potash

BHP Billiton portfolio

With our four key pillars of Coal, Copper, Iron Ore, and Petroleum, and a possible fifth pillar
in potash, we are able to meet every phase of the economic development cycle, from
investment to consumption-led economies.

This portfolio approach gives us flexibility to adapt as markets evolve. This, of course, is
highlighted by the changes now underway in the global energy mix. Technology and the
need for lower carbon energy have led to a shift in emphasis from coal to gas in the US,
while, globally, various policy measures have also affected the use of different energy
sources. We are aware of, and engaged in, these changes, adjusting our investment and
portfolio as needed.

Overall, our diversified strategy is a core strength, and means we are less vulnerable to
specific commodity risks. This core strength is the foundation of how we have outperformed
our peers over the past decade in total shareholder returns.