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Reconciliation of subsidiaries' and associate's reported earnings to the Underlying earnings included in the consolidated financial statements
for the year ended 31 December 2009

Note only key reported lines are reconciled.

US$ million 2009 2008(1)
Anglo Platinum Limited    
IFRS headline earnings (US$ equivalent of published) 84 1,607
Exploration 17 36
Exchange rate difference - 64
Operating and financing remeasurements (net of tax) 27 17
Restructuring costs included in headline earnings 27 -
Other adjustments 2 (2)
  157 1,722
Minority interests (31) (376)
Elimination of intercompany interest 47 8
Depreciation on assets fair valued on acquisition (net of tax) (83) (41)
Corporate cost allocation (46) (57)
Contribution to Anglo American plc underlying earnings 44 1,256

   
DB Investments    
De Beers underlying earnings (100%) (220) 515
Difference in IAS 19 accounting policy 5 18
De Beers underlying earnings - Anglo American plc basis (100%) (215) 533
Anglo American plc's 45% ordinary share interest (97) 240
Income from preference shares 9 13
Other (2) 3
Contribution to Anglo American plc underlying earnings (90) 256

   
Kumba Iron Ore Limited (Kumba)    
IFRS headline earnings (US$ equivalent of published)(2) 845 872
Exploration 3 8
Other adjustments (2) 12
  846 892
Minority interests (314) (328)
Elimination of intercompany interest (10) -
Depreciation on assets fair valued on acquisition (net of tax) (7) (6)
Corporate cost allocation (39) (35)
Other adjustments 14 -
Contribution to Anglo American plc underlying earnings 490 523
(1)
Comparatives have been updated to include an allocation of corporate costs, where applicable.
(2)
Kumba's IFRS headline earnings for the year ended 31 December 2009 assume a minority interest of 20% in Kumba's underlying mining assets (2008: 20%).

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Annual Report 2009