(BHP $75.85, rated Neutral, $80 Target raised from $50) RAISING PRICE TARGET TO REFLECT $90 CRUDE THROUGH 2016, $100 IRON ORE AND HIGHER COAL, COPPER, ALUMINUM AND OTHER SALES PRICES PARTLY OFFSET BY STRONGER $A, HIGHER ENERGY INPUT AND OTHER COST INFLATIONS July 30, 2008

(BHP $75.85, rated Neutral, $80 Target raised from $50) RAISING PRICE TARGET TO
REFLECT $90 CRUDE THROUGH 2016, $100 IRON ORE AND HIGHER COAL,
COPPER, ALUMINUM AND OTHER SALES PRICES PARTLY OFFSET BY
STRONGER $A, HIGHER ENERGY INPUT AND OTHER COST INFLATIONS July 30, 2008