BHP Billiton Group

RATIO OF EARNINGS TO FIXED CHARGES

			Half year ended December 31,							Year ended 30 June,
			2002		2001		2002			2001			2000
Earnings
Income before income taxes, excluding minority interest and equity in earnings of associates and JV’s, after exceptional items			1,211.0		1,453.0			2,387.0			2,416.0			1,539.0
add:
	Fixed charges		227.0		330.4			591.2			767.9			720.9
	Distributed income of equity method investees		70.0		44.0			149.0			166.0			127.0
subtract:
	Capitalized Interest		(51.0	)	(15.0	)		(58.0	)		(39.0	)		(65.0	)
	Preference security dividend requirements of consolidated subsidiaries		(12.0	)	(18.0	)		(39.0	)		(83.0	)		(92.0	)
Total adjusted earnings			1,445.0		1,794.4			3,030.2			3,227.9			2,229.9
Fixed Charges
	Interest costs (expensed and capitalized)		183.0		262.0			477.0			584.0			570.0
	Portion of rent expense representative of interest factor		32.0		50.4			75.2			100.9			58.9
	Pre-tax earnings required to cover any preferred stock dividend requirements		12.0		18.0			39.0			83.0			92.0
Total fixed charges			227.0		330.4			591.2			767.9			720.9
		Ratio of Adjusted Earnings to Fixed Charges	6.4		5.4			5.1			4.2			3.1
US GAAP Measurement
Earnings
Income before income taxes, excluding minority interest and equity in earnings of associates and JV’s, after exceptional items			980.0		1,288.0			1,917.0			1,674.0			59.0
add:
	Fixed charges		227.0		330.4			591.2			424.1			515.0
	Distributed income of equity method investees		70.0		44.0			149.0			28.0			29.0
subtract:
	Capitalized Interest		(51.0	)	(15.0	)		(58.0	)		(15.0	)		(10.0	)
	Preference security dividend requirements of consolidated subsidiaries		(12.0	)	(18.0	)		(39.0	)		(63.0	)		(79.0	)
Total adjusted earnings			1,214.0		1,629.4			2,560.2			2,048.1			514.5
Fixed Charges
	Interest costs		183.0		262.0			477.0			270.0			383.0
	Portion of rent expense representative of interest factor		32.0		50.4			75.2			91.1			53.5
	Pre-tax earnings required to cover any preferred stock dividend requirements		12.0		18.0			39.0			63.0			79.0
Total fixed charges			227.0		330.4			591.2			424.1			515.5
		Ratio of Adjusted Earnings to Fixed Charges	5.3		4.9			4.3			4.8			1.0

BHP Billiton Plc Group

RATIO OF EARNINGS TO FIXED CHARGES

			Year ended 30 June,
			2001			2000			1999			1998
Earnings
Income before income taxes, excluding minority interest and equity in earnings of associates and JV’s				806.0			668.0			415.0			650.0
add:
	Fixed charges			348.0			217.0			189.3			230.7
	Distributed income of equity method investees			138.0			98.0			105.0			104.0
subtract:
	Capitalized Interest			(24.0	)		(55.0	)		(22.0	)		(13.0	)
	Preference security dividend requirements of consolidated subsidiaries			(20.0	)		(13.0	)		(4.0	)		—
Total adjusted earnings				1,248.0			915.0			683.3			971.7
Fixed Charges
	Interest costs (expensed and capitalized)			319.0			199.0			181.0			226.0
	Portion of rent expense representative of interest factor			9.0			5.0			4.3			4.7
	Pre-tax earnings required to cover any preferred stock dividend requirements			20.0			13.0			4.0			—
Total fixed charges				348.0			217.0			189.3			230.7
		Ratio of Adjusted Earnings to Fixed Charges		3.6			4.2			3.6			4.2
US GAAP Measurement
Earnings
Income before income taxes, excluding minority interest and equity in earnings of associates and JV’s				654.0			618.0			376.0			586.0
add:
	Fixed charges			348.0			217.0			189.3			230.7
	Distributed income of equity method investees			138.0			98.0			105.0			104.0
subtract:
	Capitalized Interest			(24.0	)		(55.0	)		(22.0	)		(13.0	)
	Preference security dividend requirements of consolidated subsidiaries			(20.0	)		(13.0	)		(4.0	)		—
Total adjusted earnings				1,096.0			865.0			644.3			907.7
Fixed Charges
	Interest costs			319.0			199.0			181.0			226.0
	Portion of rent expense representative of interest factor			9.0			5.0			4.3			4.7
	Pre-tax earnings required to cover any preferred stock dividend requirements			20.0			13.0			4.0			—
Total fixed charges				348.0			217.0			189.3			230.7
		Ratio of Adjusted Earnings to Fixed Charges		3.1			4.0			3.4			3.9