Securities Law & Instruments

INTHE MATTER OF

THESECURITIES LEGISLATION

OFBRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA,ONTARIO, NOVA SCOTIA, NEW BRUNSWICK,

NEWFOUNDLANDAND LABRADOR, PRINCE EDWARD ISLAND,

QUEBEC,NORTHWEST TERRITORIES, NUNAVUT

ANDYUKON TERRITORY


AND


INTHE MATTER OF

THEMUTUAL RELIANCE REVIEW SYSTEM FOR

EXEMPTIVERELIEF APPLICATIONS


AND


INTHE MATTER OF

NEWMONTMINING CORPORATION AND

FRANCO-NEVADAMINING CORPORATION LIMITED


MRRSDECISION DOCUMENT


WHEREAS the local securities regulatory authority orregulator (the "Decision Maker"),in each of British Columbia, Alberta, Saskatchewan, Manitoba,Ontario, Nova Scotia, New Brunswick, Newfoundland and Labrador,Prince Edward Island, Quebec, the Yukon Territory, the NorthwestTerritories and Nunavut (collectively, the "Jurisdictions")has received an application from Newmont Mining Corporation(together with its successor corporations, "Newmont"),and two of its affiliates, Newmont Callco ("Callco"), and NewmontCanada ("Exchangeco") (collectively, the "Applicant"),for a decision under the securities legislation, regulations,rules and/or policies of the Jurisdictions (the "Legislation")that:

(i)certain trades in securities made in connection with or resultingfrom the proposed acquisition (the "Acquisition") pursuant toan arrangement agreement dated November 14, 2001 (the "ArrangementAgreement") by Newmont of all of the common sharesin the capital of Franco-Nevada Mining Corporation Limited ("Franco-Nevada"),to be effected by way of a plan of arrangement (the "Arrangement")under section 192 of the Canada Business Corporations Act, asamended (the "CBCA") shall be exempt from therequirements contained in the Legislation to be registered totrade in a security (the "Registration Requirements")and to file a preliminary prospectus and a prospectus and receivereceipts therefor (the "Prospectus Requirements");

(ii)Exchangeco be exempt from any requirements of the Legislation,where applicable, to (a) issue press releases and file reportsregarding material changes, to deliver to its security holdersand file with the applicable Decision Makers annual reports, interimand annual financial statements (including interim and annualmanagement discussion and analysis), to file and deliver informationcirculars, (the "Continuous Disclosure Requirements"),and (b) file with the Decision Makers in Ontario, Quebec and Saskatchewanan annual information form and management discussion and analysisthereon (the "Local AIF and MD&A Requirements");and

(iii)insiders of Exchangeco be exempt from the requirement containedin the Legislation to file reports disclosing the insider's director indirect beneficial ownership of, or control or direction over,securities of Exchangeco (the "Insider Reporting Requirement");

ANDWHEREAS pursuant to the Mutual Reliance Review Systemfor Exemptive Relief Applications (the "System") the Ontario SecuritiesCommission is the principal regulator for this Application;

ANDWHEREAS the Applicant has represented to the DecisionMakers that:

1.Newmont is incorporated under the laws of the State of Delaware.Newmont is engaged in the production of gold, the explorationfor gold and the acquisition and development of gold propertiesworldwide. Newmont has operations in Canada, United States, Mexico,Peru, Bolivia, Australia, Mexico and Uzbekistan.

2.Newmont's corporate headquarters are in Denver, Colorado.

3.As at November 30, 2001, Newmont's share capital consisted of(i) 250,000,000 shares of Newmont common stock (the "Newmont CommonShares"), par value US$1.60 per share, of which 196,129,592 wereoutstanding; and (ii) 5,000,000 shares of US$3.25 convertiblepreferred stock, par value US$5.00 per share, of which 2,299,980were outstanding. As part of the Arrangement, Newmont will issuethe Newmont Special Voting Share (as defined below) to the Trusteepursuant to the Voting and Exchange Trust Agreement (as definedbelow).

4.The Newmont Common Shares are listed and trade principally onthe New York Stock Exchange (the "NYSE") under the symbol "NEM"and are also listed on the Brussels Stock Exchange and the SwissStock Exchange. Application has been made by Newmont to the NYSEto list the Newmont Common Shares issued pursuant to the Arrangement,or issuable from time to time in exchange for exchangeable sharesin the capital of Exchangeco (the "Exchangeable Shares") and uponexercise of Franco-Nevada Options (as defined below).

5.Newmont is subject to the reporting requirements of securitieslegislation in the United States. Newmont is currently a "reportingissuer" or the equivalent under the Legislation of each of BritishColumbia, Alberta, Saskatchewan, Manitoba and Quebec.

6.Callco will be incorporated as a direct or indirect wholly-ownedsubsidiary of Newmont. Callco will hold the various call rightsrelated to the Exchangeable Shares.

7.The authorized capital of Callco will consist of 1,000,000,000common shares. Upon completion of the Arrangement, all of theissued and outstanding common shares of Callco will be helddirectly or indirectly by Newmont.

8.Exchangeco will be incorporated as a direct or indirect subsidiaryof Newmont for the purpose of implementing the Arrangement andwill be the continuing corporation following the amalgamationof Exchangeco, Franco-Nevada and others as contemplated by theArrangement. Exchangeco's only material assets prior to suchamalgamation will be the issued and outstanding Franco-NevadaCommon Shares and shares of holding companies, the only assetsof which will be Franco-Nevada Common Shares.

9.The authorized share capital of Exchangeco will consist of anunlimited number of common shares, an unlimited number of preferenceshares, an unlimited number of Special Shares (as hereinafterdefined) and an unlimited number of Exchangeable Shares. Uponcompletion of the Arrangement, all of the outstanding commonshares and Special Shares of Exchangeco will be held directlyor indirectly by Newmont and all of the outstanding ExchangeableShares will be held by the former Franco-Nevada Shareholderswho elect to receive Exchangeable Shares in exchange for theirFranco-Nevada Common Shares under the Arrangement.

10.Exchangeco will initially be a "closely-held issuer" withinthe meaning of that term under Ontario Securities CommissionRule 45-101: Exempt Distributions. Upon the completion of theArrangement and if Exchangeable Shares are issued pursuant tothe Arrangement, the Exchangeable Shares will be listed on theTSE and Exchangeco will become a reporting issuer under theprovisions of applicable Canadian provincial and territorialsecurities legislation. It is a condition precedent of the Arrangementthat the Exchangeable Shares be conditionally approved for listingon The Toronto Stock Exchange (the "TSE"). On December 28, 2001,the TSE conditionally approved the Exchangeable Shares for listing.

11.Franco-Nevada was originally incorporated under the CBCA byarticles of incorporation dated October 5, 1982. It amalgamatedwith Euro-Nevada Mining Corporation Limited effective September20, 1999 pursuant to articles of arrangement dated September20, 1999 to form the current Franco-Nevada.

12.The primary business of Franco-Nevada is the acquisition of:(i) direct interests in mineral properties and, when appropriate,developing those properties; (ii) royalty interests in producingprecious metals mines and precious metals properties in thedevelopment or advanced exploration stage; (iii) direct interestsin mineral properties for the purpose of exploration, when appropriate,and selling, leasing or joint venturing those properties toestablished mine operators and retaining royalty interests;and (iv) indirect interests in mineral deposits through strategicinterests in companies that own interests in mineral deposits.Franco-Nevada's principal executive offices are located at Suite1900, 20 Eglinton Avenue West, Toronto, Ontario M4R 1K8.

13.In the year ended March 31, 2001, Franco-Nevada generated revenueof approximately CDN$284.3 million, earnings before tax of approximatelyCDN$164.6 million and earnings of approximately CDN$113.4 million.Total shareholders' equity at March 31, 2001 was approximatelyCDN$1.55 billion.

14.Franco-Nevada's authorized capital consists of an unlimitednumber of Franco-Nevada Common Shares and an unlimited numberof first preferred shares issuable in series. As at November14, 2001, 158,420,430 Franco-Nevada Common Shares were issuedand outstanding, Stock Options to acquire 5,040,356 Franco-NevadaCommon Shares were granted and outstanding, Class A Warrantsto acquire 8,895,344 Franco-Nevada Common Shares were issuedand outstanding and Class B Warrants to acquire an aggregateof 6,571,953 Franco-Nevada Common shares were issued and outstanding.

15.Franco-Nevada Common Shares are listed on the TSE under thesymbol "FN". The Class A Warrants are listed on the TSE underthe symbol "FN.WT". The Class B Warrants are quoted on the CanadianVenture Exchange under the symbol "YFN WT.B". Franco-Nevadais reporting issuer in all provinces of Canada.

16.On September 21, 2000, Franco-Nevada and Montreal Trust Companyof Canada entered into a shareholder rights agreement providingfor a shareholder rights plan which was approved by shareholdersof Franco-Nevada on the same date. In the Arrangement Agreement,Franco-Nevada confirmed that its board of directors acting ingood faith considered it necessary and desirable to extend theSeparation Time (as such term is defined in the shareholderrights agreement) until after the vote by Franco-Nevada Shareholdersat the Franco-Nevada Meeting and has agreed to obtain the consentof the Franco-Nevada Shareholders to waive the application ofthe shareholder rights agreement to the Arrangement and thetransactions contemplated thereby.

17.The Acquisition will be effected by way of Arrangement, whichwill require: (i) the approval of holders of the Franco-NevadaCommon Shares (the "Franco-Nevada Shareholders") holding notless than 66 and 2/3% of the votes cast at the meeting of suchFranco-Nevada Shareholders (the "Franco-Nevada Meeting") (currentlyscheduled to be held on or about January 30, 2002) by Franco-NevadaShareholders present in person or represented by proxy; and(ii) the final approval of the Court (as defined below). Eachholder of Franco-Nevada Common Shares will be entitled to onevote for each Franco-Nevada Common Share held.

18.In connection with the Arrangement, Franco-Nevada has mailedto the Franco-Nevada Shareholders a management information circular(the "Circular"). The Circular contains, among other things,prospectus-level disclosure of the business and affairs of eachof Newmont and Exchangeco and the particulars of the Arrangement,the Exchangeable Shares and Newmont Common Shares. The Circularalso discloses that Newmont and Exchangeco will apply for exemptiverelief from prospectus and registration requirements for certaintrades to be made in connection with Acquisition, and that Exchangecobe exempt from certain continuous disclosure requirements andthat insiders of Exchangeco be exempt from certain insider reportingrequirements of the Legislation.

19.On December 27, 2001, the Superior Court of Justice (Ontario)(the "Court") granted an interim order in respect of the Arrangementproviding for the calling and holding of the Franco-Nevada Meetingand certain other procedural matters including providing forapproval of the Arrangement to be made by the affirmative voteof not less than 66 and 2/3% of the votes cast at the Franco-NevadaMeeting by Franco-Nevada Shareholders present in person or representedby proxy.

20.Upon the Arrangement becoming effective, in accordance withelections made by holders of Franco-Nevada Common Shares, theoutstanding Franco-Nevada Common Shares (except those held byshareholders who exercise their rights of dissent and are ultimatelyentitled to be paid the fair value thereof) will be acquired,at the option of the holder thereof, by either Exchangeco orCallco and each holder of Franco-Nevada Common Shares shallbe entitled to receive in consideration therefor either: (i)0.80 Exchangeable Shares per Franco-Nevada Common Share acquiredby Exchangeco; or (ii) 0.80 Newmont Common Shares per Franco-NevadaCommon Share acquired by Callco.

21.Alternatively, holders of Franco-Nevada Common Shares shallbe entitled to transfer their Franco-Nevada Common Shares toa newly incorporated corporation ("Holdco") and sell all issuedand outstanding shares in the capital of Holdco ("Holdco Shares")to either Callco or Exchangeco, provided certain conditionsare satisfied, including, among other things that the holderis a resident of Canada for the purposes of the ITA, Holdcohas no indebtedness or liabilities and owns no assets otherthan the Franco-Nevada Common Shares and the holder transfersits Franco-Nevada Common Shares to Holdco solely in considerationfor the Holdco Shares. If the Holdco Shares are sold to Exchangeco,the holder of such Holdco Shares shall be entitled to receivein consideration therefor, 0.80 Exchangeable Shares per Franco-NevadaCommon Share owned by Holdco. If the Holdco Shares are soldto Callco, the holder of such Holdco Shares shall be entitledto receive in consideration therefor, 0.80 Newmont Common Sharesper Franco-Nevada Common Share owned by Holdco.

22.Each issued and outstanding Franco-Nevada Common Share and HoldcoShare acquired by Callco will be transferred by Callco to Exchangecoin consideration for the issuance of 1,000 special shares (the"Special Shares") in the capital of Exchangeco.

23.Pursuant to the Arrangement, each holder: of (i) options toacquire Franco-Nevada Common Shares ("Stock Options") issuedpursuant to the Franco-Nevada employee stock option plan; (ii)Class A Warrants to acquire Franco-Nevada Common Shares issuedby Franco-Nevada ("Class A Warrants"); or (iii) Class B Warrantsto acquire Franco-Nevada Common Shares issued by Franco-Nevada("Class B Warrants") (the Stock Options, the Class A Warrantsand the Class B Warrants collectively referred to herein asthe "Franco-Nevada Options") shall be entitled to receive uponthe subsequent exercise of such holder's Franco-Nevada Options,in accordance with its terms, and shall accept in lieu of thenumber of Franco-Nevada Common Shares to which such holder wastheretofore entitled upon such exercise but for the same aggregateconsideration payable therefor, the aggregate number of NewmontCommon Shares, that such holder would have been entitled toreceive as a result of the transactions contemplated by theArrangement if, on the effective date of the Arrangement, suchholder had been the registered holder of the number of Franco-NevadaCommon Shares to which such holder was theretofore entitledupon such exercise, subject to adjustment to account for fractionalshares.

24.Subject to adjustments, each Exchangeable Share will be exchangeableby the holder at any time for one Newmont Common Share. EachExchangeable Share shall be redeemed for one Newmont CommonShare on the seventh anniversary of the date on which ExchangeableShares are first issued or earlier in certain circumstances,including when fewer than 1,000,000 Exchangeable Shares areheld by non-Newmont entities. Provided the Exchangeable Sharesare listed on a prescribed stock exchange in Canada (which currentlyincludes the TSE), the Exchangeable Shares will be "qualifiedinvestments" under the Income Tax Act (Canada), as amended (the"ITA") for certain investors. In addition, provided that theExchangeable Shares are so listed and certain other criteriais satisfied (which criteria Newmont has agreed to use its bestefforts to satisfy), the Exchangeable Shares will not be "foreignproperty" under the ITA.

25.In connection with the Arrangement, Newmont, Exchangeco anda trustee (the "Trustee") will enter into a voting and exchangetrust agreement (the "Voting and Exchange Trust Agreement")and Newmont, Callco and Exchangeco will enter into a supportagreement (the "Support Agreement"). These agreements, togetherwith the rights, privileges, restrictions and conditions attachingto the Exchangeable Shares (the "Exchangeable Share Provisions")and the rights attaching to the special voting share in thecapital of Newmont ("Newmont Special Voting Share") issued tothe Trustee pursuant to the Voting and Exchange Trust Agreement,which allows the Trustee, as trustee for and on behalf of allregistered holders of the Exchangeable Shares (other than affiliatesof Newmont) to receive for no additional consideration, theVoting Rights, the Automatic Exchange Right, the Automatic ExchangeRights on Liquidation (each of which are hereinafter defined)and any other similar rights that may be available from timeto time to holders of the Exchangeable Shares, result in theeconomic attributes of the Exchangeable Shares being substantiallyequivalent in all material respects to the economic attributesof the Newmont Common Shares.

26.Franco-Nevada, Exchangeco and all of the Holdcos will amalgamateand continue as one corporation under the CBCA to continue underthe name "Franco-Nevada Mining Corporation". Each common sharein the capital of Exchangeco shall become one common share inthe capital of the amalgamated corporation. Each Special Sharein the capital of Exchangeco shall become one Special Sharein the capital of the amalgamated corporation. Each ExchangeableShare in the capital of Exchangeco shall become one ExchangeableShare in the capital of the amalgamated corporation. Each sharein the capital of Franco-Nevada and each share in the capitalof each Holdco shall be cancelled. For the purposes of thisDecision, Exchangeco means the corporation that issues the ExchangeableShares pursuant to the Arrangement and following the amalgamationdescribed in the first sentence of this clause, the corporationcontinuing as a result of that amalgamation.

27.The Exchangeable Shares will be entitled to a preference overthe common shares of Exchangeco, the Special Shares and anyother shares ranking junior to the Exchangeable Shares withrespect to the payment of dividends and the distribution ofassets in the event of a liquidation, dissolution or winding-upof Exchangeco, whether voluntary or involuntary, or any otherdistribution of the assets of Exchangeco among its shareholdersfor the purpose of winding-up its affairs. The ExchangeableShare Provisions will provide that each Exchangeable Share willentitle the holder to dividends from Exchangeco payable at thesame time as, and equivalent to, each dividend paid by Newmonton a Newmont Common Share. Subject to the overriding LiquidationCall Right of Callco or Newmont, as the case may be, definedbelow, on the liquidation, dissolution or winding-up of Exchangeco,a holder of Exchangeable Shares will be entitled, subject toapplicable law, to receive from the assets of Exchangeco foreach Exchangeable Share held, an amount equal to the currentmarket price of a Newmont Common Share on the last businessday prior to the liquidation date, to be satisfied by the deliveryof one Newmont Common Share, plus an amount equal to all declaredand unpaid dividends on each such Exchangeable Share held bysuch holder on any dividend record date which occurred priorto the liquidation date (such aggregate amount, the "LiquidationAmount"). Upon a proposed liquidation, dissolution or winding-upof Exchangeco, Callco or Newmont, as the case may be, will havean overriding call right (the "Liquidation Call Right") to purchaseall of the outstanding Exchangeable Shares from the holdersthereof for a price per share equal to the Liquidation Amount.

28.The Exchangeable Shares will be non-voting (except as requiredby applicable law) and will be retractable at the option ofthe holder at any time. Subject to the overriding RetractionCall Right of Callco or Newmont, as the case may be, definedbelow, upon retraction, the holder will be entitled to receivefrom Exchangeco, for each Exchangeable Share retracted, an amountequal to the current market price for a Newmont Common Share,to be satisfied by the delivery of one Newmont Common Share,plus an amount equal to all declared and unpaid dividends oneach such Exchangeable Share held by such holder on any dividendrecord date which occurred prior to the retraction date (suchaggregate amount, the "Retraction Price"). Upon being notifiedby Exchangeco of a proposed retraction of Exchangeable Shares,Callco or Newmont, as the case may be, will have an overridingcall right (the "Retraction Call Right") to purchase from theholder all of the Exchangeable Shares that are the subject ofthe retraction notice for a price per share equal to the RetractionPrice.

29.Subject to applicable law and to the overriding Redemption CallRight of Callco or Newmont, as the case may be, referred to belowin this paragraph, Exchangeco shall redeem all the ExchangeableShares then outstanding on the date (the "Redemption Date"), ifany, fixed by the board of directors of Exchangeco for the redemptionof the Exchangeable Shares, such Redemption Date not being earlierthan the seventh anniversary of the date on which the ExchangeableShares are first issued. The Redemption Date may be earlier thanthe seventh anniversary of the date on which the ExchangeableShares are first issued in certain circumstances, as describedin the Circular, including if there are fewer than 1,000,000 ExchangeableShares outstanding (other than Exchangeable Shares held by Newmontand its affiliates and subject to necessary adjustments to suchnumber of shares to reflect permitted changes to ExchangeableShares). Upon such redemption, a holder will be entitled to receivefrom Exchangeco, for each Exchangeable Share redeemed, an amountequal to the current market price of a Newmont Common Share, tobe satisfied by the delivery of one Newmont Common Share, plusan amount equal to all declared and unpaid dividends on each suchExchangeable Share held by such holder on any dividend recorddate which occurred prior to the redemption date (such aggregateamount, the "Redemption Price"). Upon being notified by Exchangecoof a proposed redemption of Exchangeable Shares, Callco and Newmont,as the case may be, will have an overriding call right (the "RedemptionCall Right") to purchase from the holders all of the outstandingExchangeable Shares for a price per share equal to the RedemptionPrice.

30.Any approval required to be given by the holders of the ExchangeableShares to add to, change or remove any right, privilege, restrictionor condition attaching to the Exchangeable Shares or any othermatter requiring the approval or consent of the holders of theExchangeable Shares in accordance with applicable law will bedeemed to have been sufficiently given if it has been given inaccordance with applicable law, subject to a minimum requirementthat such approval be evidenced by a resolution passed by notless than two-thirds of the votes cast on such resolution at ameeting of holders of Exchangeable Shares duly called and heldat which the holders of at least 10% of the outstanding ExchangeableShares are present or represented by proxy.

31.The Exchangeable Shares, together with the Voting and ExchangeTrust Agreement will provide holders thereof with a security ofa Canadian issuer having economic rights which are, as nearlyas practicable, equivalent to those of Newmont Common Shares.Exchangeable Shares may be received by certain holders of Franco-NevadaCommon Shares on a Canadian tax-deferred rollover basis and, providedsuch shares are listed on a prescribed stock exchange (which currentlyincludes the TSE), will be "qualified investments" for certaininvestors. In addition, provided that the Exchangeable Sharesare so listed and certain other criteria are satisfied (whichcriteria Newmont has agreed to use its best efforts to satisfy),the Exchangeable Shares will not constitute "foreign property"under the ITA.

32.Pursuant to the Voting and Exchange Trust Agreement, Newmont willissue to the Trustee one Newmont Special Voting Share to be heldof record by the Trustee as trustee for and on behalf of, andfor the use and benefit of, the registered holders from time totime of Exchangeable Shares (other than affiliates of Newmont)and in accordance with the provisions of the Voting and ExchangeTrust Agreement. During the term of the Voting and Exchange TrustAgreement, Newmont is not permitted to issue any additional NewmontSpecial Voting Shares without the consent of the holders of ExchangeableShares.

33.Under the Voting and Exchange Trust Agreement, the Trustee willbe entitled to all of the voting rights, including the right tovote in person or by proxy, attaching to the Newmont Special VotingShare on all matters that may properly come before the shareholdersof Newmont at a meeting of shareholders. The Newmont Special VotingShare has a number of votes, which may be cast by the Trusteeat any meeting at which Newmont shareholders are entitled to vote,equal to the lesser of the number of outstanding ExchangeableShares (other than shares held by Newmont or its affiliates) and10% of the total number of votes attached to the Newmont CommonShares then outstanding.

34.Each holder of an Exchangeable Share (other than Newmont or itsaffiliates) on the record date for any meeting at which Newmontshareholders are entitled to vote will be entitled to instructthe Trustee to exercise the lesser of one of the votes attachedto the Newmont Special Voting Share for (i) such ExchangeableShare, or (ii) every 10 votes attaching to the outstanding NewmontCommon Shares. The Trustee will exercise each vote attached tothe Newmont Special Voting Share only as directed by the relevantholder and, in the absence of instructions from a holder as tovoting, the Trustee will not have voting rights with respect tosuch Exchangeable Shares. A holder may, upon instructing the Trustee,obtain a proxy from the Trustee entitling the holder to vote directlyat the relevant meeting the votes attached to the Newmont SpecialVoting Share to which the holder is entitled.

35.The Trustee will send to the holders of the Exchangeable Sharesthe notice of each meeting at which the Newmont shareholders areentitled to vote, together with the related meeting materialsand a statement as to the manner in which the holder may instructthe Trustee to exercise the votes attaching to the Newmont SpecialVoting Share, at the same time as Newmont sends such notice andmaterials to the Newmont shareholders. The Trustee will also sendto the holders of Exchangeable Shares copies of all informationstatements, interim and annual financial statements, reports andother materials sent by Newmont to the Newmont shareholders atthe same time as such materials are sent to the Newmont shareholders.To the extent such materials are provided to the Trustee by Newmont,the Trustee will also send to the holders all materials sent bythird parties to Newmont shareholders generally, including underU.S. securities laws, including dissident proxy circulars andtender and exchange offer circulars, as soon as possible aftersuch materials are first sent to Newmont shareholders.

36.All rights of a holder of Exchangeable Shares to exercise votesattached to the Newmont Special Voting Share will cease upon theexchange of such holder's Exchangeable Shares for Newmont CommonShares.

37.Under the Voting and Exchange Trust Agreement, upon the liquidation,dissolution or winding-up of Exchangeco, Newmont will be requiredto purchase each outstanding Exchangeable Share and each holderwill be required to sell all of its Exchangeable Shares (suchpurchase and sale obligations are hereafter referred to as the"Automatic Exchange Right"). The purchase price for each ExchangeableShare purchased by Newmont will be satisfied by the delivery tothe Trustee, on behalf of the holder, of one Newmont Common Share,together with, on the designated payment date therefor and tothe extent not already paid by Exchangeco, all declared and unpaiddividends on each such Exchangeable Share.

38.Under the Voting and Exchange Trust Agreement, upon the liquidation,dissolution or winding-up of Newmont, Newmont will be requiredto purchase on the fifth business day prior to the effective dateof such liquidation, dissolution or winding-up each outstandingExchangeable Share and each holder will be required to sell allof its Exchangeable Shares (such purchase and sale obligationsare hereafter referred to as the "Automatic Exchange Rights onLiquidation"). The purchase price will be satisfied by the deliveryto the Trustee, on behalf of the holder, of one Newmont CommonShare, together with, on the designated payment date thereforand to the extent not already paid by Exchangeco, all declaredand unpaid dividends on each such Exchangeable Share.

39.Contemporaneously with the closing of the Arrangement, Newmont,Exchangeco and Callco will enter into a Support Agreement. Pursuantto the Support Agreement, Newmont has covenanted that, so longas Exchangeable Shares not owned by Newmont or its affiliatesare outstanding, Newmont will, among other things: (a) not declareor pay any dividend on the Newmont Common Shares unless (i) onthe same day Exchangeco declares or pays, as the case may be,an equivalent dividend on the Exchangeable Shares and (ii) Exchangecohas sufficient money or other assets or authorized but unissuedsecurities available to enable the due declaration and the dueand punctual payment, in accordance with applicable law, of anequivalent dividend on the Exchangeable Shares; (b) advise Exchangecoin advance of the declaration of any dividend on the Newmont CommonShares and take other actions reasonably necessary to ensure thatthe declaration date, record date and payment date for dividendson the Exchangeable Shares are the same as those for any correspondingdividends on the Newmont Common Shares; (c) ensure that the recorddate for any divided declared on the Newmont Common Shares isnot less than seven days after the declaration date of such dividend;and (d) take all actions and do all things reasonably necessaryor desirable to enable and permit Exchangeco, in accordance withapplicable law, to pay the Liquidation Amount, the RetractionPrice or the Redemption Price to the holders of the ExchangeableShares in the event of a liquidation, dissolution or winding-upof Exchangeco, a retraction request by a holder of ExchangeableShares or a redemption of Exchangeable Shares by Exchangeco, asthe case may be.

40.The Support Agreement will also provide that, without the priorapproval of Exchangeco and the holders of the Exchangeable Shares,actions such as distributions of stock dividends, options, rightsand warrants for the purchase of securities or other assets, subdivisions,reclassifications, reorganizations and other changes cannot betaken in respect of the Newmont Common Shares without the sameor an economically equivalent action being taken in respect ofthe Exchangeable Shares.

41.The steps under the Arrangement and the attributes of the NewmontCommon Shares and Exchangeable Shares involve a number of tradesand/or distributions of securities, including trades and/or distributionsrelated to the issuance of Newmont Common Shares and ExchangeableShares pursuant to or in connection with the Arrangement or uponthe issuance of Newmont Common Shares in exchange for ExchangeableShares or the exercise of Franco-Nevada Options. The trades and/ordistributions and possible trades and/or distributions in securitiesto which the Arrangement gives rise (the "Trades") include thefollowing:

(a)the issuance by Newmont of Newmont Common Shares to enable Callcoto deliver Newmont Common Shares in connection with the Arrangement;

(b)the delivery of Newmont Common Shares by Callco to certain holdersof Franco-Nevada Common Shares and Holdco Shares and the transferof Franco-Nevada Common Shares or Holdco Shares by such holdersto Callco;

(c)the issuance by Exchangeco of Exchangeable Shares in connectionwith the Arrangement and the delivery thereof to certain holdersof Franco-Nevada Common Shares or Holdco Shares and the transferof Franco-Nevada Common Shares or Holdco Shares by such holdersto Exchangeco;

(d)the transfer by Callco of the Franco-Nevada Common Shares andHoldco Shares to Exchangeco and the issuance of Special Sharesto Callco;

(e)the issuance and delivery of Newmont Common Shares by Newmontto a holder of a Franco-Nevada Option upon the exercise thereof;

(f)the grant to the Trustee for the benefit of holders of ExchangeableShares pursuant to the Voting and Exchange Trust Agreement, theAutomatic Exchange Right, the Automatic Exchange Rights on Liquidationand the voting rights pursuant to the Newmont Special Voting Share;

(g)the grant of the Liquidation Call Right, the Retraction Call Rightand the Redemption Call Right;

(h)the issuance by Newmont, pursuant to the Voting and Exchange TrustAgreement, of the Newmont Special Voting Share to the Trusteefor the benefit of the holders of the Exchangeable Shares;

(i)the issuance by Newmont of Newmont Common Shares to enable Exchangecoto deliver Newmont Common Shares to a holder of Exchangeable Sharesupon its retraction of Exchangeable Shares, and the subsequentdelivery thereof by Newmont (at the direction of Exchangeco) uponsuch retraction;

(j)the transfer of Exchangeable Shares by the holder to Exchangecoupon the holder's retraction of Exchangeable Shares;

(k)the issuance by Newmont of Newmont Common Shares to enable Callcoto deliver Newmont Common Shares to a holder of Exchangeable Sharesin connection with Callco's exercise of the Retraction Call Right,and the subsequent delivery thereof by Newmont (at the directionof Callco) upon such exercise of the Retraction Call Right;

(l)the transfer of Exchangeable Shares by the holder to Callco orNewmont, as the case may be, upon Callco or Newmont, as the casemay be, exercising the Retraction Call Right;

(m)the issuance by Newmont of Newmont Common Shares to enable Exchangecoto deliver Newmont Common Shares to holders of Exchangeable Sharesupon the redemption of the Exchangeable Shares, and the subsequentdelivery thereof by Newmont (at the direction of Exchangeco) uponsuch redemption;

(n)the transfer of Exchangeable Shares by the holder to Exchangecoupon the redemption of Exchangeable Shares;

(o)the issuance by Newmont of Newmont Common Shares to enable Callcoto deliver Newmont Common Shares to holders of Exchangeable Sharesin connection with Callco's exercise of the Redemption Call Right,and the subsequent delivery thereof by Newmont (at the directionof Callco) upon such exercise of the Redemption Call Right;

(p)the transfer of Exchangeable Shares by the holder to Callco orNewmont, as the case may be, upon Callco or Newmont, as the casemay be, exercising the Redemption Call Right;

(q)the issuance by Newmont of Newmont Common Shares to enable Exchangecoto deliver Newmont Common Shares to holders of Exchangeable Shareson the liquidation, dissolution or winding-up of Exchangeco andthe subsequent delivery thereof by Exchangeco upon such liquidation,dissolution or winding-up;

(r)the transfer of Exchangeable Shares by the holder to Exchangecoon the liquidation, dissolution or winding-up of Exchangeco;

(s)the issuance by Newmont of Newmont Common Shares to enable Callcoto transfer Newmont Common Shares to holders of Exchangeable Sharesin connection with Callco's exercise of the Liquidation Call Right,and the subsequent delivery thereof by Newmont (at the directionof Callco) upon such exercise of the Liquidation Call Right;

(t)the transfer of Exchangeable Shares by the holder to Callco orNewmont, as the case may be, upon Callco or Newmont, as the casemay be, exercising the Liquidation Call Right;

(u)the issuance of Newmont Common Shares by Newmont to a holder ofExchangeable Shares upon its exercise of the Automatic ExchangeRights on Liquidation; and

(v)the transfer of Exchangeable Shares by a holder to Newmont uponits exercise of the Automatic Exchange Rights on Liquidation.

42.The fundamental investment decision to be made by a holder ofFranco-Nevada Common Shares, Franco-Nevada Options and HoldcoShares is made at the time of the Franco-Nevada Meeting when suchholder votes in respect of the Arrangement and on February 15,2002 (or such later date prior to the closing of the Arrangement)which is the deadline for holders to elect between receiving ExchangeableShares or Newmont Common Shares. As a result of this decision,any holder of Franco-Nevada Common Shares or Holdco Shares (otherthan a holder who exercises its right of dissent) receives ExchangeableShares or Newmont Common Shares in exchange for such Franco-NevadaCommon Shares or Holdco Shares. Moreover, holders of Franco-NevadaOptions will be entitled to Newmont Common Shares upon exercisethereof. As the Exchangeable Shares will provide certain Canadiantax benefits to certain Canadian holders but will otherwise haveeconomic rights that are, as nearly as practicable, equivalentto that of the Newmont Common Shares, all subsequent exchangesof Exchangeable Shares are in furtherance of the holder's initialinvestment decision to acquire Newmont Common Shares on the Arrangement.Moreover, it is the information relating to Newmont not Exchangecothat will be relevant to holders of Newmont Common Shares andthe Exchangeable Shares. As mentioned above, that investment decisionwill be made on the basis of the Circular, which contains prospectus-leveldisclosure of the business and affairs of each of Newmont, Exchangeco,the particulars of the Arrangement and the securities to be issuedin connection therewith. The Circular also contains consolidatedfinancial statements of Newmont and Franco-Nevada, as well aspro forma combined condensed financial statements of Newmont.

43.Newmont will send to all holders of Newmont Common Shares residentin Canada contemporaneously all disclosure material sent to holdersof Newmont Common Shares resident in the United States.

ANDWHEREAS pursuant to the System, this MRRS Decision Documentevidences the decision of each Decision Maker (collectively, the"Decision");

ANDWHEREAS each of the Decision Makers is satisfied thatthe test contained in the Legislation that provides the DecisionMaker with the jurisdiction to make the Decision has been met,

THEDECISION of the Decision Makers pursuant to the Legislationis that:

1.the Trades are not subject to the Registration and ProspectusRequirements, provided that:

(a)except in Quebec, the first trade in Exchangeable Shares acquiredas contemplated by this Decision will be a distribution or primarydistribution to the public unless the conditions in subsections(3) or (4) of section 2.6 of Multilateral Instrument 45-102: Resaleof Securities ("MI 45-102") are satisfied, and for the purposeof determining the period of time that Exchangeco has been a reportingissuer under section 2.6, the period of time that Franco-Nevadawas a reporting issuer may be included; and

(b)except in Quebec, the first trade in Newmont Common Shares acquiredas contemplated by this Decision (including, for greater certainty,upon the exchange of an Exchangeable Share or upon the exerciseof a Franco-Nevada Option) will be a distribution or primary distributionto the public unless, at the time of the trade:

(i)if Newmont is a reporting issuer in any Jurisdiction listed inAppendix B to MI 45-102 other than Quebec, the conditions in subsections(3) or (4) of section 2.6 of MI 45-102 are satisfied; and

(ii)if Newmont is not a reporting issuer in any Jurisdiction otherthan Quebec, such first trade is made through an exchange, ora market, outside of Canada.

2.in Quebec, to the extent that there is no exemption availablefrom the Registration and Prospectus Requirements in respect ofany of the Trades, the Trades are not subject to the Registrationand Prospectus Requirements, provided that the issuer or one ofthe parties to the Arrangement (including, for greater certainty,Franco-Nevada) is and has been a reporting issuer in Quebec andhas complied with the applicable requirements for the twelve monthsimmediately preceding the Trades (and for the purpose of determiningthe period of time that the issuer or one of the parties to theArrangement has been a reporting issuer in Quebec, the periodof time that Franco-Nevada was a reporting issuer may be included).

3.the Continuous Disclosure Requirements and the Insider ReportingRequirements shall not apply to Exchangeco or any insider of Exchangeco,so long as:

(a)Newmont sends to all holders of Exchangeable Shares resident inCanada contemporaneously, all disclosure material furnished toholders of Newmont Common Shares in the United States including,without limitation, copies of its annual and interim financialstatements and sends to holders of Exchangeable Shares residentin Canada all proxy solicitation materials;

(b)Newmont files with each Decision Maker copies of all documentsrequired to be filed by it with the United States Securities andExchange Commission under the United States Securities and ExchangeAct of 1934 including, without limitation, copies of any Form20-F, Form 6-K and proxy solicitation material, and all such filingsare made under Exchangeco's SEDAR profile and the filing feeswhich would otherwise be payable by Exchangeco in connection withsuch filings are paid;

(c)Newmont complies with the requirements of the United States Securitiesand Exchange Commission and the NYSE in respect of making publicdisclosure of material information on a timely basis and forthwithissues and files any press release that discloses a material changein Newmont's affairs;

(d)Exchangeco complies with the requirements in the Legislation toissue press releases and file reports regarding material changesin respect of material changes in the affairs of Exchangeco thatwould be material to holders of Exchangeable Shares but wouldnot be material to holders of Newmont Common Shares;

(e)Newmont includes in all future mailings of proxy solicitationmaterials (if any) to holders of Exchangeable Shares a clear andconcise statement explaining the reason for the mailed materialbeing solely in relation to Newmont and not in relation to Exchangeco,such statement to include a reference to the economic equivalencybetween the Exchangeable Shares and the Newmont, Common Sharesand the right to direct voting at Newmont's shareholders meetingspursuant to the Voting and Exchange Trust Agreement (without takinginto account tax effects);

(f)Newmont remains the direct or indirect beneficial owner of allthe issued and outstanding common shares of Exchangeco;

(g)Exchangeco has not issued any securities to the public other thanthe Exchangeable Shares and the Franco-Nevada Options; and

withrespect to relief from complying with the Insider Reporting Requirements,further provided that:

(h)such insider of Exchangeco does not receive or have access toinformation as to material facts or material changes concerningNewmont before the material facts or material changes are disclosed;or

(i)such insider of Exchangeco is not also an insider of a "majorsubsidiary" of Newmont (as such term is defined in National Instrument55-101: Exemptions from Certain Insider Reporting Requirementsas if Newmont were a reporting issuer).

January30, 2002.

"RStephen Paddon" "H. Lorne Morphy"



ANDTHE FURTHER DECISION of the Decision Makers is that theLocal AIF and MD&A Requirements shall not apply to Exchangecoprovided that the conditions set out in paragraphs 3(a) to (g)of the operative portion of the Decision are complied with.

January30, 2002.

MargoPaul"