Morgan Stanley Mining, Paper & Packaging Conference New York, NY, March 11, 2002 New York, NY, March 11, 2002 A Time for Gold Wayne W. Murdy, Chairman & CEO Pierre Lassonde, President 1 The new Newmont Operating excellence focusing on large mining districts Cost reduction, district rationalization and synergy realization Rationalization and optimization of vast asset portfolio Exploration and development efforts to take advantage of large land position No hedging philosophy Growth of premier royalty income stream Continued excellence in environment management, community development and employee safety Generate superior returns for shareholders Further improve a low net debt/capitalization level Strategy Future 2 The new gold standard Leverage to rising gold price Stability at lower gold prices Development projects add upside potential Merchant banking wealth creation World class core properties with low cash costs and high cash flows Strong balance sheet Largest non-hedged gold producer provides shareholders most leverage to gold Royalty cash flow as natural hedge against low gold price 3 # 1 in reserves Reserves Source: Most recent public filings 1 Includes reserves of 59.6 mm oz. for Newmont, 26.4 mm oz. for Normandy, 2.0 mm oz. of equivalent reserves for Franco- Nevada and 1.9 mm oz. of reserves to reflect Franco-Nevadas 49% ownership of Echo Bay 2 SEC Filing of November 9, AngloGold reserves assume sale of Free State assets 2 1 3 4 # 1 in production 2001 production 2 Source: most recent public filings 1 Pro forma for the acquisitions, Newmont will account for approximately 9% of global gold production (Gold Fields Mineral Services) 2 Newmont includes production attributable to Franco-Nevadas share of Echo Bay 3 AngloGold reserves assume sale of Free State assets 3 1 5 Over 60% of reserves and 70% of production will be in countries rated AAA 1 by S&P Source: Public filings 1 S&P local currency credit rating 2 Reserves and production attributable to Newmont, Normandy and Franco-Nevada, including Franco-Nevadas stake in Echo Bay (assuming conversion of capital securities) and approximately 2 MM ounces of reserves attributable to Franco-Nevadas royalty interests Reserves 2 South America Other 90 mm ozs ~8 mm ozs annually South America Other Production 2 6 #1 in EBITDA Last twelve months EBITDA Source: Public filings; EBITDA defined as revenue less: cost of sale (excluding DD&A), SG&A, exploration and research and other operating expenses; Franco- Nevada revenue includes interest income 1 AngloGold EBITDA includes Free State (approximately $55MM), EBITDA excluding Free State is approximately $667MM 2 Hedge gain = Last twelve months production multiplied by the result of last twelve months realized gold price less last twelve months average spot gold price. Hedge gain 2 Not vulnerable to drop in hedging cash flow or potential hedging losses 7 Strong balance sheet & financial flexibility Newmont net debt/total capitalization 8 Industrys most attractive asset portfolio Largest global land position = 94,000 sq. miles / 244,000 sq. km Major District Reserve Base: Nevada32.2 mm oz. Yanacocha18.2 mm oz. Western Australia14.0 mm oz. Tanami 2.5 mm oz. Batu Hijau 6.1 mm oz. Total 73.3 mm oz. ~80% of reserves Yanacocha Zarafshan Batu Hijau Martha Pajingo/ Vera-Nancy Kalgoorlie Yandal Tanami Nevada Yamfo-Sefwi Martabe Akim Mesquite La Herradura New Britannia Musselwhite Holloway Golden Giant Kori Kollo La Coipa Crixas Paracatu Ovacik Minahasa Boddington Lone Tree Phoenix Carlin Twin Creeks NEVADA Midas Australian Magnesium Corporation Core operations Strategic operations Others Golden Grove 9 Transaction update More than 66% acceptance by Normandy holdersFeb 15 Closed Franco-Nevada; Arrangement effectiveFeb 16 Newmont representatives constitute majority of Normandy boardFeb 20 Compulsory acquisition of Normandy Feb 25 to combining 3 strong companies 10 Mine output set to fall Producer hedging is decreasing US$ over valued S&P 500 Index/Gold Price (18712001) Fundamentals of gold price very positive Index (U.S.$/oz.) 11 Why gold is going up Reduced hedging and short sales combine with flat mine production and stable central bank sales, resulting in reduced gold supply Supply is decreasing Total supply Source: GFMS data 4,234 4,1064,154 3,970 3,845 12 Why gold is going up Producer hedging is decreasing Producers have been net buyers of gold in 2000 and 2001 Net producer hedging (Tonnes of gold) Source: GFMS data 13 The levitating greenback U.S. dollar against all other world currencies (NBF trade-weighted index*) Source: NBF Economic Research * Measured against 30 other currencies It is up nearly 8% from a year ago The USD is now stronger than at its late 1985 peak 84 868890929496980002 14 Why gold is going up 4-year gold price performance US$ Gold Spot Euro Gold Spot Rand Gold Spot Yen Gold Spot 15 The new industry leader Source: Public filings; market data as of February 15, Includes production attributable to Franco-Nevadas share of Echo Bay 2 AngloGolds reserves assume sale of Free State assets 3 Enterprise value represents market capitalization plus net debt, minority interests and preferred stock Newmont PF Placer Dome AngloGold Gold Fields ,0004,0006,0008,00010,00012,000 Enterprise value (US$ millions) 2001 production (MM oz.) 3 Others Barrick Leading non-hedging producer Only substantial USA gold company 2 16 The GO TO non-hedging gold stock Hedgers (US$23 billion) New Newmont 20% Other Non-hedgers 24% Non-hedgers (US$18 billion) Total combined market capitalization (US$41 billion) New Newmont will constitute 45% of the total market capitalization of all non-hedgers Source: NBF Economic Research 17 Estimated increase in annual pre-tax cash flow from US$25 increase in gold price 1, 2 Based on analysis of public filings 1 US$25 per ounce multiplied by unhedged 2001E production 2 Newmont includes pre-tax cash flow from Normandy and Franco-Nevada. Assumes a gold price increase from US$275 per ounce to US$300 per ounce 3 Pro forma for the sale of Free State assets; assumes no adjustment to hedge book Leverage to gold 3 US$ millions Further upside as new Newmont unwinds Normandys hedge book 18 Option value for rising gold prices Core operations Strategic operations Others Nevada, ~15mm oz of reserves Leeville underground, 3mm oz Twin Creeks South expansion, 2mm oz Phoenix, 6mm oz Gold Quarry South layback, 4mm oz Yanacocha, Peru Expansion beyond 2.5 mm oz annually Exploration upside Covered oxides Copper/gold sulfides Martabe, Indonesia prefeasibility of Purnama deposit for heap leach Akim, Ghana 51.4 mm metric tons at 2.1g/t (0.06 opt) Yamfo-Sefwi, Ghana 3.3mm oz in equity reserves Boddington, Australia 4.9mm oz in equity reserves Golden Grove 19 EBITDA Balance sheet strength Low cash costs Balanced political risk Management strength No hedging philosophy U.S. domicile leverage to gold reserves gold production trading liquidity The new gold standard 20 Cautionary Statement PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT These materials include forward-looking information and statements about Newmont Mining Corporation that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Forward-looking statements are generally identified by the words "expect," "anticipates," "believes," "intends," "estimates" and similar expressions. The forward-looking information and statements in these materials are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Newmont, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the public filings with the U.S. Securities and Exchange Commission (SEC) made by Newmont. Such risks include, but are not limited to, gold price volatility, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans.