Introduction

Our Economic Contribution Report (Report) for the year ended 30 June 2023 was released today.

BHP has delivered a strong set of results in FY2023, against a backdrop of economic uncertainty. In FY2023, BHP achieved both production guidance and growth across each of our commodities, including record annual production at Western Australia Iron Ore, Olympic Dam and Spence. Overall, we saw lower revenue in FY2023 due to weaker prices in key commodities. On the cost side, we managed the impact of inflation well, relative to the market, through disciplined cost control.

The strength of our portfolio, our operating excellence, our people and ongoing commitment to social value should position us well to continue growing value for our shareholders and support the communities in the countries where we operate.

BHP has a long-standing commitment to transparency. We recognise taxes are important sources of government revenue and are central to the fiscal policy and macroeconomic stability of countries. Paying the right amount of taxes and royalties enables governments to finance and deliver on national development plans for the benefit of the broader community to promote sustainable economic growth, full and productive employment, and reduce poverty and inequality within and among countries. We have disclosed details of our tax and royalty payments for more than 20 years and we have continually updated and expanded our disclosures. The Economic Contribution Report aims to provide a greater understanding of BHP's global tax profile, tax contributions and the manner in which we govern and manage our tax obligations.

BHP is subject to the different tax regimes and complies with applicable tax laws in all the countries where we operate, including the Organisation for Economic Co-operation and Development (OECD) Country-by-Country reporting. This information provides tax authorities around the world with details of how we conduct our business and how BHP's entities transact with each other.

Our Economic Contribution Report 2023 has today been submitted to the FCA National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. It is also available to be downloaded on the BHP website at:

https://www.bhp.com/-/media/Documents/Investors/Annual-Reports/2023/230822_bhpeconomiccontributionreport2023.pdf

BHP's total direct economic contribution for FY2023 was US$54.2 billion. This includes contribution to suppliers, wages and benefits for more than 80,000 employees and contractors, dividends, taxes, royalties and voluntary investment in social projects across the communities where we operate. In FY2023, our tax, royalty and other payments to governments totalled US$13.8 billion. Of this, 88 per cent or US$12.1 billion was paid in Australia. This made BHP one of the largest corporate taxpayers in Australia in FY2023. During the last decade, we paid US$94.2 billion globally in taxes, royalties and other payments to governments, including US$74.9 billion (approximately A$101.0 billion) in Australia.

Below are extracted sections of our full Economic Contribution Report 2023 that together meet our UK regulatory obligations under DTR 4.3A of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and, where required by DTR 4.3A, the Reports on Payments to Governments Regulations 2014 (as amended).