Director Shareholding

BHP Billiton Limited
26 March 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 release is identical to that issued by BHP Billiton Plc 
earlier.

To:  Australian Stock Exchange             cc: New York Stock Exchange 
     Companies Announcements Office            Swiss Stock Exchange
                                               New Zealand Stock Exchange 
     London Stock Exchange                     Johannesburg Stock Exchange 
     Companies Announcements Office            Deutsche Bank

Notification of Change of Interests of Directors and Connected Persons 
 (Australian Stock Exchange Listing Rules Appendix 3Y)

Name of entities        BHP Billiton Limited     BHP Billiton Plc
                        ABN 49 004 028 077       REG NO 3196029

As part of a dual listed company structure, the BHP Billiton Group has agreed to
adopt the better of the existing governance practices between BHP Billiton Plc
and BHP Billiton Limited. As a result, the Group voluntarily notifies all stock
exchanges on which either BHP Billiton Plc or BHP Billiton Limited have primary
or secondary listings, all those interest of directors of both entities in the
securities of both entities (and changes to those interests) which are required
to be disclosed under the Australian Stock Exchange (ASX) Listing Rules, the
Listing Rules of the United Kingdom Listing Authority, the Australian
Corporations Act, the United Kingdom Companies Act and the Group's Securities
Dealing Code.

We (the entities) advise the following information under ASX Listing Rule
3.19A.2 and as agent for the director for the purposes of section 205G of the
Australian Corporations Act and otherwise in accordance with the foregoing
policy.

Name of director              Mr D R Argus AO

Date of last notice           4 September 2003


Part 1 - Change of director's relevant interests in securities

Included in this Part are:

• in the case of a trust, interests in the trust made available by the 
  responsible entity of the trust;
• details of the circumstance giving rise to the relevant interest;
• details and estimated valuation if the consideration is non-cash; and
• changes in the relevant interest of Connected Persons of the director.

Direct or indirect interest       

Indirect

Nature of indirect interest (including registered holder)

Alamiste Pty Ltd is the registered holder. It is the trustee of a private
superannuation fund of which the director is a potential beneficiary.

Date of change

25 March 2004

No. of securities held prior to change

193,495

Class

Ordinary shares in BHP Billiton Limited

Number acquired

10,000

Number disposed

Value/Consideration

$11.81 per share (average)

No. of securities held after change

203,495

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend re-investment plan, participation in buy-back

On-market trade

Any additional information

The companies were notified of this transaction on 26 March 2004



Part 2 - Change of director's interests in contracts other than as described in
Part 3 


Included in this Part are:

• only details of a contract in relation to which the interest has changed; and
• details and estimated valuation if the consideration is non-cash.

Detail of contract 

-

Nature of interest 

-

Name of registered holder (if issued securities)

-

No. and class of securities to which interest related prior to change

-

Interest acquired 

-

Interest disposed 

-

Value/Consideration 

-

Interest after change 

-



Part 3 - Change of director's interests in options or other rights granted by
the entities

Included in this Part are only details of options or other rights granted which
have changed, save for the total number of securities over which options or
other rights are held following this notification.

Date of grant

-

Period during which or date on which exercisable

-

Total amount paid (if any) for the grant

-

Description of securities involved:
class; number

-

Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise

Total number of securities over which options or other
rights held at the date of this notice

-

Any additional information

-



Part 4 - Contact details
 
Name of authorised officers responsible for making this notification on behalf
of the entities
 
Mr R V Taylor - BHP Billiton Limited 
Ms E A Hobley - BHP Billiton Plc
 
Contact details

Mr R V Taylor       Tel:     [phone]
                    Fax:     [phone]

Ms E A Hobley       Tel:     [phone]
                    Fax:     [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange