The document provides guidance and discusses operational performance for Yamana Gold for the fourth quarter and full year 2016. Key highlights include: - Gold production for Q4 2016 was 318,368 ounces at an AISC of $928 per ounce. Silver production was 1.6 million ounces at an AISC of $14.48 per ounce. - For the full year, Yamana met or exceeded its guidance for gold, silver and copper production and costs. Production came in at 1.27 million ounces of gold, 7 million ounces of silver and 116 million pounds of copper. - Yamayo provides guidance for 2017-2019 that forecasts increasing gold and silver production over that period at expected lower costs

1. 2016 Fourth Quarter and Full Year Results
February 17, 2017

2. Cautionary Note Regarding Forward-Looking Statements
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any information as
to the Company’s strategy, plans or future financial or operating performance, the outcome of the legal matters involving the damages assessment and any related enforcement proceedings. Forward-looking
statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend,” “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or
conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are
inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking
statements. These factors include the Company’s expectations in connection with the expected production and exploration, development and expansion plans at the Company’s projects discussed herein being
met, the impact of proposed optimizations at the Company’s projects, the impact of the proposed new mining law in Brazil and the impact of general business and economic conditions, global liquidity and credit
availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency exchange rates (such
as the Brazilian Real, the Chilean Peso, the Argentine Peso, and the Mexican Peso versus the United States Dollar), the impact of inflation, possible variations in ore grade or recovery rates, changes in the
Company’s hedging program, changes in accounting policies, changes in mineral resources and mineral reserves, risk related to non-core asset dispositions, risks related to metal purchase agreements, risks
related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risk related to joint venture
operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the
mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and
unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation and the risk of government expropriation or
nationalization of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation and
labour disputes, as well as those risk factors discussed or referred to in the Company’s current and annual Management’s Discussion and Analysis and the Annual Information Form filed with the securities
regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the
Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should
change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose
of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and
may not be appropriate for other purposes.
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES This presentation uses the terms “Mineral Resource”, “Measured Mineral
Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by National Instrument 43-101. However, these terms are not defined terms under Industry
Guide 7 and are not permitted to be used in reports and registration statements of United States companies filed with the Commission. Investors are cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted into Mineral Reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form
the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally
mineable. Disclosure of “contained ounces” in a Mineral Resource is permitted disclosure under Canadian regulations. In contrast, the Commission only permits U.S. companies to report mineralization that does
not constitute “Mineral Reserves” by Commission standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this news release may not be comparable to
similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission
thereunder.
The Company has included certain non-GAAP financial measures, which the Company believes that together with measures determined in accordance with IFRS, provide investors with an improved ability to
evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures
employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with
IFRS. The non-GAAP financial measures included in this management discussion and analysis include: co-product cash costs per ounce of gold produced, co-product cash costs per ounce of silver produced, co-
product cash costs per pound of copper produced, all-in sustaining co-product costs per ounce of gold produced, all-in sustaining co-product costs per ounce of silver produced, all-in sustaining co-product costs
per pound of copper produced, adjusted earnings or loss, adjusted earnings or loss per share, adjusted operating cash flows, net debt, net free cash flow, and average realized price per ounce of gold sold,
average realized price per ounce of silver sold, average realized price per pound of copper sold. Please refer to section 14 of the Company’s third quarter MD&A filed on SEDAR for a detailed discussion of the
usefulness of the non-GAAP measures.
The terms “EBITDA” and “EBITDA Margin” do not have a standardized meaning prescribed by IFRS, and therefore the Company’s definitions are unlikely to be comparable to similar measures presented by other
companies. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s
performance. In particular, management uses these measures for internal valuation for the period and to assist with planning and forecasting of future operations. The presentation of EBITDA and EBITDA Margin
is not meant to be a substitute for the information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures.
The information presented herein was approved by management of Yamana on February 16, 2017.
All amounts are expressed in United States dollars unless otherwise indicated.
2

3. Peter Marrone
Chairman and CEO

4. Management Team Members on the Call
 Daniel Racine
 Darcy Marud
 William Wulftange
 Jason LeBlanc
4

5. Annual Meeting 2016
Corporate Strategy: A
Recognized Americas
Focused Growth Company
• Exposure to world-class mining
jurisdictions • Portfolio approach
to asset management and
operational execution • Organic
growth supplemented with
strategic acquisitions
• Focus on cash flow optimization
2016 Tactical priorities
included the following:
• Operational execution • Quality
management suited to asset
portfolio • Management of assets
and balance sheet • Transparency
Operating mines and development projects in four favourable
jurisdictions
ASSET PORTFOLIO

6. Full Year 2016 Gold (oz.) Silver (oz.) Copper (lbs.)
Production
2016 Guidance 1.26M – 1.3M 6.9M – 7.2M +110M
2016 Actual 1.27M (1) 7.0M(1) 116M
Consolidated Total Cost of Sales per unit sold
2016 Guidance $980 - $1,020 $13.75 - $14.75 $1.80 - $2.00
2016 Actual $1,008 $13.79 $1.93
Consolidated Co- Product Cash(2) Costs per unit produced
2016 Guidance $635 - $675 $8.50 - $9.00 $1.55 - $1.75
2016 Actual $665 $8.96 $1.58
Consolidated Co-Product AISC(2) per unit produced
2016 Guidance $880 - $920 $12.00 - $12.50 $1.95 - $2.15
2016 Actual $911 $12.65 $2.03
61. Includes production from Mercedes through up to the completion of the sale on September 30, 2016 and Brio Gold production on a 100% basis up to December 23, 2016 and on a
proportionate basis for the remainder of the year. Yamana currently retains 84.6% ownership of Brio Gold, which became a standalone public company on December 23, 2016.
2. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016
Operational Execution:
Met or Exceeded Consolidated Full Year Guidance
1.27M OZ. OF GOLD production at
AISC OF $911/OZ.
Plus 7M OZ. OF SILVER and 116M LBS OF
COPPER

7. Driving Future Value Creation:
2016 Highlights and Strategic Advances
7
 Consolidated our efforts at improving management and our
management construct
 Made significant new exploration discoveries and advanced previous
discoveries
 Repositioned all our mines for better, more sustainable production,
including at El Peñón
 Continued advancement of development of Cerro Moro and Suruca at
Chapada, as well as the permitting for Barnat at Canadian Malartic
 Improved our balance sheet
 Completed a going public event for Brio Gold

8. Strategic Outlook
Objectives linked to long term value creation
8
Next Two Years
 Focus on operational execution including
advancing near-term and ongoing optimizations
 Advance Cerro Moro to production in early 2018
 Advance organic pipeline through exploration
targeted on the most prospective properties,
including at Chapada, Gualcamayo, Minera
Florida and Jacobina
 Improve the efficiency of mining narrower veins
at El Peñón while advancing exploration of ore
bodies with wider veins and higher grades
 Evaluate and advance monetization initiatives
to further strengthen the balance sheet
Next Five Years
 Focus on operational execution and advancing
medium-term optimization and possible
expansion opportunities
 Mature prospective exploration discoveries and
projects for inclusion in and/or upgrading of
Mineral Reserve and Mineral Resource status
 Advance these exploration discoveries or
projects to a construction decision and/or
production contribution
 Bring one prospective property to a
development stage
 Continue to re-evaluate portfolio of mines and
projects to consider possible upgrades
Planned production increases plus
hiatus in significant expansionary post-
2018 resulting in SIGNIFICANT
INCREASES IN CASH FLOW EXPECTED
BEGINNING IN 2018
Focused on INCREMENTAL GROWTH and
the prudent DEVELOPMENT OF HIGH
QUALITY PROJECTS

9. Guidance Overview
2017 2018 2019
Total Attributable Gold Production 1,140,000 1,250,000 1,320,000
 Costs are expected to be in line with last year for our six producing mines
 Projecting cost improvements from 2017 levels notably because of improvements at
Gualcamayo, El Peñón, Jacobina, Canadian Malartic and the introduction of Cerro Moro
into our portfolio of producing mines
2017 Guidance 2018 Guidance 2019 Guidance
Total Gold Production (oz.) 920,000 1,030,000 1,100,000
Total Silver Production (oz.) 4,740,000 10,000,000 14,500,000
Total Copper Production (lbs.)
(Chapada)
120,000,000 120,000,000 120,000,000
Production forecasts for the Company’s six, soon to be seven mines is outlined as
follows:
 Production forecasts on a consolidated basis, including attributable production from Brio
Gold
9

10. 2016
Actual
2017
Estimated
Exploration (millions) $30 $14
Development (millions) $60 $35
 Objective to create a steady state operation with a more
achievable production platform
 Exploration and development spending per year has been reduced
significantly
 2017 will be a year of transition at El Peñón with some of the
available wide and high grade veins being replaced by numerous
high grade yet narrower vein systems
El Peñón
10

11. Daniel Racine
EVP and COO

12. Operational Execution:
2016 Fourth Quarter at a Glance
Operational Performance Q4 2016
Gold
Attributable Production (oz.) (1) 318,368
Total cost of sales (/oz.)(2) $1,004
Co-product cash costs (/oz.)(3,4) $667
Co-product AISC (/oz.)(3,4) $928
Silver
Production (oz.) 1.6M
Total cost of sales (/oz.) $15.58
Co-product cash costs (/oz.) $10.07
Co-product AISC (/oz.) $14.48
Copper (Chapada)
Production (lbs.) 36.9M
Total cost of sales (/lbs.) $1.79
Co-product cash costs (/lbs.) $1.44
Co-product AISC (/lbs.) $1.80
1. Includes Brio Gold production ion a 100% basis up to December 23, 2016 and on a proportionate basis for the remainder of the year. Yamana currently retains 84.6% ownership of Brio Gold,
which became a standalone public company on December 23, 2016.
2. Based on units sold including DD&A.
3. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016.
4. Based on ounces produced.
12
Operational Performance, ex-Brio Gold Q4 2016
Gold
Production (oz.) 268,788
Total cost of sales (/oz.)(2) $935
Co-product cash costs (/oz.)(3,4) $635
Co-product AISC (/oz.)(3,4) $894
Increased quarter-over-quarter gold production
at lower co-product cash costs from Chapada,
El Peñón, Gualcamayo and Jacobina
Increased quarter-over-quarter silver
production
Continued strong performance from Brio Gold

13. Producing Mines
Significant Improvements Across All Mines
13
2016 Key Accomplishments
Chapada
 Significant turnaround in H2 from Q2 and met full year expectations
 Flotation cells retrofit completed, resulting in a recovery gain of between 5% to 7% for
gold and copper
 Improved In-Pit-Crusher efficiency resulting in higher mill throughput
 Installed an advance control system that improved throughput, recovery and costs
 Made changes to the block model resulting in a more robust mine plan
El Peñón
 Advanced the assessment of an optimized production profile
 Increased mine development productivity by 20%
 Improved minimum mining widths from 2.0 m to 1.2 m in drifts and from 1.6 m to 1.3m in
stopes
 Discovered extensions of historic veins at depth and near surface
Canadian
Malartic
 Delivered record annual production
 BAPE made positive recommendations relating to Barnat expansion
 Significant Improvement with 100% conformity with noise and dust control and 99.2% with
blasting
 Launched a Good Neighbour Guide and ~94% of the citizens of Malartic signed up to retro-
active compensation component
 Continued year-over-year improvement in safety performance
 Advanced commissioning of a tailings thickener that increased percent solid from 58% to
65%

14. Producing Mines (cont’d)
Significant Improvements Across All Mines
14
2016 Key Accomplishments
Gualcamayo
 Delivered a strong year operationally and exceeded production expectations
 Developed a path to potentially extend mine life with near mine oxide
discoveries adjacent to the open pit and at Las Vacas/Pirrotina
 Successfully achieved caving in the UG mine and increased the amount of
development
Minera Florida
 Completed conceptual study to implement whole ore leaching
 Completed conceptual study to develop new discoveries in recently
consolidated land
Jacobina
 Delivered a strong year with higher year-over-year production at lower cost
 Opened additional mining zones that will impact positively on mill throughput
in the future years
 Improvements with mine planning and sequencing to move tonnes more
efficiently

15. Producing Mines
2017 - Building on Improvements Achieved in 2016
15
Outlook and Key Catalysts
Chapada
 Expand cleaner circuit to increase residency time to increase gold and
copper recovery and decrease unit costs
 Develop an optimized LOM plan with the objective of delivering
sustainable production at or above current levels
 Implement cost saving initiatives and operational efficiency
improvements
 Advance Suruca to production beginning in 2019
El Peñón
 Deliver significant metals production at a more sustainable and
consistent level that reduces development and exploration spending
 Continue to optimize mining for ultra narrow veins and the development
of new zones
 Optimize cost structure for new production level
 Improve productivity in stopes
Canadian Malartic
 Increase SAG availability with a target of 93.7% availability (0.5%
increase)
 Continue with operational efficiency improvements that take into
consideration the nearby community
 Advance the Barnat expansion in a collaborative manner that works with
stakeholders and is consistent with our health & safety, environment
and operational values

16. Producing Mines (cont’d)
2017 - Building on Improvements Achieved in 2016
Outlook and Key Catalysts
Gualcamayo
 Continue drilling at recent near mine discoveries to increase oxide
Mineral Reserves with the objective of unlocking a new open pit mining
phase
 Reduce external expenditures
 Advance conceptual study to improve recoveries from the open pit
Minera Florida
 Continue drilling in Las Pataguas and other high priority targets with the
objective of improving the operational outlook
 Advance development of the Hornitos tunnel, a production ready
exploration tunnel
 Advance the whole ore leaching project to a feasibility level
 Improve productivity underground with the objective of increasing mine
throughput and replacing re-processing of tailings
Jacobina
 Implement cost saving initiatives and operational efficiency
improvements
 Implement changes to the mining method that will increase productivity
and decrease cost per tonne mined

17. (for Yamana’s Mines) Gold (oz.) Silver (oz.)
Copper
(lbs.)(Chapada)
Production
2016 Actual 1.0M 6.7M 116M
2017 Guidance 920k 4.740M 120M
Consolidated Total Cost of Sales per unit sold
2016 Actual $991 $13.79 $1.92
2017 Guidance $965 $14.20 $1.70
Consolidated Co- Product Cash(1) Costs per unit produced
2016 Actual $650 $8.96 $1.58
2017 Guidance $675 $10.55 $1.60
Consolidated Co-Product AISC(1) per unit produced
2016 Actual $897 $12.65 $2.03
2017 Guidance $910 $14.30 $2.00
171. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016.
2. Includes approximately 200,000 of attributable production based on Brio Gold’s 2017 guidance.
Positioned to Continue Operational Execution
Total ATTRIBUTABLE GOLD
PRODUCTION is targeted at
~1,140,000 oz. (2)

18. 2017 2018 2019
Gold (oz.) 920K 1,030K 1,100K
Silver (oz.) 4.7M 10.0M 14.5M
Copper (lb) 120M 120M 120M
18
CAGR* of ~10% FOR GOLD PRODUCTION
AND ~75% FOR SILVER from 2017 to 2019
2017 to 2019 Production Outlook
* Compound annual growth rate

19. Darcy Marud
EVP, Enterprise Strategy

20. Development Project: Cerro Moro
 Project is advancing according to plan with $55M
in capital spent in 2016 and $233M to be spent
over 2017 and 2018 (predominately in 2017)
 The 2016 infill drill program confirmed Mineral
Resources and served to further de-risk the
project and mine start-up
 Advancing exploration program to upgrade and
discover new Mineral Resources which will
further enhance the project returns
 Ramp-up of site construction activities is
continuing as planned
 Development progress to the end of Q4 included:
 Completed 100% of planned underground mine
development (617 metres)
 Bulk earthworks completed and concrete work
over 40% complete
 Detailed engineering is on track, reaching 85%
completion by year end
 Procurement progress tracking according to
plan with 46% of capital now committed
20
Cerro Moro is on track for first
PRODUCTION IN EARLY 2018
 Identified an opportunity to better exploit
the high silver grades (average LOM silver
grade of ~540 g/t) without additional capital
 Updated mine plan shows partial production
in 2018 and reflects 3-month ramp-up in Q2
2018
 2019E production of 130k oz. of gold
(average feed grade 11 g/t) and 9.9M oz. of
silver (average feed grade 920 g/t)
 Average AISC from 2018 – 2019 is expected to
be below $600/oz. of gold and below
$9.00/oz. of silver

21. Cerro Moro Progress
Underground
Plant site construction
Access to Tunnel
21
Ball Mill building
Flotation cell foundations

22. Mineral Reserves and Mineral Resources(1,2)
22
15.5 16.7
24.0 21.2
14.5 15.0
2015 2016
GoldOunces(millions)
Proven and Probable Mineral Reserves Measured and Indicated Mineral Resources Inferred Mineral Resources
Silver
P&P Reserves – 80M oz
M&I Resources – 55M oz
Inferred Resources – 76M oz
Copper
P&P Reserves – 3.3B lbs
M&I Resources – 698M lbs
Inferred Resources – 535M lbs
1. For comparative purposes Mineral Reserves and Mineral Resources exclude Mercedes and include 84.6% of Mineral Reserves and Mineral Resources for the Brio Gold properties
2. Further details including tonnes and grade are presented in the Appendix of this presentation and/or refer to the Company’s press release issued on February 16, 2017.

23. William Wulftange
SVP, Exploration

24. Exploration Program
Well Positioned for Mineral Reserve Growth
24
Exploration Target Significance
Chapada
Sucupira
Suruca
Formiga
 Potential Mineral Resource growth and path towards production
for Suruca (oxide, gold only)
 District potential significantly larger than original mine footprint
 Gold and copper mineralization identified along a 15km trend
 Continuous resource discovery and growth since 2008
 Recently discovered Baru target immediately north of Sucupira
 A second copper-gold deposit with grades similar to Chapada has
been identified at Formiga
El Peñón
Quebrada Colorada
Providencia
Quebrada Orito
 Targeting surface and underground extensions of principle
orebodies
 Discovering high grade moderate width intercepts beneath
previous principle structures are open to depth and along strike
 Narrow mining methods tested and in place
Canadian
Malartic
Odyssey
 Maiden Inferred Mineral Resource estimate completed
 2017 program to infill and expand Odyssey and define higher
grade crossing structures
 Optionality for enhanced production and mine life
Kirkland Lake
 Amalgamated Kirkland geologic and mineral models updated
 Opportunities for growth at Upper Beaver, Amalgamated
Kirkland, Upper Canada and other targets
 Updated Anoki McBean resource estimate

25. Exploration Program:
Well Positioned for Mineral Reserve Growth
25
Exploration Target Significance
Gualcamayo
Potenciales
Cerro Condor
 New oxide discoveries immediately adjacent to the QDD Main pit
suggest potential increases in Mineral Resources and to mine life
 Continuing to return positive results
Las Vacas  Deposit 2km NW of QDD Main pit remains open along strike
Minera
Florida
Core mine
concessions
 Consolidation of regional and near mine concessions
 Potential for Mineral Resource growth and mine life extension
Las Pataguas
 Adjacent to the core mine and is the most important discovery at
Mineral Florida in the past 10 years
 Remains open in all directions and the Mineral Resource is
expected to grow significant during 2017

26. Jason LeBlanc
SVP, Finance and CFO

27. FY 2016 FY 2015 Change
Revenue $1,787.7 $1,720.6 $67.1
Net earnings/(loss) (1) $(290.8) $(1,686.7) $1,395.9
Net earnings/(loss) per share(1) $(0.31) $(1.80) $1.49
Adjusted earnings/(loss) (1,2) $43.3 $(64.5) $107.8
Adjusted earnings/(loss) per share(1,2) $0.05 $(0.08) $0.13
Mine operating earnings $(414.9) $(1,267.4) $852.5
General and administrative expenses $100.2 $110.1 $(9.9)
DD&A $462.3 $503.9 $(41.6)
Expansionary Capital $134.5 $80.1 $54.4
Exploration capitalized/expensed $80.4/$14.9 $62.7/$18.7 $17.7/$(3.8)
Cash flows from operating activities $651.9 $514.0 $137.9
Cash flows from operating activities
before net changes in working capital(2)
$626.6 $654.8 $(28.2)
Note: In millions (M$) except for per share figures
1. From continuing operations attributable to Yamana equity holders.
2. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016.
Significant Financial Performance: Earnings and
Adjusted Earnings
27

28. Significant Financial Performance: Strong Margins
Continue
FULL YEAR FOURTH QUARTER
2016 2015
%/absolute
Change
2016 2015
%/absolute
Change
Gross Margin(1) $758.7M $705.5M 8% $200.3M $186.6M 7%
Gross Margin as % of
Revenue
42% 41% 1% 41% 42% (1)%
EBITDA $603.9M $507.1M 19% $148.4M $117.4M 9%
EBITDA Margin as % of
Revenue
34% 29% 5% 31% 27% 4%
1. Gross margin excluding depletion, depreciation and amortization.
2. EBITDA is a non-GAAP measure and does not have a standardized meaning prescribed by IFRS. The Company Calculated this measure based on gross margin excluding depletion,
depreciation and amortization after deducting general and administrative, exploration and evaluation and other expenses.
Margins continue to show IMPROVEMENT OVER PRIOR YEAR
28

29. Significant Financial Performance: Net Free Cash Flow
FULL YEAR FOURTH QUARTER
2016 2015 Change 2016 2015 Change
Cash flows from operating
activities after net changes
in working capital(1)
$651.9 $514.0 $137.9 $163.0M $296.9 $(133.9)
Less: Advance payments on
metal purchase agreement
$64.0 $148.0 $(84.0) - $148.0 $(148.0)
Less: Non-discretionary items related to the current period
Sustaining capital
expenditures
$280.5 $214.0 $66.5 $77.7 $53.7 $24.0
Interest and finance
expenses paid
$96.2 $114.6 $(18.4) $30.1 $38.5 $(8.4)
Net Free Cash Flow(2) $211.2 $37.4 $173.8 $55.2 $56.7 $(1.5)
NET FREE CASH FLOW CONTINUES TO INCREASE
strengthening the balance sheet and reducing net debt
Note: In millions (M$)
1. From continuing operations.
2. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016.
29

30. Management of Balance Sheet
30
Implemented a strategy to increase cash balances to provide
GREATER FINANCIAL FLEXIBLITY TO PURSUE ORGANIC GROWTH
 Concerted effort has been made to strengthen the balance sheet since the
end of 2014 following the acquisition of Canadian Malartic and in anticipation
of Cerro Moro construction
 This has been achieved irrespective of volatility in metal prices
 Debt reduction efforts have been supplemented by various monetization
initiatives
1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016.
YE 2014 YE 2015 YE 2016
Change
from 2015
Change
from 2014
Total Debt $2.060B $1.774B $1.592B ($180M) ($470M)
Net Debt(1) $1.869B $1.654B $1.495B ($160M) ($370M)

31. Balance Sheet Continues to Strengthen
31
Hiatus of significant expansionary capital spending after 2018 will lead to
HARVESTING OF CASH FLOW IN 2019
0.80
1.30
1.80
2.30
2.80
3.30
-100
100
300
500
700
900
1100
2017 2018 2019
EBITDA Net Debt/EBITDA
 EBITDA and Net Debt/EBITDA(1) are forecasted to improve, driven by:
 Increases in production and cost and margin improvements
 Significant drop in expansionary capital spending after 2018
 Annual expansionary capital run rate from 2019 between $50M and $75M
 Other monetization initiatives would accelerate balance sheet improvement
1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016.

32. Financial Flexibility
32
 Cash and cash equivalent of $97M
 Undrawn credit available of $884M
 Debt repayments totaling only $18.6M in 2017
 Net debt(1) calculation excludes non-cash considerations such as Premier
Gold common shares and common share purchase warrants
 Ongoing monetization initiatives to further enhance financial flexibility
1. A non-GAAP measure. A reconciliation of the IFRS measure to this non-GAAP measure can be found at www.yamana.com/Q42016.
Continue to target NET DEBT/EBITDA RATIO OF 1.5 OR BETTER

33. Peter Marrone
Chairman and CEO

34. Focus on Quality Management
34
 Improving and enhancing
management was an initial step to
future improvements to the business
 Significant operational and strategic
objectives were achieved during the
transition
 Operational management is ensuring
the right people are in place at the
operations and they are positioned to
deliver on expectations
 The focus is now more firmly on
delivering further operational
improvements
Significant Enhancements to
Management
• Enhanced the EVP structure
• Appointed a highly experienced COO
• Aligned responsibilities for two SVP,
Operations positions to reflect a
more effective division of assets
• Appointed a VP, Procurement that
reports to the COO
• Completed CFO transition and
succession plan
• Continued to centralize technical and
operational expertise in Toronto
• Enhanced technical expertise on the
Board of Directors

35. Annual Meeting 2016
Improving portfolio
• Increasing focus on larger scale
assets with the potential to
contribute significantly to cash
flow
• Advancing development stage
projects on time and budget
• Developing optimal mine plans
to balance life of mine, annual
production and overall costs
• Demonstrating additional
potential through exploration
success
• Expanding Canadian presence
Operating mines and development projects in four favourable
jurisdictions
ASSET PORTFOLIO

36. 36
Closing Comments

37. Appendix
37

38. 38
Mineral Reserve and Mineral Resource Summary
Note: As of December 31, 2016
Tonnes (000s) Grade (g/t) Contained oz. (000s)
Gold 842,152 0.62 16,680
Silver 13,725 182.0 80,290
Tonnes (000s) Grade (%) Contained lbs (M)
Copper 568,987 0.26 3,298
Tonnes (000s) Grade (g/t) Contained oz. (000s)
Gold 650,114 1.01 21,159
Silver 98,696 17.2 54,604
Tonnes (000s) Grade (%) Contained lbs (M)
Copper 132,012 0.24 698
Tonnes (000s) Grade (g/t) Contained oz. (000s)
Gold 296,781 1.58 15,039
Silver 45,134 52.2 75,701
Tonnes (000s) Grade (%) Contained lbs (M)
Copper 75,920 0.32 535
Measured and Indicated Mineral Resources
Inferred Mineral Resources
Proven and Probable Mineral Reserves