NAMBC 22nd Annual General MeetingIs Mongolia Open for Investment?

Wendy Yu, Assistant General Counsel

Caution Regarding Forward-Looking InformationThis 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. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things, the Company’s expectations regarding future growth, results of operations, future production and sales, operating capital expenditures, and performance; expected trends in the gold market, including with respect to costs of gold production; capital and operational expenses for 2012 and the ability to fund them from cash flow or to access public markets (and its ability to do so successfully); exploration plans for 2012 and the success thereof; mining plans at each of the Company’s operations; the receipt of permitting and regulatory approvals at the Company’s Gatsuurt development property; the impact of the Water and Forest Law on the Company’s Mongolian activities; the application of the new graduated royalty fee regime under the 2006 Mongolian Minerals Law to the Company’s Mongolian properties; permitting of the Company’s heap leach activities at the Boroo mine; anticipated delays and approvals and regulatory commissioning of the Company’s Gatsuurt development property as a result of the Water and Forest Law; the continued success with the management of ice and water movement at Kumtor; the Company’s business and political environment and business prospects; and the timing and development of new deposits.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, economic 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 “2012 Outlook” in the news release of February 23, 2012. 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 risksassociated with the Company’s principal 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 2006 Mongolian Minerals Law; 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; 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; any labour unrest and disturbances at the Company’s mines; any difficulties in renegotiating collective labour agreements on terms satisfactory to the Company; 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 renew any collective agreements and to avoid any labour disturbances; 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.

Furthermore, market price fluctuations in gold, as well as increased capital or production costs or reduced recovery rates may render ore reserves containing lower grades of mineralization uneconomic and may ultimately result in a restatement of reserves. The extent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of their profitable recovery. Economic and technological factors which may change over time always influence the evaluation of reserves or resources. Centerra has not adjusted mineral resource figures in consideration of these risks and, therefore, Centerra can give no assurances that any mineral resource estimate will ultimately be reclassified as proven and probable reserves.

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 herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Forward looking information is as of March 27, 2012. Centerra assumes no obligation to update or revise forward looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward looking information, except as required by applicable law.

All figures are in United States dollars unless otherwise stated.April 2012 2

Kyrgyz Republic Mongolia

● 2011 gold production 642,380 oz● 2012 expected gold production of 450,000 to 470,000 oz

Russian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Centerra Who We Are

ATO

April 2012 3

Share and Ownership Profile

● Symbol CG on the TSX, 236,339,041 common shares issued

● Market capitalization approximately CDN$3.4 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%

April 2012 4

April 2012 5

M O N G O L I A

Recent Developments – Gatsuurt set to Extend Operating Life by >10 years

151

60

111

59

2009 2010 2011 2012E

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)

April 2012 6

Strong Financial Performance in 2011

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

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

Cash from operations $435M $281M

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

Dec. 31

2011

Dec. 31

2010

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

Centerra – Reserves and Ounces MinedA

u O

un

ces

( ‘0

00’s

)

Reserves

7.0 million Cumulative

Ounces Mined Since

2004

8.1 millionounces

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.April 2012 7

Kyrgyz Republic MongoliaRussian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Mongolia

Mongolian Reserves and ResourcesDec.31, 2011

● Proven & Probable Reserves– Boroo 0.3 m oz– Gatsuurt 1.5 m oz

● Measured & Indicated Resources– Boroo 0.24 m oz– Gatsuurt 0.43 m oz– ATO 0.82 m oz

● Inferred Resources– Boroo 0.23 m oz– Gatsuurt 0.49 m oz– ATO 0.03 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

April 2012 8

April 2012 9

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

April 2012 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 1.6 million ounces

of gold since 2004

April 2012 11

M O N G O L I A

Mongolia Today

● Current Reserves 1.8 million ounces as of December 31, 2011

● M & I Resources 1.6 million ounces as of December 31, 2011

● 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

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

April 2012 12

Gatsuurt – Construction 2010

Road Construction

Site

Preparation

Work Camp

April 2012 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 298– Gatsuurt 1,489

1,787

● Current M&I Resources – 1,565,000 ounces*

● Current Inferred Resources– 765,000 ounces

● Land package– 185,000 hectares**

* Includes gold resources at ATO.** Includes 77,000 hectares at ATO project.

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

April 2012 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, 2011. 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

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

480 km

UlaanbaatarChoibalsan

Russia

ATO Project

April 2012 15

100 kilometres

April 2012 16

Altan Tsagaan Ovoo (ATO)

Pipe 4

Pipe 1

Pipe 2Pipe 3

April 2012 17

M O N G O L I A

Economic Facts

● Only hardrock gold mine in Mongolia

● 301 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

April 2012 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

April 2012 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

April 2012 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$6.4 million, to be entirely funded by

Centerra– Key stakeholders

• Centerra• Ministry of Health• UB City Admin

April 2012 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

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

April 2012 22