(BHP $38.27, rated Overweight, Target price REDUCED to $60 from $90); WE VALUE THE BHP CARBON STEEL CUSTOMER SEGMENT GROUP (iron ore, metallurgical coal, manganese) AT $81 BILLION; LOWER FORECAST COMMODITIES PRICES AND IRON ORE VOLUMES LEAD TO LOWER EARNINGS ESTIMATES 10/31/2008

(BHP $38.27, rated Overweight, Target price REDUCED to $60 from $90); WE
VALUE THE BHP CARBON STEEL CUSTOMER SEGMENT GROUP (iron ore,
metallurgical coal, manganese) AT $81 BILLION; LOWER FORECAST
COMMODITIES PRICES AND IRON ORE VOLUMES LEAD TO LOWER
EARNINGS ESTIMATES 10/31/2008