CIBC Institutional Conference, January 2012

Steve Lang, President and CEO

Caution Regarding Forward-Looking Information

This presentation and the documents referred to herein contain statements which are not statements of current or historical facts and are “forward-looking information” within the meaning ofapplicable Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities todiffer materially from those expressed or implied by such forward-looking information. Wherever possible, words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”,“intends”, “continue”, “budget”, “forecast”, “projections”, “estimate”, “may”, “will”, “schedule”, “potential”, “strategy” and other similar expressions have been used to identify forward-lookinginformation. These forward-looking statements relate to, among other things, the discussion under the heading “2012 Outlook” in the most recent news release, including the forecasted goldproduction and cash costs, exploration expenditures and exploration plans, capital expenditures, community investments and corporate administration, Centerra’s expectations regarding theimpact of the Water and Forest Law on the Company’s Mongolian operations, 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.

Although the forward-looking information in this presentation reflects Centerra’s current beliefs as of the date of this presentation based on information currently available to management andbased upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressedor implied will be consistent with such forward-looking information. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while consideredreasonable by Centerra, are inherently subject to significant political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actualresults to differ materially from those projected in the forward-looking information.

Material assumptions used to forecast production and costs include those described under the heading “Material Assumptions” in the most recent news release. Other factors that could causeactual 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 risksassociated 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 thejurisdictions 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 theCompany’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 theKyrgyz 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 itsreserves; 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 theCompany’s production and cost estimates; the success of the Company’s future exploration and development activities; competition for mineral acquisition opportunities; the adequacy of theCompany’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 creditfacility; 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 toobtain 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 theKyrgyz 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 impactof 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 andretain 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 jointventures; risks associated with the Company’s largest shareholder, Kyrgyzaltyn JSC; and possible director conflicts of interest. There may be other factors that cause results, assumptions,performance, achievements, prospects or opportunities in future periods not to be as anticipated, estimated or intended. See “Risk Factors” in the Company’s most recently filed AnnualInformation Form 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 inthis presentation. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance onforward-looking information. Forward-looking information is as of January 17, 2012. Centerra assumes no obligation to update or revise forward-looking information to reflect changes inassumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.All figures are in United States dollars unless otherwise stated.

January 2012 2

Kyrgyz Republic Mongolia

● 2011 gold production 642,380 oz● 2012 expected gold production of 635,000 to 685,000 oz

@ cash costs of $465 to $500/oz

Russian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Two Solid Growth Platforms

ATO

January 2012 3

Share and Ownership Profile

● Symbol CG on the TSX, 236,307,533 common shares issued

● Market capitalization approximately CDN$4.4 Billion

● Strong financial position, no debt

● Annual dividend CDN$0.10 + 2011 special dividend CDN$0.30

Share Ownership

Kyrgyzaltyn JSC

33%

Retail shareholders

19%

Institutional shareholders

48%

January 2012 4

Strong Operating Performance

679642

635-685

Kumtor

Boroo

2010 2011 2012E

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

2012 Estimated Production:– Kumtor 575,000 – 625,000 oz– Boroo 60,000 oz

Gold Production(‘000 oz)

January 2012 5

-7,500

-6,500

-5,500

-4,500

-3,500

-2,500

-1,500

-500

500

1,500

2,500

3,500

4,500

5,500

6,500

7,500

8,500

2003 2004 2005 2006 2007 2008 2009 2010

Boroo Ounces MinedKumtor Ounces MinedGatsuurt ReservesBoroo ReservesKumtor Reserves

Centerra – Reserves and Ounces MinedA

u O

un

ces

( ‘0

00

’s )

Reserves

7.1 million Cumulative

Ounces Mined Since

2003

8.2 millionounces

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.January 2012 6

Expand Our Exploration

$25

$31

$40

$45

2009 2010 2011 2012E

● Over 50% of 2012 exploration budget on our land holdings

– Kumtor: $15M– Mongolia: $8M– JV’s in Russia, Turkey, China

Nevada: +$12M

● Kumtor focus– SB and Stockwork Zones– Regional drilling

● Mongolia focus– ATO and other land holdings

ExplorationExpenditures

$M

January 2012 7

Expand Exploration; Significant Potential in Asia

Peschanka-Chukotskiy2.7 M oz

Chang Shan Hao 217 8.0 M oz

Oyu Tolgoi26.4 M oz

Ereen2.6 M oz

Olon Ovoot1.9 M oz

Sukoi Log44.8 M oz

Lugokanskoye5.3 M oz

Brystrinskoye8.9 M oz

Chertovo Koryto5.6 M oz

Kuranakh6.8 M oz

Golets Visochaishiy2.6 M oz

Baleyskoe5.1 M oz

Taseyevskoe4.6 M oz

Itakinskoye3.2 M oz

Copler6 M oz

Vasilkovskoe11 M oz

Bakyrchik13 M oz

Muruntau180 M oz

Amantaytau3.5 M oz

Kuru-Tegerek3.1 M oz

Jerooy3.3 M oz

Arxi5.6 M oz

Taldybulak L.1.0 M oz

Varvarinskoye5 M oz

Taldybulak6.2 M oz

Charaat4 M oz

Maoling7.6 M oz

Golden Hills1.1 M oz

Olympiada13 M oz

Titimukhta2.6 M oz

Bobolyubovo2.2 M oz

Vorontosovskoe2.6 M oz

Blagodatnoe8.4 M oz

Svetlinskoye1.5 M oz

Yubileyniy-Bashkortostan

5.1 M oz

Efemcukuru2 M oz

Daugyztau6 M oz

Kochbulak3 M oz

Jilau3 M oz

Zarmitan8 M oz

Unkurtask5 M oz

Kisladag8 M oz

Ovacik1 M oz

Jinfeng8.2 M oz

Laizhou10.7 M oz

Yingezhuang5.2 M oz

Zenyuan5.2 M oz

Anba2.9 M oz

Dachang2.9 M oz

Baguamiao2.8 M oz

Zijinshan2.8 M oz

Jinling2.7 M oz

Chongli Zijin2.3 M oz

Natalka68.6 M oz

Nezdaninskoye13.8 M oz

Kupol4.3 M oz

Kubaka2.6 M oz

Malomyr5.3 M oz

Pioneer5.3 M oz

Bamskoe (Chulbango)

3.1 M oz

Makmal1.7 M oz

Mnogovershinnoe2.3 M oz

Overnovskoe3.3 M oz

Veduga4.8 M oz

Centerra brings unique expertise

OksutSTI JV

ElmaliEMX JV

AkarcaEMX JV

Kara BeldyrCAG JV

ATO

Boroo2.5 M oz

Gatsuurt2 M oz

Kumtor19 M oz

Centerra Property

Centerra JV

Gold Deposit > 2M oz

Known Gold Deposit

AltunhisarSTI JV

LaogouxiHDS JV

DvoinoyeJV

January 2012 8

1

2

3

Our Focus is on Growth

Maximize existing operations

Expand our exploration

Acquisitions or JV’s

Growth

January 2012 9

Appendix

Kyrgyz Republic MongoliaRussian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Two Solid Growth Platforms

Kumtor Reserves and ResourcesDec. 31, 2010

● P & P – open pit 6.3 m oz● M & I – open pit 4.1 m oz● Inferred – open pit 0.8 m oz

● Inferred – underground2.0 m oz

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

● 2011 gold production 642,380 oz● 2012 expected gold production of 575,000 to 625,000 oz

@ cash costs of $430 to $465/ozJanuary 2012 12

K U M T O R

Concession Area

● Area of 26,300 hectares

● Concession expires 2042

● 14% revenue-based tax

● 2 portals in place

● Declines advancing

1st Decline Portal2nd Decline Portal

January 2012 13

December 31st 2009

K U M T O R

Central Pit - Longitudinal Section

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.January 2012

September 30th 2011

No Data

No Data

KS11 Pit Design

KS10 Pit Design

Decline PositionSept. 30, 2011

Decline PositionsSept. 30, 2011

14

1st

Portal

2nd

Portal

North

KS11 Final Pit

560m435m max

strike length beneath pit

width up to 50m, average approx. 20m

width up to 50m, average approx. 20m

390m max strike length beneath pit

SB Underground High-Grade Zone

1.4M oz Inferred @ 15.3 g/t

Stockwork Underground Zone

0.6M oz Inferred @ 12.1 g/t

K U M T O R

Underground Development

Decline1 PositionSept. 30, 2011

Stockwork Decline Position

Sept. 30, 2011

Decline2 PositionSept 30, 2011

January 2012 15Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

K U M T O R

New Exploration Areas

Kumtor Concession 263 km2

Karasay License 139 km2

Koendy License 134 km2

Kumtor Central Pit

SouthwestDesign Pit

Sarytor Design Pit

0 5 10

kilometres

January 2012 16

25 26 km242320 21 2218 1915 16 1711 12 14138 9 104 5 6 71 2 30

3800

3400

SSEBESHMOYNOK

RIDGE

KARASAYVALLEY

KARASAYPROSPECT

TARGET

SCHEMATIC GEOLOGICAL CROSS-SECTION - LINE A-A'(vertical exaggeration 1:2)

AKSHYRAKRIDGE

KARASAYGLACIER

KUMTORDEPOSIT

4600NNW

KUMTORVALLEY

4200

NIK

OLA

EVLI

NE

ATB

ASH

I-IN

ILC

HEK

FAU

LT

S2-D1C2

S1?C3S2-D1Pg-N

D2-3S1?

VPR1?sr

C1-2 V R3-VPR1?sr

Pg-N C1

5.000

kilometers

0

Known mineralization zone

Other major Paleozoic faults

Supposed mineralization zone

Major Alpine steep faults

Recent sediments (QIII-QIV)

Major Alpine thrust

Major Paleozoic thrust

Glacier

Ophiolitic melange (O?)

Sericitic shale (S2-D1); hornfels

Basalt (S2-D1); hornfels

Specled shale (O3-S1?)

Quartz-biotite schist, metabasalt (O-S1?)

Limestone (C1-2); sandstone (C1)

Red clay, conglomerate-breccia (Pg-N) Red-brown conglomerate (C2)

Marblized limestone with gypsum (D2-3)

Arkoses, tuffs, basalts, rhyolites (R3-V) Granite, granodiorite (C3)

Middle Tien-Shan South Tien-Shan

Gneiss, marble, schists (PR1)

Alpine tectonic melange

Ore-bearing rocks - phyllites (Cm-V)

Black cherty, limestone (Cm2-O1)

Granite, diorite (PR?sr)

Aulerolite (O1-2)

Sandstone (O2-3)

Legend:

5SCHEMATIC GEOLOGICAL CROSS-SECTION, LINE A-A’

KUMTORDEPOSIT

KARASAYPROSPECT

TARGET

K U M T O R

Karasay Prospect

January 2012 17

Kyrgyz Republic MongoliaRussian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Two Solid Growth Platforms

Mongolian Reserves and ResourcesDec.31, 2010

● 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.

● 2011 gold production 59,224 oz

● 2012 expected gold production of 60,000 oz @ cash costs of $810/oz

ATO

January 2012 18

M O N G O L I A

Gatsuurt Deposit

Dulaahhaan

Suhbaatar

BatsumberBornuur

Mandal

Dzuunharaa

Sharingol

Dzuunmod

Nalayh

ULAANBAATAR

Bayanchandmani

Darhan

Yoroo

ShaamarDzuunburen

Jargalant

Barunnharaa

Orhon

Sant

AltanbulagArhust

Bayandelger

SonginoLun

BayantsogtDumdaUrtaiin

Bayshing

Ugtaaltsaydam

GATSUURTDEPOSIT

BOROO MINE

ULAAN BULAGDEPOSIT

RUSSIA

MONGOLIA

50°N

50°N

49 °N

49°N

48°N

48°N

108°E

108°E

107°E

107°E

106°E

106°E

Drawing modified after Strathcona 2004.

Lambert Conformal Conic ProjectionDatum: Pulkovo 1942, Russia

0 50

kilometres

MONGOLIA

Detailed Map Area

January 2012 19

M O N G O L I A

Mongolia Update

● Boroo Heap Leach permit pending – Potential to add about 2,000 oz per month

● Gatsuurt road construction and site prep complete

● Gatsuurt approvals pending– Ready to begin production of oxide ore on receipt of final approvals

● Expand processing options, add bio-oxidation facility

January 2012 20

Prov ince boundary

Mining license

Exploration license

Railway

Main road

LEGEND

20 0 20 40

Kilometers

ULAANBULAG PROJECT

DARKHAN PROJECT

BOROO PROJECT

GATSUURT PROJECT

YALBAG PROJECT

KHUDER PROJECT

TOLGOIT PROJECT

MUNKH KHAAN PROJECT

UUL BAYAN PROJECT

46.5

°

106 °

48 °

49.5

°

109 °107.5 °

106 ° 107.5 ° 109 °

110.5 ° 112 ° 113.5 °

113.5 °110.5 ° 112 °

48 °49.5 °

46.5 °

0 50kilometres

100

Darkhan-Uul

Selenge

Sukhbaatar

Tuv

Khentii

Dornod

Darkhan-Uul

Selenge

Sukhbaatar

Tuv

Khentii

Dornod

Microsoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft CorporationMicrosoft Bing © 2010 Microsoft Corporation

Province boundary

Mining license

Exploration license

Railway

Main road

LEGEND

M O N G O L I A

ATO Location and Land Holdings in Mongolia

YeroogolAu Trend

Onon Au–AgBase metal Trend

UlaanbaatarChoibalsan

Russia

ATO Project

January 2012 21

M O N G O L I A

ATO District Targets

ATO

DavkharTolgoi

BayanMunkh

HighLand

BayanGol

DuutNuur

5 kilometres22January 2012

Pipe 4

Pipe 1

Pipe 2Pipe 3

M O N G O L I A

Altan Tsagaan Ovoo (ATO)

January 2012 23

M O N G O L I A

ATO Prospect, Drillhole Location Plan Map

January 2012 24Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

M O N G O L I A – Q3 2011

ATO Prospect, Section 11 SE

January 2012 25Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.