BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

International Mine Production LBMA/LPPM Precious Metals Conference 2012 Hong Kong | November 2012 1

CAUTIONARY STATEMENT ON  FORWARD‐LOOKING INFORMATION Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, project 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 the company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual projected j in the forward-looking g statements. Such factors include,, but are not limited to: results to differ materiallyy from those p fluctuations in the market and forward price of gold and copper or certain other commodities (such as silver, diesel fuel and electricity); 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; fluctuations in the currency markets (such as Canadian and Australian dollars, Chilean and Argentinean peso, British pound, Peruvian sol, Zambian kwacha and Papua New Guinean kina versus US dollar); changes in US dollar interest rates that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under interest rate swaps and variable rate debt obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-tomarket risk); changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, Dominican Republic, Australia, Papua New Guinea, Chile, Peru, Argentina, Tanzania, Zambia, Saudi Arabia, United Kingdom, Pakistan or Barbados or other countries in which we do or may carry on business in the future; acts of war, terrorism, sabotage and civil disturbances; business opportunities that may be presented to, or pursued by, the company; our ability to successfully integrate acquisitions; operating or technical difficulties in connection with mining or development activities; employee relations; availability and increased costs associated with mining inputs; increased costs and technical challenges associated with the construction of capital projects; inflation; litigation; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or reserve grades; adverse changes in our credit rating; contests over title to properties, properties particularly title to undeveloped properties; 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 exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion or copper cathode 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 to the extent required by applicable law.

2

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Mine Supply Inelasticity Mine Supply

Gold Price

Moz

US$/oz

100

$1,500

90

$1,200

80

$900

70

$600

60

$300

50

01

02

03

04

05

06

07

08

09

10

11

$0

 Supply has not kept pace with the rising gold price  Production declines in mature areas  Reserve replacement challenges  Increasing cash costs and capital costs  Political risk  Higher environmental standards Sources: Thomson Reuters GFMS, Bloomberg

3

Scarcity of Large Operations Total Global Gold Mines by Size (2011 gold production)

156 mines >100,000 ounces

21 mines >500,000 ounces

6 mines >1,000,000 ounces

Source: Metals Economics Group

4

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Changing of the Guard Annual Gold Production

Moz

2004

2011

Moz

11.0

South Africa

China

11.9

8.4

United States

8.3

Australia

7.0

China

5.9

Russia

Australia

8.3

United States

7.5

Russia

6.8

South Africa

6.4

Source: Thomson Reuters GFMS

5

Global Exploration Trends Focus on big deposits  Discoveryy rates: down  Supergiants: rare  Mine maturity: up

The bar is getting higher

 Discovery costs: up  Development p time: up p  Technical risk: up

6

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Declining Discovery Rates Endowment (Moz)(1)

Gold Exploration Spending (US$B)

120

9.0

100

7.5

80

6.0

60

4.5

40 0

3.0

20

1.5

0

0 91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

Discovery Year Sources: Metals Economics Group, Intierra and Barrick

7

Declining Supergiant Discoveries Number of Gold Discoveries Per Decade Over 20Moz (Supergiant) 18

14 11

5

4

1900s

1910s

Source: Barrick

1

1

1920s

1930s

3

3

1940s

1950s

1960s

6

1970s

5

1980s

1990s

2000s

?

2010s 8

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Declining Discoveries Number 12 10

of Gold Discoveries Per Year Over 5Moz

7

7

6

8

Operating

4 4

6

4

Not Operating

5

2 3 5

1 4

2

4 3

2

4

6 2

4

4

3

3 1 1

0 92

4

3

2

91

93

94

95

96

97

1

98

Sources: Intierra, Barrick

3

2

1

99 00 01 02 Discovery Year

1 03

04

05

06

07

1

1

08

09

1 10

11 9

Declining Grades g/mt

$/oz

2.1

$1,750

Annual Gold Price $1,500

2.0

$1,250

1.9

$1,000

1.8

$750

17 1.7

22% 1.6

$500

Weighted Avg. Head Grade 1.5

$250 2001

2002

Source: Metals Economics Group

2003

2004

2005

2006

2007

2008

2009

2010

2011 10

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Industry Cash Costs  Higher gold prices and lower cutoff grades have 2012 contributed to cash cost escalation 2011 $/oz 750

Total for the period Q4 2005 – Q2 2012

Cash Costs +187% Gold Price +270%

650

2010

+24% +16%

2009 2008

550

1,200

+28% +30%

2006

450

1,500

+38% +12%

+1% +7%

2007

-5% +12% $/oz 1,800

+23% +12%

+26% +23%

900

600

350

250

Q4 2005

Q4 2006

Q4 2007

Q4 2009

Q4 2008

Q4 2010

Q4 2011

Q2 2012

Source: Thomson Reuters GFMS

300 11

Cash Cost Inflation CPI

Compound Annual Growth Rate 2001-2011 (percent)

Gold 2.3

Factor price inflation Gold

2.3

Mine Site factor costs

Non-Gold

9.7

9.7

Gold

Non-Gold

4.3 USD decline Gold

Total cost inflation nominal Gold

Non-Gold

4.3 Non-Gold

2.8

2.8

Non-Gold

~16.0

Grade decline

~14.5

Gold Geological inflation Gold 6.0

Non-Gold

3.5 3 5 Recovery decline

Non-Gold 4.6

Gold 1.0

20 2.0

Non-Gold 1.0

Mine conditions decline Gold Non-Gold 1.4 Source: McKinsey Mining Practice

1.5 12

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Production Costs

~20%

Maintenance (and other)

~25%

~40%

Other Consumables

Wages

(including contract)

~15% Energy

13

Increasing Labor Scarcity Skilled Labor - Supply and Demand Australian minerals sector CAGR 2005-2015 (percent) 2.3

Managers and administrators

5.4 1.9

Professionals

5.9 2.5

Technicians

6.5 0.8

Trades p persons Semiskilled workers Laborers and related workers

5.7 0.2 5.7 -0.2

Sources: McKinsey Analysis, Minerals Council of Australia

6.1 14

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Sustaining Capital

+7‐10% PER ANNUM

 Higher Hi h labor l b costs t

$300/oz +7‐10%

 Higher energy costs

UNDERGROUND

 Less experienced personnel

PER ANNUM

$200/oz

 Other inflationary pressures

OPEN PIT

Source: CIBC World Markets Inc.

15

Project Cost Overruns Projected Cost Variances (for selected over-running capital infrastructure projects) 120% 100% For selected over-running projects, average over-budget variance is 71%

80% 60% 40%

S. Am. (Steel)

Aus. (Magnetite)

Aus. (Iron Ore)

N. Am. (Moly)

S. Am. (Alum)

Africa (Nickel)

Aus. (Magnetite)

Aus. (Nickel)

Aus. (Diamond)

Aus. (Iron Ore)

N. Am. (Steel)

Aus. (Alumina)

Aus. (Iron Ore)

Pacific (Copper)

Aus. (Gold)

N. Am. (Gold)

S. Am. (Copper)

Aus. (Iron Ore)

0%

N. Am. (Copper)

20%

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

16

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

“All-In” Costs  Increasing capital expenditures are leading to higher all-in costs $1,498

All-in Co-Product Cash Costs

$/oz 1,400

US$ per ounce

1,200 1,000 800 600 400

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12

200 0

Source: UBS

17

Contracting Multiples 80

 Gold equity P/E multiples have been compressed to below S&P levels 60

40

20

P/E Multiples 13 S&P 500 11 XAU

GLD ETF introduced

0 12-31

2004

Source: Bloomberg

12-31

2005

12-31

2006

12-31

2007

12-31

2008

12-31

2009

12-31

2010

12-31

2011

12-31

2012E

12-31

2013E

18

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

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

Other findings:

$20 6B $20.6B JUNE 30, 2011

‐43% $11.7B JUNE 30 2012 JUNE 30, 2012

 61% decrease in +$200M market cap entities  41% decrease in equity funds raised  Spending cuts c ts and delays

Source: PricewaterhouseCoopers

19

Business Risks Top Business Risks for Mining and Metals (2012-2013) 1)) Resource Nationalism 2) Skills Shortage 3) Infrastructure Access 4) Cost Inflation 5) Capital Project Execution 6) Maintaining a Social License to Operate

Source: Ernst & Young

20

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Greater Responsibilities  Growing number of responsibilities

 Rising investor and NGO pressure

23

Challenges in Common  Environmental Impacts – Water and land management – Low trust in the private sector – Competing for shared and scarce resources

 Energy – Reliability of energy sources – Volatile policy and price environment

 Sharing Benefits – Managing high expectations – Ensuring all stakeholders benefit

24

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

Managing in this Environment Industry association established to facilitate member companies’ efforts toward sustainable development

Industry association that has recently launched Conflict Free Gold Standard

Multi-sector initiative focused on safety, security, and protection & respect for human rights

Multi-sector initiative to improve transparency of industry’s payments to governments 25

Industry Shift in Focus  Industry shift from production growth at any cost  Renewed market focus on disciplined capital allocation, higher returns and free cash flow  Producers shelving/deferring marginal mines and projects or downsizing to smaller development scenarios  Industry response may result in lower mine supply, but this will also be supportive for the gold price and create a healthier industry

26

BARRICK GOLD CORPORATION LBMA/LPPM Conference Hong Kong | November 2012

International Mine Production LBMA/LPPM Precious Metals Conference 2012 Hong Kong | November 2012 27