29 May 2002 Number: 33/02 BHP BILLITON PURSUES CORPORATE EXCELLENCE BHP Billiton today announced internally a number of initiatives consistent with the Strategic Framework presented to investors on 8 April 2002. That framework established various performance measures for the group, including the target of raising return on capital to above 15% by FY2006, inter-alia, by reducing operating costs by US$ 500 million over the 3-year period to 2005. BHP Billiton Deputy CEO Brian Gilbertson said: "With the integration of BHP and Billiton complete, the focus has moved to the delivery of superior returns for our shareholders. To that end, I have today announced a number of initiatives that will simplify our corporate structure and processes, improve focus on our core activities and on a small number of other key initiatives, and entrench operational excellence through the BHP Billiton Way." Among various other decisions is the cutting back on venture capital activities and the termination of the internal aviation service. These changes will be effective from 1 July 2002, and will result in approximately 100 redundancies. An associated accounting charge will be recorded in the fourth quarter of FY2002. Further information can be found on our Internet site: http://www.bhpbilliton.com Australia Andrew Nairn, Investor Relations Tel: +61 3 9609 3952 Mobile: +61 408 313 259 mailto:Andrew.W.Nairn@bhpbilliton.com Mandy Frostick, Media Relations Tel: +61 3 9609 4157 Mobile: +61 419 546 245 mailto:Mandy.J.Frostick@bhpbilliton.com United States Francis McAllister, Investor Relations Tel: +1 713 961 8625 Mobile: +1 713 480 3699 mailto:Francis.R.McAllister@bhpbilliton.com United Kingdom Mark Lidiard, Investor & Media Relations Tel: +44 20 7747 3956 mailto:Mark.T.Lidiard@bhpbilliton.com South Africa Michael Campbell, Investor & Media Relations Tel: +27 11 376 3360 Mobile: +27 82 458 2587 mailto:Michael.J.Campbell@bhpbilliton.com BHP Billiton Limited ABN 49 004 028 077 Registered in Australia Registered Office: 600 Bourke Street Melbourne Victoria 3000 Telephone +61 3 9609 3333 Facsimile +61 3 9609 3015 BHP Billiton Plc Registration number 3196209 Registered in England and Wales Registered Office: 1-3 Strand London WC2N 5HA United Kingdom Telephone +44 20 7747 3800 Facsimile +44 20 7747 3900 A member of the BHP Billiton group which is headquartered in Australia