Gordon Reid

Vice President, Operations ... performance (both operational and financial), business and political environment and ..... Limestone (C1-2); sandstone ...

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Gordon Reid Vice President, Operations

Caution Regarding Forward-Looking Information This presentation and the documents incorporated by reference 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. 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 looking information. These forward-looking statements relate to, among other things, Centerra’s expectations regarding future growth, results of operations (including, without limitation, future production and sales, and operating and capital expenditures), performance (both operational and financial), business and political environment and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities. Although the forward-looking information in this presentation reflects Centerra’s current beliefs as the date of this presentation based upon information currently available to management and based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, 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, 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. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks relating to the recent political and civil unrest in the Kyrgyz Republic, risks related 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 SSIA concerning alluvial reserves and matters relating to the suspension of the Boroo licenses in June 2009, the potential impact of Mongolian legislation prohibiting mineral activity in water basins and forest areas on the Gatsuurt project, the threatened termination of the stability agreement with the Mongolian Government in relation to the Boroo mine, the receipt of a final permit to operate the heap leach operation at the Boroo mine, fluctuations in gold 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 and 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 tailings facility, the ability to renew and obtain licenses, permits and other rights, illegal mining, enforcement of legal rights, decommissioning and reclamation cost estimates, future financing and personnel and the receipt of all permitting and commissioning requirements for the Gatsuurt mine by mid-2010. In addition, material assumptions used to forecast production and costs include those described above under the heading “Material Assumptions” in the Company’s first quarter news release. 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 2009 Annual Information Form, Annual Management’s Discussion and Analysis and most recently filed prospectus 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 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 in this presentation. 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 and assumptions are as of April 28, 2010. Centerra assumes no obligation to update or revise forwardlooking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law. June 2010

All figures are in United States dollars unless otherwise stated.

2

Two Solid Growth Platforms Kyrgyz Republic

Mongolia Russian Federation

Russian Federation

Boroo Gatsuurt Ulaanbaatar

Mongolia

Kazakhstan

Mongolia

Kazakhstan

Kumtor

China

China

Kyrgyz Republic

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

3

KUMTOR

Update on Developments in Kyrgyz Republic ● Civil unrest in April results in ousting of President ● New interim government formed – led by Roza Otunbayeva

● Government to honour commitments and agreements ● Recent turmoil and violence in southwest region under control ● Production at Kumtor not impacted

June 2010

4

Highlights – 2009

Cash Flow from Operations (Millions US$)

● Agreement on New Terms

246

● Successful completion of Secondary Offering

166

● 26% increase in reserves ● Acceleration of Kumtor underground development ● Cash position doubled to $323 million at year-end

41

2007

June 2010

2008

2009

5

Track Record of Consistent Growth in Reserves Reserves Gold (M oz)

Last 6 years (M oz)

7.3M Gatsuurt Boroo

4.4M

Kumtor

2003

● Reserves grew:

2.9M

● Mined:

6.6M

● Total added:

9.5M

2009 Kumtor: One of the top deposits in world

June 2010

6

Strong Performance Continued into Q1, 2010

Q1 2010

Q1 2009

211

103

$340

$871

Average realized gold price ($/oz)

$1,112

$915

Revenues

$256M

$98M

Net Earnings

$122M

$(20)M

$82M

$11M

$384M

$155M

Gold production (‘000 oz) Total cash cost ($/oz)

Cash from operations Cash and Short-term investments

Please refer to April 28, 2010 news release and MDA for the periods ending March 31, 2010 and 2009 and Caution Regarding Forward-Looking Information. June 2010

7

Significant Valuation Gap Market Cap of mid-tier gold producers (Cdn$ – June 15, 2010)

$9.5 B $9.9 B $8.0 B $8.4 B $6.7 B $6.8 B

$1.1 B Gammon

$1.8 B

Alamos

$2.5 B $2.9 B

New Gold

Centerra

$3.7 B

PetroIamgold pavlovsk

Redback

Yamana Randgold Eldorado

Agnico

Gold Production (000’ oz) 2009 136 June 2010

179

302

676

487

939

342

1,026* GEO

488

364

493 8

Two Solid Growth Platforms Kyrgyz Republic

Mongolia Russian Federation

Russian Federation

Boroo Gatsuurt Ulaanbaatar

Mongolia

Kazakhstan

Mongolia

Kazakhstan

Kumtor

China

China

Kyrgyz Republic

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

9

KUMTOR

Recent Developments – Continuing to Define One of the World’s Largest Gold Deposits

9 Open pit in 2009: – increased reserves 36% – extended open pit mine life to 2019

Gold Production (‘000 oz)

556

525

530-570

2008

2009

2010E

9 Advanced underground construction – project on going

June 2010

10

KUMTOR

Expanded Concession Area ● Area of 26,300 hectares ● 2 portals in place ● Declines advancing 1st

June 2010

Decline Portal

2nd Decline Portal

11

KUMTOR

Underground Development

Decline2 Progress to March 31, 2010.

Decline1 Progress to March 31, 2010. June 2010

12

KUMTOR

Targeting Two High-Grade Areas SB Underground High-Grade Zone 1.8M oz Inferred @ 17.0 g/t

North

Stockwork Underground Zone 0.6M oz Inferred @ 11.4 g/t

1st Portal

KS10 Final Pit

Current Location

Ap pro x. 1.5

2nd Portal

Current Location

kil

om e

t re

425m max strike length beneath pit

. Approx

390m max strike length beneath pit

etre 1 kilom

475m 570m

width up to 50m, average approx. 20m

width up to 50m, average approx. 20m

Best news: Mineralization still open along strike, at depth June 2010

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

13

KUMTOR

Sec -10

Sec -26

Central Pit Longitudinal Section Q1 2010

Current Position of Decline 2

Current Position of Decline 1

No Data No Data

June 2010

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

14

KUMTOR

Kumtor – Section -26 NW

June 2010

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

SE

15

KUMTOR

Kumtor – Section -10 NW

June 2010

SE

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

16

KUMTOR

Multiple Exploration Targets, Kumtor Concession Area

Muzdusuu Test for mineralization in FW stratigraphy Southwest Test for high-grade at depth Sarytor Test for highgrade at depth Bordoo Geophysical surveys, follow up drilling

June 2010

Petrov Test NE Extension of structure

Northeast Test for near surface mineralization on known structure and underground potential Central Pit Akbel Geophysical surveys, follow up drilling

17

KUMTOR

Northeast Drillhole Plan Map Q1 2010 Se on cti 6 42

June 2010

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

18

KUMTOR

Northeast Section 426 NW

SE 9.31 g/t 23.4 m 15.23 g/t [ incl 15.23 g/t ] 11.2 m 5.06 g/t 19.8 m [ incl 15.61 g/t ] 3.0 m 3.98 g/t 10.8 m [ incl 10.89 g/t ] 3.5 m 2.34 g/t 9.2 m

June 2010

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

19

KUMTOR

New Exploration Area – Field Work Starting Q2 2010

Kumtor Concession Area: 26,300 ha

Karasay License Area: 13,900 ha

June 2010

20

KUMTOR

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

0

5 5.000

kilometers

4200

NIKOLAEV LINE

4600

KUMTOR DEPOSIT

KUMTOR VALLEY

PR1?sr

C1-2 Pg-N

0

1

2

3

6

7

8

9

10

11

12

13

14

15

16

17

18

C3

S2-D1

Pg-N 5

SSE

S2-D1

S1?

PR1?sr

C1 4

BESHMOYNOK RIDGE

C2

V

R3-V

V

3800 3400

KARASAY GLACIER

AKSHYRAK RIDGE

ATBASHIINILCHEK FAULT

NNW

KARASAY PROSPECT KARASAY VALLEY TARGET

D2-3

19 S1?20

21

22

23

24

25

26 km

Legend: Middle Tien-Shan

South Tien-Shan

Red clay, conglomerate-breccia (Pg-N)

Red-brown conglomerate (C2)

Limestone (C1-2); sandstone (C1)

Marblized limestone with gypsum (D2-3)

Sandstone (O2-3)

Sericitic shale (S2-D1); hornfels

Aulerolite (O1-2)

Basalt (S2-D1); hornfels

Black cherty, limestone (Cm2-O1)

Specled shale (O3-S1?)

Ore-bearing rocks - phyllites (Cm-V)

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

Arkoses, tuffs, basalts, rhyolites (R3-V)

Granite, granodiorite (C3)

Gneiss, marble, schists (PR1)

Ophiolitic melange (O?)

Glacier Recent sediments (QIII-QIV) Major Alpine thrust Major Alpine steep faults Major Paleozoic thrust Other major Paleozoic faults Known mineralization zone Supposed mineralization zone

Granite, diorite (PR?sr) Alpine tectonic melange June 2010

21

Two Solid Growth Platforms Kyrgyz Republic

Mongolia Russian Federation

Russian Federation

Boroo Gatsuurt Ulaanbaatar

Mongolia

Kazakhstan

Mongolia

Kazakhstan

Kumtor

China

China

Kyrgyz Republic

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

22

MONGOLIA

Mongolia Update ● Windfall profit tax repealed as of January 1, 2011 ● Road construction to Gatsuurt continues, complete by mid-2010 ● Boroo Heap Leach permit pending ● Develop Gatsuurt oxides ● Expand processing options

June 2010

23

MONGOLIA

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

9 Continuing construction of road access to Gatsuurt – complete 2-H, 2010

Gold Production (‘000 oz)

193

9 Production Q1, 2010 on plan – 30,000 oz

151 110-130

9 Goal: Develop 10 years of production for mill

2008

June 2010

2009

2010E

24

MONGOLIA

Large Land Package, Gatsuurt Advancing to Production ● Gatsuurt development – –

55 km road from Boroo Initial oxide production in 3Q – 2010

● Current Reserves (000’s oz) – –

Boroo Gatsuurt

567 1,280 1,847

● Current M&I Resources –

722,000 ounces

● Current Inferred Resources –

410,000 ounces

● Land package –

June 2010

130,000 hectares

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

25

GATSUURT

Central Pit South Slope Drillhole Plan Map Q1 2010

Detailed Map Area

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

26

GATSUURT

Central Pit South Slope - Section 3

June 2010

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

27

Gatsuurt – Construction Progress

June 2010

Road Construction

Work Camp

Site Preparation

Site Preparation

28

Our Focus is on Growth

Acquisitions or JV’s Expand our exploration

3 2

Maximize existing operations

1

Growth June 2010

29

1

Maximize Existing Operations

Priorities for 2010

Kumtor Open Pit • 5.5 M oz in Reserves • Current 10-year operating life • Additional targets on trend

Underground • • • •

2.4 M oz high-grade Inferred Resources Two declines in progress Target initial production 2012 Open along strike and down dip

Mongolia • Expanding oxide mineralization • 1.8 M oz Reserves at Boroo and Gatsuurt

June 2010

30

Expand Exploration; Significant Potential in Asia

2

Blagodatnoe 8.4 M oz

Bakyrchik 13 M oz Jerooy 3.3 M oz

YubileyniyBashkortostan 5.1 M oz

Copler 6 M oz

Artvin Kefi JV

Kuru-Tegerek 3.1 M oz

Muruntau 180 M oz

Charaat 4 M oz

Kara Beldyr CAG JV

Ovacik 1 M oz

Kisladag 8 M oz Efemcukuru 2 M oz

June 2010

Taseyevskoe 4.6 M oz

Golden Hills 1.1 M oz

Taldybulak Taldybulak L. 6.2 M oz 1.0 M oz Arxi 5.6 M oz

Amantaytau 3.5 M oz

Oksut STI JV

Sukoi Log 44.8 M oz

Ereen 2.6 M oz

Itakinskoye 3.2 M oz

Illichy Amur Gold JV Pioneer 5.3 M oz

Boroo 2.5 M oz

Lugokanskoye 5.3 M oz

Olon Ovoot 1.9 M oz

Makmal 1.7 M oz

Zarmitan 8 M oz Jilau 3 M oz

Oyu Tolgoi 26.4 M oz

Kochbulak 3 M oz

Unkurtask 5 M oz

Zenyuan 5.2 M oz

Kubaka 2.6 M oz

Mnogovershinnoe 2.3 M oz Malomyr 5.3 M oz

Overnovskoe 3.3 M oz

Chongli Zijin 2.3 M oz Maoling 7.6 M oz

Jinling 2.7 M oz

Dachang 2.9 M oz Anba 2.9 M oz

Natalka 68.6 M oz

Brystrinskoye 8.9 M oz

Chang Shan Hao 217 8.0 M oz

Daugyztau 6 M oz

Kupol 4.3 M oz

Bamskoe (Chulbango) 3.1 M oz

Baleyskoe 5.1 M oz

Sumber Altai JV

Peschanka-Chukotskiy 2.7 M oz

Kuranakh 6.8 M oz

Golets Visochaishiy 2.6 M oz

Bobolyubovo 2.2 M oz

Varvarinskoye 5 M oz

Akarca EMX JV

Veduga 4.8 M oz

Olympiada 13 M oz

Vasilkovskoe 11 M oz

Svetlinskoye 1.5 M oz

Elmali EMX JV

Chertovo Koryto 5.6 M oz

Titimukhta 2.6 M oz

Vorontosovskoe 2.6 M oz

Nezdaninskoye 13.8 M oz

Baguamiao 2.8 M oz

Jinfeng 8.2 M oz

Yingezhuang 5.2 M oz Laizhou 10.7 M oz Zijinshan 2.8 M oz

Centerra brings unique expertise

31

2

Expand Our Exploration

● Over 50% of 2010 exploration budget on our land holdings – Kumtor: $12M – Mongolia: $3M – Russia, Turkey, Nevada: $3M each

Exploration Expenditures $30M

$25M

● Kumtor focus – SB and Stockwork Zones – regional drilling

● Mongolia focus – land holdings near Boroo

June 2010

2009

2010E

32

3

Growth Through JV’s

Target key prospective regions

Tonopah Divide – Nevada, USA Oasis (Redstar) – Nevada, USA Elmali / Akarca (EMX) – Turkey Artvin (KEFI) – Turkey Bakir Tepe (KEFI) – Turkey Oksut (Stratex) – Turkey Kara Beldyr – Tyva Republic, Russia Illichy – Amur Oblast, Russia Sumber (AltairGold) – Mongolia

June 2010

33

STRATEGY IN ACTION

Expanding Our Project Pipeline Exploration

Feasibility

Development

Operations Kumtor – Open Pit Boroo – Oxide Mill Boroo – Heap Leach

Kumtor – SB Underground Gatsuurt – Oxide Kumtor – Stockwork Underground Gatsuurt – Bio-Oxidation Kumtor – Regional Mongolia – Regional Kara-Beldyr (Russia) Tonopah/Oasis (Nevada) Artvin/Bakir Tepe (Turkey) Akarca/Elmali (Turkey) Oksut (Turkey) Illichy (Russia)

June 2010

34

IN SUMMARY

Priorities for 2010

● Kumtor – expand exploration – accelerate underground development

● Boroo / Gatsuurt

– complete road – oxide development – heap leach permit

● Investment

– increase regional exploration – pursue acquisitions

June 2010

35

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