Paradigma Pragmático

In accordance with IFRS 8, Operating Segments, the Company’s operations are segmented on a

regional basis and are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (“CODM”). The Chief Executive Officer has authority for resource allocation and assessment of the Company’s performance and is therefore the CODM. Information presented in the table below is shown at the level at which it is reviewed by the CODM in his decision making process.

The Kyrgyz Republic segment includes the operations of the Kumtor Gold project and the Mongolian segment involves the operations of the Boroo Gold project, activities related to the Gatsuurt project and local exploration activities. The Corporate and other segment include the head office located in Toronto, the Öksüt Turkish project and other international exploration projects. The segments’ accounting policies are the same as those described in the summary of significant accounting policies in the Company’s 2014 annual financial statements except that inter-company loan interest income and expenses, which eliminate on consolidation, are presented in the individual operating segments where they are generated when determining earnings or loss from operations.

Geographic Segmentation of Revenue

The Company’s only product is gold doré, produced from mines located in the Kyrgyz Republic and Mongolia. All production from the Kumtor Gold project is sold to the Kyrgyzaltyn refinery in the Kyrgyz Republic while production from the Boroo Gold project is sold to Bank of Mongolia.

The following table reconciles segment operating profit per the reportable segment information to operating profit per the consolidated statements of earnings (loss) and comprehensive income (loss).

Centerra Gold Inc.

Notes to the Consolidated Financial Statements

For the years ended December 31, 2014 and December 31, 2013

(Expressed in thousands of United States Dollars, except where otherwise indicated)

Year ended December 31, 2014

(Millions of U.S. Dollars) Kyrgyz Corporate

Republic Mongolia and other Total

Revenue from Gold Sales $ 694.6 $ 68.7 $ - $ 763.3

Cost of sales 444.4 58.1 - 502.5

Mine standby costs - 2.4 - 2.4

Regional office administration 20.1 5.1 - 25.2

Earnings from mine operations 230.1 3.1 - 233.2

Revenue based taxes 97.2 - - 97.2

Other operating expenses 5.1 (1.3) 6.0 9.8

Impairment of goodwill 111.0 - - 111.0

Exploration and business development 0.4 4.2 11.1 15.7

Corporate administration 0.2 0.5 34.1 34.8

Earnings (loss) from operations 16.2 (0.3) (51.2) (35.3)

Other expenses, net 1.2

Finance costs 5.0

Loss before income tax (41.5)

Income tax expense 2.6

Loss and comprehensive loss $ (44.1)

Capital expenditure for the year $ 349.9 $ 1.1 $ 0.2 $ 351.2

Goodwill $ 18.7 $ - $ - $ 18.7

Assets (excluding Goodwill) $ 936.3 $ 179.6 $ 494.5 $ 1,610.4

Total liabilities $ 92.0 $ 34.5 $ 103.9 $ 230.4

Year ended December 31, 2013

(Millions of U.S. Dollars) Kyrgyz Corporate

Republic Mongolia and other Total

Revenue from Gold Sales $ 811.0 $ 133.4 $ - $ 944.4

Cost of sales 473.0 86.2 - 559.2

Regional office administration 18.1 5.7 - 23.8

Earnings from mine operations 319.9 41.5 - 361.4

Revenue based taxes 113.5 - - 113.5

Other operating expenses 7.8 0.5 - 8.3

Exploration and business development 6.4 5.5 17.7 29.6

Corporate administration 0.1 0.4 30.1 30.6

Earnings (loss) from operations 192.1 35.1 (47.8) 179.4

Other expenses, net 3.6

Finance costs 5.0

Earnings before income tax 170.8

Income tax expense 13.1

Net earnings and comprehensive income $ 157.7

Capital expenditure for the year $ 367.4 $ 8.6 $ 0.6 $ 376.6

Goodwill $ 129.7 $ - $ - $ 129.7

C O R P O R AT E P R O F I L E

Centerra is a North American-based gold mining company engaged in operating, developing, acquiring and exploring gold properties in Asia, Canada and other markets worldwide. The Company is the largest Western-based gold producer in Central Asia with two operating gold mines, one located in the Kyrgyz Republic and one in Mongolia. In 2014, Centerra produced 620,821 ounces of gold from its two operations.

Centerra’s objectives are to build shareholder value by maximizing the potential of its current properties, expand its portfolio of gold mining operations, add additional exploration properties and continue to increase its reserves and resources.

Centerra’s shares trade on the Toronto Stock Exchange (TSX) under the symbol CG. The Company is headquartered in Toronto, Ontario, Canada.

Information contained in this annual report which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws. These forward-looking statements relate to, among other things, the Company’s expectations for 2015 gold production, costs, exploration, capital and corporate expenditures; the Company’s pipeline of exploration and development properties and their potential, including expectations for exploration, development; estimates of production and costs at Kumtor and Boroo and consolidated production and costs; expectations regarding the Gatsuurt Project, including as to the level of Mongolian state ownership therein, the entering into a deposit development agreement; expectations regarding further progress on the Öksüt Project, including the schedule for completion of a feasibility study; and expectations regarding the completion of a restructuring of the Kumtor Project in accordance with the Heads of Agreement on the Kumtor Restructuring dated January 18, 2014. 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. For a detailed discussion of such risks and other factors, see the Management’s Discussion and Analysis (MD&A) included in this Annual Report and the Company’s most recent Annual Information Form which is available on SEDAR. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources have a greater amount of uncertainty as to whether they can be mined economically. It cannot be assumed that all or part of the inferred resources will ever be upgraded to a higher category. There is no certainty that mineral resources of any category can be upgraded to mineral reserves through continued exploration. Reserves and Resources are as of December 31, 2014. Please refer to page 11 of the MD&A included in this Annual Report. Except as otherwise noted herein, Gordon Reid, Professional Engineer and Centerra’s Vice President and Chief Operating Officer, has reviewed and approved the scientific and technical information contained in this Annual Report.

Mr. Reid is a Qualified Person within the meaning of NI 43-101. For more information, please refer to the Company’s MD&A included in this Annual Report and the Company’s most recent Annual Information Form which is available on SEDAR.

Although Centerra believes that the assumptions inherent in these forward-looking statements are reasonable, the reader should not place undue reliance on these statements. Forward-looking information is as of March 27, 2015. For a detailed discussion of the key assumptions and risk factors, please refer to the MD&A included in this Annual Report. Centerra disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

All dollar amounts are expressed in U.S. dollars in this report, except as otherwise indicated.

(1) Non-GAAP measure, see discussion under “Non-GAAP Measures” in the MD&A.