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COMPANY PROFILE

Barrick Gold Corporation

REFERENCE CODE: 869777F8-9B81-4639-820D-AD085DC1286APUBLICATION DATE: 18 Dec 2012www.marketline.comCOPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED.

TABLE OF CONTENTS

Company Overview..............................................................................................3

Key Facts...............................................................................................................3

Business Description...........................................................................................4

History...................................................................................................................6

Key Employees.....................................................................................................9

Key Employee Biographies................................................................................10

Major Products and Services............................................................................18

Revenue Analysis...............................................................................................19

SWOT Analysis...................................................................................................21

Top Competitors.................................................................................................25

Company View.....................................................................................................26

Locations and Subsidiaries...............................................................................30

Barrick Gold Corporation © MarketLine

Barrick Gold CorporationTABLE OF CONTENTS

COMPANY OVERVIEW

Barrick Gold Corporation (Barrick or the company) is an international gold mining company. Thecompany operates mines and development projects in the US, Canada, Australia, Peru, Chile,Argentina, and Tanzania. Barrick is headquartered in Ontario, Canada and employed approximately18,400 people as on December 31, 2011.

The company recorded revenues of $14,312 million during the financial year ended December 2011(FY2011), an increase of 30.1% over FY2010.The operating profit was $7,639 million during FY2011,an increase of 28.8% over FY2010. The net profit was $4,484 million in FY2011, an increase of25.2% over FY2010.

KEY FACTS

Barrick Gold CorporationHead OfficeBrookfield PlaceTD Canada Trust TowerSuite 3700161 Bay StreetToronto M5J 2S1CAN

1 416 861 9911Phone

1 416 861 2492Fax

http://www.barrick.comWeb Address

14,312.0Revenue / turnover(USD Mn)

DecemberFinancial Year End

18,400Employees

ABXToronto Ticker

ABXNew York Ticker


Barrick Gold CorporationCompany Overview

BUSINESS DESCRIPTION

Barrick is engaged in producing and selling gold, as well as other related activities, namely,exploration, development, mining, and processing. It also produces significant amounts of copper,principally from the Zaldivar mine in Chile, and holds interests in a nickel development project locatedin Africa, a copper-gold project in Pakistan, and oil and gas properties located in Canada.

The company operates 26 mines and many other development projects across five continents,globally. The company has 139.9 million ounces of proven and probable gold reserves, 12.7 billionpounds of proven and probable copper reserves, and 1.2 billion ounces of contained silver withingold reserves, as of December 2011.The company produced approximately 7.68 million ounces ofgold and 451 million pounds of copper in FY2011.The company mined 151 million ore tons and 569million waste tons of gold; and 50 million ore tons and 50 million waste tons of copper in FY2011.

Barrick’s business is organized into seven primary business units: four regional gold businesses:North America, South America, Australia Pacific, and Africa; a global copper business; an oil andgas business; and a capital projects business.

North America is Barrick's largest producing region with production of 3.38 million ounces of gold inFY2011. It consists of nine mines including Goldstrike, Round Mountain, Bald Mountain, Cortez,Turquoise Ridge, Golden Sunlight, Ruby Hill, and Marigold in the US, and Hemlo in Canada. TheNorth American region also has one advanced project currently under construction: the Pueblo Viejojoint-venture (60%) in the Dominican Republic, in addition to Donlin Creek, a large, undeveloped,refractory gold deposit in Alaska. The North American region has 71.4 million ounces of proven andprobable gold reserves.

Barrick's South America region consists of the Pierina and Lagunas Norte gold mines in Peru; theVeladero gold mine in Argentina; the Zaldivar copper mine in Chile; Cerro Casale project in Chile;and the Pascua-Lama project straddling the Argentina-Chile border. The region hosts 52.8 millionounces of proven and probable gold reserves in FY2011. The South American mines collectivelyproduced 1.9 million ounces of gold in FY2011.

The Australia Pacific region of the company comprises eight operating mines: Kalgoorlie mine (50%interest); Kanowna, Plutonic, and Yilgarn South (Granny Smith, Darlot, and Lawlers) in WesternAustralia; Cowal in New South Wales; and Porgera (95%) in Papua New Guinea. The AustraliaPacific region contains 15.4 million ounces of proven and probable gold reserves. The AustraliaPacific region also includes the Reko Diq project, a large copper-gold porphyry mineral resource onthe Tethyan belt, located in southwest Pakistan in the province of Balochistan. The Australia Pacificregion produced 1.9 million ounces of gold in FY2011.

Barrick's African operations are operated through its subsidiary African Barrick Gold. It operates fourgold producing mines in northwest Tanzania including North Mara, Bulyanhulu, Tulawaka, andBuzwagi, in addition to a suite of exploration properties. The region hosted 12.1 million ounces of


Barrick Gold CorporationBusiness Description

proven and probable gold reserves in FY2011. The African operations produced 0.5 million ouncesof gold in FY2011. The other regions produced 0.05 million ounces of gold in FY2011.

The copper business unit consists of Barrick’s Zaldivar copper mine in Chile and its Lumwana minein Zambia. The projects included in Barrick’s copper business unit consist of the Jabal Sayid projectin Saudi Arabia, the Reko Diq copper-gold project in Pakistan, and the Kabanga nickel project inTanzania. In FY2011, the copper business unit produced 451 million pounds of copper.

Barrick operates its oil and gas properties through Barrick Energy.

Barrick’s Capital Projects business consists of its 60% interest in the Pueblo Viejo mine in theDominican Republic, its 50% interest in the Donlin Gold project, its Pascua-Lama mine in Chile andArgentina, and its 75% interest in the Cerro Casale project in Chile.


Barrick Gold CorporationBusiness Description

HISTORY

Barrick was established by Peter Munk in 1983 by merging three small mining, oil, and gas companiesinto Barrick Resources. The company went public the same year.

In 1994, Barrick expanded outside the North American territory by acquiring Lac Minerals, aninternational gold mining company which had operating mines in the US, Canada, and Chile. Thisacquisition helped Barrick obtain an interest in the Veladero project and also enabled it to gain controlin the El Indio Belt.

In 1996, the company's expansion covered the South American continent with its acquisition ofArequipa Resources, which had exploration properties in Pierina, Peru. In 1998, production in Pierinacommenced.

Barrick expanded its operations in Africa, by acquiring Sutton Resources, in 1999. This was anexploration company with properties in Bulyanhulu, Tanzania. In 2000, Barrick acquired PangeaGoldfields, which was a mining exploration company having properties in Peru, Tanzania, andCanada. Through the acquisition, Barrick acquired a 70% interest in the Tulawaka explorationproperty.

Barrick merged with Homestake Mining, thereby adding mines in North America, South America,and Australia, in 2001. The Australian region included the Kalgoorlie Consolidated Gold Mines(KCGM), in addition to three operating mines.

In 2002, Barrick made a grass roots discovery, Lagunas Norte, at its Alto Chicama District in Peru.It created the unified district Frontera, comprising both Pascua-Lama (an undeveloped gold andsilver mining reserve) and Veladero reserves, spreading across the Argentina-Chile border.

Barrick implemented a new organizational design in 2003, comprising regional business units. Barrickformed a strategic partnerships with Celtic Resources Holdings and Highland Gold Mining in CentralAsia and Russia in 2004, to entrench itself further in the gold mining industry.

In 2005, Barrick entered into a joint-venture agreement with Falconbridge pertaining to Kabanganickel deposit in Tanzania. In the same year, Barrick acquired all the outstanding shares of PlacerDome, a Canada-based gold mining company. Additionally, Barrick set up an office in Moscow tocoordinate its activities in Russia.

Barrick acquired Placer Dome in 2006, adding 12 new mines and a number of advanced explorationand development projects to its global portfolio. In the same year, Barrick acquired The TethyanCopper Company jointly with Antofagasta.

In 2007, Barrick and Xstrata announced further investment of $95 million and the commencementof a pre-feasibility study to advance the Kabanga nickel project located in western Tanzania. In the


Barrick Gold CorporationHistory

same year, Barrick purchased 20% interest in the Porgera mine in Papua New Guinea from EmperorMines. With this, Barrick's interest in the Porgera mine in Papua New Guinea increased to 95%.

Further in 2007, Barrick announced plans to invest approximately $68 million in projects to harnessthe advantages of clean energy and enhance existing power infrastructure in Chile and Tanzania.In the same year, Barrick acquired the Kainantu gold mine and over 2,900 square kilometers ofhighly prospective exploration licenses in Papua New Guinea from Highlands Pacific. Additionally,Barrick acquired approximately a 94% interest in Arizona Star Resources Corp, which owned a 51%interest in the Cerro Casale deposit in the Maricunga district of Region III in Chile.

In 2008, Barrick announced a 10-year agreement with Yokohama Rubber Company of Japan tosecure the supply of potentially more than $200 million in tires. In the same year, Barrick acquiredadditional 40% interest in the Cortez property from Kennecott Explorations (Australia), a subsidiaryof Rio Tinto. In addition, the company acquired Arizona Star Resource Corporation, which owned a51% interest in Cerro Casale, one of the world's largest undeveloped gold and copper deposits.

Subsequently, Horizonte Minerals signed heads of agreement with Barrick, through its subsidiary,Placer Dome del Peru, to explore and acquire its 2,147 hectare Pararapa gold property located inthe Department of Arequipa, southern Peru. Further in 2008, Barrick acquired Cadence Energy, anoil and gas company in Canada.

A memorandum of understanding (MOU) was signed between Crescent and Barrick in the firstquarter of 2009, in respect to the purchase of Crescent's gold ore by Barrick for the purpose ofprocessing through Barrick's Granny Smith Mill (GSM) at Laverton.

In the same quarter, Midway Gold signed a definitive agreement with Barrick Gold Exploration, awholly-owned subsidiary of Barrick, for an exploration agreement and option to joint venture Midway'sSpring Valley gold project in Pershing County, Nevada. Barrick announced the first gold pour at itsBuzwagi mine in Tanzania, in the second quarter of 2009.

In the third quarter of 2009, Barrick sold 25% of the life-of-mine silver production from thePascua-Lama project and 100% of silver production from the Lagunas Norte, Pierina, and Veladeromines to Silver Wheaton until project completion at Pascua-Lama in 2013. In the last quarter of2009, Barrick entered into an agreement with Xstrata Copper Chile, a wholly-owned subsidiary ofXstrata, to acquire Xstrata's 70% interest in the El Morro project.

Barrick acquired an additional 25% interest in the Cerro Casale Project in Chile from Kinross GoldCorporation (Kinross) in 2010.The acquisition resulted in Barrick owning a 75% interest in the CerroCasale Project and gaining control of one of the world's largest undeveloped gold-copper deposits.In the same year, ABG acquired 100% of the issued and outstanding shares of Tusker Gold foraggregate net consideration of approximately $74 million.

Further in 2010, Barrick Energy completed the acquisition of Bountiful Resources, a privately-heldcorporation, for approximately $109 million. Barrick Energy acquired the Puskwa property fromGalleon Energy for approximately $130 million, also in 2010. During the same year, Centerra Gold



agreed to sell its 64% interest in the REN joint venture for $35.2 million to Homestake Mining Companyof California, a subsidiary of Barrick.

Subsequently in 2010, Barrick Energy acquired the assets of Dolomite Resources for approximately$25 million. Argent Minerals acquired the Bullant Goldmine and associated tenements from Barrick(PD) Australia, a wholly-owned subsidiary of Barrick, in the same year. Further in 2010, BarrickAustralia sold its Osborne Copper Gold Operation to Ivanhoe Australia.

In February 2011, Barrick entered into agreements to dispose of 10% interest in the Sedibelo platinumproject and certain assets to the Bakgatla-Ba-Kgafela Tribe.

In April 2011, Barrick purchased two power barges located in the Dominican Republic from SeaboardCorporation.

Carpathian Gold, a mineral exploration company for gold and silver, raised C$20 million ($20.9million) in a private placement with Barrick, in July 2011. Further in July 2011, Barrick completedthe acquisition of Equinox Minerals. After the acquisition, Barrick owned 98% stake in EquinoxMinerals Barrick sold its Fenn-Gib and Guibord Main properties to Lake Shore Gold in August 2011.

In September 2011, Barrick sold its 70% interest in the Pinson Mine located in Humboldt County,Nevada, to Atna Resources. In the same month, Barrick announced two significant gold discoveriesin the company's Cortez property in Nevada.

During November 2011, Barrick and Rye Patch Gold of the US entered into an agreement with USGold Corporation and Chapleau Resources to form a joint venture for the Patty project located inEureka, Nevada.

In April 2012, Barrick sold its entire shareholding of approximately 20.4% in Highland Gold Mining,the AIM-quoted Russian gold producer, for approximately $130 million.



KEY EMPLOYEES

BoardJob TitleName

Executive BoardChairman of the Board of DirectorsPeter Munk

Executive BoardPresident and Chief Executive OfficerJamie C. Sokalsky

Non Executive BoardCo-Chairman of the Board of DirectorsJohn L. Thornton

Non Executive BoardVice Chairman of the Board of DirectorsC. William D. Birchall

Non Executive BoardDirectorHoward L. Beck

Non Executive BoardDirectorJ. Brett Harvey

Non Executive BoardDirectorNathaniel P. Rothschild

Non Executive BoardDirectorDambisa Moyo

Non Executive BoardDirectorSteven J. Shapiro

Non Executive BoardDirectorDonald J. Carty

Non Executive BoardDirectorBrian Mulroney

Non Executive BoardDirectorGustavo A. Cisneros

Non Executive BoardDirectorAnthony Munk

Non Executive BoardDirectorRobert M. Franklin

Senior ManagementSenior Executive Vice PresidentKelvin Dushnisky

Senior ManagementExecutive Vice President and Chief OperatingOfficer

Igor Gonzales

Senior ManagementExecutive Vice President and Chief FinancialOfficer

Ammar Al-Joundi

Senior ManagementSenior Vice President and General CounselSybil Veenman

Senior ManagementSenior Vice President, Safety and LeadershipDonald D. Ritz

Senior ManagementSenior Vice President, Global ExplorationRobert Krcmarov

Senior ManagementSenior Vice President, Corporate DevelopmentRichard McCreary

Senior ManagementSenior Vice President, Capital ProjectsIvan Mullany


Barrick Gold CorporationKey Employees

KEY EMPLOYEE BIOGRAPHIES

Peter Munk

Board: Executive BoardJob Title: Chairman of the Board of DirectorsSince: 1984Age: 84

Mr. Munk has been the Executive Chairman of the Board of Directors at Barrick since 1984 and isthe founder of the company. He has also been the interim Chief Executive Officer at Barrick from2008 to 2009. He is the former Chairman at Trizec Properties, a real estate investment trust, andthe former Chairman and Chief Executive Officer at Trizec Canada, a real estate company. Mr. Munkis the former Chair at the University of Toronto Crown Foundation and served as a Trustee at theUniversity Health Network in Toronto.

Jamie C. Sokalsky

Board: Executive BoardJob Title: President and Chief Executive OfficerSince: 2012Age: 54

Mr. Sokalsky has been the President and Chief Executive Officer at Barrick since 2012. Prior to this,he served as an Executive Vice President and the Chief Financial Officer at the company from 2004to 2012. He was also the Senior Vice President and Chief Financial Officer at the company from1999 to 2004. Mr. Sokalsky joined Barrick in 1993 as Vice President and Treasurer. Previously, Mr.Sokalsky was an executive at George Weston for 10 years.

John L.Thornton

Board: Non Executive BoardJob Title: Co-Chairman of the Board of DirectorsSince: 2012Age: 58

Mr. Thornton has been the Non-Executive Co-Chairman of the Board of Directors at Barrick since2012. He is a Professor and Director at the Global Leadership Program and Chair of the AdvisoryBoard at Tsinghua University School of Economics and Management in Beijing. He is the formerPresident and Co-Chief Operating Officer at The Goldman Sachs Group, a financial services company.He serves as the Chairman of Board of Trustees at the Brookings Institution and is a member of theInternational Advisory Council at China Investment Corporation.


Barrick Gold CorporationKey Employee Biographies

Mr. Thornton serves as a Director, Trustee, or advisory board member at several organizations,including the China Institute, China Securities Regulatory Commission, Council on Foreign Relations,Hotchkiss School, Morehouse College and the National Committee on US-China Relations. He isalso a Director at China Unicom (Hong Kong), Ford Motor Company, HSBC Holdings, and NewsCorporation. During 2007 to 2011, Mr. Thornton served as a Director at China Netcom GroupCorporation (Hong Kong), Industrial and Commercial Bank of China, and Intel Corporation.

C. William D. Birchall

Board: Non Executive BoardJob Title: Vice Chairman of the Board of DirectorsSince: 2005Age: 69

Mr. Birchall has been the Non-Executive Vice Chairman of the Board of Directors at Barrick since2005. He has been a Director at Barrick since 1984. He is the former Vice Chairman at Trizec HahnCorporation, a real estate company. He is also the President at the William Birchall Foundation. Mr.Birchall is also a Director at Rogers Communications.

Howard L. Beck

Board: Non Executive BoardJob Title: DirectorSince: 1984Age: 78

Mr. Beck has been a Non-Executive Director at Barrick since 1984. Earlier he was a Senior Partnerat the law firm, Davies, Ward & Beck from 1962 to 1989. During 2007 to 2011, Mr. Beck also servedas a Director or Trustee at Trizec Canada, Trizec Properties, and Cineplex Galaxy Income Fund.

J. Brett Harvey


Mr. Harvey has been a Non-Executive Director at Barrick since 2005. He is the Chairman and ChiefExecutive Officer at CONSOL Energy and Chairman and Chief Executive Officer at CNX GasCorporation. He serves on the board at a number of energy industry associations, including the coalindustry advisory board at the International Energy Agency, the Leadership Council at the AmericanCoalition for Clean Coal Electricity, the National Coal Council, and the Virginia Coalfield EconomicDevelopment Authority. He is the Chairman at the Bituminous Coal Operators’ Association Boardof Directors.



Mr. Harvey is also a member of the Executive Committee at the Allegheny Conference on CommunityDevelopment, a member of the National Executive Board at the Boy Scouts of America, and aDirector and past Chairman of the Greater Pittsburgh Council at the Boy Scouts. He is also a Directorat Allegheny Technologies.

Nathaniel P. Rothschild


Mr. Rothschild has been a Non-Executive Director at Barrick since 2010. He is the Co-Chairman atBumi, a natural resources and mining company, and a Director at Genel Energy, an oil company.He is also Chairman at JNR, an investment advisory firm. Mr. Rothschild is a member of the BelferCenter’s International Council at John F. Kennedy School of Government at Harvard University.During 2007 to 2011, Mr. Rothschild also served as a Director at RIT Capital Partners and EN+Group.

Dambisa Moyo


Dr. Moyo has been a Non-Executive Director at Barrick since 2011. He is an international economistand commentator on the global economy. He worked at the World Bank from 1993 to 1995 and atGoldman Sachs from 2001 to 2008. Dr. Moyo is a Patron for Absolute Return for Kids and a pastDirector at Room to Read and the Lundin for Africa Foundation. Dr. Moyo is also a Director atBarclays Bank, Lundin Petroleum, and SABMiller.

Steven J. Shapiro


Mr. Shapiro has been a Non-Executive Director at Barrick since 2004. From 2005 to 2006, he wasthe Executive Vice President of Finance and Corporate Development, and a Director at BurlingtonResources, an oil and gas exploration and production company. Mr. Shapiro was also the ExecutiveVice President and Chief Financial Officer at Burlington Resources. He currently serves as a Trusteeat the Houston Museum of Natural Science and is also a Director at Bumi and El Paso Corporation.



Donald J. Carty


Mr. Carty has been a Non-Executive Director at Barrick since 2006. He is the Chairman at PorterAirlines and Virgin America Airlines, commercial airline companies. He served as Vice Chairmanand Chief Financial Officer at Dell from 2007 to 2008. He is the former Chairman and Chief ExecutiveOfficer at AMR Corp. and American Airlines. Mr. Carty is also a member of the Board of Directorsat Big Brothers Big Sisters Lonestar and a member of the Board of Trustees at Southern MethodistUniversity. He is also a Director at Canadian National Railway Company, Dell, Gluskin Sheff &Associates, and Talisman Energy. During 2007 to 2011, Mr. Carty also served as a Director at CHCHelicopter Corporation and Hawaiian Holdings.

Brian Mulroney


Mr. Mulroney has been a Non-Executive Director at Barrick since 1993. He is the Senior Advisor ofGlobal Affairs at Barrick since 2012. He also served as the Chairman at Barrick's InternationalAdvisory Board and a Senior Partner at the law firm Ogilvy Renault. Mr. Mulroney was the PrimeMinister of Canada from 1984 to 1993 and served as a Director at Archer Daniels Midland Company,Cendant Corporation, Trizec Properties, and Quebecor World. Currently, he is a member of theadvisory group at Lion Capital and serves on the Boards of Directors at the Blackstone Group,Quebecor, and Wyndham Worldwide Corporation.

Gustavo A. Cisneros


Mr. Cisneros has been a Non-Executive Director at Barrick since 2003. He is the Chairman at theCisneros Group of Companies, a privately-held media, entertainment, technology, and consumerproducts organization. He is also a member at Barrick’s International Advisory Board. He is a SeniorAdvisor at RRE Ventures, a venture capital firm. He is a member of the advisory boards at a numberof organizations and universities, including the United Nations Information and CommunicationTechnologies (ICT) Task Force, Haiti Presidential International Advisory Board, The Americas



Society, Georgetown University, and Harvard University. Mr. Cisneros served as a Director atUnivision Communications until 2007.

Anthony Munk


Mr. Munk has been a Non-Executive Director at Barrick since 1996. He is a Managing Director atOnex Corporation, a leading North American private equity firm. He is also a Director at Cineplex,JELD-WEN Holding, RSI Home Products, and Tomkin Building Products. He is the former Chairmanof the Board at Husky Injection Molding Systems. He is also a Director at the Aurea Foundation.

Robert M. Franklin


Mr. Franklin has been a Non-Executive Director at Barrick since 2006. He is President at SignaltaCapital Corporation, an investment company. He is the former Chairman of the Board at PhotowattTechnologies, a developer of solar power technologies, and at Placer Dome, a gold mining company.During 2007 to 2011, Mr. Franklin served as a Director or Trustee at Canadian Tire Corporation,First Uranium Corp., Great Lakes Carbon Income Fund, and Resolve Business Outsourcing IncomeFund.

Kelvin Dushnisky

Board: Senior ManagementJob Title: Senior Executive Vice PresidentSince: 2012Age: 48

Mr. Dushnisky has been the Senior Executive Vice President at Barrick since 2012. Prior to this heserved as an Executive Vice President of Corporate and Legal Affairs at the company from 2010 to2012. He held various positions in Barrick, including, Vice President of Regulatory Affairs and SeniorVice President of Corporate Affairs. Prior to Barrick, Mr. Dushnisky was a Managing Director atAltara Securities. He also served as the Vice Chair, General Counsel, and a founding Director atEuroZinc Mining Corporation, a Vice President at Sutton Resources, and a Vice President at RescanConsultants.



Mr. Dushnisky is a member of the Law Society of British Columbia and the Canadian Bar Associationand represents Barrick at the World Gold Council and the International Council on Mining and Metals(ICMM). Mr. Dushnisky also serves on the boards at the Mining Association of Canada, the Instituteof the Americas, the Canadian Council of the Americas, and the Canadian Chamber of Commerce.

Igor Gonzales

Board: Senior ManagementJob Title: Executive Vice President and Chief Operating OfficerSince: 2012Age: 57

Mr. Gonzales has been an Executive Vice President and the Chief Operating Officer at Barrick since2012. Prior to this, he served as the President of Barrick's South America region from 2005 to 2012.He joined Barrick in 1998 and has more than 30 years of experience in the mining industry. He hasplayed a key role in the growth of Barrick’s South American business unit and has also been integralto the development of the Pascua-Lama project.

Ammar Al-Joundi

Board: Senior ManagementJob Title: Executive Vice President and Chief Financial OfficerSince: 2012

Mr. Al-Joundi has been an Executive Vice President and the Chief Financial Officer at Barrick since2012. He has more than 20 years of experience in corporate finance and banking within the miningindustry, with extensive expertise in capital markets, business strategy, financial controls, and mineoperations.

Mr. Al-Joundi spent 11 years at Barrick, prior to joining Agnico-Eagle Mines as Senior Vice Presidentof Finance and Chief Financial Officer in 2010. While at Barrick, Mr. Al-Joundi served as Senior VicePresident of Business Strategy and Capital Allocation, Senior Vice President of Finance, and VicePresident and Treasurer. His experience at Barrick also included two years as Chief Financial Officerat the company's South American business unit. Prior to joining Barrick in 1999, Mr. Al-Joundi spenteight years as an investment banker at Citibank Canada.

Sybil Veenman

Board: Senior ManagementJob Title: Senior Vice President and General CounselSince: 2010Age: 48



Ms. Veenman has been a Senior Vice President and the General Counsel at Barrick since 2010.Previously, she served as the Senior Vice President, Assistant General Counsel, and Secretary atthe company from 2008 to 2010. She joined Barrick in 1994. Previously, she was at Lac Minerals,and was in private practice for seven years at Fasken Campbell Godfrey where she specialized insecurities and mergers and acquisitions.

Donald D. Ritz

Board: Senior ManagementJob Title: Senior Vice President, Safety and LeadershipSince: 2009Age: 65

Mr. Ritz has been the Senior Vice President of Safety and Leadership at Barrick since 2009. Priorto this, he served as the Vice President of Safety and Health from 2003 to 2009. Before joiningBarrick, he was Loss Management Executive at Syncrude Canada (Syncrude). Prior to Syncrude,he served 11 years at Texaco Canada. He has served on numerous safety committees and advisoryboards, including as Vice Chairman at the Alberta Workers’ Compensation Board of Directors.

Robert Krcmarov

Board: Senior ManagementJob Title: Senior Vice President, Global ExplorationSince: 2008Age: 47

Mr. Krcmarov has been the Senior Vice President of Global Exploration at Barrick since 2008. Hehas more than 20 years of experience in geology and exploration. He also works closely with thecorporate development group to assess assets and help the company replace and grow reservesand resources. Earlier, Mr. Krcmarov worked extensively at Homestake Mining.

Richard McCreary

Board: Senior ManagementJob Title: Senior Vice President, Corporate DevelopmentSince: 2011Age: 49

Mr. McCreary has been the Senior Vice President of Corporate Development at Barrick since 2011.Before joining Barrick, he worked in the mining investment banking for over fourteen years culminatingas the Head at CIBC World Markets' Global Mining investment banking group. He worked at theNoranda/Falconbridge organization for eight years in various areas, including metals marketing,geophysics, geological engineering, and technology development.



Ivan Mullany

Board: Senior ManagementJob Title: Senior Vice President, Capital ProjectsSince: 2011

Mr. Mullany has been the Senior Vice President of Capital Projects at Barrick since 2011. Prior tothis, he served in various positions at the company, including Senior Director of Metallurgy andProcess Development. Mr. Mullany has 30 years of experience in the mining industry, includingleadership roles at Iron Ore Company Canada (Rio Tinto) and Emperor Mines. He has workedaround the globe, including stints in Australia, Fiji, France, and Canada.



MAJOR PRODUCTS AND SERVICES

Barrick is an international gold mining company. Its key products and services include the following:

Products:

GoldPlatinumCopperSilverNickel

Services:

Mining, exploration, and processing


Barrick Gold CorporationMajor Products and Services

REVENUE ANALYSIS

Overview

Barrick recorded revenues of $14,312 million during FY2011, an increase of 30.1% over FY2010.For FY2011, the US, the company's largest geographic market, accounted for 34.3% of the totalrevenues.

During FY2011, Barrick generated revenues through six primary business units: North Americaregional gold business (36.8% of the total revenues in FY2011); Australia Pacific regional goldbusiness (21.5%); South America regional gold business (20.0%); Africa regional gold business(12.0%); global copper business (8.5%); and oil and gas business (1.2%). The capital projectsbusiness did not generate any revenue in FY2011.

Revenue by segment

During FY2011, the North America regional gold business segment recorded revenues of $5,263million, an increase of 37.5% over FY2010.

The Australia Pacific regional gold business segment recorded revenues of $3,073 million in FY2011,an increase of 26% over FY2010.

The South America regional gold business segment recorded revenues of $2,864 million in FY2011,an increase of 11.6% over FY2010.

The Africa regional gold business segment recorded revenues of $1,218 million in FY2011, anincrease of 23.7% over FY2010.

The global copper business segment recorded revenues of $1,717 million in FY2011, an increaseof 61.8% over FY2010.

The oil and gas business segment recorded revenues of $177 million in FY2011, an increase of43.9% over FY2010.

Revenue by geography

The US, Barrick's largest geographical market, accounted for 34.3% of the total revenues in FY2011.Revenues from the US reached $4,914 million in FY2011, an increase of 39.4% over FY2010.

Australia accounted for 16.3% of the total revenues in FY2011. Revenues from Australia reached$2,330 million in FY2011, an increase of 27.5% over FY2010.


Barrick Gold CorporationRevenue Analysis

Peru accounted for 10.3% of the total revenues in FY2011. Revenues from Peru reached $1,468million in FY2011, an increase of 20.8% over FY2010.

Argentina accounted for 9.8% of the total revenues in FY2011. Revenues from Argentina reached$1,397 million in FY2011, an increase of 3.3% over FY2010.

Tanzania accounted for 8.5% of the total revenues in FY2011. Revenues from Tanzania reached$1,218 million in FY2011, an increase of 23.7% over FY2010.

Chile accounted for 8% of the total revenues in FY2011. Revenues from Chile reached $1,148 millionin FY2011, an increase of 8.1% over FY2010.

Other countries accounted for 12.8% of the total revenues in FY2011. Revenues from other countriesreached $1,837 million in FY2011, an increase of 77.5% over FY2010.


Barrick Gold CorporationRevenue Analysis

SWOT ANALYSIS

Barrick is one of the largest gold mining companies globally, having a portfolio of 26 operating minesand advanced exploration and development projects located across five continents. The company'sstrong market position reflects an efficient cost structure. However, strong competition could erodethe company’s market share.

WeaknessesStrengths

Litigations and claimsStrong market positionEffective allocation of resources

ThreatsOpportunities

Strong competitionPoised to benefit from the acquisition ofEquinox Minerals Risk from foreign investments and

operationsIncreasing gold pricesEnvironmental laws and regulationsGrowing demand for gold

Strengths

Strong market position

Barrick is the gold industry leader, with a portfolio of 26 operating mines and advanced explorationand development projects located across five continents, and large land positions on some of theworld’s most prolific and prospective mineral trends. The company also has the largest reserves inthe gold industry, with about 139.9 million ounces of proven and probable gold reserves. In addition,Barrick has 12.7 billion pounds of proven and probable copper reserves and 1.2 billion ounces ofsilver contained within gold reserves, as of December, 2011.

Barrick is the only company in the gold mining industry that possesses an "A" rating balance sheetwhich vindicates its conservative but effective financial policy and cost profile, strong pipeline ofdevelopment projects, solid reserve base, and a low overall geopolitical risk. A strong balance sheetgives the company the flexibility it needs to develop new projects and push others into production,finance its exploration programs, and support corporate development initiatives, such as acquisitions,as and when the opportunities emerge. A strong market status reflects the company's strengtheningmarket position with efficient cost structure.

Effective allocation of resources


Barrick Gold CorporationSWOT Analysis

The company has high return on equity (ROE) and return on assets (ROA) compared to its peercompanies. The company's competitors such as Kinross Gold have a lower ROE when comparedto Barrick. In FY2011, Kinross Gold's ROE was -16.6% In contrast, Barrick's ROE was 17.5% inFY2011. Higher ROE compared to its peers indicates that the company is using the shareholders'money efficiently and that it is generating high returns for its shareholders.

Moreover, Kinross Gold also has less ROA when compared to Barrick. In FY2011, Kinross Gold'sROA was -12.6% significantly less than Barrick. In contrast, the ROA of Barrick was 9.2% in FY2011.High ROA indicates that the company has been deploying its assets in an efficient manner andindicates the efficient management of the company towards allocation of resources compared to itspeer companies.

Weaknesses

Litigations and claims

The company has a number of lawsuits pending against it. For instance, in 2008, the TeMoakShoshone Tribe, the East Fork Band Council of the TeMoak Shoshone Tribe and the TimbishaShoshone Tribe, the Western Shoshone Defense Project, and Great Basin Resource Watch filed alawsuit against the US seeking to enjoin the majority of the activities comprising the Cortez Hillsproject on grounds that it violated the Western Shoshone rights under the Religious FreedomRestoration Act (RFRA). The lawsuit also claimed that the project violated the Federal Land Policyand Management Act's (FLPMA) prohibition on “unnecessary and undue degradation”, and that theproject's environment impact statement did not meet the requirements of the National EnvironmentalPolicy Act (NEPA). On January 2012, the court issued a decision granting summary judgment infavor of Barrick and the BLM on all remaining issues. The plaintiffs have appealed this decision tothe US Court of Appeals for the Ninth Circuit.

Similarly, in April 2010, the company’s subsidiary Pueblo Viejo Dominicana received a copy of anaction filed in the Dominican Republic by Fundacion Amigo de Maimon, Fundacion Miguel, PenaGarcia, and a number of individuals. The action alleged several matters couched as violations offundamental rights, including taking of private property, violations of mining and environmental andother laws, slavery, human trafficking, and bribery of government officials. In addition, Barrick isinvolved in other legal proceedings. Although, the company maintains reserves to cover the costsfor claims and lawsuits, such litigations would impact the company's brand image and reputation.

Opportunities

Poised to benefit from the acquisition of Equinox Minerals

The company is continuously focused on strengthening its position through strategic acquisition. Inthis view, in July 2011, Barrick acquired a 98% stake in Equinox Minerals, a Canadian mining



company. The acquisition would add a high-quality, long-life asset to the company’s portfolio and isconsistent with its strategy of increasing gold and copper reserves through exploration andacquisitions. It would add 5.7 billion pounds of copper reserves, including 4.5 billion pounds of copperreserves at Lumwana and 1.2 billion pounds of copper reserves at Jabal Sayid, plus an additional5.5 billion pounds of inferred copper resources at Lumwana. Combined with Barrick’s Zaldivar mineand Cerro Casale project in Chile, this acquisition would position the company with significantproduction growth potential in two of the most prolific copper-producing regions of the world.

Increasing gold prices

Average gold prices in all major markets across the world have been increasing since 2007. Thegold prices have grown at a compound annual growth rate of 17% during 2008–12.The gold pricein October 2012 was $1,746.58 per troy ounce, as compared to $806.62 per troy ounce in October2008. In addition, the price of gold has increased by 5% in the last one year. Growing investmentdemand, economic uncertainty, and a weak US Dollar are continuing to support gold prices.

Barrick generates a significant part of its revenues and earnings from gold sales. Favorable pricingenvironment would benefit the company's financial performance in the short term.

Growing demand for gold

According to Informa, the global gold market grew by 31.4% in 2011 to reach a value of $110,099.2million and a volume of 2,011.3 thousand metric tons. In 2016, the global gold market is forecastedto have a value of $169,655.4 million, an increase of 54.1% since 2011 and a volume of 2,488.3thousand metric tons, an increase of 23.7% since 2011. Barrick Gold is the leading player in theglobal gold market, generating a 13.5% share of the market's volume. Thus, Barrick can takeadvantage of this growing demand and increase its revenue and future growth.

Threats

Strong competition

The company faces a strong competition in the industry in which it operates. Barrick competes withother mining companies and individuals for mining claims and leases on exploration properties andthe acquisition of mining assets. In addition, the company competes with other mining companiesto attract and retain key executives and employees. Barrick’s key competitors include NewmontMining, Rio Tinto, Freeport-McMoRan Copper & Gold, AngloGold Ashanti, DRDGOLD, Gold Fields,Harmony Gold Mining Company, Lihir Gold, BHP Billiton, Xstrata, Agnico-Eagle Mines, Goldcorp,Kinross Gold, New Gold, NovaGold Resources, Silver Wheaton, and Yamana Gold.This competitionmay increase the company’s cost of acquiring suitable claims, properties, and assets, should theybecome available to it. Such strong competition could impact the company’s market share.

Risk from foreign investments and operations



Barrick conducts mining, development, and exploration activities in many countries, including theUS, Canada, Australia, Argentina, Chile, Peru, Dominican Republic, Papua New Guinea, Pakistan,and Tanzania. Mining investments are subject to the risks normally associated with any conduct ofbusiness in foreign countries including: uncertain political and economic environments; war, terrorism,and civil disturbances; changes in laws or policies of particular countries; royalty and tax increasesor other claims by government entities; risk of expropriation and nationalization; delays in obtainingor the inability to obtain or maintain necessary governmental permits; and other similar factors.

These risks may limit or disrupt operating mines or projects, restrict the movement of funds, causethe company to expend more funds than previously expected or required, or result in the deprivationof contract rights, or the taking of property by nationalization or expropriation without faircompensation. This may materially adversely impact Barrick’s financial position or results ofoperations. Furthermore, in the event of a dispute arising from the company’s activities in Argentina,Chile, Peru, Dominican Republic, Papua New Guinea, Pakistan, or Tanzania, the company may besubject to the exclusive jurisdiction of courts outside North America and Australia, which couldadversely impact the outcome of the dispute.

Environmental laws and regulations

Barrick's ongoing mining operations and exploration activities are subject to extensive laws andregulations governing the protection of the environment, waste disposal, worker safety, minedevelopment, and protection of endangered and other special status species. In addition, thecompany's ability to successfully obtain key permits and approvals to explore for, develop, andoperate mines and to successfully operate in communities around the world would depend on itsability to develop, operate, and close mines in a manner that is consistent with the creation of socialand economic benefits in the surrounding communities. Barrick's ability to obtain permits andapprovals and to successfully operate in particular communities may be adversely impacted by realor perceived detrimental events associated with Barrick's activities or those of other mining companiesimpacting the environment, human health and safety, or the surrounding communities.

Delays in obtaining or failure to obtain government permits and approvals may adversely influenceBarrick's operations, including its ability to explore or develop properties, commence production, orcontinue operations. The company has made, and expects to make in the future, significantexpenditures to comply with such laws and regulations and, to the extent reasonably practicable,create social and economic benefit in the surrounding communities. Future changes in applicablelaws, regulations, and permits, or changes in their enforcement or regulatory interpretation, couldhave an adverse impact on Barrick's financial condition or results of operations.



TOP COMPETITORS

The following companies are the major competitors of Barrick Gold Corporation

Newmont Mining CorporationRio TintoFreeport-McMoRan Copper & Gold Inc.AngloGold Ashanti LimitedDRDGOLD, LimitedGold Fields LimitedHarmony Gold Mining Company LimitedLihir Gold LimitedBHP BillitonXstrata plcAgnico-Eagle Mines LimitedGoldcorp Inc.Kinross Gold CorporationNew Gold Inc.NovaGold Resources Inc.Silver Wheaton CorpYamana Gold Inc.


Barrick Gold CorporationTop Competitors

COMPANY VIEW

A statement by Aaron Regent, former President and Chief Executive Officer at Barrick, is givenbelow. The statement has been taken from the company’s FY2011 annual report.

During a year of increased market volatility and persistent concerns about the fiscal and economicchallenges that lay ahead of us, gold continued to broaden its appeal as a means to preserve andgrow wealth. The metal continued to perform well, setting a new record, underpinned by stronginvestment demand in traditional markets, surging demand from emerging economies and acceleratingcentral bank purchases.

We continue to have a positive outlook on the gold price because the underlying factors drivingdemand for the metal are structural and long-term in nature. A stubbornly sluggish economic recoveryin the United States has led to a period of prolonged monetary and fiscal stimulus, with interest ratesexpected to remain at historically low levels for the foreseeable future. In Europe, sovereign debtconcerns have put further downward pressure on the Euro currency, while austerity measuresthreaten to slow economic growth. Meanwhile, in emerging markets, the threat of rising inflationpersists.

In addition to strong demand, we believe that supply is likely to remain constrained over the longterm, which should further support gold prices. Despite a decade of rising gold prices, the gold miningindustry has struggled to increase supply as new deposits remain scarce and the permitting andconstruction environment becomes increasingly complex.

Copper has also performed well, even in the face of continuing uncertainty about the direction ofthe global economy. Although prices have been volatile, copper has remained at elevated levels,with demand underpinned by strong growth in emerging markets, as these countries, particularlyChina, industrialize and urbanize. New supply continues to be limited due to many of the samefactors affecting gold: production disruptions, low discovery rates and increased hurdles to put newresources into production. This has resulted in a solid underpinning for copper prices, which isexpected to continue for the foreseeable future.

Taken all together, we believe the fundamentals supporting gold and copper prices are positive andour focus remains on positioning Barrick to be a prime beneficiary of rising prices over the long term.Barrick’s production will continue to be dominated by gold, complemented by growing copperproduction from existing mines and projects.

Our strategy to create value for Barrick shareholders is focused on five key areas:

maximizing the benefits of rising metal prices by meeting operational and financial targets;

increasing gold and copper reserves and production through exploration and selective acquisitions;


Barrick Gold CorporationCompany View

maximizing the value of our existing mines and properties by leveraging Barrick’s expertise andregional infrastructure;

growing production by investing in and developing high return projects; and

continuing to improve corporate social responsibility practices to maintain and strengthen our licenseto operate.

By executing on this strategy, we expect to increase earnings and cash flow on a per share basisand enhance our shareholders’ leverage to metal prices.

In 2011, the Company performed well against this strategy. Barrick met its operating guidance forthe ninth consecutive year, producing 7.7 million ounces of gold at total cash costs of $460 perounce, positioning Barrick as one of the lowest cost senior gold producers. Copper productionincreased by 23% to 451 million pounds at total cash costs of $1.75 per pound, reflecting six monthsof production from the Lumwana mine in Zambia. Adjusted net earnings increased by 33% to arecord $4.7 billion while adjusted operating cash flow increased by 8% to $5.7 billion, also a Companyrecord. Total gold cash margins grew substantially, rising by 37% to nearly $1,120 per ounce,compared to a cost increase of 12% over the same period.

Capturing the benefits of margin expansion and strong operating results, Barrick achieved a returnon equity of 22% in 2011. Strong financial results also allowed us to raise our quarterly dividend by25%. In fact, the Company has increased its dividend by 170% over the past five years, maintainingour track record of paying a progressive dividend.

These results also underscore the leverage to gold that Barrick offers its shareholders. Since theintroduction of the largest gold exchange traded fund seven years ago, gold prices have risen byaround 260%. Over the same period, Barrick’s earnings per share have grown by nearly 900%1,while operating cash flows per share have risen about 500%1.

In 2011, we successfully replaced our gold reserves, which now stand at 140 million ounces, withan additional 80 million ounces in measured and indicated gold resources. Barrick also has 1.1 billionounces of silver contained within gold reserves.

We significantly increased copper reserves and resources through the acquisition of Equinox Minerals,complementing our existing copper business. Copper reserves nearly doubled from 6.5 billion poundsto almost 13 billion pounds, measured and indicated copper resources rose 17% to 15 billion poundsand inferred resources increased 117% to 20 billion pounds. Looking ahead, we see significantpotential to grow copper reserves and resources at the Lumwana mine in Zambia, which is locatedin one of the most prolific copper regions of the world, and at the Jabal Sayid project in Saudi Arabia.

Indeed, our investments in exploration are yielding excellent results. In September, we announcedtwo major new gold discoveries, Red Hill and Goldrush, just six kilometers away from our world-classCortez mine in Nevada. Mineralization at both Red Hill and Goldrush remains open in all directions,



and drilling results indicate the two deposits are part of one large mineralized system. It is still earlydays, but results continue to suggest a high likelihood of major resource expansion.

The quality of our portfolio and the Company’s ability to add additional value is another key driverof Barrick’s success.When you consider the assets we have acquired from other companies, Barrickhas consistently added substantial value, in many cases doubling or even tripling the known reservesand resources.

We have also used our technical expertise and the deepest talent pool in the gold industry to growthe value of our projects, improving designs and anticipated recovery rates to improve overallshareholder returns. In 2011, we made significant progress on two longlife, low cost projects. OurPueblo Viejo project is expected to begin production in 2012, with Barrick’s share of average annualproduction expected to be 625,000 – 675,000 ounces of gold at total cash costs of $300 – $350 perounce in its first full five years of operation. Based on a $1,600 gold price, Pueblo Viejo is expectedto generate around $800 million in average annual EBITDA for Barrick over the same period.

Similarly, we continue to make progress on our Pascua-Lama project on the border of Chile andArgentina. Once in production, Pascua-Lama will be one of the lowest cost gold mines in the world.This project is expected to begin producing in 2013, with average annual gold production of 800,000– 850,000 ounces at negative total cash costs of $225 – $275 per ounce, assuming a $25 silverprice, in its first full five years of operation. Based on a $1,600 gold price and a $30 silver price, thismine is expected to generate approximately $1.65 billion in average annual EBITDA for Barrick overthis same period. “Capturing the benefits of margin expansion and strong operating results, Barrickachieved a return on equity of 22% in 2011.”

Once Pueblo Viejo and Pascua-Lama are in production, these two mines are expected to have asignificant positive impact on Barrick’s overall production and cash cost profile.

In 2011, we also advanced the Jabal Sayid project in Saudi Arabia, expected to enter production inthe second half of 2012 with average annual production of 100 – 130 million pounds of copper attotal cash costs of $1.50 – $1.70 per pound in its first full five years of operation.

Looking further ahead, Barrick has a deep pipeline of next generation projects that offer significantdevelopment options for the future. Most importantly the Company has demonstrated its ability tosuccessfully convert its reserves and resources into world-class, producing mines.

That expertise will serve our shareholders well, as we expect to increase gold, silver and copperproduction across the board. Barrick is targeting annual production of 9 million ounces of gold by2016, along with a significant increase in silver production, from about 3 million ounces in 2011 tonearly 50 million ounces by 2016. Barrick’s copper production also has the potential to more thandouble by 2017, increasing to about 1 billion pounds.

During the year, we also strengthened the Company’s social and environmental performance, aswell as our human rights governance framework. Ongoing challenges with respect to security andhuman rights at the Porgera Joint Venture and the North Mara operation underscored the critical



importance of ensuring our practices on the ground live up to our policy commitments. Barrick wasthe first Canadian mining company to formally join the Voluntary Principles on Security and HumanRights, a leading international forum for governments, private business and non-governmentalorganizations who share a public commitment to uphold human rights. In 2011, we also laid thegroundwork for the Company’s new Corporate Social Responsibility Advisory Board, which will holdits first meeting in 2012. This Board, made up of highly distinguished, leading international experts,will provide advice and guidance on challenging social and environmental issues and encouragefurther innovation and leadership.

Overall, the Company continues to demonstrate a strong track record of social and environmentalperformance. This is reflected by our listing on the world-leading Dow Jones Sustainability Index forthe fourth consecutive year, as well as our inclusion on the NASDAQ Global Sustainability Index,which tracks the world’s top 100 companies in this area.

In conclusion, we expect gold and copper prices will be well supported over the long term, underpinnedby strong supply and demand fundamentals. With competitive operating costs and the industry’slargest gold production and reserves, and sizable copper production and reserves, Barrick is wellpositioned to be a major beneficiary of rising metal prices. This is reflected by the Company’sexpanding margins and record earnings, which has allowed us to consistently increase our dividend.Looking ahead, we have a growing production base with two world-class projects nearing production,and a deep project pipeline, which provides us with future investment options. The success and theprogress that we have achieved is a result of the efforts of the 25,000 people who work for thisCompany and I want to thank them for what they do for us every day. We truly believe Barrick is asymbol of value, and we intend to continue working every day to realize that value for ourshareholders.



LOCATIONS AND SUBSIDIARIESHead Office

Barrick Gold CorporationBrookfield PlaceTD Canada Trust TowerSuite 3700161 Bay StreetToronto M5J 2S1CANP:1 416 861 9911F:1 416 861 2492http://www.barrick.com

Other Locations and Subsidiaries

Barrick Gold Corporation ChileBarrick Gold Corporation North AmericaAvenue Ricardo Lyon 222460 West 50 NorthPiso 8Suite 500ProvidenciaSalt Lake CitySantiagoUtah 84101CHLUSA

African Barrick Gold PLCBarrick Gold Corporation Australia Pacific5th FloorBrookfield Place Level 9No. 1 Cavendish Place125 St. George TerraceLondon W1G 0QFPerthGBRWestern Australia 6000

AUS

African Barrick Gold PLCAfrican Barrick Gold PLCPlot 1736 Kahama Road/Hamza Aziz Road2nd FloorMsasani PeninsulaBedford Square Offices SuiteDar es SalaamBedford GardensTZABedfordview 2007

ZAF


Barrick Gold CorporationLocations and Subsidiaries

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