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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 2008. Note only key reported lines are reconciled.

US$ million 2008 2007
Anglo Platinum Limited
IFRS headline earnings (US$ equivalent of published) 1,607 1,748
Exploration 36 36
Exchange rate difference 64 4
Operating remeasurements (net of tax) 17
Other adjustments 6 (10)
  1,730 1,778
Minority interests (376) (443)
Depreciation on assets fair valued on acquisition (net of tax) (41) (36)
Contribution to Anglo American plc underlying earnings 1,313 1,299

DB Investments (DBI)
De Beers underlying earnings (100%) 515 483
Difference in IAS 19 accounting policy 18 13
De Beers underlying earnings – Anglo American plc basis (100%) 533 496
Anglo American plc’s 45% ordinary share interest 240 223
Income from preference shares 13 16
Other 3
Contribution to Anglo American plc underlying earnings 256 239

Kumba Iron Ore Limited (KIO)
IFRS headline earnings (US$ equivalent of published)(1) 872 434
Exploration 8
Other adjustments 12 7
  892 441
Minority interests (328) (155)
Depreciation on assets fair valued on acquisition (net of tax) (6) (12)
Contribution to Anglo American plc underlying earnings 558 274
(1)
KIO IFRS headline earnings for the year ended 31 December 2008 assume a minority interest of 20% in KIO’s underlying mining assets.

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