2014 Lou Naumovski, Vice President and General Director, Moscow - PowerPoint PPT Presentation

KINROSS GOLD CORPORATION: January 15 Perspectives on Institutional Opportunities and Barriers to Increased Investment in Russian Mining 2014 Lou Naumovski, Vice President and General Director, Moscow Office, Kinross Gold Corporation

• AGENDA:  Background on Kinross Gold Corporation  Global Portfolio and Russian Operations  Perspectives on Institutional Opportunities and barriers to increased investment in Russian mining Kinross Gold Corporation 2 2 January 15, 2014 www.kinross.com www.kinrossgold.ru

OPERATING MINES IN 4 CORE REGIONS • Diversified portfolio of assets located in some of the world’s best gold districts producing 2.4 – 2.6 mm oz. in 2013 (1) RUSSIA 2013E: 505-535k oz. Dvoinoye Kupol Fort Knox Kettle River - Buckhorn WEST AFRICA Round Mountain 2013E: 415-480k oz. KINROSS OPERATIONS IN RUSSIA NORTH AMERICA Tasiast 2013E: 680-720k oz. • Investments of more than $3 billion Chirano • More than 3.3 mln ounces of Gold and 33 mln ounces of Silver produced since 2008 • About 2000 employees Paracatu • More than 20% of Kinross global production La Coipa Maricunga • Proven track record of adding quality ounces • High-grade epithermal district with exploration SOUTH AMERICA upside 2013E: 800-870k oz. ( Kinross Gold Corporation 3 3 January 15, 2014 www.kinross.com www.kinrossgold.ru

KINROSS IN RUSSIA DVO KUP Kinross Gold Corporation 4 4 January 15, 2014 www.kinross.com www.kinrossgold.ru

CONTRIBUTING TO ECONOMIC & SOCIAL DEVELOPMENT 2012 ≈ 2000 Jobs: Taxes & Royalties: > 6 billion rubles Wages & Benefits: > 2 billion rubles Purchased Goods & Services in Russia: > 7 billion rubles Total Community Investment: > 15 million rubles 2009 – 1H2013 KUPOL FOUNDATION: > 42 PROJECTS: > 28.5 million rubles Kupol Foundation Projects Funding from Kupol Foundation (in Rubles) SMEs SMEs (3) Education > 1 mln Education (6) (> 5 mln) Health (7) Health (> 3 mln) Local Traditions of Local Traditions of Indigenous People Indigenous Peoples (26) (> 19,5 mln) Kinross Gold Corporation 5 5 January 15, 2014 www.kinross.com www.kinrossgold.ru

• PERSPECTIVES ON INSTITUTIONAL OPPORTUNITIES AND BARRIERS TO INCREASED INVESTMENT IN RUSSIAN MINING Kinross Gold Corporation 6 6 January 15, 2014 www.kinross.com www.kinrossgold.ru

Perspectives on Mining Investment in Russia Russia’s Share of Selected Mineral Wealth Global Exploration Budgets (2012 - $20.5B) Reserves Russia % Commodity Unit Russia Global Total Diamonds m carats 40 600 6.7% Gold tonnes 5,000 52,000 9.6% Nickel tonnes 6,100,000 75,000,000 8.1% Potash mm tonnes 3,300,000 9,500,000 34.7% Source: Metals Economics Group Iron Ore mm tonnes 14,000 80,000 17.5% Source: US Geological Survey, Mineral Commodity Summaries, January 2013 Kinross Gold Corporation 7 7 January 15, 2014 www.kinross.com www.kinrossgold.ru

The Canadian Experience • TSX/TSX-V Highlights Relatively young country that has evolved into a global mining leader • Over 1,600 Canadian and international mining issuers • Culture rooted in exploration and trade • Mineral wealth encouraged risk capital and • 57% of the world’s public mining companies entrepreneurialism • 35% of world’s public oil and gas companies • Supportive mining investment framework • Over 1/3 of global mining equity over past 5 years • Straight-forward mineral claims systems • • 83% of global mining deals over past 5 years Competitive royalty and tax regimes • Transparent markets and business laws • Federal and provincial cooperation TSX / TSX-V Financing Activity (2008-2012) • $58B in DIA / $60B in FDI Value of Financings ($184B) Number of Financings (11,662) • Robust capital markets have evolved along with the mining industry • Key source of capital for both Canadian and international companies • Robust junior sector driving global exploration • M&A pipeline for larger companies • Fostered industry leaders like Kinross, Barrick, Teck, Alcan, Inco, Potash and Cameco Source: Gamah International 8 Kinross Gold Corporation 8 8 January 15, 2014 www.kinross.com www.kinrossgold.ru

Summary of Policy Options General Economic Policy / Foreign Mineral resources and Exploration Investment Policy 1. Encourage Foreign 1. Further Definition of Strategically- Investment that Benefits the State;. Important Mineral Deposits. 2. Property Rights Protection to 2. Encourage Expansion of Mining Encourage Exploration Investment. Development. 3. Tax Policy to Encourage 3. Definition of Investment Exploration and Development.. Operatorship Agreements in Russian Law. 4. Greater Emphasis on 4. Internationally-Recognized Mineral Established Civil Laws. Resource and Reserve Classification System. 5. Clarification on Project Infrastructure Turnover and Transfer. Kinross Gold Corporation 9 9 January 15, 2014 www.kinross.com www.kinrossgold.ru

Policy Options ( con’t ) Licensing and Land Use Capital Markets 1. Development of Russia’s Mining More Open and Transparent Tender Process. Capital Markets. 2. Narrowing of License Revocation Provisions. 3. Clarification of Land Use Issues. 4. More Open and Transparent Access to Geologic Information. 5. Clarifying Gaps and Overlaps in Russian Laws Regulating Subsoil Investments. Kinross Gold Corporation 10 10 January 15, 2014 www.kinross.com www.kinrossgold.ru

KINROSS GOLD CORPORATION www.kinrossgold.ru │ www.kinross.com │ www. кинросс.рф Kinross Gold Corporation 11 11 January 15, 2014 www.kinross.com www.kinrossgold.ru