Investor Presentation

August 2017

TSX: CGwww.centerragold.com

Caution Regarding Forward-Looking Information

2August 2017

Information contained in this presentation which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadiansecurities 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 orimplied by such forward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similarexpressions identify forward-looking information. These forward-looking statements relate to, among other things: the Company’s discussions with the Government of the Kyrgyz Republic; statements relating to theCompany’s cash on hand, working capital, future cash flows and existing credit facilities being sufficient to fund anticipated operating cash requirements; the timing and outcomes of projects initiated at the MountMilligan mine aimed at improving metal recovery and other optimization opportunities; the continuation of negotiations with the Mongolian Government on definitive agreements related to the Gatsuurt Project;expectations regarding updating a feasibility study for the Gatsuurt Project; timing for development of, and gold production, from the Öksüt Project; the timing for the sale of the ATO licenses; mining plans at Kumtor,including timing for accessing ore; and statements found in the MD&A and news release under the heading, “2017 Outlook”, including forecast 2017 production, cost and capital estimates, care and maintenance andreclamation activities at the Boroo mine, and the Company’s plans in 2017 for exploration expenditures, capital expenditures, corporate administrative and community expenditures, and DD&A expenses for 2017.

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 andcompetitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward looking information. Factors that could cause actual resultsor events to differ materially from current expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in the KyrgyzRepublic, Mongolia and Turkey; resource nationalism including the management of external stakeholder expectations; liquidity risks created by Centerra’s inability to access funds held at KGC the impact of changes in,or to the more aggressive enforcement of, laws, regulations and government practices, including with respect to the environment, in the jurisdictions in which the Company operates including any delays or refusals togrant required permits and licenses, unjustified civil or criminal action against the Company, its affiliates or its current or former employees; risks that community activism may result in increased contributory demandsor business interruptions; the impact of any actions taken by the Kyrgyz Republic Government and Parliament relating to the Kumtor Project Agreements which are inconsistent with the rights of Centerra and KGCunder the Kumtor Project Agreements; any impact on the purported cancellation of Kumtor’s land use rights at the Kumtor Project pursuant to a court claim commenced by the Kyrgyz Republic GPO; the risks related toother outstanding litigation affecting the Company’s operations in the Kyrgyz Republic and elsewhere; the impact of the delay by relevant government agencies to provide required approvals, expertises andpermits;;potential impact on the Kumtor Project of investigations by Kyrgyz Republic instrumentalities and movement restrictions on KGC employees and managers; the terms pursuant to which the MongolianGovernment will participate in, or to take a special royalty rate in, the Gatsuurt Project; the impact of constitutional changes in Turkey; the impact of any sanctions imposed by Canada, the United States or otherjurisdictions against various Russian individuals and entities; the ability of the Company to negotiate a successful development agreement for the Gatsuurt Project; potential defects of title in the Company’s propertiesthat are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; the presence of a significant shareholder that is a state-owned companyof the Kyrgyz Republic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Centerra’s future exploration and development activities not being successful; Centerra notbeing able to replace mineral reserves; Aboriginal claims and consultative issues relating to the Company’s properties which are in proximity to Aboriginal communities; and potential risks related to kidnapping or acts ofterrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices, the use of provisionally-priced sales contracts for production atMount Milligan, reliance on a few key customers for the gold-copper concentrate at Mount Milligan, use of commodity derivatives, the imprecision of the Company’s mineral reserves and resources estimates and theassumptions they rely on, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants in the Company’s credit facilities which may, among other things, restrict the Company frompursuing certain business activities or making distributions from its subsidiaries, the Company’s ability to obtain future financing, the impact of global financial conditions, the impact of currency fluctuations, the effectof market conditions on the Company’s short-term investments, the Company’s ability to make payments including any payments of principal and interest on the Company’s debt facilities depends on the cash flow of itssubsidiaries; and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including the movement of the Davidov Glacier, waste and icemovement and continued performance of the buttress at the Kumtor Project; the occurrence of further ground movements at the Kumtor Project and mechanical availability; the ability of the Company to successfullyramp-up to design criteria of the secondary crusher at Mount Milligan; the success of the Company’s future exploration and development activities, including the financial and political risks inherent in carrying outexploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational risks; mechanical breakdowns; the Company’sability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiate collective agreements when required; the risk that Centerra’sworkforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’s properties; long lead times required for equipment and supplies given the remote location of some of the Company’soperating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; illegal mining on the Company’s Mongolian properties; the Company’s ability to accurately predictdecommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; and risks associated with the conduct of jointventures/partnerships; the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project resources. See section titled “Risksthat can affect our business” in the 2016 Annual Information Form available on SEDAR at www.sedar.com.

Furthermore, market price fluctuations in gold and copper, as well as increased capital or production costs or reduced recovery rates may render ore reserves containing lower grades of mineralization uneconomic andmay 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 andstatements 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 orachievements 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 makingdecisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Centerra assumes no obligation to update or revise forward looking information to reflectchanges in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law. Except as otherwise noted herein, Gordon Reid, ProfessionalEngineer and Centerra’s Vice President and Chief Operating Officer, has reviewed and approved the scientific and technical information contained in this presentation. Mr. Reid is a Qualified Person within the meaningof NI 43-101. For more information, please refer to the properties technical reports, which are available on SEDAR. All figures are in United States dollars unless otherwise stated.

1. 2017e AISC: Kumtor mine $751 to $795 / oz, Mt. Milligan $457 to $508 / oz. All-in sustaining costs per ounce sold is a non-GAAP measures and is discussed under “Non-GAAP Measures” in the Company’s news release July 31, 2017.2. As at June 30, 2017; Cash includes cash, cash equivalents, restricted cash and short-term investments (including restricted cash of KGC).

Corporate Highlights

Internationally Diversified Gold Producer

Two Cornerstone Assets

Favourably Revised Guidance Up to 845kozpa gold at AISC1

of $693 to $747 per ounce and 60M lbs of copper

Significant operational cash flow profile

Solid late-stage development pipeline

Cash2 Position of US$401MM2

Trading at a discount to peers, potential rerating

Positive Retained Earnings of US$937MM2

3

Cash Reserves2 Profile (US$)

Consensus Asset NAV Breakdown

Centerra: Built For Success

Kyrgyzstan33%

Turkey11%Mongolia

10%

Canada46%

US0%

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q22017

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Cumulative Dividends Cash Balance Gold Price2

August 2017

4

Cash$542MM

Balance Sheet (US$)

Total Debt3

$447MM

(as of June 30, 2017)

Share Count

YTD - 2017: Internally Funded Business (US$)

Retained Earnings Profile (US$)

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q22017

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Retained Earnings Cumulative Dividends Gold Price

Unrestricted Cash

$101MM

1 Includes cash and cash equivalents, restricted cash ($299MM at KGC at June 30, 2017) and short-term investments at June 30, 2017.2 Cash generated from operations before changes in working capital.3 Includes CAT lease of $32MM at June 30, 2017.

Centerra: Q2 - 2017 Corporate Update

Restricted Cash$300MM

216.2  216.3  216.3  226.7 235.5  236.1  236.4  236.4  236.4  237.9 

291.3  291.3 

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q22017

millions

409

205

61 34 146

25 35

33

401

200

250

300

350

400

450

500

550

600

650

700

2016 Cash Kumtor OpsCashflow

Mt MilliganOps Cashflow

Workingcapital

changes (MtMand KGC)

Capitalexpenditures

EBRD debtrepayment

Term debtrepayment

Other(Projects,G&A, etc)

Q2 2017 Cash

US$

Mill

ions

12 2

1

August 2017

Operating Cash Flows

$371MM

Cash Flows Invested $223MM

Operating Cash Flows $334 MM

Cash Flows Invested $244 MM

170U/G miners

240U/G miners

240U/G miners

YE target of 4,000tpd

2015 Free Cash Flow Profile (US$)

2016 Free Cash Flow Profile (US$)

5

Cash Reserves1 Profile (US$)

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q22017

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Cumulative Dividends Cash Balance Gold Price1

Retained Earnings Profile (US$)

August 2017 1. Cash reserves and cash balance includes cash, cash equivalents, restricted cash and short-term investments, includes restricted cash at KGC.

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q22017

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Retained Earnings Cumulative Dividends Gold Price

Centerra: Robust Financial Margins in all Cycles

Centerra: Favourable Full Year Guidance Revision

6

755,000

815,000

650,000

700,000

750,000

800,000

850,000

Orginal Guidance Revised Guidance

2017 Mid-Point All-In Sustaining Costs (US$/oz)

720 815 845 860

900 910 940 955 965 975

1,040 1,075

1,200

Centerra SEMAFO New Gold EldoradoGold

AcaciaMining

YamanaGold

AlamosGold

B2Gold SilverStandard

KinrossGold

IAMGOLD DetourGold

TahoeResources

Mid-Point Gold Production (oz’s)

Mid-Point All-In Sustaining Costs (US$/oz)

Guidance Highlights

Gold Production – 7% Favourable Revision

All-In Sustaining Costs – 8% Favourable Revision

784

720

650

700

750

800

Orginal Guidance Revised GuidanceAugust 2017

Centerra: Financial Highlights

7

1 Non-GAAP measure and is discussed in the Company’s MD&A and News Release dated July 31, 20172 Includes CAT finance leases ($32MM at June 30, 2017)3 Includes restricted cash

505470 447

409

358

401

200

250

300

350

400

450

500

550

Dec31 2016 Mar31 2017 Jun30 2017

US$

Mill

ions

Total Debt Cash3

Two High Cash Generating Mines - YTD $127.5MM cash provided from mine operating activities before changes in working capital1 and after capital expenditures (including $76.4MM from Kumtor and $51.1MM from Mount Milligan)

Debt repayments YTD of $60MM, outstanding total debt $447MM2 at June 30, 2017

Cash balance at June 30, 2017 US$401MM3

Continue to accelerate debt repayment through 2017

Debt Reduction (US$)

2

August 2017

885

746

36 30 48

97

500

550

600

650

700

750

800

850

900

950

$ /O

z so

ld

YTD Consolidated All-in Sustaining Costs (per ounce sold)1

Kyrgyz Republic

33%

Turkey6%

Mongolia13%

Canada48%

Kyrgyzstan33%

Turkey11%Mongolia

10%

Canada46%

US0%

Producing70%

Development21%

Exploration9%

8

Kyrgyz Republic

32%

Turkey7%

Mongolia10%

Canada52%

Au reserves & resourcesAsset NAV breakdown

Consensus Asset NAV by geography

Consensus Asset NAV by stage

Source: Company filings and analyst estimates.(1) Resources are shown inclusive of reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

P+P reserves by geography

M+I resources (inclusive) by geography(1)

August 2017

Diversified Portfolio with Balanced Geopolitical Profile

Centerra: Re-Rating Potential Continues

9

Source: Scotiabank GBM Equity Research(1) Price / Net Asset Value (“NAV”) is calculated using spot rates and prices as at August 4, 2017.

Price / NAV(1)

August 2017

1.42x

1.22x 1.15x

1.09x 1.06x 1.04x 1.02x

0.77x 0.73x

0.58x

Kin

ross

Gol

d

New

Gol

d

B2G

old

Ala

mos

Gol

d

SS

R M

inin

g

IAM

GO

LD

Det

our G

old

SE

MA

FO

Yam

ana

Gol

d

Cen

terr

a

Centerra vs Intermediate Gold Peers P/NAV (5%) at Spot

Median P/NAV (5%) at Spot

Median: 0.96x

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

730 9,100 16,008 23,666 30,082 36,417 39,898 42,962

AIS

C, n

et (

US$

/oz

Au)

Cumulative Gold Production (koz Au)

75%

Centerra: Lower Cost Asset Base

10

AISC Industry Curve (By-Product Basis)

100%50%25%0%

Kumtor(US$751-795/oz)

Centerra Gold(US$693-747/oz Au)

• Based on industry-wide all-in sustaining costs, Centerra ranks in the bottom quartile of global gold producers

Source: SNL Metals.Note: Centerra AISC figures based on 2017 revised cost guidance, unless noted1. Öksüt AISC based on LOM plan as per the NI 43-101 technical report dated September 3, 2015

Mount Milligan(US$457-508/oz)

August 2017

Kumtor – Q2(US$780/oz)

Mount Milligan-Q2(US$492/oz)

Öksüt(US$490/oz)(1)

11

2016 2017E Guidance

Gold Production (koz) 205 260-290

Copper Production (MMlbs) 59 55-65

All-In Sustaining Costs (US$/oz)(1) $509 $457-$508

Sustaining Capital ($MM)(1) NA $26

Remaining reserve life (years) +20

Gold Copper

P&P Reserves(2) 5.8Moz 2,049Mlbs

Grade 0.4g/t 0.187%

Royal Gold Stream 35% @ US$435/oz

18.75% @ 15% of spot Cu price

+20 years of production from existing P&P reserves(2)

5.8M gold reserve ounces(2)

Low cost, long life production

Stable, mining-friendly jurisdiction

Restructured stream provides additional gold upside

Tax loss pools, no cash taxes until 2022/2023

August 2017

Mount Milligan: Long Life, Low Cost Gold Copper Mine

Significant Open Pit Gold and Copper ProductionSignificant Open Pit Gold and Copper Production

218

275

59

71

60205

0

10

20

30

40

50

60

70

80

0

50

100

150

200

250

300

2015 2016 2017E 2015 2016 2017ECOPPER

Copp

er M

 lbs

Gold ou

nces

GOLD(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MDA and news release July 31, 2017. 2016 AISC is for the period Oct.20 to Dec.31.(2) Refer to February 23, 2017 mineral reserves and resources news release.

170U/G miners

207U/G miners

240U/G miners

240U/G miners

2015 2016 2017EGuidance

Gold Production (koz) 521 551 525-555

Adjusted Operating Costs ($/oz) (1) $326 $342 $326-$346

All-In Sustaining Costs ($/oz) (1) $758 $640 $751-$795

Sustaining Capital ($MM)(1) $51 $61 $68

Growth Capital ($MM)(1) $14 $15 $28

Projected Asset Life (years) +9

Reserves (Moz) 5.1

Au Grade (g/t) 2.5

Resources M&I (Moz) 2.6

Au Grade (g/t) 2.8

World Class Cornerstone Asset Significant Open Pit Gold Production to 2026

YE target of 4,000tpd

20 years of uninterrupted profitable production

Over 11M ounces produced since 1997

More than 5M ounces remaining in open pit reserves

Low cost, long life production

Underground opportunity 3.4M oz @ 7.3 g/t

Strong stable platform to grow Centerra

12August 2017

Kumtor: World Class Open Pit Gold Mine

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MDA and news release July 31, 2017.

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

200,000

350,000

500,000

650,000

2014 2015 2016 2017 2018 2019 2020 2021 2022

grade g/t

Oun

ces

13

Mine Type Open Pit, Heap Leach

Avg. LOM Annual Production 110koz Au

Avg. LOM AISC(1) (US$/oz) $490

Reserve Mine Life 8 years

Development Capex (US$MM) $221

P&P Reserves(2)(Moz) 1.2

Au grade (g/t) 1.40

Life of Mine Recovery 77%

Life of Mine Strip Ratio (w:o) 2:1

First Gold Pour Late-2018

IRR (after tax) 43%

NPV(8%) - after tax (US$MM) >$240

2015 Feasibility Highlights

EIA approval received in November 2015

Forestry Permit & GSM License received July 2016

Major construction expected in 2017

Powerline construction completed

Bought back Stratex and Teck royalties

US$150MM low-cost +5-year financing in-place

Significant exploration potential

Projected Near-Term Gold Production (2015 Study)

0.00

0.50

1.00

1.50

2.00

2.50

0

50

100

150

200

250

2016 2017 2018 2019 2020 2021 2022 2023 2024

Proc

ess

Gra

de (

g/to

nne)

Oun

ces

(000

's)

Catalyst Schedule

Öksüt Gold Project

(1) Non-GAAP measure see “Non-GAAP Measures in the MDA and news release of July 31, 2017.(2) Company filings. Technical Report on the Öksüt Gold Project dated September 3, 2015.

0 +1 +2 +3 +4 +5 +6 +7 +8Years:

August 2017

Öksüt: Funded High Margin Gold Production

Öksüt: Powerline Construction Complete

14August 2017

15

Highlights

Boroo mill on care & maintenance awaiting Gatsuurt approval

Gatsuurt declared strategic January 2015

3% royalty (versus 34% ownership) approved by government

Investment development agreement negotiations underway

Potential production 12-18 months after approval

P&P Reserves(1) of 1.6M contained ounces of gold @ 2.9 g/tonne

Strip ratio of 6:1 and process recoveries in excess of 76%

Significant exploration upside

In-Place 5ktpd Processing Facility (Boroo)Boroo’s Historical Cumulative Net Cash Generation (US$MM)

(100)

0

100

200

300

400

500

600

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

US$

Mill

ions

(1) See mineral reserves news release February 23, 2017.

The Gatsuurt Project is ~90 km north of Ulaanbaatar

August 2017

Gatsuurt: Gold Development Project

16

Cornerstone Canadian Development Project

50:50 development partnership with Premier Gold

Open pit reserves(1) (100%) 4.7Moz Au @ 1.02 g/t

Historic gold production of 4.12M oz (~1934-1970)

Large land package covers 337km2, good infrastructure

Significant exploration and underground resource potential

Ontario: Top Tier Mining Jurisdiction

Greenstone GoldProperty Greenstone Development Project

Location: Ontario, Canada

August 2017

2016 Feasibility Highlights (100%)

Mine Type Open Pit, CIP Mill

Mill Throughput design 27,000 tpd

Avg. LOM Annual Production 288koz Au

Avg. LOM AISC(2) (US$/oz) $600

Reserve Mine Life 14.5 years

Development Capex (US$MM) $962

Sustaining Capital(2) (US$MM) $101

P&P Reserves(1)(Moz) 4.7

Au grade (g/t) 1.02

Life of Mine Recovery 90%

Life of Mine Strip Ratio (w:o) 3.87:1

IRR (after tax) 14.4%

NPV(5%) - after tax (US$MM) $545

Projected Gold Production (100%)

Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines

(1) Technical Report on the Hardrock Project dated December 21, 2016. (2) Non-GAAP measure, see “Non-GAAP measures” in MDA and news release July 31, 2017.

Potential Upside Optionality: Molybdenum

17

Molybdenum business

Well-established molybdenum business

Consists of the Langeloth Metallurgical Facility and two mines: Thompson Creek Mine and Endako Mine

Langeloth can produce a suite of premium molybdenum products that raise the average realized price

Significant defined resources and infrastructure in place

Ability to be one of the first movers upon moly market recovery

Lower cost to restart production compared to greenfield project

Molybdenum business well positioned to recover once market conditions and pricing improve

Thompson Creek Mine

Endako Mine

● Located in Idaho, is the world’s fourth largest open-pit primary

molybdenum mine

● Operations began in 1983, using conventional open-pit mining and a on-

site 25,500 tpd mill

● In December, 2014 placed on care and maintenance

● Endako Mine is a fully integrated molybdenum facility located in BC

● TCM is the operator and 75% owner; Sojitz owns 25%

● Endako consists of three adjoined pits and a fully integrated operation

with on-site mill and multiple hearth roasting facility

● New 55,000 tpd processing facility was completed in 2012 for~US$500MM

● In July 2015 placed on care and maintenance

Langeloth Metallurgical Facility

● Located 40 km west of Pittsburgh, Pennsylvania

● Operates both as a toll processor and as a purchaser of molybdenum

concentrates from third parties

● Cash flows from the Langeloth operations are expected to cover care and

maintenance expenses associated with the molybdenum mines for 2017

Historical Molybdenum Segment EBITDA(1)

$444

$126

$269 $265

$18

$126 $124

($21)

2008 2009 2010 2011 2012 2013 2014 2015

(US$MM)

(1) Prior to intersegment eliminations. Historical EBITDA not reported, therefore calculated based on historical segment disclosure.

August 2017

18

Source: Company filings, FactSet, Available street research.(1) Guidance based on the midpoint of the guidance range.(2) Silver Standard gold guidance is from Marigold and Seabee.(3) Silver Standard AISC based on broker estimates as guidance estimates not provided.(4) Latest available as at February 23, 2017.

P+P Gold Reserves (Moz)(4)

2017 Gold production guidance (Koz)(1) 2017 All-in sustaining costs (US$/oz)(1)

(2)

August 2017

31

21

17 16 1615

8 8 76

43 3

Kinross Gold Eldorado Gold Yamana Gold Centerra Detour Gold New Gold IAMGOLD Acacia Mining B2Gold Alamos Gold Tahoe Resources SEMAFO Silver Standard

(3)

Centerra: Strong Low-cost Operating Platform

720 815 845 860 900 910 940 955 965 975

1,040 1,075

1,200

Centerra SEMAFONew GoldEldoradoGold

AcaciaMining

YamanaGold

AlamosGold

B2Gold SilverStandard

KinrossGold

IAMGOLD DetourGold

TahoeResources

2,600

1,140

875 865

815

575 570

415 405 400 383 287

225

KinrossGold

YamanaGold

AcaciaMining

IAMGOLD Centerra DetourGold

B2Gold AlamosGold

New Gold TahoeResources

EldoradoGold

SilverStandard

SEMAFO

Kumtor: World Class Open Pit Gold Mine

Öksüt: High Margin Open Pit Heap Leach Gold Mine

Gatsuurt: Open Pit Gold Mine with established infrastructure

Cornerstone asset underpinning the Company’s growing production portfolio

Long life, low cost asset generating significant positive cash flow

Funded, late-stage gold development project

Near-term high margin gold production

Investment agreement negotiations underway; anticipated production ~12-18 months after approval

Surface processing infrastructure in-place

19

Mount Milligan: Long Life, Low Cost Open Pit Gold-Copper Mine in British Columbia

Large scale, low cost mine that recently ramped-up; expected to generate significant free cash flow

Amended gold stream positions Mount Milligan as a premier gold asset

Greenstone: Large Scale Open Pit Gold project

One of Canada’s largest undeveloped open pit gold deposits

Bankable feasibility study completed and mine permitting work underway

Pro

duci

ngD

evel

opm

ent

August 2017

Centerra: Built For Success

TSX: CGwww.centerragold.com

Appendices

Centerra: Q2 - 2017 Corporate Update

August 2017 21

Safety – Continue to roll out “Work Safe : Home Safe” Program Across the Company

Q2 2017 Net Earnings $23MM or $0.08 Per Share, includes $41MM or $0.14 Per Share Impairment

Strong Q2 Gold Production of 195,719 Ounces and Copper Production of 15.1 million pounds

Centerra’s Q2 2017 All-In Sustaining Cost1 on a by-product basis $742 Per Ounce

Mount Milligan achieved All-In Sustaining Cost1 on a by-product basis of $473 Per Ounce in Q2

Kumtor Generated $103 Million & Mt. Milligan Generated $30 Million Cash Before Working Capital1

YTD - Kumtor $205 Million & Mt. Milligan $61 Million

Cash Provided by Operations of $143 Million ($0.49 per share) & YTD $211 Million ($0.72 per share)

June 30, 2017 Cash Position of $401 Million2

Revised Favourably 2017 Production and Cost Guidance

1. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated July 31, 2017.2. Includes cash, cash equivalents, restricted cash ($299MM at KGC) and short-term investments cash at June 30, 2017.

Centerra: Operating Highlights

August 2017 22

Q2 2017 Q2 20161

Gold ounces produced(1) 195,719 97,724

Copper produced (000’s payable lbs)(1) 15,062 -

Kumtor All-in Sustaining Costs per ounce sold(2) $780 $768

Mt. Milligan All-in Sustaining Costs on a by-product basis per ounce sold(1),(2) $473 -

Consolidated All-in Sustaining Costs on a by-product basis per ounce sold(1),(2) $742 $822

1. Mount Milligan numbers 100% basis, 2016 numbers for gold ounces produced excludes any ounces from the Boroo mine and results exclude Mt. Milligan, since the Company closed the Thompson Creek acquisition in October 2016, therefore no comparative numbers.

2. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated July 31, 2017.3. Reflects $41.3 million pre-tax write-down ($39.7 million after tax) recorded in Q2, 2017.

Q2 2017 gold production - Kumtor 138,623 ounces, Mount Milligan 57,096 ounces1

Q2 2017 copper production - Mount Milligan 15,062,000 pounds1

Favourably revised guidance at Kumtor, increased gold production 525,000 – 555,000 oz,Lowered all-in sustaining costs per ounce sold2 to $751 - $795

Reduced carrying value of Mongolian assets to $60 million3

Value-added Continuous Improvement Initiatives Underway at Both Operations

Centerra: Financial Highlights1

August 2017 23

(in thousands, except ounces, per share amounts, and average realized price3)

Quarter EndedJune 30, 2017

Quarter EndedJune 30, 20162

Revenue $279,218 $160,448

Total gold ounces sold 188,225 127,909

Total copper pounds sold (000’s) 14,358 -

Operating cash flow before changes in working capital(3) $121,944 $59,198

Cash provided by operations $142,777 $57,247

Net earnings (including impairment charge) $23,440 $2,912

Earnings per share, basic $0.08 $0.01

Average realized gold price per ounce(3) $1,165 $1,264

1. U.S. dollars2. No comparative results from Thompson Creek operations presented.3. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated July 31, 2017.

Centerra: Mineral Reserves - Proven & Probable1

Proven and Probable Gold Mineral Reserves Increase to 16 million ounces

Proven and Probable Copper Mineral Reserves are 2,049 million pounds

Copper Mineral Reserves

Proven Probable Total Proven and Probable

Property Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs)

Mt Milligan 256,847 0.187 1,059 239,362 0.188 991 496,209 0.187 2,049

August 2017 241) As at December 31, 2016, see Mineral Reserves and Resources News Release February 23, 2017.

Centerra: 2017 Revised Guidance

25

2017 Gold Production 2017 Copper Production2017 All-in Sustaining Costs on a By-product

basis1

(ounces) (millions pounds) (per ounce sold)

Kumtor Mine 525,000 – 555,000 - $751 – $795

Mount Milligan 260,000 – 290,000 55 – 65 $457 – $508

Centerra 785,000 – 845,000 55 – 65 $693-$747

1 Non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s news release dated July 31, 2017.2 Greenstone growth capital includes capitalized amounts for Premier’s 50% share of the Greenstone costs funded in full by Centerra.

Projects 2017 Sustaining Capital1 2017 Growth Capital1

(millions) (millions)

Kumtor Mine $68 $28

Mount Milligan Mine $26 -

Öksüt Project - $11

Mongolia/Gatsuurt Project - $5

Greenstone Property2 - $8

Corporate and other $2 -

Consolidated Total $96 $52

2017

(millions)

Exploration $10.5

Corporate Administration $35

Community Investment $5

August 2017

1 Appreciation of currency against the U.S. dollar will result in higher costs and lower cash flow and earnings, depreciation of currency against the U.S. dollar results in decreased costs and increased cash flow and earnings.2 All-in sustaining costs per ounce sold (“AISC”) on a by-product basis is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s news release July 31, 2017.3 The Company has recalculated the sensitivities for its revenues, earnings and cash flows for the remaining six months of 2017 to movements in copper price changes following the commencement in the first quarter of 2017 of a hedging program to mitigate copper price risk by purchasing fixed price forward sales contracts and zero-cost collar.

Centerra: 2017 Guidance Sensitivities

26

Material Assumptions and RisksMaterial assumptions or factors used to forecast production and costs for 2017 include the following:• a gold price of $1,200 per ounce,• a copper price of $2.60 per pound,• a molybdenum price of $7.50 per pound,• exchange rates:

• $1USD:$1.32 CAD,• $1USD:70.0 Kyrgyz som,• $1USD:0.89 Euro,

• diesel fuel price assumption: • $0.43/litre at Kumtor,• $0.65/litre at Mount Milligan.

Change

Impact on Impact on ($ millions) ($ per ounce sold)

Costs Revenues Cash flows Net Earnings(after tax)

AISC(2) on by-product basis

Gold Price $50/oz 3.2 - 3.4 17.7 – 19.4 15.6 – 16.0 15.6 – 16.0 0.1 Copper Price(3) 10% 0.2 – 0.8 0.7 – 2.9 0.5 – 2.1 0.5 – 2.1 0.7 – 2.5 Diesel Fuel 10% 1.0 - 4.1 1.1 4.9 – 5.2

Kyrgyz som(1) 1 som 0.2 - 0.8 0.2 0.9 – 1.0

Canadian dollar(1) 10 cents 11.9 - 14.5 11.9 17.2 – 18.5

 

August 2017

Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines

27

Cornerstone Canadian Development Project

50:50 development partnership with Premier Gold

Open pit reserves(1) (100%) 4.7Moz Au @ 1.02 g/t

Historic gold production of 4.12M oz (~1934-1970)

Large land package covers 337km2, good infrastructure

Significant exploration and underground resource potential

Bankable feasibility study completed in November 2016

Ontario: Top Tier Mining Jurisdiction

Greenstone GoldProperty Greenstone Development Project

Location: Ontario, Canada

Geraldton

Beardmore

JellicoeBrookbank

HardrockViper

11

Beardmore – Geraldton Greenstone Belt +110 km

Brookbank Deposit

Hardrock Deposit

August 2017 (1) Technical Report on the Hardrock Project dated December 21, 2016.

Centerra: Investor Relations Highlights

28

Research Coverage

Brokerage Firms Rating Target

1. BMO Capital Markets Market Perform C$8.00

2. BofA Merrill Lynch Under Perform C$6.50

3. Canaccord Genuity Hold C$7.00

4. CIBC World Markets Neutral C$8.50

5. Cormark Securities Market Perform C$8.50

6. Credit Suisse Outperform C$9.50

7. Global Mining Research Speculative Buy C$10.70

8. Macquarie Capital Markets Outperform C$9.00

9. National Bank Financial Outperform C$8.50

10. RBC Capital Markets Under Perform C$8.00

11. Scotiabank Sector Perform C$8.00

12. TD Securities Hold C$7.50

Average C$8.31

Top Ten (10) Institutional Shareholders

Institution/Firm Q2-2017

1. Blackrock 12.56%

2. Van Eck 8.65%

3. Paulson & Co 7.80%

4. Franklin Advisors 2.57%

5. Dimensional 2.35%

6. Newton 1.58%

7. Vanguard Group 1.42%

8. USAA 1.36%

9. Kopernik Global 1.17%

10. Heartland Advisors 1.03%

TOTAL 40.49%

August 2017

Industry Experience Background

20 years• Appointed Chief Executive Officer in November, 2015

• Former Chief Executive Officer at AuRico Gold

25 years • Appointed President in November, 2015

• Joined Centerra in 2004

30 years• Appointed Chief Operating Officer in January, 2013

• Joined Centerra in 2004

18 years• Appointed Chief Financial Officer in April, 2016

• Joined Centerra in 2013

SCOTT PERRYChief Executive Officer

FRANK HERBERTPresident

GORDON REIDChief Operating Officer

Centerra: Senior Management

DARREN MILLMANChief Financial Officer

29August 2017

Board of Directors Background

STEPHEN A. LANG Chairman Appointed Director of Centerra’s Board, June 2008

BRUCE V. WALTER Vice Chair Appointed Director of Centerra’s Board, May 2008

SCOTT G. PERRY Director Appointed Director of Centerra’s Board, January 2016

RICHARD W. CONNOR Director Appointed Director of Centerra’s Board, June 2012

EDUARD KUBATOV Director Appointed Director of Centerra’s Board, March 2016

NURLAN KYSHTOBAEV Director Appointed Director of Centerra’s Board, May 2016

MICHAEL S. PARRETT Director Appointed Director of Centerra’s Board, May 2014

JACQUES PERRON Director Appointed Director of Centerra’s Board, October 2016

SHERYL K. PRESSLER Director Appointed Director of Centerra’s Board, May 2008

TERRY V. ROGERS Director Appointed Director of Centerra’s Board, February 2003

BEKTUR SAGYNOV Director Appointed Director of Centerra’s Board, March 2016

Centerra: Directors

30August 2017

TSX: CGwww.centerragold.com