Melbourne Mining ClubMelbourne Mining Club2 February 2012

G R biGreg RobinsonManaging Director and CEONewcrest Mining LimitedNewcrest Mining Limited

DisclaimerForward Looking Statements and Disclaimer

These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and aresubject to significant uncertainties, risks and contingencies, many of which are outside of the control of, and may be unknown to, thecompany. Actual results and developments may vary materially from those expressed in these materials. The types of uncertainties which arecompany. Actual results and developments may vary materially from those expressed in these materials. The types of uncertainties which arerelevant to the company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory frameworkwhich applies to the business of the company and general economic conditions. Given these uncertainties, readers are cautioned not to placeundue reliance on such forward looking statements.

Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law orany relevant stock exchange listing rules the company does not in providing this information undertake any obligation to publicly update orany relevant stock exchange listing rules, the company does not in providing this information undertake any obligation to publicly update orrevise any of the forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis formaking an investment decision.

Ore Reserves and Mineral Resources Reporting Requirements

As an Australian company with securities listed on the Australian Securities Exchange (“ASX”), Newcrest is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of Ore Reserves and Mineral Resources in Australia comply with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) and that Newcrest’s Ore Reserve and Mineral Resource estimates comply with the “JORC Code”. p y

Competent Persons Statement

The information in this presentation that relates to Exploration Results is based on information compiled by Colin Moorhead, EGM Minerals forNewcrest Mining Limited who is a Fellow of The Australasian Institute of Mining and Metallurgy, and a full-time employee of Newcrest MiningLimited. Mr Moorhead has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and

h i i hi h h i d ki lif C P d fi d i h 2004 Edi i f h “JORC C d ” M M h dto the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “JORC Code”. Mr Moorheadconsents to the inclusion in this presentation of the matters based on this information in the form and context in which they appear.

Exploration Target

The potential quantity and grade related to Exploration Targets in this report is conceptual in nature as there has been insufficient exploration to define a Mineral Resource It is uncertain if further exploration will result in the determination of a Mineral Resource

2

to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.

Newcrest Mining

LihirGosowong

Head office - Melbourne

Tandai

Manus Island

Wafi-Golpu

Telfer

4th largest gold producer

Li t d th ASX dMt KasiNamosi

Bukina FascoBukina FascoMaliMali Bukina FascoMali

Telfer

Hidden Valley

Listed on the ASX and POMSOX; progressing with TSX listing

YamoussoukroYamoussoukro

AbidjanAbidjanLiberiaLiberia

CÔTE D’IVOIRECÔTE D’IVOIRECÔTE D’IVOIRECÔTE D’IVOIRE

100 km100 km

Yamoussoukro

AbidjanLiberia

CÔTE D’IVOIRECÔTE D’IVOIRE

100 km Cadia Valley

Mines in four countries

Workforce of 18,000

Bonikro Mining Operation

Advanced Project

Workforce of 18,000

Gold production 2.7Moz

C d ti 85ktj

Exploration Copper production 85kt

3

Gold - Store of Wealth

If you had to bury an item of value in a time capsule hi h i l t b d b d hild 50which is only to be opened by your grandchildren 50

years from today, what would it be?

4

Store of Value

3 000

Indexed Gold, CPI and Dow Jones MovementsUSD/oz

2,000

2,500

3,000

1,000

1,500

0

500

Since its free float in 1973, gold has consistently beaten inflation

Gold USD US CPI Dow Jones Industrial Average

Since its free float in 1973, gold has consistently beaten inflation “From ’01 to ’04, a period where inflation fell from 2.8% to 1%. Gold rallied >50%. … Gold,

as a hoarding vehicle has a scarcity factor that can see its price appreciate significantly. Even in a deflationary period.” – Merrill Lynch Jan 2009

5

Source: Bloomberg

Gold is forever

Gold is the only real long term currency – every currency exchangeable into gold

Gold Inventory(Thousand Tonnes)

31

28

51kt in existing in-ground reserves*

20 m

86

28 Liquidity- 2,800t

produced vs. trading

20 m

204

volumes 1,500t / day

20 m

6

*Source: USGS

Discovery Rates are Declining

7

60 years of supply

Mine production - 2,800 tonnes per annum 59 000 tonnes in storage 59,000 tonnes in storage 86,000 tonnes in jewellery

BHP Billiton

Barrick

Market Value (US$b)

US Gold Reserve

Apple

Global Gold

Global Financials

Global Materials

Global Mining Sector

US Gold Reserve

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Aggregate Gold Produced

Global Financials

8

Source: Bloomberg

Central Banks have Resumed Buying

600Tonnes

Net official sector sales and purchases

Mexico: 100t

200

400

600 Mexico: 100tRussia: 87tThailand: 53tSouth Korea: 40t

*

-200

0

200 South Korea: 40tBolivia: 14tChina: 450t++India: 200t

-600

-400

India: 200t+

Sri Lanka,Bangladesh,

-800

Bangladesh,Philippines,Kazakhstan,Mauritius

* 2011 data is preliminar

Source: Thomson Reuters GFMS, World Gold Council

9

* 2011 data is preliminary

ETF Investment Continues to Build

US$/oz Moz

80

90

1,800

2,000

50

60

70

1,200

1,400

1,600

30

40

800

1,000

10

20

400

600

Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

ETF Gold Holdings (RHS) Gold price

10

Source: Bloomberg, ANZ Research

Why gold prices will continue to stay strong

US$ remains the global currency but faces devaluation:US National Debt $15+ trillion– US National Debt $15+ trillion

– US gold reserve US$450B– US Federal Reserve continuing to ease monetary policy– Pay debt through tax and devaluation of US$

European economies in poor shape European economies in poor shape– Recapitalisation of Government and Bank debt– Future of the Euro currency?

Capital surplus to the emerging economies– Where to invest excess money?

Political tensions continue

11

Gold companies will correlate with gold prices

Gold Correlation - 1 year Gold Correlation - 10 year

1.00 1.00

0.80

1.001.00 1.00

0.91 0.94 0.91

0.80

1.00

0.54

0.410.40

0.60

0 20

0.40

0.60

(0.03)(0.20)

0.00

0.20

(0.20)

0.00

0.20

( )

Analyst price forecasts remain substantially below spot gold price

12Source: Bloomberg

y p y p g p

Gold Companies - a better investment than pure gold

High Gold priceHighvalue Reserve life

LTO Management

Cost positionGrowth

LowGold price exposure

+ Dividendsvalue

13

+ Growth

Gold – 10% of Australian Exportsp

Value of Australia’s Top 10 Commodity Exports

Gold $18.9B 10%

Agricultural Products

$10.1B 5%

Other Metal & Minerals

$161.6B 85%

Combined Value $190.6B

14

Source: BREE: Australian Commodities, December Quarter 2011: 2011-12 Forecast

ABARES: Agricultural Commodities, December Quarter 2011: 2011-12 Forecast

Australian Gold Industry Cycle

1,6012,000 Market Cap (A$m) ‐ 10th January 2012 

24,645A$M

1,263 1,185 1,182933 852 711 667 654 621 601 490 478 470 424 393 303 303500

1,000

1,500

0

3 099

1,002

1,302

100012001400 Market Cap (A$m) – 10 years ago 

3,099A$M

98 71 64 54 28 13 2

564405

16061 28 25 24 19 9 7 3 3200

4006008001000

0

Subsequent transaction

15Source: Bloomberg

Subsequent transaction

Currency pay rise for everyone!

1 000

1.100

$800

$900Cash Cost – World (US$/oz)

0 800

0.900

1.000

$600

$700

$800

US$

:A$)

oz)

Cash Cost – Australia (US$/oz)Exchange Rate

0.600

0.700

0.800

$400

$500

nge

Rat

e (U

Cos

t (U

S$/o

0.400

0.500

0.600

$100

$200

$300

Exch

anC

0.300$0

$100

Year

16

Source: GFMS Gold Survey, Bloomberg

Gross Value Add per Hour Worked

17

Labour Productivity=

100

dex

1985

–86

Ind

Source: AMMA: Productivity in the Mining Sector

18

Sou ce oduct ty t e g Secto

Challenge of Geographic Spread

MALAYSIAMALAYSIA

PHILIPPINESPHILIPPINES

Manado

TernatePAPUA NEW GUINEAPAPUA NEW GUINEAGosowong

LihirManus Is

Singapore

MALAYSIAMALAYSIA

Jakarta

Port Moresby

INDONESIAINDONESIATandai

Mt K iFIJIFIJI

Wafi-GolpuHidden Valley

Port Hedland Suva

AUSTRALIAAUSTRALIA

Namosi

Mt Kasi

Telfer

Broome Cairns

Alice Springs

PerthKalgoorlie

Brisbane

Orange

AUSTRALIAAUSTRALIA

Cadia Valley

Melbourne

SydneyAdelaide

DomesticInternationalCharter

19

Newcrest operation/project

Fewer discoveries, grades are declining

Average grade of gold mined and discovered (1950-10)

Volume and average size of global goldDiscoveries (1997- 08) ( )

100g/t Au

Average grade of gold mined

( )

Billions of ounces

160Average size of discovery

10

Average grade of gold discoveredAverage grade of gold mined

120

Total gold discoveredAverage size of discovery

1

80

1

40

1950

2010

1960

1970

1980

1990

2000

0.100706050403020100999897 08

# of major discoveries 10 10 5 3 6 2 7 6 5 2 1 0

20

Source: MEG Gold Sector Review

Mines deeper and bigger

3500

Underground Mine Depth - metres (1950-2017)

1500

2000

2500

3000

depr

th (m

etre

s)

Andina (UG)

El Teniente

Grasberg

Kidd Creek

General trends:

Mines are getting deeper

0

500

1000

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

Min

e Mount Isa

Palabora

Source: Newcrest M ining

g g p

Ore grades are declining

Material movement ratesSource: Newcrest M ining

Open Pit Mine Depth - metres (1950-2017)

Material movement rates have increased

600

800

1,000

1,200

pth

(met

res)

Bingham Canyon

Chuquicamata

Collahuasi

0

200

400

950

956

962

968

974

980

986

992

998

2004

2010

2016

Min

e D

ep

Escondida

Grasberg

21

1 1 1 1 1 1 1 1 1 2 2 2

Source: Newcrest M ining

Compiled :Wood Mackenzie

Future Underground

Rock Factory Underground

>25Mt t• Continuous• Increased rates• Reduced capital

>25Mtpa rates<$5/t minedLower cut offs

Integrated Continuous Machines

• Lower op costs

Loaders <10m to Mobile Crusher

Loaders <50mLoaders <50m to Ore Passes

22

Loaders >150m to Crusher

Energy Consumption Increases with Finer Sizing

23

Newcrest Working Together with Others

+ Many Others+ Many Others

24

PNG, Wafi-Golpu JV – Wafi Transfer Zone

Seven Drill rigsPLAN VIEW

Zimake

Targeting further growth of the Golpu porphyryBavaga

Accelerated drilling campaign within the Wafi Transfer Zone

Zenapu

Nambonga Miapilli

• Kesiago,• Zimake

Kesiago

Hekeng

Nambonga

Wafi

pGolpu

26 6M A & 9 0Mt C

2011 WAFI-GOLPURESOURCE(1)

• Mt Tonn

Mt Tonn

Pekumbe

Kesiago

Copper/gold

26.6Moz Au & 9.0Mt Cu

25

(1) Newcrest Annual Statement of Mineral Resources & Ore Reserves to June 30, 2011. Resource figures quoted on 100% basis.

Mt Tonn4 km

Copper/goldtarget area

Wafi-Golpu – Growth of a world class Copper/Gold district

2009 2011

Copper/Gold district

Surface Surface

Diatreme Diatreme

800 m

2009 GOLPU RESOURCE(1)

163Mt @ 800 m

+1900 m

163Mt @0.57 g/t Au & 1.1% Cu 3.0 Moz Au & 1.7 Mt Cu

2011 GOLPURESOURCE(2)

870 Mt @0 69 g/t Au &

1.7 Mt Cu

300 m

~800 m

0.69 g/t Au &1.03% Cu19.3 Moz Au &9.0 Mt Cu

26(1) Newcrest Annual Statement of Mineral Resources & Ore Reserves to June 30, 2009(2) Newcrest Annual Statement of Mineral Resources & Ore Reserves to June 30, 2011.

Resource figures quoted on 100% basis.

Crushing and screeningMill building

Vertimill

Flotation areaThickening

27Cadia Valley Operations

28Broken Ore in Drawpoint - Cadia East

29Lihir MOPU Project - Autoclave Building

30

Autoclave VesselNeutralisation, Cyanidation Adsorption Circuit

31Lihir MOPU Project - Oxygen Plant