Mongolian Investment SummitMongolian Investment SummitIs Mongolia Open for Investment?

Stephen LangStephen Lang

President and Chief Executive Officer

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 andother factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by suchforward-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 toidentify forward-looking information. These forward-looking statements relate to, among other things, Centerra’s expectations regarding futuregrowth, results of operations (including, without limitation, future production and sales, and operating and capital expenditures), performance (bothoperational and financial), business and political environment and business prospects (including the timing and development of new deposits and thesuccess of exploration activities) and opportunities.

Although the forward-looking information in this presentation reflects Centerra’s current beliefs as of the date of this presentation based on informationcurrently available to management and based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual

lt f hi t t d t iti ith d i li d ill b i t t ith h f d l ki i f tiresults, 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, areinherently subject to significant political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could causeactual results to differ materially from those projected in the forward-looking information. Factors that could cause actual results or events to differmaterially from current expectations include, among other things: risks relating to the recent political and civil unrest in the Kyrgyz Republic, risksrelated to the creep of ice and waste movement into the Kumtor open-pit, the resolution of issues at the Boroo mine raised by the Mongolian SSIAconcerning alluvial reserves and matters relating to the suspension of the Boroo licenses in June 2009 the potential impact of Mongolian legislationconcerning alluvial reserves and matters relating to the suspension of the Boroo licenses in June 2009, the potential impact of Mongolian legislationprohibiting mineral activity in water basins and forest areas on the Gatsuurt project, the threatened termination of the stability agreement with theMongolian Government in relation to the Boroo mine, the receipt of a final permit to operate the heap leach operation at the Boroo mine, fluctuations ingold prices, replacement of mineral reserves, reduction in reserves related to geotechnical risks, ground movements, political risk, nationalization risk,changes in laws and regulations, political civil unrest, labour unrest, legal compliance costs, reserve and resource estimates, production estimates,exploration and development activities, competition, operational risks, environmental, health and safety risks, costs associated with reclamation anddecommissioning, defects in title, seismic activity, cost and availability of labour, material and supplies, increases in production and capital costs,decommissioning, defects in title, seismic activity, cost and availability of labour, material and supplies, increases in production and capital costs,permitting and construction to raise the tailings dam height and increase the capacity of the existing Kumtor tailing dam, the ability to renew andobtain licenses, permits and other rights, illegal mining, enforcement of legal rights, decommissioning and reclamation cost estimates, future financingand personnel and the receipt of all permitting and commissioning requirements for the Gatsuurt mine. In addition, material assumptions used toforecast production and costs include those described above under the heading “Material Assumptions”. 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 “RiskFactors” in the Company’s most recently filed AIF and Annual Management’s Discussion and Analysis 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 knownand unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements thatare or may be expressed or implied by such forward-looking statements contained in this news release. Accordingly, all such factors should beconsidered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward-lookinginformation. Forward-looking information is as of November 4, 2010. Centerra assumes no obligation to update or revise forward-looking informationt fl t h i ti h i i t th t ff ti h f d l ki i f ti t i d b

November 2010 2

to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required byapplicable law.

All figures are in United States dollars unless otherwise stated.

Centerra Who We Are

Kyrgyz Republic MongoliaR i F d tiRussian Federation

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

g

China

Kazakhstan

Kumtor

Kyrgyz Republic

● 2009 gold production 675 592 oz

November 2010 3

● 2009 gold production 675,592 oz● 2010 expected gold production of 640,000 to 700,000 oz

Share and Ownership Profile

● Symbol CG on the TSX

● Headquartered in Toronto, Canada

Ma ket capitali ation app o imatel CDN$4 Billion● Market capitalization approximately CDN$4 Billion

● 235,755,488 common shares issued

Share Ownership

Retail h h ldshareholders

13%

Kyrgyzaltyn JSC

Institutional shareholders

54%

November 2010 4

33%

Strong Performance in the First Nine Months of 2010

S t 30 S t 30

Gold production (‘000 oz) 429 380

Sept.302010

Sept.302009

Gold production ( 000 oz) 429 380

Total cash cost ($/oz) $521 $602

Average realized gold price ($/oz) $1 162 $928Average realized gold price ($/oz) $1,162 $928

Revenues $523M $362M

Net Earnings $170M $(80)MNet Earnings $170M $(80)M

Cash from operations $134M $57M

Cash and Short-term investments $335M $155M1a a d o $335 $ 55

November 2010 5

Please refer to November 5, 2010 news release and MDA for the nine-month periods ending September 30, 2010 and 2009 and Caution Regarding Forward-Looking Information.(1) December 31, 2009 balance

Centerra – Reserves and Ounces Mined

7.3 m oz

Reserves

‘00

0’s

)O

un

ces

( ‘

Au

Cumulative Ounces MinedMined Since 2003

November 2010 6

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

+6 m oz

Significant Valuation Gap

Market Cap of mid-tier gold producers (Cdn$ – November 17, 2010)

$13.3B

$6.3B

$8.0B $8.5B $8.8B $9.4B

$2.0B$3.1B $3.1B $3.5B $4.1B

Alamos Centamin Petro-pavlovsk

New Gold Centerra Iamgold Polymetal Yamana Randgold Eldorado Agnicopavlovsk

Gold Production (000’ oz)

160 520 675 1 500* 625345 950 *

November 2010 7

2010e 160 520 675 1,500* 625 1,100345 950170 1,100* 460

*Gold Equivalent Ounces

Mongolia

Kyrgyz Republic MongoliaR i F d tiRussian Federation

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

g

China

Kazakhstan

Kumtor

Kyrgyz Republic

● 2009 gold production 150 550 oz

November 2010 8

● 2009 gold production 150,550 oz● 2010 expected gold production of 110,000 to 130,000 oz

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 2008Heap Leach facility added June 2008

● Plan to expand processing options, add bio-oxidation circuit

P d d 1 4 illi● Produced 1.4 million ounces

of gold since 2004

November 2010 9

M O N G O L I A

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

Construction of road G

Gold Production(‘000 oz)

193

151

access to Gatsuurt– complete

Future production 151110-130

Future production

Goal: Develop 10 years of production for millp

2008 2009 2010E

November 2010 10

M O N G O L I A

Mongolia Today

● Current Reserves 1.8 million ounces as of December 31, 2009

● Gatsuurt development project adjacent to Boroo

● Windfall profit tax repealed as of January 1, 2011p p y ,

● Water and Forest Law impact not defined

● Gatsuurt road construction and site prep complete● Gatsuurt road construction and site prep complete

● Boroo Heap Leach operating permit pending

● Gatsuurt approvals pending

November 2010 11

Gatsuurt – Construction

Work Camp

Road Construction

Site

Preparation

November 2010 12

M O N G O L I A

Large Land Package, Next Development Gatsuurt

● Gatsuurt development● Gatsuurt development– 55 km road from Boroo– Initial oxide production

C R (000’ )● Current Reserves (000’s oz)– Boroo 567– Gatsuurt 1,280

1,847

● Current M&I Resources – 722,000 ounces722,000 ounces

● Current Inferred Resources– 410,000 ounces

● Land package– 130,000 hectares

November 2010 13Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

Gatsuurt – Pending Development

● 100% owned by Centerra

● 35 km east of Boroo mine

● Feasibility study completed

● Reserves and resources registered with Government

● Reserves: 1.3 M contained ounces (13.9 Mt @ 2.9 g Au/t)

● Resources(1): 0.5 M contained ounces(5.8 Mt @ 2.6 g Au/t)

● Process at Boroo facility

● Corporate income tax 25%

● Government royalty 5%

● Subject to additional 3% NSR

November 2010 14

Reserves and resources as at December 31, 2009. 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

Gatsuurt Project Pit Designs

November 2010 15

G A T S U U R T

Central Pit South Slope Drillhole Plan Map Q3 2010

Detailed Map Area

November 2010 16Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

G A T S U U R T

Central Pit Q3 2010 SS 2 - Section 19

November 2010 17

Note: All assays reported are actual values with no top cutting factor applied.

Ian 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

Economic Facts

● Only hardrock gold mine in Mongolia

● 600 employees 96% Mongolian Nationals

● Lead tax taxpayer in countryp y y

● Boroo pays to Mongolian Government– 5% royalty– 25% Corporate Income Tax

● Boroo’s production accounts for about 8% of country’s GDP

November 2010 18

M O N G O L I A

What have we done?

● Introduced new technologies– Heap LeachHeap Leach– Bio-oxidation

● Agreed to higher royalties and shortened tax holidayg g y y

● Corporate Social Responsibility Program– World Vision sprinkles program and nutritional supplements– Community development funds– Micro-loan agency– Built an agriculture centreBuilt an agriculture centre– Repair infrastructure, roads, electricity, water systems– Building new maternity hospital UB

November 2010 19

M O N G O L I A

Frustrations

● Windfall Profits Tax introduced in 2006– investment climate changedinvestment climate changed

● WPT repealed as of January 1, 2011

W t d F t L i t d d J l 2009● Water and Forest Law introduced July 2009– impact not defined

● Final Heap Leach operating permit pending● Final Heap Leach operating permit pending

● Gatsuurt approvals and commissioning pending

● Announced 250 people to be let go from Boroo December 1, 2010– were scheduled to be redeployed to Gatsuurt

November 2010 20

Expand Exploration; Significant Potential in Asia

Peschanka-Chukotskiy2.7 M oz

Chertovo Koryto5.6 M oz Kuranakh

6 8 M Titimukhta

2 6 M ozVorontosovskoe

Nezdaninskoye13.8 M oz

Kupol

IllichyAmur Gold JV

Sukoi Log44.8 M oz

6.8 M oz

Golets Visochaishiy2.6 M oz

BaleyskoeTaseyevskoe

Itakinskoye3.2 M oz

Vasilkovskoe11 M oz

Olympiada13 M oz

2.6 M oz

Bobolyubovo2.2 M oz

Vorontosovskoe2.6 M oz

Blagodatnoe8.4 M oz

SvetlinskoyeNatalka

68.6 M oz

Kupol4.3 M oz

Kubaka2.6 M oz

Bamskoe (Chulbango)

3.1 M oz

Veduga4.8 M oz

ElmaliEMX JV

AkarcaEMX JV

Kara BeldyrCAG JV

Amur Gold JV

Lugokanskoye5.3 M oz

y5.1 M ozTaseyevskoe

4.6 M ozBakyrchik13 M oz

Kuru-Tegerek3 1 M oz

Jerooy3.3 M oz

Taldybulak L

Varvarinskoye5 M oz

Taldybulak

Golden Hills1.1 M oz

1.5 M oz

Yubileyniy-Bashkortostan

5.1 M oz

Malomyr5.3 M oz

Pioneer5.3 M oz Mnogovershinnoe

2.3 M ozOvernovskoe

3.3 M oz

Boroo2.5 M oz

ArtvinKefi JV Sumber

Altai JV

Ch Sh H 217

Oyu Tolgoi26.4 M oz

Ereen2.6 M oz

Olon Ovoot1.9 M oz

Brystrinskoye8.9 M oz

Copler6 M oz

Muruntau180 M oz

Amantaytau3.5 M oz

3.1 M oz

Arxi5.6 M oz

Taldybulak L.1.0 M oz

y6.2 M oz

Charaat4 M oz

Maoling

5.1 M oz

Chongli Zijin2.3 M oz

OksutSTI JV

Chang Shan Hao 217 8.0 M oz

Maoling7.6 M ozDaugyztau

6 M oz

Jilau3 M

Zarmitan8 M ozKisladag

8 M ozOvacik1 M oz Laizhou

10 7 M oz

Yingezhuang5.2 M oz

Anba2.9 M oz

Dachang2.9 M oz

Baguamiao2 8 M oz

Jinling2.7 M oz

Makmal1.7 M oz

Efemcukuru2 M oz Kochbulak

3 M oz

3 M oz Unkurtask5 M oz

Jinfeng8.2 M oz

10.7 M oz

Zenyuan5.2 M oz

2.9 M oz 2.8 M oz

Zijinshan2.8 M oz

November 2010 21Centerra brings unique expertise