PDF 175 KB - Barrick Gold Corporation

Barrick’s Offer for NovaGoldREALITY (cont’d):• Barrick is paying over $100/ounce 1 of Total Enterprise Value (TEV), asopposed to the $33/oz number put forth by NovaGold 2Implied Offer Value (Total Enterprise Value / Resources) ($/oz)$120Enterprise Value / Total Resources ($/oz)$100$80$60$40$20$33$66+$34$99+$33$102+$3$102$0NovaGoldPresentation2ExcludingInferredResourcesUse of30% DonlinOwnershipShares Adjustedfor Coast MountainAcquisitionAggregateTotal 11Total Enterprise Value (TEV) calculated as NovaGold’s market capitalization on the last trading day prior to the Barrick Offer (July 21, 2006) less cash, plus debt, plus preferred shares, plus minorityinterests. Based on measured and indicated resources and a 30% ownership of Donlin Creek.2TEV/Resource value of $33/oz as per NovaGold Director’s Circular, August 12, 2006. Based on measured, indicated and inferred resources and a 70% ownership of Donlin Creek. NovaGold August2, 2006 Statement Solicitation/Recommendation Statements Presentation.10