45 NE W M O NT C O RP O RA T IO N B E RNS T E IN 3 6 TH A NNU A L S T RA T E G IC D E C IS IO NS C O NF E RE NC E N et D eb t t o Pro F orm a Ad j ust ed E BI T D A Rat i o M a n a g e m e n t u s e s n e t de b t to P r o f o r m a Adju s te d E B I TD A a s n o n GA A P m ea s ure s t o eva l ua t e t he C o m pa n y s o p e r a t in g pe r f o r m a n c e in c lu din g o u r a bili t y to g e n e r a te e a r n in g s s u f f i c i e n t to s e r v ic e o u r de bt N e t de bt to P r o f o r m a Adju s te d E B I TD A r e pr e s e n t s th e r a tio o f th e C o m pa n y s de bt n e t o f c a s h a n d c a s h e qu iv a le n t s to P r o f o r m a Adju s te d E B I TD A N e t de bt to P r o f o r m a Adju s te d E B I TD A do e s n o t r e pr e s e n t a n d s h o u ld n o t be c o n s ide r e d a n a lte r n a tiv e t o n e t in c o m e lo s s o pe r a ti n g in c o m e lo s s o r c a s h f lo w f r o m o pe r a ti o n s a s th o s e te r m s a r e de f in e d by G AAP a n d do e s n o t n e c e s s a r i ly in dic a te w h e th e r c a s h f l o w s w ill be s u f f ic ie n t t o f u n d c a s h n e e ds Alth o u g h N e t D e bt to P r o f o r m a Adju s te d E B I TD A a n d s im ila r m e a s u r e s a r e f r e qu e n t l y u s e d a s m e a s u r e s o f o pe r a t i o n s a n d th e a bility to m e e t de bt s e r v ic e r e qu ir e m e n t s by o th e r c o m p a n ie s o u r c a lc u la tio n o f n e t de bt to P r o f o r m a Adju s te d E B I TD A m e a s u r e is n o t n e c e s s a r i ly c o m pa r a ble to s u c h o th e r s im ila r ly title d c a pti o n s o f o th e r c o m pa n ie s Th e C o m pa n y be l ie v e s th a t n e t de bt to P r o f o r m a Adju s te d E B I TD A pr o v id e s u s e f u l in f o r m a t i o n to in v e s t o r s a n d o th e r s in u n de r s t a n d in g a n d e v a lu a tin g o u r o pe r a ti n g r e s u l t s in th e s a m e m a nner a s o ur m a na gem ent a nd Bo a rd o f D i rec t o r s M a na gem ent s d et e rm i n a t i o n o f t he c o m po n e n t s o f n e t de bt to P r o f o r m a Adju s te d E B I TD A is e v a lu a te d pe r io di c a ll y a n d ba s e d in pa r t o n a revi ew o f no n G AAP f in a n c ia l m e a s u r e s u s e d by m in in g in du s t r y a n a ly s ts N e t in c o m e l o s s a ttr ibu t a bl e to N e w m o n t s t o c k h o ld e r s is r e c o n c il e d t o P r o f o r m a Adju s te d E B I TD A a s f o ll o w s 1 R e pr e se n t s G o ldc o r p s pr e a c qu isit io n A dju st e d E B I T D A o n a U S G A A P ba sis f r o m A pr il 1 2 0 1 9 t h r o u g h t o t h e a c qu isit io n da t e A pr il 1 8 2 0 1 9 T h is a m o u n t is a dde d t o o u r a dju st e d E B I T D A t o in c lu de a f u ll t w e lve m o n t h s o f G o ldc o r p r e su lt s o n a pr o f o r m a ba sis f o r t h e t w e lve m o n t h s e n de d M a r c h 3 1 2 0 2 0 T h e pr o f o r m a a dju st e d E B I T D A w a s de r ive d f r o m G o ldc o r p m a n a g e m e n t u n a u dit e d f in a n c ia l in f o r m a t i o n f o r t h e pe r io d f r o m A pr il 1 2 0 1 9 t h r o u g h t o A pr il 1 8 2 0 1 9 t h e a c qu isit io n da t e G o ldc o r p s pr e a c qu isit io n A dju st e d E B I T D A h a s be e n a dde d to o u r a d j u s ted E B I TDA f o r th e p u r p o s es o f N et Deb t to P r o F o r m a Ad j u s ted E B I TDA r a ti o o n l y T hre e m o nt hs e n de d Ma rc h 3 1 2 0 2 0 T hre e m o nt hs e n de d D ec emb er 3 1 2 0 1 9 T hre e m o nt hs e n de d S ep t emb er 3 0 2 0 1 9 T hre e m o nt hs e n de d J une 3 0 2 0 1 9 N et inc o m e lo s s a t t r ib u t a ble t o N ew m o n t s t o c k h o lder s 8 2 2 5 6 5 2 1 7 8 2 5 N et inc o m e lo s s a t t r ib u t a ble t o n o nc o n t r o llin g in t er es t s 2 4 2 6 2 5 N et lo s s inc o m e f r o m dis c o nt in u ed o p er a t io n s 1 5 2 8 4 8 2 6 E qu it y lo s s in c o m e o f a f f ilia t es 3 7 4 2 3 2 2 6 I n c o m e a n d m in in g t a x ex pen s e benef it 2 3 1 2 9 5 5 8 2 0 De p r e c i ati o n an d am o r ti z ati o n 5 6 5 6 1 3 5 4 8 4 8 7 I n t er es t ex p en s e n et 8 2 8 4 7 7 8 2 E BI T DA 1 4 2 6 1 3 1 7 3 4 0 3 5 8 9 E B I TD A A djus t m en t s L o s s g a in o n a s s et a nd in ves t m ent s a les 5 9 3 2 1 3 2 C h a n g e in f a ir v a lue o f in ves t m ent s 9 3 9 1 1 9 3 5 Im p a ir m en t o f inves t m ent s 9 3 1 L o s s o n deb t ex t in g uis h m en t 7 4 G o l d co rp t ra n s a ct i o n a n d i n t e g r a t i o n co s t s 1 6 3 2 2 6 1 1 4 R ec la m a t io n a n d r em edia t io n c h a r g es 7 1 1 7 3 2 C O VID 1 9 s p e ci f i c co s t s 2 N eva d a J V t r a n s a c t io n a nd in t eg r a t io n c o s t s 4 3 1 1 G a in o n f o r m a t i o n o f N eva da G o ld M in es 2 4 2 3 6 6 R es t r u c t ur in g a nd o t her 7 2 3 1 0 I m p a ir m en t o f lo n g lived a s s et s 1 3 A dj u st e d E B I T D A 1 1 1 8 1 2 8 9 1 0 7 9 6 7 9 G o ldc o r p a d ju s t ed E B I TD A p r io r t o a c quis it io n 1 6 6 T o tal p r o f o r m a ad j u s te d EB I T DA 1 1 1 8 1 2 8 9 1 0 7 9 6 1 3 1 2 mo n t h t r a ilin g A d ju s t ed E B I T D A 4 0 9 9 T o t a l G ro s s D e b t 6 7 3 9 L es s C a s h a n d c a s h eq u iva lent s 3 7 0 9 To t a l net de bt 3 0 3 0 N e t d e b t to p r o f o r m a ad j u s te d EB I T DA 0 7