The document is a presentation from Centerra Gold's 14th Annual NAMBC Investors Conference in October 2011 regarding investment opportunities in Mongolia. It summarizes Centerra's operations in Mongolia including its Boroo and Gatsuurt projects. Boroo has produced over 1.5 million ounces of gold since 2004. Gatsuurt is expected to extend Boroo's operating life by over 10 years. Centerra has over 1.8 million ounces of proven and probable reserves between the two projects and continues exploring its large land package in Mongolia.

1. 14th Annual NAMBC Investors Conference October 2011
Is Mongolia Open for Investment?
Frank Herbert, General Counsel

2. October 2011 2
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 of
applicable Canadian securities 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 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-looking
information. These forward-looking statements relate to, among other things, Centerra‟s expectations regarding processing the remaining refractory in-situ ore at Boroo through a bio-oxidation
facility, the impact of the Water and Forest Law on the Company‟s Mongolian operations and 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mineral reserves if the Water and Forest Law is not repealed or amended, the timing of the discussion of the Water and Forest Law amendment in the Mongolian Parliament, the application of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 of operations (including, without limitation, future production and sales, and operating and capital
expenditures), performance (both operational and financial), business and political environment and business prospects (including the timing and development of new deposits (including the
ATO (Altan Tsagaan Ovoo) deposit) and the success of exploration activities), outcome of litigation involving Centerra, the timing for the preparation of an initial resource statement for the
Company‟s ATO property, the timing for mill maintenance and repair work at Boroo, the expected impact on the Company‟s financial statements as a result of adopting IFRS standards, the
timing of the scheduled SAG mill discharge liners at Kumtor and its impact on production and opportunities and the discussion under 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 and
based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressed
or implied will be consistent with such forward-looking information. 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 and competitive 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 forecast production and costs include those described under the heading
“Outlook for 2011”. Other factors that could cause actual results or events to differ materially 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‟s operations 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 the Company 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 of changes 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 the Kumtor 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 cost estimates; 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‟s ability 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 necessary permits 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 and Mongolia; 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‟s ability 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 global financial 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 qualified personnel; 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; risks associated with the Company‟s largest shareholder, the Kyrgyz government; 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 AIF available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results,
performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in
this presentation. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on
forward-looking information. Forward-looking information is as of July 28, 2011. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in
assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
All figures are in United States dollars unless otherwise stated.

3. October 2011 3
Kyrgyz Republic Mongolia
● 1H-2011 gold production 335,882 oz @ cash costs of $436/oz
● 2011 expected gold production of 600,000 to 650,000 oz @
cash costs of $460 to $495/oz
Russian Federation
China
Kazakhstan Mongolia
Boroo
Gatsuurt
Ulaanbaatar
Russian Federation
Mongolia
China
Kazakhstan
Kumtor
Kyrgyz Republic
Centerra Who We Are
ATO

4. October 2011 4
Share and Ownership Profile
● Symbol CG on the TSX, 236,103,744 common shares issued
● Market capitalization approximately CDN$4.5 Billion
● Strong financial position, no debt
● Annual dividend CDN$0.10 + 2011 special dividend CDN$0.30
Share Ownership
Kyrgyzaltyn
JSC
33%
Retail
shareholders
20%
Institutional
shareholders
47%

5. October 2011 5
M O N G O L I A
Recent Developments – Gatsuurt set
to Extend Operating Life by >10 years
193
50
151
111
2008 2009 2010 2011E
 Construction of road
access to Gatsuurt
– complete
 Gatsuurt site preparation
– complete
 Future production
 Goal: Develop 10 years of
production for Boroo mill
Boroo Gold Production
(„000 oz)

6. October 2011 6
Strong Performance in the First Six Months of 2011
Gold production („000 oz) 336 333
Total cash cost ($/oz) $436 $441
Average realized gold price ($/oz) $1,452 $1,143
Revenues $494M $408M
Net Earnings $208M $155M
Earnings per share $0.88 $0.66
Cash from operations $261M $159M
Cash and Short-term investments $465M $414M1
June 30
2011
June 30
2010
Please refer to July 28, 2011 news release, MD&A and unaudited Financial Statements and Notes for
the six months-ended June 30, 2011 and Caution Regarding Forward-Looking Information
1. December 31, 2010

7. October 2011 7
-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 Mined
Kumtor Ounces Mined
Gatsuurt Reserves
Boroo Reserves
Kumtor Reserves
Centerra – Reserves and Ounces Mined
AuOunces(‘000’s)
Reserves
7.1 million
Cumulative
Ounces
Mined Since
2003
8.2 million
ounces
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra‟s AIF and technical reports filed on SEDAR.

8. October 2011 8
Kyrgyz Republic Mongolia
Russian Federation
China
Kazakhstan Mongolia
Boroo
Gatsuurt
Ulaanbaatar
Russian Federation
Mongolia
China
Kazakhstan
Kumtor
Kyrgyz Republic
Mongolia
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.
● 1H-2011 gold production 32,639 oz @ cash costs of $607/oz
● 2011 expected gold production of 50,000 oz @ cash costs of $865/oz
ATO

9. October 2011 9
M O N G O L I A
Gatsuurt Deposit
Dulaahhaan
Suhbaatar
Batsumber
Bornuur
Mandal
Dzuunharaa
Sharingol
Dzuunmod
Nalayh
ULAANBAATAR
Bayanchandmani
Darhan
Yoroo
Shaamar
Dzuunburen
Jargalant
Barunnharaa
Orhon
Sant
Altanbulag
Arhust
Bayandelger
Songino
Lun
Bayantsogt
Dumda
Urtaiin
Bayshing
Ugtaaltsaydam
GATSUURT
DEPOSIT
BOROO
MINE
ULAAN BULAG
DEPOSIT
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 Projection
Datum: Pulkovo 1942, Russia
0 50
kilometres
MONGOLIA
Detailed
Map Area

10. October 2011 10
M O N G O L I A
Boroo Mine
● Initial Reserves 1.3 million ounces of gold as of December 31, 2003
● Stability Agreement negotiated in 1998
● Construction began in 2002
● Commercial production achieved March 1, 2004
● Heap Leach facility added June 2008
● Plan to expand processing options, add bio-oxidation circuit
● Produced 1.5 million ounces
of gold since 2004

11. October 2011 11
M O N G O L I A
Mongolia Today
● Current Reserves 1.9 million ounces as of December 31, 2010
● Gatsuurt development project adjacent to Boroo
● Windfall profit tax repealed as of January 1, 2011
● Water and Forest Law
● Gatsuurt road construction and site prep complete
● Boroo Heap Leach operating permit pending
● Gatsuurt approvals pending

12. October 2011 12
Gatsuurt – Construction 2010
Road Construction
Site
Preparation
Work Camp

13. October 2011 13
M O N G O L I A
Large Land Package, Next Development Gatsuurt
● Gatsuurt development
– 55 km road from Boroo
– Initial oxide production
● Current Reserves (000‟s oz)
– Boroo 392
– Gatsuurt 1,489
1,881
● Current M&I Resources
– 748,000 ounces
● Current Inferred Resources
– 735,000 ounces
● Land package
– 130,000 hectares
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra‟s AIF and technical reports filed on SEDAR.

14. October 2011 14
Gatsuurt – Pending Development
● 100% owned by Centerra
● 35 km east of Boroo mine
● Feasibility study completed
● Reserves and resources registered with Government
● Reserves: 1.5 M contained ounces (16.3 Mt @ 2.8 g Au/t)
● Resources(1): 0.4 M contained ounces(5.5 Mt @ 2.4 g Au/t)
● Process at Boroo facility
● Corporate income tax 25%
● Government royalty 10%
● Subject to additional 3% NSR
Reserves and resources as at December 31, 2010. Resources do not include reserves. Ian Atkinson is
the Qualified Person for purposes of NI 43-101 please see AIF and technical reports filed on SEDAR.
(1) Measured and Indicated

15. October 2011 15
Province 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 50
kilometres
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
Yeroogol
Au Trend
Onon Au–Ag
Base metal Trend
Ulaanbaatar
Choibalsan
Russia
ATO Project

16. October 2011 16
Altan Tsagaan Ovoo (ATO)
Pipe 4
Pipe 1
Pipe 2
Pipe 3

17. October 2011 17
M O N G O L I A
Economic Facts
● Only hardrock gold mine in Mongolia
● 398 employees 95% Mongolian Nationals
● Lead tax taxpayer in country
● Boroo pays to Mongolian Government
– 5% royalty
– 25% Corporate Income Tax
● Boroo‟s production has accounted for 5% to 10% of country‟s GDP

18. October 2011 18
M O N G O L I A
What have we done?
● Introduced new technologies
– Heap Leach
– Bio-oxidation
● Agreed to higher royalties and shortened tax holiday
● Corporate Social Responsibility Program
– World Vision sprinkles program and nutritional supplements
– Community development funds
– Micro-loan agency
– Built an agriculture centre
– Repair infrastructure, roads, electricity, water systems
– Building new maternity hospital UB

19. October 2011 19
M O N G O L I A
What have we done?
● Extractive Industries Transparency Initiative
● Environmental Responsibility
– 264 hectares reclaimed
– Mine closure plan
Pit #6 2008 2010

20. October 2011 20
M O N G O L I A
What have we done?
● Maternity hospital for the Capital City
– Fast growing nation with high birth rate
– An acute need for modern maternity hospital
– First clinical maternity hospital‟s extension building with 100 mothers and 50
intensive care newborns capacity
– Cost estimate approximately US$8 million, to be entirely funded by Centerra
– Key stakeholders
• Centerra
• Ministry of Health
• UB City Admin

21. October 2011 21
M O N G O L I A
Frustrations
● Windfall Profits Tax introduced in 2006
– investment climate changed
● WPT repealed as of January 1, 2011
– four years to fix
● Water and Forest Law introduced July 2009
– impact not defined
● Final Heap Leach operating permit pending
● Gatsuurt approvals and commissioning pending
● 250 people let go from Boroo December 1, 2010
– were scheduled to be redeployed to Gatsuurt

22. October 2011 22
Expand Exploration; Significant Potential in Asia
Peschanka-Chukotskiy
2.7 M oz
Chang Shan Hao 217
8.0 M oz
Oyu Tolgoi
26.4 M oz
Ereen
2.6 M oz
Olon Ovoot
1.9 M oz
Sukoi Log
44.8 M oz
Lugokanskoye
5.3 M oz
Brystrinskoye
8.9 M oz
Chertovo Koryto
5.6 M oz
Kuranakh
6.8 M oz
Golets Visochaishiy
2.6 M oz
Baleyskoe
5.1 M oz
Taseyevskoe
4.6 M oz
Itakinskoye
3.2 M oz
Copler
6 M oz
Vasilkovskoe
11 M oz
Bakyrchik
13 M oz
Muruntau
180 M oz
Amantaytau
3.5 M oz
Kuru-Tegerek
3.1 M oz
Jerooy
3.3 M oz
Arxi
5.6 M oz
Taldybulak L.
1.0 M oz
Varvarinskoye
5 M oz
Taldybulak
6.2 M oz
Charaat
4 M oz
Maoling
7.6 M oz
Golden Hills
1.1 M oz
Olympiada
13 M oz
Titimukhta
2.6 M oz
Bobolyubovo
2.2 M oz
Vorontosovskoe
2.6 M oz
Blagodatnoe
8.4 M oz
Svetlinskoye
1.5 M oz
Yubileyniy-
Bashkortostan
5.1 M oz
Efemcukuru
2 M oz
Daugyztau
6 M oz
Kochbulak
3 M oz
Jilau
3 M oz
Zarmitan
8 M oz
Unkurtask
5 M oz
Kisladag
8 M oz
Ovacik
1 M oz
Jinfeng
8.2 M oz
Laizhou
10.7 M oz
Yingezhuang
5.2 M oz
Zenyuan
5.2 M oz
Anba
2.9 M oz
Dachang
2.9 M oz
Baguamiao
2.8 M oz
Zijinshan
2.8 M oz
Jinling
2.7 M oz
Chongli Zijin
2.3 M oz
Natalka
68.6 M oz
Nezdaninskoye
13.8 M oz
Kupol
4.3 M oz
Kubaka
2.6 M oz
Malomyr
5.3 M oz
Pioneer
5.3 M oz
Bamskoe
(Chulbango)
3.1 M oz
Makmal
1.7 M oz
Mnogovershinnoe
2.3 M oz
Overnovskoe
3.3 M oz
Veduga
4.8 M oz
Centerra brings unique expertise
Oksut
STI JV
Elmali
EMX JV
Akarca
EMX JV
Kara Beldyr
CAG JV
ATO
Boroo
2.5 M oz
Gatsuurt
2 M oz
Kumtor
19 M oz
Centerra Property
Centerra JV
Gold Deposit > 2M oz
Known Gold Deposit
Altunhisar
STI JV
Laogouxi
HDS JV
Dvoinoye
JV