Introduction - Industry Enterprise Values

Barrick

AngloGold

Gold Fields

Harmony

Placer Dome

Kinross2

1 Newmont pro forma for the sale of its interest in TVX NA for $180mm

2 Kinross pro forma for the acquisition of TVX, Echo Bay and Newmont’s interest in TVX NA

3 Enterprise value represents market capitalization (as of 11/15/02) plus net debt, minority interests and preferred stock

BVN

NCM

MDG

GLG

AEM

Source: JP Morgan

Size of circles proportionate to latest reported gold reserves

Newmont1