return to normal operating conditions at Bass Strait (Victoria) following the
Longford incident in September 1998.</P><B>
<P align=justify>Prices</P></B>
<P align=justify>Most of BHP's major products (including coal, steel and iron
ore) continued to be affected by lower commodity prices, which has reduced
profit by approximately $295 million compared with the corresponding
period. These reductions were partly offset by higher average realised oil
prices after commodity hedging which increased the result by approximately $150
million compared with the corresponding period.</P><B>
<P align=justify>Asset sales</P></B>
<P align=justify>Profits from sale of assets were approximately $20 million
lower than in the corresponding period. </P></FONT><B><I>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify>Business Division Results (after income tax)</P></B></I><FONT
size=2>
<P align=justify> </P></FONT>
<TABLE border=0 cellPadding=7 cellSpacing=0 width=636>
<BODY>
<TR>
<TD colSpan=8 vAlign=top>
<P align=center><B><FONT size=2>Half year ended 30 November
<SUP>(1)</B></SUP></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="33%"><FONT size=2>
<P align=center>Excluding abnormals</FONT></P></TD>
<TD colSpan=3 vAlign=top width="33%"><FONT size=2>
<P>Including abnormals</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%"><B><U><FONT size=2>
<P align=right>1999</B></U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>1998</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>Change</U></FONT></P></TD>
<TD vAlign=top width="11%"><B><U><FONT size=2>
<P align=right>1999</B></U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>1998</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>Change</U></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%"><B><U><FONT size=2>
<P align=right>$ Million</B></U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>$Million</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>%</U></FONT></P></TD>
<TD vAlign=top width="11%"><B><U><FONT size=2>
<P align=right>$ Million</B></U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>$ Million</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>%</U></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Minerals</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>533</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>569</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-6.3</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>582</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>569</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>+2.3</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Steel</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>169</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>204</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-17.2</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>232</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>204</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>+13.7</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Petroleum</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>410</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>201</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>+104.0</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>459</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>201</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>+128.4</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Services</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>40</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>82</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-51.2</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>45</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>82</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-45.1</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Net unallocated interest</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>(252)</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>(232)</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>(256)</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>(232)</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Group and unallocated items</FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>(110)</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>(373)</U></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>-</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>(373)</U></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Operating profit before outside equity interests</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>790</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>451</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>+75.2</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1 062</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>451</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>+135.5</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><FONT size=2>
<P>Outside equity interests</FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>19</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>(15)</U></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>19</U></FONT></P></TD>
<TD vAlign=top width="11%"><U><FONT size=2>
<P align=right>(15)</U></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%"><B><FONT size=2>
<P>Operating profit attributable to members of the BHP
Entity</B></FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P> </P>
<P> </P><U>
<P align=right>809</U></FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P> </P>
<P> </P><U>
<P align=right>436</U></FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P> </P>
<P> </P>
<P>+85.6</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P> </P>
<P> </P><U>
<P align=right>1 081</U></FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P> </P>
<P> </P><U>
<P align=right>436</U></FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P> </P>
<P> </P>
<P align=right>+147.9</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD colSpan=8 vAlign=top><FONT size=2>
<P>(1) Comparative figures have been restated to reflect the transfer of
internal currency hedging results from Minerals, Steel and Petroleum to
Group and unallocated items, following a decision to cease internal
hedging effective 1 June 1999. The results of existing internal currency
hedging activities eliminate within Group and unallocated items.
</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR></BODY></TABLE><FONT size=2>
<P align=center> </P></FONT>
<P align=center> </P><B><FONT size=2>
<P align=right> </P>
<P>Minerals</P></B>
<P align=justify>Minerals' result for the half year was a profit of
$533 million, a decrease of $36 million or 6.3% compared with the
corresponding period.</P>
<P align=justify>Including an abnormal tax benefit relating to the restatement
of deferred tax balances following the change in the Australian company tax
rate, the result for the half year was a profit of $582 million. There were no
abnormal items in the corresponding period. </P>
<P align=justify>Major factors which contributed to the result were: </P>
<UL>
<P align=justify>
<LI>significantly lower average US dollar coal prices for Bowen Basin
(Queensland), Illawarra (New South Wales) and Kalimantan (Indonesia);
<P></P>
<P align=justify></P>
<LI>lower average US dollar iron ore prices and volumes;
<P></P>
<P align=justify></P>
<LI>unfavourable effect of the higher A$/US$ exchange rate;
<P></P>
<P align=justify></P>
<LI>operating losses resulting from start up of the HBI operation which was
commissioned in January 1999;
<P></P>
<P align=justify></P>
<LI>lower operating profits due to the sale of principal manganese assets in
December 1998; and
<P></P>
<P align=justify></P>
<LI>lower profit from the sale of assets.
<P></P></LI></UL>
<P align=justify>These were partly offset by:</P>
<UL>
<P align=justify>
<LI>losses in the corresponding period from ceased operations including the
Hartley platinum mine, North America copper and the Beenup mineral sands
operation;
<P></P>
<P align=justify></P>
<LI>lower unit costs at coal operations in Queensland and the Cannington
silver-lead-zinc mine (Queensland);
<P></P>
<P align=justify></P>
<LI>profits from diamond sales at the EKATI (TM) diamond mine which commenced sales in
January 1999;
<P></P>
<P align=justify></P>
<LI>lower exploration expenditure charged to profit;
<P></P>
<P align=justify></P>
<LI>tax benefiting of certain prior year exploration expenditure; and
<P></P>
<P align=justify></P>
<LI>inclusion of equity accounted profits from BHP's investment in the Samarco
iron ore operations (Brazil), following adoption of the revised accounting
standard AASB 1016: Accounting for Investments in Associates.
<P></P></LI></UL>
<P align=justify>Sales revenue was $4 036 million, 16.2% lower than in the
corresponding period, mainly due to lower prices for iron ore, coal and copper,
lower iron ore volumes and lower copper volumes following the closure of North
America copper operations.</P>
<P align=justify>The average price booked for copper shipments, after hedging
and finalisation adjustments, for the half year was US$0.76 per pound (1998 -
US$0.78). Finalisation adjustments after tax, representing adjustments on prior
period shipments settled in the November 1999 half year were $32 million
favourable (1998 - $9 million unfavourable).</P>
<P align=justify>Unhedged copper shipments not finalised at 30 November 1999
have been brought to account at US$0.80 per pound. The LME copper spot price on
Tuesday 30 November 1999 was US$0.79 per pound.</P>
<P align=justify>As at 30 November 1999, for the three months ending 28 February
2000 anticipated shipments are 22% covered by forward contracts at an average
price of US$0.77 per pound, 1.0% covered by call options at an average price of
US$0.84 per pound, and 15% covered by collar options with a minimum price of
US$0.74 per pound and maximum price of US$0.90 per pound. For the three months
ending 31 May 2000 anticipated shipments are 6% covered by forward contracts at
an average price of US$0.81 per pound and 15% covered by collar options with a
minimum price of US$0.74 per pound and maximum price of US$0.90 per pound. </P>
<P align=justify>Exploration expenditure was $30 million for the half year (1998
- - $115 million) and the charge against profit was $25 million (1998 - $97
million), reflecting a reduction in the worldwide exploration program.</P>
<P align=justify>Significant developments during the half year included:</P>
<UL>
<P align=justify>
<LI>closure of North America copper operations on 25 June 1999, with the
exception of the Solvent Extraction and Electro Winning plants, and the San
Manuel Rod Plant which was operated to complete fulfilment of contractual
obligations. The San Manuel Rod Plant ceased operations on October 25 1999;
<P></P>
<P align=justify></P>
<LI>suspended operations at the Hartley platinum mine pending conditional
sale;
<P></P>
<P align=justify></P>
<LI>very encouraging market acceptance of EKATI (TM) diamonds traded through our new Antwerp (Belgium)
office;
<P></P>
<P align=justify></P>
<LI>sale of the Moura (Queensland) coal mine on 20 August 1999; and
<P></P>
<P align=justify></P>
<LI>scientific reports were released by Ok Tedi Mining Limited (OTML),
confirming that the environmental impact of the Ok Tedi mine and the area of
land affected would be significantly greater than indicated by previous
studies. The reports show that none of the options considered by OTML offers a
clear solution to these environmental impacts. BHP has embarked upon open
consultation with all stakeholders of the operation - the PNG Government, the
Provincial Government, the communities surrounding the mine and along the Ok
Tedi and Fly River as well as shareholders. The PNG Government has requested
that the World Bank evaluate the current situation. BHP has agreed with a
request from the PNG Government to provide pertinent information and assist
the World Bank with any matters. The World Bank study is expected to be
completed by June 2000.
<P></P></LI></UL>
<P align=justify> </P><B>
<P align=justify>Steel</P></B>
<P align=justify>Steel's result for the half year was a profit of
$169 million, a decrease of $35 million or 17.2% compared with the
corresponding period.</P>
<P align=justify>Including an abnormal tax benefit relating to the restatement
of deferred tax balances following the change in the Australian company tax
rate, the result for the half year was a profit of $232 million. There were no
abnormal items in the corresponding period. </P>
<P align=justify>Major factors which contributed to the result were: </P>
<UL>
<P align=justify>
<LI>a decline of approximately 8% in US dollar prices for major export
products;
<P></P>
<P align=justify></P>
<LI>lower prices for products from operations in the USA and Asia;
<P></P>
<P align=justify></P>
<LI>lower domestic prices; and
<P></P>
<P align=justify></P>
<LI>lower sales volumes from Long Products operations.
<P></P></LI></UL>
<P align=justify>These were partly offset by:</P>
<UL>
<P align=justify>
<LI>improved cost and operating performance from overseas coating operations
and North Star BHP Steel (USA); and
<P></P>
<P align=justify></P>
<LI>lower raw material costs.
<P></P></LI></UL>
<P align=justify>Total steel despatches from all operations were 4.042 million
tonnes, 1.8% below the corresponding period:</P>
<DIR>
<DIR>
<P align=justify>- Australian domestic despatches were 2.128 million
tonnes, up 1.2%;</P>
<P align=justify>- Australian export despatches were 1.258 million tonnes,
down 14.2%;</P>
<P align=justify>- New Zealand steel despatches were 0.287 million tonnes, up
7.1%; and</P>
<P align=justify>- despatches from overseas plants were 0.369 million tonnes, up
33.2%.</P></DIR></DIR>
<P align=justify>Significant developments during the half year included:</P>
<UL>
<P align=justify>
<LI>the release of the Steel Strategic Plan, organising the Steel portfolio
into core and non-core businesses. The Company is in the process of pursuing
the divestment of its non-core steel businesses;
<P></P>
<P align=justify></P>
<LI>closure of primary steelmaking operations at Newcastle (New South Wales);
and
<P></P>
<P align=justify></P>
<LI>improvements in global market conditions for steel products have led to
steady increases in export steel prices which are beginning to impact
financial results.
<P></P></LI></UL>
<P align=justify> </P><B>
<P align=justify>Petroleum</P></B>
<P align=justify>Petroleum's result for the half year was a profit of
$410 million, an increase of $209 million or 104.0% compared with the
corresponding period.</P>
<P align=justify>Including an abnormal tax benefit relating to the restatement
of deferred tax balances following the change in the Australian company tax
rate, the result for the half year was a profit of $459 million. There were no
abnormal items in the corresponding period.</P>
<P align=justify>Major factors which contributed to the result were:</P>
<UL>
<P align=justify>
<LI>higher average realised oil prices before commodity hedging of A$32.99 per
barrel (1998 - A$21.77 per barrel), reflecting higher US dollar prices (1999 -
US$21.41 per barrel; 1998 - US$13.20 per barrel), partly offset by the effect
of the higher A$/US$ exchange rate;
<P></P>
<P align=justify></P>
<LI>higher sales volumes in Bass Strait reflecting the return to normal
operating conditions following the Longford incident in September 1998;
<P></P>
<P align=justify></P>
<LI>higher profits from the sale of assets. The current period included a
$31 million profit (after tax) following finalisation of the sale of
exploration and producing assets in the UK Southern North Sea. The
corresponding period included a $13 million profit (no tax effect) on
sale of the Timor Sea (North West Australia) producing facilities of Jabiru
and Challis and the abandoned Skua field; and
<P></P>
<P align=justify></P>
<LI>lower discretionary and overhead costs, including business development
activities, following the implementation of cost review programs in Australia
and the UK.
<P></P></LI></UL>
<P align=justify>These were partly offset by:</P>
<UL>
<P align=justify>
<LI>A net loss of $79 million (after tax) resulting from commodity hedging
activities compared with a net gain of $2 million on significantly lower
volumes in the corresponding period. The average realised oil price after
commodity hedging was US$19.16 per barrel (1998 - US$13.25 per barrel).
<P></P></LI></UL>
<P align=justify>As at 30 November 1999, for the three months ending 29 February
2000, 2.0 million barrels of estimated oil and condensate sales (after
third party entitlements) have been hedged at an average price of US$21.15 per
barrel, and 7.8 million barrels are covered by zero cost collar options with a
downside average of US$15.97 per barrel and an upside average of US$21.78 per
barrel. For the three months ending 31 May 2000, 3.3 million barrels of
estimated oil and condensate sales (after third party entitlements) have been
hedged at an average price of US$20.82 per barrel, and 5.1 million barrels
are covered by zero cost collar options with a downside average of US$17.23 per
barrel and an upside average of US$23.55 per barrel.</P>
<P align=justify>Oil and condensate production was 9% higher than the
corresponding period due to higher production at Bass Strait, the recently
commissioned Laminaria/Corallina fields (North West Australia), and higher gas
nominations at Bruce (UK). These were partly offset by lower production
following the sale of producing assets in the Timor Sea (North West Australia)
and the sale of Elang/Kakatua/Kakatua North producing fields, lower production
from Griffin (Western Australia) reflecting natural field decline, and lower
Liverpool Bay (UK) production due to repairs and maintenance. Natural gas
production was 4% lower mainly due to the sale of the UK Southern North Sea
assets, lower Victorian demand for Bass Strait gas and lower Griffin production.
This has been partly offset by higher gas production from the offshore US
producing properties due to increased facility capacity.</P>
<P align=justify>Exploration expenditure for the half year was $100 million
(1998 - $140 million). Exploration expenditure charged to profit was
$79 million (1998 - $79 million).</P>
<P align=justify>Significant developments during the half year included:</P>
<UL>
<P align=justify>
<LI>finalisation of the sale of all exploration and producing assets in the UK
Southern North Sea;
<P></P>
<P align=justify></P>
<LI>agreement was reached with PowerGen UK plc on a further re-negotiation of
gas price contractual arrangements for Liverpool Bay effective 1 June 1999
which resulted in the payment of $220 million to BHP in November 1999. This
payment represents full value for gas revenues foregone resulting from a
reduced base price for gas sold under the agreement and will be amortised on a
units of production basis over the five year agreement period. This
transaction follows a similar re-negotiation in December 1998;
<P></P>
<P align=justify></P>
<LI>settlement with the State of Hawaii which will result in BHP's dismissal
from the antitrust lawsuit brought against a number of oil companies (Hawaii
Antitrust Claim). The settlement is subject to approval in the US District
Court in Hawaii; and
<P></P>
<P align=justify></P>
<LI>initial oil production commenced from the Laminaria and Corallina
oilfields via the floating production storage and offloading facility
'Northern Endeavour' on 7 November 1999.
<P></P></LI></UL>
<P align=justify> </P><B>
<P align=justify>Services</P></B>
<P align=justify>Services' result for the half year was a profit of $40 million,
a decrease of $42 million or 51.2% compared with the corresponding period.</P>
<P align=justify>Including an abnormal tax benefit relating to the restatement
of deferred tax balances following the change in the Australian company tax
rate, the result for the half year was a profit of $45 million. There were no
abnormal items in the corresponding period. </P>
<P align=justify>The major factor which contributed to the variation was a $46
million profit (no tax effect) on the partial sale of BHP's investment in
Orbital Engine Corporation Limited in the corresponding period.</P></FONT><FONT
size=1>
<P align=justify> </P></FONT><FONT size=2>
<P align=justify>Significant developments during the current half year
included:</P>
<UL>
<P align=justify>
<LI>sale of BHP Engineering;
<P></P>
<P align=justify></P>
<LI>sale of the bulk carrier Iron Newcastle;
<P></P>
<P align=justify></P>
<LI>investment in the Belgian shipping company Cobam N.V.; and
<P></P>
<P align=justify></P>
<LI>completion of the sale of Hunter Towage Services Pty Ltd.
<P></P></LI></UL><B>
<P align=justify>Net unallocated interest</P></B>
<P align=justify>Net Unallocated Interest expense was $252 million for the half
year compared with $232 million for the corresponding period. This increase was
mainly due to lower capitalised interest in the current half year for HBI,
Escondida and EKATI (TM), lower
interest income, an over provision for income tax in the corresponding period
and higher interest rates in the US and Australia, largely offset by lower
funding levels.</P>
<P align=justify>Including an abnormal tax expense relating to the restatement
of deferred tax balances following the change in the Australian company tax
rate, Net Unallocated Interest expense for the half year was $256 million.
There were no abnormal items in the corresponding period. </P>
<P align=justify>A significant development during the current half year was the
Federal Court ruling in BHP's favour regarding a dispute concerning the
deductibility of financing costs paid to General Electric Company in connection
with the acquisition of the Utah Group in the early 1980's. The Australian
Taxation Office has subsequently appealed the decision. No adjustments will be
made to the Group accounts pending conclusion of this matter.</P><B>
<P align=justify>Group and unallocated items</B><I> </P></I>
<P align=justify>The result for Group and unallocated items was a loss of
$110 million for the half year compared with a loss of $373 million
for the corresponding period. The improvement was mainly due to lower losses of
$80 million (after tax) from external foreign currency hedging compared with
losses of $249 million in the corresponding period.</P>
<P align=justify>Including abnormal items the result was nil for the half year.
The abnormal items comprised:</P>
<UL>
<P align=justify>
<LI>a tax benefit of $112 million arising from finalisation of funding
arrangements in August 1999 related to the Beenup mineral sands project; and
<P></P>
<P align=justify></P>
<LI>a tax expense of $2 million relating to the restatement of deferred tax
balances following the change in the Australian company tax rate.
<P></P></LI></UL>
<P align=justify>There were no abnormal items in the corresponding
period.</P><B>
<P align=justify>Outside equity interests</P></B>
<P align=justify>Outside equity interests' share of operating profit decreased
mainly due to adjustments attributable to minority shareholders of the Moura
coal mine following completion of the sale in August 1999, and a lower result at
Ok Tedi during the current half year.</P>
<P align=justify> </P></FONT><B><I>
<P align=justify>Consolidated Financial results</P></I><FONT size=2>
<P align=justify>Revenue</P></B>
<P align=justify>Sales revenue of $9 527 million decreased by $427 million
or 4.3% compared with the corresponding period, mainly due to lower prices for
coal, steel and iron ore, and lower copper volumes reflecting the closure of
North America copper operations. Other revenue, including interest income,
decreased by $4 million. Total operating revenue decreased by $431 million to
$10 137 million.</P><B>
<P align=justify>Depreciation and Amortisation</P></B>
<P align=justify>Depreciation and amortisation charges decreased by
$113 million to $962 million. The decrease relates mainly to
depreciation in the corresponding period on businesses now closed, ceased
operating or sold, the favourable effect of exchange rate variations and lower
depreciation following the write-down of certain assets at 31 May 1999.
These decreases were partly offset by higher depreciation following
commissioning of the EKATI (TM)
diamond mine, and the Escondida oxide plant and phase 3.5 expansion project, and
higher Petroleum production.</P><B>
<P align=justify>Borrowing costs</P></B>
<P align=justify>Borrowing costs decreased by $35 million to $355 million,
mainly due to lower funding levels partly offset by lower capitalised interest
and higher interest rates in the US and Australia.</P><B>
<P align=justify>Income Tax Expense</P></B>
<P align=justify>Excluding abnormal items, income tax expense of
$424 million was $38 million higher than for the corresponding period.
The charge for the half year represented an effective tax rate of 34.9% (1998 -
46.1%) which is lower than the nominal Australian tax rate of 36% primarily due
to partial recognition of tax benefits mainly in respect of prior year overseas
exploration expenditure which have been recognised due to increased income from
North American operations, in addition to prior year over provisions. These
factors were partly offset by non-deductible interest expense on preference
shares, non-deductible accounting depreciation and amortisation, and overseas
exploration expenditure for which no deduction is presently available.</P><B>
<P align=justify>Financial ratios</P></B>
<P align=justify>At 30 November 1999 BHP's gearing ratio was 50.4% compared to
54.2% at May 1999.</P>
<P align=justify>Based on earnings before interest paid and tax (EBIT) excluding
abnormal items interest cover for the half year was 4.2 times compared with 1.8
times for the May 1999 year and 2.4 times for the corresponding period. Based on
earnings before interest paid, tax and depreciation (EBITDA) excluding abnormal
items interest cover for the half year was 6.8 times compared with 4.2 times for
the May 1999 year and 4.5 times for the corresponding period.</P>
<P align=justify> </P></FONT><B><I>
<P align=justify>Significant events after end of half year</P></B></I><FONT
size=2>
<P align=justify>The following matters or circumstances have arisen since the
end of the half year that have significantly affected, or may significantly
affect, the operations, results of operations or state of affairs of the Company
in subsequent accounting periods:</P>
<UL>
<LI>Sale of oil and gas interests in Papua New Guinea to Orogen Minerals Ltd
on 10 December 1999. Proceeds of approximately $200 million and an
abnormal profit of approximately $70 million will be included in the March
2000 results; and
<LI>industrial action has occurred at a number of BHP sites since 30 November
1999, as a protest against BHP Iron Ore offering individual contracts (WA
workplace agreements) to employees in the Pilbara. The impact on BHP's result
for the 13 month period ending 30 June 2000 will depend on the extent of
future industrial action.</LI></UL></FONT><B>
<P align=justify>DIRECTORS' REPORT</P><I>
<P align=justify>Board of Directors</P></B></I><FONT size=2>
<P align=justify>The Directors of the Company in office during or since the end
of the half year are:</P>
<P align=justify> </P>
<P align=justify>B C ALBERTS - a Director since January 2000;</P>
<P align=justify>P M ANDERSON - Managing Director and Chief Executive Officer
since December 1998;</P>
<P align=justify>D R ARGUS - Chairman since June 1999;</P>
<P align=justify>W F BLOUNT - a Director since March 1999;</P>
<P align=justify>M A CHANEY - a Director since May 1995;</P>
<P align=justify>J C CONDE - a Director since March 1995;</P>
<P align=justify>D A CRAWFORD - a Director since May 1994;</P>
<P align=justify>M A JACKSON <I>- </I>a Director since January 1994;</P>
<P align=justify>G W McGREGOR - a Director until September 1999;</P>
<P align=justify>R J McNEILLY <I>- </I>Executive Director since July 1991;
and</P>
<P align=justify>J T RALPH<B> - </B>a Director since November 1997.</P>
<P align=justify> </P></FONT><B><I>
<P align=justify>Review of operations</P></B></I><FONT size=2>
<P align=justify>Refer pages 1 - 8.</P>
<P align=justify> </P></FONT><B><I>
<P align=justify>Rounding of amounts</P></B></I><FONT size=2>
<P align=justify>The Company is a company of a kind referred to in Class Order
No. 98/0100 dated 10 July 1998 issued by the Australian Securities and
Investments Commission. Amounts in this report, unless otherwise indicated, have
been rounded in accordance with that Class Order to the nearest million
dollars.</P>
<P align=justify> </P>
<P align=justify>Signed in accordance with a resolution of the Board.</P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify>D R Argus</P><I>
<P align=justify>Chairman of Directors</P>
<P align=justify> </P></I>
<P align=justify>Dated in Melbourne this 8th day of February
2000</P></FONT><FONT face=Palatino size=2>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P></FONT><FONT size=6>
<P align=center>Financial Statements</P>
<P align=center>for the half year ended 30 November 1999</P></FONT><FONT
face=Palatino size=2>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P><I>
<P align=justify> </P></I></FONT><B>
<P align=justify>Profit and Loss STATEMENT</P></B>
<P align=justify>for the half year ended 30 November 1999</P>
<DIR>
<DIR><B><FONT size=2>
<P align=justify></B>30 November</P></DIR></DIR></FONT>
<TABLE border=1 cellSpacing=1 width=669>
<BODY>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=center>Notes</FONT></P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P align=justify>Operating revenue</B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Sales </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>2</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 527</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9954</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Other revenue </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>2</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>610</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>614</FONT></P></TD></TR>
<TR>
<TD height=9 vAlign=top width="67%">
<P></P></TD>
<TD height=9 vAlign=top width="7%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>10 137</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>10568</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P align=justify>Operating profit, including abnormal items, before
depreciation, amortisation and borrowing costs</B> <B>.</B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right> </P>
<P align=right>2 531</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right> </P>
<P align=right>2302</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><I><FONT size=2>
<P align=justify>deduct</I></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Depreciation and amortisation </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>3</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>962</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1075</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Borrowing costs </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>4</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>355</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>390</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>* Operating profit before income tax </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 214</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>837</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><I><FONT size=2>
<P align=justify>deduct</I></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>** Income tax expense attributable to operating
profit</FONT><FONT size=1> </FONT><FONT size=2></FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>6</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>152</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>386</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P align=justify>Operating profit after income tax</B> </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>7</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 062</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>451</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><I><FONT size=2>
<P align=justify>add/(deduct)</I></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Outside equity interests in operating profit</P>
<P align=justify>after income tax </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>19</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(15)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P align=justify>Operating profit after income tax, attributable to
members</P>
<P align=justify>of the BHP Entity </B></FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right> </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right> </P>
<P align=right>1 081</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>436</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Retained profits at the beginning of the half year
</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1826</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>4826</FONT></P></TD></TR>
<TR>
<TD height=32 vAlign=top width="67%"><FONT size=2>
<P align=justify>Adjustment for initial adoption of revised accounting
standard</P>
<P align=justify>AASB 1016: Accounting for Investments in Associates:
</FONT></P></TD>
<TD height=32 vAlign=top width="7%"><FONT size=2>
<P align=right> </FONT></P></TD>
<TD height=32 vAlign=top width="13%"><FONT size=2>
<P align=right> </P>
<P align=right>124</FONT></P></TD>
<TD height=32 vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD height=9 vAlign=top width="67%">
<P></P></TD>
<TD height=9 vAlign=top width="7%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Total available for appropriation </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>3 031</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5262</FONT></P></TD></TR>
<TR>
<TD height=9 vAlign=top width="67%">
<P></P></TD>
<TD height=9 vAlign=top width="7%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><I><FONT size=2>
<P align=justify>add/(deduct)</I></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Dividends provided for or paid </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>8</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(440)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(375)</FONT></P></TD></TR>
<TR>
<TD height=15 vAlign=top width="67%"><FONT size=2>
<P align=justify>Transfers to retained profits on asset disposal
</FONT></P></TD>
<TD height=15 vAlign=top width="7%">
<P></P></TD>
<TD height=15 vAlign=top width="13%"><FONT size=2>
<P align=right>(1)</FONT></P></TD>
<TD height=15 vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD height=9 vAlign=top width="67%">
<P></P></TD>
<TD height=9 vAlign=top width="7%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P align=justify>Retained profits at the end of the half year
</B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 590</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>4887</FONT></P></TD></TR></BODY></TABLE>
<P align=justify></P>
<TABLE border=1 cellSpacing=1 width=669>
<BODY>
<TR>
<TD height=10 vAlign=top width="67%">
<P></P></TD>
<TD height=10 vAlign=top width="7%">
<P></P></TD>
<TD height=10 vAlign=top width="13%">
<P></P></TD>
<TD height=10 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD height=18 vAlign=top width="67%"><I><FONT size=2>
<P align=justify>Operating profit after income tax attributable to
members</P>
<P align=justify>of the BHP Entity comprise:</I></FONT></P></TD>
<TD height=18 vAlign=top width="7%">
<P></P></TD>
<TD height=18 vAlign=top width="13%">
<P></P></TD>
<TD height=18 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>* Operating profit before abnormal</P>
<P align=justify>items and income tax </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 214</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>837</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>** Income tax expense attributable to </P>
<P align=justify>operating profit before abnormal items </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>6</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(424)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(386)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P align=justify>Operating profit after income tax before abnormal items
</B></FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>7</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>790</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>451</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><I><FONT size=2>
<P align=justify>add/(deduct)</I></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P>Outside equity interests in operating profit after income tax<BR>before
abnormal items </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>19</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(15)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P>Operating profit after income tax, before abnormal
items,<BR>attributable to members of the BHP Entity</B> </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>809</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>436</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<DIR><FONT size=2>
<P>*Abnormal items included in operating profit<BR>before income tax
</P></DIR></FONT></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>5</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<DIR><FONT size=2>
<P align=justify>**Abnormal income tax expense </P></DIR></FONT></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>6</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>272</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD height=9 vAlign=top width="67%">
<P></P></TD>
<TD height=9 vAlign=top width="7%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD>
<TD height=9 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><FONT size=2>
<P align=justify>Abnormal items after income tax </FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=right>5</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>272</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><B><FONT size=2>
<P>Operating profit after income tax, attributable to members<BR>of the
BHP Entity </B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 081</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>436</FONT></P></TD></TR></BODY></TABLE><I><FONT size=1>
<P align=justify>The accompanying notes form part of these financial
statements.</P></I></FONT><B>
<P align=justify>Balance Sheet</P></B>
<P align=justify>as at 30 November 1999</P>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=711>
<BODY>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>30 November</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>31 May</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>30 November</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>Notes</FONT></P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1999</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%"><B><FONT size=2>
<P align=justify>Assets</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Current assets</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Cash </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>464</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>460</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>728</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Receivables </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 634</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 661</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 576</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Investments </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>481</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>273</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>202</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Inventories </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 239</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 262</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 784</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Other </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>228</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>196</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>297</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Total current assets</B> </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>6 046</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5 852</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>6 587</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Non-current assets</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Receivables </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>189</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>323</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>422</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Investments </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>683</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>483</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>792</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Inventories </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>172</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>187</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>188</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P>Property, plant and equipment </P></DIR></FONT></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>10</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>19 839</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>20465</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>23251</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Exploration, evaluation and development expenditure
capitalised </P></DIR></FONT></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>11</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 115</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2166</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2913</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Intangibles </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>168</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>175</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>369</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Other </P></DIR></FONT></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>12</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 704</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 836</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 804</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Total non-current assets </B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>24 870</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>25 635</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>29 739</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Total assets </B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>30 916</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>31 487</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>36 326</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Liabilities</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Current liabilities</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Accounts payable </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 308</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 635</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 402</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Borrowings </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 918</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 381</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 335</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Provisions </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 564</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 178</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 368</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Total current liabilities</B> </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5 790</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>6 194</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5 105</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Non-current liabilities</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Accounts payable </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>76</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>156</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>128</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Borrowings </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 010</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 990</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>13 121</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Provisions </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5 526</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5 786</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5 232</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Total non-current liabilities </B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>14 612</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>15 932</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>18 481</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Total liabilities </B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>20 402</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>22 126</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>23 586</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Net assets </B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>10 514</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 361</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>12 740</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Shareholders' equity</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Shareholders' equity attributable to members of the BHP
Entity</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Share capital </P></DIR></FONT></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>13</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>6 944</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>6 533</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>8 619</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Reserves </P></DIR></FONT></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>14</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>309</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>287</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right> 539</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>Retained profits </P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 590</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 826</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>4 887</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<DIR><FONT size=2>
<P align=justify>BHP shares held by controlled entities
</P></DIR></FONT></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(2 087)</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 843</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>8 646</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>11 958</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Shareholders' equity attributable to outside equity
interests</B> </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>671</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>715</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>782</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P align=justify>Total shareholders' equity </B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>10 514</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 361</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>12 740</FONT></P></TD></TR></BODY></TABLE><I><FONT size=1>
<P align=justify> </P>
<P align=justify>The accompanying notes form part of these financial
statements.</P></FONT><FONT size=2>
<P align=justify></P></I></FONT><B>
<P align=justify>Statement of Cash Flows</P></B>
<P align=justify>for the half year ended 30 November 1999</P>
<DIR>
<DIR><B><FONT size=2>
<P align=justify></B>30 November</P></DIR></DIR></FONT>
<TABLE border=1 cellSpacing=1 width=695>
<BODY>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=center>Notes</FONT></P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Cash flows related to operating
activities</B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Receipts from customers </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>9194</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>10364</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Payments to suppliers, employees, etc </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(7836)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(8222)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Dividends received </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>1</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Interest received </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>39</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>87</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Borrowing costs </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(508)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(622)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Proceeds from gas sales contract price re-negotiation
</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>231</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Other </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>253</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>98</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Operating cash flows before income tax </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>1374</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>1708</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Income taxes paid </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(106)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(428)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Net operating cash flows </B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>1268</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>1280</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Cash flows related to investing
activities</B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Purchases of property, plant and equipment </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(471)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(1504)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Exploration expenditure </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(137) </FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(255) </FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Purchases of investments </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(106)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(101)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Investing outflows </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(714)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(1860)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Proceeds from sale of property, plant and equipment
</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>407</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>230</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Proceeds from sale or redemption of investments
</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>-</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>93</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Proceeds from sale or partial sale of controlled
entities</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>and joint venture interests net of their cash
</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>13</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>24</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Net investing cash flows </B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(294)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(1513)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Cash flows related to financing
activities</B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Proceeds from ordinary share issues </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>130</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>64</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Borrowings </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>1531</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>1856</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Repayment of borrowings </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(2059)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(1453)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Dividends paid </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(485)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(462)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Other </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>107</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(62)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Net financing cash flows</B> </FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(776)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(57)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Net increase/(decrease) in cash and cash equivalents</B>
</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>198</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(290)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Cash and cash equivalents at beginning of half year
</FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>573</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>949</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%"><FONT size=2>
<P align=justify>Effect of exchange rate changes on cash and cash
equivalents<B> </B></FONT></P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>4</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="68%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="68%"><B><FONT size=2>
<P align=justify>Cash and cash equivalents at end of half year</B>
</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P align=center>15</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>775</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>662</FONT></P></TD></TR></BODY></TABLE><I><FONT size=1>
<P align=justify> </P>
<P align=justify>The accompanying notes form part of these financial
statements.</P>
<P align=justify> </P></I></FONT><B>
<P align=justify>Notes to the Financial Statements</P><FONT size=2>
<P align=justify>1 Basis of preparation of half year financial
statements</P></B>
<P align=justify>These statements are general purpose half year consolidated
financial statements that have been prepared in accordance with the requirements
of the Corporations Law, Australian Stock Exchange Listing Rules, Australian
Accounting Standard AASB 1029: Half Year Accounts and Consolidated Accounts and
Urgent Issues Group Consensus Views, and give a true and fair view of the
matters disclosed. These half year financial statements and reports should
be read in conjunction with the annual financial statements and reports for the
year ended 31 May 1999 and any public announcements made by The Broken Hill
Proprietary Company Limited and its controlled entities during the half year in
accordance with continuous disclosure obligations arising under the Corporations
Law and Australian Stock Exchange Listing Rules. </P>
<P align=justify>Accounting policies have been consistently applied by all
entities in the BHP Group and are consistent with those of the previous
financial year, except for adoption of new accounting standards:</P>
<UL>
<P align=justify>
<LI>Revised Australian Accounting Standard AASB 1004: Revenue has been adopted
for the half year ended 30 November 1999. There was no material effect on
profits; and
<P></P>
<P align=justify></P>
<LI>Revised Australian Accounting Standard AASB 1016: Accounting for
Investments in Associates has been adopted for the half year ended 30 November
1999, resulting in the application of the equity method of accounting for
investments in associates. Previously the cost method was used. Refer note 16
for details of investments in associated entities.
<P></P></LI></UL>
<P align=justify>Australian deferred tax balances at 30 November 1999 were
restated as a consequence of the Australian company income tax rate change to
34% applicable from 1 July 2000, and then to 30% applicable from 1 July 2001.
The effect of this restatement has been brought to account as an abnormal item
(refer note 5).</P>
<P align=justify> </P></FONT>
<P align=right>
<TABLE border=1 cellSpacing=1 width=681>
<BODY>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="20%"><FONT size=2>
<P>30 November</FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE></P><B><FONT
size=2>
<P align=justify>2 Revenue</P></B></FONT>
<P align=right>
<TABLE border=1 cellSpacing=1 width=680>
<BODY>
<TR>
<TD vAlign=top width="74%">
<P align=justify><FONT size=2>Revenue from operating
activities</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Sales revenue</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Sale of goods </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 255</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 599</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Rendering of services </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>272</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>355</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Total sales revenue </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 527</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9954</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Revenue from other than operating
activities</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Interest revenue <SUP>(a)</SUP> </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>42</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>99</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Dividend income </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Proceeds from sale of assets </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>464</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>343</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Share of net results of associates </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>17</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Management fees </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>14</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>24</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Other revenue </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>72</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>145</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Total other revenue </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>610</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>614</FONT></P></TD></TR></BODY></TABLE></P>
<DIR><I><FONT size=1>
<P align=justify>(a) Interest revenue included $31 million (1998 - $61 million)
which had not been received at balance date.</P></I></FONT>
<P align=justify> </P></DIR>
<P align=right>
<TABLE border=1 cellSpacing=1 width=681>
<BODY>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="20%"><FONT size=2>
<P>30 November</FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE></P><B><FONT
size=2>
<P align=justify>3 Depreciation and amortisation</P></B></FONT>
<P align=right>
<TABLE border=1 cellSpacing=1 width=680>
<BODY>
<TR>
<TD vAlign=top width="74%">
<P align=justify><FONT size=2>Depreciation relates to</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Buildings </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>56</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>60</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Plant, machinery and equipment </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>788</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>856</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Mineral rights </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>32</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>32</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Exploration, evaluation and development expenditures
carried forward </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>76</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>106</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Capitalised leased assets </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Total depreciation </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>954</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 059</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Amortisation <SUP>(a)(b)</SUP> </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>8</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>16</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Total depreciation and amortisation </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>962</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 075</FONT></P></TD></TR></BODY></TABLE></P><I><FONT
size=1>
<P align=justify> </P></I></FONT>
<TABLE border=1 cellSpacing=1 width=547>
<BODY>
<TR>
<TD vAlign=top width="40%">
<P align=justify><I><FONT size=1> </P>
<P align=justify> </I></FONT></P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD colSpan=7 vAlign=top width="51%"><I><FONT size=1>
<P align=center>30 November 1999</P>
<P align=center>$ million</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="40%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%"><I><FONT size=1>
<P align=center>Before tax</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><I><FONT size=1>
<P align=center>Related Tax</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><I><FONT size=1>
<P align=center>Related outside equity interests</I></FONT></P></TD>
<TD vAlign=top width="16%"><I><FONT size=1>
<P align=center>Amount (after tax) attributable to
members</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="40%"><I><FONT size=1>
<P align=justify>(a) Amortisation relates to</I></FONT></P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="10%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="10%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="24%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="40%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="10%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="10%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="24%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="40%"><I><FONT size=1>
<P align=justify>Amortisation of goodwill </I></FONT></P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="7%"><I><FONT size=1>
<P align=right>8</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><I><FONT size=1>
<P align=right>-</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><I><FONT size=1>
<P align=right>-</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="24%"><I><FONT size=1>
<P align=right>8</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="40%"><I><FONT size=1>
<P align=justify>Total amortisation </I></FONT></P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="7%"><I><FONT size=1>
<P align=right>8</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><I><FONT size=1>
<P align=right>-</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><I><FONT size=1>
<P align=right>-</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="24%"><I><FONT size=1>
<P align=right>8</I></FONT></P></TD></TR></BODY></TABLE><I><FONT size=1>
<P align=justify> </P>
<DIR>
<DIR><B>
<P align=justify></B>30 November</P></DIR></DIR></I></FONT>
<TABLE border=1 cellSpacing=1 width=547>
<BODY>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P align=right>1999</I></FONT></P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P align=right>1998</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P align=right>$ million</I></FONT></P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P align=right>$ million</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%"><I><FONT size=1>
<P align=justify>(b) Operating profit restated to exclude amortisation of
goodwill</I></FONT></P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<DIR><I><FONT size=1>
<P align=justify>Operating profit after tax before outside equity
interests </P></DIR></I></FONT></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P align=right>1 062</I></FONT></P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P>451</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<DIR><I><FONT size=1>
<P align=justify>Add amortisation of goodwill </P></DIR></I></FONT></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P>8</I></FONT></P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P>15</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<DIR><I><FONT size=1>
<P align=justify>Operating profit after tax before outside equity
interests </P>
<P align=justify>and amortisation of goodwill </P></DIR></I></FONT></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P align=right>1 070</I></FONT></P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P>466</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<DIR><I><FONT size=1>
<P align=justify>Add/(deduct) outside equity interests
</P></DIR></I></FONT></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P>19</I></FONT></P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P>(15)</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<DIR><I><FONT size=1>
<P align=justify>Operating profits after tax (before amortisation of
goodwill) </P>
<P align=justify>attributable to members of the BHP Entity
</P></DIR></I></FONT></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P align=right>1 089</I></FONT></P></TD>
<TD vAlign=top width="12%"><I><FONT size=1>
<P>451</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="67%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR></BODY></TABLE>
<P align=justify> </P>
<P align=justify> </P>
<TABLE border=1 cellSpacing=1 width=700>
<BODY>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="19%"><FONT size=2>
<P align=center>30 November</FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE><B><FONT size=2>
<P align=justify>4 Borrowing costs</P></B></FONT>
<P align=right>
<TABLE border=1 cellSpacing=1 width=680>
<BODY>
<TR>
<TD vAlign=top width="74%">
<P align=justify><FONT size=2>Borrowing costs paid or due and
payable</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>on borrowings </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>370</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>508</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>on finance leases </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Total borrowing costs </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>372</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>511</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><I><FONT size=2>
<P align=justify></P>
<P align=justify>deduct</I> Amounts capitalised </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>17</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>121</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Borrowing costs charged against operating profit
</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>355</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>390</FONT></P></TD></TR></BODY></TABLE></P><B><FONT size=2>
<P align=justify> </P>
<P align=justify>5 Abnormal items</P>
<DIR></B>
<P align=justify>The following abnormal items are included in the results for
the half years ended:</P></DIR></FONT>
<P align=right>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=683>
<BODY>
<TR>
<TD vAlign=top width="72%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="29%"><B><FONT size=2>
<P align=center>$ million</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="72%">
<P> </P></TD>
<TD vAlign=top width="9%"><B><FONT size=2>
<P align=right>Gross</B></FONT></P></TD>
<TD vAlign=top width="10%"><B><FONT size=2>
<P align=right>Tax</B></FONT></P></TD>
<TD vAlign=top width="10%"><B><FONT size=2>
<P align=right>Net</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="72%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="29%"><B><FONT size=2>
<P align=center>30 November 1999</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="72%"><FONT size=2>
<P align=justify>Tax benefit arising from the restatement of deferred tax
balances as a consequence of the Australian company tax rate change to 34%
applicable from 1 July 2000, and then to 30% applicable from 1 July
2001.....................</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right> </P>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right> </P>
<P align=right>160</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right> </P>
<P align=right>160</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="72%"><FONT size=2>
<P align=justify>Tax benefit arising from finalisation of funding
arrangements related to the Beenup mineral sands
project............................</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right> </P>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right> </P>
<P align=right>112</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right> </P>
<P align=right>112</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="72%"><FONT size=2>
<P align=justify>Total abnormal
items............................</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>272</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>272</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="72%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="29%"><FONT size=2>
<P align=center> </P>
<P align=center>30 November 1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="72%">
<P> </P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR></BODY></TABLE></P><I><FONT size=2>
<P align=justify> </P></I></FONT>
<P align=right>
<TABLE border=1 cellSpacing=1 width=681>
<BODY>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="20%"><FONT size=2>
<P>30 November</FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE></P><B><FONT
size=2>
<P align=justify>6 Income tax</P></B></FONT>
<P align=right>
<TABLE border=1 cellSpacing=1 width=680>
<BODY>
<TR>
<TD vAlign=top width="74%">
<P align=justify><B><FONT size=2>Income tax arising from items taken to
operating profit</P></B>
<P align=justify>The prima facie tax on operating profit excluding
abnormal items differs from the income tax </P>
<P align=justify>provided in the accounts and is calculated as
follows:</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Operating profit excluding abnormal items and income tax
</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 214</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>837</FONT></P></TD></TR>
<TR>
<TD height=11 vAlign=top width="74%">
<P></P></TD>
<TD height=11 vAlign=top width="13%">
<P></P></TD>
<TD height=11 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Tax calculated at 36 cents in the dollar on operating
profit excluding abnormal items and </P>
<P align=justify>income tax </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>437</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>301</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><I><FONT size=2>
<P align=justify>deduct </I>tax effect of</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Recognition of prior year losses </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>72</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>40</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Amounts over provided in prior years </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>45</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>35</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Investment and development allowance </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>13</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>16</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Research and development incentive </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>3</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>4</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Rebate for dividends </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Exempt income </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>304</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>204</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><I><FONT size=2>
<P align=justify>add </I>tax effect of</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Non-tax effected operating losses </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>13</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>65</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Non-deductible dividends on redeemable preference shares
</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>34</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>34</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Non-deductible accounting depreciation and amortisation
</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>32</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>31</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Foreign expenditure including exploration not presently
deductible </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>24</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>44</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Foreign exchange/other </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>30</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>6</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Tax differential- non-Australian income </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>(13)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Income tax excluding abnormal items attributable to
operating profit </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>424</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>386</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><I><FONT size=2>
<P align=justify>deduct </I>tax effect of abnormal items </FONT><FONT
size=1>(a)</FONT><FONT size=2> </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>272</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><B><FONT size=2>
<P align=justify>Income tax attributable to operating profit</B>
</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>152</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>386</FONT></P></TD></TR>
<TR>
<TD height=11 vAlign=top width="74%">
<P></P></TD>
<TD height=11 vAlign=top width="13%">
<P></P></TD>
<TD height=11 vAlign=top width="13%">
<P></P></TD></TR>
<TR>
<TD vAlign=top width="74%"><FONT size=2>
<P align=justify>Effective tax rate</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<UL><FONT size=2>
<P align=justify>
<LI>excluding abnormal items</LI></UL></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>34.9%</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>46.1%</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="74%">
<UL><FONT size=2>
<P align=justify>
<LI>including abnormal items</LI></UL></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>12.5%</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>46.1%</FONT></P></TD></TR></BODY></TABLE></P>
<DIR><I><FONT size=1>
<P align=right>(a) Refer note 5.</P></DIR></I></FONT><B><FONT size=2>
<P>7. Segment results</P>
<DIR></B>
<P align=justify>(a) The segment analysis by industry is based on the
predominant activities of the BHP Group.</P>
<P align=justify>- Minerals (exploration for and mining, processing and
marketing of iron ore, coal, diamonds, silver, lead, zinc, copper</P>
<P align=justify>and copper by-products including gold);</P>
<P align=justify>- Steel (manufacture and marketing of steel products);</P>
<P align=justify>- Petroleum (exploration for and production, processing and
marketing of hydrocarbons); and</P>
<P align=justify>- Services (principally transport and logistics, engineering,
information technology and insurance).</P>
<P align=justify>Group Centre functions are described as Group and unallocated
items.</P>
<P align=justify>(b) Segment results include sales made between segments. These
sales are made on a commercial basis.</P>
<P align=justify>Comparative figures have been restated to reflect the transfer
of internal currency hedging results from Minerals, Steel and Petroleum to Group
and unallocated items, following a decision to cease new internal hedging
effective 1 June 1999. The results of internal currency hedging activities now
eliminate within Group and unallocated items.</P></DIR><B>
<P align=center>$ million</P></B></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=734>
<BODY>
<TR>
<TD vAlign=top width="2%">
<P><FONT size=2> </FONT></P></TD>
<TD vAlign=top width="19%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=1>
<P align=right> </P>
<P align=right> </P>
<P align=right> </P>
<P align=right>External</P>
<P align=right>operating</P>
<P align=right>revenue</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=1>
<P align=right> </P>
<P align=right> </P>
<P align=right>Intersegment<BR>operating<BR>revenue</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=1>
<P align=right>Operating</P>
<P align=right>profit before abnormal items and income
tax(a)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=1>
<P align=right>Income tax (expense)/ benefit excluding</P>
<P align=right>abnormal items</FONT></P></TD>
<TD colSpan=3 vAlign=top width="14%"><FONT size=1>
<P align=right>Operating<BR>profit after<BR>income
tax,<BR>before<BR>abnormal<BR>items (b)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=1>
<P> </P>
<P> </P>
<P align=right>Abnormal<BR>items net of tax</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=1>
<P align=right>Operating<BR>profit after<BR>income tax<BR>and</P>
<P align=right>abnormal<BR>items (b)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=1>
<P align=right> </P>
<P align=center>Segment</P>
<P align=center>assets</P>
<P align=right>Gross Net</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="27%"><B><FONT size=2>
<P>Industry classification</B></FONT></P></TD>
<TD colSpan=13 vAlign=top width="71%"><B><FONT size=2>
<P align=center>30 November 1999</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%"><FONT size=2>
<P>Minerals </FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=2>
<P align=right>4 057</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>178</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>770</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P>(237)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>533</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>49</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>582</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>12 865</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>9 337</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%"><FONT size=2>
<P>Steel </FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=2>
<P align=right>3 700</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>11</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>265</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P>(96)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>169</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>63</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>232</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>8 389</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>6 682</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%"><FONT size=2>
<P>Petroleum </FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=2>
<P align=right>2 070</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>7</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>625</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P>(215)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>410</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>49</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>459</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>7 751</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>4 031</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%"><FONT size=2>
<P>Services </FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=2>
<P align=right>356</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>588</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>58</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P>(18)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>40</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>5</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>45</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>716</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>121</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%"><FONT size=2>
<P>Net unallocated<BR>interest </FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=2>
<P> </P>
<P>25</FONT></P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P> </P>
<P>(330)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P> </P>
<P>78</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P> </P>
<P>(252)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P> </P>
<P>(4)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right> </P>
<P align=center>(256)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right> </P>
<P align=right> </FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right> </P>
<P align=right> </FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%"><FONT size=2>
<P>Group and unallocated</P>
<P>items</FONT><FONT size=1>(c) </FONT><FONT size=2></FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=2>
<P>(71)</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>3</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(174)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P>64</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>(110)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>110</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>1 195</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(9 657)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="19%"><FONT size=2>
<P>BHP Group </FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=2>
<P align=right>10 137</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>787</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>1 214</FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P>(424)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>790</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>272</FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P align=right>1 062</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>30 916</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>10 514</FONT></P></TD></TR></BODY></TABLE><FONT size=5>
<P align=justify></P></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=734>
<BODY>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><B><FONT size=2>
<P>Industry classification</B></FONT></P></TD>
<TD colSpan=9 vAlign=top width="77%"><B><FONT size=2>
<P align=center>30 November 1998</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><FONT size=2>
<P>Minerals </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>4 809</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>273</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>982</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(413)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>569</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>569</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>15 894</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>12 364</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><FONT size=2>
<P>Steel </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>4 097</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>15</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>324</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(120)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>204</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>204</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>9 465</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>7 403</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><FONT size=2>
<P>Petroleum </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>1 483</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>4</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>328</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(127)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>201</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>201</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>8 236</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>5 502</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><FONT size=2>
<P>Services </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>483</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>789</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>95</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(13)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>82</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>82</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>1 170</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>497</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><FONT size=2>
<P>Net unallocated<BR>interest </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right> </P>
<P align=right>75</FONT></P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P> </P>
<P>(315)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P> </P>
<P>83</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P> </P>
<P>(232)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right> </P>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P> </P>
<P>(232)</FONT></P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><FONT size=2>
<P>Group and unallocated</P>
<P>items</FONT><FONT size=1>(c) </FONT><FONT size=2></FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>(379)</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>4</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(577)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>204</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>(373)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>(373)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>1 561</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(13 026)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="21%"><FONT size=2>
<P>BHP Group </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>10 568</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=right>1 085</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>837</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(386)</FONT></P></TD>
<TD vAlign=top width="7%"><FONT size=2>
<P>451</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>451</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>36 326</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>12740</FONT></P></TD></TR></BODY></TABLE><I><FONT size=1>
<P align=justify>(a) The result for all Businesses except Net unallocated
interest is equivalent to earnings before borrowing costs and income tax
expense, before deducting outside</P>
<P align=justify>equity interests.</P>
<P align=justify>(b) Before deducting outside equity interests.</P>
<P align=justify>(c) Includes consolidation adjustments</P></I>
<P align=center> </P></FONT><B><FONT size=2>
<P align=center>$ million</P></B></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=693>
<BODY>
<TR>
<TD vAlign=top width="2%">
<P align=justify><B><FONT size=2>7</B></FONT></P></TD>
<TD vAlign=top width="22%"><B><FONT size=2>
<P>Segment results (cont.)</B></FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=1>
<P align=right>External<BR>operating<BR>revenue</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=1>
<P align=right>Intersegment<BR>operating<BR>revenue</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=1>
<P align=right>Operating<BR>profit before abnormal items and income
tax(a)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=1>
<P align=right>Income tax (expense)/ benefit excluding abnormal
items</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=1>
<P align=right>Operating<BR>profit after<BR>income
tax,<BR>before<BR>abnormal<BR>items (a)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="11%"><FONT size=1>
<P align=right>Abnormal<BR>items net of tax </FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=1>
<P align=right>Operating<BR>profit after<BR>income tax<BR>and
abnormal<BR>items (a)</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=1>
<P align=right>Gross <BR>segment <BR>assets</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><B><FONT size=2>
<P align=justify>Geographical classification</B></FONT></P></TD>
<TD colSpan=11 vAlign=top width="76%"><B><FONT size=2>
<P align=center>30 November 1999</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="5%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="14%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>Australia </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>6 126</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>100</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>933</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(314)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>619</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>276</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>895</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>18 581</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>North America </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>1 456</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>10</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>163</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(29)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>134</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P>134</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>3 077</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>United Kingdom </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>448</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>136</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(60)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>76</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=justify>76</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>2 388</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>South America </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>855</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>251</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(78)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>173</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>173</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>3 783</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>Papua New Guinea </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>421</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>34</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(21)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>13</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P>13</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>1 085</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>New Zealand </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>364</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>23</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(4)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>19</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>19</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>692</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>South East Asia </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>308</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>17</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(4)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>13</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P>13</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>915</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>Other countries </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>134</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(13)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P>8</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>(5)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P>(5)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>395</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>10 112</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>111</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>1 544</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(502)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>1 042</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>276</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>1 318</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>30 916</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P>Net unallocated<BR>interest </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>25</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(330)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>78</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=justify>(252)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>(4)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=justify>(256)</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>BHP Group </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>10 137</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>111</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>1 214</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>(424)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>790</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>272</FONT></P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>1 062</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%"><FONT size=2>
<P align=right>30 916</FONT></P></TD></TR></BODY></TABLE><FONT size=5>
<P align=justify></P></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=693>
<BODY>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><B><FONT size=2>
<P align=justify>Geographical classification</B></FONT></P></TD>
<TD colSpan=7 vAlign=top width="59%"><B><FONT size=2>
<P align=center>30 November 1998</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="17%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD vAlign=top width="8%">
<P> </P></TD>
<TD vAlign=top width="9%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>Australia </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>6 824</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>89</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>990</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(334)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>656</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P align=right>656</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>20 893</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>North America </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>1 392</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>15</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(62)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(5)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>(67)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P>(67)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>4 719</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>United Kingdom </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>279</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>2</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>50</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(35)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=justify>15</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P align=right>15</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>2 898</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>South America </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>777</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>26</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>163</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(61)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>102</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P align=right>102</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>3 415</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>Papua New Guinea </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>429</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>77</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(39)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>38</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P>38</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>1 277</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>New Zealand </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>344</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>16</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(3)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>13</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P align=right>13</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>1 064</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>South East Asia </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>308</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>18</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(11)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>7</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P>7</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>1 277</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>Other countries </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>140</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(100)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>19</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P>(81)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P>(81)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>783</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%">
<P> </P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>10 493</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>133</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>1152</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(469)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>683</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P align=justify>683</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>36 326</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P>Net unallocated<BR>interest </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right><BR>75</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right><BR></FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right><BR>(315)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right><BR>83</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=justify><BR>(232)</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right><BR>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P align=justify><BR>(232)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right><BR></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="2%">
<P> </P></TD>
<TD vAlign=top width="22%"><FONT size=2>
<P align=justify>BHP Group </FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>10 568</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>133</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>837</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>(386)</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=2>
<P align=right>451</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="10%"><FONT size=2>
<P align=right>451</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>36 326</FONT></P></TD></TR></BODY></TABLE>
<DIR><I><FONT size=1>
<P align=justify>(a) Before deducting outside equity interests.</P></FONT><FONT
size=2>
<P align=justify> </P></I>
<P> </P></DIR></FONT>
<TABLE border=1 cellSpacing=1 width=704>
<BODY>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="19%"><FONT size=2>
<P>30 November</FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE><B><FONT size=2>
<P align=justify>8 Dividends</P></B></FONT>
<P align=right>
<TABLE border=1 cellSpacing=1 width=684>
<BODY>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%"><FONT size=2>
<P align=justify>Half yearly dividend or equivalent paid to members of the
BHP Entity </FONT><FONT size=1>(a)</FONT><FONT size=2> </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>440</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>516</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%"><I><FONT size=2>
<P align=justify>deduct</I> half yearly dividend or equivalent paid on
shares held by controlled entities (Beswick Group) <SUP>(b)</SUP>
</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right><BR>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>85</FONT></P></TD></TR>
<TR>
<TD height=20 vAlign=top width="75%">
<P></P></TD>
<TD height=20 vAlign=top width="13%"><FONT size=2>
<P align=right>440</FONT></P></TD>
<TD height=20 vAlign=top width="13%"><FONT size=2>
<P align=right>431</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%"><I><FONT size=2>
<P align=justify>deduct</I> Bonus Share Plan participation - equivalent
dividend<SUP> (c)</SUP> </FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>56</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%"><FONT size=2>
<P align=justify>Half yearly dividend paid to members of the BHP Entity
</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>440</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>375</FONT></P></TD></TR></BODY></TABLE></P><I>
<P align=justify> </P>
<DIR><FONT size=1>
<P align=justify>(a) The unfranked dividend for the November 1999 half year of
$0.25 per share, was paid on 24 November 1999. (1998 - $0.25 fully franked at 36
cents in the dollar). The dividend was paid entirely from the foreign dividend
account and was therefore not subject to non-resident dividend withholding tax.
The Group had no available franking credits at 30 November 1999. The extent to
which future dividends will be franked is uncertain, but the current outlook is
for no franking of dividends for the following twelve months.</P>
<P align=justify>(b) 338 066 630 shares held by the Beswick Group were bought
back and cancelled by the BHP Entity in March 1999.</P>
<P align=justify>(c) Since the November 1999 dividend was unfranked, the Bonus
Share Plan (BSP) was suspended in accordance with the Company's Constitution and
Rule 8 of BSP on 17 September 1999.</P></FONT><FONT size=2>
<P> </P></DIR></I><B>
<P align=justify>9 Earnings per share</P>
<DIR></B>
<P align=justify>Basic earnings per share (cents) </FONT><FONT size=1>(a)
(b)</P></DIR></FONT>
<P align=right>
<TABLE border=0 cellSpacing=0 width=771>
<BODY>
<TR>
<TD vAlign=top width="66%">
<P align=justify><FONT size=2>- excluding abnormal items </FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>46.0</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>25.3</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="66%"><FONT size=2>
<P align=justify>- including abnormal items </FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>61.5</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>25.3</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="66%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR></BODY></TABLE></P>
<DIR><FONT size=2>
<P align=justify>Diluted earnings per share (cents)</P></DIR></FONT>
<P align=right>
<TABLE border=0 cellSpacing=0 width=771>
<BODY>
<TR>
<TD vAlign=top width="66%">
<P align=justify><FONT size=2>- excluding abnormal items </FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>45.3</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>25.2</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="66%"><FONT size=2>
<P align=justify>- including abnormal items </FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>60.2</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>25.2</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="66%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR></BODY></TABLE></P>
<DIR><FONT size=2>
<P align=justify>Weighted average number of fully paid shares (millions)
</FONT><FONT size=1>(c)</P></DIR></FONT>
<P align=right>
<TABLE border=0 cellSpacing=0 width=771>
<BODY>
<TR>
<TD vAlign=top width="66%">
<P align=justify><FONT size=2>- basic earnings per share </FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1 758</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1 724</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="66%"><FONT size=2>
<P align=justify>- diluted earnings per share - excluding abnormal items
</FONT><FONT size=1>(d)</FONT><FONT size=2> </FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1 823</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1 761</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="66%"><FONT size=2>
<P align=justify>- diluted earnings per share - including abnormal items
</FONT><FONT size=1>(d)</FONT><FONT size=2> </FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1 823</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=2>
<P align=right>1 761</FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR></BODY></TABLE></P>
<DIR><I><FONT size=1>
<P align=justify>(a) Based on operating profit after income tax attributable to
members of the BHP Entity.</P>
<P align=justify>(b) Basic earning per American Depositary Share (ADS)
(cents)</I></FONT><FONT size=2> </P></DIR></FONT>
<P align=right>
<TABLE border=0 cellPadding=7 cellSpacing=0 width=659>
<BODY>
<TR>
<TD vAlign=top width="71%">
<P align=justify><I><FONT size=1>- excluding abnormal
items</I></FONT></P></TD>
<TD vAlign=top width="16%"><I><FONT size=1>
<P align=right>92.0</I></FONT></P></TD>
<TD vAlign=top width="13%"><I><FONT size=1>
<P align=right>50.6</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="71%"><I><FONT size=1>
<P align=justify>- including abnormal items</I></FONT></P></TD>
<TD vAlign=top width="16%"><I><FONT size=1>
<P align=right>123.0</I></FONT></P></TD>
<TD vAlign=top width="13%"><I><FONT size=1>
<P align=right>50.6</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="71%"><I><FONT size=1>
<P align=justify>For the periods indicated, each ADS represents two
ordinary shares.</I></FONT></P></TD>
<TD vAlign=top width="16%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR></BODY></TABLE></P>
<DIR><I><FONT size=1>
<P align=justify>(c) 338 066 630 shares held by the Beswick Group at 30 November
1998 were bought back and cancelled by the BHP Entity in March 1999. Weighted
average</P>
<P align=justify>number of fully paid shares at 30 November 1998 is calculated
excluding shares held by the Beswick Group. </P>
<P align=justify>(d) The weighted average diluted number of ordinary shares has
been adjusted for the effect of Employee Share Plan options and Executive Share
Scheme partly paid shares to the extent they were dilutive at balance date.
Refer note 13.</P>
<P align=justify> </P></DIR></I></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=711>
<BODY>
<TR>
<TD vAlign=top width="54%">
<P align=justify><I><FONT size=1> </P></I></FONT><B><FONT size=2>
<P align=justify> </B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>30 November</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>31 May</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>30 November</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1999</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P>10 Property, plant and equipment</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>By category, net of accumulated
depreciation</FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Land and buildings </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 998</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 993</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 948</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Plant, machinery and equipment </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>16 580</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>17 179</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>19 959</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Mineral rights </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 169</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 200</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 279</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>19 747</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>20 372</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>23 186</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Capitalised leased assets </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>92</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>93</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>65</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Total property, plant and equipment </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>19 839</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>20 465</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>23 251</FONT></P></TD></TR></BODY></TABLE><I><FONT size=2>
<P align=justify> </P></I></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=711>
<BODY>
<TR>
<TD colSpan=3 vAlign=top width="74%">
<P><B><FONT size=2>11 Exploration, evaluation and development expenditure
capitalised</B></FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="55%"><FONT size=2>
<P>Exploration, evaluation and development expenditures carried forward in
areas of interest</FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<DIR>
<DIR><FONT size=2>
<P align=justify>- now in production </P></DIR></DIR></FONT></TD>
<TD vAlign=top width="6%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 521</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 550</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>2 029</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<DIR>
<DIR><FONT size=2>
<P align=justify>- in development stage but not yet producing </FONT><FONT
size=1>(a) </P></DIR></DIR></FONT></TD>
<TD vAlign=top width="6%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>84</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>130</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>352</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<DIR>
<DIR><FONT size=2>
<P align=justify>- in exploration and/or evaluation stage </FONT><FONT
size=1>(a) </P></DIR></DIR></FONT></TD>
<TD vAlign=top width="6%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>510</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>486</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>532</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%"><FONT size=2>
<P align=justify>Total exploration, evaluation and development expenditure
</P>
<P align=justify>capitalised </FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right><BR>2 115</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right><BR>2 166</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right><BR>2 913</FONT></P></TD></TR></BODY></TABLE><I><FONT
size=2>
<P align=justify> </P></I></FONT>
<TABLE border=1 cellSpacing=1 width=714>
<BODY>
<TR>
<TD vAlign=top width="56%">
<P><I><FONT size=1>(a) Details of movement in development stage but not
yet producing</P>
<DIR>
<P>and in exploration and/or evaluation stage </P></DIR></I></FONT></TD>
<TD colSpan=2 vAlign=top width="22%"><I><FONT size=1>
<P align=center> </P>
<P align=center>Development stage</P>
<P align=center>but not yet producing</I></FONT></P></TD>
<TD colSpan=2 vAlign=top width="22%"><I><FONT size=1>
<P align=center>Exploration and/or evaluation stage</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="11%"><B><I><FONT size=1>
<P align=right>1999</B></I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>1998</I></FONT></P></TD>
<TD vAlign=top width="11%"><B><I><FONT size=1>
<P align=right>1999</B></I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>1998</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="11%"><B><I><FONT size=1>
<P align=right>$ million</B></I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>$ million</I></FONT></P></TD>
<TD vAlign=top width="11%"><B><I><FONT size=1>
<P align=right>$ million</B></I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>$ million</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Opening balance as at 1 June </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>130</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>313</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>486</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>465</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Expenditure incurred during the half year </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>10</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>29</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>130</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>255</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Expenditure expensed during the half year </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>(104)</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>(176)</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Transferred to development </I></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>(24)</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Transferred from exploration and/or evaluation </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>24</I></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Transferred to production </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P>(57)</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P>(31)</I></FONT></P></TD>
<TD vAlign=top width="11%">
<P> </P></TD>
<TD vAlign=top width="11%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Disposals </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P>-</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Depreciation </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>-</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>(14)</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>(15)</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Exchange fluctuations and other movements </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>1</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>17</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>12</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=justify>27</I></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="56%"><I><FONT size=1>
<P>Closing balance as at 30 November </I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>84</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>352</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>510</I></FONT></P></TD>
<TD vAlign=top width="11%"><I><FONT size=1>
<P align=right>532</I></FONT></P></TD></TR></BODY></TABLE>
<P align=justify></P>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=713>
<BODY>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>30 November</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>31 May</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>30 November</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1999</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><B><FONT size=2>
<P>12 Other assets (non-current)</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Deferred charges and prepayments </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>746</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>726</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>740</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Future Income tax benefit <SUP>(a)</SUP> </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>958</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 110</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1064</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="56%"><FONT size=2>
<P align=justify>Total other non-current assets </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 704</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 836</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 804</FONT></P></TD></TR></BODY></TABLE><I><FONT size=1>
<P align=justify>(a) Includes restatement of future income tax benefit at 30
November 1999 as a consequence of the Australian company income tax rate change
to 34% applicable from 1 July 2000, and then to 30% applicable from 1 July
2001.</P></FONT><FONT size=2>
<P align=justify> </P>
<P align=justify> </P></I></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=706>
<BODY>
<TR>
<TD vAlign=top width="55%">
<P> </P></TD>
<TD colSpan=4 vAlign=top width="32%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%"><B><FONT size=2>
<P align=right>30 November</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="4%"><FONT size=2>
<P align=right>31 May</FONT></P></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>30 November</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<P> </P></TD>
<TD colSpan=4 vAlign=top width="32%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="4%"><FONT size=2>
<P align=right>1999</FONT></P></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<P> </P></TD>
<TD colSpan=4 vAlign=top width="32%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="4%"><FONT size=2>
<P align=right>$ million</FONT></P></TD>
<TD vAlign=top width="5%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD colSpan=3 vAlign=top width="81%"><B><FONT size=2>
<P>13 Share Capital</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD></TR>
<TR>
<TD colSpan=3 vAlign=top width="81%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="70%"><FONT size=2>
<P align=justify>Paid up <SUP>(a) </SUP>- 1 772 340 790 ordinary shares
fully paid</P>
<P align=justify>(May 99 - 1 742 907 069 Nov 98 - 2 077 029 469)
</FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>6 944</FONT></P></TD>
<TD colSpan=2 vAlign=top width="4%"><FONT size=2>
<P align=right>6 533</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>8 619</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="70%"><SUP><FONT size=2>
<P align=justify></SUP>- 722 500 ordinary shares each paid to five
cents</P>
<P align=justify>(May 99 - 830 000 Nov 98 - 915 000) </FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="4%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="70%"><SUP><FONT size=2>
<P align=justify></SUP>- 8 049 000 ordinary shares each paid to one
cent</P>
<P align=justify>(May 99 - 10 120 000 Nov 98 - 10 950 000) </FONT></P></TD>
<TD colSpan=2 vAlign=top width="14%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="4%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD colSpan=2 vAlign=top width="70%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="14%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="5%"><FONT size=2>
<P align=right>6 944</FONT></P></TD>
<TD colSpan=2 vAlign=top width="4%"><FONT size=2>
<P align=right>6 533</FONT></P></TD>
<TD colSpan=2 vAlign=top width="7%"><FONT size=2>
<P align=right>8 619</FONT></P></TD></TR></BODY></TABLE>
<P align=justify></P>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=697>
<BODY>
<TR>
<TD vAlign=top width="58%">
<DIR>
<P align=justify><B><FONT size=2>Movement in issued ordinary shares for
the half year</P></DIR></B></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=right>Number of fully paid shares</FONT></P></TD>
<TD colSpan=2 vAlign=top width="24%"><FONT size=2>
<P>Number of partly paid shares</P>
<P>Paid to Paid to</P>
<P>five cents one cent</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<P> </P></TD>
<TD vAlign=top width="18%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<DIR><FONT size=2>
<P align=justify>Opening number of shares as at 1 June 1999
</P></DIR></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=right>1 742 907 069</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>830 000</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>10 120 000</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<DIR><FONT size=2>
<P align=justify>Shares issued under Dividend Investment Plan </FONT><FONT
size=1>(b) </FONT><FONT size=2></P></DIR></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=right>21 234 886</FONT></P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<DIR><FONT size=2>
<P align=justify>Shares issued under Bonus Share Plan </FONT><FONT
size=1>(b) </FONT><FONT size=2></P></DIR></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=right>3 718 755</FONT></P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<DIR><FONT size=2>
<P align=justify>Shares issued upon exercise of</P>
<P align=justify>Employee Share Plan Options </FONT><FONT size=1>(c)
</FONT><FONT size=2></P></DIR></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=right>2 226 580</FONT></P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<DIR><FONT size=2>
<P>Shares issued on exercise of Performance Rights</FONT><FONT size=1> (d)
</FONT><FONT size=2></P></DIR></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=right>75 000</FONT></P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<DIR><FONT size=2>
<P align=justify>Partly paid shares converted to fully paid
</P></DIR></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=right>2 178 500</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=justify>(107 500)</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>(2 071 000)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<P> </P></TD>
<TD vAlign=top width="18%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="58%">
<DIR><FONT size=2>
<P align=justify>Closing number of shares </P></DIR></FONT></TD>
<TD vAlign=top width="18%"><FONT size=2>
<P align=center>1 772 340 790 </FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>722 500 </FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>8 049 000</FONT></P></TD></TR></BODY></TABLE>
<DIR><I><FONT size=1>
<P align=justify>(a) Share Capital was reduced by $2 087 million in March 1999,
following the cancellation of 338 066 630 ordinary shares held by the Beswick
Group.</P>
<P align=justify>(b) The Dividend Investment Plan and Bonus Share Plan each
provide shareholders with the opportunity to receive additional shares in lieu
of cash dividends. Shares issued prior to November 1997 were issued at a
discount of 5% from market price and shares issued subsequently were issued at a
discount of 2.5% from the market price. The Dividend Investment Plan was
suspended following payment of the November 1999 half yearly dividend. Since
that dividend was unfranked the Bonus Share Plan (BSP) was suspended in
accordance with the Company's Constitution and Rule 8 of the BSP on 17 September
1999.</P>
<P align=justify>(c) The Employee Share Plan provides employees with the
opportunity to acquire fully paid shares or options in the BHP Entity. Employee
loans are available to fund the purchase price of fully paid shares, payable 20
years after the date of issue or on termination of employment. At cessation of
employment, an extension of the loan repayment period may be granted if the
outstanding loan is in a non profitable position. The extension will be reviewed
annually. If during the extension period the shares become profitable, the
Company will arrange for the sale of those shares. The issue price for fully
paid shares is market price at the time of issue, less a discount of 5% for
shares issued prior to October 97, or 2.5% for shares issued after October
97. The exercise price for options is market price at time of issue less, in
some cases, a discount of one cent per option. Such options are normally
exercisable between three and five years after issue, but may be exercisable
earlier if employment terminates for any reason. Options granted during 1999
were 10 year options, not exercisable until the third year, and then only if
performance hurdles are achieved. Each option was granted over one unissued
ordinary share in the BHP Entity. Following the May 1995 bonus issue holders of
options issued in May 1995 and prior will receive 11 shares for each 10 options
exercised. Payment in full is due at the time of exercise of options. Options
carry no voting rights.</P>
<P align=justify>(d) Performance Rights constitute a right to require the
trustee of a special purpose trust established by BHP to acquire BHP shares upon
completion of service conditions or fulfilment of performance hurdles.
1 000 000 Performance Rights were issued to the Managing Director and
Chief Executive Officer on 1 March 1999. Where a service condition or
performance hurdle is fulfilled, the terms of issue provide for related
Performance Rights to be exercisable. The trustee acquires shares which are then
held in trust until requested that they be transferred to the Managing Director
and Chief Executive Officer. Each Performance Right entitles the beneficiary to
one fully paid share, is not transferable, and carries no voting rights or
rights to dividends. The exercise price of Performance Rights is zero.
Performance Rights will lapse if performance hurdles or service conditions are
not satisfied or in accordance with the Managing Director and Chief Executive
Officer's contract of employment. In no case will Performance Rights lapse later
than the tenth anniversary of their date of issue. </P>
<P align=justify>In (b) and (c) above, market price is the weighted average
market price of a specified five day period prior to issue.</P></I></FONT>
<P align=justify> </P></DIR><B><FONT size=2>
<P align=justify>13 Share capital (cont.) </P></B>
<P align=justify>Options and Performance Rights </P></FONT>
<P align=right>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=699>
<BODY>
<TR>
<TD vAlign=top width="14%">
<P><FONT size=1> </P>
<P> </P>
<P> </P>
<P> </P>
<P> </P>
<P>Month of issue</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=1>
<P align=right>Options/<BR>Performance</P>
<P align=right>Rights<BR>on issue at</P>
<P align=right>beginning of</P>
<P align=right>half year</FONT></P></TD>
<TD vAlign=top width="11%"><FONT size=1>
<P align=right> </P>
<P align=right> </P>
<P align=right>Number</P>
<P align=right>issued during</P>
<P align=right>this half year</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=1>
<P align=right> </P>
<P align=right>Number</P>
<P align=right>exercised</P>
<P align=right>during this</P>
<P align=right>half year</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=1>
<P align=right>Number</P>
<P align=right>lapsed</P>
<P align=right>during</P>
<P align=right>this half</P>
<P align=right>year</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=1>
<P align=right>Options/</P>
<P align=right>Performance</P>
<P align=right>Rights</P>
<P align=right>outstanding at</P>
<P align=right>balance date</FONT></P></TD>
<TD vAlign=top width="9%"><FONT size=1>
<P align=right> </P>
<P align=right> </P>
<P align=right>Shares</P>
<P align=right>issued on</P>
<P align=right>exercise</FONT></P></TD>
<TD vAlign=top width="8%"><FONT size=1>
<P align=right> </P>
<P align=right> </P>
<P align=right> </P>
<P align=right>Exercise</P>
<P align=right>price</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=1>
<P align=right> </P>
<P align=right> </P>
<P align=right> </P>
<P align=right>Expiration</P>
<P align=right>dates</FONT></P></TD></TR></BODY></TABLE></P><FONT size=1>
<P align=right>Employee Share Plan Options (a)</P></FONT>
<P align=right>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=696>
<BODY>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%">
<P><FONT size=1>October 1999 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>60 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</P>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>60 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$17.71</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>22 April 2009</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>October 1999 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>51 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>15 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>36 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$17.72</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>22 April 2009</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>July 1999 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>100 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>100 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$17.79</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>22 April 2009</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>April 1999 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>21 536 400</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>3 168 300</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>18 368 100</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$16.39</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>22 April 2009</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>April 1999 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>8 184 300</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>572 200</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>7 612 100</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$16.38</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>22 April 2009</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>April 1998 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>177 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>177 500</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$15.40</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>15 April 2003</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>April 1998 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>135 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>15 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>120 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>15 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$15.39</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>15 April 2003</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>November 1997 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>7 834 600</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>516 500</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>62 900</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>7 255 200</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>516 500</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$16.22</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P>4-6 November 2002</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>November 1997 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>1 560 300</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>161 900</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>18 200</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>1 380 200</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>161 900</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$16.21</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>3-6 November 2002</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>October 1997 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>3 882 550</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>120 150</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>7 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>3 754 900</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>120 150</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$15.99</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>1-10 October 2002</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>October 1997 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>5 334 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>294 500</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>2 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>5 038 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>294 500</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$15.98</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>1-10 October 2002</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>July 1997 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>395 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>14 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>381 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$19.63</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>14 July 2002</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>July 1997 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>200 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>200 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$19.62</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>14 July 2002</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>October 1996 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>623 600</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>66 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>557 600</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>66 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$16.22</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>8 October 2001</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>October 1996 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>1 086 700</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>72 100</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>10 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>1 004 600</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>72 100</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$16.21</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>8 October 2001</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>April 1996 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>45 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>10 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>35 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$18.29</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>15 April 2001</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>April 1996 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>45 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>45 500</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$18.28</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>15 April 2001</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>October 1995 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>17 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>17 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$18.23</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>10 October 2000</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>October 1995 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>38 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>38 500</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$18.22</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>10 October 2000</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>July 1995 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>48 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>48 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$18.59</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>24 July 2000</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>July 1995 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>70 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>7 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>63 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$18.58</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>24 July 2000</FONT></P></TD></TR>
<TR>
<TD height=18 vAlign=top width="14%"><FONT size=1>
<P>May 1995 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="7%"><FONT size=1>
<P align=right>8 341 500</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="15%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>662 300</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>406 700</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="15%"><FONT size=1>
<P align=right>7 272 500</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="5%"><FONT size=1>
<P align=right>728 530</FONT></P></TD>
<TD height=18 vAlign=top width="8%"><FONT size=1>
<P align=right>$19.10</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>1-12 May 2000</FONT></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%"><FONT size=1>
<P>May 1995 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>2 352 900</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>229 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>42 500</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>2 081 400</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>251 900</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>$19.09</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>1-2 May 2000</FONT></P></TD></TR>
<TR>
<TD height=12 vAlign=top width="14%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="7%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="15%">
<P></P></TD>
<TD height=12 vAlign=top width="10%">
<P></P></TD>
<TD height=12 vAlign=top width="10%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="15%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="5%">
<P></P></TD>
<TD height=12 vAlign=top width="8%">
<P></P></TD>
<TD height=12 vAlign=top width="16%">
<P></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%">
<P></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>61 909 850</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>211 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>2 137 450</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>4 337 300</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>55 646 100 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>2 226 580</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%">
<P></P></TD>
<TD height=18 vAlign=top width="16%">
<P></P></TD></TR></BODY></TABLE></P><FONT size=1>
<P align=right>Performance Rights<SUP> (b)</P></SUP></FONT>
<P align=right>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=696>
<BODY>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%">
<P><FONT size=1>March 1999 </FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>975 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>75 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>900 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>75 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="16%"><FONT size=1>
<P align=right>March 2009</FONT></P></TD></TR>
<TR>
<TD height=12 vAlign=top width="14%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="7%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="15%">
<P></P></TD>
<TD height=12 vAlign=top width="10%">
<P></P></TD>
<TD height=12 vAlign=top width="10%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="15%">
<P></P></TD>
<TD colSpan=2 height=12 vAlign=top width="5%">
<P></P></TD>
<TD height=12 vAlign=top width="8%">
<P></P></TD>
<TD height=12 vAlign=top width="16%">
<P></P></TD></TR>
<TR>
<TD colSpan=2 height=18 vAlign=top width="19%">
<P></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>975 000</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>75 000</FONT></P></TD>
<TD height=18 vAlign=top width="10%"><FONT size=1>
<P align=right>-</FONT></P></TD>
<TD height=18 vAlign=top width="11%"><FONT size=1>
<P align=right>900 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="6%"><FONT size=1>
<P align=right>75 000</FONT></P></TD>
<TD colSpan=2 height=18 vAlign=top width="11%">
<P></P></TD>
<TD height=18 vAlign=top width="16%">
<P></P></TD></TR></BODY></TABLE></P>
<DIR><I><FONT size=1>
<P align=justify>(a) The Employee Share Plan provides employees with the
opportunity to acquire fully paid shares or options in the BHP Entity. The
exercise price for options is market price at time of issue less, in some cases,
a discount of one cent per option. The market price is the weighted average
market price of a specified five day period prior to issue. Options granted
during 1999 were 10 year options, not exercisable until the third year, and then
only if performance hurdles are achieved. Each option was granted over one
unissued ordinary share in the BHP Entity. Following the May 1995 bonus issue
holders of options issued in May 1995 and prior will receive 11 shares for each
10 options exercised. Payment in full is due at the time of exercise of options.
Options carry no voting rights.</P>
<P align=justify>(b) Performance Rights constitute a right to require the
trustee of a special purpose trust established by BHP to acquire BHP shares upon
completion of service conditions or fulfilment of performance hurdles. Where a
service condition or performance hurdle is fulfilled, the terms of issue provide
for related Performance Rights to be exercisable. The trustee acquires shares
which are then held in trust until requested that they be transferred to the
beneficiary. Each Performance Right entitles the beneficiary to one fully paid
share, is not transferable, and carries no voting rights or rights to dividends.
The exercise price of Performance Rights is zero. Performance Rights will lapse
if performance hurdles or service conditions are not satisfied or in accordance
the beneficiary's contract of employment. In no case will Performance Rights
lapse later than the tenth anniversary of their date of issue.
</P></I></FONT><FONT size=2>
<P> </P></DIR></FONT>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=711>
<BODY>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>30 November</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>31 May</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>30 November</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1999</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="54%">
<P> </P></TD>
<TD vAlign=top width="7%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=711>
<BODY>
<TR>
<TD vAlign=top width="55%">
<P><B><FONT size=2>14 Reserves</B></FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="55%"><FONT size=2>
<P align=justify>General reserve </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>170</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>170</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>175</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%"><FONT size=2>
<P align=justify>Exchange fluctuation account </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>139</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>117</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>364</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="55%"><FONT size=2>
<P align=justify>Total reserves </FONT></P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>309</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>287</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>539</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="55%">
<P> </P></TD>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR></BODY></TABLE><FONT size=2>
<P align=justify> </P>
<P align=justify> </P><B>
<P align=justify>15 Notes to the statement of cash flows</P>
<DIR>
<P align=justify>Reconciliation of cash</P></B>
<P align=justify>For the purposes of the statement of cash flows, cash includes
cash on hand and at bank and short term deposits at call, net of outstanding
bank overdrafts.</P><B>
<P align=justify></P>
<P align=justify>Cash and cash equivalents comprise:</P></DIR></B></FONT>
<TABLE border=1 cellSpacing=1 width=713>
<BODY>
<TR>
<TD colSpan=3 vAlign=top width="96%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="1%"><FONT size=2>
<P>30 November</FONT></P></TD>
<TD vAlign=top width="3%">
<P> </P></TD></TR>
<TR>
<TD colSpan=3 vAlign=top width="96%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="1%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="3%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD colSpan=3 vAlign=top width="96%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="1%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="3%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="69%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="3%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="69%"><FONT size=2>
<P align=justify>Cash </FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P>464</FONT></P></TD>
<TD colSpan=3 vAlign=top width="3%"><FONT size=2>
<P>728</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="69%"><FONT size=2>
<P align=justify>Short term deposits</FONT><FONT size=1> (a) </FONT><FONT
size=2></FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P>423</FONT></P></TD>
<TD colSpan=3 vAlign=top width="3%"><FONT size=2>
<P>198</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="69%"><FONT size=2>
<P align=justify>Bank overdrafts </FONT><FONT size=1>(b) </FONT><FONT
size=2></FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P>(112)</FONT></P></TD>
<TD colSpan=3 vAlign=top width="3%"><FONT size=2>
<P>(264)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="69%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="3%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="69%"><B><FONT size=2>
<P align=justify>Total cash and cash equivalents </B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="6%"><FONT size=2>
<P>775</FONT></P></TD>
<TD colSpan=3 vAlign=top width="3%"><FONT size=2>
<P>662</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="21%">
<P> </P></TD>
<TD vAlign=top width="69%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="6%">
<P> </P></TD>
<TD colSpan=3 vAlign=top width="3%">
<P> </P></TD></TR></BODY></TABLE>
<DIR><I><FONT size=1>
<P align=justify>(a) Included in the balance sheet classification of Investments
(Current assets).</P>
<P>(b) Included in the balance sheet classification of Borrowings (Current
liabilities).</P></I></FONT><B><FONT size=2>
<P align=justify>Non-cash financing and investing
activities</P></DIR></B></FONT>
<TABLE border=0 cellPadding=7 cellSpacing=0 width=697>
<BODY>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%"><B><FONT size=2>
<P align=justify>Shares issued:</B></FONT></P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%"><FONT size=2>
<P align=justify>Bonus Share Plan </FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>61</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>107</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%"><FONT size=2>
<P align=justify>Dividend Investment Plan </FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>341</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>279</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%"><B><FONT size=2>
<P align=justify>Other:</B></FONT></P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="5%">
<P> </P></TD>
<TD vAlign=top width="70%"><FONT size=2>
<P align=justify>Employee Share Plan loan instalments </FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>28</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P>36</FONT></P></TD></TR></BODY></TABLE>
<P align=justify> </P>
<DIR><I><FONT size=1>
<P align=justify>The Bonus Share Plan (BSP) is in lieu of dividends and the
Dividend Investment Plan (DIP) is an application of dividends. The DIP was
suspended following payment of the half yearly dividend on 24 November 1999.
Since the dividend was unfranked, the BSP was suspended in accordance with the
Company's Constitution and Rule 8 of the BSP on 17 September 1999. </P>
<P align=justify>The Employee Share Plan loan instalments represent the
repayment of loans outstanding with the BHP Group by the application of
dividends.</P></I></FONT><FONT size=2>
<P align=justify> </P></FONT><B><FONT size=1>
<P align=justify> </P></DIR></FONT><FONT size=2>
<P align=justify>16 Investments in associated entities</P></B></FONT>
<P align=right>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=671>
<BODY>
<TR>
<TD vAlign=top width="23%">
<P><FONT size=2>Major shareholdings in associated entities</FONT></P></TD>
<TD vAlign=top width="17%"><FONT size=2>
<P align=justify>Principal activities</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P align=center>Balance date</FONT></P></TD>
<TD colSpan=3 vAlign=top width="30%"><FONT size=2>
<P align=center>Ownership interest <SUP>(a)</SUP></FONT></P></TD>
<TD colSpan=2 vAlign=top width="20%"><FONT size=2>
<P align=center>Carrying value of investment</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="23%">
<P> </P></TD>
<TD vAlign=top width="17%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="24%"><B><FONT size=2>
<P align=center>30 November</B></FONT></P></TD>
<TD colSpan=3 vAlign=top width="26%"><B><FONT size=2>
<P align=center>30 November</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="23%">
<P> </P></TD>
<TD vAlign=top width="17%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=center>1999</B></FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=center>1998</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="14%"><FONT size=2>
<P align=right>1998<SUP> (b)</SUP></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="23%">
<P> </P></TD>
<TD vAlign=top width="17%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=center>%</B></FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=center>%</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="14%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="23%">
<P> </P></TD>
<TD vAlign=top width="17%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="14%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="23%"><FONT size=2>
<P>Samarco Mineracao SA</FONT></P></TD>
<TD vAlign=top width="17%"><FONT size=2>
<P>Iron ore mining</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P>31 Dec</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=center>49.0</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=center>49.0</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>164</FONT></P></TD>
<TD vAlign=top width="14%"><FONT size=2>
<P align=right>116</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="23%"><FONT size=2>
<P>Orinoco Iron</FONT></P></TD>
<TD vAlign=top width="17%"><FONT size=2>
<P>HBI production</FONT></P></TD>
<TD vAlign=top width="10%"><FONT size=2>
<P>30 Sept</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=center>50.0</FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=center>50.0</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>143</FONT></P></TD>
<TD vAlign=top width="14%"><FONT size=2>
<P align=right>82</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="23%">
<P> </P></TD>
<TD vAlign=top width="17%">
<P> </P></TD>
<TD vAlign=top width="10%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD vAlign=top width="12%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>307</FONT></P></TD>
<TD vAlign=top width="14%"><FONT size=2>
<P align=right>198</FONT></P></TD></TR></BODY></TABLE></P><FONT size=2>
<P align=justify><B>Movements in carrying amount of investments in associated
entities </B><SUP>(c)</P></SUP></FONT>
<P align=right>
<TABLE border=1 cellPadding=7 cellSpacing=1 width=652>
<BODY>
<TR>
<TD vAlign=top width="84%">
<P> </P></TD>
<TD vAlign=top width="16%"><B><FONT size=2>
<P align=right>30 November 1999</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%">
<P> </P></TD>
<TD vAlign=top width="16%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%">
<P> </P></TD>
<TD vAlign=top width="16%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="84%"><FONT size=2>
<P align=justify>Carrying amount of investments in associated entities at
31 May 1999 ........</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=2>
<P align=right>86</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%"><FONT size=2>
<P align=justify>Adjustment on initial adoption of equity accounting
..............</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=2>
<P align=right>124</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%"><FONT size=2>
<P align=justify>Share of associated entities net profit after tax
................</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=2>
<P align=right>17</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%"><FONT size=2>
<P align=justify>Increased investment in associated entities
...................</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=2>
<P align=right>75</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%"><FONT size=2>
<P align=justify>Dividends received/receivable from associated
entities...............</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=2>
<P align=right>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%"><FONT size=2>
<P align=justify>Other movements
.............................</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=2>
<P align=right>5</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="84%"><FONT size=2>
<P align=justify>Carrying amount of investments in associated entities at
30 November 1999 .....</FONT></P></TD>
<TD vAlign=top width="16%"><FONT size=2>
<P align=right>307</FONT></P></TD></TR></BODY></TABLE></P><I><FONT size=1>
<P align=justify> </P></I>
<P align=justify><I>(a) Ownership interest reflects the interest held by BHP at
30 November and at the associated entity's balance date. The proportion of
voting power held by BHP </P>
<P align=justify>corresponds to ownership interest.</P></I>
<P align=justify><I>(b) Carrying amount of investments in associated entities at
30 November 1998 have been determined using equity accounting principles, and
therefore will not</P>
<P align=justify>correspond to amounts included in the BHP Group balance
sheet.</P></I>
<P align=justify><I>(c) Comparative data not provided as AASB 1016 did not apply
to the BHP Group for the half year ending 30 November 1998.</P></I>
<P align=justify> </P></FONT>
<TABLE border=1 cellSpacing=1 width=689>
<BODY>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="19%"><FONT size=2>
<P align=center>30 November</FONT></P></TD>
<TD vAlign=top width="6%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR></BODY></TABLE><B><FONT size=2>
<P align=justify>17 Statistics</P></B></FONT>
<TABLE border=0 cellSpacing=0 width=689>
<BODY>
<TR>
<TD vAlign=top width="75%">
<DIR>
<P align=justify><FONT size=2>Sales revenue ($ million)
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 527</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>9 954</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Operating profit before abnormal items and income tax ($
million) </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 214</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>837</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P>Operating profit after income tax attributable to members of the BHP
Entity ($ million)</P></DIR></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- excluding abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>809</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>436</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- including abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 081</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>436</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Shareholders' equity attributable to members of the BHP
Entity ($ million) </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 843</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>11 958</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Net tangible assets attributable to members of the BHP
Entity ($ million) </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 675</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>11 589</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Number of fully paid shares on issue (million)
</FONT><FONT size=1>(a) </FONT><FONT size=2></P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 772</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>1 739</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Weighted average fully paid shares on issue over the
period (million)</FONT><FONT size=1> (a)</FONT><FONT size=2>
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 758</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>1 724</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P>Operating profit before abnormal items and income tax <BR>as a
percentage of sales revenue (%) </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right><BR>12.74</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right><BR>8.41</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Return on BHP shareholders' equity (annualised %
rate)</P></DIR></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- excluding abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>16.4</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>7.3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- including abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>22.0</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>7.3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Basic earnings per share (cents) </FONT><FONT
size=1>(b)</P></DIR></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- excluding abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>46.0</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>25.3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- including abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>61.5</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>25.3</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Earnings per American Depositary Share (US cents)
</FONT><FONT size=1>(c)</P></DIR></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- excluding abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>58.6</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>31.8</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- including abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>78.4</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>31.8</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Net tangible assets per fully paid share (A$)
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5.46</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>6.66</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Gearing Ratio (%) </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>50.4</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>52.5</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Interest Cover (times) - as reported</FONT><FONT size=1>
</P></DIR></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- excluding abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>4.2</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>2.4</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- including abnormal items </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>4.2</FONT></P></TD>
<TD colSpan=2 vAlign=top width="12%"><FONT size=2>
<P align=right>2.4</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="12%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="19%">
<P> </P></TD>
<TD vAlign=top width="6%">
<P> </P></TD></TR>
<TR>
<TD height=20 vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Average A$/US$ hedge settlement rate (cents)
</P></DIR></FONT></TD>
<TD height=20 vAlign=top width="13%"><FONT size=2>
<P align=right>65</FONT></P></TD>
<TD colSpan=2 height=20 vAlign=top width="12%"><FONT size=2>
<P align=right>61</FONT></P></TD></TR></BODY></TABLE><I><FONT size=1>
<P align=justify> </P>
<DIR>
<P align=justify>(a) 338 066 630 shares held by the Beswick Group at 30 November
1998 were bought back and cancelled by the BHP Entity in March 1999. Weighted
average</P>
<P align=justify>number of fully paid shares at 30 November 1998 is calculated
excluding shares held by the Beswick Group. </P>
<P align=justify>(b) Based on operating profit after income tax attributable to
members of the BHP Entity divided by the weighted average number of fully paid
shares.</P>
<P align=justify>(c) Each American Depositary Share represents two ordinary
shares. Translated at the noon buying rate on 30 November 1999 as certified by
the Federal Reserve Bank of New York A$1=US$0.6371 (1998 A$1=US$0.6280).</P>
<P align=justify> </P></I>
<P align=justify> </P></DIR><B>
<P align=justify>18 Reconciliation to United States (US) generally accepted
accounting principles</P>
<DIR></B>
<P align=justify>The consolidated financial statements of the BHP Group are
prepared in accordance with accounting principles generally accepted in
Australia (Australian GAAP). The material differences affecting the profit and
loss statement and shareholders' equity between generally accepted accounting
principles as followed by the BHP Group in Australia and those generally
accepted in the US (US GAAP) are summarised below:</P><B>
<P align=justify>Asset write-downs</P></B>
<P align=justify>Under Australian GAAP the impairment test for determining the
recoverable amount of non-current assets may be applied either on a discounted
or an undiscounted basis in estimating net future cash flows. As at 31 May 1998
the BHP Group changed its policy to a discounted basis using the weighted
average pre-tax interest rate of the BHP Group's long-term borrowings. This test
is applied both to impairment and to the calculation of the write-down. Under US
GAAP, an impairment test is required utilising undiscounted cash flows, followed
by the application of discounting to any impaired asset.</P>
<P align=justify>These differences created adjustments to the profit and loss
statement for the years ended 31 May 1999 and 31 May 1998 and adjustments in the
balance sheet as at 31 May 1999 and 31 May 1998 representing the lower charge to
profit and resultant higher asset values for the write-downs calculated under US
GAAP. In subsequent financial periods, the difference in asset carrying values
will be reduced through the inclusion of additional depreciation charges in the
profit and loss statement. Refer "Depreciation" below.</P><B>
<P align=justify>Depreciation</P></B>
<P align=justify>Revaluations of property, plant and equipment and investments
are permitted in Australia with upward adjustments to the historical cost values
reflected in a revaluation reserve which is part of shareholders' equity. In the
case of property, plant and equipment, the depreciation charged against income
increases as a direct result of such a revaluation. Since US GAAP does not
permit property, plant and equipment to be valued at above historical cost, the
BHP Group depreciation charge has been restated to reflect historical cost
depreciation. </P>
<P align=justify>Following the 31 May 1999 and 31 May 1998 asset writedowns, the
higher asset values under US GAAP are being depreciated in accordance with asset
utilisation. Refer "Asset write-downs" above.</P><B>
<P align=justify>Exploration, evaluation and development expenditures</P></B>
<P align=justify>The BHP Group follows the 'area of interest' method in
accounting for petroleum exploration, evaluation and development expenditures.
This method differs from the 'successful efforts' method followed by some US
companies, and adopted in this reconciliation to US GAAP, in that it permits
certain exploration costs in defined areas of interest to be capitalised. Such
expenditure capitalised under Australian GAAP is amortised in subsequent
years.</P><B>
<P align=justify>Pension plans</P></B>
<P align=justify>The BHP Group charges against income the contributions made to
pension plans. Under US GAAP the net periodic pension cost is charged against
income in accordance with US Statement of Financial Accounting Standards No.
87.</P><B>
<P align=justify>Equity accounting</P></B>
<P align=justify>For the half year ended 30 November 1999, Australian GAAP
requires the effect of accounting for associated companies on an equity basis to
be shown in the consolidated results. This is consistent with US GAAP.</P>
<P align=justify>In prior periods, Australian GAAP permitted the effect of
accounting for associated companies on an equity basis to be shown as
supplementary information. For the half year ended 30 November 1998, the
adjustment to profit represents the higher cost base under US GAAP of equity
accounted investments sold during the period.</P><B>
<P align=justify>Consolidation of Tubemakers of Australia Ltd (TOA)</P></B>
<P align=justify>Prior to consolidation, TOA was accounted for as an associated
company and included in the equity accounting calculations. At that time, under
US GAAP, equity accounting was included in the consolidated results, while under
Australian GAAP it was disclosed by note to the accounts only. Thus under US
GAAP the carrying value of the original equity interest in TOA is higher than
under Australian GAAP, and the difference is reflected in the goodwill
capitalised and amortised in accordance with US GAAP.</P><B>
<P align=justify>Employee Entitlements </P></B>
<P align=justify>A provision for labour redundancies within the BHP Group's
steel operations was charged against profit during the year ended 31 May 1997.
In accordance with Australian GAAP, a provision for redundancies can be
recognised where positions have been identified as being surplus to
requirements, provided the circumstances are such that a constructive liability
exists. Under US GAAP a provision for redundancies involving voluntary severance
offers is restricted to employees who have accepted these offers. The adjustment
is reversed over subsequent periods as the offers are accepted.</P><B>
<P align=justify>Employee Share Plan loans </P></B>
<P align=justify>Under the Employee Share Plan, loans have been made to
employees for the purchase of shares in the BHP Entity. Under US GAAP the amount
outstanding as an obligation to the BHP Group, which has financed equity, is
required to be eliminated from shareholders' equity.</P><B>
<P align=justify>Stock dividend to be distributed</P></B>
<P align=justify>BHP provided as a current liability the dividend declared
during the year ended 31 May 1999 and paid on 2 June 1999. The provision
includes the amount to be reinvested under BHP's Dividend Reinvestment Plan.
Under US GAAP stock dividends are treated as part of shareholders' equity
because no asset distribution is required.</P></DIR><B>
<P align=justify>18 Reconciliation to United States (US) generally accepted
accounting principles (cont)</P>
<P align=justify>Profit on asset sales</P>
<DIR></B>
<P align=justify>Under US GAAP, profits arising from the sale of assets cannot
be recognised in the period in which the sale occurs where the vendor has a
significant continuing association with the purchaser. In such circumstances,
any profit arising from a sale is recognised over the life of the continuing
arrangements.</P>
<P align=justify>For the half year ended 30 November 1998, the profit on the
sale of the Pilbara gas pipeline was deferred for US GAAP purposes and was to be
recognised over the life of the gas supply agreement with the purchaser. The
entity reporting this profit was subsequently sold during the divestment of BHP
Power in December 1998 thus removing this reconciling item.</P><B>
<P align=justify>Costs of start-up activities</P></B>
<P align=justify>The BHP Group capitalises as part of property, plant and
equipment, costs associated with start-up activities at new plants or operations
which are incurred prior to commissioning date. These capitalised costs are then
amortised over a period of three to five years. Under US GAAP, pursuant to
Statement of Practice (SOP) 98-05, costs of start-up activities should be
expensed as incurred. In subsequent financial periods, amounts amortised for
Australian GAAP purposes which have been expensed for US GAAP purposes will be
added back when determining the profit result according to US GAAP.</P><B>
<P align=justify>Tax rate change - deferred balances</P></B>
<P align=justify>In November 1999 the Australian federal government passed
legislation changing the company income tax rate from 36% to 34% effective 1
July 2000 and to 30% effective 1 July 2001. In accordance with Australian and US
GAAP, the result for the half year ended 30 November 1999 included a restatement
of deferred tax balances to reflect the expected income tax rate applicable when
the timing differences will reverse. For US GAAP purposes an additional
restatement was required reflecting the different deferred tax balances that
exist after applying US GAAP to certain transactions.</P>
<P align=justify> </P>
<P align=justify> </P></DIR></FONT><FONT size=2>
<P align=justify>The following is a summary of the estimated adjustments to
profit for the half years ended 30 November 1999 and 1998 and BHP shareholders'
equity as at 30 November 1999 and 31 May 1999, which would be required if US
GAAP had been applied instead of Australian GAAP.</P></FONT>
<TABLE border=1 cellSpacing=1 width=689>
<BODY>
<TR>
<TD colSpan=3 vAlign=top width="83%">
<P align=justify><B><FONT size=2>Profit and loss
statement</B></FONT></P></TD>
<TD colSpan=3 vAlign=top width="17%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="33%"><B><U><FONT size=2>
<P align=justify>for the half years ended 30
November</B></U></FONT></P></TD>
<TD vAlign=top width="41%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="10%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD colSpan=2 vAlign=top width="16%"><FONT size=2>
<P align=right>1998</FONT></P></TD></TR>
<TR>
<TD colSpan=3 vAlign=top width="83%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="4%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE>
<P align=justify></P>
<TABLE border=1 cellSpacing=1 width=687>
<BODY>
<TR>
<TD vAlign=top width="75%">
<DIR>
<P align=justify><FONT size=2>Operating profit after income tax,
attributable to members of the BHP Entity as reported in</P>
<P align=justify>the consolidated profit and loss
statement</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right><BR>1 081</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify><BR>436</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Estimated adjustment required to accord with US
GAAP:</P></DIR></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><I><FONT size=2>
<P align=justify>add/(deduct)</P></DIR></I></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Tax rate change - deferred balances
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>73</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Depreciation - writedowns </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(41)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(18)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- revaluations </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>6</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>6</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Pension plans </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(21)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>9</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Equity accounting </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(6)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Consolidation of Tubemakers of Australia Ltd
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(3)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(3)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Employee entitlements </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(19)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Profit on asset sales </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(29)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Start up costs </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(54)</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Total adjustment </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(40)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>(60)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Estimated profit according to US GAAP
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 041</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>376</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%"><B><U><FONT size=2>
<P align=justify>Earnings per share in accordance with US
GAAP</B></U></FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD colSpan=2 vAlign=top width="26%"><FONT size=2>
<P align=center>(A$ per share)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%"><FONT size=2>
<P align=justify>for the half years ended 30 November</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>0.59</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=justify>0.22</FONT></P></TD></TR></BODY></TABLE><FONT size=2>
<P align=justify> </P></FONT><B><FONT size=1>
<P align=justify>18 Reconciliation to United States (US) generally accepted
accounting principles (cont)</P></B></FONT>
<TABLE border=1 cellSpacing=1 width=689>
<BODY>
<TR>
<TD vAlign=top width="75%">
<P align=justify><B><U><FONT size=2>BHP shareholders'
equity</B></U></FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>30 Nov </FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>31 May</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%"><FONT size=2>
<P align=justify>as at</FONT></P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>1999</B></FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>1999</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="12%"><B><FONT size=2>
<P align=right>$ million</B></FONT></P></TD>
<TD vAlign=top width="12%"><FONT size=2>
<P align=right>$ million</FONT></P></TD></TR></BODY></TABLE>
<P align=justify></P>
<TABLE border=1 cellSpacing=1 width=687>
<BODY>
<TR>
<TD vAlign=top width="75%">
<DIR>
<P align=justify><FONT size=2>Total shareholders' equity
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>10 514</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 361</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><I><FONT size=2>
<P align=justify>deduct</I> Outside equity interests: </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>671</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>715</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Shareholders' equity attributable to members of the BHP
Entity </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>9 843</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>8 646</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Estimated adjustment required to accord with US
GAAP:</P></DIR></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><I><FONT size=2>
<P align=justify>(deduct)/add</P></DIR></I></FONT></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Tax rate change - deferred balances
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>73</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>-</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Property, plant and equipment - revaluations
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>(151)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>(157)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Exploration, evaluation and development expenditures
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>(53)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>(53)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Pension plans </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>81</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>102</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Consolidation of Tubemakers of Aust. Ltd
</P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>96</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>99</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Employee entitlements </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>5</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Employee Share Plan loans </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>(49)</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>(136)</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Stock dividend to be distributed </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>-</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>145</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Asset write-downs </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 308</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 349</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>- Start-up costs </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P>(54)</FONT></P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Total adjustment </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 256</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>1 354</FONT></P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD>
<TD vAlign=top width="13%">
<P> </P></TD></TR>
<TR>
<TD vAlign=top width="75%">
<DIR><FONT size=2>
<P align=justify>Estimated shareholders' equity attributable to members of
the BHP Entity according to </P>
<P align=justify>US GAAP </P></DIR></FONT></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right>11 099</FONT></P></TD>
<TD vAlign=top width="13%"><FONT size=2>
<P align=right><BR>10 000</FONT></P></TD></TR></BODY></TABLE><B><FONT
size=2>
<P align=justify> </P>
<P align=justify> </P></FONT><FONT size=1>
<P align=justify>19 Significant events after end of half
year</P></B></FONT><FONT size=2>
<P align=justify>Matters or circumstances that have arisen since the end of the
half year that have significantly affected, or may significantly affect, the
operations, results of operations or state of affairs of the Company in
subsequent accounting periods are detailed on page 8.</P><B>
<P align=justify> </P></B></FONT>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P><B><FONT size=2>
<P align=justify>Directors' DECLARATION</P></B>
<P align=justify>I, Don R Argus being a Director of The Broken Hill Proprietary
Company Limited state on behalf of the Directors and in accordance with a
resolution of the Directors that, in the opinion of the Directors - </P>
<DIR>
<P align=justify>(a) the accompanying financial statements set out on pages 10
to 29 are drawn up so as to give a true and fair view of the financial position
as at 30 November 1999, and the performance for the half year ended 30 November
1999 of the Company;</P>
<P align=justify>(b) the half year consolidated financial statements have been
made out in accordance with Australian Accounting Standard AASB1029: "Half Year
Accounts and Consolidated Accounts" and other mandatory professional reporting
requirements;</P>
<P align=justify>(c) at the date of this statement there are reasonable grounds
to believe that the Company will be able to pay its debts as and when they
become due and payable.</P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P></DIR>
<P align=justify>D R Argus</P><I>
<P align=justify>Director</P></I>
<P align=justify> </P>
<P align=justify>Dated in Melbourne this 8th day of February 2000</P><B>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify>Independent Review Report</P></B>
<P align=justify>To the members of The Broken Hill Proprietary Company
Limited</P><B>
<P align=justify>Scope</P></B>
<P align=justify>We have reviewed the financial report of The Broken Hill
Proprietary Company Limited for the half year ended 30 November 1999
as set out on pages 10 to 30. The financial report includes the consolidated
financial statements of the consolidated entity comprising the company and the
entities it controlled at the end of the half year or from time to time during
the half year. The company's directors are responsible for the financial report.
We have performed an independent review of the financial report in order to
state whether, on the basis of the procedures described, anything has come to
our attention that would indicate that the financial report is not presented
fairly in accordance with Accounting Standard AASB1029 "Half year accounts
and consolidated accounts" and other mandatory professional reporting
requirements and statutory requirements so as to present a view which is
consistent with our understanding of the consolidated entity's financial
position and performance as represented by the results of its operations and its
cash flows, and in order for the company to lodge the financial report with the
Australian Securities and Investments Commission.</P>
<P align=justify>Our review has been conducted in accordance with Australian
Auditing Standards applicable to review engagements. The review is limited
primarily to inquiries of the company's personnel and analytical procedures
applied to the financial data. These procedures do not provide all the evidence
that would be required in an audit, thus the level of assurance is less than
given in an audit. We have not performed an audit and accordingly, we do not
express an audit opinion.</P><B>
<P align=justify>Statement</P></B>
<P align=justify>Based on our review, which is not an audit, we have not become
aware of any matter that makes us believe that the half year financial report of
The Broken Hill Proprietary Company Limited is not in accordance with:</P>
<P align=justify>(a) the Corporations Law, including:</P>
<DIR>
<DIR>
<DIR>
<P align=justify>(i) giving a true and fair view of the consolidated entity's
financial position as at 30 November 1999 and of its performance for
the half year ended on that date; and</P>
<P align=justify>(ii) complying with Accounting Standard AASB1029 "Half Year
Accounts and Consolidated Accounts" and the Corporations Regulations;
and</P></DIR></DIR></DIR>
<P align=justify>(b) other mandatory professional reporting
requirements.</P></FONT>
<P align=justify><A name=sig1></A></P>
<P align=justify> </P>
<P align=justify> </P><FONT size=2>
<P>Arthur Andersen<BR>Chartered Accountants</P></FONT>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P><FONT size=2>
<P align=justify><A name=Partner>G A HOUNSELL</P>
<P align=justify></A>Partner</P></FONT>
<P align=justify><A name=sig2></A></P><FONT size=2>
<P align=justify>Melbourne</P>
<P align=justify>8th February 2000</P></FONT>
<P align=justify> </P>
<P align=justify> </P>
<P align=justify> </P><FONT size=2>
<P align=justify> </P>
Pierre Hirsch - San Francisco
Tel: (415) 774 2030
