Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 BMO Capital Markets 2012 Global Metals and Mining Conference Hollywood, Florida – February 27, 2012 1 CAUTIONARY STATEMENT ON FORWARD‐LOOKING INFORMATION Certain 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 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 which 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 in our 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 detailin the C’ttF40Company’s most recent Form 40-F/Annual I nf ormati on F orm on file with th e U .S . S ecuriti es and E xch ange C ommi ssi on and C anadi an 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. 2 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 Global Footprint 2011 P&P Reserves(1) North America North America 42% 2012E Production Australia Africa 9% Pacific 11% North America South 46% America 38% Africa 7% Australia Pacific SthSouth Afr ica 25% America South 22% America Australia Pacific Mine Project See final slide #6 3 Barrick is Well Positioned . Scale and global reach – ~$50 billion market cap; 25,000 employees . GhidtildiitGeographic and operational diversity – 26 operating mines, 11 projects located on 5 continents . High quality and growing resource base . Operational, project and technical depth . Substantial optionality in our asset base which supportits mine ex titensions, expans ions and greenfield investment opportunities . Financial strength – “A“ rated balance sheet 4 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 Bullish on Metal Prices GOLD . Gold retains purchasing power while other currencies are being devalued: – monetary/fiscal reflation and sovereign debt concerns . Central banks have become net buyers . Growth in emerging market demand with increased GDP per capita COPPER . Continued industrialization and urbanization of China and India . Constrained mine supply 5 Barrick’s Strategy Focus on adding value… . Meet operational and financial targets to maximize bfifiibenefits of rising metal li prices . Increase 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 cash flow all on a per share basis 6 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 2011 Results Gold Gold Margin(1) Copper Copper Margin(1) Production Total Cash Cost Basis Production Total Cash Cost Basis Moz $US/oz Mlbs $US/lb 451 7.77 $2. 31 7.68 1, 118 $2.07 368 819 2010 2011 2010 2011 2010 2011 2010 2011 (1) See final slide #1 7 Margin Expansion Total Cash Margins(1) Net Cash Margins(1) US$/oz 1,578 US$/oz 1,578 1,118 1,239 Avg. Realized Price(1)1,228 Avg. Realized Price(1)1,228 819 935 985 985 872 521 872 625 429 535 464 460 443 409 Total 337 360 339 Cash 293 (1) Net Costs Cash Costs(1) 2008 2009 2010 2011 2008 2009 2010 2011 (1) See final slide #1. 2008 & 2009 margins are based on US GAAP; 2010 & 2011 margins are based on IFRS. 8 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 2011 RECORD FINANCIAL RESULTS Net Adjusted EBITDA(1) Adjusted Op. Earnings Net Earnings(1) US$M 8,376 Cash Flow(1) US$M US$M US$M 6,521 28% 5,680 5,241 8% 4,484 4,666 3,582 25% 3,517 33% 2010 2011 2010 2011 2010 2011 2010 2011 (1) See final slide #1 9 Leverage to Gold Barrick EPS & CFPS vs Gold . Barrick’s adjusted Returns (US$) 900% net earnings and ( = adjusted) (1) 800% cash flow per 700% share growth has 600% significantly outpaced the rise 500% in gold prices over 400% the past 7 years 300% 200% 100% (1) See final slide #1. All EPS figures are adjusted except Dec. ‘04 is US GAAP basis and all CFPS are on a US 0% GAAP basis except Dec ‘09, Dec ‘10 and Dec ‘11 are 2004 2005 2006 2007 2008 2009 2010 2011 adjusted and Dec ‘10 and Dec ‘11 are on an IFRS basis. Gold price as at Dec. 30, 2011. 10 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 ROE versus Peers 2011 Return on . Barrick is capturing Shareholders’ Equity(1) 22 Percent the benefit of margin expansion and strong 14 operating performance Senior Peer Average(2) Barrick(2) (1) See final slide #1 (2) Return on shareholders’ equity is based on 2011 adjusted net earnings except where indicated. Senior peers include Goldcorp, Kinross, Newmont, AngloGold and Newcrest. Newcrest’s ROE is based on fiscal H1 2012 annualized adjusted earnings. 11 Dividend Growth Semi-Annual Dividends Quarterly (presented as a quarterly equivalent)(1) Dividends 15¢ US¢ per share +25% 12¢ +170% OR 18% 9¢ CAGR 6¢ 555.5¢ 2006 quarterly equivalent 3¢ 0¢ 2006 2007 2008 2009 2010 2011 2012 (1) See final slide #5 12 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 2012E Operating Outlook . Gold production 7.3-7.8 Moz . Total Cash Costs: $520-$560/oz(1) . Net Cash Costs: $400-$450/oz(1) . Copper p roduct io n: 550-600 Mlbs . Total cash costs: $1.90-$2.20/lb(1) (1) See final slide #1. IFRS basis; net cash costs based on expected realized copper price of $3.50/lb 13 2012E Total Cash Costs Global Gold Industry Cash Cost Curve(1) $1,500 $1,000 Senior Peer 2012E Weighted Average Cash Costs $725 $500 US$/oz Barrick 2012E Total Cash Costs $520 to $560(2) PblVijPueblo Viejo $300 t o $350 (2, 3) $0 Pascua-Lama -$225 to -$275(2,3) -$500 0% 33% 67% 100% Cumulative Production (1) Source: GFMS (Q3 2011 data); reported total cash costs (oz) Source: GFMS (Q3 2011 data); reported total cash costs (oz) (2) See final slide #1; senior peers include Newmont, Goldcorp, Kinross, AngloGold and GoldFields (3) See final slide #2 14 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 History of Gold Reserve Growth THROUGH ACQUISITION AND EXPLORATION Proven and Probable – millions of ounces of gold 140(1) 148 . Spent $2.5B on exploration TOTAL EXP’N . Overall finding cost ~$17/oz 20 20 Moz 1990 DIVESTED 2011 118 110 TOTAL TOTAL MINED ACQ’D (1) See final slide #6 15 Exploration & Acquisition Focus Exploration . 80% allocated to near-term resource additions and conversion at existing mines . 20% targeted for greenfield exploration in operating districts and other emerging areas . Closely integrated with RBUs, corporate development and evaluations groups Acquisition . Global focus . Preference for existing operating regions . Gold and gold-copper targets 16 Barrick Gold Corporation BMO 2012 Global Metals and Mining Conference February 27, 2012 History of Reserve/Resource Growth 56 50 Reserve/resource ounces added post acquisition or discovery ounces millions 40 ACQUIRED ADDED 30 20 10 0 17 Reserves and Resources(1) Gold Moz Silver (Contained in gold Copper Blbs reserves and resources) 40.2 37.2 Moz 19.9 Inferred 61.6 64.0 (3) Inferred 53.1 31.6 232. 9 250. 0 (()3) 194.9 76.3 80.4 61.8 M&I 1058.4 1066.3 1067.5 (2) 9.4 9.1 15.3 139.8 139.8 139.9 M&I P&P 12.