Kinross Gold in Russia

Stanislav Borodyuk,Vice-President, Head, Moscow Representative Office

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATIONAll statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions, including but not limited to any information as

to the future performance of Kinross, constitute “forward looking statements” within the meaning of applicable securities laws, including the provisions of the Securities Act (Ontario) and the provisions for

“safe harbor” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this presentation. Forward-looking

statements contained in this presentation include those statements on slides with, and statements made under the headings “Tasiast Phase One Exceeds Expectations”, “Tasiast Expansion Update”,

“Kinross Remains in Discussions with the Government of Mauritania”, “2019 Outlook”, “Project Milestones for 2019”, “Strong Balance Sheet and Financial Flexibility”, “Tasiast Project Financing Update”,

“2019E Production and Costs”, “2019E Capital Expenditures”, “Solid Financial Position”, “Americas”, “Russia”, “West Africa”, “Development Projects”, “Portfolio of Development Projects”, “Round Mountain

Phase W”, “Bald Mountain Vantage Complex”, “Fort Knox Gilmore”, “Chile Projects”, “Kupol Exploration Highlights”, “Another 1-Year Mine Life Extension in Russia”, “Chirano Exploration Highlights”, “Bald

Mountain Exploration Highlights”, and “Kinross Value Proposition” and include without limitation statements with respect to our guidance for production, production costs of sales, all-in sustaining cost and

capital expenditures, permit applications and conversions and lease renewals, continuous improvement and other cost savings opportunities, the schedule and budget for development projects, the outcome

of discussions with any government (including, without limitation, the Government of Mauritania) relating to the Company’s operations, as well as references to other possible events include, without limitation,

possible events; opportunities; statements with respect to possible events or opportunities; estimates (including, without limitation, gold / mineral resources, gold / mineral reserves and mine life) and the

realization of such estimates; future development, mining activities, production and growth, including but not limited to cost and timing of development projects; success of exploration or development of

operations; the future price of gold and silver; currency fluctuations; expected capital requirements; government regulation; and environmental risks. The words “2019E”, advancing”, “assumption”, “budget”,

“continue”, “estimate”, “expect”, “feasibility study”, “flexibility”, “focus”, “forecast”, “forward”, “future”, “growth”, “guidance”, “indicate”, “intend”, “liquidity”, “objective”, “on schedule”, “opportunity”, “outlook”,

“plan”, “position”, “potential”, “priority”, “proceeding”, “progressing”, “project”, “risk”, “schedule”, “scoping study”, or “target”, or variations of or similar such words and phrases or statements that certain

actions, events or results may, can, could, would, should, might, indicates, or will be taken, and similar expressions identify forward looking statements. Forward-looking statements are necessarily based

upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic, legislative and

competitive uncertainties and contingencies. Statements representing management’s financial and other outlook have been prepared solely for purposes of expressing their current views regarding the

Company’s financial and other outlook and may not be appropriate for any other purpose. Many of these uncertainties and contingencies can affect, and could cause, Kinross’ actual results to differ materially

from those expressed or implied in any forward looking statements made by, or on behalf of, Kinross. There can be no assurance that forward looking statements will prove to be accurate, as actual results

and future events could differ materially from those anticipated in such statements. All of the forward looking statements made in this presentation are qualified by these cautionary statements, and those

made in our filings with the securities regulators of Canada and the U.S., including but not limited to those cautionary statements made in the “Risk Factors” section of our most recently filed Annual

Information Form, the “Risk Analysis” section of our FYE 2018 Management’s Discussion and Analysis, and the “Cautionary Statement on Forward-Looking Information” in our news release dated February

13, 2019, to which readers are referred and which are incorporated by reference in this presentation, all of which qualify any and all forward‐looking statements made in this presentation. These factors are

not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward‐looking statements or to explain any material

difference between subsequent actual events and such forward‐looking statements, except to the extent required by applicable law.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this presentation, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

The technical information about the Company’s mineral properties contained in this presentation has been prepared under the supervision of Mr. John Sims, an officer of the Company who is a “qualified

person” within the meaning of National Instrument 43-101.

2

Bald Mountain

2019E GOLD EQUIVALENT

PRODUCTION(2,3)

GLOBAL PORTFOLIOOperating mine

Development project

Round Mountain

Fort Knox

La Coipa

KupolDvoinoye

Chirano

Tasiast

AMERICASRUSSIA

WEST

AFRICA

58%22%

20%

Americas West Africa Russia

2.5M ounces(+/- 5%)

(2) Refer to endnote #2.

(3) Refer to endnote #3.

DIVERSIFIED PORTFOLIO OF OPERATING MINES

Paracatu

3

KINROSS RUSSIA TRACK RECORD

yearsin Chukotka 11

yearsin Russia 24

in investments

$3,5 billion

overSince 2008 produced

Moz.of Gold

˃50

˃6Moz.of Silver

$1 billion

in taxes & other payments since 2008

over

mines constructed in record 3 years

4 500 tonnesof ore per day

over

4

Chukotka Autonomous

District

AnadyrPevek

Republic of Sakha (Yakutia)

Kamchatka Territory

Magadan Region

Magadan

KINROSS GOLDIN RUSSIA − CHUKOTKA

Dvoinoye

Kupol

430 km

1,200 kmMoscow

6,400 km

450 км

Moroshka

MOSCOW

Arkhangelsk

DvoinoyeKupol

≈6,400 km

≈2,500 km

5

MAIN ASSETS IN RUSSIA

KUPOL

2008

DVOINOYE

2013 MOROSHKA

2018

˃4 500

TONNES OF ORE PER DAY

> 2300EMPLOYEES

>$ 3.5 BLNACQUISITION & INVESTMENT

2018

Results

2019

Guidance(3)

Production

(Au. Eq. oz.)490k

500k

(+/- 3%)

Production

cost of

sales(2) ($/oz.)

$582$600

(+/- 3%)66(1) Refer to endnote #1.

(2) Refer to endnote #2.

ANOTHER 1-YEAR MINE LIFE EXTENSION IN RUSSIA

• Estimated mill production

extended to late 2023, another

1-year addition

Result of mine plan

optimization and exploration

additions

• Continue to be encouraged by

potential for future resource

additions through exploration

Continuing our track record of adding reserves to offset depletion at Kupol and Dvoinoye

0.6

1.6

2.3

3.0

3.5

4.1

4.8

5.6

6.3

6.9

7.4

5.0

4.1

4.0

5.1

4.1

3.9

3.6

3.1

2.6

2.3

2.1

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Gold equivalent ounces (millions)

Ye

ar

Cumulative Production (Au eq.) Proven and Probable Reserves (Au eq.) (4)

(4) Refer to endnote #4 7

23 27 31 34 38 4349 53 57 62 66 71

0

20

40

60

80

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average income per person

(thousand rubles)

16 2131

4539

45 46 4458 62 66 67

0

20

40

60

80

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

GRP dynamics(bln rubles)

Kinross Gold: Kupol Polymetal:

Mayskoye mine

Tigers Realm:

Amaam Coal Project

POSITIVE IMPACT OF MINING ON CHUKOTKA

Kinross Gold: Dvoinoye

8

10 YEARS OF PERFORMANCE: THE KUPOL FOUNDATION

Kinross Gold

Government

of Chukotka

Autonomous

Okrug

Association

of Indigenous

Peoples of

Chukotka

8636

15

16

153

projects

Small and medium-sized

businesses

Healthcare

Education

Traditions of indigenous

peoplesannual budget

2005

Consultations

with local

community

2008

Agreement with the NGO

“Association of Indigenous Peoples of

Chukotka” (official representative of

Chukotka indigenous population)

2009

Kupol Social

Development

Foundation

$1,45m initial endowment

$400k

9

HSE TRACK RECORD

2009First mine in Russia to obtain

ICMI environmental certification

2017Filter Cake Plant

(Dry Stack Tailings Facility)

2018Caterpillar Driver Safety

System

2012PITRAM Automatic

Recording System

2012“Super skin”

Technology

2018Leader

WWF Russia Ranking

10

2014

KINROSS GOLD’ WHITE PAPERS

2018

Study focuses on potential socio-economic benefits of increasing the

strategic “threshold” for gold deposits in Russia (jointly prepared with EY).

2013 201111

Study on potential socio-economic benefits of increasing the strategic “threshold” in Russia

Preliminary forecasts: Budget effect of the threshold reform

Threshold

Direct and

indirect budget effect in 2018-41

FDI New jobs

Increase to 100 tonnes USD 5-19 billion USD 0.1-0.5 billion 11-43 thousand

Increase to 150 tonnes USD 9-37 billion USD 0.2-0.9 billion 14-57 thousand

Increase to 200 tonnes (base scenario) USD 12-48 billion USD 0.3-1.2 billion 15-61 thousand

Elimination of the threshold USD 34-137 billion USD 0.8-3.3 billion 27-106 thousand

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STATE MEASURES TO FOSTER INVESTMENT IN THE FAR EAST OF RUSSIA

DEVELOPING THE FAR EAST IS A PRIORITY FOR THE RUSSIAN GOVERNMENT

• 0% or reduced land,

property, profit &

transport taxes

• Customs free regime

• Simplified migration regime for foreigners

• Simplified administrative system based on “one window” approach

ADZ (Advanced

Development Zones)

SEZ (Special Economic

Zones) Free Port Regime

• Reduced profit &

mineral extraction

taxes

• Customs free regime

• Simplified migration regime for foreigners

• Simplified administrative system based on “one window” approach

•0% or reduced land,

property & profit taxes

• Accelerated VAT refund procedure

• Duty free and tax free import, storage, use, export and re-export

• Simplified visa regime

• Fast track procedure for obtaining permits

• 0% or reduced land,

property, profit &

mineral extraction

taxes

• Customs free regime

• No permits or quotas for foreign employees

• Fast track procedure for obtaining permits

Regional Investment

Projects

13 13

MINING REGULATION & INVESTMENT INCENTIVES

SUBSOIL LICENSING: NON-TRANSPARENT TENDERS SUBSOIL LICENSING: AUCTIONS

NO EASY ACCESS TO GEOLOGICAL EXPLORATIONCLAIM-STAKING PROCEDURE FOR GEOLOGICAL

EXPLORATION

NO STATE SUPPORT MECHANISMS FOR SUBSOIL USERS

TAX INCENTIVES:

• REGIONAL INVESTMENT PROJECTS

• ADVANCED GROWTH TERRITORIES

• FREE PORT OF VLADIVOSTOK

GOVERNMENT SUPPORT IN MINE INFRASTRUCTURE

DEVELOPMENT

COMPLICATED LICENSING AGREEMENT APPROVAL:

TWO-STAGE (FEDERAL AND REGIONAL GOVERNMENTS)

LICENSING AGREEMENT APPROVAL: ONE-STAGE

(FEDERAL AGENCY FOR SUBSOIL USE, ROSNEDRA)

LACK OF CONSISTENCY IN LICENSING AGREEMENTS SINGLE TEMPLATE FOR ALL LICENSING AGREEMENTS

15 YEARS AGO NOW

14

MINING JURISDICTIONS:INVESTMENT ATTRACTIVENESS INDEX*

*www.fraserinstitute.org

2733

4447

64

83 8391

104109

122112

201820172016201520142013

Investment Attractiveness Rank Number of Jurisdictions

RUSSIA MINING INVESTMENT ATTRACTIVENESS

14

ENDNOTES

1) Attributable production cost of sales per gold equivalent ounce sold and per gold ounce sold on a by-product basis, all-in sustaining cost

per gold equivalent ounce sold and per gold ounce sold on a by-product basis, adjusted net earnings attributable to common

shareholders, adjusted operating cash flow and average realized gold price are non-GAAP financial measures. For more information and

reconciliations of these non-GAAP measures for the three months and twelve months ended December 31, 2018, please refer to the

news release dated February 13, 2019, under the heading “Reconciliation of non-GAAP financial measures,” available on our website at

www.kinross.com.

2) For more information regarding Kinross’ production, cost, overhead expense and capital expenditures outlook for 2019, please refer to

the news releases dated February 13, 2019, which is available on our website at www.kinross.com. Kinross’ outlook for 2019 represents

forward-looking information and users are cautioned that actual results may vary. Please refer to the Cautionary Statement on Forward-

Looking Information on slide 2 of this presentation and in our news release dated February 13, 2019, available on our website at

www.kinross.com.

3) Unless otherwise noted, gold equivalent production, gold equivalent ounces sold and production cost of sales figures in this presentation

are based on Kinross’ 90% share of Chirano production and sales. Also unless otherwise noted, dollar per ounce ($/oz.) figures in this

presentation refer to gold equivalent ounces.

4) Mineral reserves and mineral resources are estimates. For more information regarding Kinross’ 2018 mineral reserve and mineral

resource estimates, please refer to our Annual Mineral Reserve and Mineral Resource Statement as at December 31, 2018 contained in

our news release dated February 13, 2019, which is available on our website at www.kinross.com.

16

EXPLANATORY NOTES - EXPLORATION

Kupol Exploration Results

A total of 205 diamond drill core holes are reported from Kupol Minex and mine-area exploration activities in 2018. All diamond drill core holes

reported are HQ and NQ in diameter. The majority of holes presented (176) were drilled at the Kupol Minex program is to test the Kupol vein at

depth along the main strike.

Collar locations are reported in the Kupol UTM WGS 84 Grid.

Composite assay intervals reported for diamond drill core results are calculated by taking a weighted average of all gold and silver fire

assay values included. No more than three consecutive meters of internal waste (<1.0 grams per tonne of Au equivalent) is accepted, and

high grade samples are not capped. Select true widths are provided, estimated according to the geometry and nature of the mineralized

intersection.

The reader is referred to the Kupol & Dvoinoye National Instrument 43-101 Technical Report dated March 31, 2015, available under the

Company’s profile at www.sedar.com, for a full description of drilling methods, sampling procedures and QA/QC protocols.

The technical information about the Company’s drilling and exploration activities at Kupol contained in this news release has been prepared

under the supervision of the Officer with the Company who is a “qualified person” within the meaning of National Instrument 43-101. The drill hole

data base including collar, survey, geology and assay information were reviewed by the “qualified person” and the composite assay information

independently calculated and verified for accuracy of reporting. Assay certificates for the information disclosed in this news release were verified

by the Regional Director Exploration and the Site Exploration Manager but not by the Officer as the “qualified person”.

17

KINROSS GOLD CORPORATION

www.kinross.com www.кинросс.рф