Scotiabank 2015 Mining Conferences3.amazonaws.com/cg-raw/cg/events_presentations/Scotia-Dec15-h… · Scotiabank 2015 Mining Conference Scott Perry, Chief Executive Officer December

Scotiabank 2015 Mining ConferenceScott Perry, Chief Executive OfficerDecember 2015

Caution Regarding Forward-Looking Information

Information contained in this presentation which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securitieslaws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by suchforward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: expectations relating to the Company’s cash flow, cash and short-term investments, future business plans, production and costestimates, reserve and resource estimates, development project pipeline, future dividends, exploration opportunities, grades, strip ratios and recoveries, and future financing; matters specific to the Öksüt Project, includingtiming and manner of future mining and processing, financial projections, including net present value and internal rate of return; matters specific to the Greenstone Property, including investments into the project, futuretax savings, the timing of a bankable feasibility study and sensitivities; matters specific to the Gatsuurt Project, including expected mine life and capital estimates; matters relating to the Kumtor Project, includingunderground opportunities and business process opportunities.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, economic andcompetitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward looking information. Factors that could cause actual results orevents to differ materially from current expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in the Kyrgyz Republic,Mongolia and Turkey; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practicesin the jurisdictions in which the Company operates including any unjustified civil or criminal action against the Company, its affiliates or its current or former employees; the impact of any actions taken by the KyrgyzRepublic Government and Parliament relating to the Kumtor Project Agreements which are inconsistent with the rights of Centerra and KGC under the Kumtor Project Agreements; any impact on the purported cancellationof Kumtor’s land use rights at the Kumtor Project pursuant to a court claim commenced by the Kyrgyz Republic GPO; the risks related to other outstanding litigation affecting the Company’s operations in the KyrgyzRepublic and elsewhere; the impact of the delay by relevant government agencies to provide required approvals and permits, including the delay currently being experienced at the Kumtor Project over the Kumtor 2015 lifeof mine plan and ecological passport; the rights of the Mongolian Government to take an interest or special royalty in the Gatsuurt Project as a result of the deposit being declared a strategic deposit, and the terms of anysuch participation; the impact of changes to, the increased enforcement of, environmental laws and regulations relating to the Company’s operations; the impact of any sanctions imposed by Canada, the United States orother jurisdictions against various Russian individuals and entities; the ability of the Company to negotiate successful development agreements for Gatsuurt; potential defects of title in the Company’s properties that are notknown as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; the presence of a significant shareholder that is a state-owned company of the KyrgyzRepublic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Centerra’s future exploration and development activities not being successful; Centerra not being able toreplace mineral reserves; difficulties with Centerra’s joint venture partners; and aboriginal claims and consultative issues relating to the Company’s 50% interest in the Greenstone Gold Property; potential risks related tokidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold prices, the imprecision of the Company’s mineral reserves and resourcesestimates and the assumptions they rely on, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants in the Company’s revolving credit facility which may, among other things,restrict the Company from pursuing certain business activities, the Company’s ability to obtain future financing, the impact of global financial conditions, the impact of currency fluctuations, the effect of market conditionson the Company’s short-term investments, the Company’s ability to make payments including any payments of principal and interest on the Company’s debt facilities depends on the cash flow of its subsidiaries; and (C)risks related to operational matters and geotechnical issues, including: movement of the Davidov Glacier and the waste and ice movement at the Kumtor Project and the Company’s continued ability to successfully managesuch matters, including the continued performance of the buttress; the occurrence of further ground movements at the Kumtor Project and mechanical availability; the success of the Company’s future exploration anddevelopment activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of theCompany’s insurance to mitigate operational risks; mechanical breakdowns; the Company’s ability to obtain the necessary permits and authorizations to (among other things) raise the tailings dam at the Kumtor Project tothe required height; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiate collective agreements whenrequired; the risk that Centerra’s workforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’s operations in the Kyrgyz Republic and Mongolia; long lead times required forequipment and supplies given the remote location of some of the Company’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; illegal mining on theCompany’s Mongolian properties; the Company’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisitionopportunities; and risks associated with the conduct of joint ventures/partnerships, including the Greenstone Gold Partnership; the Company’s ability to manage its projects effectively and to mitigate the potential lack ofavailability of contractors, budget and timing overruns and project resources. See “Risk Factors” in the Company’s 2014 Annual Information Form available on SEDAR at www.sedar.com.

Furthermore, market price fluctuations in gold, as well as increased capital or production costs or reduced recovery rates may render mineral reserves containing lower grades of mineralization uneconomic and mayultimately result in a restatement of reserves. The extent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of their profitable recovery. Economic andtechnological factors which may change over time always influence the evaluation of reserves or resources. Centerra has not adjusted mineral resource figures in consideration of these risks and, therefore, Centerra cangive no assurances that any mineral resource estimate will ultimately be reclassified as proven and probable reserves. There can be no assurances that forward-looking information and statements will prove to beaccurate, 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 maybe expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, andprospective investors should not place undue reliance on forward looking information. Forward-looking information is as of December 1, 2015. Centerra assumes no obligation to update or revise forward looking informationto reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law. Except as otherwise noted herein, Gordon Reid,Professional Engineer and Centerra’s Vice President and Chief Operating Officer, has reviewed and approved the scientific and technical information contained in this presentation. Mr. Reid is a Qualified Person within themeaning of NI 43-101. For more information, please refer to the Company’s 2014 AIF and the technical reports referenced therein, which are available on SEDAR. All figures are in United States dollars unless otherwisestated.

December 2015 2

Industry Experience Background

19 years• Appointed Chief Executive Officer in November, 2015

• Former Chief Executive Officer at AuRico Gold

25 years • Appointed President in November, 2015

• Joined Centerra in 2004

30 years• Appointed Chief Operating Officer in 2013


28 years• Appointed Chief Financial Officer in 2008


SCOTT PERRYChief Executive Officer

FRANK HERBERTPresident

GORDON REIDChief Operating Officer

Centerra: Senior Management

JEFF PARRChief Financial Officer

December 2015 3

Built for Success

Internationally Diversified Gold Producer

Up to 520kozpa at AISC1 of up to $850 per ounce

Significant operational cash flow profile

Internally funded, late-stage development pipeline

Projects drive 100% increase in gold production by 2020

Net Cash Position of US$461MM2

Trading at a discount to peers

Quarterly Dividend Distributions (2.3% Yield4)

Positive Retained Earnings of US$737MM2

Centerra: Built For Success

Consistent Kumtor Open Pit Gold Production Next 5 Years

Profitably Growing to 1Moz’s Per Annum

December 2015 4

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

0

200,000

400,000

600,000

2014 2015 2016 2017 2018 2019 2020

grad

e g/

t

ounc

es

0

1,000

Kumtor Oksut Gatsuurt Greenstone Total

Oun

ces

(000

’s)

Centerra: Capital Markets Overview

Strong Balance Sheet (US$)

Debt$76MM

Cash$537MM

(as of Sep. 30, 2015)

Stable Share Count

Share Price(as of Nov.12, 2015)

C$7.24

Basic Shares Outstanding 236.7MM

Market Capitalization C$1,713MM

Cash on Hand2 US$537MM

Debt2 US$76MM

Enterprise Value US$826MM

Capital Structure (CG:TSX)

December 2015 5

216.2 216.3 216.3 226.7 235.5 236.1 236.4 236.4 236.4 236.7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

mill

ions

Top Ten Shareholders3

32.7% Kyrgyzaltyn JSC

10.0% Van Eck Associates

9.6% Paulson & Co

3.9% BlackRock Investment Management (UK)

1.9% Dimensional Fund Advisors

1.9% Capital Guardian Trust Company

1.9% USAA Investment Management Company

1.2% BlackRock Asset Management Canada

1.1% Gabelli Funds

1.0% Capital International Inc.

Centerra: Capital Markets Profile

Diversified Portfolio (Consensus NAV)

Shareholder Base

Retail, 22%

Institutional, 45%

Kyrgyzaltyn JSC, 33%

December 2015 6

Kumtor, 55%

Öksüt, 17%

Gatsuurt, 16%

Greenstone, 12%

Centerra: Internationally Diversified Portfolio

December 2015 7

170U/G miners

240U/G miners

240U/G miners

Centerra:Robust Financial Margins in all Cycles

YE target of 4,000tpd

2013 Company-Wide Cash Flow Profile

2014 Company-Wide Cash Flow Profile

Operating Cash Flows $484 MM

Cash Flows Invested $331 MM

Operating Cash Flows $376 MM

Cash Flows Invested $282 MM

December 2015 8

Cash Balances + Cumulative Dividends

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0

200

400

600

800

1,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015YTD

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Cumulative Dividends Cash Balance Gold Price

Centerra: Shareholder Value Creation

Financial Discipline Equals Peer Leading Dividend Distributions

Historical cumulative dividend payments of US$233 million

Peer leading dividend

Quarterly dividend distribution of C$0.04 cents per share

Annual Dividend Declared (US$MM’s) Dividend Yield4

December 2015 9

$14

$99

$28$36 $34

$22

0

25

50

75

100

2010 2011 2012 2013 2014 2015 YTD

3.4%

2.3%2.1% 2.1%

1.3% 1.2% 1.2% 1.1% 1.0%0.8%

0.6% 0.6% 0.5%

Centerra: Disciplined Capital Management

December 2015 10

Maintain Peer-Leading Balance Sheet

Öksüt: Exploration Joint Venture Discovery $6MM earn-in for 70% $20MM for remaining 30% Anticipate first gold production Q2-2017 NPV8% $242MM (after tax) IRR 43%

Greenstone Joint Venture Partnership Immediate growth and diversification Small upfront payment C$96MM Centerra funds first C$185MM expenditure Money invested goes in the ground Significant tax synergies for Centerra Acquisition cost of US$70/oz. (Hardrock)

Gatsuurt: Near-Term Development Property Existing mill at Boroo for processing Gatsuurt ores Potential production 12-18 months after approval No significant capital required near-term

Cash Balances + Cumulative Dividends

Retained Earnings

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0

200

400

600

800

1,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015YTD

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Cumulative Dividends Cash Balance Gold Price

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0

200

400

600

800

1,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015YTD

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Retained Earnings Gold Price

Disciplined Growth

Centerra: Operational Excellence

2015 GUIDANCE: GROWING PRODUCTION AND DECLINING COSTS

Production increase: up to 3%; Costs decline: up to 7%;

› Underpins strong financial performance

2015 Company-Wide Operational Guidance Highlights

507,500 520,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

Original Revised

Gold Production (ounces) - Mid-Point

915

852

500

600

700

800

900

1,000

Original Revised

All-In Sustaining Cost Per Ounce1 Guidance (US$/oz) – Mid-Point

December 2015 11Gold Production and cost guidance includes 15,000 oz from secondary leaching and mill clean out from Boroo which is in care and maintenance

170U/G miners

207U/G miners

240U/G miners

240U/G miners

Kumtor:World Class Open Pit Gold Mine

2014 2015E

Gold Production (koz) 568 490-520

Adjusted Operating Costs ($/oz) (1) $356 $320-$340

All-In Sustaining Costs ($/oz) (1) $779 $736-$781

Growth Capital ($MM)(1) $40 $17

Projected Asset Life (years) +10

Reserves (Moz) (5) 6.1

Au Grade (g/t) 2.8

Resources M&I (Moz) (5) 2.9

Au Grade (g/t) 3.0

World Class Cornerstone Asset

Significant Open Pit Gold Production to 2026

Reserve Replacement Profile


18 years of uninterrupted profitable production

Over 10M ounces produced since 1997

More than 6M ounces remaining in open pit reserves

Low cost, long life production

High-grade underground opportunity

Strong stable platform to grow Centerra (12,000)

(10,000)

(8,000)

(6,000)

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

10,000

12,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 June2015

Au

Oun

ces

(000

's)

Kumtor Reserves

Kumtor Ounces Mined

December 2015 12

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2014 2015 2016 2017 2018 2019 2020 2021 2022

grad

e g/

t

ounc

es

170U/G miners

207U/G miners

240U/G miners

240U/G miners

Kumtor:Continuous Improvement Opportunities

All-in Sustaining Cost1 (US$/oz)


Work force optimization

Mill availability up to 96.5%

Mill throughput up to 16,500 tpd

Blending: Gold recovery up to 80%

‘Hot shift’ changes in mining operations

Increase truck tray size to improve fill factor

Two haul trucks parked in 2016

One shovel to be parked in Q4-2016

Processing of carbon gold fines

2015/16 Business Process Opportunities

December 2015 13

775 779 759

0

200

400

600

800

2013 2014 2015E

All-I

n Su

stai

ning

Co

st P

er O

unce

170U/G miners

207U/G miners

240U/G miners

240U/G miners

Over 18 Years Uninterrupted Operations


Successful Parliamentary elections Oct.2015

New Government formed (continuity)

Largest employer

Largest taxpayer

Paid >US$1 Billion to budget and social fund

Spend >US$80MMpa in local procurement

Kyrgyz: Long-term shareholder since IPO

Kyrgyz Republic: Kumtor

December 2015 14

Öksüt: Fully Funded High Margin Gold Production

Mine Type Open Pit, Heap Leach

Avg. LOM Annual Production 110koz Au

Avg. LOM AISC1 (US$/oz) $490

Reserve Mine Life 8 years

Development Capex (US$MM) $221

Reserves6 (Moz) at $1,250 gold 1.2

Au grade (g/t) 1.40

Life of Mine Strip Ratio (w:o) 2:1

First Gold Pour Q2-2017

IRR (after tax) 43%

NPV(8%) - after tax >$240MM

2015 Feasibility Highlights

EIA approval received in November, 2015

Mining start expected in mid-2016

Heap leach processing start expected Q1-2017

2 stage crushing, stack at 11,000 tpd

Life of mine recovery of 77%

Life of mine sustaining capital1 of US$10MM

Significant exploration upside

Near-Term Gold Production

0.00

0.50

1.00

1.50

2.00

2.50

0

50

100

150

200

250

2016 2017 2018 2019 2020 2021 2022 2023 2024

Proc

ess

Gra

de (

g/to

nne)

Gol

d Pr

oduc

tion

(000

's)

Catalyst Schedule

15

Öksüt Gold Project

December 2015

2015 Keltepe Pit Design

2015 Guneytepe Pit Design

Keltepe NWBoztepe W

Boztepe Buyuktepe

Keltepe

Guneytepe

Öksüt: Significant Exploration Upside

Guneytepe Section Line 330GT

December 2015 16

Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines

Cornerstone Canadian Development Project

50:50 development partnership with Premier Gold

Open pit resources7 (100%) in excess of 4M oz @ 1.47 g/t

Historic gold production of 4.12M oz (~1934-1970)

Large land package covers 337km2, good infrastructure

Significant exploration and underground resource potential

Bankable feasibility study expected in H1-2016

Ontario: Top Tier Mining Jurisdiction

Greenstone GoldProperty

Greenstone Development Project

Location: Ontario, Canada

Geraldton

Beardmore

JellicoeBrookbank

HardrockViper

11

Beardmore – Geraldton Greenstone Belt +110 km

Brookbank Deposit

Hardrock Deposit

December 2015 17

Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines

Cornerstone Canadian Development Asset

500mOblique Longitudinal View to North

0.60 0.50 0.40 0.30

Au Ounces (000's) 3,725 3,973 4,254 4,568

Au Grade 1.66 1.47 1.28 1.08

Strip Ratio (W:O) 7.6 6.2 4.8 3.6

3,725

3,973 4,254

4,568

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Gra

de g

/t

Oun

ces

(000

’s)

Indicated Resources7 – Cut-Off Grade Sensitivity

Underground Resources7 at 3.00 g/t Au cutoff grade● Indicated: 5.17 Mt @ 5.40 g/t Au for 0.90 Moz ● Inferred: 12.92 Mt @ 5.40 g/t Au for 2.24 Moz

December 2015 18

g/t

Cutoff grade0

50

100

150

200

250

300

350

400

1 2 3 4 5 6 7 8

Gol

d pr

oduc

tion

(oun

ces

000'

s)

Years

Estimated Gold Production (100%)7

Gatsuurt Deposit: Gold Development Project

2015 Highlights

Boroo mill on care & maintenance awaiting project approval

Gatsuurt declared strategic January 23rd, 2015

3% special government royalty (versus 34% ownership interest)

approved by government and submitted to parliament

Investment agreement negotiations underway

Potential production 12-18 months after approval

Reserves8 of 1.6M contained ounces @ 2.9 g/tonne

Strip ratio of 6:1 and process recoveries in excess of 76%

Significant exploration upside

In-Place 5ktpd Processing Facility (Boroo)Boroo’s Historical Cumulative Net Cash Generation (US$MM)

(100)

0

100

200

300

400

500

600

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014December 2015 19


Kumtor: World Class Open Pit Gold Mine

Öksüt: High Margin Open Pit Heap Leach Gold Mine

Gatsuurt: Large Scale Open Pit Gold Mine

World class cornerstone asset underpinning Company’s growing production portfolio

Long lived, lower cost quartile asset generating significant positive cash flow

Fully funded, late-stage gold development project

Near-term high margin gold production

Investment agreement negotiations underway

Surface processing infrastructure in-place (gold production 12-18 months after approval)

Greenstone: Large Scale Open Pit Gold Mine

One of Canada’s largest undeveloped open pit gold mines

Feasibility and mine permitting work underway

December 2015 20

Centerra: Investment Opportunity

Enterprise Value/2016E Production (US$MM) Enterprise Value/2016 CFPS

Net Debt per Share (US$) Cash per share (US$)

21

$1,2

29

$1,2

20

$1,1

91

$1,1

50

$1,1

07

$1,1

01

$1,0

43

$1,0

32

$1,0

30

$995

$978

$975

$948

$882

$857

$826

$639

BVN

ASR

NG

D

DPM

SSRI

OG

C

CG

K

ELD

SMF

IMG

GFI

GO

LD ACA

DG

C

BTO

AGI

12.5

x

10.1

x

9.9x

9.2x

7.1x

6.5x

6.0x

5.5x

5.2x

5.1x

5.1x

4.6x

4.4x

3.9x

3.7x

3.6x

3.3x

2.6x

GO

LD ELD

BVN

DG

C

TAH

O

NG

D

BTO

OG

C

GFI

AGI

SMF

ASR

SSRI

DPM

K

CG IMG

ACA

$2.1

6

$2.1

5

$1.3

2

$0.9

5

$0.8

2

$0.8

1

$0.3

5

$0.2

7

$0.2

4

($0.

14)

($0.

16)

($0.

25)

($0.

26)

($0.

34)

($0.

70)

($1.

27)

($1.

79)

($1.

95)

GFI

DG

C

BVN

DPM

NG

D K

BTO

ELD

OG

C

SMF

IMG

AGI

TAH

O

SSRI

ACA

ASR

GO

LD CG

$3.6

7

$2.2

7

$1.8

7

$1.8

2

$1.4

8

$1.2

7

$0.9

8

$0.8

5

$0.7

8

$0.7

6

$0.7

0

$0.5

7

$0.5

3

$0.4

9

$0.4

4

$0.4

0

$0.1

2

$0.1

2

SSRI CG IMG

GO

LD AGI

ASR K

BVN

DG

C

NG

D

ACA

ELD

GFI

TAH

O

SMF

OG

C

DPM BTO

December 2015

Source: Scotiabank GBM

Built for Success

Internationally Diversified Gold Producer

Up to 520kozpa at AISC1 of up to $850 per ounce

Significant operational cash flow profile

Internally funded, late-stage development pipeline

Projects drive 100% increase in gold production by 2020

Net Cash Position of US$461MM2

Trading at a discount to peers

Quarterly Dividend Distributions (2.3% Yield4)

Positive Retained Earnings of US$737MM2


Consistent Kumtor Open Pit Gold Production Next 5 Years

Profitably Growing to 1Moz’s Per Annum

December 2015 22

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

0

200,000

400,000

600,000

2014 2015 2016 2017 2018 2019 2020

grad

e g/

t

ounc

es

0

1,000

Kumtor Oksut Gatsuurt Greenstone Total

ounc

es

Centerra: Footnotes

December 2015 23

(1) Adjusted operating costs, all-in sustaining costs (AISC), all-in costs and all-in costs - including taxes as well as sustaining capital, growth capital, average realized gold price per ounce and cost of sales per ounce sold are non-GAAP measures and are discussed under “Non-GAAP Measures” in the Company’s MD&A filed on SEDAR.

(2) As of September 30, 2015.(3) According to Thomson Reuters November 12, 2015.(4) As of November 11, 2015.(5) The mineral reserves at Kumtor have been estimated based on a gold price of $1,300 per ounce. The open pit reserves and resources at Kumtor

are estimated based on a cut-off grade of 0.85 grams of gold per tonne for the Central Pit and 1.0 grams of gold per tonne for the Southwest and Sarytor deposits. Open Pit resources at Kumtor are constrained by a pit shell developed using a gold price of $1,450 per ounce. Mineral resources are in addition to reserves. Mineral resources do not have demonstrated economic viability.

(6) The mineral reserves at Öksüt have been estimated based on a gold price of $1,250 per ounce. The open pit reserves are estimated on a cut-off grade of 0.3 grams of gold per tonne.

(7) As reported in Centerra Gold Inc. and Premier Gold Mines’ NI 43-101 Technical Report on the Trans-Canada Property, Issue Date: March 20, 2015, Effective Date: February 5, 2015.

(8) The mineral reserves at Gatsuurt have been estimated based on a gold price of $1,300 per ounce. The open pit reserves are estimated using a 1.4 grams of gold per tonne cut-off grade.

December 2015Appendix

Board of Directors Background

STEPHEN LANG Chairman Appointed Director of Centerra’s Board, June 2008

BRUCE WALTER Vice Chair Appointed Director of Centerra’s Board, May 2008

IAN ATKINSON Director Appointed Director of Centerra’s Board, January 2013

RICHARD W. CONNOR Director Appointed Director of Centerra’s Board, June 2012

RAPHAEL A. GIRARD Director Appointed Director of Centerra’s Board, August 2010

EMIL OROZBAEV Director Appointed Director of Centerra’s Board, May 2014

MICHAEL S. PARRETT Director Appointed Director of Centerra’s Board, May 2014

SHERYL K. PRESSLER Director Appointed Director of Centerra’s Board, May 2008

TERRY V. ROGERS Director Appointed Director of Centerra’s Board, February 2003

KALINUR SADYROV Director Appointed Director of Centerra’s Board, May 2014

KYLYCHBEK SHAKIROV Director Appointed Director of Centerra’s Board, July 2013

Centerra: Directors

December 2015 26

Analyst Coverage

BMO Capital Markets

BofA, Merrill Lynch

GMP Securities L.P.

HSBC

RBC Capital Markets

Scotiabank

TD Securities Inc.

TSO & Associates

UBS

VTB Capital

Centerra: Capital Markets Profile

Diversified Portfolio (Consensus NAV)

Shareholder Base

Retail, 22%

Institutional, 45%

Kyrgyzaltyn JSC, 33%

December 2015 27

Kumtor, 55%

Öksüt, 17%

Gatsuurt, 16%

Greenstone, 12%

Social Performance

December 2015

Stakeholder Engagement

o Ensuring meaningful and timely consultation in exploration, development and operations.

o Proactively managing community expectations and addressing perceptions.

o Providing an accessible grievance resolution process to gain local credibility and acceptance.

Examples:

• Successful public consultation and disclosure for the permitting of Öksüt.

• Organizing and participating in the Joint Working Groups for the planned closure of Boroo.

• Implementation of an international standard Grievance mechanism at all sites.

Managing & Mitigating Impacts

Undertaking independent baseline studies and impact assessments to help:o Realize sustainable

development opportunities.o Mitigate any potential

negative impacts.o Focus on continuous

improvement.

Examples:• Impacts assessments conducted to

EBRD performance standards. • Independent socio-economic impact

study by the University of Central Asia on Kumtor.

• International NGO Engineers without Borders evaluation of Kumtor’s procurement work in Kyrgyzstan

• Independent assessment to help align the Voluntary Principles of Security & Human Rights.

• Community perception survey in the Issyk-Kul region in Kyrgyzstan.

Optimizing Shared Value Benefits

o Local employment & procurement

o Local capacity buildingo Enhanced livelihoodso Youth empowerment o Community healtho Education

Examples:

• Health, nutrition and hygiene training programs in Turkey.

• Crop protection in Mongolia.• Elderly health support, fuel subsidies

and community heating upgrades in Mongolia and Kyrgyzstan.

• Irrigation, agricultural improvements, and crop enhancement in Kyrgyzstan.

• Youth empowerment in Kyrgyzstan.• Microcredit and business advisory

support services for local enterprises in Kyrgyzstan.

• Pediatric heart surgery support.

28

Centerra: 2015 Guidance

December 2015 29

2015 Gold Production2015 All-in Sustaining

Costs1 2015 All-in Costs1

(ounces) (per ounce sold) (per ounce sold)

Kumtor 490,000 – 520,000 $736 – $781 $770 – $817

Boroo2 Approximately 15,000 Approximately $1,490 Approximately $1,490

Consolidated 505,000 – 535,000 $827-$875 $950 – $1,004

Projects 2015 Growth Capital1 2015 Sustaining Capital1

(millions) (millions)

Kumtor $17 $58

Mongolia (Gatsuurt and Boroo) $1 -

Öksüt $8 -

Corporate and other - $1

Consolidated Total $26 $59

1 Non-GAAP measure, see discussion under “Non-GAAP Measures” in the Company’s MD&A filed on SEDAR.

2 At Boroo, the mill has been placed on care and maintenance and all forecast gold production and sales are a result of secondary leaching and mill clean-up.

1 Non-GAAP measure, see discussion under “Non-GAAP Measures” in the Company’s MD&A filed on SEDAR.2 Boroo production and sales are a result of secondary leaching and mill cleanup. The mill is on care and maintenance.3 Other costs include global exploration expenses, business development expenses and both expensed and capitalized to spending of $40-$42/oz. at the Greenstone Gold Property and $22-$23/oz. at the Öksüt Project.4 Includes revenue-based tax that reflects a forecasted gold price assumption of $1,150 per ounce sold.

Operating costs(1) $342-362 $406 $343-363Changes in inventories (57)-(60) 425(2) (43)–(46)Operating costs (on a sales basis)(1) $285-302 $831 $300-317Adjusted operating costs(1) $320-340 $1,436 $351-371Capitalized stripping costs - cash 303-321 - 294-312Capital expenditures (sustaining)(1) 111-118 13 109-115Accretion expense (reclamation) 2 41 3Corporate general & admin costs - - 70-74All-in sustaining costs $736-781 $1,490 $827-875Capital expenditures (growth)(1) 34-36 - 36-38Other costs(3) - - 87-91All-in costs(1) $770-817 $1,490 $950-1,004Income and revenue-based taxes(4) 165 12 160All-in costs including taxes(1,4) $935-982 $1,502 $1,110-1,164

2015 Expected All-in Costs1

Kumtor Boroo2

December 2015

Centerra($ per ounce sold)

30

Centerra – Reserves and Ounces MinedA

u O

unce

s (

‘000

’s )

Reserves

9.3 million Cumulative

Ounces Mined Since

2004

8.9 millionounces

December 2015 31

Centerra: Reserves & Resources

December 2015 32

Gold Mineral Reserves (1) (12) (13)

(tonnes and ounces in thousands)

Proven Probable Total Proven and ProbableProperty (3) Tonnes Grade

(g/t)Contained Gold (oz)

Tonnes Grade(g/t)

Contained Gold (oz)

Tonnes Grade(g/t)

Contained Gold (oz)

Kumtor (5) 7,778 2.1 526 60,729 2.9 5,610 68,507 2.8 6,136Gatsuurt (8) - - - 17,129 2.9 1,603 17,129 2.9 1,603Total 7,778 2.1 526 77,858 2.9 7,213 85,636 2.8 7,739

Gold Measured and Indicated Mineral Resources(2) (11) (12) (13)


Measured Indicated Total Measured and IndicatedProperty (3) Tonnes Grade

(g/t)Contained Gold (oz)

Tonnes Grade(g/t)

Contained Gold (oz)

Tonnes Grade(g/t)

Contained Gold (oz)

Kumtor Open Pit (4) (5) 14,317 3.2 1,473 15,144 2.7 1,330 29,462 3.0 2,804Kumtor Stockwork Underground (6) - - - 156 10.8 54 156 10.8 54

Boroo(7) 452 2.2 32 4,464 1.5 210 4,916 1.5 242Gatsuurt (8) - - - 5,098 2.4 398 5,098 2.4 398Ulaan Bulag (9) - - - 1,555 1.5 73 1,555 1.5 73ATO (10) 9,663 1.5 465 8,920 1.1 306 18,583 1.3 771Öksüt(11) 22,887 1.3 946 17,124 0.8 437 40,011 1.1 1,383Total 47,319 1.9 2,916 52,461 1.7 2,809 99,780 1.8 5,725

Gold Inferred Mineral Resources(2) (12) (13) (14)


Property (3) Tonnes Grade(g/t)

Contained Gold (oz)

Kumtor Open Pit (4) (5) 2,655 1.5 126Kumtor Stockwork Underground (6) 775 11.8 294Kumtor SB Zone UG (6) 3,806 10.7 1,315Boroo(7) 7,323 1.0 235Gatsuurt (8) 5,475 2.5 440Ulaan Bulag (9) 315 1.3 13ATO (10) 386 0.6 8Öksüt (11) 429 0.6 9Total 21,164 3.6 2,440

Centerra Gold Inc. 2014 Year‐End Gold Reserve and Resource Summary (as of December 31, 2014)

See footnotes page 33


December 2015 33

Footnotes for Reserve and Resource Table as of December 31, 2014:

(1) The mineral reserves have been estimated based on a gold price of $1,300 per ounce.(2) Mineral resources are in addition to reserves. Mineral resources do not have demonstrated economic viability.(3) Centerra’s equity interests as of this news release are: Kumtor 100%, Gatsuurt 100%, Boroo 100%, Ulaan Bulag 100%, ATO 100%, Öksüt 100% . Allcontained ounces in table above are shown on a 100% basis.(4) Open pit resources at Kumtor are constrained by a pit shell developed using a gold price of $1,450 per ounce.(5) The open pit reserves and resources at Kumtor are estimated based on a cut-off grade of 0.85 grams of gold per tonne for the Central Pit and 1.0 grams of goldper tonne for the Southwest and Sarytor deposits.(6) Underground resources occur below the open pit resources shell and are estimated based on a cut-off grade of 6.0 grams of gold per tonne.(7) The open pit resources at Boroo are estimated as all material below the pit above a 0.5 grams of gold per tonne cut-off grade.(8) The open pit reserves and resources at Gatsuurt are estimated using a 1.4 grams of gold per tonne cut-off grade. Resources are estimated as all material belowthe reserve pit above the 1.4 grams per tonne cutoff grade.(9) The open pit resources at Ulaan Bulag are estimated on a cut-off grade of 0.8, 0.9 or 1.0 grams of gold per tonne depending on ore type and process method.(10) The ATO open pit resources are estimated based on a Net Smelter Return (NSR) cut-off grade of $6.50 NSR per tonne for oxide mineralization and $25.50NSR per tonne for sulphide mineralization(11) The Open pit resources at Öksüt are estimated based on a 0.2 gram of gold per tonne cut-off grade and are constrained by a pit shell developed using a goldprice of $1,450 per ounce.(12) A conversion factor of 31.10348 grams per ounce of gold is used in the reserve and resource estimates.(13) Numbers may not add up due to rounding.(14) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of the inferred resources will ever be converted to a higher category.

TONNES

(000s)

GRADE

Grams/tonne

CONTAINED GOLD

OUNCES (000s)

Proven -- -- --

Probable 26,137 1.4 1,162

Total Proven and Probable Reserves (1) (4) (7) (8) 26,137 1.4 1,162

Measured resources 2,100 0.7 46

Indicated resources 4,698 0.7 111

Total Measured and Indicated Resources (2)(3)(5)(6)(7)(8) 6,798 0.7 157

Inferred Resources 2,380 0.8 64


December 2015 34

Öksüt Project Mineral Reserves and Resources at June 30, 2015:

1. Mineral Reserves have been estimated based on a gold price of US$1,250 per ounce.2. Mineral Resources are in addition to Mineral Reserves. Mineral Resources do not have demonstratedeconomic viability.3. Mineral Resources are constrained within an optimized pit shell based on a gold price of $1,450 per ounce.4. Mineral Reserves are estimated based on a cut-off grade of 0.3 g/t Au.5. Mineral Resources are estimated based on a cut-off grade of 0.2 g/t Au.6. Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whetherthey can be mined economically. It cannot be assumed that all or part of the Inferred Mineral Resourceswill ever be upgraded to a higher category.7. A conversion factor of 31.10348 grams per ounce of gold is used in the reserve and resource estimates.8. Numbers may not add up due to rounding.

Centerra: Greenstone Gold Property - Resources

500mOblique Longitudinal View to North

* As reported in Premier Gold Mines’ NI 43-101 Technical Report and Mineral Resource Estimate Update for the Hardrock Deposit, Issue Date: August 22, 2014, Effective Date: July 4, 2014 and in Centerra and Premier’s NI 43-101 on the Trans-Canada Property, Issue Date: February 5, 2015, Effective Date: March 20, 2015.

Indicated Resource Model BlocksInferred Resource Model Blocks

December 2015

Hardrock Deposit*

In-Pit Resources at 0.50 g/t Au cutoff gradeIndicated: 83.87 Mt @ 1.47 g/t Au for 3.97 MozInferred: 10.23 Mt @ 1.53 g/t Au for 0.50 Moz

Underground Resources at 3.00 g/t Au cutoff gradeIndicated: 5.17 Mt @ 5.40 g/t Au for 0.90 Moz Inferred: 12.92 Mt @ 5.40 g/t Au for 2.24 Moz

Brookbank Deposit*

Open Pit Resources at 0.50 g/t Au cutoff gradeIndicated: 2.64 Mt @ 2.01 g/t Au for 171,000 ozInferred: 0.17 Mt @ 2.38 g/t Au for 13,000 oz

Underground Resources at 2.80 g/t Au cutoff gradeIndicated: 1.85 Mt @ 7.21 g/t Au for 429,000 oz Inferred: 0.40 Mt @ 4.02 g/t Au for 53,000 oz

Hardrock Deposit

35

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