LETTER TO SHAREHOLDERS

Kinross Gold 2012 Annual Report

The principles of responsible mining, and respect for the communities where we work, remain core to our operating philosophy.

Our annually updated Site Responsibility Plans provide a systematic and measurable framework for engaging with local communities, and ensuring that the economic and social benefits we provide are in alignment with local priorities. Globally, we achieved solid performance in 2012 in health and safety, environment, governance, and other key indicators of social responsibility, and we were again named to the Dow Jones Sustainability World Index.

To conclude, Kinross has all the necessary ingredients in place to build value: a skilled and experienced workforce; a strong safety culture; a solid mineral reserve and resource base; robust cash flow from four diverse operating regions; a strong balance sheet and liquidity position; a focused plan for reducing costs, improving margins, and increasing free cash flow; a balanced pipeline of growth projects and a disciplined plan for developing them; a focused exploration program with a track record of adding quality ounces; and a solid record of community relations and corporate responsibility.

Our overarching goal in 2013 will be to deliver on our commitments and operating results. By executing on our plan, we believe that the results will follow for our shareholders.

I thank our employees for their continued hard work and dedication, and our shareholders for their continued support.

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J. Paul Rollinson
Chief Executive Officer
Kinross Gold Corporation