Document:

Implementation Deed entered into on 17 March 2015

 Exhibit 4.12 
  

 
 Deed 

EXECUTION VERSION 
  

Implementation Deed 
 BHP Billiton Limited 

BHP Billiton Plc 
 South32 Limited 

 
  

			
	 ANZ Tower 161 Castlereagh Street Sydney NSW 2000 Australia
	 	T +61 2 9225 5000 F +61 2 9322 4000
	 GPO Box 4227 Sydney NSW 2001 Australia
	 	herbertsmithfreehills.com DX 361 Sydney

 Contents 

Table of contents 
  

							
	1	  	Definitions and interpretation	  	 	4	  
	1.1	  	Definitions	  	 	4	  
	1.2	  	Interpretation	  	 	11	  
	1.3	  	References to BHP Billiton	  	 	12	  
	1.4	  	Legally binding and effective nature of this deed	  	 	12	  
			
	2	  	Agreement to proceed with the Demerger	  	 	13	  
			
	3	  	Conditions	  	 	13	  
	3.1	  	Conditions	  	 	13	  
	3.2	  	Reasonable endeavours	  	 	13	  
	3.3	  	Waiver of Conditions	  	 	13	  
	3.4	  	Certain notices	  	 	14	  
			
	4	  	Termination	  	 	14	  
	4.1	  	Termination	  	 	14	  
	4.2	  	Effect of termination	  	 	14	  
			
	5	  	Joint obligations in relation to the Demerger	  	 	14	  
			
	6	  	Obligations of BHP Billiton Limited in relation to the Demerger	  	 	15	  
			
	7	  	Obligations of BHP Billiton Plc in relation to the Demerger	  	 	15	  
			
	8	  	Other obligations in relation to the Demerger	  	 	16	  
			
	9	  	South32 Listings	  	 	17	  
	9.1	  	Application to ASX	  	 	17	  
	9.2	  	Application to UKLA and LSE	  	 	17	  
	9.3	  	Application to JSE	  	 	18	  
	9.4	  	Obligations of BHP Billiton	  	 	18	  
			
	10	  	General	  	 	18	  
	10.1	  	Notices	  	 	18	  
	10.2	  	Representations and warranties	  	 	19	  
	10.3	  	Reliance on representations	  	 	19	  
	10.4	  	Governing law and jurisdiction	  	 	19	  
	10.5	  	Prohibition and enforceability	  	 	20	  
	10.6	  	Waivers	  	 	20	  
	10.7	  	Variation	  	 	20	  
	10.8	  	Duties, costs and expenses	  	 	20	  
	10.9	  	Cumulative rights	  	 	20	  
	10.10	  	Assignment	  	 	20	  
	10.11	  	Further assurances	  	 	20	  
	10.12	  	Entire agreement	  	 	21	  
	10.13	  	Counterparts	  	 	21	  
	10.14	  	To the extent not excluded by law	  	 	21	  
	10.15	  	Attorneys	  	 	21	  
			
		  	Schedules	  			
			
		  	Schedule 1	  			
			
		  	Timetable	  	 	23	  
			
		  	Signing pages	  	 	25	  

  
 2 

 Implementation Deed 

 

			
		
	 Date
	  	17 March 2015
		
	 Between the parties
	  	
		
		  	BHP Billiton Limited
		
		  	ACN 004 028 077 of BHP Billiton Centre, 171 Collins Street,
		  	Melbourne Victoria 3000 Australia
		
		  	(BHP Billiton Limited)
		
		  	BHP Billiton Plc
		
		  	Registered number 3196209 of Neathouse Place, London SW1V
		  	1BH United Kingdom
		
		  	(BHP Billiton Plc)
		
		  	South32 Limited
		
		  	ACN 093 732 597 of ‘Waterfront Place’, Level 20, 1 Eagle Street,
		  	Brisbane Queensland 4000 Australia
		
		  	(South32)
		
	 Recitals
	  	 1       BHP Billiton Limited and BHP Billiton Plc are parties to a dual listed company merger,
the effect of which is that BHP Billiton Limited (and its Subsidiaries) and BHP Billiton Plc (and its Subsidiaries) operate together as if they were a single economic enterprise, while retaining their separate legal identities, tax residencies and
stock exchange listings.

		
		  	 2       At the date of this deed, South32 is a wholly owned Subsidiary of BHP Billiton
Limited.

		
		  	 3       The parties to this deed have entered into the Transaction Documents to:

		
		  	 •       assemble the South32 Business under the ownership of the South32
Group;

		
		  	 •       transfer to the BHP Billiton Group those parts of the BHP Billiton Business which
are held by the South32 Group; and

		
		  	 •       separate South32 from each of BHP Billiton Limited, BHP Billiton Plc and their
Related Entities through a distribution of South32 Shares to Eligible Ltd Shareholders and Eligible Plc Shareholders and the sale of South32 Shares to which Ineligible Overseas Ltd Shareholders and Ineligible Overseas Plc Shareholders would have
been entitled.

		
		  	 4       To implement the Demerger, South32 issued a South32 Share to BHP Billiton Limited in
accordance with the Ltd Subscription Agreement, and it is intended that:

		
		  	 •       South32 will issue a further South32 Share to BHP Billiton Limited for an amount
payable by BHP Billiton Limited determined under the Cash Adjustment Agreement and

  
 3 

			
		
		  	 South32 may also return capital to BHP Billiton Limited, in accordance with the Cash Adjustment Agreement;

		
		  	 •       BHP Billiton Limited will declare and distribute the Ltd Dividend to Ltd Demerger
Participants;

		
		  	 •       South32 will issue South32 Shares to BHP Billiton Plc in accordance with the Plc
Subscription Agreement;

		
		  	 •       BHP Billiton Plc will declare and distribute the Plc Dividend to Plc Demerger
Participants; and

		
		  	 •       South32 will cease to be a Subsidiary of BHP Billiton Limited and will be listed on the
ASX, with further listings on the UKLA official list and JSE.

		
		  	 5       The parties have agreed to implement the steps required for the Demerger, on the terms set
out in this deed.

 This deed witnesses as follows: 

1    Definitions and interpretation 

1.1    Definitions 
 In this deed the
following terms have the meaning set out below. 
  

			
	 Term
	  	 Meaning

	 ASIC
	  	the Australian Securities and Investments Commission.
		
	 ASX
	  	ASX Limited (ABN 98 008 624 691), or the market operated by it as the context requires.
		
	 BHP Billiton
	  	BHP Billiton Limited and BHP Billiton Plc, and references to any rights or obligations of BHP Billiton shall be interpreted in accordance with clause 1.3.
		
	 BHP Billiton Business
	  	has the meaning given to that term in the Separation Deed.
		
	 BHP Billiton Group
	  	each of BHP Billiton Limited, BHP Billiton Plc and their Related Entities but excluding each South32 Group Member.
		
	 BHP Billiton Limited ADS
	  	a BHP Billiton Limited American Depositary Share issued under the second amended and restated deposit agreement dated 2 July 2007 between BHP Billiton Limited and Citibank, N.A., as depositary.
		
	 BHP Billiton Plc ADS
	  	a BHP Billiton Plc American Depositary Share issued under the second amended and restated deposit agreement dated 2 July 2007 between BHP Billiton Plc and Citibank, N.A., as depositary.
		
	 BHP Billiton Tax Sharing Deed
	  	the tax sharing deed between BHP Billiton Limited (ABN 49 004 028 077) and The Broken Hill

  
 4 

			
	 Term
	  	 Meaning

		
		  	Proprietary Company Pty Ltd (ABN 46 004 104 134) dated 28 November 2003, as amended from time to time.
		
	 Business Day
	  	a day (calculated according to Melbourne Time), not being a Saturday, Sunday or public holiday, on which banks are open for business in Melbourne.
		
	 Cash Adjustment Agreement
	  	an agreement having that name entered into on or about the date of this deed between BHP Billiton Limited and South32, under which, depending on the relevant circumstances at the Economic Separation Time, South32 will
either:
		
		  	 1       issue a South32 Share to BHP Billiton Limited; or

 
 2       issue
a South32 Share to BHP Billiton Limited and return capital to BHP Billiton Limited.

		
	 Condition
	  	a condition in clause 3.1.
		
	 Corporations Act
	  	the Corporations Act 2001 (Cth).
		
	 Cut-Off Date
	  	31 December 2015 Melbourne Time, or such later date as may be agreed by the parties in writing.
		
	 Demerger
	  	 the demerger of the South32 Group from the BHP Billiton Group as described in the Disclosure Documents and includes:

 
 1       the
Internal Restructure;
  

2       the Ltd Dividend;

 
 3       the
Plc Dividend; and
  

4       the South32 Listings.

		
	 Demerger Entitlement
	  	 the entitlement of each Demerger Participant to South32 Shares under the Demerger, being:

 
 1       in
relation to a Ltd Demerger Participant, one South32 Share for each Ltd Share held by that Ltd Demerger Participant as at the Ltd Record Date; and
  

2       in relation to a Plc Demerger Participant, one South32 Share for each Plc
Share held by that Plc Demerger Participant as at the Plc Record Date.

		
	 Demerger Participants
	  	 1       the Ltd Demerger Participants; and

 
 2       the
Plc Demerger Participants.

		
	 Disclosure Documents
	  	 1       the Shareholder Circular;

		
		  	 2       the South32 Listing
Document;

  
 5 

			
	 Term
	  	 Meaning

		  	 3       the UK Prospectus;

 
 4       the
JSE Pre-Listing Statement; and
  

5       all other documents which are required to be published by South32 or BHP
Billiton or provided to Ltd Shareholders, Plc Shareholders or other market participants in relation to the South32 Listings or the Demerger.

		
	 Dividend Declaration Date
	  	the date on which the Ltd Dividend and the Plc Dividend are declared and publicly announced.
		
	 Economic Separation Time
	  	has the meaning given to that term in the Cash Adjustment Agreement.
		
	 Eligible Shareholders
	  	 1       Eligible Ltd Shareholders; and

 

2       Eligible Plc Shareholders.

		
	 Eligible Ltd Shareholder
	  	 a Ltd Demerger Participant whose Registered Address as at the Ltd Record Date is in:

 

1       Australia, the United Kingdom, South Africa, the United States, Canada,
Chile, France, Hong Kong, Ireland, Jersey, Malaysia, New Zealand or Singapore; or
  

2       any other jurisdiction in which BHP Billiton Limited believes that it is
not prohibited or unduly onerous or impractical to transfer or distribute South32 Shares to that Ltd Demerger Participant pursuant to the Ltd Dividend.

		
	 Eligible Plc Shareholder
	  	 a Plc Demerger Participant whose Registered Address as at the Plc Record Date is in:

 

1       Australia, the United Kingdom, South Africa, the United States, Canada,
Chile, France, Hong Kong, Ireland, Jersey, Malaysia, New Zealand or Singapore; or
  

2       any other jurisdiction in which BHP Billiton Plc believes that it is not
prohibited or unduly onerous or impractical to transfer or distribute South32 Shares to that Plc Demerger Participant pursuant to the Plc Dividend.

		
	 Government Agency
	  	any government or any governmental, semi-governmental, supranational, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity in any part of the world.
		
	 Ineligible Overseas Shareholder
	  	 1       an Ineligible Overseas Ltd Shareholder; or

 
 2       an
Ineligible Overseas Plc Shareholder.

  
 6 

			
	 Term
	  	 Meaning

	 Ineligible Overseas Ltd Shareholder
	  	a Ltd Demerger Participant who is not an Eligible Ltd Shareholder.
		
	 Ineligible Overseas Plc Shareholder
	  	a Plc Demerger Participant who is not an Eligible Plc Shareholder.
		
	 Internal Restructure
	  	has the meaning given to that term in the Separation Deed.
		
	 Internal Restructure Documents
	  	has the meaning given to that term in the Separation Deed.
		
	 ITAA1997
	  	the Income Tax Assessment Act 1997 (Cth).
		
	 JSE
	  	JSE Limited, or the market operated by it as the context requires.
		
	 JSE Pre-Listing Statement
	  	the statement required to be issued by South32 in connection with the secondary listing of South32 on the JSE pursuant to section 6 of the listings requirements published by the JSE.
		
	 London Time
	  	the local time in London, England.
		
	 LSE
	  	London Stock Exchange Plc.
		
	 Ltd Demerger Participant
	  	each person who is, as at the Ltd Record Date, registered in the Ltd Share Register as a holder of a Ltd Share.
		
	 Ltd Dividend
	  	 an in specie dividend by BHP Billiton Limited to:
  

1       Eligible Ltd Shareholders, of a number of South32 Shares equal to their
respective Demerger Entitlements; and
  

2       Ineligible Overseas Ltd Shareholders, by transfer to the Sale Agent of a
number of South32 Shares equal to the Demerger Entitlements of Ineligible Overseas Ltd Shareholders.

		
	 Ltd Dividend Resolution
	  	a resolution of the board of Directors of BHP Billiton Limited to declare and pay the Ltd Dividend to the Ltd Demerger Participants in accordance with their Demerger Entitlements.
		
	 Ltd General Meeting
	  	a meeting of Ltd Shareholders to vote on the Demerger.
		
	 Ltd Implementation Date
	  	the date on which the Ltd Dividend is distributed.
		
	 Ltd Record Date
	  	the record date to determine the entitlement of Ltd Shareholders to the Ltd Dividend.
		
	 Ltd Share
	  	a fully paid ordinary share in the capital of BHP Billiton Limited.
		
	 Ltd Share Register
	  	the register of Ltd Shareholders maintained under section 169 of the Corporations Act.

  
 7 

			
	 Term
	  	 Meaning

	 Ltd Shareholder
	  	a person who is registered in the Ltd Share Register as the holder of Ltd Shares.
		
	 Ltd Subscription Agreement
	  	a subscription agreement entered into on 21 November 2014 between BHP Billiton Limited and South32, under which BHP Billiton Limited has agreed to subscribe for a South32 Share.
		
	 Melbourne Time
	  	the local time in Melbourne, Victoria, Australia.
		
	 Participating Small Shareholder
	  	a Small Shareholder who elects to have all the South32 Shares that they receive under the Demerger immediately transferred to BHP Billiton Limited for sale under the Sale Facility.
		
	 Plc Demerger Participant
	  	each person who is, as at the Plc Record Date, registered in the Plc Share Register as a holder of a Plc Share.
		
	 Plc Dividend
	  	 an in specie dividend by BHP Billiton Plc to:
  

1       Eligible Plc Shareholders, of a number of South32 Shares equal to their
respective Demerger Entitlements; and
  

2       Ineligible Overseas Plc Shareholders, by transfer to the Sale Agent of a
number of South32 Shares equal to the Demerger Entitlements of Ineligible Overseas Plc Shareholders.

		
	 Plc Dividend Resolution
	  	a resolution of the board of Directors of BHP Billiton Plc to declare and pay the Plc Dividend to the Plc Demerger Participants in accordance with their Demerger Entitlements.
		
	 Plc General Meeting
	  	a meeting of Plc Shareholders to vote on the Demerger.
		
	 Plc Implementation Date
	  	the date on which the Plc Dividend is distributed.
		
	 Plc Record Date
	  	the respective record dates on the LSE and the JSE to determine the entitlement of Plc Shareholders to the Plc Dividend.
		
	 Plc Share
	  	a fully paid ordinary share in the capital of BHP Billiton Plc.
		
	 Plc Share Register
	  	the register of Plc Shareholders maintained pursuant to section 113 of the Companies Act 2006 (UK).
		
	 Plc Shareholders
	  	a person who is registered in the Plc Share Register as the holder of Plc Shares.
		
	 Plc Subscription Agreement
	  	a subscription agreement entered into on 24 November 2014 between BHP Billiton Plc and South32, under which BHP Billiton Plc has agreed to subscribe for South32
Shares.

  
 8 

			
	 Term
	  	 Meaning

	 Registered Address
	  	 1       in relation to a Ltd Shareholder, its address shown in
the Ltd Share Register; and
  

2       in relation to a Plc Shareholder, its address shown in the Plc Share
Register.

		
	 Regulatory Approvals
	  	such approvals, consents, confirmations, waivers or other acts from or by Regulatory Authorities as are necessary or, in the reasonable opinion of BHP Billiton Limited or BHP Billiton Plc, desirable to implement the
Demerger.
		
	 Regulatory Authority
	  	 includes:
  

1       ASX, ASIC and the Foreign Investment Review Board;

 
 2       LSE,
UKLA and the JSE;
  

3       a Government Agency;

 
 4       a
minister, department, office, commission, delegate, instrumentality, agency, board, authority or organisation of any government; and
  

5       any regulatory organisation established under statute.

		
	 Related Entity
	  	 means, in relation to an entity, a body corporate which is:
  

1       a controlling company;

 
 2       a
controlled company; or
  

3       a controlled company of a controlling company,

 
 of that entity and in respect of BHP Billiton Limited or BHP Billiton Plc includes:

 
 4       BHP
Billiton Plc;
  

5       BHP Billiton Limited;

 
 6       any
body corporate controlled by BHP Billiton Plc or BHP Billiton Limited;
  

7       any body corporate controlled by BHP Billiton Plc and BHP Billiton Limited
taking into account the aggregate percentage interests of their respective direct or indirect shareholdings in that body corporate;
  

8       any body corporate controlling or controlled by the bodies corporate
referred to in paragraphs 4 to 7.

  
 9 

			
	 Term
	  	 Meaning

		  	 For the purposes of this definition, one body corporate controls another when at the relevant time:

 
 1       it
owns either directly or indirectly or is otherwise in a position to cast, or control the casting of, more than 50% of the shares entitled to vote at general meetings of that other body corporate; or

 
 2       it
controls the composition of a majority of the board of that other body corporate,
  
 and
“controlled” and “controlling” will be construed accordingly.

		
	 Requisite Majority
	  	an ordinary resolution of Ltd Shareholders and Plc Shareholders voting on a joint electorate basis.
		
	 Sale Agent
	  	Goldman Sachs Australia Pty Limited or such other person nominated by BHP Billiton Limited and BHP Billiton Plc to sell or facilitate the sale of the South32 Shares attributable to Selling Shareholders.
		
	 Sale Facility
	  	the sale facility under which South32 Shares received by Participating Small Shareholders will be transferred to BHP Billiton Limited and sold by the Sale Agent.
		
	 Selling Shareholder
	  	 1       a Participating Small Shareholder; or

 
 2       an
Ineligible Overseas Shareholder.

		
	 Separation Deed
	  	the separation deed relating to the Demerger entered into on or about the date of this deed between BHP Billiton Limited, BHP Billiton Plc and South32.
		
	 Shareholder Circular
	  	the explanatory circular which is to be sent by BHP Billiton to Ltd Shareholders and Plc Shareholders explaining the Demerger.
		
	 Small Shareholder
	  	an Eligible Shareholder who individually holds 10,000 or fewer Ltd Shares or Plc Shares as at the Ltd Record Date or the Plc Record Date (as applicable).
		
	 South32 ADS
	  	an American Depositary Share representing South32 Shares, issued under a depositary agreement to be entered into by South32.
		
	 South32 Business
	  	has the meaning given to that term in the Separation Deed.
		
	 South32 Group
	  	has the meaning given to that term in the Separation Deed.
		
	 South32 Group Member
	  	each member of the South32 Group.

  
 10 

			
	 Term
	  	 Meaning

	 South32 Listing Document
	  	the information memorandum lodged by South32 with the ASX in connection with South32’s application for admission to the ASX Official List.
		
	 South32 Listings
	  	 1       the listing of South32 and quotation of South32 Shares
on ASX;
  

2       the admission of South32 Shares to the standard segment of the UKLA
official list and the admission of South32 Shares to trading on the main market for listed securities on the LSE; and
  

3       the secondary listing of South32, and quotation of South32 Shares, on
JSE.

		
	 South32 Share
	  	a fully paid ordinary share in the capital of South32.
		
	 South32 Share Register
	  	the register of South32 Shareholders maintained under section 169 of the Corporations Act.
		
	 South32 Shareholder
	  	a person who is registered in the South32 Share Register as the holder of South32 Shares.
		
	 Subsidiary
	  	has the same meaning as in the Corporations Act.
		
	 Timetable
	  	the timetable set out in Schedule 1.
		
	 Transaction Documents
	  	has the meaning given to that term in the Separation Deed.
		
	 UK
	  	the United Kingdom of Great Britain and Northern Ireland.
		
	 UKLA
	  	the Financial Conduct Authority acting as United Kingdom Listing Authority being the competent authority for the purposes of Part VI of the Financial Services and Markets Act 2000 (UK).
		
	 UKLA Listing Rules
	  	the listing rules made by the UKLA under Part VI of the Financial Services and Markets Act 2000 (UK).
		
	 UK Prospectus
	  	the prospectus to be published by South32 for the purpose of its application for the admission of South32 Shares to the standard segment of the UKLA Official List.

 1.2    Interpretation 
  

	(a)	In this deed headings and bold type are for convenience only and do not affect the interpretation of this deed and unless the context otherwise requires: 

 

	 	(1)	words importing the singular include the plural and vice versa; 

  

	 	(2)	a reference to one gender includes all genders; 

  

	 	(3)	other parts of speech and grammatical forms of a word or phrase defined in this agreement have a corresponding meaning; 

  

	 	(4)	an expression importing a natural person includes any company, partnership, joint venture, association, corporation or other body corporate and any Government Agency; 

  
 11 

	 	(5)	a reference to a clause, party or schedule is a reference to a clause of, and a party and schedule to, this deed and a reference to this deed includes any schedule; 

 

	 	(6)	a reference to legislation includes any change to, consolidation or replacement of it, whether passed by the same or another Government Agency with legal power to do so, and any delegated legislation or proclamation
issued under it; 

  

	 	(7)	a reference to a document includes all amendments or supplements to or replacements or novations of that document; 

  

	 	(8)	a reference to a party to a document includes that party’s executors, administrators, liquidator, successors and permitted assigns including any person taking by novation; 

 

	 	(9)	no provision of this deed will be construed adversely to a party solely on the ground that the party was responsible for the preparation of this deed or that provision; 

 

	 	(10)	‘in relation to’ includes arising, directly or indirectly, in whole or in part, in relation to, in connection with, as a consequence of, or which would not have arisen but for and ‘relating to’ has a
corresponding meaning; 

  

	 	(11)	a reference to a deed other than this deed or to an agreement includes an undertaking, deed, agreement or legally enforceable arrangement or understanding, whether or not in writing; 

 

	 	(12)	a reference to ‘A$’ is to the currency of Australia and a reference to ‘US$’ is to the currency of the United States; 

 

	 	(13)	a reference to a document includes any agreement in writing, or any certificate, notice, instrument or other document of any kind; and 

 

	 	(14)	a reference to a body other than a party to this deed (including an institute, association or authority) whether statutory or not which ceases to exist or whose powers or functions are transferred to another body, is a
reference to the body which replaces it or which substantially succeeds to its powers or functions. 

  

	(b)	In this deed, unless otherwise expressly stated, ‘including’ means ‘including but not limited to’ and ‘include’ and ‘includes’ have corresponding meanings. 

 

	(c)	Where the day on or by which any thing is to be done is not a Business Day, that thing must be done on or by the next Business Day. 

1.3    References to BHP Billiton 
 In
this deed: 
  

	(a)	an obligation imposed on ‘BHP Billiton’ is a joint and several obligation of BHP Billiton Limited and BHP Billiton Plc; and 

 

	(b)	a right conferred on ‘BHP Billiton’ is a right conferred on each of BHP Billiton Limited and BHP Billiton Plc severally. 

1.4    Legally binding and effective nature of this deed 

Despite any other provision in this deed to the contrary and notwithstanding the due execution by each party to this deed, the parties agree that this deed
will only become legally binding and effective as between them if the BHP Billiton board publicly announces its intention to proceed with the Demerger and makes available publicly the form of Shareholder Circular it proposes to provide to its
shareholders in relation to the Demerger. 

  
 12 

 2    Agreement to proceed with the Demerger 

The parties agree to undertake the Demerger on the terms of, and subject to the conditions set out in, this deed and the Transaction Documents. 

3    Conditions 

3.1    Conditions 
 The obligations of
BHP Billiton Limited to declare the Ltd Dividend and BHP Billiton Plc to declare the Plc Dividend under this deed are subject to the satisfaction or waiver of the following Conditions: 

 

	(a)	the Demerger being approved at the Ltd General Meeting and the Plc General Meeting by the Requisite Majority; 

  

	(b)	no temporary restraining order, preliminary or permanent injunction or other order being issued by any court of competent jurisdiction and no other legal restraint or prohibition preventing the Demerger being
implemented; 

  

	(c)	all Regulatory Approvals being obtained either unconditionally or on conditions reasonably satisfactory to BHP Billiton; 

  

	(d)	the ASX approving the admission of South32 to the ASX official list and the granting of permission for official quotation of South32 Shares on ASX, subject only to such conditions that are acceptable to BHP Billiton
Limited and BHP Billiton Plc; 

  

	(e)	an application having been made to the UKLA for all of the South32 Shares to be admitted to the standard listing segment of the UKLA official list and to the LSE for the South32 Shares to be admitted to trading on the
LSE’s main market for listed securities and there having been no indication that such applications will not be granted on or before 26 May 2015 (London Time) (or such later time determined by BHP Billiton) on such conditions that are
acceptable to BHP Billiton; 

  

	(f)	the JSE approving the secondary listing of South32 on the JSE, subject only to such conditions that are acceptable to BHP Billiton Limited and BHP Billiton Plc; 

 

	(g)	completion of the transactions which are required to give effect to the Internal Restructure in accordance with the Internal Restructure Documents; and 

 

	(h)	no event occurring prior to the declaration of the Ltd Dividend and the Plc Dividend which would render the payment of such dividends unlawful. 

For the avoidance of doubt, the Demerger will not be implemented unless BHP Billiton Limited declares the Ltd Dividend and BHP Billiton Plc declares the Plc
Dividend. 
 3.2    Reasonable endeavours 

BHP Billiton Limited, BHP Billiton Plc and South32 must each use reasonable endeavours to procure that; 

 

	(a)	the Conditions (other than the condition in clause 3.1(b) and 3.1(h)) are satisfied as soon as practicable after the date of this deed and in any event by the Cut- Off Date; and 

 

	(b)	there is no occurrence within the control of BHP Billiton Limited, BHP Billiton Plc or South32 or their Subsidiaries that would prevent the Conditions being satisfied. 

3.3    Waiver of Conditions 
 The
Conditions are for the benefit of BHP Billiton only and may be waived, to the extent that it is lawful to do so, by BHP Billiton providing notice in writing to South32. 

  
 13 

 3.4    Certain notices 

 

	(a)	If, before the time specified for satisfaction of a Condition, any event that will prevent that Condition being satisfied occurs, the party with knowledge of that event must promptly give the other parties written
notice of that event. 

  

	(b)	BHP Billiton and South32 must promptly advise each other of any change or event causing, or which, so far as can reasonably be foreseen, would cause a breach or non-fulfilment of any of the Conditions.

 4    Termination 

4.1    Termination 
 If: 

 

	(a)	at any time before the Dividend Declaration Date, a majority of the directors of BHP Billiton change their recommendation or withdraw their support for the Demerger; 

 

	(b)	the Dividend Declaration Date does not occur on or before the Cut-Off Date; or 

  

	(c)	an event occurs which results in a Condition being breached or becoming incapable of satisfaction, and where such Condition is capable of being waived, BHP Billiton has not provided notice to South32 in accordance with
clause 3.4 within 10 Business Days of the occurrence of the event that it waives that Condition, 

 BHP Billiton may terminate this deed by
providing notice in writing to South32. 
 4.2    Effect of termination 

Upon termination of this deed in accordance with clause 4.1, each party is released from all obligations and liabilities under this deed. 

5    Joint obligations in relation to the Demerger 

BHP Billiton must undertake, and South32 must do all things within its sole control that BHP Billiton reasonably requests, to achieve the following steps: 

 

	(a)	Regulatory Approvals: apply for, and take reasonable steps to obtain, all Regulatory Approvals; 

  

	(b)	Disclosure Documents: prepare and finalise the Disclosure Documents, and use reasonable endeavours to ensure that the Disclosure Documents comply with applicable laws and any applicable disclosure
requirements of the relevant Regulatory Authorities and obtain such approvals, confirmations and waivers as may be required from relevant Regulatory Authorities in respect of the Disclosure Documents; 

 

	(c)	Timetable: use reasonable endeavours to effect the Demerger in accordance with the Timetable; 

  

	(d)	sale of shares of Selling Shareholders: procure the sale of South32 Shares by the Sale Agent in respect of Selling Shareholders within 20 Business Days after the Ltd Implementation Date (or such later date
nominated by BHP Billiton that is permitted under the Disclosure Documents and the Regulatory Approvals) and remit the proceeds of sale to those Selling Shareholders in accordance with their respective Demerger Entitlements; 

 

	(e)	directors: take all actions necessary to cause: 

  

	 	(1)	the appointment of those persons named in the Disclosure Documents as directors and company secretary of South32 to the South32 board with effect from no later than the Dividend Declaration Date; 

 

	 	(2)	all directors on the South32 board other than the South32 directors named in the Disclosure Documents to resign with effect from no later than the Dividend Declaration Date; and 

  
 14 

	 	(3)	all directors and company secretaries of the Subsidiaries of South32, as specified by South32, to resign with effect from no later than the Dividend Declaration Date and be replaced (with effect from the same date) with
those persons nominated by South32 for those positions. 

 6    Obligations of BHP Billiton Limited in relation to the
Demerger 
 BHP Billiton Limited must take all reasonable steps within its control to implement the Demerger, including each of the following: 

 

	(a)	shareholder approval: seek the approval of Ltd Shareholders for the Demerger at the Ltd General Meeting; 

  

	(b)	Ltd Dividend declaration: subject to satisfaction or waiver of the Conditions as at the Dividend Declaration Date, on the same date as the Plc Dividend Resolution is passed by the BHP Billiton Plc board,
procure that the Ltd Dividend Resolution is passed by the BHP Billiton Limited board declaring the Ltd Dividend on the basis that: 

  

	 	(1)	the dividend is to be distributed on the Ltd Implementation Date; and 

  

	 	(2)	the record date for the Ltd Dividend is the Ltd Record Date. 

  

	(c)	no revocation: after the Dividend Declaration Date but by no later than the commencement of deferred settlement trading in South32 Shares, provide an irrevocable undertaking that the declaration of the Ltd
Dividend will not be revoked or withdrawn; 

  

	(d)	payment of Ltd Dividend: on the Ltd Implementation Date, procure the distribution of South32 Shares to the Ltd Demerger Participants in accordance with their respective Demerger Entitlements (or to the
Sale Agent in the case of Ineligible Overseas Ltd Shareholders) by way of the Ltd Dividend; 

  

	(e)	agreement to become members: execute an agreement, pursuant to clause 119 of BHP Billiton Limited’s constitution, under which BHP Billiton Limited agrees on behalf of each Ltd Demerger Participant and
the Sale Agent, to become a South32 Shareholder; 

  

	(f)	BHP Billiton Limited ADS: with respect to holders of BHP Billiton Limited ADSs, take such steps as are necessary, including procuring the cooperation of the depositary, to facilitate the distribution of
South32 ADSs to such holders; and 

  

	(g)	Clear exit payment: procure that prior to the Ltd Implementation Date, South32 and any South32 Group Member makes any payment required to be made by it in accordance with the BHP Billiton Tax Sharing Deed
and pursuant to section 721-35 of the ITAA 1997. 

 7    Obligations of BHP Billiton Plc in relation to the Demerger

 BHP Billiton Plc must take all reasonable steps within its control to implement the Demerger, including each of the following: 

 

	(a)	shareholder approval: seek the approval of Plc Shareholders for the Demerger at the Plc General Meeting; 

  

	(b)	Plc Dividend declaration: subject to satisfaction or waiver of the Conditions as at the Dividend Declaration Date, on the same date as the Ltd Dividend Resolution is passed by the BHP Billiton Limited
board, procure that the Plc Dividend Resolution is passed by the BHP Billiton Plc board declaring the Plc Dividend on the basis that: 

  

	 	(1)	the dividend is to be distributed on the Plc Implementation Date; and 

  

	 	(2)	the record date for the Plc Dividend is the Plc Record Date. 

  
 15 

	(c)	no revocation: after the Dividend Declaration Date but by no later than the commencement of “when issued” trading in South32 Shares on the LSE, provide an irrevocable undertaking that the
declaration of the Plc Dividend will not be revoked or withdrawn; 

  

	(d)	Plc Subscription Agreement: pay the subscription amount, and following the distribution of South32 Shares pursuant to the Ltd Dividend complete the subscription for South32 Shares, under and in accordance
with the Plc Subscription Agreement; 

  

	(e)	payment of Plc Dividend: on the Plc Implementation Date and immediately after the South32 Shares are issued to it pursuant to the Plc Subscription Agreement, procure the distribution of South32 Shares to
the Plc Demerger Participants in accordance with their respective Demerger Entitlements (or to the Sale Agent in the case of Ineligible Overseas Plc Shareholders) by way of the Plc Dividend (to the extent that it is lawful to do so);

  

	(f)	agreement to become members: execute an agreement, pursuant to clause 119 of BHP Billiton Plc’s articles of association, under which BHP Billiton Plc agrees on behalf of each Plc Demerger Participant
and the Sale Agent, to become a South32 Shareholder; and 

  

	(g)	BHP Billiton Plc ADS: with respect to holders of BHP Billiton Plc ADSs, take such steps as are necessary, including procuring the cooperation of the depositary, to facilitate the distribution of South32
ADSs to such holders. 

 8    Other obligations in relation to the Demerger 

South32 must do all things within its sole control that BHP Billiton reasonably requests in order to implement the Demerger, including taking steps as
requested by BHP Billiton in order to: 
  

	(a)	capital: ensure that on the Ltd Implementation Date it has that number of ordinary shares on issue equal to the Demerger Entitlements of the Ltd Demerger Participants; 

 

	(b)	registration of issue and transfers under the Ltd Dividend: on the Ltd Implementation Date ensure that each Ltd Demerger Participant (and the Sale Agent in respect of the South32 Shares to which Ineligible
Overseas Ltd Shareholders are entitled) in respect of the South32 Shares which they receive under the Demerger is entered into the South32 Share Register; 

  

	(c)	registration of issue and transfers under the Plc Dividend and the Plc Subscription Agreement: on the Plc Implementation Date enter into the South32 Share Register (in the order set out below):

  

	 	(1)	BHP Billiton Plc in respect of the South32 Shares which it receives under the Plc Subscription Agreement; 

  

	 	(2)	each Plc Demerger Participant (and Computershare in respect of Depository Instruments and Company Sponsored Nominee accounts and the Sale Agent in respect of the South32 Shares to which Ineligible Overseas Plc
Shareholders are entitled) in respect of the South32 Shares which they receive under the Demerger; and 

  

	 	(3)	BHP Billiton Limited in respect of the South32 Shares transferred to it by Participating Small Shareholders; 

  

	(d)	confirmation of holdings: as soon as practicable after the Ltd Implementation Date and the Plc Implementation Date (as applicable) send to: 

 

	 	(1)	each Demerger Participant (other than Participating Small Shareholders and Ineligible Overseas Shareholders), holding statements, in the form and manner contemplated by section 7.5 of the Shareholder Circular, for the
South32 Shares to which they are entitled under the Demerger; 

  

	 	(2)	BHP Billiton Limited, a holding statement for South32 Shares transferred to BHP Billiton Limited by Participating Small Shareholders; and 

  
 16 

	 	(3)	the Sale Agent, holding statements for the South32 Shares transferred to the Sale Agent on behalf of the Ineligible Overseas Shareholders, 

by prepaid post to their Registered Address as at the Record Date, unless the relevant Ltd Shareholder or Plc Shareholder has directed
otherwise. In the case of joint holders of South32 Shares, any uncertificated holding statements, transaction confirmations or equivalent documentation for South32 to be issued to Demerger Participants under the Demerger will be issued in the names
of the joint holders and forwarded to the holder whose name appears first in the Ltd Share Register or Pic Share Register (as applicable) at the Record Date; and 
  

	(e)	South32 ADSs: ensure that South32 ADSs are distributed to holders of BHP Billiton Ltd ADSs and BHP Billiton Plc ADSs as soon as practicable after the Ltd Implementation Date and Plc Implementation Date (as
applicable) and comply with the conditions for exemption under Rule 12g3-2(b) under the U.S. Securities and Exchange Act of 1934. 

9    South32 Listings 

9.1    Application to ASX 
 BHP
Billiton must undertake, and South32 must do all things within its sole control that BHP Billiton reasonably requests, to: 
  

	(a)	in accordance with the Timetable, apply for admission of South32 to the official list of ASX and apply for the granting by ASX of permission for official quotation of the South32 Shares to be transferred to Demerger
Participants and the Sale Agent pursuant to the Demerger on the ASX, subject only to the Ltd Dividend being declared, the Plc Dividend being declared and such other conditions that are acceptable to BHP Billiton; 

 

	(b)	pay, or cause to be paid, the applicable fees to ASX; and 

  

	(c)	take any action required to procure the satisfaction of any conditions or requirements associated with any conditional ASX listing approval or deferred settlement trading on ASX of South32 Shares. 

9.2    Application to UKLA and LSE 

BHP Billiton must undertake, and South32 must do all things within its sole control that BHP Billiton reasonably requests, to: 

 

	(a)	in accordance with the Timetable: 

  

	 	(1)	apply to the UKLA for the admission of the South32 Shares to listing on the standard segment of the UKLA official list, subject only to the Ltd Dividend being declared, the Plc Dividend being declared and the
distribution of the South32 Shares being made to the Demerger Participants and such other conditions as are acceptable to BHP Billiton; 

  

	 	(2)	submit all documents required under the UKLA Listing Rules in connection with the application for listing; 

  

	 	(3)	apply to the LSE for admission of the South32 Shares to “when issued” dealing and normal settlement trading on the main market for listed securities, subject only to the Ltd Dividend being declared, the Plc
Dividend being declared and the distribution of the South32 Shares being made to the Demerger Participants and such other conditions that are acceptable to BHP Billiton; 

 

	(b)	pay, or cause to be paid, the applicable fees to the UKLA and LSE; and 

  

	(c)	take any action required to procure the satisfaction of any conditions or requirements associated with LSE approval of “when issued” dealing on LSE of South32 Shares. 

  
 17 

 9.3    Application to JSE 

BHP Billiton must undertake, and South32 must do all things within its sole control that BHP Billiton reasonably requests, to: 

 

	(a)	in accordance with the Timetable, apply for the secondary listing of South32 on the JSE, subject only to the Ltd Dividend being declared, the Plc Dividend being declared and such other conditions that are acceptable to
BHP Billiton; 

  

	(b)	pay, or cause to be paid, the applicable fees to JSE; and 

  

	(c)	take any action required to procure the satisfaction of any conditions or requirements associated with any conditional JSE listing approval or deferred settlement trading on JSE of South32 Shares. 

9.4    Obligations of BHP Billiton 

For the avoidance of doubt, the obligations of BHP Billiton under this clause 9 to pay applicable fees do not extend to funding the payment of any annual
listing fees of South32 relating to the post-Demerger period and cease on the Demerger being implemented. 
 10    General 

10.1    Notices 
  

	(a)	Any notice or other communication including any request, demand, consent or approval, to or by a party to this agreement must be in legible writing and in English addressed as shown below (or as specified to the sender
by any party by notice): 

  

			
	 BHP Billiton Limited
	  	
		
	 Address:
	  	171 Collins Street, Melbourne 3000
		
	 Fax no:
	  	+61 3 9609 3015
		
	 For the attention of:
	  	Company Secretary
		
	 BHP Billiton Plc
	  	
		
	 Address:
	  	Neathouse Place, London SW1V 1BH United Kingdom
		
	 Fax no:
	  	+44 20 7802 4111
		
	 For the attention of:
	  	Company Secretary
		
	 South32
	  	
		
	 Address:
	  	‘Waterfront Place’, Level 20, 1 Eagle Street, Brisbane Queensland 4000
		
	 Fax no:
	  	+61 7 3227 5601
		
	 For the attention of:
	  	Company Secretary

 The notice or communication must be signed by an officer or under the common seal of the sender. 

 

	(b)	A notice or communication given in accordance with clause 10.1 (a) can be relied on by the addressee and the addressee is not liable to any other person for any consequences of that reliance if the addressee
believes it to be genuine, correct and authorised by the sender. 

  
 18 

	(c)	Any notice or other communication to or by a party to this deed is regarded as being given by the sender and received by the addressee: 

 

	 	(1)	if by delivery in person, when delivered to the addressee; 

  

	 	(2)	if by post, 5 days from and including the date of postage; or 

  

	 	(3)	if by facsimile transmission, when a facsimile confirmation receipt is received indicating successful delivery, 

but if the delivery or receipt is on a day that is not a Business Day at the location of the addressee or is after 5.00pm (addressee’s
time) it is regarded as received at 9.00am on the following Business Day. 
  

	(d)	A facsimile transmission is regarded as legible unless the addressee telephones the sender within 2 hours after the transmission is received or regarded as received under clause 10.1(c) and informs the sender that it is
not legible. 

  

	(e)	In this clause 10.1, reference to an addressee includes a reference to an addressee’s officers, agents or employees. 

10.2    Representations and warranties 
  

	(a)	Each party represents and warrants to each other party that: 

  

	 	(1)	registration: it is a corporation registered (or taken to be registered) and validly existing under the laws of its place of incorporation; 

 

	 	(2)	authority: it has full power and authority to enter into and perform its obligations under this deed; 

  

	 	(3)	authorisations: it has taken all necessary action to authorise the execution, delivery and performance of this deed in accordance with its terms; 

 

	 	(4)	binding obligations: this deed constitutes its legal, valid and binding obligations, and subject to any necessary stamping and registration, is enforceable in accordance with its terms subject to laws generally
affecting creditors’ rights and to principles of equity; and 

  

	 	(5)	transaction permitted: the execution, delivery and performance by it of this deed does not and will not violate, breach, or result in a contravention of: 

 

	 	(A)	any law, regulation or authorisation; or 

  

	 	(B)	its constitution or other constituent documents. 

  

	(b)	BHP Billiton Limited represents and warrants to South32 that as at the time immediately prior to the distribution of the South32 Shares to the Ltd Demerger Participants, the South32 Shares will be unencumbered.

  

	(c)	BHP Billiton Plc represents and warrants to South32 that as at the time immediately prior to the distribution of the South32 Shares to the Plc Demerger Participants, the South32 Shares will be unencumbered.

 10.3    Reliance on representations 

Each party acknowledges that the other party has entered into this deed in reliance on the representations and warranties in clause 10.2. 

10.4    Governing law and jurisdiction 
  

	(a)	This deed is governed by the laws of Victoria, Australia. 

  

	(b)	Each of the parties irrevocably submits to the exclusive jurisdiction of the courts of Victoria, Australia. 

  
 19 

 10.5    Prohibition and enforceability 

 

	(a)	Any provision of, or the application of any provision of, this deed or any right, power, authority, discretion or remedy which is prohibited in any jurisdiction is, in that jurisdiction, ineffective only to the extent
of that prohibition. 

  

	(b)	Any provision of, or the application of any provision of, this deed which is void, illegal or unenforceable in any jurisdiction does not affect the validity, legality or enforceability of that provision in any other
jurisdiction or of the remaining provisions in that or any other jurisdiction. 

  

	(c)	Where any clause of this deed is void, illegal or unenforceable, it may be severed without affecting the legality, validity and enforceability of the other provisions in this deed. 

10.6    Waivers 
  

	(a)	Waiver of any right arising from a breach of this deed or of any right, power, authority, discretion or remedy arising upon default under this deed must be in writing and signed by the party granting the waiver.

  

	(b)	A failure or delay in exercise, or partial exercise, of: 

  

	 	(1)	a right arising from a breach of this deed; or 

  

	 	(2)	a right, power, authority, discretion or remedy created or arising upon default under this deed, 

  

	 	does	not result in a waiver of that right, power, authority, discretion or remedy. 

  

	(c)	A party is not entitled to rely on a delay in the exercise or non-exercise of a right, power, authority, discretion or remedy arising from a breach of this deed or on a default under this deed as constituting a waiver
of that right, power, authority, discretion or remedy. 

  

	(d)	A party may not rely on any conduct of another party as a defence to exercise of a right, power, authority, discretion or remedy by that other party. 

 

	(e)	This clause may not itself be waived except by writing. 

 10.7    Variation 

A variation of any term of this deed must be in writing and signed by the parties. 

10.8    Duties, costs and expenses 

Unless otherwise provided for in this deed or unless otherwise agreed between the parties, each party must pay its own legal costs and expenses in relation to
the negotiation, preparation and completion of this deed. 
 10.9    Cumulative rights 

The rights, powers, authorities, discretions and remedies arising out of or under this deed are cumulative and do not exclude any other right, power,
authority, discretion or remedy of a party to it. 
 10.10    Assignment 

Rights arising out of or under this deed cannot be assigned, novated or otherwise transferred by a party without the prior written consent of each other party.

 10.11    Further assurances 

Each party must promptly do all things and execute and deliver all further documents necessary to give full effect to this deed, including, negotiating in good
faith with respect to any matters requested by any of the parties to this deed. 

  
 20 

 10.12    Entire agreement 

This deed supersedes all previous agreements in relation to its subject matter and, together with the other Transaction Documents, embodies the entire
agreement between the parties. 
 10.13    Counterparts 

This deed may be executed in any number of counterparts and all counterparts, taken together, constitute one instrument. A party may execute this deed by
signing any counterpart. 
 10.14    To the extent not excluded by law 

The rights, duties and remedies granted or imposed under the provisions of this deed operate to the extent not excluded by law. 

10.15    Attorneys 
 Each of the
attorneys executing this deed states that the attorney has no notice of the revocation of the power of attorney appointing that attorney. 

  
 21 

 Schedules 

Table of contents 
  

					
	 Timetable
	  	 	23	  

  
 22 

 Schedule 1 

Timetable 
  

			
	 Event
	  	 Date

	 Separation Deed, Implementation Deed and Transitional Services Agreement executed
	  	16 March 2015
		
	 Disclosure Documents published
	  	17 March 2015
		
	 Last date for dispatch of Disclosure Documents
	  	2 April 2015
		
	 Ltd General Meeting and Plc General Meeting
	  	6 May 2015 (9:30 am London Time /4:30pm Perth, Australia Time)
		
	 Dividend Declaration Date
	  	7 May 2015
		
	Ltd and Plc undertake to ASX, LSE, JSE and each other to proceed with the Ltd Dividend and Plc Dividend, respectively	  	8 May 2015
		
	Last day on which Ltd Shares and Plc Shares trade on the ASX, LSE and JSE cum-entitlement to South32 Shares	  	15 May 2015
		
	 Commencement of trading in Ltd Shares and Plc Shares ex-South32 Share entitlement

 
 South32 Shares admitted to the ASX Official
List
  
 Commencement of deferred settlement
trading in South32 Shares on ASX
  
 South32
Shares admitted to the Main Board of the JSE
  

Commencement of normal settlement trading of South32 Shares on JSE

 
 “When issued” trading in South32 Shares
commences on LSE
	  	18 May 2015
		
	Plc Record Date (excluding Plc Dematerialised Holders but including Plc SA certificated holders)	  	19 May 2015
(London Time)
		
	 Ltd Record Date
	  	20 May 2015 (Melbourne Time)
		
	 Plc Dematerialised Holders Record Date
	  	22 May 2015 (South African Standard Time)
		
	 Economic Separation Time
	  	4pm on 22 May 2015 (London Time)
		
	 Ltd Implementation Date
	  	24 May 2015 (Melbourne Time)
		
	 Plc Implementation Date
	  	25 May 2015 (Melbourne Time)
		
	South32 Shares admitted to the UKLA Official List and to trading on the LSE Main Market	  	26 May 2015 (London Time)
		
	 Commencement of normal trading in South32 Shares on LSE
	  	
		
	 South Africa shareholder confirmations issued
	  	28 May 2015 (London Time)

  
 23 

			
	 Event
	  	 Date

	 Distribution of South32 ADSs to BHP Billiton ADS Holders
	  	29 May 2015 (Eastern Standard Time in New York)
		
	 South32 holding statements and CHESS confirmations dispatched to Ltd Shareholders
	  	1 June 2015
		
	 UK Corporate Sponsored Nominee statements issued
	  	
		
	 Commencement of normal trading in South32 Shares on ASX
	  	2 June 2015 (Melbourne Time)
		
	 Sale of South32 Shares of Selling Shareholders
	  	the date determined by BHP Billiton and South32 under clause 5(d)
		
	 Cut-Off Date
	  	31 December 2015 (Melbourne Time)

  
 24 

 Signing pages 

Executed as a deed 
 BHP Billiton Limited 

Signed sealed and delivered by 
 BHP Billiton Limited 

by 
  

					
	sign here	 	 

	 	 

		 	Company Secretary/Director	 
	print name	 	 Jane Mcaloon
	 
	sign here	 	 

	 
		 	Director	 
	print name	 	 Jac Nasser
	 
	print address	 	  
	 	

 BHP Billiton Plc 
 Signed
sealed and delivered by 
 BHP Billiton Plc 
 by 

 

			
	sign here	 	 

		 	Company Secretary/Director
		
	print name	 	 Jane Mcaloon

	sign here	 	 

		 	Director
		
	print name	 	 Jac Nasser

  
 25 

 South32 

Signed sealed and delivered by 
 South32 Limited 

by 
  

			
		
	sign here	 	 

		 	Company Secretary Director
		
	print name	 	 Nicole Duncan

		
	sign here	 	 

		 	Director
		
	print name	 	 Graham Kerr

  
 26Exhibit

FIRST AMENDMENT TO
STORAGE SERVICES AGREEMENT

THIS FIRST AMENDMENT TO STORAGE SERVICES AGREEMENT is effective as of September 17, 2015 by and between MARATHON PIPE LINE LLC, a Delaware limited liability company (“MPL”), and MARATHON PETROLEUM COMPANY LP, a Delaware limited partnership (“MPC”), both referred to jointly as the “Parties” and individually as a “Party”.

RECITALS    

WHEREAS, MPL and MPC entered into that certain Storage Services Agreement dated September 24, 2012 (“Agreement”), whereby MPC desired MPL to provide storage services at its facility located in Patoka, Illinois;

WHEREAS, the Parties now desire to amend the Agreement as set forth herein;

NOW THEREFORE, in consideration of the mutual representations and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, MPL and MPC agree to amend the Agreement as follows:

		
	1.
	As set forth in the preamble, the storage services Commitment shall be amended from 1,386,000 to 2,626,000 Barrels of MPC’s Crude Petroleum to reflect the addition of four new tanks at Patoka.

		
	2.
	MPL will adjust monthly invoices as the additional storage becomes available for use.

		
	3.
	Section 4.2(c), entitled “Adjustments to the Commitment”,  shall be deleted in its entirety and replaced with the following:

“With respect to any period in which MPL is unable to provide storage services with respect to the entire Commitment due to MPL’s repair, maintenance or construction activities, then the Commitment shall be reduced to equal the volume capacity in the Storage Tanks that is available for MPC’s use during the period of any such repair, maintenance or construction activity.” 

		
	4.
	Except as amended herein, all other terms and conditions of the Agreement shall remain in full force and effect.

		
	5.
	Any terms not defined herein shall have the same meaning as specified in the Agreement.

IN WITNESS WHEREOF, the Parties have executed this First Amendment to the Storage Services Agreement to be effective as of the date written above.  

	
							
	MARATHON PIPE LINE LLC
	 
	MARATHON PETROLEUM COMPANY LP

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	By:
	 
	MPC Investment LLC, its General Partner

	 
	 
	 
	 
	 
	 
	 

	By:
	 
	/s/ Craig O. Pierson
	 
	By:
	 
	/s/ C. M. Palmer

	Name:
	 
	C. O. Pierson
	 
	Name:
	 
	C. M. Palmer

	 
	 
	 
	 
	 
	 
	 

	Title:
	 
	President
	 
	Title:
	 
	Senior Vice President Supply, Distribution & Planning

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