BARRICK GOLD (ABX $18.84 rated Underweight from Neutral with $12 down from $16 price target) NPV/SHARE DECLINES DUE TO THE REMOVAL OF PASCUA LAMA, LOWER 2014 AND 2015 ESTIMATD GOLD PRICES, HIGHER CASH OPERATING COSTS AT KEY MINES, AND RECOVERY LOSSES 7/23/2014

BARRICK GOLD (ABX $18.84 rated Underweight from Neutral with $12 down from
$16 price target) NPV/SHARE DECLINES DUE TO THE REMOVAL OF PASCUA
LAMA, LOWER 2014 AND 2015 ESTIMATD GOLD PRICES, HIGHER CASH
OPERATING COSTS AT KEY MINES, AND RECOVERY LOSSES 7/23/2014