fourth quarter 2016 and full year results presentation

2016 Fourth Quarter and Full Year Results

February 17, 2017

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

Peter Marrone Chairman and CEO

Management Team Members on the Call

Daniel Racine

Darcy Marud

William Wulftange

Jason LeBlanc

4

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

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

6 1. 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

http://www.yamana.com/Q32016

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

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

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

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

Daniel Racine

EVP and COO

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


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%

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

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

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

(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

17 1. 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)


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

Darcy Marud

EVP, Enterprise Strategy

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

Cerro Moro Progress

Underground

Plant site construction

Access to Tunnel

21

Ball Mill building

Flotation cell foundations

Mineral Reserves and Mineral Resources(1,2)

22

15.5 16.7

24.0 21.2

14.5 15.0

2015 2016

Gold

Ounces

(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.

William Wulftange

SVP, Exploration

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

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

Jason LeBlanc

SVP, Finance and CFO

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


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

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


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)


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



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


Continue to target NET DEBT/EBITDA RATIO OF 1.5 OR BETTER


Peter Marrone Chairman and CEO

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

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

Closing Comments

Appendix

37

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


Gold 650,114 1.01 21,159

Silver 98,696 17.2 54,604


Copper 132,012 0.24 698


Gold 296,781 1.58 15,039

Silver 45,134 52.2 75,701


Copper 75,920 0.32 535

Measured and Indicated Mineral Resources

Inferred Mineral Resources

Proven and Probable Mineral Reserves

fourth quarter 2016 and full year results presentation

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