Operations – Australian Gold Hedge Books

MtM (mm)1 ($214) ($438) ($422) ($433) ($224) ($140)

2/15/02

9/30/02

12/31/02

Ounces (000)

12/31/01

Pro-Forma

1.) Includes the Yandal Operations hedge book, which is non-recourse to Newmont Mining Corporation.

03/31/03

05/02/03

“The reinsurance and derivatives businesses are similar. Like hell, both are easy to enter and almost impossible to exit.”

Warren Buffet

(March, 2003)