Settlement with Former CEO

BHP Billiton Limited
22 May 2003

     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.


Date                 22 May 2003
Number               20/03

               BHP BILLITON ANNOUNCES SETTLEMENT WITH FORMER CEO


BHP Billiton today announced that it has reached agreement with former Chief
Executive, Brian Gilbertson on the terms of termination of his employment with
the Group.

'We have resolved this matter on the terms specified in our contract with Mr
Gilbertson', BHP Billiton Chairman Don Argus said today. 'The decision on the
separation payments has the unanimous support of the Board'.

'The delay in settling the matter reflected differences between us about the
contract'.

Mr Gilbertson terminated his employment with BHP Billiton on 5 January 2003,
some two and a half years earlier than 29 June 2005, the date provided under his
contracts with the Group.

Mr Gilbertson will be paid a total amount of £4,069,605, which
represents his entitlements under his contracts of employment with BHP Billiton.
These amounts will be subject to tax and other statutory deductions.

In addition, BHP Billiton will reimburse Mr Gilbertson an amount of up to
£150,000 for relocation and other expenses incurred by Mr Gilbertson in
consequence of the termination of his employment. The Group will also continue
to provide medical insurance cover for Mr Gilbertson and his wife until 29 June
2005.

At the time of his resignation, Mr Gilbertson was entitled to rights in respect
of 760,110 shares in BHP Billiton Plc, under various Group incentive schemes,
including some rights that had been paid for by Mr Gilbertson at the then
prevailing market price.

Under the terms of settlement with Mr Gilbertson, he will be entitled to retain
rights to a maximum of 228,685 shares out of the total number of 760,110. None
of these remaining rights will vest automatically. They will only vest in his
favour if the pre-determined performance targets approved by shareholders, and
applicable to all other holders, are met. If all the relevant performance
targets are not met, then the rights to those shares will progressively lapse.
Mr Gilbertson's shareholding is detailed in the 2002 Annual Report.

Mr Gilbertson worked for BHP Billiton and its predecessor companies for over 32
years, and during this period accrued substantial pension/superannuation
entitlements. Over that period Mr Gilbertson participated in a Defined Benefit
Scheme which entitled him to receive a pension/superannuation benefit of 75% of
his finishing salary after he had served 30 years. This amounts to £602,575 per
annum.

'This entitlement has not been increased as a result of, and is unrelated to, Mr
Gilbertson's termination. The annual amount Mr Gilbertson is entitled to on
leaving the Company has been reported each year in the Annual Report'. Mr Argus
said.

'Mr Gilbertson would have been entitled to these superannuation payments
irrespective of the circumstances in which he left the Company'.

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

Australia                                              United Kingdom
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BHP Billiton Limited ABN 49 004 028 077                 BHP Billiton Plc Registration number 3196209
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