BHP Billiton PLC (BHPB) announced its 1Q 10 operating update on 21 October 2009, reporting increased production for major commodities, except for a decline in copper production. We expect the company to report improved production in FY 2010, led by improved demand conditions and start-up of the company's various developmental projects. However, at current price levels, the company's ADR looks fairly valued and we therefore maintain our HOLD rating. We will reassess our ADR rating (1 ADR = 2 UK shares) after the company releases its 1H 10 results in February 2010. We anticipate a negative currency impact on the UK stock over our investment horizon. However, given our outlook for the company's fundamental stock and the UK stock's current price levels, we maintain our UK stock to a HOLD rating. We will reassess our UK stock rating for BHPB after the company releases its 1H 10 results in February 2010.

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