KPMG 9th A l Mi i E ti F

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KPMG 9th Annual Mining Executive ForumSeptember 19, 2013

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance constitutes "forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, "expect", “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements. Forward-looking g y p y g gstatements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold and copper or certain other commodities (such as silver, diesel fuel and electricity); changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company does or may carry on po t ca o eco o c de e op e ts Ca ada, t e U ted States a d ot e ju sd ct o s c t e Co pa y does o ay ca y obusiness in the future; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; 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; adverse changes in our credit rating; the impact of inflation; fluctuations in the currency markets; operating or technical difficulties in connection with mining or development activities; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; contests over title to properties particularly title to undeveloped properties; risk of loss due to acts of war terrorism sabotage and civil disturbances; changesproperties, particularly title to undeveloped properties; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; litigation; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; employee relations; availability and increased costs associated with mining inputs and labor; and the organization of our African gold operations and properties under a separate listed company. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion copper cathode or gold/copper concentrate losses (and the risk of inadequate insurance or inability to obtain insurance to coverbullion, copper cathode or gold/copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking t t t

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statements.

We disclaim 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.

A Decade of Rising Gold Prices

Spot Gold Price (US$/ounce)

$1,800

Fear of Cyprus/EU gold salesto cover bailouts

$1,400

$1,600

$1,000

$1,200

QE2

GreeceBailout

QE TaperingAnnounced

FinancialCrisis

$600

$800ETF

Launched

QE1

QE2Announced

$200

$400

QE1Announced

3

$001 02 03 04 05 06 07 08 09 10 11 12 13

Source: Bloomberg

Positive Gold Price Fundamentals

Uncertain macroeconomic environment and continued accommodative monetary policy by many central banksy p y y yFuture inflation prospectsReserve currency devaluation limited h i f lt ti f h i t tchoice of alternative safe haven investments

Geopolitical issuesCentral Bank net buying continuesCentral Bank net buying continuesPhysical demand remains strong, particularly in emerging markets f Chi d I diof China and India

Scarcity of new, large discoveries and projects; shift from focus on

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and projects; shift from focus onproduction growth at any cost

4

ETF – the alternative investment

2 500

Total Known ETF Holdings (tonnes)

2,000

2,500

1,500

,

1,000

500

5

005 06 07 08 09 10 11 12 13

Source: UBS

Equity / Gold Price Disconnect

Gold Equity Index (XAU) - (% of Gold Price)200%

150%

175%

125%

150%

75%

100%

50%

04 05 06 07 08 09 10 11 12 13

6

25%04 05 06 07 08 09 10 11 12 13

Source: FT and Bloomberg

Shrinking Junior Miners

Market Cap of Top 100 Junior Miners Listed on TSX-V

$20.6BJUNE 30, 2011

43%

$11.7BJUNE 30, 2012 70%

$6.2BJUNE 30, 2013

7Sources: PricewaterhouseCoopers and Bloomberg

Trends in a Rising Gold Price Environment

Focus on Rising operating Resourcenationalism

Focus onproduction

growth

Rising operatingand

capital costs

Declining free cash flowLoss of investor confidence

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Need for fundamental change

Focus on Production Growth

KupolPebble Mayskoye

Reserve size over 1 million ounces of gold

Cortez Hills

Oyu Tolgoi

KupolBlagodatnoe

M liVasilkovskoye

NezhdaninskoyeÉléonore

MeadowbankDonlin Gold NatalkaSukhoi Log

Rosia MontanaCortez Hills

Sari GunayÇöpler

Reko Diq

Maoling

PeñasquitoPueblo Viejo

Pinos Altos

Xietongmen

Jinfeng

Efemcukuru

Essakane

Quimsacocha

Boyongon

Moto

AkyemFruta del Norte

Pueblo Viejo

Las Cristinas/Brisas

MasbateCerro Blanco

Esquel

Esperanza ProminentHill

El MorroCerro CasalePascua Lama

GualcamayoBoddington

9Source: SNL-MEG 2013

Gold Industry Pipeline

C L kLivengood

+15Moz +10Moz +5MozReserve/Resource Size Grade +1.7g/t Au Eq (2012 Global Wtd Avg Head Grade)

Donlin Gold NatalkaSukhoi Log

BrucejackKyzyl

Courageous Lake

Rosia Montana

GaloreCreek

New Prosperity

Casino

Mt Milligan

Schaft Creek

KSM

Metates

Fruta del Norte Wafi Golpu

Akyem

C

Cobre Panama

Las CristinasBrisas

Kibali

Cerro CasaleSouthern Free State GoldfieldEl Morro

Conga

Lobo Marte Agua Rica

Mt Todd

Namosi

CaspichePascua Lama

10Source: SNL-MEG 2013

Cerro Negro

Gold Industry Pipeline

C L k

In Construction Reserve/Resource Grade +1.7g/t Au Eq (2012 Global Wtd Avg Head Grade)

Donlin Gold Sukhoi LogBrucejack

Kyzyl

Courageous Lake

Fruta del Norte

Kibali

Wafi Golpu

Akyem

Pascua LamaSouthern Free State Goldfield

11Source: SNL-MEG 2013

Cerro Negro

Mine Supply Inelasticity

$1,700Gold Price (US$)

150Mine Supply (M oz)

$1,400 120Price437%

$1,100 90

437%

Mine

$800 60

MineSupply9%

$500 30

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$20002 03 04 05 06 07 08 09 10 11 12

0

Sources: Thomson Reuters GFMS, Bloomberg

Declining Grades

$1,700Gold Price (US$)

2.2Weighted Average Gold Grade (g/t)

$1,400 2.1Price437%

$1,100 2.0

437%

$800 1.9Grade19%

$500 1.8

19%

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$20002 03 04 05 06 07 08 09 10 11 12

1.7

Sources: Bloomberg, SNL-MEG

Sustaining Capital

+7 10%Higher labor costsHigher energy costs

PER ANNUM

$300/oz+7 10%PER ANNUM

Higher energy costsLess experienced personnel

UNDERGROUND

$200/ pOther inflationary pressures

$200/ozOPEN PIT

14Source: CIBC World Markets Inc.

Change in Cost Reporting

Previous industry cost metric did not provide true picture of operating performancep p g pLed to investor disappointment, unrealistic government expectationsWorld Gold Council’s all-in sustaining cost (AISC) measure better represents total cost of producing gold

Positive response by investors and media– “Gold’s ‘All-In’ Costs Will Spur Investment, Industry Group Says”

Bl b- Bloomberg– “New WGC gold cost guide should have investors dancing in

the streets” – Mineweb

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– “New rules pressure miners to come clean on costs” - Reuters

Rising Industry “All-In Sustaining” Costs

(US$ per ounce)$1,200

$1,000

$600

$800

$400

$600

$200

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$0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E

Source: TD Securities

Margin Growth Has Lagged Gold Prices

500%Indexed to 100 in 2002 - percent

400%

Gold Price

300%

200%

EBITDA Margin

100%

EBITDA MarginMajor Producers(1)

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002 03 04 05 06 07 08 09 10 11

(1) See final slide #3.

Barrick’s All-In Sustaining Cash Costs

55%15%Adjusted Operating

Costs

15%Other

40%Labor

10%Maintenance

35%Sustaining

Capex20%

15%Energy

R l i

6%G&A 2%

E l ti &

2%

Consumables

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ReclamationExploration & Evaluation

Project Cost Overruns

120%Projected Cost Variances (for selected over-running capital infrastructure projects)

80%

100%For selected over-running projects, average

over-budget variance is 71%

40%

60%

g

0%

20%

40%

0%

(Iron

Ore

)

(Iron

Ore

)

(Iron

Ore

)

(Iron

Ore

)

(Dia

mon

d)

(Nic

kel)

a (N

icke

l)

(Mag

netit

e)

(Mag

netit

e)

m.(

Copp

er)

m.(

Alu

m)

m.(

Stee

l)

m. (

Gol

d)

m.(

Copp

er)

m. (

Mol

y)

m.(

Stee

l)

(Gol

d)

fic(C

oppe

r)

(Alu

min

a)

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Note: Percentage variances between market-advised cost projections and original estimates for selected capital infrastructure projects

Aus

.

Aus

.

Aus

.

Aus

.

Aus

.

Aus

.

Afr

ica

Aus

.

Aus

.

S. A

m

S. A

m

S. A

m

N. A

m

N. A

m

N. A

m

N. A

m

Aus

.

Paci

fi

Aus

.

Source: Ernst & Young

Resource Nationalism

Venezuela – history of nationalization

Ecuador – 70% windfall tax

Ghana – 10% windfall tax

Quebec – recently imposed new profit-based mining tax

Mexico – proposed 7.5% net profits interest tax

Dominican Republic – revised Special Lease Agreement

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Maintaining Social License to Operate

Rising investor and NGO pressure

G i b f ibilitiGrowing number of responsibilities

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A Paradigm Shift is Underway

How are companies responding?

Shelving lowreturn, high risk

projects

Shift tofree cash flow vs. production

Focus on cost reduction

p j

Disciplined Capital Allocation

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Barrick is Well Positioned

High quality 5 core long life mines in the Americas to generate ~60% of production at AISCe of

$700/oz in 2013asset base ~$700/oz in 2013High grade reserves

Lowest cost senior

d

Reduced 2013 AISC guidance by $100/oz75% of 2013 production at AISCef <$800/producer of <$800/oz

ll d dDisciplinedcapital

Returns will drive productionFocus on risk-adjusted returns & free cash flow$6B reduction to budgeted capex & costs

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allocation $6B reduction to budgeted capex & costsOngoing portfolio optimization

High Quality Portfolio

2013e: 7.0-7.4 Moz of gold at AISC of $900-$975/oz

~60%Cortez, Goldstrike, , ,

Veladero, Lagunas Norte, Pueblo Viejo

75%at AISC of

~15%6 mines

<$800/oz(1)

~25%10 mines

6 mines

24(1) Reflects sale of Yilgarn South.

Barrick’s Response

Disciplined Capital Allocation Framework Adopted in mid-2012 prior to gold price weakness

Focuses on maximizing risk-adjusted rates of return d f h fland free cash flow

Includes sharp focus on cost control

Allowed us to react quickly in a lower gold price environment

Returns will drive production;production will not drive returns

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production will not drive returns

Barrick’s Response

What We Have DoneIndependent of metal price declines

(US$/oz) Gold Price Decline1,800

Independent of metal price declinesDisciplined Capital Allocation Framework (risk-adjusted returns, free cash flow cost control and

1,700

free cash flow, cost control, and portfolio optimization)

Shelved high cost projects1 500

1,600

Cut/deferred $4B in capitalInitiated portfolio evaluation

Sold Barrick Energy1,400

1,500

Sold Barrick EnergyAgreement to sell Yilgarn SouthDecision to close Pierina

Launched companywide1,300

26Source: Bloomberg

Launched companywide overhead reviewQ4Q3 Q2Q1

2012 20131,200

Q3

Barrick’s Response

What We are Doing NowIn a lower metal price environment

(US$/oz) Gold Price Decline1,800

In a lower metal price environment

Cost control initiatives$2B in capital and cost

1,700

$ preductions in H1 2013New operating model

1 500

1,600

Maximizing cash flow at every mine (optimize first)

New life-of-mine plans at1,400

1,500

New life-of-mine plans at $1,100/oz

1,300

27Source: Bloomberg

Q4Q3 Q2Q1

2012 20131,200

Q3

Maintaining Social License to Operate

CSR Advisory Board

CSR leadership recognitiong

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Industry Challenges and Opportunities

Challenges Opportunities

Free cash flow growth Shift to disciplined capital allocation

Rising all-in Sh f t d tiRising all in sustaining costs Sharper focus on cost reduction

Increased reporting transparencyResource nationalism Increased reporting transparency,community/government consultation

ResultIndustry response may result in lower mine supply, but this will create a healthier industry and is also

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but this will create a healthier industry and is also supportive for the gold price

KPMG 9th A l Mi i E ti F

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KPMG 9th Annual Mining Executive ForumSeptember 19, 2013

Footnotes

1. All-in sustaining costs per ounce are a non-GAAP financial performance measure with no standardized definition under IFRS. See pages 45-48 of Barrick’s Second Quarter 2013 Report.

2. 2013 estimate based on discussions and research estimates from BMO Capital Markets, Bank of America-Merrill Lynch and UBS between June 21 and September 9, 2013.

3 Source: Gold Fields Limited EBITDA margin is calculated as the weighted average of 8 major gold producers including: AngloGold3. Source: Gold Fields Limited. EBITDA margin is calculated as the weighted average of 8 major gold producers including: AngloGoldAshanti, Barrick, Harmony, Kinross, Goldcorp, Gold Fields, Newmont and Newcrest.

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