Adjustment to tax value

BHP Billiton Limited
15 November 2004

'BHP Billiton Limited is issuing this announcement to fulfil disclosure 
obligations arising from its secondary listing on the London Stock Exchange.  
The text of this announcement is identical to that issued by BHP Billiton Plc 
earlier.'

  Date         16 November 2004
  Number       39/04

                 BHP BILLITON ANNOUNCES ADJUSTMENT TO TAX VALUE

                            FOR OFF-MARKET BUY-BACK


BHP Billiton announced today that following discussions with the Australian
Taxation Office, it has been agreed to vary the methodology for calculating the
Tax Value for the purpose of its off-market share buy-back.

The Tax Value is relevant to Australian resident shareholders participating in
the transaction as it has an impact on the deemed disposal price for Australian
tax purposes of shares sold into the buy-back. The change in methodology ought
to result in a lower Tax Value for participating shareholders.

Having regard to present circumstances, it has been agreed with the Australian
Taxation Office that the Tax Value will be A$14.35 adjusted for the movement in
the BHP Billiton Plc share price from the close of trading in London on 4
October 2004 to the opening of trading in London on 19 November 2004. The
closing price of BHP Billiton Plc on 4 October 2004 was 585.5 pence and the
opening price on 15 November 2004 was 586.5 pence; based on these prices, the
Tax Value on 15 November 2004 would be A$14.37.

The actual Tax Value will be available as soon as possible after 7.00pm on 19
November 2004 and can be obtained by accessing the website or by calling BHP
Billiton's buy-back enquiry line on 1300 726 379 toll free (within Australia) or
[phone] (if you are calling from outside Australia).

The tender period closes at midnight (AEST) on Friday 19 November 2004, with
announcement of the buy-back price targeted for no later than Tuesday 23
November 2004.


1. The Tax Value is calculated by adjusting the volume weighted average price of
BHP Billiton Limited for the five days prior to the announcement of the buy-back
on 5 October (i.e. A$14.35) by a relevant factor. Absent any variation, this
A$14.35 would have been adjusted for the movement in the S&P/ASX 200 Index over
the period 5 October to 19 November 2004. Based on the closing level of the S&P/
ASX 200 Index on 15 November, the Tax Value on this basis would have been
A$15.06.

2. Shareholders who have previously used the Tax Calculator which is available
on the BHP Billiton website (www.bhpbilliton.com) should note that the Tax
Calculator will be updated so that the assumed Tax Value will now be calculated
using the new methodology based on the movement in the share price of BHP
Billiton Plc in London. As the change in methodology may change the outcomes of
the Tax Calculator, shareholders may wish to repeat their calculations.


Further information on BHP Billiton can be found on our Internet site: 
http://www.bhpbilliton.com

Australia                                                       
Jane Belcher, Investor Relations 
Tel:    [phone]  Mobile: [phone] 
mailto:[e-mail] 

Tania Price, Media Relations                       
Tel:    [phone]  Mobile: [phone]          
mailto:[e-mail] 
                                          
United Kingdom 
Mark Lidiard, Investor & Media Relations 
Tel:    [phone]
mailto:[e-mail] 

Ariane Gentil, Media Relations 
Tel:    [phone]  Mobile: [phone]
mailto:[e-mail] 

United States                                           
Francis McAllister, Investor Relations 
Tel:    [phone]  Mobile: [phone] 
mailto:[e-mail] 

South Africa 
Michael Campbell, Investor & Media Relations 
Tel:    [phone]  Mobile: [phone] 
mailto:[e-mail] 







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