Number 20/03

BHP Billiton today announced that it has reached agreement with former Chief Executive, Brian Gilbertson on the terms of termination of his employment with the Group.

“We have resolved this matter on the terms specified in our contract with Mr Gilbertson”, BHP Billiton Chairman Don Argus said today.  “The decision on the separation payments has the unanimous support of the Board”.

“The delay in settling the matter reflected differences between us about the contract”.

Mr Gilbertson terminated his employment with BHP Billiton on 5 January 2003, some two and a half years earlier than 29 June 2005, the date provided under his contracts with the Group.

Mr Gilbertson will be paid a total amount of £4,069,605, which represents his entitlements under his contracts of employment with BHP Billiton.  These amounts will be subject to tax and other statutory deductions.

In addition, BHP Billiton will reimburse Mr Gilbertson an amount of up to £150,000 for relocation and other expenses incurred by Mr Gilbertson in consequence of the termination of his employment.  The Group will also continue to provide medical insurance cover for Mr Gilbertson and his wife until 29 June 2005.

At the time of his resignation, Mr Gilbertson was entitled to rights in respect of 760,110 shares in BHP Billiton Plc, under various Group incentive schemes,  including some rights that had been paid for by Mr Gilbertson at the then prevailing market price.

Under the terms of settlement with Mr Gilbertson, he will be entitled to retain rights to a maximum of 228,685 shares out of the total number of 760,110.  None of these remaining rights will vest automatically.  They will only vest in his favour if the pre-determined performance targets approved by shareholders, and applicable to all other holders, are met.  If all the relevant performance targets are not met, then the rights to those shares will progressively lapse. Mr Gilbertson’s shareholding is detailed in the 2002 Annual Report.

Mr Gilbertson worked for BHP Billiton and its predecessor companies for over 32 years, and during this period accrued substantial pension/superannuation entitlements.  Over that period Mr Gilbertson participated in a Defined Benefit Scheme which entitled him to receive a pension/superannuation benefit of 75% of his finishing salary after he had served 30 years.  This amounts to £602,575 per annum.

“This entitlement has not been increased as a result of, and is unrelated to, Mr Gilbertson’s termination.  The annual amount Mr Gilbertson is entitled to on leaving the Company has been reported each year in the Annual Report”. Mr Argus said.

“Mr Gilbertson would have been entitled to these superannuation payments irrespective of the circumstances in which he left the Company".

Australia
Andrew Nairn, Investor Relations
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email: Andrew.W.Nairn@bhpbilliton.com

Tracey Whitehead, Media Relations
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Michael Campbell, Investor & Media Relations
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email: Michael.J.Campbell@bhpbilliton.com