Enterprise Risk Management

1. Enterprise Risk Management CIA ANNUAL MEETING– Halifax, June, 2009

2. CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained in this presentation, including any information as to our strategy, 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; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and increasing 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; adverse changes in our credit rating; level of indebtedness and liquidity; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company’s most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian 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.

3. Outline • Barrick Overview • Context • Principles • Framework • Progress • Key Challenges

4. Barrick Overview • The world’s pre-eminent gold producer • Founded in 1983 • Head office in Toronto, Canada • Four regional business units, globally diversified • 20,000 employees worldwide • Shares traded on Toronto and New York exchanges • 2008 production: 7.66 M oz gold 370 M lb copper • Reserves: 138.5 M oz gold(1)

5. Barrick Overview North America Australia Pacific Africa South America

6. Context - Barrick Growth • Founded in 1983 • Growth through acquisition • Doubled in size in 2001 & 2006 (Homestake & Placer Dome acquisitions) • Multiple organizational cultures/systems/processes • Regional business unit structure • Corporate infrastructure development

7. Events / Risks Achieving Objectives Effort / Programs/ Initiatives Reaction Time The Management Challenge Our vision is to be the world’s best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.

8. Historically, risk management… … not unlike most organizations: • View narrow/silo-focused • Assessments or discussions generally limited to functional focus • Health, Safety & Environment default culture • Risk programs in place: • Treasury • Finance • Mine Sites - Field Level Risk Assessment (H&S) / High Level Risk Assessment (EHS) • Mine Development Projects • Sustaining Capital Projects • etc.

9. Historic State Rethinking Risk Management Focus Keep Us Out of Trouble Make Our Business Better Focused Management Enhanced Business Processes Growing Number of Restatements Bigger Fines and Settlements goal Coordinated Risk Activities Optimized Controls Effective Use of Technology Expanding Regulation Stiffer Sanctions Common business agenda Criminal Indictments CatastrophicReputational Consequences Improved Risk Reporting and Disclosure Reduced Total Risk Spend Desired State

10. Risk & Assurance Group EXISTING NEW

11. Enterprise Risk • Establish and foster an open environment for risk management within the Corporation: • to help ensure prompt assessment and reporting of risks • development of creative and imaginative risk mitigation initiatives • Align and ensure the quality of the various risk management activities across the organization. • But keep in mind …… • Decentralized structure • “Initiative Fatigue”

12. Communicate Principles - Universal Basic Process

13. Principles - Implementation Basics • No BIG BANG! • Keep it simple • Process must be owned by the right people • Embed into existing business processes • Focused effort (resources, assurance, where it matters) • Consistency of evaluation • Encourage taking the right risks • Manage risk and exploit opportunities • Consistent with Standards (COSO; ANZS-4360-3; etc)

14. Principles - Accountabilities BOARD & EXECUTIVE Assure External Stakeholders Set Policy RISK & ASSURANCE Advise on Requirements & Policy Optimise Assurance Sources Functional Leads and Line Management Identify & assess risks. Develop, implement, maintain and monitor effective risk strategies. Support & Set the Tone through actions where needed Define ERM & Governance Expectations ERM Framework & Standards Build ERM Capability & Tools Monitor & report on ERM effectiveness Advise on Assurance Requirements Set Risk Appetite Monitor Assurance Reports Set Assurance Agenda

15. Barrick’s ERM Framework Improve Performance Business Driversand Initiatives Types of Risk Enterprise Risk Risk Owners Oversight & Reporting Strategic Organizational Structure Risk & Assurance Responsibilities Advice & Assurance Functions InternalAudit Barrick Strategy Respect our People Functional Areas Mine Sites Identify Risk Framework Components Governance & Organization SLT CCG IT Market Ensure License to Operate Risk Management Strategy Executive Management Achieve Strategic Objectives Board Ops. Risk HR Operational Excellence Process Address Operations Corporate Safety, Health, Enviro, Security Finance AuditComm. Enhance Financial Strength & Flexibility Tools & Technology Compliance Legal High Performance Organization Culture & Capability Monitor Other SpecificComm. External Auditors & SME Etc. Financial Growth Reporting & Communications Manage Exposure

16. Progress Initial focus: • Risk Rating Tool • Capital Projects • Strategic /Business Planning Process

17. Risk Rating Tool (in draft)

18. Capital Projects SAMPLE

19. Embedded Process FLRA /FRA Compliance Annual Planning Process Insurer Inspections Internal Audit Capital Projects etc. Risk Identification Risk Aggregation Risk Prioritization Risk Mitigation & Monitoring ILLUSTRATIVE ILLUSTRATIVE

20. Key Challenges • Competing Priorities • Accountability • Quantification? • Individual vs. Portfolio • Relationships • Risk vs. Uncertainty • Emerging Issues • “ All companies today should be engaged in ERM, currently best practice, on an ongoing basis. However, it may become a legal requirement in the future.”Frederick Lipman – President: Assoc. of Audit Committee Members, Inc – November 2008

21. QUESTIONS ?

22. Footnotes • Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Cerro Casale is classified as mineralized material and approximately 600,000 ounces of reserves for Pueblo Viejo (Barrick’s 60% interest) are classified as mineralized material.  For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see page 110 of Barrick’s 2008 Year-End Results.