Pension Plan of Newmont Stable Value Formula In This Section

The Pension Plan is an employer-funded retirement plan that pays a defined benefit to eligible participants. The Plan includes two distinct benefit formulas. This section explains the Stable Value Formula. Employees do not make any contributions to the Plan. Pension Plan of Newmont Stable Value Formula In This Section Eligibility... 2 Participation... 3 Enrolling... 3 How the Plan Works... 3 Calculating Your Benefits... 4 Plan Maximums and Limitations... 6 Vesting and Receiving Your Pension Benefits... 6 Normal Retirement... 7 Deferred Retirement... 7 Leaving Newmont Before You Retire... 7 Early or Disability Retirement... 7 Applying for Your Benefits... 8 Commencement of Benefits... 8 Normal Form of Payment... 8 Optional Forms of Payment... 8 Understanding Other Pension Plan Provisions... 10 If You Leave and You re Rehired... 11 If You Become Disabled... 11 If You Die... 12 When Your Participation Ends... 12 1

For More Information For more information about the Pension Plan of Newmont, contact the Newmont Pension Service Center at 1-855-755-1733. Effective January 1, 2007, Newmont adopted the Stable Value Formula. The Stable Value Formula expresses the Plan s benefit in the form of a lump-sum payment. Although the benefit is expressed and calculated as a lump-sum benefit, the annuity form of benefit continues to be available under the terms of the Plan with regard to benefits calculated under the Stable Value Formula. The Stable Value Formula applies to employees hired, rehired, or transferred into a U.S. salaried position, or U.S. employees in a Grade Level between 1-98, on and after January 1, 2007, and those who elected to have their benefits calculated under the Stable Value Formula during the choice period offered in 2007. Eligibility You are eligible to participate if: you are classified as a salaried employee or an employee in a Grade Level between 1-98; and you were hired on or after January 1, 2007; or you were rehired on or after January 1, 2007; or you transferred into a U.S. salaried position or in a U.S. Grade Level between 1-98 on or after January 1, 2007; or you elected to participate effective January 1, 2008, during the choice period offered in 2007 (the choice period). you were a participant in the Final Average Pay formula on June 30, 2014 You are not eligible to participate if: you are not a citizen or resident alien of the United States with no earned income from U.S. sources; you are not subject to United States income tax withholding or are paid through a payroll process that does not use a U.S. tax identification number for reporting purposes; you are covered by a collective bargaining agreement where retirement benefits were the subject of good faith bargaining; you are a Western Nevada Hourly employee who is eligible to receive a Company Retirement Contribution under the Retirement Savings Plan of Newmont; you are classified as a contract or leased employee of Newmont; or you are classified as an intern or a summer student. 2

Participation You accrue service under the Plan. Service begins with the first day of the calendar month in which you are credited with an hour of service with Newmont. It ends with the last day of the calendar month in which you were last employed: if you are a hired by Newmont on or after January 1, 2007, you become a participant in the Stable Value Formula on the first day of the month on, or coincident with, completing a year of service. if you were rehired or transferred on or after January 1, 2007, and had completed a year of service with the Company, you are eligible to participate on your date of rehire or transfer. if you were rehired or transferred on or after January 1, 2007, and had not completed a year of service, you must complete a year of service before you are eligible to participate. if you are rehired within 12 months of your termination date, all service earned prior to your termination of employment will be credited toward the completion of a year of service. if you elected to participate in the Stable Value Formula during the choice period, you became a Stable Value Participant on January 1, 2008. If you were a Final Average Pay participant on June 30, 2014, you became a participant in the Stable Value Formula on July 1, 2014 Any service which is credited to a Stable Value participant under another defined benefit plan of the Company for contribution credit or benefit accrual purposes will not be taken into account for purposes of calculating your benefit under the Stable Value Plan. Any service credited for purposes of a retirement contribution (applicable to hourly paid employees) under the Retirement Savings Plan of Newmont, the International Retirement Plan of Newmont or service while on foreign assignment, will not be taken into account for purposes of calculating your benefit under the Stable Value Retirement Benefit. However, this time will be counted towards your vesting service. Enrolling As an eligible employee, you are automatically enrolled as a participant under the Pension Plan. You don t have to complete any forms. How the Plan Works The Plan is an employer-funded retirement plan that pays a defined benefit to eligible participants. Employees do not make any contributions to the Plan. The Plan uses years of service to determine vesting and eligibility to receive benefits. Vesting means you obtain a non-forfeitable right to the benefit. Your benefit grows with each year of service with Newmont, and is typically payable upon your normal, early, or deferred retirement. (See Vesting and Receiving Your Pension Benefits for more information.) 3

The Stable Value benefit is expressed as a lump sum payable at normal retirement age, and you can elect to receive your benefit in either a lump sum or an annuity. Please see Optional Forms of Payment on for more information. Calculating Your Benefits Your benefit will be expressed as a single lump sum payment at normal retirement age (65). Each year, you will accrue benefits based on your years of service as of the end of the plan year and your salary. The amount accrued each year is equal to the following: Full years of service completed by the end of the Plan Year Accrual rate of salary up to and including the Social Security Wage Base Accrual rate of salary over the Social Security Wage Base 0-9 13% 21% 10-19 15% 23% 20 + 17% 25% The Social Security Wage Base for 2014 is $117,000, and may be adjusted each year to reflect cost of living increases. The Stable Value benefit, as of a given date, is the sum of all the amounts accrued for each year of service. Benefits accrued under the Stable Value formula are based on an annual accrual of your salary payable as a single lump sum at retirement. Different rates of accrual are applied to the portion of your salary less than, and in excess of, the Social Security Taxable Wage Base (SSTWB). Any salary that is credited to you under another Newmont sponsored retirement plan for contribution credit or benefit accrual will not be included in determining your accrual for purposes of the Stable Value formula. Your vesting service will be used to determine which tier level is taken into account to determine your accrued benefit. Pension Benefit Calculation Example The following is an example for a participant who works from 2010 Year Full years of service completed by the end of the plan year Eligible compensation Accrual rate Accrual 2010 1 $72,000 13% $ 9,360 2011 2 $74,160 13% $9,641 2012 3 $76,385 13% $9,930 2013 4 $78,676 13% $10,228 2014 5 $81,037 13% $10,535 2015 6 $83,468 13% $10,851 2016 7 $85,972 13% $11,176 4

Year Full years of service completed by the end of the plan year Eligible compensation Accrual rate Accrual 2017 8 $88,551 13% $11,512 2018 9 $91,207 13% $11,857 2019 10 $93,944 15% $14,092 2020 11 $96,762 15% $14,514 2021 12 $99,665 15% $14,950 2022 13 $102,655 15% $15,398 2023 14 $105,734 15% $15,860 2024 15 $108,906 15% $16,336 Total $186,240 In this example, you would be entitled to a single lump sum of $186,240 payable at age 65. If you choose to receive your benefit before age 65, the amount of the payment will be reduced. You may also choose to have this lump sum benefit converted to an annuity and payable as a monthly benefit for the rest of your life. For participants who previously earned benefits under the Final Average Pay formula, retirement benefits will be based on a two-piece benefit determined under the Final Average Pay Formula and under the Stable Value Formula. The Final Average Pay benefit is frozen as of June 30, 2014 with no future pay increases and no future service accruals. In addition to the two-pieced benefit, some Final Average Pay participants may be eligible to receive Transition Credits. Transition credits are additional accruals added to your Stable Value benefit percentages set forth above and are determined based on your age and years of service with Newmont as of June 30, 2014. If you were not a stable value participant prior to July 2, 2014 and if your age plus service is greater than or equal to 50 on June 30, 2014 you will receive transition credits. Years of Age + Vesting Service as of June 30, 2014 Transition Credit Less than 50 No Transition Credit 50 59 3% 60 74 6% 75+ 9% 5

Salary For purposes of the Pension Plan, salary generally includes your regular pay, holiday pay, military differential pay, paid time off (PTO) pay, overtime pay, and bonus pay under the Annual Incentive Compensation Payroll Practice of Newmont, generally determined over the period it was earned. Salary does not include: stock options, restricted stock or deferred stock; signing bonuses; fringe benefits; severance pay; pay adjustments due to being on a foreign assignment (such as cost of goods and services adjustment, foreign service premium or hardship allowance); or other miscellaneous compensation. Salary limitations There s also a federal tax code limit on the amount of eligible compensation that can be taken into account in determining your benefits under the Pension Plan. For 2014, contributions are based on your first $260,000 of eligible compensation. Federal law limits the amount of your eligible pay under the Pension Plan. This amount is adjusted annually. (See Plan Maximums and Limitations below for more information.) Plan Maximums and Limitations There are limits on the contributions that Newmont can make to the Pension Plan and on the amount of salary that can be taken into consideration. Limits are set by federal law, and are subject to change each year to account for increases in the cost of living. Here s a summary of those limits: Benefit maximum the maximum monthly benefit you may receive from the Pension Plan is the lesser of: 100% of your average compensation for three consecutive 12-month periods for which your compensation was the highest; $210,000 for 2012, as indexed by the IRS, and for payment prior to age 62 and after age 65; or These limitations are applied to the Stable Value benefit after converting the Stable Value lump sum to an equivalent annuity. Restrictions based on funding the law imposes limitations on pension plans when certain funding levels are not met by the Plan. For example, if the Plan is less than 60% funded, benefit payments may be restricted to amounts that do not exceed a straight life annuity (although payable in another form). In addition, certain limitations apply if the Plan s funding level is less than 80%. For example, no Plan amendment may increase liabilities of the Plan in such case. Other limits may apply for highly compensated employees or if the Pension Plan becomes top heavy. (See the Rules and Regulations section for more information.) Vesting and Receiving Your Pension Benefits You are 100% vested after completing five years of service with Newmont, upon change of control while you are in active service or if you die while in active service. 6

You are eligible to receive Pension benefits when: you reach normal retirement age (65) and retire from Newmont, regardless of your service; you retire from Newmont after having worked past your normal retirement date, regardless of your service; or you terminate from Newmont with five or more years of service. Certain requirements apply; see below for details about when you are eligible to receive benefits and what reductions, if any, may apply to your benefit payments. Normal Retirement Your normal retirement date is the first day of the month coinciding with or next following your 65th birthday. If you retire from Newmont on or after your normal retirement date, you are fully vested in your Pension Plan benefits regardless of your years of service. Deferred Retirement If you continue employment with Newmont beyond your normal retirement date, you will continue to accumulate Pension benefits. Payments will begin on the first day of the month coinciding with or following your actual retirement date. The benefit will be based on the sum of the amounts accrued for each year of service as of your actual retirement date from Newmont. Leaving Newmont Before You Retire If you leave Newmont prior to reaching normal retirement age (65), you may still be eligible for Pension benefits if you are vested upon termination of employment. If you are under Normal Retirement Age and you terminate employment with less than five years of service, you will not be eligible to receive Pension benefits. Regardless of age, if you terminate employment with at least five years of service, you will be eligible to receive your Pension benefit upon your termination; however, your benefit may be reduced. Early or Disability Retirement If you retire from Newmont for any reason, including disability or early retirement prior to reaching normal retirement age (65) and you have completed at least five years of service, you are eligible for Pension benefits. You may elect to have your benefit paid as a lump sum as soon as administratively possible after your date of termination, or in an optional form as described in this section. Your early retirement or disability benefit will be reduced based on your age and will be the Actuarial Equivalent of your benefit accrued as of your termination date payable at your normal retirement date. The Actuarial Equivalent for Early or Disability Retirement is an amount approximately equivalent to the benefit you would receive at age 65 and reduced by the applicable mortality table and interest rate prescribed by the Internal Revenue Code. If you are eligible for benefits under the Long-Term Disability Plan of Newmont, your Pension benefits may affect benefits payable to you under the Long-Term Disability Plan. For more information, see the Long-Term Disability section. 7

Applying for Your Benefits Benefits do not begin until you or your surviving spouse/beneficiary file an application to receive such benefits. The claim will specify the date on which Pension benefits are to begin, in accordance with the provisions described above. Application forms are available by contacting the Pension Service Center. If you re not satisfied with the outcome of a claim you ve submitted for benefits, you can ask that the claim be reviewed. (See Claims Review Process in the Rules and Regulations section for more information.) Commencement of Benefits If you do not make an election to receive your benefits or to have your benefits deferred, benefits will begin no later than 60 days after the end of the plan year in which the latest of the following events occur: you reach age 65; you reach your 10th anniversary of service with Newmont; or you terminate employment with Newmont. You must submit a claim for benefits or other election permitted by the Administration Committee in order for benefit payments to begin. Distributions must begin no later than your required beginning date. Generally, your required beginning date is April 1 of the year following the year you attain age 70½ or the year you retire from Newmont, whichever is later. If you are a 5% or more owner of Newmont, your required beginning date is the April 1 following the year you attain age 70½ even if you remain employed by Newmont. If you fail to begin benefit payments on or before your required beginning date, you may be subject to substantial penalty taxes. Normal Form of Payment Under the Stable Value Formula of the Pension Plan, your benefit will be paid as a lump sum. However, you may elect to receive your benefit in alternate forms of payment as described under the Optional Forms of Payment section below. If you do not make an election, the lump sum form of payment will be converted to a single life annuity payment if you are not married for at least one year prior to the commencement of benefits, or a 50% joint and survivor annuity if you are treated as married as of the date of commencement of benefits. If the actuarial equivalent value of your Pension benefit is $1,000 or less your benefit will be paid in a lump sum. Optional Forms of Payment Generally, benefits under the Stable Value Formula of the Pension Plan are paid as a lump sum; however, you may receive an optional form that will provide a benefit to your spouse. The optional forms that allow a spousal benefit are as follows: Joint and Survivor Options If you have been married at least one year as of benefit commencement, under the Joint and Survivor options, you will receive a reduced monthly benefit until your death, then your surviving spouse will receive a percentage of your eligible Pension benefit for the remainder of his or her lifetime. You may elect join and: 8

50% survivor annuity; 66.67% survivor annuity; 75% survivor annuity; or 100% survivor annuity. If you were hired after April 1, 1995 and commenced your benefit prior to July 1, 2014, the joint and 66.67% survivor annuity was not available. Your reduced monthly retirement benefit equals the amount of the monthly Pension payment otherwise payable to you, reduced by multiplying this amount by the Joint and Survivor Adjustment Factor (actuarial value of a single life annuity, divided by the actuarial value of the optional form). You may elect to receive an unreduced single life annuity benefit, with no benefits payable upon your death or other optional form if your spouse signs an election to waive the qualified joint and survivor annuity form. This form must be signed in the presence of a notary public or a designated Plan representative. If your spouse consents to another payment arrangement, he/she may cancel that consent at any time before benefit payments begin. Within a reasonable period of time before your Pension benefits begin, Newmont will provide you with:. a written explanation of the terms and conditions of the qualified joint and survivor annuity form of benefits, as well as other optional forms available to you; your right to waive the joint and survivor annuity form of benefits; the rights of your spouse to consent or refuse to consent to a waiver; and your right to make a revocation of an election to waive the joint and survivor annuity form of benefits. Period Certain Options Both married and single participants may elect to receive an alternate form of payment known as period certain payments. Through this option, a reduced Pension benefit is paid to you until your death, then to your spouse/beneficiary for the remainder of the designated period. If you are married, your spouse must agree to this optional payment method. You may elect payments for one of the following designated periods: 5 years; 10 years; or 15 years. If you elect to receive benefits under the period certain options, upon retirement you will need to name a beneficiary. It s important to name a beneficiary, or beneficiaries, who will receive your benefits if you die. One-Year Rule Your spouse is not eligible to receive survivor benefits under an annuity form of payment unless you are married through the one-year period ending on the earlier of your Pension commencement date or your death. 9

Rollovers You may elect to have your lump sum benefits rolled over into an eligible retirement plan, including a traditional Individual Retirement Account (IRA), Roth IRA or other tax-qualified plan that will accept your rollover. In the event of your death, your spouse may also roll over a lump sum payment to an IRA, Roth IRA or other tax qualified plan. Your non-spouse beneficiary may elect to have your lump sum benefits rolled over into a traditional IRA or Roth IRA. A non-spouse rollover must be a direct rollover and cannot be distributed to your beneficiary first and subsequently rolled over to an IRA. Additional tax detail will be provided to you when you apply for benefits. Naming a Beneficiary If you re a married participant (whether actively employed, inactive or retired), your spouse is automatically the sole primary beneficiary. You must be married for one year prior to the earlier of your Pension commencement date or your death in order for your spouse to be eligible for a survivor benefit. As explained above, your spouse may waive his or her rights to a survivor s benefit in accordance with the Plan s procedures. If you elect to receive period certain payments, you may name someone other than your spouse as your beneficiary if your spouse has signed a consent form in the presence of a notary public or a designated Plan representative. You may also name both primary contingent beneficiaries for period certain payments. (See Period Certain Options under Optional Forms of Payment for more information on this alternate payment option.) Assigning Your Pension Benefits through a Court Order Generally, participants of the Pension Plan do not have the right to assign benefits to another individual unless it is required as part of a Qualified Domestic Relations Order (QDRO), such as a divorce decree that requires a percentage of your benefits be paid to your former spouse and/or dependent children. Understanding Other Pension Plan Provisions Certain circumstances may limit your eligibility to receive Pension benefits. For example: if you leave Newmont before you become fully vested in the Pension Plan, you may forfeit your benefit. You may have an opportunity to recover this amount if you re re-employed. (See If You Leave and You re Rehired for more information.) your benefits may be forfeited due to the inability to locate you or your beneficiary when payment is due (subject to reinstatement, if required by law, when a proper claim for benefits is filed). Newmont and the Plan trustee have the right to recover excess payments or benefits that weren t paid in accordance with the Plan s terms. 10

If You Leave and You re Rehired If you leave Newmont and are later rehired, your vesting and/or payment status may be affected, depending on your vesting and payment status at the time you left Newmont and how long you were away. If you are re-employed after Pension benefit payments begin Pension benefits will be suspended for each calendar month during which you complete at least 40 hours of service with Newmont. Benefits will be recalculated when you again terminate employment, taking into account all years of credited service. If you are re-employed after receiving a lump sum you have the option of repaying the lump sum, in which case your full accrued benefit will be restored. However, if you do not repay your lump sum with interest within 5 years of your reemployment date, your accruals will start over on your rehire date. If you are re-employed on or after January 1, 2007 you will accrue benefits under the Stable Value Formula for each completed year of service with Newmont. However, you will not receive credit under both the Final Average Pay Formula and the Stable Value Formula for the same years of service. If you are re-employed on or after July 1, 2014 and were receiving a Transition Credits you will not receive Transition Credits on your accruals earned after your reemployment. If You Take a Leave of Absence Generally, if you are on an approved leave of absence for 12 months or less, service for Pension benefits continues to accrue while you re on leave, and will continue to do so unless you do not return to Newmont following your approved leave. This includes leave under the Family and Medical Leave Act (FMLA). Military Leave If you leave Newmont to perform qualified military service in the United States uniformed services and return to work for Newmont, you won t be treated as having a period of separation. Your military service will count as service under the Pension Plan, as long as you return to work at Newmont within the time required by law. If you are on military leave and die or are disabled in military service, your benefit under the Plan will be treated as though you were an active employee up to your date of death. If You Become Disabled If you become disabled, Pension benefits continue to accrue while you re on Short-Term Disability leave of absence. If you re totally and permanently disabled, you may be eligible to receive Pension benefit payments as described in Early or Disability Retirement. 11

If You Die If you die after payments have commenced, your spouse or beneficiary will only receive a benefit if you have elected an optional form that provides a beneficiary benefit. Your beneficiary will be your eligible spouse unless you elect a five, ten or fifteen-year certain form of payment. If you elect a term certain form of payment, you may name a beneficiary other than your spouse, provided your spouse consents to your election, if applicable. See the Period Certain Options for more information. Generally, payments to your spouse/beneficiary may begin on the first day of any month following your death, but no later than your normal retirement date. If you die before payment commences as a vested participant and have been married to your spouse for one year or more, your surviving spouse will be eligible to receive the benefit that would have been payable to you. The benefit payable to your spouse is subject to the same early retirement adjustments that would have been applicable to you in the event your spouse receives benefits prior to the date you would have attained your Normal Retirement Date. No survivor benefit shall be paid to the estate of any beneficiary of an unmarried Stable Value Participant. If you die as a vested participant who has not yet commenced Pension payments, and if you are unmarried, or married for less than one year as of the date of your death, no Pension benefits are payable. When Your Participation Ends Generally, accrual of your Pension Plan benefits will end on the earliest of the following dates: the last day of employment with Newmont; the date on which you no longer meet the eligibility requirements; the date you die; or the date Newmont discontinues the Plan. 12