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Corporate Presentation November 2014 1 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


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Corporate Presentation

November 2014

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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 statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, 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, copper or certain other commodities (such as silver, diesel fuel and electricity); changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, 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 business in the future; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; 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; operating or technical difficulties in connection with mining

  • r development activities; the speculative nature of mineral exploration and development; risk of loss due to acts of war, terrorism,

sabotage and civil disturbances; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, us; 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 previously held 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 or 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 statements. 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.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

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2014 Accomplishments to Date

  • Appointed six new independent Board members (now

10 of 13 independent) and added technical/mining expertise

  • Established new management structure and

shareholder friendly executive compensation plan

  • Delivered strong operating results – reduced AISC guidance

for the second time this year

  • Identified value creation opportunities at core assets
  • Advanced deep Nevada project pipeline, including Goldrush
  • Named Mining Industry Leader by the Dow Jones

Sustainability Index

     

ALL UNDERPI NNED BY A DI SCI PLI NED BUSI NESS MODEL

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2014 Financial Highlights

  • Strong operating and

financial results

  • Narrowed gold production

guidance(1) to 6.1-6.4 Moz

  • Reduced AISC guidance to

$880-$920/oz(1,2) − the lowest

  • f senior peers
  • Increased copper production

guidance to 440-460 Mlbs(1)

  • Narrowed C1 cost guidance

range to $1.90-$2.00/lb(1,2)

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

Year-to-date Highlights EPS ($) (0.05)

  • Adj. EPS(2) ($)

0.53 OCF ($B) 1.93 Gold Prod. (Koz) 4,712 AISC ($/oz) 844 2014 Guidance Gold Prod. (Moz) 6.1-6.4 AISC ($/oz) 880-920 Capex ($B) 2.2-2.5 Copper Prod. (Mlb) 440-460 C1 Costs ($/lb) 1.90-2.00

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Cost and Capex Guidance Reductions

(1) See final slide #2. (2) See final slide #1.

AI SC ($/oz)

  • Adj. Oper.

Costs(1,2) ($/oz) CAPEX ($B)

980

Guidance Range

940

Original

2014

920 900

Revised in Q2

2014

700

2.7

Guidance Range

2.5

Original

2014

2.4 2.2

Revised in Q2

2014

1.0

640

Guidance Range

630

Original

2014

590 580

Revised in Q2

2014

400 Revised in Q3

2014

920 880

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Barrick’s Priorities to Deliver Returns

  • Restore the balance sheet to a position of strength
  • Establish deep relationships with key stakeholders
  • Focus on high-potential assets in core regions
  • Deliver the full potential of our assets and people
  • Investments

must meet ROI thresholds

  • Improved free

cash flow and shareholder returns

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  • Put the best people in key roles and enable them to

deliver their full potential

  • Identify value creation potential through efficiencies

and cost reduction initiatives

  • Excelling across every aspect of the company

7

Operational Excellence

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Best Assets and Regions

  • Focus on high

potential assets in core regions

  • Leverage competitive

advantages

  • Strong base of

existing high quality mines

  • Ongoing asset
  • ptimization
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Strong Partnerships

  • Establish deep relationships to drive performance

and growth

  • Strengthen partnerships with key stakeholders
  • Supports fewer business interruptions and improved

productivity

Nevada Governor Brian Sandoval Community Engagement in Chile Freight Shipping Supplier in Peru

9

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Financial Flexibility

  • Focus on reducing

net debt

Cash Position

$2.7B

(2)

$4.0B

Undrawn Credit Facility

(1) As of Sept. 30, 2014. (2) See final slide #5

$0.2B $0.9B

2014 2015 2016 2017 2018 1.0 2.0

  • Maintain good

liquidity

Scheduled Debt Repayments to 2018(1)

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Balance Sheet Improvements to Date

2013 Initial Actions

  • $2 billion of capital/cost

reductions

  • Termed out $3 billion in

debt 2013 Further Measures

  • Reduced dividend by

75%

  • Repaid $2.6 billion of

debt through equity issue

2014

  • Reduced overall AISC

guidance by $50/oz

  • Lowered 5 core mines

guidance to $730- $780/oz

  • Reduced capex

guidance by $200 million

  • $1.4 billion in asset

sales since July 2013

      

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Cortez Goldstrike Pueblo Viejo Veladero Lagunas Norte

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Cornerstone Mines in the Americas

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Creating Value in the Americas

  • Cortez Hills Lower Zone prefeasibility expected in late 2015;

zone remains open at depth

  • Goldstrike thiosulfate project on schedule for Q4 2014
  • South Arturo on track to enter production in early 2016
  • Pueblo Viejo targeting further throughput and recovery

improvements by optimizing ore blend and crush/grind circuit

  • Lagunas Norte benchmarking studies show opportunities

to improve equipment, labor and cost productivity

  • Veladero benchmarking studies show opportunities to
  • ptimize inventory management, productivity, maintenance

and energy feed

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Reserve Ounces (Moz) Reserve Grade (g/t)

30 40 50 60 70 80 90 100 110 120 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4

2013 Peer Reserves and Grades (1)

Barrick 104 M oz

Kinross

Goldcorp

Newcrest

Newmont

(1) Source: Company filings. See final slide #4.

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A Deep Pipeline

  • Deep pipeline with strong potential to exceed risk-

adjusted hurdle rates of return

  • Advancing several projects in Nevada through the

prefeasibility stage (PFS)

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Goldrush South Arturo Near Mine Exploration(1)

  • Maximize

infrastructure, expertise, local relationships Goldrush PFS mid-2015

Mine Expansions

  • Identified new
  • pportunities

Turquoise Ridge Shaft # 2

PFS in Q1 2015

Orebody Extensions

  • Excellent
  • ptionality on

core projects

Cortez Hills Lower Zone

PFS in late 2015

Third Party Opportunities

  • JVs, earn-ins,
  • r acquisitions

with upside potential

Spring Valley

PFS in late 2015

(1) See final slide #3

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Portal

Exploration Decline (permit application submitted) Cortez Hills Mine

1 mile

(1) See final slide #4

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Goldrush – Prefeasibility in Mid-2015

Goldrush Deposit(1) 10 Moz M&I Resources 5.6 Moz Inferred Resources

High-grade continuity being established Very high-grade potential untested and open

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Copper Operations

  • Production guidance improved to 440-460 Mlbs
  • C1 cash cost guidance narrowed to $1.90-$2.00/lb
  • Zaldivar remains a steady producer of free cash flow
  • Significant operational improvements at Lumwana
  • Jabal Sayid JV to close in Q4 2014; start-up in late 2015

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Lumwana Zaldivar Jabal Sayid

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Pascua-Lama Update

  • Currently on care and

maintenance

  • New Executive Project

Director will focus on:

– optimizing detailed engineering – improving project economics – developing robust execution plan for remaining construction

  • Requires minimum ROI

and resolution of permitting and legal matters in Chile to re-start construction

18 Community Water Monitoring Program Ramp-Down Completed 18

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Securing our License to Operate

  • Responsible Mining includes

protecting social license to

  • perate and human rights
  • Create shared benefits for

stakeholders

  • Contribute to economic and

social development with communities and governments

  • Pro-actively manage impacts
  • Strong management systems,

aligned with international standards

  • Named Mining Industry Leader by the Dow Jones

Sustainability Index

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Priorities to Deliver Returns

  • Restore the balance sheet to a position of strength
  • Establish deep relationships with key stakeholders
  • Focus on high-potential assets in core regions
  • Deliver the full potential of our assets and people
  • Investments

must meet ROI thresholds

  • Improved free

cash flow and shareholder returns

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Corporate Governance

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Strengthened the Board

  • Six new independent Board members added in 2014

Ernie L. Thrasher David Naylor Nancy H.O. Lockhart Brian Greenspun Ned Goodman

  • J. Michael Evans
  • Increased independence to 10 out of 13; 5 long-serving

directors stepped down

  • Added technical/mining expertise
  • Audit, Corporate Governance and Compensation committees

are fully independent

  • Enhanced committee mandates and independence
  • Adoption of Advance Notice By-Law facilitates full

shareholder participation in director election process

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Revamped Executive Compensation

New compensation package is among the most shareholder friendly in Canada

  • For participating executives:

– awards of short-term and long-term incentive compensation are 100% performance-based and measured on transparent scorecards disclosed in advance – majority of compensation (75%) is in long term Performance Granted Share Units (PGSUs) which convert to shares after 3 years and must be held until termination of employment

  • For all officers:

– progressive Clawback Policy exceeds Dodd-Frank provisions – eliminated stock options – market leading minimum share ownership requirements

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New Executive Management Structure

Barrick Leadership: A Year of Transition

April 30 John L. Thornton assumed the role of Chairman of the Board July 16 Kelvin Dushnisky and Jim Gowans appointed Co-Presidents

Strong Executive Management Team

Kelvin Dushnisky

Co-President

Jim Gowans

Co-President

Shaun Usmar

Senior Executive Vice President and CFO Designate

Kevin Thomson

Senior Executive Vice President, Strategic Matters

Darian Rich

Executive Vice President, Talent Management

Structural Enhancements

Reduced layers of management More responsibility and accountability at the operating level Co-President structure is mirrored with mine managers and executive directors

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Appendix: Guidance

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2014 Operating Guidance

Current Previous Gold Production (000's of ounces) AISC ($ per ounce) Production (000's of ounces) AISC ($ per ounce) Cortez 880-920 750-780 (high end) 925-975 (low end) 750-780 (high end) Goldstrike 865-915 870-900 865-915 (high end) 920-950 (low end) Pueblo Viejo (60%) 600-700 510-610 600-700 510-610 (high end) Lagunas Norte 570-610 590-620 570-610 (high end) 640-680 (low end) Veladero 680-720 890-920 650-700 (high end) 940-990 (low end) Sub Total 3,700-3,900 730-780 3,800-4,000 750-800 North America Portfolio 795-845 (high end) 980-1,000 795-845 1,075-1,100 (low end) Australia Pacific 1,050-1,125 885-910 1,000-1,080 (high end) 1,050-1,100 (low end) African Barrick Gold 430-460 (above high end) 1,100-1,175 (low end) 430-460 (above high end) 1,100-1,175 (low end) Total Gold 6,100-6,400 880-920 6,000-6,500 900-940 Copper Production (millions of pounds) C1 cash costs ($ per pound) Production (millions of pounds) C1 cash costs ($ per pound) Total Copper 440-460 1.90-2.00 410-440 1.90-2.10

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2014 Financial Guidance

(dollars millions)

Current Previous G&A 380-400 380-400 Other Expense 475-525 475-525 Finance Costs 800-825 800-825 Exploration & Evaluation 200-240 200-240 CAPEX Mine Site Sustaining 1,800-2,000 1,800-2000 Mine Site Expansion 300-375 300-375 Projects 100-125 100-125 Total CAPEX 2,200-2,500 2,200-2,500 Effective Income Tax Rate (%) ~50 ~50

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Footnotes

1. Adjusted net earnings per share, adjusted operating costs per ounce, all-in sustaining costs per ounce (“AISC”) and C1 cash costs per pound are non-GAAP financial performance measures with no standardized definitions under IFRS. See pages 46-51

  • f Barrick’s Third Quarter 2014 Report.

2. 2014 guidance is based on gold, copper, silver and oil price assumptions of $1,200/oz, $3.10/lb, $17/oz, and $90/bbl, respectively, a AUS:US exchange rate of $0.91 and an ARS:US exchange rate of 8.5:1. 3. Barrick’s exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior Vice President, Global Exploration of Barrick. 4. As of December 31, 2013. Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For a breakdown, see pages 29-37 of Barrick’s 2013 Form 40-F/Annual Information Form. 5. Includes $287 million held at ABG and $270 million held at Pueblo Viejo, which may not be readily deployed outside of ABG and Pueblo Viejo, respectively.