November 2011

Steve Lang, President and CEO

Caution Regarding Forward-Looking Information

This presentation and the documents referred to herein contain statements which are not statements of current or historical facts and are “forward-looking information” within the meaning ofapplicable Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities todiffer materially from those expressed or implied by such forward-looking information. Wherever possible, words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”,“intends”, “continue”, “budget”, “forecast”, “projections”, “estimate”, “may”, “will”, “schedule”, “potential”, “strategy” and other similar expressions have been used to identify forward-lookinginformation. These forward-looking statements relate to, among other things, Centerra’s expectations regarding the impact of the Water and Forest Law on the Company’s Mongolian operationsand the potential need to write off the Company’s investments in Gatsuurt and Boroo or reclassify mineral reserves if the Water and Forest Law is not repealed or amended, the timing of thediscussion of the Water and Forest Law amendment in the Mongolian Parliament, the application of the Graduated Royalty Fee on the Company’s Boroo operations, future growth, results ofoperations (including, without limitation, future production and sales, and operating and capital expenditures), performance (both operational and financial), business and political environmentand business prospects (including the timing and development of new deposits (including the ATO (Altan Tsagaan Ovoo) deposit) and the success of exploration activities), outcome of litigationinvolving Centerra, the timing for completing an update of Boroo’s closure study, the payment schedule for the balance of funds owed to the Kyrgyz Republic Social Fund and the discussionunder the heading “Outlook for 2011”, including the forecasted gold production and cash costs, exploration expenditures and exploration plans.

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

Material assumptions used to forecast production and costs include those described under the heading “Outlook for 2011”. Other factors that could cause actual results or events to differmaterially from current expectations include, among other things: the sensitivity of the Company’s business to the volatility of gold prices; the political risks associated with the Company’soperations 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 theCompany operates; 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; in the Kyrgyz Republic, the impact ofchanges 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 theKumtor Mine; waste and ice movement at the Kumtor Mine; litigation; the accuracy of the Company’s reserves and resources estimate; the accuracy of the Company’s production and costestimates; 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’sability to successfully negotiate an investment agreement for the Gatsuurt development property to complete the development of the mine and the Company’s ability to obtain all necessarypermits 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 andMongolia; 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’sability 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 globalfinancial 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 qualifiedpersonnel; 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; risksassociated with the Company’s largest shareholder, Kyrgyzaltyn JSC; and possible director conflicts of interest. There may be other factors that cause results, assumptions, performance,achievements, prospects or opportunities in future periods not to be as anticipated, estimated or intended. See “Risk Factors” in the Company’s most recently filed Annual Information Formavailable on SEDAR at www.sedar.com.

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results,performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained inthis presentation. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance onforward-looking information. Forward-looking information is as of November 3, 2011. Centerra assumes no obligation to update or revise forward-looking information to reflect changes inassumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.All figures are in United States dollars unless otherwise stated.

November 2011 2

Kyrgyz Republic Mongolia

● Year-to-date 2011 gold production 490,818 oz @ cash costs of $474/oz● 2011 expected gold production of 640,000 to 660,000 oz @ cash costs of

$480 to $500/oz

Russian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Two Solid Growth Platforms

ATO

November 2011 3

Share and Ownership Profile

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

● Market capitalization approximately CDN$5 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%

November 2011 4

Strong Operating Performance

676679

640-660

Kumtor

Boroo

2009 2010 2011E

2010 Production:– Kumtor – 567,802 oz– Boroo – 111,139 oz

2011 Estimated Production:– Kumtor 580,000 – 600,000 oz– Boroo 60,000 oz

Gold Production(‘000 oz)

November 2011 5

Strong Financial Performance YTD-2011

Gold production (‘000 oz) 491 429

Total cash cost ($/oz) $474 $521

Average realized gold price ($/oz) $1,534 $1,163

Revenues $772M $528M

Net Earnings $292M $172M

Earnings per share $1.23 $0.73

Cash from operations $367M $140M

Cash and Short-term investments $537M $414M1

Sept. 302011

Sept. 302010

Please refer to November 3, 2011 news release, MD&A and unaudited Financial Statements and Notes for the nine months-ended September 30, 2011 and Caution Regarding Forward-Looking Information1. December 31, 2010

November 2011 6

-7,500

-6,500

-5,500

-4,500

-3,500

-2,500

-1,500

-500

500

1,500

2,500

3,500

4,500

5,500

6,500

7,500

8,500

2003 2004 2005 2006 2007 2008 2009 2010

Boroo Ounces MinedKumtor Ounces MinedGatsuurt ReservesBoroo ReservesKumtor Reserves

Centerra – Reserves and Ounces MinedA

u O

un

ces

( ‘0

00

’s )

Reserves

7.1 million Cumulative

Ounces Mined Since

2003

8.2 millionounces

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.November 2011 7

Kyrgyz Republic MongoliaRussian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Two Solid Growth Platforms

Kumtor Reserves and Resources

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

● Inferred – underground2.0 m oz

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

● YTD 2011 gold production 444,460 oz @ cash costs of $454/oz● 2011 expected gold production of 580,000 to 600,000 oz @

cash costs of $460 to $480/ozNovember 2011 8

K U M T O R

Concession Area

● Area of 26,300 hectares

● Concession expires 2042

● 14% revenue-based tax

● 2 portals in place

● Declines advancing

1st Decline Portal2nd Decline Portal

November 2011 9

December 31st 2009

K U M T O R

Central Pit - Longitudinal Section

Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.November 2011

September 30th 2011

No Data

No Data

KS11 Pit Design

KS10 Pit Design

Decline PositionSept. 30, 2011

Decline PositionsSept. 30, 2011

10

K U M T O R

Improved Kumtor Open Pit LOM Plan

300

350

400

450

500

550

600

650

700

2011 2012 2013 2014 2015 2016

2009 LOM2011 LOM

Gold Production (‘000 oz)

November 2011 11

1st

Portal

2nd

Portal

North

KS11 Final Pit

560m435m max

strike length beneath pit

width up to 50m, average approx. 20m

width up to 50m, average approx. 20m

390m max strike length beneath pit

SB Underground High-Grade Zone

1.4M oz Inferred @ 15.3 g/t

Stockwork Underground Zone

0.6M oz Inferred @ 12.1 g/t

K U M T O R

Underground Development

Decline1 PositionSept. 30, 2011

Stockwork Decline Position

Sept. 30, 2011

Decline2 PositionSept 30, 2011

November 2011 12Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

K U M T O R

New Exploration Areas

Kumtor Concession 263 km2

Karasay License 139 km2

Koendy License 134 km2

Kumtor Central Pit

SouthwestDesign Pit

Sarytor Design Pit

0 5 10

kilometres

November 2011 13

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

3800

3400

SSEBESHMOYNOK

RIDGE

KARASAYVALLEY

KARASAYPROSPECT

TARGET

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

AKSHYRAKRIDGE

KARASAYGLACIER

KUMTORDEPOSIT

4600NNW

KUMTORVALLEY

4200

NIK

OLA

EVLI

NE

ATB

ASH

I-IN

ILC

HEK

FAU

LT

S2-D1C2

S1?C3S2-D1Pg-N

D2-3S1?

VPR1?sr

C1-2 V R3-VPR1?sr

Pg-N C1

5.000

kilometers

0

Known mineralization zone

Other major Paleozoic faults

Supposed mineralization zone

Major Alpine steep faults

Recent sediments (QIII-QIV)

Major Alpine thrust

Major Paleozoic thrust

Glacier

Ophiolitic melange (O?)

Sericitic shale (S2-D1); hornfels

Basalt (S2-D1); hornfels

Specled shale (O3-S1?)

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

Limestone (C1-2); sandstone (C1)

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

Marblized limestone with gypsum (D2-3)

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

Middle Tien-Shan South Tien-Shan

Gneiss, marble, schists (PR1)

Alpine tectonic melange

Ore-bearing rocks - phyllites (Cm-V)

Black cherty, limestone (Cm2-O1)

Granite, diorite (PR?sr)

Aulerolite (O1-2)

Sandstone (O2-3)

Legend:

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

KUMTORDEPOSIT

KARASAYPROSPECT

TARGET

K U M T O R

Karasay Prospect

November 2011 14

Kyrgyz Republic MongoliaRussian Federation

China

Kazakhstan Mongolia

BorooGatsuurt

Ulaanbaatar

Russian Federation

Mongolia

China

Kazakhstan

Kumtor

Kyrgyz Republic

Two Solid Growth Platforms

Mongolian Reserves and Resources

● Proven & Probable Reserves– Boroo 0.4 m oz– Gatsuurt 1.5 m oz

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

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

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

● YTD-2011 gold production 46,358 oz @ cash costs of $664/oz

● 2011 expected gold production of 60,000 oz @ cash costs of $750/oz

ATO

November 2011 15

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

November 2011 16

M O N G O L I A

Mongolia Update

● Boroo Heap Leach permit pending – Potential to add about 2,500 oz per month

● Gatsuurt road construction and site prep complete

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

● Expand processing options, add bio-oxidation facility

November 2011 17

Prov ince boundary

Mining license

Exploration license

Railway

Main road

LEGEND

20 0 20 40

Kilometers

ULAANBULAG PROJECT

DARKHAN PROJECT

BOROO PROJECT

GATSUURT PROJECT

YALBAG PROJECT

KHUDER PROJECT

TOLGOIT PROJECT

MUNKH KHAAN PROJECT

UUL BAYAN PROJECT

46.5

°

106 °

48 °

49.5

°

109 °107.5 °

106 ° 107.5 ° 109 °

110.5 ° 112 ° 113.5 °

113.5 °110.5 ° 112 °

48 °49.5 °

46.5 °

0 50kilometres

100

Darkhan-Uul

Selenge

Sukhbaatar

Tuv

Khentii

Dornod

Darkhan-Uul

Selenge

Sukhbaatar

Tuv

Khentii

Dornod

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

Province boundary

Mining license

Exploration license

Railway

Main road

LEGEND

M O N G O L I A

ATO Location and Land Holdings in Mongolia

YeroogolAu Trend

Onon Au–AgBase metal Trend

UlaanbaatarChoibalsan

Russia

ATO Project

November 2011 18

Pipe 4

Pipe 1

Pipe 2Pipe 3

M O N G O L I A

Altan Tsagaan Ovoo (ATO)

November 2011 19

M O N G O L I A

ATO Prospect, Drillhole Location Plan Map

November 2011 20Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.

M O N G O L I A – Q3 2011

ATO Prospect, Section 11 SE

November 2011 21Ian 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

ATO District Targets

ATO

DavkharTolgoi

BayanMunkh

HighLand

BayanGol

DuutNuur

5 kilometres22November 2011

1

2

3

Our Focus is on Growth

Maximize existing operations

Expand our exploration

Acquisitions or JV’s

Growth

November 2011 23

Expand Our Exploration

$25

$31

$40

2009 2010 2011E

● Over 50% of 2011 exploration budget on our land holdings

– Kumtor: $13M– Mongolia: $9M– JV’s in Russia, Turkey,

Nevada

● Kumtor focus– SB and Stockwork Zones– Regional drilling– Karasay and Koendy Projects

● Mongolia focus– ATO and other land holdings

ExplorationExpenditures

$M

November 2011 24

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

November 2011 25

Appendix

KUMTOR 3770EL Bench Plan

Blasthole Data & Reserve Shell Outlines

1 g/t Au shell

7 g/t Au shell

>10 g/t10 – 7 g/t7 – 3 g/t3 – 1 g/t1 - 0.1 g/t

Blasthole Au Grade

40 metres

1 g/t Au shell

7 g/t Au shell

>15 g/t15 – 10 g/t10 – 7 g/t7 – 3 g/t3 – 1 g/t1 - 0.5 g/t0.5 – 0.1 g/t

Blasthole Au Grade

40 metres

November 2011 28

29

KUMTOR

Underground Development

Sarytor Design Pit

Southwest

Design Pit

Kumtor

Central Pit

KS11 Outline

STOCKWORK ZONE

SB ZONE

SADDLE ZONE

Mineralization >1.0 g/t Au at 3898m Elevation

Progress to Sept. 30, 2011waste dump

waste dump

waste dump Progress to Sept.

30, 2011

Progress to Sept. 30, 2011

November 2011

30

KUMTOR

Exploration Targets

PetrovLake

AKBEL

MUZDUSUU

BORDOO

NORTHEAST

PETROV

SARYTOR PIT

SOUTHWEST PIT

CENTRAL PIT

waste dump

waste dump

waste dump

16 kilometres

Longitudinal Section Through Kumtor License Area4400

m

4000

3800

3400

4200

3600

32003200

4200

3600

3800

4000

4400

3400

m

PETROV GLACIER

NORTHEASTAREA

LYSIIAREA

LYSYI GLACIER

"NB" zone

"North"

"Stockwork"

CENTRAL PIT

"South"Waste dump

"SB" zoneDesign Decline

DAVIDOV GLACIER

SOUTHW ESTPIT

SARYTORAREA

SARYTOR GLACIER

BORDOOAREA

BORDOO GLACIERVALLEY

AKBELAREA

WEST-BORDOO GLACIERVALLEY

Decline 1 Position Sept. 30, 2011

Decline 2 Position Sept. 30, 2011

Stockwork Decline Position Sept. 30, 2011

November 2011

106 °

50 °

114 ° 116 °

50 °

106 ° 108 ° 110 °

48 °

108 ° 110 ° 112 °

112 °

114 ° 116 °

48 °

75 1500

kilometres

ULAANBAATAR

T U V

D A R K H A N- U U L

S E L E N G E

S U K H B A A T A R

D O R N O D

Undurkhaan

Baruun-Urt

Choibalsan

Sukhbaatar

ULAANBAATAR

T U V

D A R K H A N- U U L

S E L E N G E

S U K H B A A T A R

D O R N O D

K H E N T I I

G O V I S U ' M B E R

N

Land Holdings Mongolia

Khuder

Project

Tolgoit

Project

Yalbag

ProjectBoroo

Mine Gatsuurt

DepositUlaanbulag

Project

Darkhan

Project

Uul Bayan

Project

Munkh Khaan

Project

ATO

PROJECT

Russia

ChinaMongolia

Exploration License

Mining License

Railway Line

Major Road

November 2011 31

KARA BELDYR – Q3 2011

Drillhole Location Plan Map

2.5 km

Gord ZoneCamp Zone

Ezen Zone

Kara Beldyr Property

32.9 km2

Tyva Republic

November 2011 32

KARA BELDYR – Q3 2011

Gord Zone, Section 1650NW

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

November 2011 33

KARA BELDYR – Q3 2011

Ezen Zone, Section 900NW

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

November 2011 34

KARA BELDYR – Q3 2011

Camp Zone, Section 2200NW

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

November 2011 35