Publicado 10/04/2017 8:06:21CET
 Valuation based on the NPV of (i) the increase in core BHP's share price implied by the EPS accretion from the share buybacks which are proposed by Elliott in the Presentation, applied to the reduced number of shares in issue post buybacks; and (ii) the capital thereby returned to shareholders.
 NPV of franking credits released from Elliott's proposed discounted off-market buyback program.
 Assumes US$2.5bn of BHP's existing net debt is allocated to the US petroleum business (c. 0.9x net debt / consensus 18E EBITDA).
 In addition to their long economic interest in PLC, the only other positions that the Elliott Funds and their affiliates hold in or relating to BHP are the rights to acquire up to approximately 0.4% of the issued shares in Limited.
 The analysts' views mentioned in this letter shall not be taken to mean or imply (i) that the research reports referred to are a representative sample of all research reports on the topics concerned; or (ii) that the authors of the reports or their employing banks/brokers endorse in any way the Value Unlock Plan or the views set out in this letter. We have emboldened, by way of emphasis, certain parts of the original text of the analysts' views which appear in this letter.
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