Q4 2016 Real-Time Call Brief

Highlights

In 2016, we improved our business by maintaining low injury rates and futilities, reducing gold all-in sustaining cost for the four consecutive year, and increasing attributable gold production to 4.9 million ounces.

Merian and Long Canyon in two perspective new gold districts advancing profitable expansions at Cripple Creek & Victor, Canyon and Carlin, adding 10 million higher grade ounces to our reserve and resource base and selling PTNNT for $920 million in gross cash proceeds.

These performance and portfolio improvements helped us create value by doubling free cash flow to $784 million, increasing adjusted EBITDA to $2.4 billion and improving cash on hand to $2.8 billion.

We also improved share price by 89% and doubled our dividend payout.

I'll point out two milestones our team reached in 2016, first we lowered our serious injury rate by 75%.

This translated to only two serious injuries across our workforce of 28,000 people good progress but two injuries too many.

Our team at Carlin highlighted the technology before we invested and reported an 87% decrease in Fatigue related events.

We have steadily reduced our all-in sustaining cost by a total of 22% in 2015 this excludes PTNNT.

Nearly two-thirds of these savings are the result of cost and efficiency improvement supported by our full potential program.

Comparing our divestments to our investments over the last three years, we've been able to lower unit cost by more than $100 per ounces and doubled mine life.

Divestments comminuted in 2016 with the sale of PTNNT for total value of $1.3 billion, this includes up to $403 million in contingent payments associated with capital price and future development.

Our team built the ways of Long Canyon safely two months ahead of schedule and $50 million below budget.

Taking a phase approach helped us to generate a greater than 26% rate of return and reduced the payback period to about 4 years.

At Northwest Exodus in Tanami, we advanced extensions that will add profitable production and mine life and service platforms for further growth both projects are expected to generate returns in excess of 30% at current gold prices.

We made our first investment in 2004 as development partner with Alcoa, since then our geologist have grown the reserve and resource base to 5 million ounces.

The government of Suriname acquired a 25% interest in 2014.

We delivered the first phase of Merion on schedule and more than $150 million below budget last year and we continue to see promising exploration results.

In 2016, we added 4.1 million ounces of gold reserves by the drill bit with particularly strong results at Tanami and Merian.

We improved reserve grade by 13% to high grade additions and a sales of PTNNT.

These additions helped partially offset depletion of 6 million ounces and divestment of 2.6 million ounces.

We also added 6.1 million ounces to our reserve base, including 2 million ounces at our Yanacocha sulfides project.

In 2017, we expect to boast our exploration in advance project expenditure by 22%.

About two-thirds of that increase will pay for more Brownfieds and Greenfields exploration, and above one-third will fund studies for next generation projects.

We also ended the year with nearly 0.75 of our gold reserves in U.S.

and Australia.

Our 29% holding in TMAC is not represented on this map or included in our reserves.

Gold production rose 17% with increases of most of operations and new ounces for Merian Long Canyon.

All-in sustaining cost declined 11% through a continued focus on improving operational effectiveness and cost efficiency.

Adjusted EBITDA more than doubled to $629 million.

We also improved free cash-flow by more than 200% to $289 million.

Net loss per share including PTNNT was $0.73 for the fourth quarter.

We adjusted impairment charge of Yanacocha, which total $0.63 per share.

We'd originally indicated an impairment range of $1 billion to $1.2 billion and came in just below that range at $970 million.

We adjusted our $0.22 for certain tax items including the valuation allowance on our deferred tax assets.

We adjusted our $0.13 related to a booked loss on debt repayment and non-cash reclamation expense.

We delivered adjusted net income of $0.25 per share, up $0.28 from the prior year quarter.

Adjusted EBITDA of $629 million reflects the same drivers.

Strong operational performance drove a 7% increase in attributable goal production and a 2% improvement in AISC year-on-year.

This translated to exceptional financial performance including an 89% increase in adjusted net income to $619 million, a 25% increase in adjusted EBITDA to $2.4 billion and more than doubling our free cash flow to $789 million.

Net loss excluding PTNNT was $0.41 per share for 2016.

Our full year adjusted net income of $1.16 per share was impacted by two factors.

The adjustment for the Yanacocha impairment totaled $0.63 per share and adjustments related to valuation allowances on our differed tax assets totaled $0.94 per share.

Adjusted EBITDA of $2.4 billion for the year reflects impairment reclamation charges related to Yanacocha closer estimates, loss on debt repayment and reversing a net gain on assts sales as well as some other items.

In 2016, we generated $1.1 billion through asset sales and increased our cash on hand to $2.8 billion or nearly $6 billion of liquidity includes $3 billion undrawn revolver and allows us to invest in our best growth options and to pursue opportunistic M&A.

We've also reduced our net-debt by two-thirds over the last three years, resulting in a net-debt to adjusted EBITDA ratio of 0.8 times and making our investments grade balance sheet one of the strong in the industry.

We ended the year with $1.47 in free cash flow per share, and an 89% increase in share price.

Our gold production profile is forecast to remain at about 5 million ounces for the foreseeable future and we continue to advance in a mid and long-term project Our current three to five year outlook is for steady production of 4.5 million to 5 million ounces unchanged from prior guidance.

In 2017, we expect gold production to increase to between 4.9 million and 5.9 million ounces as a full year production from near Merian and Long Canyon more than offsets lower production at Twin Creeks Yanacocha.

In 2018 production declines slightly to between 4.6 million and 5.1 million ounces due to higher stripping at Boddington and lower grades that Cripple Creek & Victor Twin Creeks and team.

Our cost outlook for 2019 through 2021 remains between $880 and $980 per ounce.

Longer-term, we expect hold sustaining capital to between $600 million and $700 million per year, which is favorable to previous guidance due to a mix of sustainable cost savings and deferrals.

North America; in November 2016, we have raised commercial production at Long Canyon, two months ahead a scheduled and 20% favorable to budget.

Turning to South America; we commissioned Merian in last October on time and 20% below budget.

We're also advancing our profile study Yanacocha and declared our first resource of 2 million ounces in 2016.

We added 1.6 million ounces of reserves with Tanami 2016, bringing total reserves and resources to 5.6 million ounces.

When approved the two projected will add between 225,000 and 300,000 ounces of gold annually.

We delivered industry leading safety and sustainability performance at our operations and increased adjusted EBITDA by 25% to $2.4 billion and more than doubled free cash-flow to nearly $800 million on the back of superior operational performance.

We optimized our portfolio with the sale of our PTNNT stake for $920 million in cash proceeds and we used use these proceed to retire more than $1.3 billion in debt improving our liquidity and doubling our dividends.