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November 2011
Steve Lang, President and CEO
Caution Regarding Forward-Looking Information
This presentation and the documents referred to herein contain statements which are not statements of current or historical facts and are “forward-looking information” within the meaning ofapplicable Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities todiffer materially from those expressed or implied by such forward-looking information. Wherever possible, words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”,“intends”, “continue”, “budget”, “forecast”, “projections”, “estimate”, “may”, “will”, “schedule”, “potential”, “strategy” and other similar expressions have been used to identify forward-lookinginformation. These forward-looking statements relate to, among other things, Centerra’s expectations regarding the impact of the Water and Forest Law on the Company’s Mongolian operationsand the potential need to write off the Company’s investments in Gatsuurt and Boroo or reclassify mineral reserves if the Water and Forest Law is not repealed or amended, the timing of thediscussion of the Water and Forest Law amendment in the Mongolian Parliament, the application of the Graduated Royalty Fee on the Company’s Boroo operations, future growth, results ofoperations (including, without limitation, future production and sales, and operating and capital expenditures), performance (both operational and financial), business and political environmentand business prospects (including the timing and development of new deposits (including the ATO (Altan Tsagaan Ovoo) deposit) and the success of exploration activities), outcome of litigationinvolving Centerra, the timing for completing an update of Boroo’s closure study, the payment schedule for the balance of funds owed to the Kyrgyz Republic Social Fund and the discussionunder the heading “Outlook for 2011”, including the forecasted gold production and cash costs, exploration expenditures and exploration plans.
Although the forward-looking information in this presentation reflects Centerra’s current beliefs as of the date of this presentation based on information currently available to management andbased upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressedor implied will be consistent with such forward-looking information. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while consideredreasonable by Centerra, are inherently subject to significant political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actualresults to differ materially from those projected in the forward-looking information.
Material assumptions used to forecast production and costs include those described under the heading “Outlook for 2011”. Other factors that could cause actual results or events to differmaterially from current expectations include, among other things: the sensitivity of the Company’s business to the volatility of gold prices; the political risks associated with the Company’soperations in the Kyrgyz Republic and Mongolia; the impact of changes in, or more oppressive enforcement of, laws, regulations and government practices in the jurisdictions in which theCompany operates; the effect of the November 2010 amendments to the 2006 Mongolian Minerals Law on the royalty payments payable in connection with the Company’s Mongolian operations;the effect of the Water and Forest Law on the Company’s operations in Mongolia; the impact of continued scrutiny from Mongolian regulatory authorities; in the Kyrgyz Republic, the impact ofchanges to, or the increased enforcement of, environmental laws and regulations relating to the Company’s operations; the Company’s ability to replace its reserves; ground movements at theKumtor Mine; waste and ice movement at the Kumtor Mine; litigation; the accuracy of the Company’s reserves and resources estimate; the accuracy of the Company’s production and costestimates; the success of the Company’s future exploration and development activities; competition for mineral acquisition opportunities; the adequacy of the Company’s insurance;environmental, health and safety risks; defects in title in connection with the Company’s properties; the impact of restrictive covenants in the Company’s revolving credit facility; the Company’sability to successfully negotiate an investment agreement for the Gatsuurt development property to complete the development of the mine and the Company’s ability to obtain all necessarypermits and commissions needed to commence mining activity at the Gatsuurt development property; seismic activity in the vicinity of the Company’s operations in the Kyrgyz Republic andMongolia; long lead times required for equipment and supplies given the remote location of the Company’s properties; illegal mining on the Company’s Mongolian properties; the Company’sability to enforce its legal rights; the Company’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability to obtain future financing; the impact of current globalfinancial conditions; the impact of currency fluctuations; the effect of recent market conditions on the Company’s short-term investments; the Company’s ability to attract and retain qualifiedpersonnel; the Company’s ability to make payments including payments of principal and interest on the Company’s debt facilities; risks associated with the conduct of joint ventures; risksassociated with the Company’s largest shareholder, Kyrgyzaltyn JSC; and possible director conflicts of interest. 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 most recently filed Annual Information Formavailable 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 statements contained inthis presentation. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance onforward-looking information. Forward-looking information is as of November 3, 2011. Centerra assumes no obligation to update or revise forward-looking information to reflect changes inassumptions, 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.
November 2011 2
Kyrgyz Republic Mongolia
● Year-to-date 2011 gold production 490,818 oz @ cash costs of $474/oz● 2011 expected gold production of 640,000 to 660,000 oz @ cash costs of
$480 to $500/oz
Russian Federation
China
Kazakhstan Mongolia
BorooGatsuurt
Ulaanbaatar
Russian Federation
Mongolia
China
Kazakhstan
Kumtor
Kyrgyz Republic
Two Solid Growth Platforms
ATO
November 2011 3
Share and Ownership Profile
● Symbol CG on the TSX, 236,307,533 common shares issued
● Market capitalization approximately CDN$5 Billion
● Strong financial position, no debt
● Annual dividend CDN$0.10 + 2011 special dividend CDN$0.30
Share Ownership
Kyrgyzaltyn JSC
33%
Retail shareholders
19%
Institutional shareholders
48%
November 2011 4
Strong Operating Performance
676679
640-660
Kumtor
Boroo
2009 2010 2011E
2010 Production:– Kumtor – 567,802 oz– Boroo – 111,139 oz
2011 Estimated Production:– Kumtor 580,000 – 600,000 oz– Boroo 60,000 oz
Gold Production(‘000 oz)
November 2011 5
Strong Financial Performance YTD-2011
Gold production (‘000 oz) 491 429
Total cash cost ($/oz) $474 $521
Average realized gold price ($/oz) $1,534 $1,163
Revenues $772M $528M
Net Earnings $292M $172M
Earnings per share $1.23 $0.73
Cash from operations $367M $140M
Cash and Short-term investments $537M $414M1
Sept. 302011
Sept. 302010
Please refer to November 3, 2011 news release, MD&A and unaudited Financial Statements and Notes for the nine months-ended September 30, 2011 and Caution Regarding Forward-Looking Information1. December 31, 2010
November 2011 6
-7,500
-6,500
-5,500
-4,500
-3,500
-2,500
-1,500
-500
500
1,500
2,500
3,500
4,500
5,500
6,500
7,500
8,500
2003 2004 2005 2006 2007 2008 2009 2010
Boroo Ounces MinedKumtor Ounces MinedGatsuurt ReservesBoroo ReservesKumtor Reserves
Centerra – Reserves and Ounces MinedA
u O
un
ces
( ‘0
00
’s )
Reserves
7.1 million Cumulative
Ounces Mined Since
2003
8.2 millionounces
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.November 2011 7
Kyrgyz Republic MongoliaRussian Federation
China
Kazakhstan Mongolia
BorooGatsuurt
Ulaanbaatar
Russian Federation
Mongolia
China
Kazakhstan
Kumtor
Kyrgyz Republic
Two Solid Growth Platforms
Kumtor Reserves and Resources
● P & P – open pit 6.3 m oz● M & I – open pit 4.1 m oz● Inferred – open pit 0.8 m oz
● Inferred – underground2.0 m oz
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
● YTD 2011 gold production 444,460 oz @ cash costs of $454/oz● 2011 expected gold production of 580,000 to 600,000 oz @
cash costs of $460 to $480/ozNovember 2011 8
K U M T O R
Concession Area
● Area of 26,300 hectares
● Concession expires 2042
● 14% revenue-based tax
● 2 portals in place
● Declines advancing
1st Decline Portal2nd Decline Portal
November 2011 9
December 31st 2009
K U M T O R
Central Pit - Longitudinal Section
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.November 2011
September 30th 2011
No Data
No Data
KS11 Pit Design
KS10 Pit Design
Decline PositionSept. 30, 2011
Decline PositionsSept. 30, 2011
10
K U M T O R
Improved Kumtor Open Pit LOM Plan
300
350
400
450
500
550
600
650
700
2011 2012 2013 2014 2015 2016
2009 LOM2011 LOM
Gold Production (‘000 oz)
November 2011 11
1st
Portal
2nd
Portal
North
KS11 Final Pit
560m435m max
strike length beneath pit
width up to 50m, average approx. 20m
width up to 50m, average approx. 20m
390m max strike length beneath pit
SB Underground High-Grade Zone
1.4M oz Inferred @ 15.3 g/t
Stockwork Underground Zone
0.6M oz Inferred @ 12.1 g/t
K U M T O R
Underground Development
Decline1 PositionSept. 30, 2011
Stockwork Decline Position
Sept. 30, 2011
Decline2 PositionSept 30, 2011
November 2011 12Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
K U M T O R
New Exploration Areas
Kumtor Concession 263 km2
Karasay License 139 km2
Koendy License 134 km2
Kumtor Central Pit
SouthwestDesign Pit
Sarytor Design Pit
0 5 10
kilometres
November 2011 13
25 26 km242320 21 2218 1915 16 1711 12 14138 9 104 5 6 71 2 30
3800
3400
SSEBESHMOYNOK
RIDGE
KARASAYVALLEY
KARASAYPROSPECT
TARGET
SCHEMATIC GEOLOGICAL CROSS-SECTION - LINE A-A'(vertical exaggeration 1:2)
AKSHYRAKRIDGE
KARASAYGLACIER
KUMTORDEPOSIT
4600NNW
KUMTORVALLEY
4200
NIK
OLA
EVLI
NE
ATB
ASH
I-IN
ILC
HEK
FAU
LT
S2-D1C2
S1?C3S2-D1Pg-N
D2-3S1?
VPR1?sr
C1-2 V R3-VPR1?sr
Pg-N C1
5.000
kilometers
0
Known mineralization zone
Other major Paleozoic faults
Supposed mineralization zone
Major Alpine steep faults
Recent sediments (QIII-QIV)
Major Alpine thrust
Major Paleozoic thrust
Glacier
Ophiolitic melange (O?)
Sericitic shale (S2-D1); hornfels
Basalt (S2-D1); hornfels
Specled shale (O3-S1?)
Quartz-biotite schist, metabasalt (O-S1?)
Limestone (C1-2); sandstone (C1)
Red clay, conglomerate-breccia (Pg-N) Red-brown conglomerate (C2)
Marblized limestone with gypsum (D2-3)
Arkoses, tuffs, basalts, rhyolites (R3-V) Granite, granodiorite (C3)
Middle Tien-Shan South Tien-Shan
Gneiss, marble, schists (PR1)
Alpine tectonic melange
Ore-bearing rocks - phyllites (Cm-V)
Black cherty, limestone (Cm2-O1)
Granite, diorite (PR?sr)
Aulerolite (O1-2)
Sandstone (O2-3)
Legend:
5SCHEMATIC GEOLOGICAL CROSS-SECTION, LINE A-A’
KUMTORDEPOSIT
KARASAYPROSPECT
TARGET
K U M T O R
Karasay Prospect
November 2011 14
Kyrgyz Republic MongoliaRussian Federation
China
Kazakhstan Mongolia
BorooGatsuurt
Ulaanbaatar
Russian Federation
Mongolia
China
Kazakhstan
Kumtor
Kyrgyz Republic
Two Solid Growth Platforms
Mongolian Reserves and Resources
● Proven & Probable Reserves– Boroo 0.4 m oz– Gatsuurt 1.5 m oz
● Measured & Indicated Resources– Boroo 0.24 m oz– Gatsuurt 0.43 m oz
● Inferred Resources– Boroo 0.23 m oz– Gatsuurt 0.49 m oz
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
● YTD-2011 gold production 46,358 oz @ cash costs of $664/oz
● 2011 expected gold production of 60,000 oz @ cash costs of $750/oz
ATO
November 2011 15
M O N G O L I A
Gatsuurt Deposit
Dulaahhaan
Suhbaatar
BatsumberBornuur
Mandal
Dzuunharaa
Sharingol
Dzuunmod
Nalayh
ULAANBAATAR
Bayanchandmani
Darhan
Yoroo
ShaamarDzuunburen
Jargalant
Barunnharaa
Orhon
Sant
AltanbulagArhust
Bayandelger
SonginoLun
BayantsogtDumdaUrtaiin
Bayshing
Ugtaaltsaydam
GATSUURTDEPOSIT
BOROO MINE
ULAAN BULAGDEPOSIT
RUSSIA
MONGOLIA
50°N
50°N
49 °N
49°N
48°N
48°N
108°E
108°E
107°E
107°E
106°E
106°E
Drawing modified after Strathcona 2004.
Lambert Conformal Conic ProjectionDatum: Pulkovo 1942, Russia
0 50
kilometres
MONGOLIA
Detailed Map Area
November 2011 16
M O N G O L I A
Mongolia Update
● Boroo Heap Leach permit pending – Potential to add about 2,500 oz per month
● Gatsuurt road construction and site prep complete
● Gatsuurt approvals pending– Ready to begin production of oxide ore on receipt of final approvals
● Expand processing options, add bio-oxidation facility
November 2011 17
Prov ince boundary
Mining license
Exploration license
Railway
Main road
LEGEND
20 0 20 40
Kilometers
ULAANBULAG PROJECT
DARKHAN PROJECT
BOROO PROJECT
GATSUURT PROJECT
YALBAG PROJECT
KHUDER PROJECT
TOLGOIT PROJECT
MUNKH KHAAN PROJECT
UUL BAYAN PROJECT
46.5
°
106 °
48 °
49.5
°
109 °107.5 °
106 ° 107.5 ° 109 °
110.5 ° 112 ° 113.5 °
113.5 °110.5 ° 112 °
48 °49.5 °
46.5 °
0 50kilometres
100
Darkhan-Uul
Selenge
Sukhbaatar
Tuv
Khentii
Dornod
Darkhan-Uul
Selenge
Sukhbaatar
Tuv
Khentii
Dornod
Microsoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft Corporation
Province boundary
Mining license
Exploration license
Railway
Main road
LEGEND
M O N G O L I A
ATO Location and Land Holdings in Mongolia
YeroogolAu Trend
Onon Au–AgBase metal Trend
UlaanbaatarChoibalsan
Russia
ATO Project
November 2011 18
Pipe 4
Pipe 1
Pipe 2Pipe 3
M O N G O L I A
Altan Tsagaan Ovoo (ATO)
November 2011 19
M O N G O L I A
ATO Prospect, Drillhole Location Plan Map
November 2011 20Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
M O N G O L I A – Q3 2011
ATO Prospect, Section 11 SE
November 2011 21Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
M O N G O L I A
ATO District Targets
ATO
DavkharTolgoi
BayanMunkh
HighLand
BayanGol
DuutNuur
5 kilometres22November 2011
1
2
3
Our Focus is on Growth
Maximize existing operations
Expand our exploration
Acquisitions or JV’s
Growth
November 2011 23
Expand Our Exploration
$25
$31
$40
2009 2010 2011E
● Over 50% of 2011 exploration budget on our land holdings
– Kumtor: $13M– Mongolia: $9M– JV’s in Russia, Turkey,
Nevada
● Kumtor focus– SB and Stockwork Zones– Regional drilling– Karasay and Koendy Projects
● Mongolia focus– ATO and other land holdings
ExplorationExpenditures
$M
November 2011 24
Expand Exploration; Significant Potential in Asia
Peschanka-Chukotskiy2.7 M oz
Chang Shan Hao 217 8.0 M oz
Oyu Tolgoi26.4 M oz
Ereen2.6 M oz
Olon Ovoot1.9 M oz
Sukoi Log44.8 M oz
Lugokanskoye5.3 M oz
Brystrinskoye8.9 M oz
Chertovo Koryto5.6 M oz
Kuranakh6.8 M oz
Golets Visochaishiy2.6 M oz
Baleyskoe5.1 M oz
Taseyevskoe4.6 M oz
Itakinskoye3.2 M oz
Copler6 M oz
Vasilkovskoe11 M oz
Bakyrchik13 M oz
Muruntau180 M oz
Amantaytau3.5 M oz
Kuru-Tegerek3.1 M oz
Jerooy3.3 M oz
Arxi5.6 M oz
Taldybulak L.1.0 M oz
Varvarinskoye5 M oz
Taldybulak6.2 M oz
Charaat4 M oz
Maoling7.6 M oz
Golden Hills1.1 M oz
Olympiada13 M oz
Titimukhta2.6 M oz
Bobolyubovo2.2 M oz
Vorontosovskoe2.6 M oz
Blagodatnoe8.4 M oz
Svetlinskoye1.5 M oz
Yubileyniy-Bashkortostan
5.1 M oz
Efemcukuru2 M oz
Daugyztau6 M oz
Kochbulak3 M oz
Jilau3 M oz
Zarmitan8 M oz
Unkurtask5 M oz
Kisladag8 M oz
Ovacik1 M oz
Jinfeng8.2 M oz
Laizhou10.7 M oz
Yingezhuang5.2 M oz
Zenyuan5.2 M oz
Anba2.9 M oz
Dachang2.9 M oz
Baguamiao2.8 M oz
Zijinshan2.8 M oz
Jinling2.7 M oz
Chongli Zijin2.3 M oz
Natalka68.6 M oz
Nezdaninskoye13.8 M oz
Kupol4.3 M oz
Kubaka2.6 M oz
Malomyr5.3 M oz
Pioneer5.3 M oz
Bamskoe (Chulbango)
3.1 M oz
Makmal1.7 M oz
Mnogovershinnoe2.3 M oz
Overnovskoe3.3 M oz
Veduga4.8 M oz
Centerra brings unique expertise
OksutSTI JV
ElmaliEMX JV
AkarcaEMX JV
Kara BeldyrCAG JV
ATO
Boroo2.5 M oz
Gatsuurt2 M oz
Kumtor19 M oz
Centerra Property
Centerra JV
Gold Deposit > 2M oz
Known Gold Deposit
AltunhisarSTI JV
LaogouxiHDS JV
DvoinoyeJV
November 2011 25
Appendix
KUMTOR 3770EL Bench Plan
Blasthole Data & Reserve Shell Outlines
1 g/t Au shell
7 g/t Au shell
>10 g/t10 – 7 g/t7 – 3 g/t3 – 1 g/t1 - 0.1 g/t
Blasthole Au Grade
40 metres
1 g/t Au shell
7 g/t Au shell
>15 g/t15 – 10 g/t10 – 7 g/t7 – 3 g/t3 – 1 g/t1 - 0.5 g/t0.5 – 0.1 g/t
Blasthole Au Grade
40 metres
November 2011 28
29
KUMTOR
Underground Development
Sarytor Design Pit
Southwest
Design Pit
Kumtor
Central Pit
KS11 Outline
STOCKWORK ZONE
SB ZONE
SADDLE ZONE
Mineralization >1.0 g/t Au at 3898m Elevation
Progress to Sept. 30, 2011waste dump
waste dump
waste dump Progress to Sept.
30, 2011
Progress to Sept. 30, 2011
November 2011
30
KUMTOR
Exploration Targets
PetrovLake
AKBEL
MUZDUSUU
BORDOO
NORTHEAST
PETROV
SARYTOR PIT
SOUTHWEST PIT
CENTRAL PIT
waste dump
waste dump
waste dump
16 kilometres
Longitudinal Section Through Kumtor License Area4400
m
4000
3800
3400
4200
3600
32003200
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
Decline 1 Position Sept. 30, 2011
Decline 2 Position Sept. 30, 2011
Stockwork Decline Position Sept. 30, 2011
November 2011
106 °
50 °
114 ° 116 °
50 °
106 ° 108 ° 110 °
48 °
108 ° 110 ° 112 °
112 °
114 ° 116 °
48 °
75 1500
kilometres
ULAANBAATAR
T U V
D A R K H A N- U U L
S E L E N G E
S U K H B A A T A R
D O R N O D
Undurkhaan
Baruun-Urt
Choibalsan
Sukhbaatar
ULAANBAATAR
T U V
D A R K H A N- U U L
S E L E N G E
S U K H B A A T A R
D O R N O D
K H E N T I I
G O V I S U ' M B E R
N
Land Holdings Mongolia
Khuder
Project
Tolgoit
Project
Yalbag
ProjectBoroo
Mine Gatsuurt
DepositUlaanbulag
Project
Darkhan
Project
Uul Bayan
Project
Munkh Khaan
Project
ATO
PROJECT
Russia
ChinaMongolia
Exploration License
Mining License
Railway Line
Major Road
November 2011 31
KARA BELDYR – Q3 2011
Drillhole Location Plan Map
2.5 km
Gord ZoneCamp Zone
Ezen Zone
Kara Beldyr Property
32.9 km2
Tyva Republic
November 2011 32
KARA BELDYR – Q3 2011
Gord Zone, Section 1650NW
Note: All assays reported are actual values with no top cutting factor applied.
November 2011 33
KARA BELDYR – Q3 2011
Ezen Zone, Section 900NW
Note: All assays reported are actual values with no top cutting factor applied.
November 2011 34
KARA BELDYR – Q3 2011
Camp Zone, Section 2200NW
Note: All assays reported are actual values with no top cutting factor applied.
November 2011 35