LETTER TO SHAREHOLDERS

Going forward, we will continue our focus on operational discipline. Kinross is one of the world’s leading gold producers with a globally diverse portfolio of mines in a range of geographies and climates, from the Arctic and the High Andes to the Brazilian tropics and the African desert. We operate both underground and open pit mines and we operate them well and responsibly. In 2014, we expect to produce 2.5-2.7 million gold equivalent ounces and are forecasting a further decline in our all-in sustaining cost to $950-$1,050 per gold ounce and cost of sales of $730-$780 per gold equivalent ounce. At our 2014 budgeted gold price of $1,200 per ounce, we expect to generate free cash flow this year.

By taking difficult decisions and following through on the Kinross Way Forward, we have set the Company on a new course. Kinross is a trusted operator that can be relied on to get the job done. We have instilled a new mindset based on the principles of operational excellence, quality over quantity and financial discipline. We have consistently met or beat our guidance over the past year and, 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 could not have achieved what we have without the hard work and dedication of our employees, who have turned a commitment to operational excellence into action and tangible results. To them I say “thank you”. I also want to thank our Board of Directors for their guidance, and our shareholders for their continued support. It has been a challenging year for the industry but, as we move into 2014, we are determined to continue meeting our commitments while delivering value for our shareholders.

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J. Paul Rollinson
Chief Executive Officer
Kinross Gold Corporation

Senior Leadership Team

J. Paul Rollinson

J. PAUL ROLLINSON
Chief Executive Officer

James Crossland

JAMES CROSSLAND
Executive Vice-President, Corporate Affairs

Tony S. Giardini

TONY S. GIARDINI
Executive Vice-President and Chief Financial Officer

Geoffrey P. Gold

GEOFFREY P. GOLD
Executive Vice-President, Corporate Development and Human Resources, Chief Legal Officer

Brant E. Hinze

BRANT E. HINZE
President and Chief Operating Officer