The new value champion in the gold industry…

Indaba 2019

Gold has outperformed equities, bonds and key commodities since 2000…

Source: Bloomberg

Indexed performance of gold against other asset classes

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

Dollar Index S&P 500 Copper Oil U.S. Agg. Bond Index Gold

Index (Base = 100)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

0

50

100

150

200

250

Precious metals industry has failed to deliver value for shareholders despite higher gold prices…

US$/oz

Gold price

XAU Index

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2000 2003 2006 2009 2012 2015 2018

Total Milled Total Leached

Total Tailings Dump Total Milled Grade

Total Leach Grade

Why no growth in gold production?… is the industry reserve being plundered?

Tonnage processed (Bt) Processed ore grade (g/t)

Ore production by process type

Source: Wood Mackenzie

No. of new mines in the 10 years prior to 2005 with a production capacity > 200 000oz / year

North America6 mines34 Moz

Latin America7 mines32 Moz

Africa11 mines57 Moz

CIA4 mines23 Moz

Asia4 mines9 Moz

Pacific2 mines27 Moz

Australia6 mines42 Moz

New gold discoveries are a product of shift to emerging markets from the late 80’s to early 90’s…

0

50

100

150

200

250

300

350

400

450

0

5

10

15

20

25

Attributable reserves of senior gold producers

No. of new mines with total resources >1Moz

Number of new mines since 2008Moz

No. of mines

Source: S&P Global Intelligence. Number of new mines includes active primary gold mines which currently have total resources of greater than 1 Moz of contained gold.

Attributable gold reserves as per company annual reports. Senior Gold Producers includes Agnico, Barrick, Goldcorp, Newcrest and Newmont.

Mining is about geology and orebodies…

Valu

e

Time

exploration

discovery

production

development

Quality of reserves = value

It’s about how

much we can

add to reserves

Discovery and

development

build real

value

0

40

80

120

160

200

240

280

320

360

123%

54%

(43%)

Randgold’s focus on long term value made it a consistent outperformer…

Having a Geo-centric culture and flat structure, an owner’s mindset and investment in people, partners and host countries for the benefit of all stakeholders has been the core of the Randgold ethos

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Randgold Resources -

Dividend per share*US$

* in respect of the year under review but

declared and paid in the following year

Relative Performance (Base=100)

Randgold Senior Gold Peers Spot Gold

Randgold’s Relative Share Price Performance(since 2008)

Source: Bloomberg Financial Markets. Market data as of December 31, 2018. Senior Gold Peers include Agnico, Goldcorp, Newcrest and Newmont.

The New Barrick…

Striving to be the world’s most valued gold mining business

by finding, developing and owning the best assets, with the

best people, to deliver sustainable returns for our owners and

partners…

Mark Bristow

Strategic filters for investment…

It applies principally to gold (copper)

It is located in a world class geological gold district

We have the right to mine and repatriate profits

It fits our values in respect to social license, political risk,

environmental compliance, manage closure liability

We have active management participation

It enhances our strategic partnering network

Tier 1 - a reserve potential greater than 5 million ounces of gold and

at least a 15% IRR at the long term gold price

Tier 2 - a reserve potential of greater than 3 million ounces of gold

and least a 20% IRR at a long term gold price

FILTERS

Barrick…extensive land positions in many of the world’s prolific gold districts

1. M&I resources are shown inclusive of reserves. Reserves and resources are based on individual companies’ assumptions. Stated on an attributable basis.2. Source: company disclosure. Stated on an attributable basis.

Producing Projects Acacia (63.9% Barrick) Copper producing

Golden Sunlight

Turquoise Ridge (75%)

Goldstrike

Cortez

Goldrush/

Fourmile

Hemlo

Pueblo Viejo

(60%)

Lagunas Norte

Massawa

(83.25%)Kibali (45%)

Kalgoorlie (50%)

Porgera (47.5%)

Donlin Gold (50%)

Jabal Sayid (50%)

Zaldivar (50%)

Norte Abierto (50%)

Pascua-Lama

Veladero (50%)

Lumwana

Loulo-Gounkoto

(80%)

Morila (40%)

Tongon (89.7%)

North Mara

Bulyanhulu

Buzwagi

M&I Resources1

2017 Production2

43%

30%

23%

4%

53%

13%

25%

9%

North America South America

Africa Australia Pacific

Barrick…3D growth

Asset optimisation

Improved efficiencies

Focus on delivery

Copper

Fourmile /

Goldrush

Turquoise RidgeNevada Kibali

Loulo-GounkotoCanada Africa

El Indio

Potential Tier 1

Brownfield

ExtensionsExploration

+Guiana Shield

Nevada

Peru

VeladeroPueblo Viejo

Lagunas Norte

Veladero

A proven management team committed to value creation…

Graham Shuttleworth

SEVP CFO

Treasury

Tax

Internal Audit

Financial Reporting

Commercial

IT

Kevin Thomson

SEVP Strategic

MattersNorth

America

Africa &

Middle East

Latin

America

Project

Evaluation

Exploration

& Geology

Human

Resources

Metallurgy,

Engineering &

Capital Projects

Corporate

Communications

Corporate

Office

Strategic Initiatives

Legal

Compliance

John Thornton

Executive ChairmanBarrick

Board of Directors

Mark Bristow

President and CEO

COO Catherine Raw

COO

Mark Hill COO

Willem Jacobs

HSE

Sustainability

Darian Rich

Rob Krcmarov

Lois Wark

Rodney Quick

Kathy SiposJohn Steele Grant Beringer

Disclaimer…

Cautionary Statement on Forward-Looking InformationCertain 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 “potential”, “returns” and

similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: (i) strategic

and growth opportunities for investment in gold, copper or certain other commodities; (ii) resources and production; and (iii) Barrick’s growth potential.

Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions related to the factors set forth

below that, while considered reasonable by the company as at the date of this presentation in light of management’s experience and perception of current conditions and expected

developments, 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 and undue reliance should not be placed on such statements and information. 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, natural gas and electricity); the speculative nature of

mineral exploration and development; exploitation and exploration successes; diminishing quantities or grades of reserves; operating or technical difficulties in connection with

mining or development activities; 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; 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; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the company’s

reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the company’s handling of environmental matters or

dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; risks associated with working with partners

in jointly controlled assets; availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral

exploration, development and mining. Certain information provided in this presentation is based on data obtained from independent third parties and the company has not verified

any such third party data.

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 more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect

Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this presentation.

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.