barrick gold rbc capital markets gold conference

Building Value inE hi W DBuilding Value inE hi W DEverything We DoEverything We Do

RBC Capital Markets Gold Conference – November 10-11, 2011

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATIONCertain information contained in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, "expect", "will", “anticipate”, “contemplate”, “target”, “plan”, “continue”, “budget”, “may”, “intend”, “estimate” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward looking statements involve known and unknown risks uncertainties and other factors that maythe reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; the ability of the Company to complete or successfully integrate an announced acquisition proposal; legislative, political or economic developments in the jurisdictions in success u y teg ate a a ou ced acqu s t o p oposa ; eg s at e, po t ca o eco o c de e op e ts t e ju sd ct o swhich the Company carries on business, including Zambia and Saudi Arabia; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; changes in costs and estimates associated with our projects; adverse changes inour credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the organization of our previously held African gold operations under a separate listed entity; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company’s most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Global FootprintGlobal Footprint

North

2010 P&P Reserves(1)

America

2011E Production

North America41%

Australia Africa 9%

North America44%

SouthAmerica

39%

Pacific11%

Africa 9%

Southi

Africa 7%

SouthAmerica

AustraliaPacific25%

39%

Africa

America

Australia

24%

1ProjectMine

AustraliaPacific

See final slide #3

Industry Profitability vs Share PriceIndustry Profitability vs Share Price

Gold equity returns have not reflected

350% +353%Senior O ti have not reflected

increased profitability from250%

300%OperatingCash Flow(1)

224%profitability from expanding margins

150%

200%

+224% Gold

100%

150%

+80%S i Sh

0%

50%

2004 2005 2006 2007 2008 2009 2010

Senior ShareReturns(2)

2

(1) Combined cash flow for ABX, NEM, AU, GG & KGC; 2007 adjusted operating cash flow for NEM, 2008 adjusted operating cash flow for AU & KGC,2009 - 2010 adjusted operating cash flow for ABX, AU & KGC

(2) Calculated on a price weighted basis

2004 2005 2006 2007 2008 2009 2010

Sources: Company reports and Bloomberg

Equity/Commodity Disconnect Equity/Commodity Disconnect

Consensus viewhas consistently

Consensus Estimates (CE) vs Actual Prices

US$/ozForward Spot ~$1,890 has consistently

underestimated actual prices

Equities should1 600

1,800

US$/ozForward Curve

Current ~$1,7252011CE

Equities shouldrespond as price forecasts recalibrate1,400

1,600

$1 300

Actual YTD Avg. ~$1,493

2010CE

Long TermConsensus

1,200

~$1,300Actual Avg. ~$1,227

2009CE ConsensusEstimates

800

1,000 ~$1,000

~$850~$770

Actual Avg. ~$974

2008CE

3Sources: Analyst estimates and Bloomberg

$770

2008 2009 2010 2011 2012 2013 2014 Long Term600

Are Current Prices Sustainable?Are Current Prices Sustainable?

Global demand for resources will continue to intensify with the growth in emerging markets– current GDP growth rates of 8-9% versus mature

economies growth rate of 2-3%(1)

b 2050 i k t t d t i fi– by 2050, emerging markets expected to increase five fold, be larger than the developed world and represent 19 of the 30 top economies by GDP(2)p y

– in a commodity intensive phase of development

Increased wealth and wealth protection objectives plus p j pCentral Bank diversification will drive gold demand

Copper price will be supported by emerging market

4

growth

(1) Source: The Economist (2) Source: HSBC

Bullish on GoldBullish on Gold

Gold retains purchasing power while other currencies are being devalued:currencies are being devalued:– monetary and fiscal reflation & sovereign debt concerns– low real interest rates

C t l B k i t ti i k t– Central Bank intervention in currency markets– inflation in emerging markets– excessive global FX reservesexcessive global FX reserves

Growth in emerging market demand

Central banks become net buyersCentral banks become net buyers

Mine supply expected to contract

55

Emerging Markets Gold DemandEmerging Markets Gold Demand

Accelerating Chinese buying1,132

India(tonnes)700

China(tonnes) Chinese buying

in last 5 years with market Investment

Coins/Medals(official)

1,132

+36%700

+155%

deregulation

Increased wealth d l h

Fabrication(incl. scrap)

(gold bars)831

and wealth protection objectives plus

( p)

275objectives plus Central Bank diversification will

6

drive gold demand05 06 07 08 09 1005 06 07 08 09 10

Source: GFMS

Net Official Sector BuyingNet Official Sector Buying

Net official sector buying for the first

663(tonnes)

buying for the first time since 1988

H1 2011 purchases479 484

H1 2011 purchases are more than double that of full

365

235 double that of full year 2010

235

2004 2005 2006 2007 2008

34

2009 2010 H12011

7Sources: GFMS, WGC

73

192

2011

Mine Supply vs Gold PriceMine Supply vs Gold Price

Since 2001, gold is up ~350% but mine

Gold PriceUS$/oz

Mine SupplyMoz up ~350% but mine

supply has only increased by 2%

$1,000

$1,200

100

110

Supply has not kept pace with the rising

ld i$800

$1,000

90

100

gold price

$400

$60080

$200

$400

60

70

8

$05001 02 03 04 05 06 07 08 09 10

Sources: GFMS, Bloomberg

Positive Copper OutlookPositive Copper Outlook

Demand being supported by the urbanization of emerging markets such as China and Indiamarkets such as China and India– China will have more than 220 +1 million plus population cities

by 2025 compared to Europe with 35 today– China’s economy expected to be the largest and India’s in the– China s economy expected to be the largest and India s in the

top 3 by 2050(1)

~13 million tonne shortfall in mine production expected by 2035, or approximately 8 Escondidas(2)

Copper supply will continue to be constrained– aging mines and lower grades operational disruptions– aging mines and lower grades, operational disruptions,

development challenges– bulk of new potential production expected to come from

emerging markets which have complex and challenging

9

emerging markets which have complex and challenging environments, a lack of infrastructure and sovereign risk issues

(1) Source: HSBC (2) Source: CRU; based on current production levels

Barrick is Well PositionedBarrick is Well Positioned

Scale and global reach– ~$50 billion market cap; 25,000 employees p p y

Geographic and operational diversity– 26 operating mines, 9 projects located on 5 continents

High quality and growing resource base

Operational, project and technical depth

Substantial optionality in our asset base which supports mine extensions, expansions and greenfieldi t t t itiinvestment opportunities

Financial strength“A“ rated balance sheet

10

– A rated balance sheet

StrategyStrategy

Leverage our competitive strengths to grow and improve the quality of our production base by:

maximizing the potential of our existing operations and land positions– maximizing the potential of our existing operations and land positions– developing our project pipeline– securing new deposits through exploration and acquisitions

– focus is on gold and gold/copper depositsfocus is on gold and gold/copper deposits

Production profile and cash flows will continue to be dominated by gold and will be complemented with increased copper productionfrom expansions at existing mines and projects

By executing on this strategy, we expect to:grow earnings and cash flow per share– grow earnings and cash flow per share

– generate appropriate risk-adjusted returns on capital– enhance shareholders’ leverage to metal prices

11

With earnings and cash flow growth we expect to continue to paya progressive dividend(1)

(1) See final slide #10

Barrick’s StrategyBarrick’s Strategy

Focus on adding value…M t ti l d fi i l t t t i iMeet operational and financial targets to maximize benefits of rising metal prices

Increase gold and copper reserves through explorationIncrease gold and copper reserves through exploration and selective acquisitions

Maximize the value of existing mines and properties, leveraging technical skills and regional infrastructure

Invest in and develop high return projects

Continually improve CSR practices to maintain license to operate

to increase NAV production reserves earnings and

12

…to increase NAV, production, reserves, earnings and cash flow all on a per share basis

2011 STRONG FINANCIAL RESULTS2011 STRONG FINANCIAL RESULTS

1 550

Realized Gold Price(1)

Gold Margin(1)

Total Cash Cost BasisGold Margin(1)

Net Cash Cost Basis

Nine months ended September 30

12251,225

11051,105

1550

1 184

1,550

31%

Price( )

$US/ozTotal Cash Cost Basis$US/oz

Net Cash Cost Basis$US/oz

887887

785785

11841,184 31%

41%

38%

13

2009 20109M 10 9M 112009 20109M 10 9M 11 9M 10 9M 119M 10 9M 11 (1) See final slide #1

2011 STRONG FINANCIAL RESULTS2011 STRONG FINANCIAL RESULTS

6,378EBITDA(1)

US$MNetEarnings

Adjusted Net Earnings(1)

Nine months ended September 30

AdjustedOCF(1)

4 751

US$MEarningsUS$M

Net Earnings( )

US$M

34%3719

4295

3,719

4,295

OCF( )

US$M

15%4,751

3,5063,525

3719,

2,4992,621

40%34%

14

9M 10 9M 11(1) See final slide #1

9M 10 9M 11 9M 10 9M 11 9M 10 9M 11

Margin ExpansionMargin Expansion

1,290Total Cash Margins(1)

US$/oz 79%Increase in

834

927 9521,068

Increase inTotal Cash Margins

722804 834

392 401 403 440 437 445 453 16%increase inTotal Cash Costs

15

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11


Margin ExpansionMargin Expansion

1,415Net Cash Margins(1)

US$/oz 72%Increase in

939

1,090 1,0811,175

Increase inNet Cash Margins

821903 939

293 302 298 278 308 338 328 12%increase inN t C h

16

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11

(1) See final slide #1. Assumes a market copper price of $3.25/lb for Q4 2011, which will result in a realized price of ~$3.34, inc. impact of copper collars

Net Cash Costs

Leverage to GoldLeverage to Gold

Barrick EPS & CFPS vs GoldReturns (US$)

Barrick’s adjusted net ea nings and

( $)net earnings and cash flow(1) growth has significantly

( = adjusted)800%

900%

has significantly outpaced the rise in gold prices over the

500%

600%

700%

g ppast 7 years

300%

400%

500%

(1) See final slide #1 All EPS figures are adjusted except100%

200%

17

(1) See final slide #1. All EPS figures are adjusted except Dec ‘04 is US GAAP basis and all CFPS are on a US GAAP basis except Dec ’09, Dec ’10, and Sep ‘11 are adjusted. 9M 2011 adjusted EPS and CFPS return is annualized. Gold price as at Sept. 30, 2011.

Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Sep-110%

ROE versus PeersROE versus Peers

Barrick is capturing the benefit of

2011E Return on Shareholders’ Equity(1) 25

the benefit of margin expansion and strong

q yPercent

and strong operating performance13 p13

18

(1) See final slide #1 (2) Barrick’s return on shareholders’ equity is based on annualized Q3 2011 adjusted earnings. The senior peer average, which includes Newmont, Goldcorp, Kinross, AngloGold and Newcrest, is based on Q2 2011 annualized adjusted earnings for these companies except for Newcrest, which is based on fiscal H2 2011 annualized adjusted earnings.

Senior Peer Average(2) Barrick(2)

Capital Allocation StrategyCapital Allocation Strategy

A Balanced Approach

Track record ofInvest in high return projects

Track record of paying a

progressive dividend

Balance sheet management

Maintain strong credit ratings, preserve access

Dividend increasedby 25%(1);

d d d

Improve quality of portfolio with long life, ratings, preserve access

to low cost capital, repay debt

by 25% ;22% CAGRover 5 years

portfolio with long life, low cost gold and gold‐copper mines

19(1) See final slide #10

Dividend GrowthDividend Growth

15¢

Semi-Annual Dividends(presented as a quarterly equivalent)(1)

US¢ per share

Quarterly Dividends

12¢

¢ p

+170%

+25%

9¢

+170%

OR 22%CAGR

6¢5.5¢2006 quarterly equivalent

3¢

q y q

20

0¢2006 2007 2008 2009 2010 2011

(1) Dividends for 2006 to April 2010 were paid on a semi-annual basis but are presented as a quarterly equivalent for comparative purposes. Semi-annual dividends were $0.11 per share in 2006, $0.15 per share in 2007 and $0.20 per share for 2008 to April 2010. In July 2010, Barrick moved from semi-annual to quarterly dividends.

History of Gold Reserve GrowthHistory of Gold Reserve Growth

~140(1) THROUGH ACQUISITION AND EXPLORATION Proven and Probable – millions of ounces of gold

140TOTALEXP’N

~140Proven and Probable millions of ounces of gold

EXP’N

2021Moz

1990 2010109TOTALMINED

110TOTALACQ’D

Divestitures


Acquisition & Exploration ResultsAcquisition & Exploration Results

Two quality copper assets added through Equinox acquisitionacquisition

Lumwana (Zambia)

l lif d i tlong life, producing asset

substantial exploration and expansion potential inll ian excellent region

Jabal Sayid (Saudi Arabia)

located in a promising region

will provide additional cash flow in 2012

22

will provide additional cash flow in 2012

History of Reserve/Resource Growth

50

Reserve/resource ounces added post acquisition or discoveryounces millions

40

ACQUIRED ADDED GRASSROOTS

ounces millions

30

20

0

10

23

0

2011 Exploration Program(1)2011 Exploration Program(1)

$370-$390M

North AmericaAfrican

38%~80%AfricanBarrick

$210M 13%

A t liSouth America

$210M 11%

AustraliaPacific

South America38%

2011 exploration budget


2010 2011Operation Development Project

increased to $370-$390 M; ~40% to be capitalized

Acquisition & Exploration Results

Two potential world-class gold discoveries in NevadaNevada– Red Hill – 3.5 M oz inferred resource(1)

– Goldrush

Step-out holes north of Red Hill extend mineralization by 2,000 feety ,

Drilling between Red Hill and Goldrush is confirming continuity of the mineralized systemg y y

Positive results from in-fill drilling at Goldrush

Wide-spaced step out drilling recently commenced

25

Wide spaced step out drilling recently commenced south of Goldrush


Red Hill / Goldrush Corridor

Pipeline

Cortez Hills

p

Horse Canyon

Red HillRed Hill

GoldrushGoldrush

Gold hGold h

26

GoldrushSouth

GoldrushSouth

Oblique aerial photo looking to the northwest

80ft @ 0.16 opt &30ft @ 0.25 opt

60ft @ 0.20 opt &40ft @ 0.11 opt

Result HighlightsREDHILLRoberts

MountainsThrust

p

120ft @ 0.17 opt

Less than 5 oz-ft5 to 10 oz-ft

Drill HoleGrade x Thickness

5 to 10 oz ft10 to 20 oz-ft20 to 50 oz-ft

Greater than 50 oz-ft

128ft @ 0.316 opt

opt = ounces per ton gold

172ft @ 0.20 opt

NNNNNNNNNNNNNNNNNNNNNNNNN

GOLDRUSH

110ft @ 0.12 opt 91ft @ 0.77 opt &76 ft @ 0.85 opt

27

0 feet 2,000 4,000 106ft @ 0.16 opt &80ft @ 0.13 opt

Red Hill 2010 YE Inferred Resource

Reserves and Resources(1)

37 2

Silver Contained in Gold Reserves and ResourcesMoz

GoldMoz

Copper Lbs billions

Contained in1 6

76.3M&I

37.2Inferred

232.9M&I

61.6 INF.Moz Contained in

gold resources

Contained ingold reserves

14.6

5.7

1.21.6

114% 39% 154%

139 8

M&I

932.6

1,066.3P&P47.0

14.6Inferred

88 617.612.4

139.8P&P 13.0

M&I

5 01.20.2

88.6

6 0

12.2 P&P6.6

5.0

28

05 10 05 10


6.006 10*

* 2010 includes Equinox reserves and resources as stated in its2010 Annual Information Form.

World Class Operations and Projects

Total Global Gold Mines by SizeBarrick Mines by Size (2010 gold production)

5 mines >1 Moz

(2010 gold production)

9 mines 800 K 3

23 i

>800 Koz 3GoldstrikeVeladero Cortez

159 mines

23 mines >500 Koz 4

Cortez

159 mines >100 Koz 5

17 2 Projects ~800 Koz

3 Projects ~1 MozPueblo ViejoCerro Casale

29

2 Projects 800 KozTurquoise Ridge(1)

Pascua-LamaDonlin Gold

Sources: Metals Economics Group and Barrick(1) See final slide #4

Pueblo Viejo IN CONSTRUCTIONPueblo Viejo IN CONSTRUCTION

First production anticipated in mid-2012– overall construction +75% completeoverall construction +75% complete– all approvals in hand to construct tailings dam

625-675 K oz of expected average annual productionto Barrick at total cash costs of $275-$300/oz(1)

Mine construction capital of $3.6-$3.8 B(2) (100%) or $2 2 $2 3 B (Barrick’s 60% share)$2.2-$2.3 B (Barrick’s 60% share)– 80% of capital committed

30(1) See final slide #1 and #2 (2) See final slide #2

30

Pascua‐Lama IN CONSTRUCTIONPascua‐Lama IN CONSTRUCTION

Initial production expected in mid-2013

Mill Building Argentina

Expected gold production of 800-850 K oz/year at negative cash costs of $225-$275/oz(1) at $25/oz silver

Expected silver production of ~35 M oz/year(2) Los Amarillos Camp

Pre-production capital of $4.7-$5.0 B(2)

~50% of capital committed

31

– ~50% of capital committed

31Tunnel progress(1) See final slide #1 and #2 (2) See final slide #2

Project Cash Flow Potential

Pascua-Lama EBITDA(1)

US$BPueblo Viejo EBITDA(1)

US$B – Barrick’s share

~1.7~0.9

143%125%

~0.7~0.4

32

At $930(5) At $1,600(3,4)

May 2009

At $926(2) At $1,600(3)

Feb 2008

(1) See final slide #1 (2) See final slide #7 (3) See final slide #6 (4) Based on a silver price of $30 per ounce (5) See final slide #8

Low Cash Cost ProjectsLow Cash Cost Projects

$1,500

Global Gold Industry Cash Cost Curve(1)

$1,000

$500

$ ,

$/oz

$500

US$

Barrick 2011E Total Cash Costs $460-$475(2)

Pueblo Viejo $275-$300(2,3)

$0

Pascua-Lama$225 to $275(2 3)

Cerro Casale $125-$175(2,3)

33

-$5000% 20% 40% 60% 80% 100%

Cumulative Production(1) Source: GFMS (Q2 2011 data); co-product basis(2) See final slide #1 (3) See final slide #2

-$225 to -$275(2,3)

Projects – Next Generation

Barrick’s deep project pipeline Jabal Sayid (Cu) - Saudi Arabia

CONSTRUCTION

FEASIBILITY/PERMITTINGproject pipeline

provides significant Donlin Creek (A ) Al k

Cerro Casale (Au/Cu) - Chile

PERMITTING

gfuture option value Kabanga (Ni) - Tanzania

Donlin Creek (Au) - Alaska

Reko Diq (Au/Cu) - Pakistan

Lumwana Expansion (Cu) - Zambia

PRE-FEASIBILITY

Zaldivar Sulphides (Cu) - Chile

Turquoise Ridge (Au) - Nevada

34

Lagunas Norte Sulphides (Au) - Peru

Zaldivar Sulphides (Cu) ChileSCOPING

Excellent Growth Potential

Gold/silver target revenue growth of ~65%(1)

Copper target revenue growth of ~200%(1)pp g gGold Production(Moz) (Mlbs)

Copper Production~9.0

Pascua(Moz)Silver Production

~1,000Zaldivar

~50

7.8

Pascua-Lama

PuebloViejoNet

Sulphides

LumwanaExpansion

Jabal SayidViejo

Depletion

Z ldi318

Lumwana

Z ldi

20 0 T t ithi6.0

20 0(3) T t ithi20 0 T t ithi

Zaldivar Zaldivar

6

35

2010

(1) 2010 gold and copper revenue based on reported ounces/pounds sold and realized prices, and excludes discontinued Osborne operation. Target revenuebased on target production and assumed realized prices of $1,600/oz gold, $30/oz silver and $3.25/lb copper. Byproduct silver revenue is credited to cost of sales.

(2) See final slide #9 (3) Excluding Osborne production

Target within5 years(2)

2010(3) Target within6-7 years(2)

2010 Target within5 years(2)

Corporate Social ResponsibilityCorporate Social Responsibility

Strengthening CSR

First Canadian mining company to join the Voluntary Principles on Security & Human Rights

Implementing new Community Relations Management System

CSR Advisory Board in development

N i d d t di t ith l t tiNew independent director with relevant expertise

36

Investment Case for Barrick Investment Case for Barrick

Strong price supportive fundamentals for gold, silver and coppersilver and copper

Major beneficiary of rising metal prices with industry’s largest gold production and stableindustry s largest gold production and stable operating costs

Reflected in expanding margins record earningsReflected in expanding margins, record earnings, and high returns on equity

Growing production base with the developmentGrowing production base with the development and acquisition of high quality deposits

37

Investment Case for Barrick Investment Case for Barrick

Two world-class projects nearing production expected to generate combined annual EBITDA(1) ofexpected to generate combined annual EBITDA( ) of ~$2.6 B and have a significant impact on overall cash costs

Deep pipeline of projects offering investment options for the future

Exploration commitment and strategy yielding major results with new discoveries at Red Hill/Goldrush

Growing cash flow and positive outlook supports ability to return capital back to shareholders –

l di id d i d b 25%

38

quarterly dividend increased by 25%


FootnotesFootnotes1. Adjusted net earnings, adjusted operating cash flow, return on equity, EBITDA, net cash costs per ounce, net cash margin per ounce, total cash costs per ounce, total

cash margin per ounce, total cash costs per pound and average realized price per ounce/pound are non-GAAP financial measures. See pages 55-62 of Barrick’s Third Quarter 2011 Report. Return on equity for 2007-2010 is derived from US GAAP figures; 2011 return on equity is derived from annualized IFRS figures.

2. All references to total cash costs and production are based on expected first full 5 year average, except where noted. Expected total cash costs and capital cost estimates for Pueblo Viejo, Pascua-Lama and Cerro Casale are based on $1,300/oz gold and $90/bbl oil. Pascua-Lama total cash costs and capital cost estimates are calculated based on a silver price of $25/oz and a Chilean peso f/x rate of 475:1. Cerro Casale expected total cash costs and capital cost estimates assume a copper price ofbased on a silver price of $25/oz and a Chilean peso f/x rate of 475:1. Cerro Casale expected total cash costs and capital cost estimates assume a copper price of $3.25/lb and a Chilean peso f/x rate of 475:1. All capital cost estimates exclude capitalized interest.

3. Barrick’s mineral reserves (“reserves”) and mineral resources (“resources”) have been calculated as at December 31, 2010 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7, (under the Securities and Exchange Act of 1934), as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Cerro Casale is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 24 to 34 of Barrick’s 2010 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authoritiesauthorities.

4. Based on an open pit cutoff assumption of 0.04 opt and gold price assumption of $975/oz for determination of the open pit shell and assuming an approximate 0.04 opt cut-off grade compared to the current underground cut-off grade of about 0.25 opt. The attributes are based on the most favorable case examined in the scoping study. There are significant elements of the case which need extensive further study and will begin to be considered in the prefeasibility stage currently in progress (e.g. all metallurgical test work, geotechnical evaluation, design of waste rock facilities). Significant optimization work will be required in prefeasibility stage to determine the most economical combination of open pit, underground mining and processing. Feasibility, permitting and construction are estimated to take approximately 8 years. Key permits and approvals needed include: Environmental Impact Statement, Plan of Operations Approval, Clean Water Act Section 404 Permitting, Mercury Control Permits, and Water Pollution Control Permit The potential quantity and grade are conceptual in nature There has been insufficient exploration to define a mineral resource and itand Water Pollution Control Permit. The potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain whether further exploration result in the target being delineated as a mineral resource.

5. Barrick’s exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior Vice President, Global Exploration of Barrick. For information on the geology, exploration activities generally, and drilling and analysis procedures on Barrick’s material properties, see Barrick’s most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.

6. EBITDA is based on the midpoint of average annual production and average total cash costs in the first full five years of operation assuming a $1,600/oz gold price, a $30/oz silver price and a $90/bbl oil price.

7. Pueblo Viejo’s average annual EBITDA estimate is based on the midpoint of average annual production and average total cash costs in the first full five years of operation (as disclosed in February 2008 at the time of the construction decision) and using the average monthly gold price of $926/oz in February 2008.

8. Pascua-Lama’s average annual EBITDA estimate is based on the midpoint of average annual production and average total cash costs in the first full five years of operation (as disclosed in May 2009 at the time of the construction decision) and using the average monthly gold price of $930/oz and a silver price of $14/oz in May 2009.

9. The target of 9 M oz of gold production and 50 M oz of silver production within 5 years and 1.0 billion pounds of copper production within 6-7 years reflects a current assessment of the expected production and timeline to complete and commission Barrick’s projects currently in construction (Pueblo Viejo, Pascua-Lama and Jabal Sayid) nd the Comp n ’ ent e ment of e i ting mine ite oppo t nitie ome of hi h e en iti e to met l p i e nd io pit l nd inp t o t mption See

39

and the Company’s current assessment of existing mine site opportunities, some of which are sensitive to metal price and various capital and input cost assumptions. See note 2 above for additional detail regarding certain underlying assumptions.

10.Dividends for 2006 to April 2010 were paid on a semi-annual basis but are presented as a quarterly equivalent for comparative purposes. Semi-annual dividends were $0.11 per share in 2006, $0.15 per share in 2007 and $0.20 per share for 2008 to April 2010. In July 2010, Barrick moved from semi-annual to quarterly dividends. The declaration and payment of dividends remains at the discretion of the Board of Directors and will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

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