CIBC RoadshowDecember 2012Ian Atkinson,President and CEO

Centerra Gold Inc.

2December 2012

● 2012 production update– consolidated production 415,000 to 425,000 ounces

● New Kumtor KS-13 life-of-mine plan– significant reserve increase– extended mine life

● Oksut exploration update– continued drilling success

Caution Regarding Forward-Looking InformationThis presentation and the documents incorporated by reference herein, contain statements which are not current statements or historical facts and may be “forward-looking information” for the purposes of Canadiansecurities laws. 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 orimplied by such forward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressionsidentify forward-looking information.

These forward-looking statements relate to, among other things, the statements made under the heading, “Outlook for 2012”; the Company’s expectations regarding future production, cash cost per ounce produced,including expected recoveries; 2012 exploration expenditures; 2012 capital expenditures; Centerra’s statements regarding future growth, results of operations, future production and sales, operating capitalexpenditures, and performance; the Company’s ability to successfully manage the ice and waste movement at Kumtor; the outcome of the review by the State Commission and interagency commissions on Kumtor’scompliance with Kyrgyz operational and environmental laws and regulations and community standards, and other matters raised by the Parliamentary Commission Report, including without limitation, the resolution oftemporary land-use matters affecting the Kumtor project; the resolution of the claim commenced by the Kyrgyz Republic Social Fund regarding re-opening completed assessments for the years 2004-2009; expectedtrends in the gold market, including with respect to costs of gold production; exploration plans for 2012 and the success thereof; the receipt of permitting and regulatory approvals at the Company’s Gatsuurtdevelopment property; the impact of the Water and Forest Law on the Company’s Mongolian activities; anticipated delays and approvals and regulatory commissioning of the Company’s Gatsuurt developmentproperty as a result of the Water and Forest Law; the Company’s business and political environment and business prospects; and the timing and development of new deposits.

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. Material assumptions used to forecastproduction and costs include those described under the heading “Outlook for 2012”. Factors that could cause actual results or events to differ materially from current expectations include, among other things: thesensitivity of the Company’s business to the volatility of gold prices; the political risks associated with the Company’s principal operations in the Kyrgyz Republic and Mongolia; the impact of changes in, or to the moreaggressive enforcement of, laws, regulations and government practices in the jurisdictions in which the Company operates; the effect of the Water and Forest Law on the Company’s operations in Mongolia; groundmovements at the Kumtor project; waste and ice movement at the Kumtor project; the success of the Company’s future exploration and development activities, including the financial and political risks inherent incarrying out exploration activities; competition for mineral acquisition opportunities; the adequacy of the Company’s insurance to mitigate operational risks; the effect of the 2006 Mongolian Minerals Law on theCompany’s Mongolian operations; the effect of the November 2010 amendments to the 2006 Mongolian Minerals Law on the royalties payable in connection with the Company’s Mongolian operations; the impact ofcontinued scrutiny from Mongolian regulatory authorities on the Company’s Boroo project; the impact of changes to, or the increased enforcement of, environmental laws and regulations relating to the Company’soperations; 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 when required,including specifically the Kumtor collective agreement that expires at the end of 2012; litigation; the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on; theaccuracy of the Company’s production and cost estimates; environmental, health and safety risks; defects in title in connection with the Company’s properties; the impact of restrictive covenants in the Company’srevolving credit facility; the Company’s ability to successfully negotiate an investment agreement for the Gatsuurt project to complete the development of the mine and the Company’s ability to obtain all necessarypermits and regulatory commissions needed to commence mining activity at the Gatsuurt project; seismic activity in the vicinity of the Company’s operations in the Kyrgyz Republic and Mongolia; long lead timesrequired for equipment and supplies given the remote location of the Company’s properties; illegal mining on the Company’s Mongolian properties; the Company’s ability to enforce its legal rights; the Company’sability to accurately predict decommissioning and reclamation costs; the Company’s ability to obtain future financing; the impact of global financial conditions; the impact of currency fluctuations; the effect of marketconditions on the Company’s short-term investments; the Company’s ability to attract and retain qualified personnel; the Company’s ability to make payments including any payments of principal and interest on theCompany’s debt facilities depends on the cash flow of its subsidiaries; risks associated with the conduct of joint ventures; risks associated with having a significant shareholder; and possible director conflicts ofinterest. 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” inthe Company’s 2011 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 ore 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. Economicand technological 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 can give no assurances that any mineral resource estimate will ultimately be reclassified as proven and probable reserves.

Dan Redmond is the Qualified Person for production and reserve information and David Groves is the Qualified Person for exploration information for purposes of NI 43-101, please see Centerra’s AIF and technicalreports filed on SEDAR.

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 orachievements 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 herein or incorporated by reference.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 lookinginformation is as of November 7, 2012. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting suchforward looking information, except as required by applicable law.

All figures are in United States dollars unless otherwise stated.3December 2012

Two Solid Operating Platforms

4December 2012

Turkey

Mongolia

Kyrgyzstan

Laogouxi JV

Dvoinoy JV

Kara Beldyr

JV

Oksut JVAltunhisar JV

Kumtor Mine

Boroo Mine

GatsuurtDeposit

ATO Deposit

Why Centerra Gold

● Canadian-based gold producer with 20 years experience in one of the world's most promising and underdeveloped gold regions– Proven and probable reserves of 11.5 million contained ounces

● Largest Western-based gold producer in Central Asia– World-scale Kumtor Mine, 14 year mine life– Operated Kumtor since 1997, no work stoppages from political events– Kumtor proven and probable reserves of 9.7 million contained ounces, does not include

1.9 million contained ounces of high-grade underground inferred resources

● Solid financial position with operating mines that produce solid cash flows and earnings– Cash balance of $260 million at September 30, 2012– Quarterly dividend payment

● Promising exploration properties and joint ventures in Turkey, Russia, China, Mongolia and the Kyrgyz Republic

● Seasoned management team with proven operating, development and exploration experience

5December 2012

18.8%

6.7%

Centerra Peers

17.5%

8.9%

Centerra Peers

5 Year Return on Equity (2009A to 2013E) 5 Year Return on Invested Capital (2009A to 2013E)

Centerra vs. Peers - Return on Equity and Return on Invested Capital Analysis

1 Centerra 2012E net income reflects Q4 charge relating to the underground development at Kumtor. 2 Peers include: Agnico-Eagle, Alacer, Alamos, AuRico, Eldorado, IAMGOLD, Osisko, Petropavlovsk and Yamana.

Alacer excluded prior to Anatolia merger with Avoca and Osisko excluded prior to commencement of production 2011.

∆8.6%

∆12.1%

2 21 1

Centerra – Superior Returns

December 2012 6

Source: Factset, Bloomberg Finanical Markets and Company reports.

Centerra – Reserves and Ounces MinedA

u O

un

ces

( ‘0

00

’s ) Reserves

7.3 million Cumulative

Ounces Mined Since

2004

11.5 millionounces

7December 2012

Kumtor Reserves

Boroo Reserves*

Gatsuurt Reserves*

Kumtor Ounces Mined

Boroo Ounces Mined* Reserves to End of 2011

Operating Performance

660

600

415

642

679676

Kumtor

Boroo

2011 Production:– Kumtor – 583,156 oz– Boroo – 59,224 oz

2012 Estimated Production:– Kumtor 350,000 – 360,000 oz– Boroo 65,000 oz

Gold Production(‘000 oz)

8December 2012

Corporate Responsibility

9

● 2011 initial corporate responsibility report– EITI, supporting company– World Gold Council, member

● Construction of maternity hospital in UB, Mongolia– 2012 expected completion ($6.4 million)

● Infrastructure and school construction in Kyrgyz Republic– Contributed in 2011 ($10 million)

● National micro-credit finance program in Kyrgyz Republic– 2012 funding ($21 million)

December 2012

Kyrgyz Operating Platform

10

Kumtor Reserves and ResourcesSept. 30, 2012

● P & P – open pit 9.7 m oz● M & I – open pit 2.7 m oz● Inferred – open pit 0.7 m oz

● Inferred – underground 1.9 m oz

December 2012

● World scale operation● Operating since 1997 with no

political interruptions● Produced 8.6 million ounces● Mining concession valid to 2042● Large land package, 26,300 ha● Competitive tax rate, 14% gross

revenue-based tax

Kumtor New LOM KS-13

11

● Increase reserves 58% to 9.7 million contained ounces– Extend mine life 5 years to 2026

● 650,000 ounces average annual gold production, first 10 years– LOM 7.9 million ounces of gold recovered

● Expand mill throughput 18% to 18,400 tonnes per day in 2016

● Total capital $726 million, excluding pre-strip capital– $169 million of expansion capital– $557 million of sustaining capital

● LOM operating cost plus pre-stripping and capital costs $728 per oz– $917 per oz including 14% revenue based-tax

● NPV at 8% discount rate, $1.9 billion at $1,350 per ounce gold price, $3.4 billion at $1,700 gold price

December 2012

12

Kumtor KS-13 LOM Free Cash Flow (undiscounted)

Gross revenue1 $10,682 $1,356

Operating costs $3,325 $422Pre-stripping capital $1,684 $214

Operating cost and pre-stripping $5,009 $636Sustaining capital $557 $71Expansion capital $169 $21

Total Capital $726 $92

Operating cost, pre-strip and capital $5,735 $728

Net cash before revenue-based tax $4,947 $628Revenue-based tax $1,489 $189

Free Cash Flow2 $3,458 $439

$ millions $ per ounce

1 Assumes $1,350 per ounce gold price including silver credits 2 Free cash flow is cash flow after all operating costs, capital and taxes

December 2012

Kumtor Open Pit Production Next 10 Years

3.73.73.73.73.83.73.7

4.24.23.8

2.9

0

100

200

300

400

500

600

700

2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Gold Production Tonnes Processed Grade g/t

ounc

es 0

00’s

December 2012 13

tonnes 000’s

1 Assumes $1,700 per ounce gold price including silver credits 2 Free cash flow is cash flow after all operating costs, capital and taxes

Gross revenue1 $1,025 $1,128 $1,129

Operating costs $215 $207 $329Pre-stripping capital $213 $248 $120

Operating cost and pre-stripping $428 $455 $449Sustaining capital $49 $50 $41Expansion capital $26 $94 $43

Total Capital $75 $144 $84

Operating cost, pre-strip and capital $503 $599 $533

Net cash before revenue-based tax $522 $528 $596Revenue-based tax $143 $157 $157

Free Cash Flow2 (millions) $379 $372 $439

14

Kumtor KS-13 Annual Free Cash Flow (undiscounted)

2013 2014

December 2012

2015($ millions)

SB Extension

StockworkZone

15December 2012

K U M T O R

Central Pit – Plan Map

16December 2012

K U M T O R

Central Pit – Longitudinal Section

No Data

No DataNo Data

K U M T O R

Central Pit - SB Zone

B

A

17December 2012

December 2012 18

Current Surface

Current Decline 2

KS-12 Pit Limit

KS-12 Unloading Zone

200 metres

> 6.00

6.00 – 2.50

2.50 – 1.00

1.00 – 0.85

0.85 – 0.01

Block Model Au g/t

Till Layer

A B

Proposed KS-13 Pit Limit

Potential Future Underground Opportunity

K U M T O R

Central Pit – Section AB Through Unload Area

Mongolian Operating Platforms

19

Mongolian Reserves and ResourcesDec.31, 2011

● Proven & Probable Reserves (gold)

– Boroo 0.3 m oz– Gatsuurt 1.5 m oz

● Measured & Indicated Resources (gold)

– Boroo 0.24 m oz– Gatsuurt 0.43 m oz– ATO 0.82 m oz

● Inferred Resources (gold)

– Boroo 0.23 m oz– Gatsuurt 0.49 m oz– ATO 0.03 m oz

December 2012

Mongolia Update

● Boroo Heap Leach – Restarted in October– Potential to add about 2,000 oz per month

● Gatsuurt road construction and site prep complete

● Gatsuurt approvals pending resolution of Water and Forest Law

● Expand processing options, add bio-oxidation facility

● ATO Project– Reserve/Resource approved– EIA approved– Received mining license

20December 2012

Expand Our Exploration

$25

$31

$40

$45

2009 2010 2011 2012E

● 50% of 2012 exploration budget on our land holdings

– Kumtor: $13M– Mongolia: $11M– JV’s in Russia and China: $7M– Project generation: $3M

● Kumtor focus– SB and Stockwork Zones

● Mongolia focus– ATO and other land holdings

● Turkey focus: $8M– Oksut Joint Venture

ExplorationExpenditures

$M

21December 2012

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

YeroogolAu Trend

Onon Au–AgBase metal Trend

UlaanbaatarChoibalsan

Russia

ATO Project

100 kilometres

22December 2012

M O N G O L I A

License Holdings in Mongolia, January 2012

Pipe 4

Pipe 1

Pipe 2Pipe 3

M O N G O L I A

Altan Tsagaan Ovoo (ATO)

23December 2012

M O N G O L I A

ATO Deposit, Drillhole Location Plan Map

24December 2012

ATO

Davkhar Tolgoi

Bayan MunkhHigh Land

Bayan Gol

Duut Nuur

M O N G O L I A

ATO District Targets

ATO - M & I ResourcesDecember 31, 2011

Gold – 824,000 oz. @ 1.2 g/t

Silver – 5.6 M oz. @ 7.9 g/t

Lead – 270 M lbs @ 0.8%

Zinc – 489 M lbs @ 1.4%

25December 2012

Mining LicenseExploration License

T U R K E Y

Stratex JV – Oksut Project Location

December 2012 26

Georgia

Armenia

Iran

Bulgaria

T U R K E Y

ISTANBUL

Ankara

Black Sea

Mediterranean Sea

Stratex JVOksut Project

IraqSyria

● Joint Venture with Stratex International formed Aug. 2009

● Earned 50% interest in Joint Venture Oct. 2011

● Exercised option and earned 70% interest in Joint Venture Oct. 2012 by investing $3M

Kizilagil Zone Ortacam North Zone

Ortacam Zone

Kucukmese Zone

Buyukmese Zone

OksutProperty Boundary

Ortacam North

Ortacam

Kucukmese

Buyukmese

Kizilagil

Devetasi

DevetasiZone

27December 2012

T U R K E Y

Stratex JV - Ortacam North Geology and Drillhole Locations

28December 2012

T U R K E Y

Stratex JV - Ortacam North Geology and Drillhole Locations

●●

● ●●

ODD580.39 / 56.6m

ODD580.38 / 21.1m

SW NE

Bulk (0.2g/t Au cut-off)

Sulphide Only (0.2g/t Au cut-off)

ODD500.43 / 7.0m

ODD500.23 / 9.9m

ODD500.43 / 7.0m

ODD500.28 / 5.4m

ODD500.33 / 13.7m

ODD500.29 / 5.3m

ODD491.10 / 116.0m

Incl. 1.31 / 32.6mand

Incl. 2.16 / 13.0mand

Incl. 1.27 / 23.6m

ODD230.65 / 42.9m

Incl. 1.40 / 10.0m

ODD490.37/ 6.0m

ODD553.20 / 185.5m

Incl. 3.63 / 160.1m

ODD550.55 / 50.1m

Incl. 1.32 / 8.0m

Hole NameAu g/t / Interval Length

Mineralized Intervals > 0.20 g/t AuMineralized Intervals > 1.00 g/t Au

Maximum 5.0m Internal Dilution

ODD581.57 / 144.1m

Incl. 0.81 / 61.4mand 2.13 / 82.7m

ODD581.09 / 12.8m

●ODD24

0.21 / 18.7m

29December 2012

T U R K E Y – Q3 2012

Stratex JV - Ortacam North Section ODD58

Summary

30

● Working with State Commission in the KR

● On track with the mitigation plan, accessed ore mid-September at Kumtor

● New KS-13 expanded pit at Kumtor, adds significantly to reserves

● Continuing exploration– ATO– Stratex JV– Kara Beldyr JV– Kumtor

December 2012

TSX: CGTotal shares issued and outstanding: 236.4 million

Investor Relations: John W. Pearson (416) 204-1241 – john.pearson@centerragold.com

Appendix

Share and Ownership Profile

● Symbol CG on the TSX, 236,376,011 common shares issued

● Market capitalization approximately CDN$2.3 Billion

● Strong financial position

● Quarterly dividend CDN$0.04

Share Ownership

Kyrgyzaltyn JSC

33%

Retail shareholders

15%

Institutional shareholders

52%

33December 2012

K U M T O R

Concession and Exploration Targets

34December 2012

December 2012 35

K U M T O R

Central Pit – Plan Map

Tyva Republic

Kara Beldyr Project

Camp Zone

Baran Zone

Gord Zone

Ezen Zone

Kara Beldyr License Area 34 sq. km

December 2012 36

Russia

Kara Beldyr Joint Venture, Tyva Republic

Russia

Kara Beldyr Joint Venture – Geology and Drillhole Locations

37

Gord Zone ResourcesDecember 31, 2011

(100% basis)

Indicated Resource3,790,000 tonnes @ 2.4 g/t Au 289,000 ounces gold

Inferred Resource3,354,000 tonnes @ 2.0 g/t Au 211,000 ounces gold

December 2012

December 2012 38

Kara Beldyr – Q3 2012

Camp Zone Section 2150NW

39

Financial Performance First Nine Months 2012

Gold production (‘000 oz) 168 491Total cash cost ($/oz) $1,060 $474Average realized gold price ($/oz) $1,669 $1,534

Revenues $292M $772MNet Earnings (loss) ($116M) $292MNet Earnings (loss) per share ($0.49) $1.23

Cash from operations ($73M) $375M

Cash and Short-term investments $260M $568M*

Sept. 30

2012

Sept. 30

2011

Please refer to November 7, 2012 news release, MD&A and unaudited Financial Statements and Notes for the three and nine-months ended September 30, 2012 and 2011 and Caution Regarding Forward-Looking Information

* December 31, 2011

December 2012

40

Strong Financial Performance in 2011

Gold production (‘000 oz) 642 679Total cash cost ($/oz) $502 $440Average realized gold price ($/oz) $1,569 $1,236

Revenues $1,020M $850MNet Earnings $371M $322MNet Earnings per share $1.57 $1.37

Cash from operations $435M $281M

Cash and Short-term investments $568M $413M

Dec. 31

2011

Dec. 31

2010

Please refer to February 23, 2012 news release, MD&A and audited Financial Statements and Notes for the year-ended December 31, 2011 and 2010 and Caution Regarding Forward-Looking Information

December 2012