January 2010Ian Atkinson, Vice President, Exploration

January 2010 2

Caution Regarding Forward-Looking Information

This presentation and the documents incorporated by reference herein, contain statements which are not current statements or historical facts and are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, contained or incorporated by reference in this presentation constitute forward-looking information. Wherever possible, words such as “plans”, “expects” or “does not expect”, “budget”, “forecasts”, “projections”, “anticipate” or “does not anticipate”, “believe”, “intent”, “potential”, “strategy”, “schedule”, “estimates” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved and other similar expressions have been used to identify forward-looking information. These forward-looking statements relate to, among other things Centerra’s expectations regarding, future growth, results of operations (including, without limitation, future production and sales, and operating and capital expenditures), performance (both operational and financial), business and political environment and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities.

Although the forward-looking information in this presentation reflects Centerra’s current beliefs on the date of this presentation based upon information currently available to management and based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressed or implied, will be consistent with such forward-looking information. By its very nature, forward-looking information necessarily involves significant known and unknown risks, assumptions, uncertainties and contingencies that may cause Centerra’s actual results, assumptions, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, among other things, risks relating to gold prices, replacement of reserves, reduction in reserves related to geotechnical risks, ground movements, political risk, nationalization risk, changes in laws and regulations, civil unrest, labour unrest, legal compliance costs, reserve and resource estimates, production estimates, exploration and development activities, competition, operational risks, environmental, heath and safety risks, costs associated with reclamation and decommissioning, defects in title, seismic activity, cost and availability of labour, material and supplies, increases in production and capital costs, permitting and construction to raise the tailings dam height and increase the capacity of the existing Kumtor tailing dam, illegal mining, enforcement of legal rights, decommissioning and reclamation cost estimates, future financing and personnel. There may be other factors that cause results, assumptions, performance, achievements, prospects or opportunities in future periods not to be as anticipated, estimated or intended. See “Risk Factors” in the Company’s 2008 Annual Information Form, Annual Management’s Discussion and Analysis and most recently filed prospectus available on SEDAR at www.sedar.com.

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially, from the results, performance or achievements that are or may be expressed or implied by such forward-looking information and statements contained in this presentation. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward- looking information. Forward-looking information and assumptions are as of January 11, 2010. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.

All figures are in United States dollars unless otherwise stated.

January 2010 3

Agenda

P e r f o r m a n c e

T h e p l a t f o r m s

T h e f u t u r e

January 2010 4

Kumtor 100%

Kyrgyz Republic MongoliaBoroo 100%

Gatsuurt 100%

Operating Locations

• Symbol CG on the TSX

• 234.8 million shares outstanding

• Market cap: $2.8 Billion (Jan.20)

• 2009 Gold Production 675,592 oz

• 2010 Expected Gold Production of 640,000 to 700,000 oz

January 2010 5

N E W A G R E E M E N T:

Share and Ownership Profile

• Symbol CG on the TSX

• 234.8 million outstanding shares

• New ownership reflects new agreement and Cameco secondary offering

2004 IPO - CG Ownership

Kyrgyzaltyn16%

Cameco53%

Public Shareholders

31%

New CG Ownership Profile

Public shareholders

67%

Kyrgyzaltyn33%

January 2010 6

Significant Valuation Gap

$8.8 B$8.3 B

$7.6 B$7.1 B$7.0 B

$2.8 B

$1.6 B$1.4 B

$3.0 B

$1.4 B

$5.6 B

Almos Gammon NewGold

Centerra PeterHambro

Iamgold LihirGold

Randgold Eldorado Yamana Agnico

Market Cap (Cdn$ - Jan. 20/10) of mid-tier gold producers

2009e

Gold Production (000’ oz)

305 350 477 1,108 1,100**GEO

500676 945160 479 333

January 2010 7

P / Consensus NAV

January 2010 8

Fourth Quarter Production

Gold production (‘000 oz)

Kumtor 247 525

Boroo 49 151

Consolidated Total 296 676

Cash at December 31, 2009 $320M $320M

Q42009

Full-year2009

Please refer to January 11, 2010 news release and MDA for the periods ending September 30, 2009 and 2008 and Caution Regarding Forward-Looking Information.

January 2010 9

Agenda

P e r f o r m a n c e

T h e p l a t f o r m s

T h e f u t u r e

January 2010 10

Boroo

2009

• 151,000 oz. gold

Two Solid Growth Platforms

• Financial resources • Operating expertise • Track record

Kumtor

2009

• 525,000 oz. gold

January 2010 11

K U M T O R

Untapped Exploration Potential

• Expanded mining concession

• Area of 26,300 hectares

1st Decline Portal2nd Decline Portal

January 2010 12

K U M T O R

Decline Development

January 2010 13

K U M T O R

Significant Potential for Reserve Expansion

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

January 2010 14

K U M T O R

Central Pit Area

KS10 Final Pit

SB Underground High-Grade Zone1.8M oz Inferred

Avg. Grade 17.0 g/t

Stockwork Underground Zone

0.6M oz InferredAvg. Grade 11.4 g/t

Approx. 1 kilometre

Portal

SB Underground Development Stockwork

Underground

Development

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

Approx. 1.5 kilometre

2nd Portal

January 2010 15

Stockwork Zone High-Grade Core

SB Zone High-Grade Core

570m

475m

425m max strike length beneath pit

width up to 50m, average approx. 20m

width up to 50m, average approx. 20m

North

K U M T O R

SB and Stockwork Zones

390m max strike length beneath pit

KS10 Final Pit

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

January 2010 16

K U M T O R

SB Underground Development

Stockwork Underground

Zone

KS10 Final Pit

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

Exploration drilling commenced June 2009

>30km Underground Drilling

Approximately 2km

Underground Development

Development to Date

SBUnderground

Zone

January 2010 17

K U M T O R

Stockwork Underground Development

SB Zone

KS10 Final Pit

StockworkUnderground

Zone

20.6g/t / 22.1mincludes

32.6g/t / 13.2m

11.1g/t / 20.3mincludes

16.2g/t / 13.4m

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

2nd Portal - Started

D1320

D1322

Approximately 2km Underground Development

>20km Underground

Drilling

January 2010 18

D1352

K U M T O R

SB Zone SW Extension

KS10 Final Pit

SB Zone

26.69g/t / 3.6m

20.10g/t */ 3.6m

4.27g/t / 4.8m

4.27g/t */ 4.8m

84.04g/t / 26.4mincl 327.35g/t / 6.2mincl 14.44g/t / 11.8m

19.42g/t* / 26.4mincl 52.18g/t*/ 6.2m

incl 14.44g/t* / 11.8m

Ian Atkinson is the Qualified Person for purposes of NI 43-101please see Centerra’s AIF and technical reports filed on SEDAR.

* Gold assays cut to 60 g/t

SB Zone

January 2010 19

K U M T O R

Kumtor – Section -26

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

January 2010 20

BordooGeophysical

surveys, follow up drilling

SarytorTest for high grade

at depth

SouthwestTest for high grade at depth

MuzdusuuTest for mineralization in FW stratigraphy

NortheastTest for near surface mineralization

on known structure

PetrovTest NE Extension of structure

Central Pit

AkbelGeophysical surveys,

follow up drilling

K U M T O R

Exploration Targets, Kumtor Concession Area

January 2010 21

Boroo

2009

• 151,000 oz. gold

Two Solid Growth Platforms

• Financial resources • Operating expertise • Track record

Kumtor

2009

• 525,000 oz. gold

January 2010 22

Mongolia Update

Actions• Windfall Profit Tax repealed as of Jan. 2011

• Resolved license suspension

• Advancing discussions on Gatsuurt Investment Agreement

• Q2-2009 Started road construction to Gatsuurt

Strategy• Expand processing options

• Develop ten years of production for mill

22

January 2010 23

Gatsuurt – Road Construction

January 2010 24

Gatsuurt – Central Pit Ground Work

January 2010 25

M O N G O L I A

Large Land Package, Next Development Gatsuurt

• Gatsuurt development– 55 km road from Boroo– Initial oxide production

by mid- 2010

• Current Reserves (000’s oz)– Boroo 615– Gatsuurt 1,005

1,620

• Current M&I Resources – 849,000 ounces

• Current Inferred Resources– 489,000 ounces

• Land package– 130,000 hectares

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

January 2010 26

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250250250250250250250250250250250250250250250250250250250250250250250250250 500500500500500500500500500500500500500500500500500500500500500500500500500

UzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistan

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ChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChina

TurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistan

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RussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussia

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RomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomania

BulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgaria

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BelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarus

CyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprus

GeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgia

Gaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza Strip

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JordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordan

KuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwait

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LithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuania

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Asia – Significant Exploration Potential

Copler6 M oz

Kisladag8 M oz

Ovacik1 M oz

Efemcukuru2 M oz

Vasilkovskoe11 M oz Bakyrchik

13 M oz

Muruntau180 M oz

Amantaytau3.5 M oz

Daugyztau6 M oz

Kochbulak3 M ozJilau

3 M ozZarmitan

8 M oz

Kuru-Tegerek2 M oz

Jerooy3 M oz

Axi2.2 M ozTaldybulak Lev.

5 M oz

Kumtor19 M oz

OksutSTI JV

ArtvinKefi JV

ElmaliEMX JV

AkarcaEMX JV

26

Varvarinskoye5 M oz

January 2010 27

Exploration Initiatives

• Tonopah Divide – Nevada, USA

• Elmali/Akarca (EMX) – Turkey

• Artvin (KEFI) – Turkey

• Oksut (Stratex) - Turkey

• Kara Beldyr – Tyva Republic, Russia

• Illichy – Amur Oblast, Russia

January 2010 28

Agenda

P e r f o r m a n c e

T h e p l a t f o r m s

T h e f u t u r e

January 2010 29

Our Focus is Clearly on Growth

1. Secure the current assets

2. Maximize existing operations

3. Expand our exploration

4. Acquisitions or JV’s

January 2010 30

Expanding Our Project Pipeline

Kumtor – Open Pit

Boroo – Oxide Mill

Kara-Beldyr (Russia)

Tonopah (Nevada)

Artvin (Turkey)

Akarca/Elmali (Turkey)

Gatsuurt - Oxide

Kumtor – SB Underground

Kumtor – Stockwork Underground

Gatsuurt – Bio-Oxidation

Boroo – Heap Leach

Exploration Feasibility Development Operations

Kumtor – Regional

Mongolia – Regional

Oksut (Turkey)

Illichy (Russia)

January 2010 31

Priorities for 2010

• Kumtor– expand exploration– accelerate underground

development

• Boroo/Gatsuurt– Investment Agreement– complete road– oxide development– build bio-oxidation

circuit

• Investment– increase regional

exploration– pursue acquisitions

January 2010 32

I N S U M M A R Y

Centerra: The Future is Bright

2009 results – demonstrate strong performance record

Financially strong – an advantage today

Operations – advancing on all fronts

Growth – more aggressive stance

Current low valuation – opportunity

Appendix

January 2010 35

Price Volume History Since Jan 09

January 2010 36

Share and Ownership Profile

Institutional OwnershipGeographic Breakdown

Other1%

US36%

Europe35%Canada

28%

Centerra Ownership

Institutional52%

Insiders33%

Retail15%

(34 million shares)

(123 million shares)

January 2010 37

Providing Social and Economic Support

Kyrgyz Republic

• 96% of employees are Kyrgyz nationals

• Issyk-Kul region set up an agro engineering centre and projects to improve pasture management, vegetable production and processing

• Established a micro crediting agency

• Increase local fish stocks and encourage fishing industries

• Biodiversity conservation to improve the Sary-Chat Ertash National Wildlife Park

Mongolia

• 94% of employees are Mongolian nationals

• Partners in the World Vision Sprinkles program to improve the health of Mongolian children

– Eg. Vitamin D additives to combat Rickets

• Community development programs– Centre for traditional medicine– Small/family business loan program– Agricultural Educational Centre– Community Centre & Hospital

improvement projects

January 2010 38

Signed on April 24, 2009

Approved by Parliament on April 30, 2009

Signed by President on May 2, 2009

38

Closed on June 11, 2009

Recognition by the Constitutional Court that ANT conforms to the Kyrgyz Constitution on June 2, 2009

K U M T O R

Agreement on New Terms

January 2010 39

K U M T O R

Kumtor: New Agreement

Major Terms

• Stable, simplified tax regime

• Expanded mining concession

• Centerra to issue 18.2 million shares to Kyrgyz Government

• Cameco to transfer up to 25.3 million shares

• Upfront payment of $22.4 million

• An additional independent director Nominated

39

January 2010 40

K U M T O R

High-Potential Exploration 4.9M oz Proven & Probable Reserves

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

January 2010 41

K U M T O R

High-Potential Exploration 4.9M oz Proven & Probable Reserves

Bordoo Target (5 km)

Sarytor Pit (4 km)

Stockwork Underground

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

SB Zone

NE Target (3 km)

Petrov Target (5 km)

Akbel Target (8 km)

Central Pit

January 2010 42

K U M T O R

Underground Development

Mineralization at 3800m elevation

KS10 Pit Outline

Waste Dump

Waste Dump

Waste Dump

January 2010 43

PETROV G

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PETROV G

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LACIE

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LACIE

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NORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEAST

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LYSIY GLACIER

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LYSIY GLACIER

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LYSIY GLACIER

LYSIY GLACIER

LYSIY GLACIER

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DAVIDOV GLACIER

DAVIDOV GLACIER

DAVIDOV GLACIER

DAVIDOV GLACIER

DAVIDOV GLACIER

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DAVIDOV GLACIER

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DAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOV

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R GLA

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RYTOR G

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R GLA

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RYTOR G

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R GLA

CIERSA

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WASTEWASTEWASTEWASTEWASTEWASTEWASTEWASTEWASTEDUMPDUMPDUMPDUMPDUMPDUMPDUMPDUMPDUMP

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kilometre

4400

m

4000

3800

3400

4200

3600

NE

32003200

SW

4200

3600

3800

4000

4400

3400

m

PETROV GLACIER

NORTHEASTAREA

LYSIIAREA

LYSYI GLACIER

"NB" zone

"North"

"Stockwork"

CENTRAL PIT

"South"Waste dump

"SB" zoneDesign Decline

DAVIDOV GLACIER

SOUTHW ESTPIT

SARYTORAREA

SARYTOR GLACIER

BORDOOAREA

BORDOO GLACIERVALLEY

AKBELAREA

WEST-BORDOO GLACIERVALLEY

K U M T O R

Exploration Targets

Longitudinal Section Through Kumtor Concession Area

Longitudinal Section LineLongitudinal Section Line

16 kilometres

Decline in ProgressDecline2 - Planned

3800m elevation blocks > 1.0 g/t

January 2010 44

Gatsuurt – Pending Development

• 100% owned by Centerra

• 35 km east of Boroo mine

• Feasibility study completed

• Reserves and resources registered with Government

• Development subject to investment agreement

• Reserves: 1.0 M contained ounces (9.1Mt @ 3.4 g Au/t)

• Resources(1): 0.6 M contained ounces(6.2 Mt @ 3.0 g Au/t)

• Production at Boroo facility

• Subject to 3% NSR

Reserves and resources as at December 31, 2008. Resources do not include reserves. Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see AIF and technical reports filed on SEDAR.(1) Measured and Indicated

EXPANSION

January 2010 45

Gatsuurt Project Pit Designs

January 2010 46

Mongolia – Exploration 2010

YeroogolTrend

Khuder Target:Drilling, Trenching &

GeophysicsLimestone

Project:Resource

Confirmation

Boroo Deposit &Borogol District:Target Definition

Gatsuurt Deposit &Dzuun Mod District:

Trenching, Geophysics & Geochemistry

Shiver Target

Khar Mod Target

Yalbag District:Trenching & Drilling

Buguntay:Target Definition

Ulaan Bulag:Resource Delineation

Exploration License

Mining License

January 2010 47

Turkey - Four Joint Venture Projects

Joint Venture Project200 kilometres

Elmali - EMX

Akarca - EMX

Artvin - Kefi

PONTIDES

ANATOLIDES

ARABIAN PLATFORM

CENTRALANATOLIANCOMPLEX

ISTANBUL

TERRANE

Copler

Kisladag

Ovacik

Istanbul

ANKARA

Oksut - STI

January 2010 48

Russia Joint Ventures

KazakhstanKazakhstan

ChinaChina

MongoliaMongolia

RussiaRussia

KyrgyzstanKyrgyzstan

Known Au Mines/Deposits

BorooBoroo

KumtorKumtor

IllichyIllichy

AmurTyva

Kara BeldyrKara Beldyr

January 2010 49

Kara Beldyr – Q1/09 Shallow Drilling, Au in Soil

EG Zone

Conglomerate Zone

170 holes, 1,597 m

2000 metres

January 2010 50

Nevada: JV Tonopah

Centerra Property

Carlin-type Deposit Trend

Centerra Property

Reno

Elko

100 miles

100 kilometres

Las Vegas

Carlin

Getchell

Independence

BattleMtn-

Eureka

NEVADA

Hice

Cortez

REN

Redrock

TonopahDivide

January 2010 51

Tonopah Divide Project

C.I.=2 nTColors nT

ULTRALIGHT AEROMAG SURVEY

RTP Mag Intensity