LETTER TO SHAREHOLDERS

As we enter 2014 in a position of strength, I believe Kinross offers a compelling value proposition that we hope will be recognized and rewarded by the market.

We also continue to invest in new growth opportunities. Dvoinoye is a great example of our disciplined approach to bringing new production on line. We managed the construction of our latest low cost mine in-house, rather than tendering it out, and it was not only built on time, but also on budget. Just 95 kilometres from our Kupol operations, Dvoinoye leverages existing infrastructure and is expected to contribute production of 235,000-300,000 gold equivalent ounces a year for the next three years.

In late March 2014, we announced the results of a feasibility study for a new 38,000 tonne per day mill at Tasiast. The study showed that an expanded Tasiast operation has the potential to contribute significantly to the Company’s overall production and cash flow while lowering our overall cost structure. The expansion is dependent on a number of factors, including the gold price, and we plan to defer a decision on whether to expand until 2015 at the earliest, as we continue to limit capital spending and conserve cash in 2014.

On the exploration side, we are working on a number of promising prospects close to our existing operations. Near La Coipa Phase 7, we have discovered new zones of oxide mineralization and drilling will continue this year, while at the Moroshka target near Kupol, infill drilling has confirmed continuity of high grades along a narrow vein just four kilometres east of the mill. A new high-grade zone of mineralization has also been discovered at Tasiast’s Piment Central, which is within the existing footprint of the mine and has the potential to increase its estimated mineral resources. We are also pursuing a number of opportunities at Chirano which could expand mineral resources below three of the open pits.

We recognize having stakeholder support underpins the viability of the entire mining industry and, at Kinross, we are committed to the highest standards of corporate responsibility – particularly in areas such as safety, environmental stewardship, and community investment. Kinross had an outstanding safety record in 2013, and I am proud to say we did not suffer a single fatality. We continue to generate a positive economic impact in our host countries; in the area of influence around Tasiast, for example, unemployment has decreased significantly and the number of households living below the poverty line has declined by 66% since 2011. On the environmental front, we completed the cyanide code certification audit for Chirano, our eighth site to attain certification under the International Cyanide Management Code.

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