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Recommended All-Share Merger of Barrick and Randgold

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Recommended All-Share Merger of Barrick and Randgold THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION Not for release, publication or distribution, in whole or in part, in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction For immediate release 24 September 2018 RECOMMENDED ALL-SHARE MERGER of BARRICK GOLD CORPORATION and RANDGOLD RESOURCES LIMITED Summary The Boards of Barrick Gold Corporation (“Barrick”) and Randgold Resources Limited (“Randgold”) are pleased to announce that they have reached agreement on the terms of a recommended share-for-share merger of Barrick and Randgold (the “Merger”) to create an industry-leading gold company. It is intended that the Merger will be implemented by means of a court-sanctioned scheme of arrangement of Randgold and the Randgold Shareholders under Article 125 of the Companies (Jersey) Law 1991, with the entire issued and to be issued share capital of Randgold being acquired by Barrick. Under the terms of the Merger, each Randgold Shareholder will receive: 6.1280 New Barrick Shares for each Randgold Share This exchange ratio (the “Exchange Ratio”) has been agreed based on the volume-weighted average prices of Barrick Shares traded on NYSE, and Randgold ADSs traded on NASDAQ, respectively, over the 20 trading days ended on 21 September 2018 (being the last business day before this announcement). Following completion of the Merger, Barrick Shareholders will own approximately 66.6 per cent. and Randgold Shareholders will own approximately 33.4 per cent. of the New Barrick Group on a fully-diluted basis. Under the terms of the Merger, Barrick and Randgold have agreed that: Randgold Shareholders will be entitled to receive a Randgold dividend for the 2018 financial year of USD 2.00 per Randgold Share, subject to approval of the Board of Randgold (the “Randgold Permitted Dividend”). The Randgold Permitted Dividend is expected to be declared on or before the Effective Date, payable to Randgold Shareholders on or around the Effective Date by reference to the Scheme Record Time; and subject to the discretion of the Barrick Board with respect to the declaration of dividends, Barrick Shareholders will receive a total 2018 annualized dividend of up to USD 0.14 per Barrick Share. A Barrick quarterly dividend of: (i) up to USD 0.03 per Barrick Share will be paid for the three month period ending 30 September 2018; and (ii) up to USD 0.05 per Barrick Share (with a record date prior to the Effective Date) Page 1 will be paid for the three month period ending 31 December 2018, in each case if, as and when declared by the Board of Barrick (together, the “Barrick Permitted Dividends”). Following completion of the Merger, Randgold Shareholders will be entitled to receive and retain any Barrick dividends with a record date after the Effective Date. The New Barrick Group intends to grow its dividend from the Barrick level for the financial year ended 31 December 2018 over time, underpinned by stronger cash flow generation, additional overhead cost savings, asset sale proceeds and lower interest costs. Further details of the arrangements in respect of dividends are set out in section 3 (Dividends) below. Strategic Rationale for the Merger The Boards of Barrick and Randgold believe that the Merger will create an industry-leading gold company with the greatest concentration of Tier One Gold Assets in the industry, the lowest total cash cost position among Senior Gold Peers, 1 and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts. Based on Barrick and Randgold’s Closing Prices as of 21 September 2018 (being the last business day prior to the date of this announcement), the New Barrick Group will have an aggregate market capitalization of USD 18.3 billion. In addition, based on the 2017 financial results for both companies, the New Barrick Group would have generated aggregate revenue of approximately USD 9.7 billion and aggregate Adjusted EBITDA2 of approximately USD 4.7 billion. The New Barrick Group will, on completion of the Merger, have the following advantages: Ownership of five of the world’s top ten Tier One Gold Assets by total cash cost,1 with two potential Tier One Gold Assets under development or expansion: o Tier One Gold Assets: Cortez, Goldstrike, Kibali (45%), Loulo- Gounkoto (80%) and Pueblo Viejo (60%); o Potential to become Tier One Gold Assets: Goldrush/Fourmile and Turquoise Ridge (75%). The highest Adjusted EBITDA3 and highest Adjusted EBITDA margin3 and the lowest total cash cost position among Senior Gold Peers 1 on a combined basis based on the 2017 financial results of both companies. A proven management team of owners with the ability to operate successfully in complex jurisdictions. Strong cash flow generation to support robust investment and ability to return cash to shareholders. Established partnerships with leading Chinese mining companies. Superior scale and the largest gold reserves amongst Senior Gold Peers. Strong balance sheet with expected investment grade ratings. Page 2 Ownership of a strategic Copper Business that produced 413 million pounds of copper in 2017. Significant re-rating potential. Following completion of the Merger, the management team will be tasked with implementing a business plan that will focus on the following: Asset Quality Grow and invest in a portfolio of Tier One Gold Assets and Strategic Assets with an emphasis on organic growth. Sell Non-Core Assets over time in a disciplined manner. Invest in exploration across extensive land positions in many of the world’s most prolific gold districts. Maximize the long-term value of a strategic Copper Business. Operational Excellence Fully implement a decentralized management ethos with a strong ownership culture. Streamline management and operations, and eliminate non-essential costs. Leverage innovation and technology to accelerate operational improvement. Build trust-based partnerships with host governments and local communities to drive shared long-term value. Strive for zero harm workplaces. Sustainable Profitability Disciplined approach to growth, emphasizing a partnership strategy. Increased returns to shareholders driven by focus on return on capital, IRR and free cash flow per share growth. Governance, trading and branding of the New Barrick Group The Merger is expected to close by Q1 2019. Following completion of the Merger: John L. Thornton, Executive Chairman of Barrick, will become Executive Chairman of the New Barrick Group. Mark Bristow, Chief Executive Officer of Randgold, will become President and Chief Executive Officer of the New Barrick Group. Page 3 Graham Shuttleworth, Finance Director and Chief Financial Officer of Randgold, will become Senior Executive Vice President and Chief Financial Officer of the New Barrick Group. Kevin Thomson, Senior Executive Vice President, Strategic Matters of Barrick, will become Senior Executive Vice President, Strategic Matters of the New Barrick Group. Two-thirds of the directors of the Board of the New Barrick Group will be initially appointed by Barrick and one-third will be initially appointed by Randgold. Shares in the New Barrick Group issued to Randgold Shareholders will be admitted to trade on the New York Stock Exchange and the Toronto Stock Exchange, subject to the approval or acceptance of each exchange. The listing of Randgold Shares on the Official List, the trading in Randgold Shares on the main market of the London Stock Exchange and the trading in Randgold ADSs on NASDAQ will be cancelled. The New Barrick Group will operate under the branding of the Barrick Group. Randgold Recommendation and Irrevocable Undertakings The Board of Randgold, which has been so advised by CIBC and Barclays as to the financial terms of the Merger, considers the terms of the Merger to be fair and reasonable. In providing its advice, each of CIBC and Barclays has taken into account the commercial assessments of the directors of Randgold. Accordingly, the Board of Randgold intends to recommend to Randgold Shareholders to vote in favour of the Scheme at the Jersey Court Meeting and the resolutions to be proposed at the Extraordinary General Meeting as those directors of Randgold who hold Randgold Shares have irrevocably undertaken to do in respect of their own Randgold Shares (representing approximately 1.06 per cent. of the issued ordinary share capital of Randgold). Barrick Recommendation, Voting and Support Agreements and Break Payment The issuance of New Barrick Shares under the Merger requires the Barrick Shareholder Resolution to be approved by a simple majority of the votes cast by Barrick Shareholders represented in person or by proxy at the Barrick Special Meeting. The Board of Barrick, which has been advised by M. Klein and Co. and Morgan Stanley as to the financial terms of the Merger, considers the Exchange Ratio to be fair and reasonable. The Board of Barrick intends to recommend to Barrick Shareholders to vote in favour of the Barrick Shareholder Resolution at the Barrick Special Meeting. The directors of Barrick have agreed to vote their own Barrick Shares (representing approximately 0.238 per cent. of the Barrick Shares currently in issue) in favour of the Barrick Shareholder Resolution and the Continuance. In providing its advice, each of M. Klein and Co. and Morgan Stanley has taken into account the commercial assessments of the directors of Barrick. Barrick has agreed to pay to Randgold a break fee payment in the amount of USD 300 million in certain circumstances, as agreed in the Cooperation Agreement and described further in paragraph 14 below. Page 4 General It is intended that the Merger will be implemented by means of a court-sanctioned scheme of arrangement of Randgold and the Randgold Shareholders under Article 125 of the Companies (Jersey) Law 1991. However, Barrick reserves the right, with the consent of the Panel and subject to the terms of the Cooperation Agreement, to implement the Merger by way of a takeover offer (as defined in Article 116 of the Companies (Jersey) Law 1991), in accordance with the terms of the Cooperation Agreement.
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