-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VBkP4xZQWGt0RrAD/HGyu2xxh/dsjkiPlND9vz1MuF3L6Qc/JPjOcZhPVMazMMxx
 53+kIVG+IoSTnUidBMzAeA==

<SEC-DOCUMENT>0001047469-08-008448.txt : 20080728
<SEC-HEADER>0001047469-08-008448.hdr.sgml : 20080728
<ACCEPTANCE-DATETIME>20080728173013
ACCESSION NUMBER:		0001047469-08-008448
CONFORMED SUBMISSION TYPE:	F-8
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20080728
DATE AS OF CHANGE:		20080728
EFFECTIVENESS DATE:		20080728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KINROSS GOLD CORP
		CENTRAL INDEX KEY:			0000701818
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				650430083
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-152584
		FILM NUMBER:		08973795

	BUSINESS ADDRESS:	
		STREET 1:		185 SOUTH STATE STREET
		STREET 2:		STE 400
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84111
		BUSINESS PHONE:		8013639152

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLEXUS RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-8
<SEQUENCE>1
<FILENAME>a2186998zf-8.htm
<DESCRIPTION>F-8
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><B>As filed with the Securities and Exchange Commission on July&nbsp;28, 2008  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>U.S.&nbsp;SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FORM F-8<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>KINROSS GOLD CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Exact name of Registrant as specified in its charter) </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="153" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="153" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="153" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Province of Ontario, Canada</B></FONT><FONT SIZE=2><BR>
(Province or Other Jurisdiction<BR>
of Incorporation or Organization)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> 1041</B></FONT><FONT SIZE=2><BR>
(Primary Standard Industrial Classification)<BR>
Code Number (if&nbsp;applicable)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> 650430083</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer Identification Number<BR>
(if&nbsp;applicable))</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>52<SUP>nd</SUP>&nbsp;Floor, Scotia Plaza, 40&nbsp;King Street West<BR>
Toronto, Ontario, M5H&nbsp;3Y2<BR>
(416)&nbsp;365-5123<BR> </B></FONT><FONT SIZE=2>(Address and telephone number of Registrant's principal executive offices)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Scott&nbsp;W. Loveless, Parr Waddoups Brown Gee &amp; Loveless<BR>
185 South State Street, Suite 1300, Salt Lake City, Utah 84111-1537<BR>
(801)&nbsp;532-7840<BR> </B></FONT><FONT SIZE=2>(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United&nbsp;States)<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="153" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="153" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="153" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Copies to:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Rob Lando, Esq.<BR>
Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP<BR>
620 8<SUP>th</SUP>&nbsp;Avenue&nbsp;&#150;&nbsp;36<SUP>th</SUP>&nbsp;Floor<BR>
New&nbsp;York, New&nbsp;York 10018</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Geoffrey P. Gold<BR>
Executive Vice President and Chief Legal Officer<BR>
40&nbsp;King Street West, 52nd&nbsp;Floor<BR>
Toronto, Ontario M5H&nbsp;3Y2</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Approximate date of commencement of proposed sale of the securities to the public:<BR>
As soon as practicable after this Registration Statement becomes effective.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement and any amendment thereto shall become effective upon filing with the Commission in accordance with Rule&nbsp;467(a). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check
the following&nbsp;box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="163" style="font-family:times;"></TD>
<TD WIDTH="6" style="font-family:times;"></TD>
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="6" style="font-family:times;"></TD>
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="6" style="font-family:times;"></TD>
<TD WIDTH="85" style="font-family:times;"></TD>
<TD WIDTH="6" style="font-family:times;"></TD>
<TD WIDTH="73" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of each class of<BR>
securities to be registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount to<BR>
be registered(3)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed maximum<BR>
aggregate<BR>
price per unit</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed maximum<BR>
aggregate<BR>
offering price</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
registration fee</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> Common Shares(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4,759,285</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>US$4.34(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>US$65,158,659(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>US$2,561(4)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> Common Share Purchase Warrants(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2,145,432</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;(4)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 style="font-family:times;border-bottom:solid #000000 1.0pt;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Rights
are attached to and trade with the Registrant's common shares and are issued for no additional consideration. The value attributable to Rights, if
any, is reflected in the market price of the common shares. No additional registration fee is&nbsp;required.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
common share purchase warrants may not be exercised in the United States or by U.S. persons. Accordingly, no offers or sales of the common shares of the
Registrant issuable upon exercise of the warrants are being registered.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
the maximum number of common shares and common share purchase warrants of the Registrant estimated to be issuable to U.S.&nbsp;holders upon
consummation of the offer to purchase all of the issued and outstanding common shares of Aurelian Resources&nbsp;Inc. ("Aurelian"). We have estimated that 10% of the issued and outstanding common
shares of Aurelian, or 15,013,516 common shares are held by U.S.&nbsp;holders, which will result in 4,759,285 common shares of the Registrant being issued to U.S. holders at the exchange rate of
0.317 shares for each share of Aurelian, and 2,145,432 warrants of the Registrant being issued to U.S. holders at the exchange rate of 0.1429 warrants for each share of Aurelian.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Calculated
pursuant to General Instruction&nbsp;IV.G(4), solely for purposes of calculating the registration fee. The average of the high and low trading
price of the Aurelian common shares, which are the securities to be received by the Registrant, as reported on the Toronto Stock Exchange on July&nbsp;21, 2008, was Cdn$4.35 per common share, which,
when converted into U.S.&nbsp;dollars based on the exchange rate of US$1.00 to Cdn$1.0021, the noon spot rate as reported by the Bank of Canada on July&nbsp;21, 2008, equals US$4.34 per common
share. The total value of the securities to be received from U.S.&nbsp;holders is therefore US$65,158,661, and the registration fee is&nbsp;US$2,561. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
as a result of stock splits, stock dividends or similar transactions, the number of securities purported to be registered on this registration statement changes, the provisions of
Rule&nbsp;416 shall apply to this registration statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=681870,FOLIO='blank',FILE='DISK134:[08ZCL3.08ZCL41703]BA41703A.;19',USER='FALVARE',CD='28-JUL-2008;15:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bc41703_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bc41703_part_i"> </A>
<A NAME="toc_bc41703_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART I    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Home Jurisdiction Document  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offer and Circular dated as of July&nbsp;28, 2008, including the Letter of Transmittal and Notice of Guaranteed Delivery. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Informational Legends  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See page&nbsp;iv of the Offer and Circular dated as of July&nbsp;28, 2008. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Certain Information by Reference  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Kinross Documents Incorporated by Reference and Further Information" in the Offer and Circular dated as of
July&nbsp;28,&nbsp;2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;List of Documents Filed with the Commission  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Registration Statement Filed with the SEC" in the Offer and Circular dated as of July&nbsp;28,&nbsp;2008. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>I-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=174091,FOLIO='I-1',FILE='DISK134:[08ZCL3.08ZCL41703]BC41703A.;5',USER='PANDERS',CD='26-JUL-2008;12:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><I>


<!-- COMMAND=ADD_TXTHEX,"PMS485" -->


 </I></FONT><FONT COLOR="#FF1100" SIZE=1><I>The information in this Offer and Circular may change. We may not complete the Offer and issue the securities issuable
hereunder until the registration statement filed with the United&nbsp;States Securities and Exchange Commission is effective. This Offer and Circular is not an offer to sell the securities issuable
hereunder and we are not soliciting an offer to buy these securities in any jurisdiction where the Offer is not permitted.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><I>This document is important and requires your immediate attention. If you have any questions as to how to deal with it, you should consult your investment dealer, stockbroker,
trust company, manager, bank manager, lawyer or other professional advisor. No securities regulatory authority has expressed an opinion about the securities that are the subject of this Offer and it
is an offence to claim otherwise This Offer has not been approved by any securities regulatory authority nor has any securities regulatory authority passed upon the fairness or merits of the Offer or
upon the adequacy of the information contained in this document. Any representation to the contrary is an offence.</I></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="RIGHT"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="235" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>July&nbsp;28, 2008</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g451633.jpg" ALT="LOGO" WIDTH="288" HEIGHT="90">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>KINROSS GOLD CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>OFFER TO PURCHASE  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>all of the outstanding common shares of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>AURELIAN RESOURCES&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>on the basis of 0.317 of a Kinross common share<BR>
and 0.1429 of a Kinross common share purchase warrant<BR>
for each common share of Aurelian Resources&nbsp;Inc.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Kinross&nbsp;Gold Corporation ("</FONT><FONT SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>" or the "</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>") hereby offers
(the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") to purchase, upon the terms and subject to the conditions described herein, all of the issued and outstanding common shares
(the&nbsp;"</FONT><FONT SIZE=2><B>Aurelian Shares</B></FONT><FONT SIZE=2>") of Aurelian Resources&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Aurelian</B></FONT><FONT SIZE=2>" or the
"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), other than any Aurelian Shares owned directly or indirectly by the Offeror and including any Aurelian Shares that may become issued and
outstanding after the date of this Offer but prior to the Expiry Time (as&nbsp;defined below) upon the conversion, exchange or exercise of any securities of Aurelian that are convertible into or
exchangeable or exercisable for Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer will be open for acceptance until 6:00&nbsp;p.m. (Toronto time) on September&nbsp;3, 2008, unless the Offer is extended or withdrawn by Kinross
(the&nbsp;"Expiry&nbsp;Time").</B></FONT></P>


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" >


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The board of directors of Aurelian, upon consultation with its financial and legal advisors and on receipt of a recommendation of a special committee of Aurelian
directors, has unanimously determined that the Offer is fair and is in the best interests of Aurelian and the holders of Aurelian Shares (the&nbsp;"Shareholders") and, accordingly, UNANIMOUSLY
RECOMMENDS that Shareholders ACCEPT the Offer and DEPOSIT their Aurelian Shares under the&nbsp;Offer.</B></FONT></P>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" >


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Kinross
and Aurelian have entered into a support agreement dated July&nbsp;23, 2008 pursuant to which Kinross has agreed to make the Offer and Aurelian has agreed to support the Offer and not to
solicit any competing acquisition proposals. See Section&nbsp;4 of the Circular, "Background to the Offer&nbsp;&#151;&nbsp;Support Agreement". Pursuant to lock-up
agreements entered into with Kinross, all of the directors and senior officers of Aurelian have agreed to deposit under the Offer and not withdraw, subject to certain exceptions, Aurelian Shares
collectively representing, in the aggregate, approximately 1.82% of the outstanding Aurelian Shares (calculated on a fully-diluted basis). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="241" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B><I>The Dealer Managers for the Offer are:</I></B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><I> In Canada</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><I> In the United&nbsp;States</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Scotia Capital&nbsp;Inc.<BR>
N M Rothschild&nbsp;&amp; Sons Canada Securities Limited<BR>
CIBC&nbsp;World Markets&nbsp;Inc.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Scotia Capital (USA)&nbsp;Inc.<BR>
Rothschild&nbsp;Inc.<BR>
CIBC&nbsp;World Markets Corp.</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=564177,FOLIO='blank',FILE='DISK125:[08ZCL5.08ZCL41705]BE41705A.;12',USER='RRICKEN',CD='28-JUL-2008;13:21' -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offer is conditional upon, among other things, there being validly deposited under the Offer and not withdrawn at the Expiry Time, such number of Aurelian Shares which, together with the Aurelian
Shares directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Aurelian Shares (calculated on a fully-diluted basis). Each of the conditions of the Offer
is set forth in Section&nbsp;2 of the Offer to Purchase, "Conditions of the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
common shares in the capital of Kinross (the&nbsp;"</FONT><FONT SIZE=2><B>Kinross Shares</B></FONT><FONT SIZE=2>") are listed on the Toronto Stock Exchange
("</FONT><FONT SIZE=2><B>TSX</B></FONT><FONT SIZE=2>") under the symbol "K" and on the New&nbsp;York Stock Exchange ("</FONT><FONT SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>") under the symbol "KGC".
The Aurelian Shares are listed on the TSX under the symbol "ARU". On July&nbsp;23, 2008, the last trading day prior to the Offeror's announcement of its intention to make the Offer, the closing
price on the TSX of the Kinross Shares was Cdn.$20.84 and the closing price on the TSX of the Aurelian Shares was Cdn.$4.45. Based on the volume-weighted average price of the Kinross Shares on the TSX
for the 20&nbsp;trading days ended July&nbsp;23, 2008, the Offer represented a premium of approximately 63% over the volume-weighted average price of the Aurelian Shares on the TSX for the same
period (attributing a value of Cdn.$0.92 per Aurelian Share to the 0.1429 of a Kinross Warrant payable as partial consideration for each Aurelian Share under the terms of the&nbsp;Offer). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Each
common share purchase warrant in the capital of Kinross (each, a "</FONT><FONT SIZE=2><B>Kinross Warrant</B></FONT><FONT SIZE=2>") will entitle the holder thereof to acquire, upon due exercise
and payment of the exercise price of Cdn.$32.00, one Kinross Share (subject to adjustment) on or prior to the date that is five years after the date on which Kinross first pays for Aurelian Shares
deposited under the Offer (the&nbsp;"</FONT><FONT SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>For
a discussion of risks and uncertainties you should consider in evaluating the Offer and ownership of Kinross Shares and Kinross Warrants, see Section&nbsp;7 of the Circular, "Risk Factors
Related to the Offer", as well as the section entitled "Risk Factors" on pages&nbsp;58 through&nbsp;70 of Kinross' annual information form for the year ended December&nbsp;31, 2007 dated
March&nbsp;27, 2008, incorporated by reference into the Offer and Circular. Kinross has applied to the TSX and the NYSE to list the Kinross Shares to be issued to Shareholders in connection with the
Offer. Kinross has also applied to the TSX to list the Kinross Warrants to be issued to Shareholders in connection with the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This document does not constitute an offer or a solicitation to any person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made to,
nor will deposits be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction.
However, Kinross may, in its sole discretion, take such action as it may deem necessary to extend the Offer to Shareholders in any such jurisdiction.</B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=4,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=738269,FOLIO='blank',FILE='DISK125:[08ZCL5.08ZCL41705]BE41705A.;12',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_bf41705_1_3"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who wish to accept the Offer and deposit their Aurelian Shares must properly complete and execute the accompanying Letter of Transmittal (printed on yellow paper) or a
manually signed facsimile thereof and deposit it, together with the certificates representing their Aurelian Shares and all other required documents, at one of the offices of the Depositary in
accordance with the instructions in the Letter of Transmittal or request their broker, dealer, commercial bank, trust company or other nominee to effect the transaction on their behalf. Alternatively,
Shareholders may (1)&nbsp;accept the Offer by following the procedures for book-entry transfer of Aurelian Shares described in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Acceptance by Book-Entry Transfer"; or (2)&nbsp;accept the Offer where the certificates representing the Aurelian Shares are not
immediately available, or if the certificates and all of the required documents cannot be provided to the Depositary before the Expiry Time, by following the procedures for guaranteed delivery
described in Section&nbsp;5 of the Offer to Purchase, "Manner of Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery", using the accompanying Notice of Guaranteed
Delivery (printed on green paper) or a manually signed facsimile thereof. Shareholders whose Aurelian Shares are registered in the name of a nominee should consult their broker, investment dealer,
bank, trust company or other nominee for assistance in depositing their Aurelian Shares. Shareholders will not be required to pay any fee or commission if they accept the Offer by depositing their
Aurelian Shares directly with the Depositary or if they make use of the services of the Dealer Managers or a member of the Soliciting Dealer Group to accept the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Questions
and requests for assistance may be directed to the Dealer Managers, the Depositary or the Information Agent for the Offer. Contact details for such persons may be found on the
back page of this document. Additional copies of this document and related materials may be obtained without charge on request from the Dealer Managers, the Depositary or the Information Agent at
their respective offices specified on the back page of this document. Copies of this document and related materials may also be found at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>
and </FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf41705_notice_to_shareholders_in_the_united_states"> </A>
<A NAME="toc_bf41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE TO SHAREHOLDERS IN THE UNITED STATES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has filed with the SEC a Registration Statement on Form&nbsp;F-8, and expects to mail this Offer and Circular to
Shareholders. </FONT><FONT SIZE=2><B>KINROSS URGES SHAREHOLDERS TO READ THE REGISTRATION STATEMENT AND OFFER AND CIRCULAR AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
will be able to obtain the documents free of charge at the SEC's website, </FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. In addition, documents filed with the
SEC by Kinross will be available free of charge from Kinross. You should direct requests for documents to Corporate Secretary, Kinross&nbsp;Gold Corporation, Suite&nbsp;5200, Scotia Plaza,
40&nbsp;King Street West, Toronto, Ontario, M5H&nbsp;3Y2 or by telephone at (416)&nbsp;365-5123 or (866)&nbsp;561-3636. To obtain timely delivery, such documents should
be requested not later than August&nbsp;26, 2008, five business days before the Expiry&nbsp;Date. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This Offer is made by a Canadian corporation that is permitted, under a multijurisdictional disclosure system adopted by the securities regulatory authorities in
Canada and the United&nbsp;States, to prepare this Offer and Circular in accordance with the disclosure requirements of Canadian securities laws. Shareholders in the United&nbsp;States should be
aware that such requirements are different from those of the United&nbsp;States. The financial statements included or incorporated by reference herein have been prepared in accordance with Canadian
generally accepted accounting principles and are subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of United&nbsp;States
companies.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Shareholders should be aware that the disposition of their Aurelian Shares and their acquisition of Kinross Shares and Kinross Warrants in the Offer may have tax
consequences both in the United&nbsp;States and in Canada. Such consequences for Shareholders who are resident in or citizens of, the United&nbsp;States may not be fully described herein, and such
holders are urged to consult their own tax&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The enforcement by Shareholders of civil liabilities under United&nbsp;States federal securities laws may be affected adversely by the fact that each of Kinross
and Aurelian are incorporated or organized under the laws of the Province of Ontario and Canada, respectively, that some or all of their respective officers and directors may reside outside the
United&nbsp;States, that the Canadian Dealer Managers and some or all of the experts named herein  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=739957,FOLIO='iii',FILE='DISK125:[08ZCL5.08ZCL41705]BF41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_bf41705_1_4"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> may reside outside the United&nbsp;States, and that all or a substantial portion of the assets of Kinross and Aurelian and such above-mentioned persons may be located outside the
United&nbsp;States.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THE SECURITIES OFFERED PURSUANT TO THIS OFFER AND CIRCULAR HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY
UNITED STATES STATE SECURITIES COMMISSION NOR HAS THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY UNITED STATES STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
OFFER AND CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf41705_cautionary_note_to_shareholders_in_the_united_states"> </A>
<A NAME="toc_bf41705_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CAUTIONARY NOTE TO SHAREHOLDERS IN THE UNITED STATES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information in this Offer and Circular, including the documents incorporated by reference herein, has been prepared in accordance with
the requirements of securities laws in effect in Canada, which differ from the requirements of United&nbsp;States securities laws. Without limiting the foregoing, this Offer and Circular, including
the documents incorporated by reference herein, use the terms "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". United&nbsp;States investors are advised
that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United&nbsp;States standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United&nbsp;States
investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Further, "inferred mineral resources" have a great amount of
uncertainty to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of "inferred mineral resources" will ever be upgraded to a higher
category. Therefore. United&nbsp;States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure
of "contained ounces" is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit
measures. Accordingly, information concerning descriptions of mineralization and resources contained in this Offer and Circular or in the documents incorporated by reference, may not be comparable to
information made public by United&nbsp;States companies subject to the reporting and disclosure requirements of the&nbsp;SEC. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National
Instrument&nbsp;43-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Standards of Disclosure for Mineral Project</I></FONT><FONT SIZE=2>
("</FONT><FONT SIZE=2><B>NI&nbsp;43-101</B></FONT><FONT SIZE=2>") is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an
issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in or incorporated by
reference in this Offer and Circular have been prepared in accordance with NI&nbsp;43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These
standards differ significantly from the requirements of the SEC, and mineral reserve and mineral resource information contained herein and incorporated by reference herein may not be comparable to
similar information disclosed by United&nbsp;States companies. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf41705_notice_to_holders_of_aurelian_options"> </A>
<A NAME="toc_bf41705_3"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE TO HOLDERS OF AURELIAN OPTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is made only for Aurelian Shares and is not made for any options or other rights to acquire Aurelian Shares. Any holder of
options or other rights to acquire Aurelian Shares who wishes to accept the Offer should, to the extent permitted by their terms and applicable law, fully exercise such options or other rights in
order to obtain certificates representing Aurelian Shares that may be deposited in accordance with the terms of the Offer. Any such exercise or exchange must be completed sufficiently in advance of
the Expiry Time to assure the holder of such options or other rights to acquire Aurelian Shares that the holder will have certificates representing the Aurelian Shares received on such exercise or
exchange available for deposit before the Expiry Time, or in sufficient time to comply with the procedures referred to in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the Effective Date, provided that Kinross has taken-up and paid for at least 50.1% of the outstanding Aurelian Shares (on&nbsp;a fully-diluted basis) and received
all applicable regulatory approvals, if any holder of Aurelian Options does not exercise such options and deposit the resulting Aurelian Shares under the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=680442,FOLIO='iv',FILE='DISK125:[08ZCL5.08ZCL41705]BF41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_bf41705_1_5"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Offer
prior to the Expiry Time, such Aurelian Options shall be exchanged for Replacement Options. See Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for
Aurelian&nbsp;&#151;&nbsp;Treatment of Aurelian Options". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax consequences to holders of Aurelian Options of exercising or not exercising their Aurelian Options are not described in the Circular. Holders of Aurelian Options should consult
their tax advisors for advice with respect to potential income tax consequences to them in connection with the decision to exercise or not exercise their Aurelian Options. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf41705_statements_regarding_forward-looking_information"> </A>
<A NAME="toc_bf41705_4"> </A>
<BR></FONT><FONT SIZE=2><B>  STATEMENTS REGARDING FORWARD-LOOKING INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer and Circular and some of the material incorporated by reference into the Offer and Circular, contain certain forward-looking
information and forward-looking statements, as defined in applicable securities laws (collectively referred to as "</FONT><FONT SIZE=2><B>forward-looking statements</B></FONT><FONT SIZE=2>").
Forward-looking statements include possible events, statements with respect to possible events, the future price of gold and silver, the estimation of mineral reserves and resources, the realization
of mineral reserve and resource estimates, the timing and amount of estimated future production, costs of production, expected capital expenditures, costs and timing of the development of new
deposits, success of exploration, development and mining activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation
expenses, title disputes or claims, and limitations on insurance coverage. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes,"
or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur" and similar expressions identify
forward-looking statements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking
statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as at the date of such statements, are inherently
subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Kinross contained or incorporated by reference in the Offer and Circular
which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and incorporated by reference as well as (1)&nbsp;there being no significant disruptions
affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2)&nbsp;permitting, development, expansion and power supply at
Paracatu proceeding on a basis consistent with our current expectations; (3)&nbsp;permitting and development at the Kettle River-Buckhorn project proceeding on a basis consistent with Kinross'
current expectations; (4)&nbsp;permitting and development of the Phase&nbsp;7 pit expansion and the heap leach project at Fort Knox proceeding on a basis consistent with Kinross' current
expectations; (5)&nbsp;permitting and development at the Kupol gold and silver project proceeding on a basis consistent with Kinross' current expectations; (6)&nbsp;the new feasibility study to be
prepared by the joint venture for Cerro Casale, incorporating updated geological, mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors, will be consistent
with Kinross' current expectations; (7)&nbsp;the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Russian ruble and the U.S.&nbsp;dollar being approximately consistent with
current levels; (8)&nbsp;certain price assumptions for gold and silver; (9)&nbsp;prices for and availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies
remaining consistent with current levels; (10)&nbsp;production forecasts meeting expectations; (11)&nbsp;the accuracy of our current mineral reserve and mineral resource estimates; and
(12)&nbsp;labour and materials costs increasing on a basis consistent with Kinross' current expectations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Known
and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to,
fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as diesel fuel and electricity); changes in interest rates or gold lease
rates that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any interest rate swaps and variable rate debt
obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government
legislation, taxation, controls, regulations and political or economic developments in Canada, the United&nbsp;States, Chile, Brazil, the Russian Federation or other countries in which we do or may
carry on business in the future; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions; operating or technical </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>v</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=7,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=762807,FOLIO='v',FILE='DISK125:[08ZCL5.08ZCL41705]BF41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_bf41705_1_6"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>difficulties
in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses
and permits; diminishing quantities or grades of reserves; adverse changes in our credit rating; and contests over title to properties, particularly title to undeveloped properties. In addition, there
are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures,
cave-ins, flooding and gold bullion losses (and&nbsp;the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). All of the forward-looking statements made
in the Offer and Circular are qualified by these cautionary statements and those made in Section&nbsp;7 of the Circular, "Risk Factors Related to the Offer". These factors are not intended to
represent a complete list of the factors that could affect Kinross. Accordingly, undue reliance should not be placed on forward-looking statements. Kinross undertakes no obligation to update publicly
or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information or future events or otherwise, except as may be required in
connection with a material change in the information disclosed in this Offer and Circular or as otherwise required by&nbsp;law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf41705_information_concerning_aurelian"> </A>
<A NAME="toc_bf41705_5"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION CONCERNING AURELIAN    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise indicated, the information concerning Aurelian contained in the Offer and Circular has been taken from or is based
upon publicly available documents and records on file with Canadian securities regulatory authorities and other public sources. Although Kinross has no knowledge that would indicate that any
statements contained herein concerning Aurelian taken from or based upon such documents and records are untrue or incomplete, neither Kinross nor any of its directors or officers assumes any
responsibility for the accuracy or completeness of such information, including any of Aurelian's financial statements or Aurelian's mineral resource estimates, or for any failure by Aurelian to
disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information but which are unknown to Kinross. Kinross has limited means of verifying the
accuracy or completeness of any of the information contained herein that is derived from Aurelian's publicly available documents or records or whether there has been any failure by Aurelian to
disclose events that may have occurred or may affect the significance or accuracy of any information. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf41705_reporting_currencies_and_accounting_principles"> </A>
<A NAME="toc_bf41705_6"> </A>
<BR></FONT><FONT SIZE=2><B>  REPORTING CURRENCIES AND ACCOUNTING PRINCIPLES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, all references to "$" or "dollars" in the Offer and Circular refer to United&nbsp;States dollars and all
references to "Cdn.$" in this Offer and Circular refer to Canadian dollars. Kinross' financial statements included herein and incorporated by reference are reported in United&nbsp;States dollars and
are prepared in accordance with Canadian&nbsp;GAAP. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf41705_currency_exchange_rate_information"> </A>
<A NAME="toc_bf41705_7"> </A>
<BR></FONT><FONT SIZE=2><B>  CURRENCY EXCHANGE RATE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the high and low exchange rates for one U.S.&nbsp;dollar expressed in Canadian dollars for each period
indicated, the average of the exchange rates for each period indicated and the exchange rate at the end of each such period, based upon the noon buying rates provided by the Bank of&nbsp;Canada: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="284" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="3" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three Months<BR>
Ended March&nbsp;31 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended<BR>
December&nbsp;31 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2007 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2007 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2006 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2005 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> High</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0324</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1853</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1853</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1726</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.2704</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Low</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.9719</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1529</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.9170</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0990</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1507</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Rate at end of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0279</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1529</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.9881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Average rate for period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1716</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0748</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1341</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.2116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;25, 2008, the exchange rate for one U.S.&nbsp;dollar expressed in Canadian dollars based upon the noon buying rates provided by the Bank of Canada was Cdn.$1.0164. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>vi</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=8,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=519551,FOLIO='vi',FILE='DISK125:[08ZCL5.08ZCL41705]BF41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_bg41705_1_7"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg41705_table_of_contents"> </A>
<A NAME="toc_bg41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="434" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> NOTICE TO SHAREHOLDERS IN THE UNITED STATES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>iii</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> CAUTIONARY NOTE TO SHAREHOLDERS IN THE UNITED STATES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>iv</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> NOTICE TO HOLDERS OF AURELIAN OPTIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>iv</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> STATEMENTS REGARDING FORWARD-LOOKING INFORMATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>v</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> INFORMATION CONCERNING AURELIAN</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>vi</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> REPORTING CURRENCIES AND ACCOUNTING PRINCIPLES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>vi</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> CURRENCY EXCHANGE RATE INFORMATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>vi</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> QUESTIONS AND ANSWERS ABOUT THE OFFER</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> GLOSSARY</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> SUMMARY OF THE OFFER</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> OFFER TO PURCHASE</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;1. The Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;2. Conditions of the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;3. Take-Up and Payment for Deposited Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;4. Time for Acceptance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;5. Manner of Acceptance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;6. Extensions, Variations and Changes to the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;7. Changes in Capitalization of Aurelian; Liens</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;8. Right to Withdraw Deposited Aurelian Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;9. Return of Deposited Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 10. Mail Service Interruption</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 11. Notice and Delivery</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 12. Market Purchases</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 13. Other Terms of the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> CIRCULAR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;1. Kinross</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;2. Aurelian</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;3. Recommendation of the Board of Directors of Aurelian</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;4. Background to the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;5. Strategic Rationale for the Proposed Acquisition</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;6. Purpose of the Offer and Kinross' Plans for Aurelian</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;7. Risk Factors Related to the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;8. Acquisition of Aurelian Shares Not Deposited</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2>&nbsp;&nbsp;9. Ownership of and Trading in Securities of Aurelian and Benefits from the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 10. Commitments to Acquire Securities of Aurelian</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 11. Arrangements, Agreements, Commitments or Understandings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 12. Acceptance of the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 13. Material Changes and Other Information</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 14. Effect of the Offer on the Market for and Listing of Aurelian Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 15. Regulatory Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 16. Certain Canadian Federal Income Tax Considerations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 17. Depositary</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 18. Dealer Managers and Soliciting Dealer Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 19. Information Agent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 20. Offerees' Statutory Rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 21. U.S.&nbsp;Exchange Act Requirements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 22. Legal Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 23. Registration Statement Filed with the SEC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 24. Directors' Approval</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> EXPERTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> CONSENT OF OSLER, HOSKIN&nbsp;&amp; HARCOURT&nbsp;LLP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>C-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> AUDITORS' CONSENT</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>C-2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> CERTIFICATE</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>C-3</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>vii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=9,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=1035396,FOLIO='vii',FILE='DISK125:[08ZCL5.08ZCL41705]BG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ca41705_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca41705_questions_and_answers_about_the_offer"> </A>
<A NAME="toc_ca41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  QUESTIONS AND ANSWERS ABOUT THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following are some of the questions with respect to the Offer that you, as a shareholder of Aurelian, may
have and the answers to those questions. These questions and answers are not meant to be a substitute for the more detailed description and information contained in the Offer and Circular, the Letter
of Transmittal and the Notice of Guaranteed Delivery. The information contained in these questions and answers are qualified in their entirety by the more detailed descriptions and information
contained in the Offer and Circular, the Letter of Transmittal and the Notice of Guaranteed Delivery. Therefore, we urge you to read the entire Offer and Circular, the Letter of Transmittal and the
Notice of Guaranteed Delivery carefully prior to making any decision regarding whether or not to tender your Aurelian Shares. We have included cross-references in this question and answer section to
other sections of the Offer and Circular where you will find more complete descriptions of the topics mentioned below. Unless otherwise defined herein, capitalized terms have the meanings given to
them in the Glossary&nbsp;below.</I></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Who is offering to buy my Aurelian Shares?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, Kinross, are a company principally engaged in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the
acquisition of, gold bearing properties in North and South America and the Russian Federation. The principal products of Kinross are gold and silver produced in the form of dor&eacute; that is
shipped to refineries for final processing. Our Kinross Shares are
listed on the TSX under the symbol "K" and on the NYSE under the symbol "KGC". See Section&nbsp;1 of the Circular, "Kinross". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What is Kinross proposing?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to purchase all of the issued and outstanding Aurelian Shares that we do not own, subject to the terms and conditions set forth in the following
Offer and Circular. See Section&nbsp;1 of the Offer to Purchase, "The&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What would I receive in exchange for each of my Aurelian Shares?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each Aurelian Share held by you, we are offering 0.317 of a Kinross Share and 0.1429 of a Kinross Warrant. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What are some of the significant conditions of the Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is subject to several conditions, some of the most important of which are as&nbsp;follows:<BR></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>there being validly deposited under the Offer and not withdrawn at the Expiry Time, Aurelian Shares representing, together
with Aurelian Shares owned, directly or indirectly, by the Offeror, not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the total outstanding Aurelian Shares (calculated on a fully-diluted basis),&nbsp;and
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the Support Agreement shall not have been terminated by us or Aurelian in accordance with its&nbsp;terms. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;2 of the Offer to Purchase, "Conditions of the Offer", for additional conditions of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Why is Kinross buying Aurelian?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are making the Offer because we want to acquire control of, and ultimately the entire equity interest in, Aurelian. If we complete the Offer but do not then
own 100% of the Aurelian Shares, we currently intend to acquire any Aurelian Shares not deposited on the Offer in a second-step transaction. This transaction would likely take the form of
a Compulsory Acquisition or a Subsequent Acquisition Transaction. See Section&nbsp;4 of the Circular, "Background to the Offer", and Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares
Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What securities are being sought in the Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to purchase all of the outstanding common shares of Aurelian. This includes Aurelian Shares that may become outstanding after the date of this
Offer, but prior to the Expiry Time, upon the exercise of any Aurelian Options that are exercisable for Aurelian Shares. See Section&nbsp;1 of the Offer to Purchase, "The&nbsp;Offer". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=594593,FOLIO='1',FILE='DISK125:[08ZCL5.08ZCL41705]CA41705A.;18',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ca41705_1_2"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>How many Kinross Shares and Kinross Warrants could be issued pursuant to the&nbsp;Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect to issue approximately 43.5&nbsp;million Kinross Shares and 19.6&nbsp;million Kinross Warrants, based on the number of Aurelian Shares outstanding
as at July&nbsp;23, 2008 (as&nbsp;represented to Kinross by Aurelian in the Support Agreement) and assuming that all of the Aurelian Shares outstanding as at July&nbsp;23, 2008 are acquired upon
completion of the Offer and any Compulsory Acquisition or Subsequent Acquisition Transaction, and assuming that all of the holders of the Aurelian Options elect to receive Replacement Options based on
the Option Exchange Ratio rather than exercise their Aurelian Options in advance of the successful completion of the Offer. See Section&nbsp;1 of the Offer to Purchase, "The&nbsp;Offer", and
Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for Aurelian&nbsp;&#151;&nbsp;Treatment of Aurelian Options". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Will my ownership and voting rights as a shareholder of the combined company be the same as my ownership and voting rights as a shareholder of&nbsp;Aurelian?  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. As noted above, Kinross expects to issue approximately 43.5&nbsp;million Kinross Shares in connection with the Offer, which would result in there being a
total of approximately 658.7&nbsp;million Kinross Shares outstanding (based on the number of Kinross Shares outstanding as at July&nbsp;25, 2008), with Shareholders holding approximately 7% of the
Kinross Shares. As a result of this issuance, the Shareholders' ownership and voting interests in the combined company will be diluted, relative to their current proportional ownership and voting
interest in Aurelian. See Section&nbsp;1 of the Circular, "Kinross&nbsp;&#151;&nbsp;Authorized and Outstanding Share Capital", and Section&nbsp;7 of the Circular, "Risk
Factors Related to the&nbsp;Offer". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>How long do I have to decide whether to tender to the Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is open for acceptance until 6:00&nbsp;p.m. (Toronto time) on September&nbsp;3, 2008, or until such other time and date as set out in a notice of
variation of the Offer as we determine, issued at any time and from time to time at our discretion. See Section&nbsp;4 of the Offer to Purchase, "Time for Acceptance". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Can the Expiry Time for the Offer be extended?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. We may, in our sole discretion, elect to extend the Expiry Time for the Offer from the time referenced in the answer to the previous question. Under certain
circumstances, we may be required to extend the Expiry Time for the Offer under Canadian securities laws. If we elect to extend, or are required to extend, the Expiry Time for the Offer, we will
publicly announce the variation and, if required by applicable law, we will mail you a copy of the notice of variation. See Section&nbsp;6 of the Offer to Purchase, "Extensions, Variations and
Changes to the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What does the board of directors of Aurelian think of the Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Aurelian, upon consultation with its financial and legal advisors and on receipt of a recommendation of a special committee of Aurelian
directors, has unanimously determined that the Offer is fair and is in the best interests of Aurelian and the Shareholders and, accordingly, unanimously recommends that Shareholders accept the Offer
and deposit their Aurelian Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>How do I tender my Aurelian Shares?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold Aurelian Shares in your own name, you may accept this Offer by depositing certificates representing your Aurelian Shares, together with a duly
completed and signed Letter of Transmittal, at the office of the Depositary specified in the Letter of Transmittal. If your Aurelian Shares are registered in the name of a nominee (commonly referred
to as "in street name" or "street form"), you should contact your broker, investment dealer, bank, trust company or other nominee for assistance in tendering your Aurelian Shares to the Offer. You
should request your nominee to effect the transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may also accept the Offer pursuant to the procedures for book-entry transfer detailed in the Offer and Circular and have your Aurelian Shares tendered by your nominee
through CDS. Shareholders are invited to contact the Information Agent for further information regarding how to accept the Offer. See Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Acceptance by Book-Entry Transfer". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=11,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=807497,FOLIO='2',FILE='DISK125:[08ZCL5.08ZCL41705]CA41705A.;18',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ca41705_1_3"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What if I have lost my Aurelian Shares but want to tender them to the Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should complete your Letter of Transmittal as fully as possible and state in writing the circumstances surrounding the loss and forward the documents to the
Depositary. The Depositary will advise you of replacement requirements which must be completed and returned before the expiry of the Offer. See Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Who is the Depositary under the Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare Investor Services&nbsp;Inc. is acting as Depositary under the Offer. The Depositary will be responsible for receiving certificates representing
Deposited Shares and accompanying Letters of Transmittal and other documents. The Depositary is also responsible for receiving Notices of Guaranteed Delivery, giving notices, if required, and making
payment for all Aurelian Shares purchased by us under the terms of the Offer. The Depositary will also facilitate book-entry transfers of Aurelian Shares. See Section&nbsp;17 of the
Circular, "Depositary". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Will I be able to withdraw previously tendered Aurelian Shares?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. You may withdraw Aurelian Shares previously tendered by you at any time (i)&nbsp;before Aurelian Shares deposited under the Offer are taken up by us under
the Offer, (ii)&nbsp;if your Aurelian Shares have not been paid for by us within three business days after having been taken up, and (iii)&nbsp;in certain other circumstances. See Section&nbsp;8
of the Offer to Purchase, "Right to Withdraw Deposited Aurelian Shares". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>How do I withdraw previously tendered Aurelian Shares?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must send a notice of withdrawal to the Depositary prior to the occurrence of certain events and within the time periods set forth in Section&nbsp;8 of the
Offer to Purchase, "Right to Withdraw Deposited Aurelian Shares", and the notice must contain specific information outlined therein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Will I have to pay any fees or commissions?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are the registered owner of your Aurelian Shares and you tender your Aurelian Shares directly to the Depositary, or if you use the services of a Dealer
Manager or a member of the Soliciting Dealer Group, you will not have to pay brokerage fees or incur similar expenses. If you own your Aurelian Shares through a broker or other nominee who is not a
member of the Soliciting Dealer Group, and your broker tenders the Aurelian Shares on your behalf, your broker or nominee may charge you a fee for doing so. You should consult your broker or nominee
to determine whether any charges will apply. See Section&nbsp;18 of the Circular, "Dealer Managers and Soliciting Dealer&nbsp;Group". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What will happen if the Offer lapses or is withdrawn?  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Offer lapses or we withdraw the Offer prior to the satisfaction or waiver of all of the conditions of the Offer, all of your Aurelian Shares that were
deposited and not withdrawn will be returned to you with no&nbsp;payment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>How will Canadian residents and non-residents of Canada be taxed for Canadian income tax&nbsp;purposes?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A beneficial holder of Aurelian Shares who is resident in Canada, who holds Aurelian Shares as capital property and who disposes of such shares to Kinross under
the Offer (subject to entering into a joint tax
election with Kinross to obtain a full or partial tax deferral when available as described in Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax Considerations") will generally
realize a capital gain (or&nbsp;capital loss) equal to the amount by which the sum of the fair market value, on the date of disposition, of the Kinross Shares, the Kinross Warrants and the Canadian
currency, if any, received, net of any reasonable costs of disposition, exceeds (or&nbsp;is less than) the aggregate adjusted cost base to the holder of such Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Eligible Holder who disposes of Aurelian Shares may, depending upon the circumstances, obtain a full or partial tax deferral in respect of a disposition of Aurelian Shares by entering
into a joint tax election with Kinross under Section&nbsp;85 of the Tax&nbsp;Act (and&nbsp;the corresponding provisions of any applicable provincial tax </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=344932,FOLIO='3',FILE='DISK125:[08ZCL5.08ZCL41705]CA41705A.;18',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ca41705_1_4"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>legislation)
specifying therein an elected amount in accordance with certain limitations provided for in the Tax&nbsp;Act (and&nbsp;in any applicable provincial tax legislation). The Letter of
Transmittal enclosed with this Circular includes a space for Eligible Holders to request a tax instruction letter to assist them in making such election. Under the Support Agreement, Kinross agrees to
make a joint election with any Eligible Holder that provides the necessary information within 90&nbsp;days of the Effective Date in accordance with the procedures set out in the tax instruction
letter. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
Shareholders who are non-residents of Canada for the purposes of the Tax&nbsp;Act will not be subject to tax under the Tax&nbsp;Act in respect of any capital
gain realized on the disposition of Aurelian Shares to Kinross under the Offer unless those shares constitute "taxable Canadian property" (within the meaning of the Tax&nbsp;Act) to such
Shareholders and the gain is not otherwise exempt from tax under the Tax&nbsp;Act pursuant to an exemption contained in an applicable income tax treaty. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
should review the more detailed information under Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax Considerations", and consult with their own tax
advisors regarding their particular circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Will I be able to trade the Kinross Shares and Kinross Warrants I receive?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will be able to trade the Kinross Shares and the Kinross Warrants that you receive under the Offer. Statutory exemptions allow such trading in Canada and upon
our registration statement on Form&nbsp;F-8 filed with the SEC becoming effective in the United&nbsp;States, non-affiliates of Kinross will be able to trade their Kinross
Shares received under the Offer in the United&nbsp;States. In connection with the Offer, we have applied to list on the TSX and the NYSE the Kinross Shares offered to Shareholders pursuant to the
Offer. In addition, we have applied to list on the TSX the Kinross Warrants offered to Shareholders pursuant to the Offer. The Kinross Warrants will not be listed on the NYSE. Holders of Kinross
Warrants in the United&nbsp;States, or who are U.S.&nbsp;Persons, will not be permitted to exercise Kinross Warrants, although they may sell their Kinross Warrants to other persons who are
permitted to exercise&nbsp;them. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Is Kinross' financial condition relevant to my decision to tender my Aurelian Shares in the&nbsp;Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Kinross Shares and Kinross Warrants will be issued to Shareholders who validly tender their Aurelian Shares, so you should consider our financial condition
before you decide to tender your Aurelian Shares to the Offer. In considering our financial condition, you should review the documents included and incorporated by reference in the Offer and Circular
because they contain detailed business, financial and other information about&nbsp;us. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>If I decide not to tender, how will my Aurelian Shares be affected?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we take up and pay for the Aurelian Shares validly tendered, we currently intend to take such action as is necessary, including effecting a Compulsory
Acquisition or Subsequent Acquisition Transaction, to acquire any Aurelian Shares not tendered. It is our current intention that the consideration to be offered for Aurelian Shares under such
Compulsory Acquisition or Subsequent Acquisition Transaction will be the same consideration offered under the Offer. In connection with such a transaction, you may have dissent rights. We reserve the
right not to complete a Compulsory Acquisition or Subsequent Acquisition Transaction. See Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Do I have dissent rights under the Offer?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. Shareholders will not have dissenters' or appraisal rights in connection with the Offer. However, holders of Aurelian Shares who do not tender their Aurelian
Shares to the Offer may have rights of dissent in the event we elect to acquire such Aurelian Shares by way of a Compulsory Acquisition or Subsequent Acquisition Transaction. See Section&nbsp;8 of
the Circular, "Acquisition of Aurelian Shares Not&nbsp;Deposited". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=13,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=277388,FOLIO='4',FILE='DISK125:[08ZCL5.08ZCL41705]CA41705A.;18',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ca41705_1_5"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Will Aurelian continue as a public company?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, as a result of the Offer and any subsequent transaction, the number of holders of Aurelian Shares is sufficiently reduced, Aurelian may cease to be a
reporting issuer. The rules and the regulations of the TSX could also, upon the consummation of the Offer and/or a subsequent transaction, lead to the delisting of the Aurelian Shares from such
exchange. To the extent permitted by applicable law, we intend to delist the
Aurelian Shares from the TSX. See Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for&nbsp;Aurelian". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What is the market value of my Aurelian Shares as at a recent date?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;23, 2008, which is the last trading day prior to the date on which we announced our intention to make the Offer, the closing price of the Aurelian
Shares listed on the TSX was Cdn.$4.45. The volume-weighted average price of the Aurelian Shares on the TSX for the 20&nbsp;trading days ended July&nbsp;23, 2008 was Cdn.$5.02. Based on the
closing price of the Kinross Shares on the TSX on July&nbsp;23, 2008, the Offer represented a premium of approximately 65% over the closing price of the Aurelian Shares on the TSX on the same date
(attributing a value of Cdn.$0.75 per Aurelian Share to the Warrant Consideration). Based on the volume-weighted average price of the Kinross Shares on the TSX for the 20&nbsp;trading days ended
July&nbsp;23, 2008, the Offer represented a premium of approximately 63% over the volume-weighted average price of the Aurelian Shares on the TSX for the same period (attributing a value of
Cdn.$0.92 per Aurelian Share to the Warrant Consideration). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
urge you to obtain a recent quotation for the Aurelian Shares before deciding whether or not to tender your Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;2 of the Circular, "Aurelian&nbsp;&#151;&nbsp;Price Range and Trading Volume of Aurelian Shares". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Who can I call with questions about the Offer or for more information?  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can call our Information Agent, Kingsdale Shareholder Services&nbsp;Inc., if you have questions or requests for additional copies of the Offer and Circular.
Questions and requests should be directed to the following telephone numbers: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>North American Toll Free Number: 1-800-775-4067</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Outside North America, Banks and Brokers Call Collect: 416-867-2272</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=14,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=856291,FOLIO='5',FILE='DISK125:[08ZCL5.08ZCL41705]CA41705A.;18',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_cc41705_1_6"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc41705_glossary"> </A>
<A NAME="toc_cc41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  GLOSSARY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Offer and Circular, unless the context otherwise requires, the following terms have the meanings set forth&nbsp;below. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Acquisition Proposal</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;4 of the Circular, "Background to the
Offer&nbsp;&#151;&nbsp;Covenants Regarding Non-Solicitation</FONT><FONT SIZE=2><I>".</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>affiliate</B></FONT><FONT SIZE=2>" has the meaning given to it in the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Appointee</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Power of&nbsp;Attorney". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Appropriate Regulatory Approvals</B></FONT><FONT SIZE=2>" means those sanctions, rulings, consents, orders, exemptions, permits and other approvals (including the lapse,
without objection, of a prescribed time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses following the giving of notice without an objection
being made) of Governmental Entities required in connection with the commencement of the Offer or the consummation of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>associate</B></FONT><FONT SIZE=2>" has the meaning given to it in the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Aurelian</B></FONT><FONT SIZE=2>" means Aurelian Resources&nbsp;Inc., a corporation existing under the CBCA, and, where the context requires, its subsidiaries. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Aurelian Material Adverse Effect</B></FONT><FONT SIZE=2>" means any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to be,
material and adverse to (x)&nbsp;the assets, liabilities (including any contingent liabilities that may arise through outstanding, pending or threatened litigation or otherwise), business,
operations, financial condition or prospects of Aurelian and its subsidiaries taken as a whole; or (y)&nbsp;the continued ownership, development or operation of the FDN Deposit, in either case,
other than changes, effects, events, occurrences or states of facts solely relating to or solely resulting from (a)&nbsp;any change, effect, event, occurrence or state of facts relating to global
economic, business, regulatory or political conditions or securities, credit, financial or currency markets in general, (b)&nbsp;changes affecting the global mining industry generally,
(c)&nbsp;any acts of terrorism, sabotage, military action or war (whether or not declared) or any escalation or worsening thereof, (d)&nbsp;any change in the market price of gold, (e)&nbsp;any
change in Canadian GAAP, (f)&nbsp;the implementation of the Mining Mandate (except to the extent the implementation of the Mining Mandate (not&nbsp;including for such purpose the associated
documentation provided by Aurelian to Kinross prior to the date of the Support Agreement) results in any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to
be, material and adverse, or the Mining Mandate has been amended, replaced or otherwise changed in a material and adverse manner, to the continued ownership, development or operation of the FDN
Deposit), or (g)&nbsp;any change in the market price or trading volume of the common shares of Aurelian related to the Support Agreement and the Offer or the announcement thereof, or primarily
resulting from a change, effect, event, occurrence or state of facts excluded from this definition of the Aurelian Material Adverse Effect under clauses&nbsp;(a), (b), (c), (d),
(e)&nbsp;or&nbsp;(f) hereof; provided, however, that such change, effect, event, occurrence or state of facts referred to in clause&nbsp;(a), (b), (c), (d), (e)&nbsp;or&nbsp;(f) above does
not primarily relate only to (or&nbsp;have the effect of primarily relating only to) Aurelian and its subsidiaries, taken as a whole, or disproportionately adversely affect Aurelian and its
subsidiaries, taken as a whole, compared to other companies of similar size operating in the industry in which Aurelian and its subsidiaries operate and references in the Support Agreement to dollar
amounts are not intended to be, and shall not be deemed to be, illustrative or interpretive for purposes of determining whether a "Aurelian Material Adverse Effect" has&nbsp;occurred. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Aurelian Option</B></FONT><FONT SIZE=2>" means an option to purchase Aurelian Shares granted under the Aurelian Option&nbsp;Plan. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Aurelian Option Plan</B></FONT><FONT SIZE=2>" means the stock option plan for directors, officers, employees and service providers of Aurelian dated May&nbsp;24, 2007, as
ratified on June&nbsp;20,&nbsp;2007. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Aurelian Share</B></FONT><FONT SIZE=2>" means a common share in the capital of Aurelian. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Book-Entry Confirmation</B></FONT><FONT SIZE=2>" means confirmation of a book-entry transfer of a Shareholder's Aurelian Shares into the Depositary's
account at&nbsp;CDS. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=15,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=832252,FOLIO='6',FILE='DISK125:[08ZCL5.08ZCL41705]CC41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cc41705_1_7"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>business day</B></FONT><FONT SIZE=2>" means any day of the week other than a Saturday, Sunday or a statutory or civic holiday observed in Toronto, Ontario, Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian GAAP</B></FONT><FONT SIZE=2>" means Canadian generally accepted accounting principles as defined by the Accounting Standards Board of the Canadian Institute of
Chartered Accountants in the Handbook of the Canadian Institute of Chartered Accountants applied on a consistent basis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CBCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2>, as amended. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CDS</B></FONT><FONT SIZE=2>" means the CDS Clearing and Depository Services&nbsp;Inc. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CDSX</B></FONT><FONT SIZE=2>" means the CDS on-line tendering system pursuant to which book-entry transfers may be&nbsp;effected. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Circular</B></FONT><FONT SIZE=2>" means the take-over bid circular accompanying the Offer, including the Annexes attached thereto. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Compelled Acquisition</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not
Deposited&nbsp;&#151;&nbsp;Compelled Acquisition". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Compulsory Acquisition</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not
Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Confidentiality Agreement</B></FONT><FONT SIZE=2>" means the confidentiality and standstill agreement between Kinross and Aurelian dated October&nbsp;19, 2007, as amended on
July&nbsp;4, 2008, pursuant to which Aurelian agreed to provide confidential information to Kinross for the purpose of furthering a transaction between Aurelian and&nbsp;Kinross. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Contemplated Transaction</B></FONT><FONT SIZE=2>" means the Offer, the take-up of the Aurelian Shares pursuant to the Offer, any Compulsory Acquisition, any
Subsequent Acquisition Transaction, any alternative transaction contemplated by the Support Agreement and any transactions contemplated by the Lock-Up Agreements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CRA</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax
Considerations&nbsp;&#151;&nbsp;General". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Current Market Price of the Kinross Shares</B></FONT><FONT SIZE=2>" means, at any date, the weighted average price per Kinross Share at which the Kinross Shares have traded on
the TSX (or&nbsp;if the Kinross Shares are not listed on the TSX, then on the stock exchange on which the greatest volume of Kinross Shares were traded during the period referenced below, or if the
Kinross Shares are not so listed on any stock exchange, then on the over-the-counter market on which the Kinross Shares are traded as selected by the board of directors of
Kinross for such purpose) during the 20&nbsp;most recent trading days immediately preceding such&nbsp;date. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Dealer Managers</B></FONT><FONT SIZE=2>" means Scotia Capital&nbsp;Inc., N M&nbsp;Rothschild&nbsp;&amp; Sons Canada Securities Limited and CIBC&nbsp;World
Markets&nbsp;Inc. in Canada and Scotia Capital (USA)&nbsp;Inc., Rothschild&nbsp;Inc. and CIBC&nbsp;World Markets Corp. in the United&nbsp;States, and "</FONT><FONT SIZE=2><B>Dealer
Manager</B></FONT><FONT SIZE=2>" means either one of&nbsp;them. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>" means Computershare Investor Services&nbsp;Inc. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Deposited Shares</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Dividends and Distributions". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Dissenting Offeree</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not
Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Distributions</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Dividends and Distributions". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Dividends Paid in the Ordinary Course</B></FONT><FONT SIZE=2>" means dividends or other distributions by Kinross to holders of Kinross Shares in any fiscal year of Kinross,
whether regular, special or extraordinary, and whether in (i)&nbsp;cash, (ii)&nbsp;shares of Kinross, (iii)&nbsp;rights, options or warrants to acquire any shares of Kinross or property or other
assets of Kinross (other than rights, options or warrants referred to in paragraphs&nbsp;(c) and&nbsp;(d) in Section&nbsp;1 of the Circular,
"Kinross&nbsp;&#151;&nbsp;Kinross Warrants&nbsp;&#151;&nbsp;Anti-Dilution Adjustment Provisions") at a purchase or exercise price of at least
100% of the fair market value of the shares or property or assets purchasable as of the date of distribution of such rights, options or warrants, or (iv)&nbsp;property or other assets of Kinross or
any of its subsidiaries; provided that the amount or value of such dividends or other distributions (any&nbsp;such shares, rights, options or warrants or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=16,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=862837,FOLIO='7',FILE='DISK125:[08ZCL5.08ZCL41705]CC41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cc41705_1_8"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>property
or other assets so distributed to be valued at the fair market value of such shares, rights, options or warrants or property or other assets, as the case may be, as determined by the board of
directors of Kinross) in the aggregate does not in such fiscal year exceed the greater of (x)&nbsp;200% of the aggregate amount or value of dividends and other distributions paid by Kinross on the
Kinross Shares in the 12-month period ending immediately prior to the first day of such fiscal year; and (y)&nbsp;100% of the consolidated net earnings from continuing operations of
Kinross, before any extraordinary items or charges but after dividends payable on all shares ranking prior to or on a parity with the Kinross Shares with respect to the payment of dividends, for the
12-month period ending immediately prior to the first day of such fiscal year (such consolidated net earnings from continuing operations to be computed in accordance with
Canadian&nbsp;GAAP). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>" means the date on which Kinross first pays for Aurelian Shares deposited under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Eligible Holder</B></FONT><FONT SIZE=2>" means a beneficial holder of Aurelian Shares that is (i)&nbsp;a resident of Canada for the purposes of the Tax&nbsp;Act and not
exempt from tax under Part&nbsp;I of the Tax&nbsp;Act, or (ii)&nbsp;a partnership, any member of which is a resident of Canada for the purposes of the Tax&nbsp;Act (other than a partnership,
all members of which that are residents of Canada are exempt from tax under Part&nbsp;I of the Tax&nbsp;Act). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Eligible Institution</B></FONT><FONT SIZE=2>" means a Canadian Schedule&nbsp;I chartered bank, a major trust company in Canada, a member of a Securities Transfer Agents
Medallion Program (STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a member of the New&nbsp;York Stock Exchange,&nbsp;Inc. Medallion Signature Program (MSP). Members of these
programs are usually members of a recognized stock exchange in Canada or the United&nbsp;States, members of the Investment Dealers Association of Canada, members of the National Association of
Securities Dealers or banks or trust companies in the United&nbsp;States. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exercise Price</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;1 of the Circular, "Kinross&nbsp;&#151;&nbsp;Kinross
Warrants&nbsp;&#151;&nbsp;Exercise of Kinross Warrants". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiry Date</B></FONT><FONT SIZE=2>" means September&nbsp;3, 2008 or such other date as is set out in a notice of variation of the Offer issued at any time and from time to
time extending the period during which Aurelian Shares may be deposited under the Offer, provided that, if such day is not a business day, then the Expiry Date will be the next business day. See
Section&nbsp;6 of the Offer to Purchase, "Extensions, Variations and Changes to the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiry Time</B></FONT><FONT SIZE=2>" means 6:00&nbsp;p.m. (Toronto time) on the Expiry Date or such other time as is set out in a notice of variation of the Offer issued at
any time and from time to time. See Section&nbsp;6 of the Offer to Purchase, "Extensions, Variations and Changes to the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>FDN Deposit</B></FONT><FONT SIZE=2>" means intermediate-sulphidation, epithermal gold-silver deposit located within the 3,087&nbsp;hectare La Zarza concession
(ministry code 2121) of the Cordillera del Condor project in the Centinela del Condor canton of Zamora-Chinchipe Province of Ecuador, together with (a)&nbsp;all privileges, rights, easements and
appurtenances both at law and equity belonging to or for the benefit of such deposit, including means of access between such deposit and a public way and (b)&nbsp;all rights associated with the
ownership, development or operation of such deposit, including mineral interests and rights (including any claims, concessions, exploration licenses, exploitation licenses, prospecting permits, mining
leases and mining&nbsp;rights). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>forward-looking statements</B></FONT><FONT SIZE=2>" has the meaning given to it in "Statements Regarding Forward-Looking Information". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>fully-diluted basis</B></FONT><FONT SIZE=2>" means, with respect to the number of outstanding Aurelian Shares at any time, the number of Aurelian Shares that would be
outstanding if all rights to acquire Aurelian Shares, other than SRP Rights, were exercised, including for greater certainty, all Aurelian Shares issuable upon the exercise of Aurelian Options,
whether vested or&nbsp;unvested. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Governmental Entity</B></FONT><FONT SIZE=2>" means (a)&nbsp;any Canadian, Ecuadorian, foreign, multinational, federal, provincial, territorial, state, regional, municipal,
local or other government, governmental or public department, central bank, court, tribunal, arbitral body, administrative agency, commission, board, bureau or agency, domestic or foreign;
(b)&nbsp;any subdivision, agent, commission, board, or authority of any of the foregoing; (c)&nbsp;any self-regulatory authority; (d)&nbsp;the TSX; (e)&nbsp;the NYSE;
(f)&nbsp;the Frankfurt Stock Exchange; or (g)&nbsp;any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of
the&nbsp;foregoing. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=17,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=442519,FOLIO='8',FILE='DISK125:[08ZCL5.08ZCL41705]CC41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cc41705_1_9"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Holder</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Holders</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;16 of the Circular, "Certain
Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;General". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>including</B></FONT><FONT SIZE=2>" (or&nbsp;"</FONT><FONT SIZE=2><B>includes</B></FONT><FONT SIZE=2>") means including (or&nbsp;includes) without limitation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Information Agent</B></FONT><FONT SIZE=2>" means Kingsdale Shareholder Services&nbsp;Inc. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>" means Kinross&nbsp;Gold Corporation, a corporation existing under the </FONT><FONT SIZE=2><I>Business Corporations
Act</I></FONT><FONT SIZE=2> (Ontario) and, where the context requires, its subsidiaries. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Material Adverse Effect</B></FONT><FONT SIZE=2>" means any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to be, material
and adverse to the assets, liabilities (including any contingent liabilities that may arise through outstanding, pending or threatened litigation or otherwise), business, operations or financial
condition or prospects of Kinross and its subsidiaries taken as a whole, other than changes, effects, events, occurrences or states of facts solely relating to or solely resulting from (a)&nbsp;any
change, effect, event, occurrence or state of facts relating to global economic, business, regulatory or political conditions or securities, credit, financial or currency markets in general,
(b)&nbsp;changes affecting the global mining industry generally, (c)&nbsp;any acts of terrorism, sabotage, military action or war (whether or not declared) or any escalation or worsening thereof,
(d)&nbsp;any change in the market price of gold, (e)&nbsp;any change in Canadian GAAP, or (f)&nbsp;any change in the market price or trading volume of the common shares of Kinross related to the
Support Agreement and the Offer or the announcement thereof, or primarily resulting from a change, effect, event, occurrence or state of facts excluded from this definition of Kinross Material Adverse
Effect under clauses&nbsp;(a), (b), (c), (d)&nbsp;or&nbsp;(e) hereof; provided, however, that such change, effect, event, occurrence or state of facts referred to in clause&nbsp;(a), (b), (c),
(d)&nbsp;or&nbsp;(e) above does not primarily relate only to (or&nbsp;have the effect of primarily relating only to) Kinross and its subsidiaries, taken as a whole, or disproportionately
adversely affect Kinross and its subsidiaries, taken as a whole, compared to other companies of similar size operating in the industry in which Kinross and its subsidiaries operate and references in
the Support Agreement to dollar amounts are not intended to be, and shall not be deemed to be, illustrative or interpretive for purposes of determining whether a "Kinross Material Adverse Effect"
has&nbsp;occurred. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Share</B></FONT><FONT SIZE=2>" means a common share in the capital of Kinross. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Share Reference Price</B></FONT><FONT SIZE=2>" mans the volume weighted average trading price on the TSX of the Kinross Shares over the five business days ending one
business day before the Expiry Date in effect, prior to any extension, immediately prior to the initial Take-Up&nbsp;Date. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Warrant</B></FONT><FONT SIZE=2>" means a common share purchase warrant in the capital of Kinross entitling the holder thereof, other than holders in the
United&nbsp;States or who are U.S.&nbsp;Persons, to acquire, upon due exercise and payment of the exercise price of Cdn.$32.00, one Kinross Share (subject to adjustment) on or prior to
5.00&nbsp;p.m. (Toronto time) on the date that is five years following the Effective&nbsp;Date. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Warrant Agreement</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;1 of the Circular, "Kinross&nbsp;&#151;&nbsp;Kinross
Warrants". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Warrant Certificate</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;1 of the Circular, "Kinross&nbsp;&#151;&nbsp;Kinross
Warrants&nbsp;&#151;&nbsp;Exercise of Kinross Warrants". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>laws</B></FONT><FONT SIZE=2>" means all laws, by-laws, statutes, rules, regulations, principles of law, policies, orders, ordinances, decisions, declarations,
rulings, directives, judgments, decrees or other requirements of any Governmental Entity and the terms and conditions of any grant of approval, permission, authority or license of any Governmental
Entity, which, for greater certainty, shall include the laws of Ecuador, and the term "</FONT><FONT SIZE=2><B>applicable</B></FONT><FONT SIZE=2>" with respect to such laws and in a context that
refers to one or more persons, means such laws as are applicable to such person or its business, undertaking, property or securities and emanate from a person having jurisdiction over the person or
persons or its or their business, undertaking, property or&nbsp;securities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Letter of Transmittal</B></FONT><FONT SIZE=2>" means the letter of acceptance and transmittal in the form accompanying the Offer and Circular (printed on yellow&nbsp;paper). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Lock-Up Agreements</B></FONT><FONT SIZE=2>" means the lock-up agreements dated July&nbsp;23, 2008 between Kinross, on one hand, and each of the
Locked-Up Shareholders, on the other, as amended from time to&nbsp;time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=18,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=741519,FOLIO='9',FILE='DISK125:[08ZCL5.08ZCL41705]CC41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cc41705_1_10"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Locked-Up Shareholders</B></FONT><FONT SIZE=2>" means directors and senior officers of Aurelian, being Patrick Anderson, George Bee, Colin Benner, Jon Douglas,
William Fisher, Andre Gaumond, Joseph Hamilton, Keith McKay, Thomas Obradovich, Jonathan Rubenstein and Tim&nbsp;Warman. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>MI 61-101</B></FONT><FONT SIZE=2>" means Multilateral Instrument&nbsp;61-101&nbsp;entitled "Protection of Minority Security Holders in Special
Transactions". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Minimum Tender Condition</B></FONT><FONT SIZE=2>" means that there will have been validly deposited under the Offer and not withdrawn at the Expiry Time that number of
Aurelian Shares which, together with the Aurelian Shares owned, directly or indirectly, by the Offeror, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Aurelian Shares (calculated on a
fully diluted&nbsp;basis). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Mining Mandate</B></FONT><FONT SIZE=2>" means the new Mining Mandate adopted by Ecuador's Constituent Assembly on April&nbsp;18, 2008 and any associated documentation
relating to the foregoing provided by Aurelian to Kinross prior to the date of the Support Agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NI&nbsp;43-101</B></FONT><FONT SIZE=2>" means National
Instrument&nbsp;43-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Standards of Disclosure for Mineral Project</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Notice of Guaranteed Delivery</B></FONT><FONT SIZE=2>" means the notice of guaranteed delivery (printed on green paper) in the form accompanying the Offer and&nbsp;Circular. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>" means the New&nbsp;York Stock Exchange. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>OBCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (Ontario). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer</B></FONT><FONT SIZE=2>" means Kinross' offer to purchase the Aurelian Shares made hereby, the terms and conditions of which are set forth in the Offer to Purchase, the
Circular, the Letter of Transmittal, and the Notice of Guaranteed Delivery. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer and Circular</B></FONT><FONT SIZE=2>" means the Offer to Purchase and the Circular, collectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer to Purchase</B></FONT><FONT SIZE=2>" means the offer to purchase Aurelian Shares as described herein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offered Consideration</B></FONT><FONT SIZE=2>" means the consideration to be paid by Kinross for the Aurelian Shares taken up under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>" means Kinross. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offeror's Notice</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not
Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Option Exchange Ratio</B></FONT><FONT SIZE=2>" means (i)&nbsp;0.317, plus (ii)&nbsp;the portion of a Kinross Share that, immediately prior to the exchange of options
contemplated in the Support Agreement, has a fair market value equal to 0.1429 of a Kinross Warrant. For purposes of (ii)&nbsp;above, the fair market value of a Kinross Warrant will be determined by
Kinross and Aurelian acting reasonably, using "Black-Scholes" or similar analysis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>person</B></FONT><FONT SIZE=2>" includes an individual, partnership, association, body corporate, joint venture, business organization, trustee, executor, administrator, legal
representative, government (including any Governmental Entity) or any other entity, whether or not having legal&nbsp;status. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Private Placement</B></FONT><FONT SIZE=2>" means the offer, issuance, sale, and delivery by Aurelian, and the purchase by Kinross, of 15&nbsp;million Aurelian Shares on a
private placement basis for total subscription price of Cdn.$71.25&nbsp;million (or&nbsp;subscription price per share of Cdn.$4.75), on the basis set forth in the Subscription Agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Proposed Agreement</B></FONT><FONT SIZE=2>" means any agreement, other than a confidentiality and standstill agreement, with any person providing for or to facilitate any
Acquisition Proposal. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Proposed Amendments</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax
Considerations&nbsp;&#151;&nbsp;General". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Purchased Securities</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Power of&nbsp;Attorney". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=19,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=319826,FOLIO='10',FILE='DISK125:[08ZCL5.08ZCL41705]CC41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cc41705_1_11"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Purchased Shares</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;4 of the Circular, "Background to the
Offer&nbsp;&#151;&nbsp;Subscription Agreement". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Replacement Option</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for
Aurelian&nbsp;&#151;&nbsp;Treatment of Aurelian Options". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Resident Holder</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Resident Holders</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;16 of the
Circular, "Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Holders Resident in&nbsp;Canada". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEC</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities and Exchange Commission. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shareholder</B></FONT><FONT SIZE=2>" means a holder of Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shareholder Rights Plan</B></FONT><FONT SIZE=2>" means the shareholder rights plan agreement dated May&nbsp;23, 2006, as ratified on June&nbsp;21,&nbsp;2006. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Soliciting Dealer Group</B></FONT><FONT SIZE=2>" has the meaning given to it in "Summary of the Offer&nbsp;&#151;&nbsp;Dealer Managers and Soliciting
Dealer Group and Information Agent". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Soliciting Dealer</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;18 of the Circular, "Dealer Managers and Soliciting Dealer&nbsp;Group". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SRP Rights</B></FONT><FONT SIZE=2>" means the rights issued pursuant to the Shareholder Rights Plan. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Subscription Agreement</B></FONT><FONT SIZE=2>" means the subscription agreement dated July&nbsp;23, 2008 between Kinross and Aurelian, providing, among other things, for
the issuance, sale and delivery by Aurelian, and the purchase by Kinross, of Aurelian Shares in connection with the Private Placement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Subsequent Acquisition Transaction</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not
Deposited&nbsp;&#151;&nbsp;Subsequent Acquisition Transaction". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>subsidiary</B></FONT><FONT SIZE=2>" means, with respect to a person, any body corporate of which more than 50% of the outstanding shares ordinarily entitled to elect a
majority of the board of directors thereof (whether or not shares of any other class or classes will or might be entitled to vote upon the happening of any event or contingency) are at the time owned
or over which voting control or direction is exercised, directly or indirectly, by such person and will include any body corporate, partnership, trust, joint venture or other entity over which such
person exercises direction or control or which is in a like relation to a&nbsp;subsidiary. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Superior Proposal</B></FONT><FONT SIZE=2>" means an unsolicited bona&nbsp;fide Acquisition Proposal made by a third party to Aurelian in writing after the date of the
Support Agreement (i)&nbsp;to purchase or otherwise acquire, directly or indirectly, by means of a merger, take-over bid, amalgamation, plan of arrangement, business combination,
consolidation, recapitalization, liquidation, winding-up or similar transaction, all of the Aurelian Shares and offering; (ii)&nbsp;that is reasonably capable of being completed without
undue delay, taking into account all legal, financial, regulatory and other aspects of such proposal and the party making such proposal; (iii)&nbsp;is not subject to any financing condition and in
respect of which any required financing to complete such Acquisition Proposal has been demonstrated to the satisfaction of the board of directors of Aurelian, acting in good faith (after receipt of
advice from its financial advisors and outside legal counsel), will be obtained (iv)&nbsp;which is not subject to a due diligence and/or access condition which would allow access to the books,
records, personnel or properties of Aurelian or any subsidiary or their respective representatives beyond 5:00&nbsp;p.m. on the third day after which access is afforded to the third party making the
Acquisition Proposal (provided, however, that the foregoing shall not restrict the ability of such third party to continue to review information provided to it by Aurelian during such
three-day period); (v)&nbsp;that did not result from a breach of the Support Agreement by Aurelian or its representatives; and (vi)&nbsp;in respect of which the board of directors of
Aurelian determines in good faith (after receipt of advice from its outside legal counsel with respect to (x)&nbsp;below and financial advisors with respect to (y)&nbsp;below) that
(x)&nbsp;failure to recommend such Acquisition Proposal to Shareholders would be inconsistent with its fiduciary duties and (y)&nbsp;which would, taking into account all of the terms and
conditions of such Acquisition Proposal, if consummated in accordance with its terms (but&nbsp;not assuming away any risk of non-completion), result in a transaction more favourable to
Shareholders from a financial point of view than the Offer (including any adjustment to the terms and conditions of the Offer proposed by Kinross pursuant to the Support Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=20,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=296221,FOLIO='11',FILE='DISK125:[08ZCL5.08ZCL41705]CC41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cc41705_1_12"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Support Agreement</B></FONT><FONT SIZE=2>" means the support agreement dated July&nbsp;23, 2008 between Kinross and Aurelian, providing, among other things, for the making
of the Offer and the agreement of Aurelian to support the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Take-Up Date</B></FONT><FONT SIZE=2>" means a date upon which Kinross takes up or acquires Aurelian Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax&nbsp;Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada) and the regulations thereunder,
as&nbsp;amended. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax Election</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax
Considerations&nbsp;&#151;&nbsp;Holders Resident in Canada&nbsp;&#151;&nbsp;Resident Holders who Accept the Offer". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>taxable capital gain</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax
Considerations&nbsp;&#151;&nbsp;Holders Resident in Canada&nbsp;&#151;&nbsp;Taxation of Capital Gains and&nbsp;Losses". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Termination Fee</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;4 of the Circular, "Background to the
Offer&nbsp;&#151;&nbsp;Support Agreement&nbsp;&#151;&nbsp;Termination Payments". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>trading day</B></FONT><FONT SIZE=2>" means any day on which trading occurs on the TSX or NYSE, as&nbsp;applicable. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>TSX</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Exchange Act</B></FONT><FONT SIZE=2>" means the United&nbsp;States </FONT><FONT SIZE=2><I>Securities Exchange Act of 1934</I></FONT><FONT SIZE=2>, as amended,
and the rules and regulations promulgated thereunder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Person</B></FONT><FONT SIZE=2>" means a U.S.&nbsp;person within the meaning of Regulation&nbsp;S promulgated under the U.S.&nbsp;Securities&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Securities Act</B></FONT><FONT SIZE=2>" means the United&nbsp;States </FONT><FONT SIZE=2><I>Securities Act of 1933</I></FONT><FONT SIZE=2>, as amended, and the
rules and regulations promulgated thereunder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Warrant Agent</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;1 of the Circular, "Kinross&nbsp;&#151;&nbsp;Kinross Warrants". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Warrant Consideration</B></FONT><FONT SIZE=2>" means the 0.1429 of a Kinross Warrant payable as partial consideration for each Aurelian Share under the terms of
the&nbsp;Offer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=21,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=461646,FOLIO='12',FILE='DISK125:[08ZCL5.08ZCL41705]CC41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ce41705_1_13"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce41705_summary_of_the_offer"> </A>
<A NAME="toc_ce41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY OF THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary highlights information more fully discussed elsewhere in the Offer and Circular. This summary is not intended to be
complete and is qualified by reference to the more detailed information contained in those documents. Shareholders are urged to read the more detailed information about Kinross, the Offer, the Kinross
Shares and the Kinross Warrants provided elsewhere in the Offer and Circular and in the documents incorporated by reference. Capitalized terms used in this summary, where not otherwise defined herein,
are defined in the Section entitled "Glossary" above. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror is offering, on the terms and subject to the conditions of the Offer, to purchase all of the issued and outstanding Aurelian Shares, and including any
Aurelian Shares that may become issued and outstanding after the date of this Offer but prior to the Expiry Time upon the conversion, exchange or exercise of any securities of Aurelian that are
convertible into or exchangeable or exercisable for Aurelian Shares, on the basis of 0.317 of a Kinross Share and 0.1429 of a Kinross Warrant for each Aurelian&nbsp;Share. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is made only for Aurelian Shares and is not made for any options or other rights to acquire Aurelian Shares. Any holder of such options or other rights to acquire Aurelian
Shares who wishes to accept
the Offer should, to the extent permitted by their terms and applicable law, fully exercise their options or other rights in order to obtain certificates representing Aurelian Shares that may be
deposited in accordance with the terms of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;1 of the Offer to Purchase, "The Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Kinross  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross is a company principally engaged in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the
acquisition of, gold bearing properties in North and South America and the Russian Federation. The principal products of Kinross are gold and silver produced in the form of dor&eacute; that is
shipped to refineries for final processing. Our Kinross Shares are listed on the TSX under the symbol "K" and on the NYSE under the symbol&nbsp;"KGC". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
is a reporting issuer or the equivalent in all provinces of Canada and files its continuous disclosure documents with the relevant Canadian securities regulatory authorities.
Such documents are available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>. Kinross is also an SEC registrant and, accordingly, files with or furnishes to the SEC certain documents.
Such documents are available at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;1 of the Circular, "Kinross". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Aurelian  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian is a Canadian company owning 38&nbsp;mining concessions totalling approximately 95,000&nbsp;hectares located over
90&nbsp;semi-contiguous kilometres through the Cordillera del Condor in the El Pangui, Yantzatza, Centinela de Condor, and Nangaritza cantons of the Zamora Chinchipe and Morona Santiago
Provinces in&nbsp;Ecuador. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Aurelian Shares are listed and posted for trading on the TSX under the symbol "ARU". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
is a reporting issuer or the equivalent in the provinces of British Columbia, Alberta, Ontario and Quebec and files its continuous disclosure documents with the relevant
Canadian securities regulatory authorities. Such documents are available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;2 of the Circular, "Aurelian". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Purpose of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Offer is to enable Kinross to acquire all of the outstanding Aurelian Shares. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=22,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=190369,FOLIO='13',FILE='DISK125:[08ZCL5.08ZCL41705]CE41705A.;13',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ce41705_1_14"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Strategic Rationale for the Proposed Acquisition  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross believes that Aurelian represents a strategic "tuck-in" acquisition for Kinross adding to its portfolio of world-class assets under
development. The FDN Deposit is a large, high quality gold exploration and development property. In October&nbsp;2007, Aurelian released an inferred resource estimate for the FDN Deposit of
58.9&nbsp;million tonnes grading 7.23&nbsp;grams per tonne of gold and 11.8&nbsp;grams per tonne of silver, resulting in 13.7&nbsp;million ounces of contained gold and 22.4&nbsp;million
ounces of contained silver. The FDN Deposit is the most significant discovery within the Condor Project, part of more than 95,000&nbsp;hectares of exploration concessions that Aurelian holds in
Ecuador. The Condor Project properties are also highly prospective, with a number of promising exploration targets identified. For further information, please refer to Aurelian's news release dated
October&nbsp;4, 2007 and the report entitled "A Mineral Resource Estimate for the Fruta del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe Province, Ecuador" prepared by Micon
International Limited dated November&nbsp;15, 2007, both of which are available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed acquisition of Aurelian is complementary to Kinross' Latin American presence, including existing regional infrastructure in Chile and Brazil. Kinross' financial strength
will provide access to capital to develop the FDN Deposit and other development and exploration projects going&nbsp;forward. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Shareholders, the Offer represents a substantial premium to the pre-announcement trading price of Aurelian Shares. The Offer represents a premium of approximately 65%
over the closing price of the Aurelian Shares on the TSX on July&nbsp;23, 2008, the last day of trading prior to announcement of the Offer, and a premium of approximately 63% over the
volume-weighted average price of the Aurelian Shares on the TSX for the 20&nbsp;trading days ended, July&nbsp;23, 2008 (attributing a value of Cdn.$0.75 per Aurelian Share and Cdn.$0.92 per
Aurelian Share, respectively, to the Warrant Consideration). The Offer also provides Shareholders significantly enhanced liquidity in the form of Kinross Shares. Kinross' combined daily average
trading value on the TSX and NYSE is approximately $211.4&nbsp;million over the last 12&nbsp;months as compared to approximately $6.9&nbsp;million for Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed acquisition of Aurelian will diversify Shareholders' risk associated with Aurelian's reliance on the FDN Deposit and allow Shareholders' continued participation in the
future development of the FDN
Deposit through the ownership of Kinross Shares. Eligible Shareholders will have the ability to receive Kinross Shares on a tax deferred&nbsp;basis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
anticipated benefits are based on various assumptions and are subject to various risks. See "Statements Regarding Forward-Looking Information" and Section&nbsp;7 of the Circular,
"Risk Factors Related to the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Conditions of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror reserves the right to withdraw the Offer and not take up, purchase or pay for any Aurelian Shares deposited under the Offer unless all of the
conditions of the Offer contained in Section&nbsp;2 of the Offer to Purchase, "Conditions of the Offer", are satisfied or, where permitted, waived at or prior to the Expiry Time. These conditions
include, among others, the conditions&nbsp;that:<BR></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>there being validly deposited under the Offer and not withdrawn at the Expiry Time, Aurelian Shares representing, together
with Aurelian Shares owned, directly or indirectly, by the Offeror, not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the total outstanding Aurelian Shares (calculated on a fully-diluted basis);&nbsp;and
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the Support Agreement shall not have been terminated by Kinross or Aurelian in accordance with its&nbsp;terms. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;2 of the Offer to Purchase, "Conditions of the Offer", for all of the conditions of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Time for Acceptance  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is open for acceptance until 6:00&nbsp;p.m. (Toronto time) on September&nbsp;3, 2008 or until such later time and date to which the Offeror may
extend the Expiry Time of the Offer at its discretion unless the Offer is extended or withdrawn by the Offeror. See Section&nbsp;4 of the Offer to Purchase, "Time for Acceptance". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=23,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=61831,FOLIO='14',FILE='DISK125:[08ZCL5.08ZCL41705]CE41705A.;13',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ce41705_1_15"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Manner of Acceptance  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer may be accepted by Shareholders by delivering certificates representing Aurelian Shares that are being deposited, together with a duly completed and
signed Letter of Transmittal to the offices of the Depositary specified in the Letter of Transmittal at or before the Expiry Time. The Offer will be deemed to be accepted only if the Depositary
actually has received these documents at or before the Expiry Time. Shareholders whose certificates for Aurelian Shares are not immediately available may use the procedures for guaranteed delivery set
forth in the Notice of Guaranteed Delivery. </FONT><FONT SIZE=2><B>Shareholders whose Aurelian Shares are registered in the name of an investment dealer, stock broker, bank, trust company or other
nominee should contact that nominee for assistance if they wish to accept the&nbsp;Offer.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may accept the Offer by following the procedures for book-entry transfer established by CDS, provided that a Book-Entry Confirmation through CDSX is
received by the Depositary at its office in Toronto, Ontario, prior to the Expiry&nbsp;Time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;5 of the Offer to Purchase, "Manner of Acceptance". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Payment for Deposited Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of the Offer, Kinross will take up Aurelian Shares validly deposited under the Offer and not withdrawn as soon as
possible, but in any event not later than three business days after Kinross becomes obligated by the terms of the Offer to take-up the Aurelian Shares. Any Aurelian Shares deposited under
the Offer after the first date on which Aurelian Shares have been taken up by Kinross will be taken up and paid for not later than 10&nbsp;days after such deposit. See Section&nbsp;3 of the Offer
to Purchase, "Take-Up and Payment for Deposited Shares". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Right to Withdraw Deposited Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian Shares deposited under the Offer may be withdrawn by or on behalf of the depositing Shareholder at any time before the Aurelian Shares have been taken up
by the Offeror pursuant to the Offer and in the other circumstances discussed in Section&nbsp;8 of the Offer to Purchase, "Right to Withdraw Deposited Aurelian Shares". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Acquisition of Aurelian Shares Not Deposited Under the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the conditions of the Offer are satisfied or waived and Kinross takes up and pays for Aurelian Shares validly deposited under the Offer, Kinross intends to
take such action as is necessary, including effecting a Compulsory Acquisition of those Aurelian Shares not deposited under the Offer, causing a special meeting of Shareholders to be called to
consider an amalgamation, statutory arrangement, amendment to articles, consolidation, capital reorganization or other transaction involving Aurelian and Kinross, or an affiliate of Kinross, for the
purpose of enabling Kinross or an affiliate of Kinross to acquire all Aurelian Shares not acquired pursuant to the Offer. Kinross intends that the value of the consideration offered per Aurelian Share
under any Subsequent Acquisition Transaction proposed by it would be equal in value to and in the same form as the consideration paid to Shareholders under the Offer (provided that, in calculating the
value of the consideration offered in any Subsequent Acquisition Transaction, each Kinross Share and each Kinross Warrant shall be deemed to be at least equal in value to each Kinross Share and
Kinross Warrant offered under the Offer). See Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Support Agreement  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;23, 2008, Kinross and Aurelian entered into the Support Agreement. The Support Agreement sets forth, among other things, the terms and conditions
upon which the Offer is to be made by Kinross. Pursuant to the Support Agreement, Aurelian agreed to, among other things, a non-solicitation covenant and to support the Offer. See
Section&nbsp;4 of the Circular, "Background to the Offer&nbsp;&#151;&nbsp;Support Agreement". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=24,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=822837,FOLIO='15',FILE='DISK125:[08ZCL5.08ZCL41705]CE41705A.;13',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ce41705_1_16"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Lock-Up Agreements  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Lock-Up Agreements entered into with Kinross, the Locked-Up Shareholders have agreed to deposit under the Offer and not
withdraw, subject to certain exceptions, all of the Aurelian Shares currently owned or controlled by such Locked-Up Shareholders, being an aggregate of 2,737,000&nbsp;Aurelian Shares,
representing approximately 1.82% of the outstanding Aurelian Shares (calculated on a fully-diluted basis). See Section&nbsp;4 of the Circular, "Background to the
Offer&nbsp;&#151;&nbsp;Lock-Up Agreements". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Recommendation of Board of Directors of Aurelian  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian has confirmed in the Support Agreement that the board of directors of Aurelian, upon consultation with its financial and legal advisors and on receipt of
a recommendation of a special committee of Aurelian directors, has unanimously determined that the Offer is fair and is in the best interests of Aurelian and the Shareholders and, accordingly,
unanimously recommends that Shareholders accept the Offer and deposit their Aurelian Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Certain Canadian Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A beneficial holder of Aurelian Shares who is resident in Canada, who holds Aurelian Shares as capital property and who disposes of such shares to Kinross under
the Offer (unless such holder has entered into a joint tax election with Kinross to obtain a full or partial tax deferral when available as described in Section&nbsp;16 of the Circular, "Certain
Canadian Federal Income Tax Considerations") will generally realize a capital gain (or&nbsp;capital loss) equal to the amount by which the sum of the fair market value, on the date of disposition,
of the Kinross Shares, the Kinross Warrants and the Canadian currency, if any, received, net of any reasonable costs of disposition, exceeds (or&nbsp;is less than) the aggregate adjusted cost base
to the holder of such Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Eligible Holder who disposes of Aurelian Shares may, depending upon the circumstances, obtain a full or partial tax deferral in respect of a disposition of Aurelian Shares by entering
into a joint tax election with Kinross under section&nbsp;85 of the Tax&nbsp;Act (and&nbsp;the corresponding provisions of any applicable provincial tax legislation) specifying therein an
elected amount in accordance with certain limitations provided for in the Tax&nbsp;Act (and&nbsp;in any applicable provincial tax legislation). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Eligible Holder interested in making an election should indicate that intention in the Letter of Acceptance and Transmittal in the space provided therein, and a tax instruction letter
setting out the procedure for completing the relevant tax election forms will be sent to the Eligible Holder at or about the time that the Eligible Holder is sent the portion of the Offered
Consideration to which the Eligible Holder is&nbsp;entitled. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any Eligible Holder that does not ensure that information necessary to make an election has been received in accordance with the procedures set out in the tax
instruction letter on or before 90&nbsp;days after the Effective Date will not be able to benefit from the tax deferral provisions of the Tax&nbsp;Act (or&nbsp;the corresponding provisions of
any applicable provincial tax legislation).</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
Shareholders who are non-residents of Canada for the purposes of the Tax&nbsp;Act will not be subject to tax under the Tax&nbsp;Act in respect of any capital
gain realized on the sale of Aurelian Shares to Kinross under the Offer unless those shares constitute "taxable Canadian property" (within the meaning of the Tax&nbsp;Act) to such Shareholders and
the gain is not otherwise exempt from tax under the Tax&nbsp;Act pursuant to an exemption contained in an applicable income tax&nbsp;treaty. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
should review the more detailed information under Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax Considerations", and consult with their own tax
advisors regarding their particular circumstances. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Risk Factors Related to the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment in Kinross Shares and Kinross Warrants is subject to certain risks. Shareholders should carefully review the risk factors set out in the Offer and
Circular before depositing Aurelian Shares pursuant to the Offer. See Section&nbsp;7 of the Circular, "Risk Factors Related to the Offer", and the other information </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=25,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=565480,FOLIO='16',FILE='DISK125:[08ZCL5.08ZCL41705]CE41705A.;13',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_ce41705_1_17"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>contained
in, or incorporated by reference into, the Offer and Circular. Additional risks and uncertainties, including those with respect to the proposed combination of Kinross and Aurelian upon
successful completion of the Offer (including a Compulsory Acquisition or a Subsequent Acquisition Transaction) may also adversely affect Kinross' business. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Depositary  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged Computershare Investor Services&nbsp;Inc. to act as Depositary for the receipt of certificates in respect of Deposited Shares and related
Letters of Transmittal and Notices of Guaranteed Delivery deposited under the Offer and for the payment for Aurelian Shares purchased by Kinross pursuant to the Offer. The Depositary will receive
reasonable and customary compensation from Kinross for its services relating to the Offer and will be reimbursed for certain out-of-pocket expenses. Kinross has also agreed to
indemnify the Depositary for certain liabilities, including liabilities under securities laws, and expenses in connection with the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Dealer Managers, Soliciting Dealer Group and Information Agent  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged the services of Scotia Capital&nbsp;Inc., N M Rothschild&nbsp;&amp; Sons Canada Securities Limited and CIBC&nbsp;World Markets&nbsp;Inc.
as Dealer Managers in Canada and Scotia Capital (USA)&nbsp;Inc., Rothschild&nbsp;Inc. and CIBC&nbsp;World Markets Corp. as Dealer Managers in the United&nbsp;States to solicit acceptances of
the Offer. The Dealer Managers have agreed to form&nbsp;a soliciting dealer group (the "</FONT><FONT SIZE=2><B>Soliciting Dealer Group</B></FONT><FONT SIZE=2>") comprised of members of the
Investment Dealers Association of Canada and members of the TSX, the TSX Venture Exchange and the National Association of Securities Dealers to solicit acceptances of the Offer. See Section&nbsp;18
of the Circular, "Dealer Managers and Soliciting Dealer&nbsp;Group". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
has retained Kingsdale Shareholder Services&nbsp;Inc. to act as Information Agent in connection with the Offer to provide a resource for information for Shareholders. The
Information Agent will receive reasonable and customary compensation from Kinross for services in connection with the Offer and will be reimbursed for certain out-of-pocket
expenses. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=26,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=471858,FOLIO='17',FILE='DISK125:[08ZCL5.08ZCL41705]CE41705A.;13',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_cg41705_1_18"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg41705_offer_to_purchase"> </A>
<A NAME="toc_cg41705_1"> </A>
<BR></FONT><FONT SIZE=3><B>OFFER TO PURCHASE    <BR>    </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>July&nbsp;28, 2008  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> TO:&nbsp;&nbsp;&nbsp;&nbsp;THE HOLDERS OF COMMON SHARES OF AURELIAN  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The accompanying Circular, which is incorporated into and forms part of the Offer to Purchase, contains important information and should
be read carefully before making a decision with respect to the Offer. This Offer to Purchase and the Circular constitute the take-over bid circular required under applicable Canadian
securities laws. Capitalized terms used in the Offer to Purchase but not otherwise defined herein are defined in the section entitled "Glossary".</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror hereby offers to purchase, upon the terms and subject to the conditions of the Offer, all of the issued and outstanding Aurelian Shares other than any
Aurelian Shares owned directly or indirectly by the Offeror and including any Aurelian Shares that may become issued and outstanding after the date of this Offer but prior to the Expiry Time upon the
conversion, exchange or exercise of any securities of Aurelian that are convertible into or exchangeable or exercisable for Aurelian Shares, on the basis of 0.317 of a Kinross Share and 0.1429 of a
Kinross Warrant in respect of each Aurelian&nbsp;Share. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is made only for Aurelian Shares and is not made for any options or other rights to acquire Aurelian Shares (other than the SRP Rights). Shareholders who deposit their Aurelian
Shares will be deemed to have deposited the SRP Rights associated with such Aurelian Shares. No additional payment will be made for the SRP Rights and no amount of consideration to be paid by the
Offeror for the Aurelian Shares will be allocated to the SRP&nbsp;Rights. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
holder of Aurelian Options or other rights to acquire Aurelian Shares who wishes to accept the Offer should, to the extent permitted by their terms and applicable law, fully exercise
or exchange the options or other rights in order to obtain certificates representing Aurelian Shares that may be deposited in accordance with the terms of the Offer. Any such exercise or exchange must
be made sufficiently in advance of the Expiry Date to ensure such holders that they will have certificates representing Aurelian Shares available for deposit prior to the Expiry Date or in sufficient
time to fully comply with the procedures referred to in Section&nbsp;5 of this Offer to&nbsp;Purchase, "Manner of Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed
Delivery". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the Effective Date, provided that the Offeror has taken-up and paid for at least 50.1% of the outstanding Aurelian Shares (on&nbsp;a fully-diluted basis) and
received all applicable regulatory approvals, if any holder of Aurelian Options does not exercise such options and deposit the resulting Aurelian Shares under the Offer prior to the Expiry Time, such
Aurelian Options shall be exchanged for Replacement Options. See Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for
Aurelian&nbsp;&#151;&nbsp;Treatment of Aurelian Options", and Section&nbsp;8 of the Circular, "Acquisition of Aurelian Shares Not&nbsp;Deposited". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractional
Kinross Shares and fractional Kinross Warrants will not be issued in connection with the Offer. Where on any Take-Up Date (a)&nbsp;the aggregate number of
Kinross Shares to be issued to any Shareholder in exchange for such Shareholder's Aurelian Shares would result in a fraction of a Kinross Share being issuable, the number of Kinross Shares to be
received by such Shareholder will be rounded down to the nearest whole Kinross Share and, in lieu of a fractional Kinross Share, the Shareholder will receive a cash payment determined on the basis of
an amount equal to the Kinross Share Reference Price multiplied by the fractional share amount; and (b)&nbsp;the aggregate number of Kinross Warrants to be issued to any Shareholder in exchange for
such Shareholder's Aurelian Shares would result in a fraction of a Kinross Warrant being issuable, the number of Kinross Warrants to be received by such Shareholder will be rounded to the nearest
whole Kinross Warrant. All cash payable in lieu of fractional Kinross Shares will be denominated in Canadian dollars. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The accompanying Circular, which is incorporated into and forms part of the Offer, and the Letter of Transmittal and the Notice of Guaranteed Delivery contain
important information that should be read carefully before making a decision with respect to the&nbsp;Offer.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=27,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=140666,FOLIO='18',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_19"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror shall have the right to withdraw the Offer and shall not be required to take up, purchase or pay for, and shall have the right to extend the period of
time during which the Offer is open and postpone taking up and paying for, any Aurelian Shares deposited under the Offer unless all of the following conditions are satisfied or waived by the Offeror
at or prior to the Expiry&nbsp;Time: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Minimum Tender Condition;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
government or regulatory approvals (including the Appropriate Regulatory Approvals), waiting or suspensory periods, waivers, permits, consents, reviews,
orders, rulings, decisions, and exemptions required by law, policy or practice (other than as referred to in paragraph&nbsp;(c) below) (including, those of any provincial securities authorities,
stock exchanges or other securities regulatory authorities) in connection with the Offer, any Compulsory Acquisition or any Subsequent Acquisition Transaction, shall have been obtained, received or
concluded or, in the case of waiting or suspensory periods, expired or been terminated, each on terms satisfactory to Kinross, in its sole discretion, acting reasonably;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>no
act, action, suit or proceeding shall have been taken before or by any Governmental Entity (including, by any individual, company, firm, group or other
entity), whether or not having the force of law, and no law shall have been proposed, amended, enacted, promulgated or applied, in either&nbsp;case:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
cease trade, enjoin, prohibit or impose material limitations, damages or conditions on the purchase by or the sale to the Offeror of the Aurelian Shares
or the right of the Offeror to own or exercise full rights of ownership of the Aurelian Shares;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>which
would reasonably be expected to have an Aurelian Material Adverse Effect or, if the Offer were consummated, a Kinross Material Adverse
Effect;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>which
would materially and adversely affect the ability of the Offeror to proceed with the Offer (or&nbsp;any Compulsory Acquisition or any Subsequent
Acquisition Transaction) and/or take up and pay for any Aurelian Shares deposited under the Offer;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>seeking
to obtain from the Offeror or any of its subsidiaries or Aurelian or any of its subsidiaries any material damages directly or indirectly in
connection with the Offer (or&nbsp;any Compulsory Acquisition or any Subsequent Acquisition Transaction);&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>seeking
to prohibit or limit the ownership or operation by the Offeror of any material portion of the business or assets of Aurelian or its subsidiaries or
to compel the Offeror or its subsidiaries to dispose of or hold separate any material portion of the business or assets of Aurelian or any of its subsidiaries as a result of the Offer (or&nbsp;any
Compulsory Acquisition or any Subsequent Acquisition Transaction);
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>there
shall not exist any prohibition at law against the Offeror making the Offer or taking up and paying for any Aurelian Shares deposited under the Offer
or completing any Compulsory Acquisition or any Subsequent Acquisition Transaction;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
necessary orders, authorizations or consents which are required under all applicable securities laws and the rules and policies of the TSX and NYSE for
the offering, issuance and listing of the Kinross Shares and the Kinross Warrants under the Offer shall have been&nbsp;obtained;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>no
Aurelian Material Adverse Effect shall have occurred or arisen (or&nbsp;shall have been generally disclosed to, or discovered by, the Offeror if not
previously disclosed in writing to the Offeror prior to the date of this Agreement);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall not have become aware of any untrue statement of a material fact, or an omission to state a material fact that is required to be stated or
that is necessary to make a statement not misleading in light of the circumstances in which it was made and at the date it was made (after giving effect to all subsequent filings in relation to all
matters covered in earlier filings), in any public document filed by or on behalf of Aurelian with any securities commission or similar securities </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=28,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=854123,FOLIO='19',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_20"> </A>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>regulatory
authority in any of the provinces or territories of Canada or elsewhere, that constitutes an Aurelian Material Adverse&nbsp;Effect;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
board of directors of Aurelian shall not have withdrawn any recommendation made by it that Shareholders accept the Offer or issued a recommendation in a
manner that has substantially the same&nbsp;effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at
the Expiry Time:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
representations and warranties of Aurelian in the Support Agreement: (A)&nbsp;that are qualified by a reference to an Aurelian Material Adverse Effect
or materiality shall be true and correct in all respects, and (B)&nbsp;that are not qualified by a reference to an Aurelian Material Adverse Effect or materiality, shall be true and correct in all
material respects;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian
shall have observed and performed its covenants in the Support Agreement in all material respects to the extent that such covenants were to have
been observed or performed by Aurelian at or prior to the Expiry Time (without giving effect to, applying or taking into consideration any materiality qualification already contained in such covenant
or&nbsp;obligation), </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>except
for untrue or incorrect representations or warrants or breaches which, individually or in the aggregate, would not reasonably be expected to have an Aurelian Material Adverse Effect or
materially and adversely affect the ability of the Offeror to consummate the Offer or, if the Offer is consummated, reasonably be expected to have a Kinross Material Adverse Effect; and the Offeror
shall have received, not more than seven hours before the Expiry Time, a certificate of Aurelian, signed by two senior officers (without personal liability), satisfactory to the Offeror, acting
reasonably, certifying the foregoing after due&nbsp;inquiry;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
board of directors of Aurelian shall have (i)&nbsp;deferred the separation time of the SRP Rights under the Shareholder Rights Plan and
(ii)&nbsp;irrevocably waived or suspended the operation of the Shareholder Rights Plan or otherwise rendered the Shareholder Rights Plan inoperative against the Offer, any Compulsory Acquisition and
any Subsequent Acquisition Transaction;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Support Agreement shall not have been terminated in accordance with its&nbsp;terms. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing conditions are for the exclusive benefit of the Offeror and may be asserted by the Offeror regardless of the circumstances giving rise to any such condition. The Offeror
may, in the Offeror's sole discretion, waive any of the foregoing conditions, in whole or in part, at any time and from time to time, both before and after the Expiry Time, without prejudice to any
other rights which the Offeror may have, provided that the Offeror may not waive the Minimum Tender Condition to acquire less than 50.1% of the Aurelian Shares outstanding (calculated on a
fully-diluted basis) without the prior written consent of Aurelian. If Kinross waives the Minimum Tender Condition on a date that is less than 10&nbsp;days prior to the Expiry Date, it shall extend
the Offer for at least such period of time as is necessary to ensure that the Offer does not expire before 10&nbsp;days after the date that the notice of variation in respect of such waiver has been
delivered. The failure by the Offeror at any time to exercise any of the foregoing rights will not be deemed to be a waiver of any such right and each such right shall be deemed to be an ongoing right
which may be asserted at any time and from time to time. The Offeror reserves the right to withdraw the Offer on or prior to the Expiry Time if any condition to the Offer remains unsatisfied or has
not been waived. Any determination by the Offeror concerning any event or other matter described in the foregoing conditions shall be final and binding on all&nbsp;parties. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
waiver of a condition or the withdrawal of the Offer will be effective upon written notice or other communication confirmed in writing by the Offeror to that effect to the Depositary
at its office in Toronto, Ontario. The Offeror, forthwith after giving any such notice, will make a public announcement of such waiver or withdrawal, will cause the Depositary, if required by law, as
soon as practicable thereafter to notify Shareholders in the manner set forth below in Section&nbsp;11 of this Offer to Purchase, "Notice and Delivery", and will provide a copy of such notice to the
TSX and the NYSE. Any notice of waiver will be deemed to have been given and to be effective on the day on which it is delivered or otherwise communicated to the Depositary at its office in Toronto,
Ontario. In the event of any waiver, all Aurelian Shares deposited previously and not taken up or withdrawn will remain subject to the Offer and may be accepted for purchase by the Offeror in
accordance with </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=29,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=859951,FOLIO='20',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_21"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
terms of the Offer. If the Offer is withdrawn, the Offeror will not be obligated to take up or pay for any Aurelian Shares deposited under the Offer and the Depositary will promptly return all
Aurelian Shares to the parties by whom they were deposited in acceptance of the Offer. See Section&nbsp;9 of this Offer to Purchase, "Return of Deposited Shares". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Up and Payment for Deposited Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of the Offer (including but not limited to the conditions specified in Section&nbsp;2 of this Offer to Purchase,
"Conditions of the Offer"), the Offeror will take up Aurelian Shares validly deposited under the Offer and not withdrawn pursuant to Section&nbsp;8 of this Offer to Purchase, "Right to Withdraw
Deposited Aurelian Shares", as soon as possible, but in any event not later than three business days after the Offeror becomes obligated by the terms of the Offer to take-up the Aurelian
Shares. Any Aurelian Shares deposited under the Offer after the first date on which Aurelian Shares have been taken up by the Offeror will be taken up and paid for not later than 10&nbsp;days after
such&nbsp;deposit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to applicable law, the Offeror expressly reserves the right in its sole discretion to delay or otherwise refrain from taking up and paying for any Aurelian Shares or to terminate
the Offer and not take up or pay for any Aurelian Shares if any condition of the Offer is not satisfied or, where permitted, waived by the Offeror by giving written notice thereof, or other
communication confirmed in writing, to the Depositary at its office in Toronto, Ontario. The Offeror also expressly reserves the right, in its sole discretion and notwithstanding any other condition
of the Offer, to delay taking up and paying for Aurelian Shares in order to comply, in whole or in part, with any applicable&nbsp;law. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the Offer, the Offeror will be deemed to have taken up and accepted for payment Aurelian Shares validly deposited and not validly withdrawn pursuant to the Offer if,
as and when the Offeror gives written notice or other communication confirmed in writing to the Depositary of its acceptance for payment of such Deposited Shares pursuant to the Offer at its principal
office in Toronto, Ontario. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offeror will pay for Aurelian Shares validly deposited under the Offer and not withdrawn by providing the Depositary with the Offered Consideration in the form of sufficient
certificates for Kinross Shares and Kinross Warrants and sufficient funds (for&nbsp;fractional Kinross Shares) for transmittal to persons who have deposited Aurelian Shares under the Offer. The
Depositary will act as the agent of the persons who have deposited Aurelian Shares in acceptance of the Offer for the purposes of receiving the Offered Consideration from the Offeror and transmitting
such Offered Consideration to such persons. Receipt of the share certificates, warrant certificates and cash, if any, representing the Offered Consideration by the Depositary will be deemed to
constitute receipt of payment by persons depositing Aurelian Shares pursuant to the Offer. Under no circumstances will interest accrue or be paid by the Offeror or the Depositary to persons depositing
Aurelian Shares on the purchase price of Aurelian Shares purchased by the Offeror, regardless of any delay in making such&nbsp;payment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement
with each Shareholder who has validly deposited and not validly withdrawn Aurelian Shares under the Offer will be made by the Depositary forwarding a certificate for the
Kinross Shares and a certificate for the Kinross Warrants to which such Shareholder is entitled and a cheque for an amount in Canadian dollars to which such Shareholder is entitled, if any
(in&nbsp;satisfaction of any fractional Kinross Shares that would have been otherwise payable to such Shareholder). Subject to the foregoing and unless otherwise directed by the Letter of
Transmittal, the certificates and cheque will be issued in the name of the registered Shareholder of the Aurelian Shares so deposited. Unless the person depositing the Aurelian Shares instructs the
Depositary to hold the certificates representing the Kinross Shares and the Kinross Warrants and cheques, if any, for pick-up by checking the appropriate box in the Letter of Transmittal,
the certificates and cheque, if any, will be forwarded by first class insured mail to such person at the address
specified in the Letter of Transmittal. If no such address is specified, the certificates and cheque, if any, will be sent to the address of the Shareholder as shown on the securities register
maintained by or on behalf of Aurelian. Certificates and cheques, if any, mailed in accordance with this paragraph will be deemed to be delivered at the time of&nbsp;mailing. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Deposited Shares are not accepted for payment pursuant to the terms and conditions of the Offer for any reason, of if certificates are submitted for more Aurelian Shares than are
deposited, certificates for unpurchased Aurelian Shares will be returned, at the Offeror's expense, to the depositing Shareholder as soon as </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=30,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=367464,FOLIO='21',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_22"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>it
is practicable following the Expiry Time or withdrawal or early termination of the Offer. Unless otherwise directed in the Letter of Transmittal, certificates representing unpurchased Aurelian
Shares will be forwarded to the address of the registered Shareholder as shown on the securities register maintained by&nbsp;Aurelian. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Shareholders depositing Aurelian Shares will not be required to pay any fee or commission if they accept the Offer by depositing their Aurelian Shares directly
with the Depositary or if they make use of the services of a member of the Soliciting Dealer Group to accept the Offer. If you own your Aurelian Shares through a broker or other nominee who is not a
member of the Soliciting Dealer Group and your broker or nominee tenders your Aurelian Shares on your behalf, your broker or nominee may charge you a fee for doing&nbsp;so.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time for Acceptance  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is open for acceptance, unless extended or withdrawn by the Offeror in accordance with applicable law and the Support Agreement, until 6:00&nbsp;p.m.
(Toronto time) on September&nbsp;3, 2008. See Section&nbsp;6 of this Offer to Purchase, "Extensions, Variations and Changes to the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manner of Acceptance  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Letter of Transmittal  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer may be accepted by Shareholders by depositing the following documents with the Depositary at any of the offices specified in the Letter of Transmittal
no later than the Expiry&nbsp;Time: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
Letter of Transmittal (or&nbsp;a manually signed facsimile thereof), properly completed and duly executed as required by the instructions set out in the
Letter of&nbsp;Transmittal;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
certificate(s) representing the Aurelian Shares in respect of which the Offer is being accepted;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
other documents required by the instructions set out in the Letter of&nbsp;Transmittal. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
in CDS should contact the Depositary with respect to the deposit of their Aurelian Shares under the Offer. CDS will be issuing instructions to its participants as to the
method of depositing such Aurelian&nbsp;Shares under the Offer. No fee or commission will be payable by Shareholders who deposit their Aurelian&nbsp;Shares pursuant to the Offer directly to the
Depositary or who make use of the facilities of a member of a Soliciting Dealer Group to accept the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer will be deemed to be accepted only if the Depositary actually has received these documents at or before the Expiry Time at one of the addresses for the Depositary indicated on
the Letter of&nbsp;Transmittal. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who cannot comply on a timely basis with these procedures for deposit of the requisite certificates for Aurelian Shares may deposit certificates representing Aurelian Shares
pursuant to the procedure for guaranteed delivery described below. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Currency of Payment  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash payable under the Offer in lieu of fractional Kinross Shares will be denominated in Canadian dollars. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Signature Guarantees  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No signature guarantee is required on the Letter of Transmittal if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Letter of Transmittal is signed by the registered owner of the Aurelian Shares exactly as the name of the registered Shareholder appears on the Aurelian
Share certificate deposited therewith, and the certificates for Kinross Shares and Kinross Warrants issuable and the cash payable, if any, in each case under the Offer, are to be delivered directly to
such registered Shareholder;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian
Shares are deposited for the account of an Eligible Institution. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other cases, all signatures on the Letter of Transmittal must be guaranteed by an Eligible Institution. If a certificate representing Aurelian Shares is registered in the name of
a person other than the signatory of a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=31,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=767751,FOLIO='22',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_23"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Letter
of Transmittal or if the certificates for the Kinross Shares and the Kinross Warrants issuable and the cash payable, if any, are to be delivered to a person other than the registered owner, the
certificate must be endorsed or accompanied by an appropriate power of attorney, in either case, signed exactly as the name of the registered owner appears on the certificate with the signature on the
certificate or power of attorney guaranteed by an Eligible Institution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Method of Delivery  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The method of delivery of Aurelian Shares, the Letter of Transmittal, the Notice of Guaranteed Deliver and all other required documents is at the option and risk
of the depositing Shareholder. The Offeror recommends that those documents be delivered by hand to the Depositary and that a receipt be obtained or, if certificates for Aurelian Shares and the other
documents are to be sent by mail, registered mail with return receipt requested, properly insured, is recommended, and it is suggested that the mailing be made sufficiently in advance of the Expiry
Time to permit delivery to the Depositary on or prior to such time. Delivery will only be effective upon actual receipt of certificates for such Aurelian Shares by the&nbsp;Depositary. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A Shareholder who wishes to deposit Aurelian Shares under the Offer and whose Aurelian Shares are registered in the name of a broker, dealer, commercial bank,
trust company or other nominee should immediately contact such nominee in order to take the necessary steps to be able to deposit such Aurelian Shares under the&nbsp;Offer.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Procedure for Guaranteed Delivery  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Shareholder wishes to accept the Offer and either (i)&nbsp;the certificates representing such Shareholder's Aurelian Shares are not immediately available
or (ii)&nbsp;such Shareholder cannot deliver the certificates and Letter of Transmittal to the Depositary by the Expiry Time, those Aurelian Shares may nevertheless be deposited under the Offer
provided that all of the following conditions are&nbsp;met: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>such
deposit is made only at the principal office of the Depositary in Toronto, Ontario, by or through an Eligible Institution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
Notice of Guaranteed Delivery (or&nbsp;a manually signed facsimile thereof), properly completed and duly executed, including a guarantee to deliver by
an Eligible Institution in the form set out in the Notice of Guaranteed Delivery, is received by the Depositary at its principal office in Toronto, Ontario, at or before the Expiry Time;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
certificate(s) representing the Deposited Shares, in proper form for transfer, together with a properly completed and duly signed Letter of Transmittal
(or&nbsp;a manually signed facsimile thereof), relating to such Aurelian Shares, with signatures guaranteed if so required in accordance with the Letter of Transmittal, and all other documents
required by such Letter of Transmittal, are received at the Toronto, Ontario, office of the Depositary by 5:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the
Expiry&nbsp;Date. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notice of Guaranteed Delivery may be delivered by hand or couriered or transmitted by electronic facsimile or mailed to the Depositary only at its principal office in Toronto,
Ontario, and must include a signature guarantee by an Eligible Institution in the form set forth in the Notice of Guaranteed Delivery. Delivery of the Notice of Guaranteed Delivery and the Letter of
Transmittal and accompanying certificate and other required documents to any other office other than the Toronto, Ontario office of the Depositary does not constitute delivery for the purpose of
satisfying the guaranteed delivery. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Acceptance by Book-Entry Transfer  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may accept the Offer by following the procedures for a book-entry transfer established by CDS, provided that a Book-Entry
Confirmation through CDSX is received by the Depositary at its office in Toronto, Ontario prior to the Expiry Time. The Depositary has established an account at CDS for the purpose of the Offer. Any
financial institution that is a participant in CDS may cause CDS to make a book-entry transfer of a Shareholder's Aurelian Shares into the Depositary's account in accordance with CDS
procedures for such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=32,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=673280,FOLIO='23',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_24"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>transfer.
Delivery of Aurelian Shares to the Depositary by means of a book-entry transfer will constitute a valid tender under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders,
through their respective CDS participants, who use CDSX to accept the Offer through a book-entry transfer of their holdings into the Depositary's account with
CDS shall be deemed to have completed and submitted a Letter of Transmittal and to be bound by the terms thereof and therefore such instructions received by the Depositary are considered a valid
tender in accordance with the terms of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who wish to accept the Offer by Book-Entry Confirmation should contact the Depositary for assistance. Contact details for the Depositary may be found on the last
page of this&nbsp;Document. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Determination of Validity  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All questions as to the form of documents and the validity, eligibility (including time of receipt) and acceptance for exchange of any deposit of Aurelian Shares
will be determined by the Offeror in its sole discretion, which determination will be final and binding on all parties. The Offeror reserves the absolute right to reject any and all deposits of
Aurelian Shares determined by it not to be in proper form, or the issue of Kinross Shares and Kinross Warrants and payment of cash, if any, in respect of which may, in the opinion of the Offeror's
counsel, be unlawful. The Offeror also reserves the absolute right to waive (i)&nbsp;any of the conditions of the Offer, provided, however, that pursuant to the Support Agreement the Offeror has
agreed not to waive the Minimum Tender Condition in order to acquire less than 50.1% of the Aurelian Shares outstanding (calculated on a fully-diluted basis) without the prior written consent of
Aurelian; or (ii)&nbsp;any defect or irregularity in any deposit of Aurelian Shares. No deposit of Aurelian Shares will be deemed to be properly made until all defects and irregularities have been
cured or waived. None of the Offeror, the Depositary or any other person will be under any duty to give notification of any defect or irregularity in deposits or incur any liability for failure to
give any such notice. The Offeror's interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the Notice of Guaranteed Delivery) will be final and binding on all
parties. The Offeror reserves the right to permit the Offer to be accepted in a manner other than as set forth&nbsp;herein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
no circumstances will any amount be paid by the Offeror or the Depositary by reason of any delay in exchanging any Aurelian Shares or in making payments for in lieu of fractional
Kinross Shares to any person on account of Aurelian Shares accepted for exchange pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Dividends and Distributions  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the Offer and subject, in particular, to Aurelian Shares being validly withdrawn by or on behalf of a depositing
Shareholder, and except as provided below, by accepting the Offer pursuant to the procedures set forth above, a Shareholder deposits, sells, assigns and transfers to the Offeror all right, title and
interest in and to the Aurelian Shares covered by the Letter of Transmittal delivered to the Depositary (the "</FONT><FONT SIZE=2><B>Deposited Shares</B></FONT><FONT SIZE=2>") and in and to all
rights and benefits arising from such Deposited Shares including any and all dividends, distributions, payments, securities, property or other interests which may be declared, paid, accrued, issued,
distributed, made or transferred on or in respect of the Deposited Shares or any of them on and after the date of the Offer, including any dividends, distributions or payments on such dividends,
distributions, payments, securities, property or other interests (collectively, "</FONT><FONT SIZE=2><B>Distributions</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Power of Attorney  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An executed Letter of Transmittal (or, in the case of shares deposited by book-entry transfer by the making of a book-entry transfer into
the Depositary's accounts with CDS) irrevocably approves, constitutes and appoints, effective on and after the date that the Offeror takes up and pays for the Deposited Shares covered by the Letter of
Transmittal or book-entry transfer (which shares upon being taken up and paid for are, together with any Distributions thereon, hereinafter referred to as the
"</FONT><FONT SIZE=2><B>Purchased Securities</B></FONT><FONT SIZE=2>"), certain officers of the Offeror and any other person designated by the Offeror in writing (each an
"</FONT><FONT SIZE=2><B>Appointee</B></FONT><FONT SIZE=2>") as the true and lawful agents, attorneys and attorneys-in-fact and proxies, with full power of substitution (such
power of attorney being deemed to be an irrevocable power coupled with an interest), of the depositing Shareholder with respect to the Purchased Securities. The Letter of Transmittal or the making of
a book-entry transfer authorizes an Appointee, in the name and on behalf of such Shareholder (a)&nbsp;to register or record the transfer and/or cancellation of such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=33,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=61801,FOLIO='24',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_25"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Purchased
Securities (to&nbsp;the extent consisting of securities) on the appropriate register maintained by or on behalf of Aurelian; (b)&nbsp;for so long as any Purchased Securities are
registered or recorded in the name of such Shareholder (whether or not they are now so registered or recorded), to exercise any and all rights of such Shareholder including the right to vote, to
execute and deliver any and all instruments of proxy, authorizations or consents in form and on terms satisfactory to the Offeror in respect of any or all Purchased Securities, to revoke any such
instrument, authorization or consent, and to designate in such instrument, authorization or consent any person or persons as the proxy of such Shareholder in respect of the Purchased Securities for
all purposes including in connection with any meeting or meetings (whether annual, special or otherwise or any adjournment thereof, including any meeting to consider a Subsequent Acquisition
Transaction) of holders of relevant securities of Aurelian; (c)&nbsp;to execute, endorse and negotiate, for and in the name of and on behalf of such Shareholder, any and all cheques or other
instruments representing any Distribution payable to or to the order of, or endorsed in favour of, such Shareholder; and (d)&nbsp;to exercise any other rights of a holder of Purchased Securities. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Shareholder accepting the Offer under the terms of the Letter of Transmittal revokes any and all other authority, whether as agent, attorney-in-fact, attorney,
proxy or otherwise, previously conferred or agreed to be conferred by the Shareholder at any time with respect to the Deposited Shares or any Distributions. The Shareholder accepting the Offer agrees
that no subsequent authority, whether as agent, attorney-in-fact, attorney, proxy or otherwise will be granted with respect to the Deposited Shares or any Distributions by or
on behalf of the depositing Shareholder unless the Deposited Shares are not taken up and paid for under the Offer. A Shareholder accepting the Offer also agrees not to vote any of the Purchased
Securities at any meeting (whether annual, special or otherwise or any adjournment thereof, including any meeting to consider a Subsequent Acquisition Transaction) of holders of relevant securities of
Aurelian and not to exercise any of the other rights or privileges attached to the Purchased Securities, and agrees to execute and deliver to the Offeror any and all instruments of proxy,
authorizations or consents in respect of any or all of the Purchased Securities, and agrees to appoint in any such instruments of proxy, authorizations or consents, the person or persons specified by
the Offeror as the proxy of the holder of the Purchased Securities. </FONT><FONT SIZE=2><B>Upon such appointment, all prior proxies and other authorizations (including all appointments of any agent,
attorney-in-fact or attorney) or consents given by the holder of such Purchased Securities with respect thereto will be revoked and no subsequent proxies or other
authorizations or consents may be given by such person with respect thereto.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Further Assurances  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Shareholder accepting the Offer covenants under the terms of the Letter of Transmittal to execute, upon request of the Offeror, any additional documents,
transfers and other assurances as may be necessary or desirable to complete the sale, assignment and transfer of the Purchased Securities to the Offeror. Each authority therein conferred or agreed to
be conferred may be exercised during any subsequent legal incapacity of such holder and shall, to the extent permitted by law, survive the death or incapacity, bankruptcy or insolvency of the holder
and all obligations of the holder therein shall be binding upon the heirs, executors, administrators, attorneys, personal representatives, successors and assigns of such Shareholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Binding Agreement  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acceptance of the Offer pursuant to the procedures set forth above constitutes a binding agreement between a depositing Shareholder and the Offeror, effective
immediately following the Offeror taking up Aurelian Shares deposited by such Shareholder, in accordance with the terms and conditions of the Offer. This agreement includes a representation and
warranty by the depositing Shareholder that (i)&nbsp;the person signing the Letter of Transmittal or on whose behalf a book-entry transfer is made owns the Deposited Shares and has full
power and authority to deposit, sell, assign and transfer the Deposited Shares and any Distributions being deposited under the Offer, (ii)&nbsp;the Deposited Shares and Distributions have not been
sold, assigned or transferred, nor has any agreement been entered into to sell, assign or transfer any of the Deposited Shares and Distributions, to any other person, (iii)&nbsp;the deposit of the
Deposited Shares and Distributions complies with applicable laws, and (iv)&nbsp;when the Deposited Shares and Distributions are taken up and paid for by the Offeror, the Offeror will acquire good
title thereto, free and clear of all liens, restrictions, charges, encumbrances, claims and rights of&nbsp;others. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=34,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=886627,FOLIO='25',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_26"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extensions, Variations and Changes to the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer will be open for acceptance at the places of deposit specified in the Letter of Transmittal until the Expiry Time, unless the Offer is extended or
withdrawn by the&nbsp;Offeror. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the limitations described below, the Offeror expressly reserves the right, in its sole discretion, at any time and from time to time while the Offer is open for acceptance, to
vary the terms of the Offer or extend the Expiry Time, in accordance with applicable laws, by giving notice in writing to the Depositary at
its office in Toronto, Ontario. Also, if at any time before the Expiry Time, or at any time after the Expiry Time, but before the expiry of all rights of withdrawal with respect to the Offer, a change
occurs in the information contained in this Offer and Circular, as amended from time to time, that would reasonably be expected to affect the decision of a Shareholder to accept or reject the Offer
(other than a change that is not within the control of the Offeror or an affiliate of the Offeror, unless it is a change in a material fact relating to the Kinross Shares), the Offeror will give
written notice of such change to the Depositary at its office in Toronto, Ontario. Upon the giving of such notice to the Depositary, the Expiry Time or withdrawal rights, as applicable, will be deemed
to be extended to the date specified in such notice or as required by applicable law, or in the case of a variation, the Offer will be deemed to be varied in the manner described in such notice, as
the case may be. The Offeror will, as soon as practicable after giving any such notice to the Depositary, publicly announce the extension, variation or change and, if required by applicable law, cause
the Depositary to mail a copy of any such notice to Shareholders as required by applicable securities legislation at their respective addresses appearing in the share register of Aurelian. In
addition, the Offeror will provide a copy of such notice to the TSX, the NYSE and the applicable regulatory authorities. Any notice of extension, variation or change will be deemed to have been given
and be effective on the day on which it is delivered or otherwise communicated to the Depositary at its office in Toronto, Ontario. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Support Agreement and the Lock-Up Agreements restrict Kinross' ability to amend certain of the terms and conditions of the Offer without the prior written consent of
Aurelian and, in some cases, certain Locked-Up Shareholders. See Section&nbsp;4 of the Circular, "Background to the Offer&nbsp;&#151;&nbsp;Support Agreement", and
"Background to the Offer&nbsp;&#151;&nbsp;Lock-Up Agreements". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any extension of the Offer, all Aurelian Shares previously deposited and not withdrawn will remain subject to the Offer and may be accepted for purchase by the Offeror in
accordance with the terms of the Offer, subject to Section&nbsp;8 of this Offer to Purchase, "Right to Withdraw Deposited Aurelian Shares". An extension of the Expiry Time will not, in and of
itself, constitute a waiver by the Offeror of any of its rights under Section&nbsp;2 of this Offer to Purchase, "Conditions of the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
applicable Canadian provincial securities laws, if there is a variation in the terms of the Offer, the&nbsp;period during which Aurelian Shares may be deposited under the Offer
will not expire before 10&nbsp;days after the date that the notice of variation has been&nbsp;delivered. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
before the Expiry Time, the Offeror in its sole discretion elects to increase the Offered Consideration, such increase will be applicable to all holders whose Aurelian Shares are
taken up under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Capitalization of Aurelian; Liens  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on or after the date of the Offer, Aurelian should divide, combine, reclassify, consolidate, convert or otherwise change any of the Aurelian Shares or its
capitalization, or should disclose that it has taken or intends to take any such action, then the Offeror may, in its sole discretion and without prejudice to its rights under Section&nbsp;2 of this
Offer to Purchase, "Conditions of the Offer", make such adjustments as it deems appropriate to reflect such division, combination, reclassification, consolidation, conversion or other
change in the Offered Consideration or other terms of the Offer (including the type of securities offered to be purchased and the consideration payable therefor). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
Shares acquired pursuant to the Offer shall be transferred by the Shareholder and acquired by the Offeror free and clear of all liens, charges, encumbrances, claims and equities
and together with all rights and benefits arising therefrom, including the right to any and all dividends, distributions, payments, securities, rights, assets or other interests which may be declared,
paid, issued, distributed, made or transferred on or after the date of the Offer on or in respect of the Aurelian Shares, whether or not separated from the Aurelian Shares, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=35,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=701782,FOLIO='26',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_27"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>but
subject to any Aurelian Shares being validly withdrawn by or on behalf of a depositing Shareholder. If, on or after the date of the Offer, Aurelian should declare or pay any dividend or declare,
make or pay any other distribution or payment on or declare, allot, reserve or issue any securities, rights or other interests with respect to any Aurelian Shares, which is or are payable or
distributable to Shareholders of record on a date prior to the transfer into the name of the Offeror or its nominees or transferees on the securities register maintained by or on behalf of Aurelian in
respect of Aurelian Shares, then the whole of any such dividend, distribution, payment, right or other interest will be promptly remitted and transferred by the depositing Shareholder to the
Depositary for the account of the Offeror accompanied by appropriate documentation of transfer. Pending such remittance, the Offeror will be entitled to any such dividend, distribution, payment, right
or other interest and may deduct from the purchase price payable by the Offeror pursuant to the Offer the amount or value thereof, as determined by the Offeror in its sole discretion. The declaration
or payment of any such dividend or distribution may have tax consequences not discussed in Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax Considerations". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right to Withdraw Deposited Aurelian Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Section&nbsp;8, all deposits of Aurelian Shares to the Offer will be irrevocable. Unless otherwise required or permitted by
applicable laws, any Aurelian Shares deposited in acceptance of the Offer may be withdrawn by or on behalf of the depositing Shareholder: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at
any time before the Aurelian Shares have been taken up by the Offeror pursuant to the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>if
the Aurelian Shares have not been paid for by the Offeror within three business days after having been taken up;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at
any time before the expiration of 10&nbsp;days from the date upon which&nbsp;either:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
notice of change relating to a change in the information contained in the Offer, as amended from time to time, that would reasonably be expected to affect
the decision of a Shareholder to accept or reject the Offer (other than a change that is not within the control of the Offeror or an affiliate of the Offeror, unless it is a change in a material fact
relating to the Kinross Shares and Kinross Warrants), in the event that such change occurs at or before the Expiry Time or after the Expiry Time but before the expiry of all rights of withdrawal in
respect of the Offer;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
notice of variation concerning a variation in the terms of the Offer (other than a variation consisting solely of an increase in the consideration
offered for the Aurelian Shares where the Expiry Time is not extended for more than 10&nbsp;days), </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>is
mailed, delivered, or otherwise properly communicated, but subject to abridgement of that period pursuant to such order or orders as may be granted by applicable courts or securities regulatory
authorities and only if such Deposited Shares have not been taken up by the Offeror at the date of the&nbsp;notice. </FONT></P>

</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a withdrawal to be effective, a written or facsimile transmission notice of withdrawal must be received in a timely manner by the Depositary at the place of deposit of the relevant
Aurelian Shares. Any such notice of withdrawal must (i)&nbsp;be made by a method, including a manually signed facsimile transmission, that provides the Depositary with a written or printed copy;
(ii)&nbsp;be signed by or on behalf of the person who signed the Letter of Transmittal (or&nbsp;Notice of Guaranteed Delivery) that accompanied the Aurelian Shares to be withdrawn;
(iii)&nbsp;specify the number of Aurelian Shares to be withdrawn, the name of the registered Shareholder and the certificate number shown on the share certificate(s) representing each Aurelian Share
to be withdrawn; and (iv)&nbsp;must be actually received by the Depositary at the place of deposit for the applicable Aurelian Shares (or&nbsp;Notice of Guaranteed Delivery in respect thereof). No
signature guarantee is required on a notice of withdrawal if the notice of withdrawal is signed by the registered Shareholder exactly as the name of the registered Shareholder appears on the
certificate representing Aurelian Shares deposited with the Letter of Transmittal or if the Aurelian Shares were deposited for the account of an Eligible Institution. In all other cases, the signature
on a notice of withdrawal must be guaranteed by an Eligible Institution. The withdrawal will take effect upon actual receipt by the Depositary of the properly completed notice of withdrawal. </FONT> <FONT SIZE=2><B>A withdrawal of Aurelian Shares
deposited pursuant to the Offer can only be accomplished in accordance with the foregoing  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=36,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=598238,FOLIO='27',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_28"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> procedure. The withdrawal will take effect only upon actual receipt by the Depositary of the properly completed and executed written or facsimile notice of&nbsp;withdrawal.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively,
if Aurelian Shares have been deposited pursuant to the procedures for book-entry transfer, as set forth in Section&nbsp;5 of this Offer to Purchase, "Manner
of Acceptance&nbsp;&#151;&nbsp;Acceptance by Book-Entry Transfer", any notice of withdrawal must specify the name and number of the account at CDS to be credited
with the withdrawn Aurelian Shares and otherwise comply with the procedures of&nbsp;CDS. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>All questions as to form and validity (including time of receipt) of notices of withdrawal will be determined by the Offeror in its sole discretion and such
determination will be final and binding. There will be no duty or obligation on the Offeror, the Depositary or any other person to give notice of any defect or irregularity in any notice of
withdrawal, and no liability will be incurred by any of them for failure to give such&nbsp;notice.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawals
may not be rescinded and any Aurelian Shares properly withdrawn will thereafter be deemed not validly deposited for the purposes of the Offer. However, withdrawn Aurelian
Shares may be re-deposited at any subsequent time prior to the Expiry Time by again following any of the procedures described in Section&nbsp;5 of this Offer to Purchase, "Manner
of&nbsp;Acceptance". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Offeror extends the period of time during which the Offer is open, is delayed in taking up or paying for or exchanging the Aurelian Shares or is unable to take up or pay for or
exchange Aurelian Shares for any reason, then, without prejudice to the Offeror's other rights under the Offer, the Depositary may, subject to applicable laws, retain on behalf of the Offeror all
Deposited Shares and Distributions, and such Aurelian Shares may not be withdrawn except to the extent that depositing Shareholders are entitled to withdrawal rights as set forth in this
Section&nbsp;8 or&nbsp;pursuant to applicable&nbsp;laws. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Deposited Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Deposited Shares are not taken up and paid for pursuant to the terms and conditions of the Offer for any reason, or if certificates are submitted for more
Aurelian Shares than are deposited, certificates for unpurchased Aurelian Shares will be returned to the depositing Shareholder as soon as is practicable following the termination or withdrawal of the
Offer by either (i)&nbsp;sending new certificates representing Aurelian Shares not purchased or by returning the deposited certificates (and&nbsp;other relevant documents) or (ii)&nbsp;in the
case of Aurelian Shares deposited by book-entry transfer of such Aurelian Shares pursuant to the procedures set forth in Section&nbsp;5 of this Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Acceptance by Book-Entry Transfer", such Aurelian Shares will be credited to the depositing Shareholder's account maintained with CDS.
Certificates (and&nbsp;other relevant documents) will be forwarded by first class mail in the name of and to the address specified by the Shareholder in the Letter of Transmittal or, if such name or
address is not so specified, in such name and to such address as shown on the share register maintained by Aurelian or its transfer agent, as soon as practicable after the termination of
the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;Mail Service Interruption  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of the Offer, the Circular, the Letter of Transmittal and the Notice of Guaranteed Delivery, cheques, share certificates and any
other relevant documents will not be mailed if the Offeror determines that delivery thereof by mail may be delayed. A person entitled to cheques, share certificates and any other relevant documents
which are not mailed for the foregoing reason may take delivery thereof at the office of the Depositary at which the Aurelian Shares were delivered, upon application to the Depositary, until such time
as the Offeror has determined that delivery by mail will no longer be delayed. Notwithstanding Section&nbsp;11 of this Offer to Purchase, "Notice and Delivery", the deposit of cheques, share
certificates and any other relevant documents with the Depositary in such circumstance will constitute delivery to the persons entitled thereto and the Aurelian Shares will be deemed to have been paid
for immediately upon such deposit. Notice of any determination regarding mail service delay or interruption made by the Offeror will be given in accordance with Section&nbsp;11 of this Offer to
Purchase, "Notice and&nbsp;Delivery". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=37,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=148866,FOLIO='28',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_29"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;Notice and Delivery  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any other lawful means of giving notice, any notice which the Offeror or the Depositary may give or cause to be given under the Offer will be
deemed to have been properly given to registered Shareholders if it is mailed by prepaid, first class mail to the registered Shareholders at their respective addresses appearing in the appropriate
registers maintained by Aurelian in respect of the Aurelian Shares and will be deemed, unless otherwise specified by applicable laws, to have been received on the first business day following the date
of mailing. For this purpose, "business day" means any day other than a Saturday, Sunday or statutory holiday in the jurisdiction to which the notice is mailed. These provisions apply notwithstanding
any accidental omission to give notice to any one or more Shareholders and notwithstanding any interruption of mail service in Canada or the United&nbsp;States following mailing. Except as otherwise
required or permitted by law, in the event of any interruption of mail service in Canada or the United&nbsp;States, the Offeror intends to make reasonable efforts to disseminate the notice by other
means such as publication. Except as otherwise required or permitted by law, if post offices in Canada or the United&nbsp;States are not open for the deposit of mail, or there is reason to believe
that there is or could be a disruption in all or any part of the postal service, any notice which the Offeror or the Depositary may give or cause to be given under the Offer will be deemed to have
been properly given and to have been received by Shareholders if (i)&nbsp;it is given to the TSX and the NYSE for dissemination through their facilities, (ii)&nbsp;if it is published once in the
National Edition of </FONT><FONT SIZE=2><I>The Globe and Mail</I></FONT><FONT SIZE=2> or the </FONT><FONT SIZE=2><I>National Post</I></FONT><FONT SIZE=2>, together with the </FONT> <FONT SIZE=2><I>Wall Street Journal</I></FONT><FONT SIZE=2> or the
</FONT><FONT SIZE=2><I>New&nbsp;York Times</I></FONT><FONT SIZE=2>, and </FONT><FONT SIZE=2><I>La
Presse</I></FONT><FONT SIZE=2>, or (iii)&nbsp;it is given to the Marketwire News Wire Service and the Dow&nbsp;Jones News Wire Service for dissemination through their facilities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
post offices are not open for the deposit of mail, the Offer, the Circular, the Letter of Transmittal and the Notice of Guaranteed Delivery will be mailed to registered
Shareholders by first class mail, postage prepaid or made available in such other manner as is permitted by applicable regulatory authorities and the Offeror will use its reasonable efforts to furnish
such documents to brokers, banks and similar persons whose names, or the names of whose nominees, appear on the security holder list, or, if applicable, who are listed as participants in a clearing
agency's security position listing, for subsequent transmission to beneficial owners of Aurelian Shares when such list or listing is&nbsp;received. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Wherever the Offer calls for documents to be delivered to the Depositary, those documents will not be considered delivered unless and until they have been
physically received at one of the addresses listed for the Depositary in the Letter of Transmittal or the Notice of Guaranteed Delivery, as applicable. Wherever the Offer calls for documents to be
delivered to a particular office of the Depositary, those documents will not be considered delivered unless and until they have been physically received at the particular office at the address listed
in the Letter of Transmittal or Notice of Guaranteed Delivery, as&nbsp;applicable.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;Market Purchases  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror has agreed with Aurelian that from the date of the Support Agreement until the Take-Up Date, it will not purchase any Aurelian Shares
except under the Offer or pursuant to the Private Placement. The Offeror has also agreed that it will tender all of the Aurelian Shares acquired by way of the Private Placement to a Superior Proposal
or vote in favour of a Superior Proposal, if applicable, if (a)&nbsp;the Offeror does not exercise its right to match pursuant to the Support Agreement, and (b)&nbsp;the Support Agreement has been
terminated pursuant to its&nbsp;terms. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the Offeror has no current intention to do so, subject to compliance with applicable securities laws, the Offeror reserves the right to make or enter into an arrangement,
commitment or understanding prior to the Expiry Time to sell after the Expiry Time any Aurelian Shares taken up and paid for under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;Other Terms of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>No broker, dealer or other person has been authorized to give any information or to make any representation or warranty on behalf of the
Offeror other than as contained in the Offer and Circular and as set forth on the registration statement on Form&nbsp;F-8 filed by the Offeror in connection with the Offer, and, if any
such information, representation or warranty is given or made, it must not be relied upon as having been authorized.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=38,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=971658,FOLIO='29',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_cg41705_1_30"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of the Circular, the Letter of Transmittal and the Notice of Guaranteed Delivery accompanying the Offer, including the instructions and rules contained therein, as
applicable, form part of the terms and conditions of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such transfer will not relieve the Offeror of its obligations under the Offer and will not prejudice the rights of Shareholders depositing Aurelian Shares to receive payment for
Aurelian Shares validly deposited and taken up pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer and all contracts resulting from the acceptance thereof will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein. In any jurisdiction in which the Offer is required to be made by a licensed broker or dealer, the Offer shall be made on behalf of the Offeror by brokers or dealers licensed under
the laws of such jurisdiction. Each party to any agreement resulting from the acceptance of the Offer unconditionally and irrevocably attorns to the exclusive jurisdiction to the courts of the
Province of&nbsp;Ontario. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This document does not constitute an offer or a solicitation to any person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not
being made or directed to, nor will deposits of Aurelian Shares be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or acceptance of the Offer would not be in
compliance with the laws of such jurisdiction. However, the Offeror may, in its sole discretion, take such action as it may deem necessary to extend the Offer to Shareholders in any such
jurisdiction.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Offeror, in its sole discretion, shall be entitled to make a final and binding determination of all questions relating to the interpretation of the Offer, the
validity of any acceptance of the Offer, the validity of any deposit of Aurelian Shares, and the validity of any withdrawals of Aurelian Shares.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer to Purchase and the accompanying Circular constitute the take-over bid circular required under applicable Canadian provincial securities legislation with respect to
the Offer. Shareholders are urged to refer to the accompanying Circular for additional information relating to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Dated:
July&nbsp;28, 2008 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="229" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B>
<IMG SRC="g658729.jpg" ALT="LOGO" WIDTH="216" HEIGHT="69">
 </B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2>TYE W. BURT</FONT><BR>
<FONT SIZE=2><I>President, Chief Executive Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=39,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=1033832,FOLIO='30',FILE='DISK125:[08ZCL5.08ZCL41705]CG41705A.;20',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_da41705_1_31"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>CIRCULAR  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This Circular is furnished in connection with the Offer to Purchase dated July&nbsp;28, 2008 by Kinross to purchase,
upon the terms and subject to the conditions described therein, all of the issued and outstanding Aurelian Shares, including any Aurelian Shares that may become issued and outstanding after the date
of the Offer upon the conversion, exchange or exercise of any securities of Aurelian that are convertible into or exchangeable or exercisable for Aurelian Shares (other than SRP Rights). The terms and
provisions of the Offer, the Letter of Transmittal and the Notice of Guaranteed Delivery are incorporated into and form part of this Circular. Shareholders are urged to refer to the Offer to Purchase
for details of its terms and conditions, including details as to payment and withdrawal rights. Defined terms used in the Offer to Purchase are used in the Circular with the same meaning unless the
context otherwise requires.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross is principally engaged in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the acquisition of,
gold bearing properties in North and South America and the Russian Federation. The principal products of Kinross are gold and silver produced in the form of dor&eacute; that is shipped to
refineries for final processing. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross'
strategy is to increase shareholder value through increases in reserves, production, net asset value and long-term cash flow and earnings per share. Kinross'
strategy also consists of optimizing
the performance and, therefore, the value of existing operations, investing in quality exploration and development projects and acquiring new potentially accretive properties and&nbsp;projects. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
material properties of Kinross as of December&nbsp;31, 2007 were as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="303" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="85" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67" style="font-family:times;"></TD>
<TD WIDTH="3" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:31pt;"><FONT SIZE=1><B>Property<SUP>(1)</SUP>

<!-- COMMAND=ADD_SCROPPEDRULE,31pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Location </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Property Ownership </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Fort Knox</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>United&nbsp;States</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Paracatu</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Brazil</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Maricunga</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Chile</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Kupol</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Russian Federation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><SUP>(3)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Cerro Casale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Chile</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><SUP>(4)</SUP></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>The
Fort Knox and Paracatu properties are subject to various royalties.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Kinross
holds a 100% interest in the properties forming part of the Fort Knox mine except for the Gil property, in which Kinross holds an
80%&nbsp;interest.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Kinross
holds a 75% (less one share) interest in the Kupol mine. The remaining 25% (plus one share) is held by the Government of&nbsp;Chukotka.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>The
remaining 51% interest is held by Barrick&nbsp;Gold Corporation, following its acquisition of all of the issued and outstanding shares of Arizona Star
Resource Corp. on March&nbsp;12,&nbsp;2008. </FONT></DD></DL>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as of December&nbsp;31, 2007, Kinross held a 50% interest in the Crixas mine, situated in Brazil, a 100% interest in the Kettle
River-Buckhorn project in Washington, United&nbsp;States, a 50% interest in the Round Mountain mill in Nevada, United&nbsp;States, a 100% interest in the La Coipa mine in Chile, a 90% interest in
the Julietta mine in the Russian Federation and other mining properties in various stages of exploration, development, reclamation, and closure. Kinross' principal product is gold and it also produces
silver. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross'
share of proven and probable mineral reserves as at December&nbsp;31, 2007 was 46.6&nbsp;million ounces of gold and 77.0&nbsp;million ounces of&nbsp;silver. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
was initially created in May&nbsp;1993 by amalgamation of CMP Resources&nbsp;Ltd., Plexus Resources Corporation, and 1021105&nbsp;Ontario Corp. In December&nbsp;2000,
Kinross amalgamated with LT Acquisition&nbsp;Inc.; in January&nbsp;2005, Kinross amalgamated with its wholly-owned subsidiary, TVX&nbsp;Gold&nbsp;Inc.; and in January&nbsp;2006 it
amalgamated with its wholly-owned subsidiary, Echo Bay Mines&nbsp;Ltd. Kinross is the continuing entity resulting </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=40,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=199997,FOLIO='31',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_da41705_1_32"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>from
these amalgamations. Kinross is governed by the OBCA and its registered and principal offices are located at Suite&nbsp;5200, Scotia Plaza, 40&nbsp;King Street West, Toronto, Ontario,
M5H&nbsp;3Y2. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
is a reporting issuer or the equivalent in all provinces of Canada and files its continuous disclosure documents with the relevant Canadian securities regulatory authorities.
Such documents are available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>. Kinross is also an SEC registrant and accordingly files with or furnishes to the SEC certain documents.
Such documents are available at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Authorized and Outstanding Share Capital  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross is authorized to issue an unlimited number of Kinross Shares. As at July&nbsp;25, 2008, there were 615,153,816&nbsp;Kinross Shares issued and
outstanding. There are no limitations contained in the articles or bylaws of Kinross on the ability of a person who is not a Canadian resident to hold Kinross Shares or exercise the voting rights
associated with Kinross Shares. A summary of the rights of the Kinross Shares is set forth&nbsp;below. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Dividends  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Kinross Shares are entitled to receive dividends when, as and if declared by the board of directors of Kinross out of funds legally available therefor,
provided that if any Kinross preferred shares are
at the time outstanding, the payment of dividends on Kinross Shares or other distributions (including repurchases of Kinross Shares by Kinross) will be subject to the declaration and payment of all
cumulative dividends on outstanding Kinross preferred shares and any other preferred shares which are then outstanding. The OBCA provides that a corporation may not declare or pay a dividend if there
are reasonable grounds for believing that the corporation is or would, after the payment of the dividend, be unable to pay its liabilities as they fall due or the realizable value of its assets would
thereby be less than the aggregate of its liabilities and stated capital of all classes of shares of its&nbsp;capital. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Liquidation  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of the dissolution, liquidation, or winding up of Kinross, holders of Kinross Shares are entitled to share rateably in any assets remaining after the
satisfaction in full of the prior rights of creditors, including holders of Kinross' indebtedness, and the payment of the aggregate liquidation preference of the Kinross preferred shares and any other
preferred shares then outstanding. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Voting  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Kinross Shares are entitled to one vote for each share on all matters voted on by shareholders, including the election of&nbsp;directors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Price Range and Trading Volumes of Kinross Shares  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kinross Shares are listed and posted for trading on the TSX and the NYSE under the trading symbols "K" and "KGC", respectively. The following table sets
forth, for the periods indicated, the reported high, low and closing trading prices and the aggregate volume of trading of the Kinross Shares on the TSX and&nbsp;NYSE. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="112" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46" style="font-family:times;"></TD>
<TD WIDTH="3" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Kinross Shares on the TSX </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Kinross Shares on the NYSE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
(U.S.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low<BR>
(U.S.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close<BR>
(U.S.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2007</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> June</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.87</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>96,250,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.94</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>87,570,849</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> July</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.96</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.65</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>108,939,954</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.37</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.79</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.98</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>81,291,117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> August</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>108,114,779</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.27</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.87</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>101,910,030</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> September</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.86</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117,931,390</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.98</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>98,727,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> October</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>164,550,010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117,485,870</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> November</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>114,884,540</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16.75</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.35</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,731,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> December</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72,596,598</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>77,889,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=41,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=497364,FOLIO='32',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_da41705_1_33"> </A>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="112" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46" style="font-family:times;"></TD>
<TD WIDTH="3" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Kinross Shares on the TSX </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Kinross Shares on the NYSE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
(U.S.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low<BR>
(U.S.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close<BR>
(U.S.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2008</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> January</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.73</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159,234,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.05</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.74</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>199,823,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> February</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.78</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.35</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>85,798,014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.51</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.65</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126,938,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> March</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>146,029,485</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.49</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>146,358,797</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> April</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>89,698,269</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>119,219,773</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> May</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>84,019,997</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.99</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.97</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>96,279,585</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> June</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,653,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.97</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>112,972,390</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> July&nbsp;1 to 25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.37</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.34</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,109,253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.65</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>129,094,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
announced its intention to make the Offer on July&nbsp;24, 2008. On July&nbsp;23, 2008, the last trading day prior to such announcement, the closing price of the Kinross
Shares on the TSX was Cdn.$20.84. The volume-weighted average price of the Kinross Shares on the TSX for the 20&nbsp;trading days ending on July&nbsp;23, 2008 was Cdn.$22.95. On July&nbsp;23,
2008, the last trading day prior to such announcement, the closing price of the Kinross Shares on the NYSE was $20.73. The volume-weighted average price of the Kinross Shares on the NYSE for the
20&nbsp;trading days ending on July&nbsp;23, 2008 was&nbsp;$22.80. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Kinross Warrants  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kinross Warrants will be issued under and governed by a warrant indenture between Kinross and Computershare Trust Company of Canada
(the&nbsp;"</FONT><FONT SIZE=2><B>Warrant Agent</B></FONT><FONT SIZE=2>") to be dated the Effective Date (the&nbsp;"</FONT><FONT SIZE=2><B>Kinross Warrant Agreement</B></FONT><FONT SIZE=2>").
The following is a summary of the principal terms of the Kinross Warrants and the Kinross Warrant Agreement. This summary is qualified in its entirety by the full text of the Kinross Warrant Agreement
filed by Kinross (i)&nbsp;with the Canadian securities regulatory authorities and available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2> and (ii)&nbsp;with the SEC and
available at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Exercise of Kinross Warrants  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each whole Kinross Warrant will entitle the warrantholder to purchase one Kinross Share at an exercise price of Cdn.$32.00, as adjusted
(the&nbsp;"</FONT><FONT SIZE=2><B>Exercise Price</B></FONT><FONT SIZE=2>"), until 5.00&nbsp;p.m. (Toronto time) on the date that is five years following the Effective Date. Any Kinross Warrants
not exercised prior to such date will&nbsp;expire. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Kinross Warrants shall be evidenced by certificates (the&nbsp;"</FONT><FONT SIZE=2><B>Kinross Warrant Certificates</B></FONT><FONT SIZE=2>") issued pursuant to the terms of the
Kinross Warrant Agreement. A Kinross Warrant may be exercised by surrendering the Kinross Warrant Certificate evidencing such Kinross Warrant, with the accompanying form of election to purchase
properly completed and executed. Holders of Kinross Warrants who are in the United&nbsp;States, or
who are U.S.&nbsp;Persons, will not be permitted to exercise Kinross Warrants, although they may sell their Kinross Warrants to other persons who are permitted to exercise them. Warrantholders must
also pay the Exercise Price and any applicable transfer tax for any exercised Kinross Warrants in the form of a certified cheque or official bank draft payable in Canadian funds to the order of
Kinross, at the office or agency maintained by Kinross for such purpose, which initially will be the principal corporate trust office of the Warrant Agent in Toronto, Ontario. Finally, warrantholders
must also include any other documentation that the Warrant Agent reasonably requests, including a signature guarantee. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable after the exercise of any Kinross Warrant and payment by the holder of the Exercise Price and any applicable transfer tax, the Warrant Agent will deliver or cause
to be delivered, to or upon the written order of the exercising warrantholder, share certificates representing the number of whole Kinross Shares or other securities or property to which such
warrantholder is entitled. If less than all of the Kinross Warrants evidenced by a Kinross Warrant Certificate are to be exercised, a new Kinross Warrant Certificate will be issued for the remaining
number of Kinross Warrants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=42,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=98478,FOLIO='33',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_da41705_1_34"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>No Fractional Warrants or Kinross Shares  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only whole Kinross Warrants will be issued. No fractional Kinross Shares will be issuable upon exercise of any Warrants. To the extent that the holder of a
Kinross Warrant would otherwise be entitled to purchase a fraction of a Kinross Share, in lieu of a fractional share, the holder will receive a cash payment therefor based upon the then Current Market
Price of the Kinross&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>No Voting Rights  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A warrantholder does not have any voting or pre-emptive rights or any other rights as a shareholder of Kinross until the Kinross Warrants held by such
warrantholder have been duly exercised and Kinross Shares have been issued to the warrantholder pursuant thereto. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Anti-Dilution Adjustment Provisions  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kinross Warrant Agreement provides that the Exercise Price and/or the number and kind of securities or property issuable on the exercise of the Kinross
Warrants are subject to adjustment in certain events including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
subdivision or consolidation of the Kinross Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
issue to all or substantially all the holders of Kinross Shares of a stock dividend or other distribution in Kinross Shares or of securities convertible
into or exchangeable for Kinross Shares, other than an issue of securities to holders of outstanding Kinross Shares which constitutes a Dividend Paid in the Ordinary Course;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
issue of rights, options or warrants to all or substantially all the holders of Kinross Shares entitling them within a period of no longer than
45&nbsp;calendar days after the record date for such issue to acquire (i)&nbsp;Kinross Shares at less than 95% of the Current Market Price of the Kinross Shares or (ii)&nbsp;securities
convertible into or exchangeable for Kinross Shares where the conversion or exchange price at the date of issue of such convertible or exchangeable securities is less than 95% of the Current Market
Price of the Kinross Shares;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
distribution to all or substantially all the holders of Kinross Shares of (i)&nbsp;shares of any other class, (ii)&nbsp;rights, options or warrants
to acquire Kinross Shares, securities convertible into or exchangeable for Kinross Shares or other securities of Kinross or property or other assets of Kinross (other than those described in
(b)&nbsp;or (c)&nbsp;above), (iii)&nbsp;evidences of indebtedness, or (iv)&nbsp;cash, property or other assets of Kinross (excluding in each case Dividends Paid in the Ordinary Course). </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
will be no adjustment of the Exercise Price of the Kinross Warrants in respect of any events described above (other than in (a)&nbsp;above) if warrantholders are allowed to
participate as though they had exercised their Kinross Warrants prior to the applicable record date or effective date for such&nbsp;event. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
shall also be made for adjustment to the Exercise Price and/or the number and kind of securities or property issuable on exercise in connection with certain other events
as&nbsp;follows: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
the event of any change, reclassification or alteration of the Kinross&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
consolidation, arrangement, amalgamation, merger or other similar arrangement of Kinross with another company;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(z)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
transfer of all or substantially all of Kinross' assets. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
warrantholder who exercise Kinross Warrants after the effective date of one of the foregoing events described in (x), (y)&nbsp;or (z)&nbsp;above will be entitled to receive, and
will accept for the same aggregate consideration in lieu of the number of Kinross Shares to which such holder was previously entitled upon such exercise, the aggregate number of shares, other
securities or other property which such holder would have been entitled to receive as a result of such event if, on the effective date thereof, the holder had been the registered holder of the number
of Kinross Shares to which such holder was previously entitled upon exercise of such Kinross Warrants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=43,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=330604,FOLIO='34',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_da41705_1_35"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
adjustment in the Exercise Price or the number or kind of securities or property issuable upon exercise will be required to be made (a)&nbsp;unless the cumulative effect of such
adjustment or adjustments would change the Exercise Price by at least 1% or, in the event of a change in the number of Kinross Shares purchasable upon exercise, the number of Kinross Shares issuable
would change by at least one-hundredth of a share or (b)&nbsp;for greater certainty, in respect of the issue of Kinross Shares pursuant to (i)&nbsp;the exercise of the Kinross Warrants
or (ii)&nbsp;any Kinross security-based compensation plan (including stock option plans, restricted share unit plans, deferred share unit plans and share purchase plans) or dividend reinvestment
plan, any options granted to current or former Kinross employees or any other option or right to acquire Kinross&nbsp;Shares. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Modifications to Kinross Warrant Agreement and Kinross Warrants  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kinross Warrant Agreement provides that modifications and alterations to it and to the Kinross Warrants may be made if authorized by extraordinary resolution
if all necessary approvals are received. The term "extraordinary resolution" is defined in the Kinross Warrant Agreement to mean, in effect, a resolution passed by the affirmative votes of the holders
of not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the Kinross Warrants represented and voting at a meeting of the warrantholders or an instrument or instruments in writing signed by the holders of not less
than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Kinross Warrants. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Kinross Warrant Agreement and the Kinross Warrants may be modified and altered without authorization by extraordinary resolution and if all necessary approvals are received in order
to cure defects or ambiguities, or to make ministerial amendments, or otherwise, provided that the rights of warrantholders are not materially adversely affected thereby. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Governing Law  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kinross Warrant Agreement is governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Repurchase of Kinross Warrants  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, Kinross may purchase Kinross Warrants in the market or by tender or private contract, and any Kinross Warrants so purchased will
be&nbsp;cancelled. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Listing of Kinross Warrants  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An application has been made to list the Kinross Warrants on the TSX. The Kinross Warrants will not be listed on the&nbsp;NYSE. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Kinross Documents Incorporated by Reference and Further Information  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents of Kinross are specifically incorporated by reference into, and form and integral part of,
this&nbsp;Circular: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>annual
information form for the year ended December&nbsp;31, 2007 dated March&nbsp;27,&nbsp;2008;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>audited
consolidated financial statements, including the notes thereon, and together with the auditor's report, as at December&nbsp;31, 2007 and 2006 and
for each of the years in the three-year period ended December&nbsp;31,&nbsp;2007;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>management's
discussion and analysis of financial condition and results of operations for the year ended December&nbsp;31,&nbsp;2007;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>management
information circular dated March&nbsp;26, 2008 for Kinross' 2008 annual and special meeting of shareholders held on May&nbsp;7,&nbsp;2008;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>unaudited
consolidated interim financial statements, including the notes thereon, for the three months ended March&nbsp;31, 2008 and&nbsp;2007;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>management's
discussion and analysis of financial condition and results of operations for the three months ended March&nbsp;31, 2008 and 2007;&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=44,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=509056,FOLIO='35',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_da41705_1_36"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>material
change report filed January&nbsp;28, 2008 concerning the Private Placement of Cdn.$460&nbsp;million of 1.75% senior unsecured convertible notes
due March&nbsp;15, 2028 with a conversion price of&nbsp;Cdn.$28.48. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
documents of Kinross of the type referred to above (excluding confidential material change reports) filed by Kinross with a securities regulatory authority in Canada on or after the
date of this Offer and Circular and prior to the Expiry Time will be deemed to be incorporated by reference into this Circular and as exhibits to the Registration Statement on the
Form&nbsp;F-8 of which this Offer and Circular forms&nbsp;a&nbsp;part. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes
of this Circular to the extent that a statement contained in this Circular or in any subsequently filed document that also is or is deemed to be
incorporated herein by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not constitute a part of this Circular except as so modified or superseded.
The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.
The making of such a modifying or superseding statement shall not be deemed an admission for any purpose that the modified or superseded statement, when made, constituted a misrepresentation, an
untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which
it was&nbsp;made.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Information has been incorporated by reference in this Circular from documents filed with the securities regulatory authority in each of the provinces and
territories of Canada.</B></FONT><FONT SIZE=2> Copies of the documents incorporated by reference in the Circular regarding Kinross may be obtained on request without charge from the Corporate
Secretary, Kinross&nbsp;Gold Corporation, Suite&nbsp;5200, Scotia Plaza, 40&nbsp;King Street West, Toronto, Ontario, M5H&nbsp;3Y2 or by telephone at (416)&nbsp;365-5123 or
(866)&nbsp;561-3636. For purpose of the Province of Qu&eacute;bec, the Circular contains information to be completed by consulting the permanent information record, a copy of
which permanent information record may be obtained without charge from the Corporate Secretary of Kinross at the above-mentioned address and telephone number. Copies of documents incorporated by
reference or forming part of the permanent information record may be obtained by accessing the website of the Canadian securities regulatory authorities located at </FONT> <FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2> and the SEC website
located at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
contained in or otherwise accessed through Kinross' website, </FONT><FONT SIZE=2><I>www.kinross.com</I></FONT><FONT SIZE=2>, or any other website does not form part of this
Offer and&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The information concerning Aurelian contained in the Offer to Purchase and this Circular, including information incorporated herein by
reference, has been taken from or based upon publicly available documents and records on file with Canadian securities regulatory authorities and other public sources. Although Kinross does not have
any knowledge that would indicate that any statements contained herein relating to Aurelian taken from or based upon such documents and records are inaccurate or incomplete, neither Kinross nor any of
its officers or directors assumes any responsibility for the accuracy or completeness of the information relating to Aurelian taken from or based upon such documents and records, or for any failure by
Aurelian to disclose events which may have occurred or may affect the significance or accuracy of any such information but which are unknown to&nbsp;Kinross.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Overview  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian is a Canadian company owning 38&nbsp;mining concessions totalling approximately 95,000&nbsp;hectares located over
90&nbsp;semi-contiguous kilometres through the Cordillera del Condor in the El Pangui, Yantzatza, Centinela de Condor, and Nangaritza cantons of the Zamora Chinchipe and Morona Santiago
Provinces in Ecuador. Aurelian began drilling the Fruta del Norte gold target located on the mining concessions early in 2006. On the third drill hole, epithermal gold-silver
mineralization was
discovered, with an intersection grading 4.14&nbsp;grams per tonne of gold over 237.25&nbsp;metres. A subsequent National Instrument&nbsp;43-101&nbsp;compliant initial inferred
mineral resource for Fruta del Norte was released in October&nbsp;2007, consisting of 58.9&nbsp;million tonnes grading 7.23&nbsp;grams per tonne gold and 11.8&nbsp;grams per tonne silver for
13.7&nbsp;million ounces of contained gold and 22.4&nbsp;million ounces of contained silver. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=45,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=24497,FOLIO='36',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_da41705_1_37"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
was formed under the federal laws of Canada under the name "Bio 1&nbsp;Inc." by Articles of Incorporation dated December&nbsp;6, 2000. Aurelian filed Articles of Amendment
dated December&nbsp;7, 2001 in order to change the location of its registered office address from the Province of Ontario to the Province of Alberta. Aurelian filed subsequent Articles of Amendment
dated December&nbsp;10, 2001 in order to (i)&nbsp;remove the private company restrictions and restrictions on the transfer of shares of Aurelian; (ii)&nbsp;authorize the board of directors to
incur indebtedness on behalf of Aurelian; (iii)&nbsp;authorize the board of directors to determine the number of directors within the minimum and maximum number of directors specified by the
Articles; and (iv)&nbsp;authorize the board of directors to appoint additional directors between annual general meetings of Aurelian, such additional directors not to exceed one third of the number
of directors holding office at the expiration of the last annual meeting. Aurelian filed subsequent Articles of Amendment on June&nbsp;2, 2003 to (i)&nbsp;change its name to "Aurelian
Resources&nbsp;Inc."; (ii)&nbsp;impose certain restrictions on the common shares of Aurelian; and (iii)&nbsp;create a new class of Aurelian preferred shares. Aurelian filed Articles of Amendment
dated July&nbsp;22, 2005 in order to change the location of its registered office address from the Province of Alberta to the Province of Ontario. Aurelian subsequently filed Articles of Amendment
dated June&nbsp;22, 2007 to subdivide each of the issued and outstanding Aurelian Shares on a four-to-one basis. The registered and principal office is located at
350&nbsp;Bay Street, Suite&nbsp;1100, Toronto, Ontario M5H&nbsp;2S6. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
is a reporting issuer or the equivalent in the provinces of British Columbia, Alberta, Ontario and Quebec and files its continuous disclosure documents with the relevant
Canadian securities regulatory authorities. Such documents are available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Share Capital of Aurelian  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized capital of Aurelian consists of an unlimited number of Aurelian Shares and an unlimited number of preferred shares. As at July&nbsp;23, 2008,
137,189,160&nbsp;Aurelian Shares and no preferred shares were issued and outstanding. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Aurelian Shares are entitled to one vote per share at all meetings of shareholders of the corporation. Holders of Aurelian Shares are entitled to receive dividends if, as and
when declared by the board of directors of Aurelian, subject to the holders of any other class of shares entitled to receive dividends in priority to or concurrently with holders of Aurelian Shares.
Holders of Aurelian Shares are entitled to receive a pro&nbsp;rata share of the assets of Aurelian available for distribution to holders of Aurelian
Shares in the event of liquidation, dissolution or winding up of Aurelian subject to the holders of any other class of shares entitled to receive assets in priority to or concurrently with holders of
Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
shares of Aurelian may be issued from time to time in series, subject to such rights, privileges, conditions and restrictions as may be determined by the board of directors of
Aurelian. The preferred shares of Aurelian shall rank in priority to the Aurelian Shares with respect to the payment of dividends and distribution of assets upon any liquidation, dissolution or
winding up of&nbsp;Aurelian. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=46,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=696779,FOLIO='37',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_da41705_1_38"> </A>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Price Range and Trading Volume of Aurelian Shares  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Aurelian Shares are listed and posted for trading on the TSX under the symbol "ARU". The following table set forth, for the periods indicated, the reported
high, low and closing trading prices and the aggregate volume of trading of the Aurelian Shares on the TSX (adjusting retroactively for the four-for-one stock split in the
Aurelian Shares that occurred on July&nbsp;10,&nbsp;2007). </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="307" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41" style="font-family:times;"></TD>
<TD WIDTH="3" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Aurelian Shares on the TSX </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2007</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> June</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24,829,504</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> July<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.46</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,983,017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> August</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,672,329</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> September</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.42</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,541,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> October</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,802,356</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> November</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.41</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,211,203</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> December</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.66</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,769,850</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2008</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> January</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.81</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,978,698</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> February</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.63</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,566,288</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> March</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,788,937</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> April</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.05</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63,121,632</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> May</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.87</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,526,761</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> June</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.75</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,232,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> July&nbsp;1 to 25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36,642,792</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>The
Aurelian Shares commenced trading on the TSX on a four-for-one split basis on July&nbsp;10,&nbsp;2007. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross announced its intention to make the Offer on July&nbsp;24, 2008. On July&nbsp;23, 2008, the last trading day prior to such
announcement, the closing price of the Aurelian Shares on the TSX was Cdn.$4.45. The volume-weighted average price of the Aurelian Shares on the TSX for the 20&nbsp;trading days ending on
July&nbsp;23, 2008 was&nbsp;Cdn.$5.02. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommendation of the Board of Directors of Aurelian  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Aurelian, upon consultation with its financial and legal advisors and on receipt of a recommendation of a special committee of Aurelian
directors, has unanimously determined that the Offer is fair and is in the best interests of Aurelian and the Shareholders and, accordingly, unanimously recommends that Shareholders accept the Offer
and deposit their Aurelian Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background to the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Background  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In early 2006, Kinross' Regional Geological Team contacted Aurelian in connection with its evaluation of exploration opportunities in Ecuador. Following this
initial contact, Aurelian and Kinross executed a confidentiality agreement on February&nbsp;21, 2006. Following the execution of this confidentiality agreement, a regional consulting geologist for
Kinross made a site visit to Aurelian's Condor Project located in the El Pangui, Yantzatza, Centinela de Condor and Nangaritza cantons of the Zamora Chinchipe and Morona Santiago Provinces in Ecuador.
Over the course of the next two months, Kinross personnel had a number of informal discussions with Aurelian concerning the possibility of the two companies entering into a joint venture or other
commercial arrangement with respect to the Condor&nbsp;Project. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;5, 2006, Aurelian publicly announced the new Fruta del Norta epithermal gold-silver discovery in its Condor Project. The trading price of Aurelian Shares rose
significantly on the TSX Venture Exchange following the announcement of the Fruta del Norta discovery. Over the course of the next 18&nbsp;months Kinross monitored developments at Fruta del Norta.
No discussions of any substance between the companies took place during this period of&nbsp;time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=47,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=967898,FOLIO='38',FILE='DISK125:[08ZCL5.08ZCL41705]DA41705A.;24',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dc41705_1_39"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;19, 2007, Aurelian and Kinross executed a second confidentiality agreement in connection with discussions regarding a possible transaction between them. Following
execution of the second confidentiality agreement, a number of Kinross executives and geologists, including Hugh Agro, Executive Vice President, Strategic Development, and Glen Masterman, Vice
President, Exploration, conducted a site visit to Fruta del Norta in October&nbsp;2007. On October&nbsp;29, 2007, Mr.&nbsp;Agro met with Tim Warman, Vice-President, Corporate
Development of Aurelian to discuss the Fruta del Norta property and other information relating to Aurelian in connection with a possible transaction involving the two&nbsp;companies. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;5, 2007, Kinross was provided with access to an electronic data room established by Aurelian which contained confidential information relating to Aurelian and its
properties, and Kinross personnel proceeded to review the information provided during the weeks that&nbsp;followed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
meeting between the representatives of the management teams of the two companies took place on December&nbsp;19, 2007 at the executive offices of Aurelian in Toronto, Ontario, which
included both Tye Burt, President and Chief Executive Officer of Kinross, and Patrick Anderson, President and Chief Executive Officer of Aurelian. The meeting included a discussion of Kinross'
findings from the recently completed site visit, and review of the technical materials provided in the electronic data&nbsp;room. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the December&nbsp;19, 2007 meeting, a number of follow-up discussions took place between members of the two management teams during the period from January to
April&nbsp;2008. The discussions related to Aurelian's progress with the exploration at Fruta del Norta, political and legislative developments in Ecuador and Aurelian's corporate objectives. The
Kinross board of directors was updated on political and regulatory developments in Ecuador and briefed on the status of recent discussions between the parties at a regularly scheduled board meeting on
February&nbsp;20, 2008. Kinross retained Scotia Capital&nbsp;Inc.
as lead financial advisors and Rothschild&nbsp;Inc. as financial advisors in respect of a potential transaction with Aurelian on February&nbsp;22,&nbsp;2008. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;18, 2008, Ecuador's Constituent Assembly adopted a Mining Mandate, which included an immediate 180-day suspension of activities on most mining concessions in
Ecuador while new mining legislation was prepared. Aurelian announced on April&nbsp;29, 2008 that it was suspending drilling on its operations in Ecuador and reducing the balance of its operations
in compliance with the terms of the Mining&nbsp;Mandate. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;6, 2008, the Kinross board of directors was provided with an update of political and regulatory developments in Ecuador and a briefing regarding the current status of
discussions between the parties, and expressed its support for Kinross management continuing to explore a potential transaction with&nbsp;Aurelian. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;9, 2008, Mr.&nbsp;Burt and Mr.&nbsp;Anderson had a further meeting at the Toronto offices of Aurelian to discuss their respective operations and the impact of the
Mining Mandate on the status of the prior discussions regarding a possible transaction between the parties. A number of further discussions took place during May&nbsp;2008 between Mr.&nbsp;Burt
and Mr.&nbsp;Anderson, as well as between Mr.&nbsp;Agro and Mr.&nbsp;Warman, to discuss ongoing developments in Ecuador and in their respective operations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;11, 2008, Mr.&nbsp;Burt, Mr.&nbsp;Anderson, Mr.&nbsp;Agro and Mr.&nbsp;Warman met at the offices of Kinross' external legal counsel, Osler, Hoskin&nbsp;&amp;
Harcourt&nbsp;LLP, to further explore generally a variety of possible transactions involving the companies, including both a possible combination with Aurelian by Kinross and a possible
reorganization of Aurelian pursuant to which Kinross would acquire a 50% direct or indirect interest in Aurelian or its assets. No agreement was reached regarding the form of a transaction. A further
meeting was held among the same group of senior management personnel on June&nbsp;25, 2008. Mr.&nbsp;Burt and Mr.&nbsp;Agro confirmed Kinross' interest in proceeding with further discussions on
that basis provided that Kinross was granted a period of exclusivity in which to seek to negotiate a transaction and conduct confirmatory due&nbsp;diligence. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;30, 2008, Kinross management provided a draft form of exclusivity letter agreement to Aurelian management, together with an initial information request list. A further
meeting among the representatives of Aurelian and Kinross was held on July&nbsp;3, 2008, during which Aurelian management indicated that the preference of the Aurelian board of directors in respect
of the various transaction alternatives previously discussed was for an offer by Kinross to acquire 100% of the shares of&nbsp;Aurelian. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=48,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=833594,FOLIO='39',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_40"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
further discussions and negotiations between the parties regarding the terms of the exclusivity letter agreement, it was signed by both of them on July&nbsp;4, 2008,
providing for a period of exclusivity expiring on July&nbsp;25, 2008, subject to an ability on the part of Aurelian to respond to certain types of unsolicited
proposals from third parties during the exclusivity period, and extending the term of the October&nbsp;19, 2007 confidentiality agreement. A further confidentiality agreement was also entered into
by the parties on July&nbsp;4, 2008 to allow Aurelian to perform due diligence on Kinross and its operations. Following execution of these agreements, each party provided a variety of information to
Kinross and its financial and legal advisors regarding Aurelian's operations and financial and legal&nbsp;affairs. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Kinross technical due diligence team visited Aurelian's operations in Ecuador, including the FDN Deposit, between July&nbsp;7 and July&nbsp;11, 2008. The Kinross diligence team was
led by Mr.&nbsp;Robert Henderson, Vice-President, Technical Services. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
July&nbsp;16 and July&nbsp;19, 2008, a number of meetings and discussions took place regarding the terms and structure of a possible transaction, which involved members of
the Aurelian and Kinross management teams, including Messrs.&nbsp;Burt and Anderson, and also including on certain of the occasions members of the special committee of the board of directors of
Aurelian. A meeting of the Kinross special committee took place on July&nbsp;18, 2008, at which members of Kinross management and its financial advisors updated the members of the Kinross special
committee on the recent developments (including political and regulatory developments in Ecuador) in the transaction process, and were provided with the authority to continue the negotiations towards
an agreed transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
the course of these meetings and discussions, the Kinross representatives expressed their view that the very substantial premium range being sought by Aurelian would only be the
basis for a transaction in the event that the proposed transaction terms included a concurrent private placement that would provide Kinross with a strategic investment in Aurelian regardless of the
outcome of the proposed acquisition. Kinross subsequently made a non-binding proposal to Aurelian that included such a private placement of 15&nbsp;million Aurelian Shares, and for an
acquisition of Aurelian on the basis of consideration consisting of 0.317 of a Kinross Share plus 0.1429 of a Kinross Warrant for each Aurelian Share, which at the time represented a premium of
approximately 92% based on the July&nbsp;18, 2008, closing prices of the two companies on the TSX, or 57% based on the volume-weighted average price of the common shares of the two&nbsp;companies
on the TSX for the 20&nbsp;trading days ended July&nbsp;18, 2008, respectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;19, 2008, Kinross also retained CIBC&nbsp;World Markets&nbsp;Inc. as financial advisors in respect of the proposed transaction with&nbsp;Aurelian. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the evening of July&nbsp;19, 2008, Mr.&nbsp;Anderson telephoned Mr.&nbsp;Burt, and indicated that Aurelian was prepared to further advance the discussions and negotiations
regarding the other aspects of the transaction on the basis of the Kinross financial proposal, provided that Kinross agreed to make a commitment to tender the shares issued under the private placement
to a Superior Proposal that it did not match. Accordingly, Kinross provided a draft of the Support Agreement to Aurelian late in the evening of July&nbsp;19, 2008 on that basis for the review of
Aurelian and its&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
July&nbsp;20 and July&nbsp;23, 2008, Aurelian and Kinross, together with their legal and financial advisors, negotiated certain of the remaining terms of the transaction,
including the deal protection and termination provisions of the Support Agreement, and Kinross completed its due diligence investigation of Aurelian's operations. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;22, 2008, the Kinross board of directors met to consider the proposed transaction and to consider advice from the Kinross financial advisors. At the meeting, members of
Kinross' senior management team provided an update on the status of negotiations in respect of the proposed transaction with Aurelian and an update on political and regulatory developments in Ecuador.
The Kinross board of directors reviewed the proposed terms of the Offer and the Private Placement, the terms of the Kinross Warrants proposed to form part of the Offer consideration, and discussed
various financial and legal matters related to the proposed transaction. Following discussions, Kinross' board of directors unanimously approved that Mr.&nbsp;Burt, together with a Kinross standing
special committee, be given authority to make the final decision to execute the Support Agreement and to effect the Offer as well as to proceed with the proposed Private Placement, such decision to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=49,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=730485,FOLIO='40',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_41"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>depend
on, among other factors, feedback received during the meeting anticipated to occur with representatives of the Ecuadorian government in advance of executing the Support Agreement as well as the
final negotiated terms of the Support Agreement and related documentation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
a recommendation of Aurelian's special committee to support the proposed transaction, Aurelian's board of directors unanimously approved proceeding with the proposed
transaction and entering into the Support Agreement, the Lock-Up Agreement and the Subscription Agreement. After the close of markets on July&nbsp;23, representatives of Kinross and
Aurelian met with Ecuadorian government representatives, including the Undersecretary of Mines, in Quito, Ecuador and advised them on a confidential basis that an announcement of a proposed
acquisition of Aurelian by Kinross was likely to occur shortly. Aurelian has advised Kinross that, on July&nbsp;23, 2008, Aurelian's board of directors met to consider the terms of the proposed
transaction, as well as the advice and recommendations of Aurelian's legal and financial advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Kinross special committee then met on July&nbsp;23, 2008 and was provided with an update on political and regulatory developments in Ecuador, including with respect to the meeting
with government representatives in Quito, Ecuador, as well as an update regarding the most recent proposed changes to the transaction terms and documents resulting from the negotiations between the
parties. Following these updates, the Kinross special committee then unanimously approved proceeding with the proposed Offer and the Private Placement, and authorized Kinross' senior management to
enter into the Support Agreement, the Lock-Up Agreements, the Subscription Agreement, and related agreements on behalf of Kinross. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Support Agreement, the Lock-Up Agreements and the Subscription Agreement were finalized and executed by Kinross and Aurelian on the evening of July&nbsp;23, 2008 and
the Offer was publicly announced prior to the open of markets on July&nbsp;24,&nbsp;2008. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Support Agreement  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Support Agreement sets forth, among other things, the terms and conditions upon which the Offer is to be made by Kinross. The following is a summary of the
principal terms of the Support Agreement. This summary is qualified in its entirety by the full text of the Support Agreement filed by Kinross (i)&nbsp;with the Canadian securities regulatory
authorities and available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2> and (ii)&nbsp;with the SEC and available
at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>The Offer  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross agreed to make the Offer on the terms and subject to the conditions set forth in the Support Agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Support for the Offer  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian has confirmed in the Support Agreement that the board of directors of Aurelian, upon consultation with its financial and legal advisors and on receipt of
a recommendation of a special committee of Aurelian directors, has unanimously determined that the Offer is fair and is in the best interests of Aurelian and the Shareholders and, accordingly,
unanimously recommends that Shareholders accept the Offer and deposit their Aurelian Shares under the Offer. In addition, all of Aurelian's directors and senior officers have entered into the
Lock-Up Agreements, pursuant to which they have agreed to support the Offer and have agreed that the press release to be issued by Kinross announcing the Offer may so state and that
references to such support may be made in other documents relating to the Offer. The board of directors of Aurelian has by resolution deferred separation of the SRP Rights with respect to the
transaction contemplated by the Support Agreement until a time to be determined by the board of directors of&nbsp;Aurelian. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Board Representation  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the Effective Date, provided that Kinross has taken-up and paid for at least 50.1% of the outstanding Aurelian Shares (on&nbsp;a
fully-diluted basis), and from time to time thereafter, Kinross shall be entitled to designate such number (rounded up to the nearest whole number) of directors of the board of directors of Aurelian,
and any committees thereof, as is proportionate to the percentage of the outstanding Aurelian Shares </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=50,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=307852,FOLIO='41',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_42"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>owned
by Kinross and, subject to obtaining a release in favour of each resigning member of the board of directors of Aurelian who is being replaced by a Kinross designee and confirmation that
insurance coverage is maintained as contemplated in the Support Agreement, Aurelian shall not frustrate Kinross' attempts to do so, and covenants to cooperate with Kinross, subject to applicable laws,
to obtain the resignation of any then incumbent directors effective on the date specified by Kinross and facilitate having Kinross' designees elected or appointed to the board of directors of Aurelian
without the necessity of calling a meeting of Shareholders (including, at the request of Kinross, by using all commercially reasonable efforts to secure the resignations of the incumbent directors to
enable Kinross' designees to be elected or appointed to the board of directors of&nbsp;Aurelian. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Representations and Warranties  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Support Agreement contains a number of customary representations and warranties of Kinross and Aurelian relating to, among other things, corporate status;
capitalization; and the corporate authorization and enforceability of, and board approval of, the Support Agreement and the Offer. The representations and warranties also address various matters
relating to the business, operations and properties of each of the parties and their respective subsidiaries, including, accuracy of financial statements; absence of undisclosed liabilities; absence
of any Aurelian Material Adverse Effect and certain other changes or events since December&nbsp;31, 2007; absence of any undisclosed litigation or other actions which if determined adversely would
reasonably be expected to have an Aurelian Material Adverse Effect; employment matters; pension matters; tax matters; compliance with laws; insurance; environmental matters; mineral resources;
interest in mineral rights; restrictions on business activities; stock exchange compliance; no expropriation; no conflict; reporting issuer status; brokers; operational matters; restrictions on
business activities; non-arm's length transactions; books and records; and&nbsp;reports. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Conduct of the Business of Aurelian  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian covenants and agrees in the Support Agreement that prior to the earlier of the time of the appointment or election to the board of directors of Aurelian
of persons designated by Kinross who represent a majority of the directors of Aurelian and the termination of the Support Agreement, Aurelian shall, and shall cause each of its subsidiaries to,
conduct its and their respective business only in, not take any action except in, and maintain their respective facilities in, the ordinary course of business consistent
with past practice and to use commercially reasonable efforts to preserve intact its and their present business organization and goodwill, to preserve intact mineral rights, to keep available the
services of its officers and employees as a group and to maintain satisfactory relationships with suppliers, distributors, employees and others having business relationships with&nbsp;them. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
shall provide Kinross with prompt written notice of: (A)&nbsp;any change (or&nbsp;any condition, event, circumstance or development involving a prospective change) in the
business, assets, operations, capitalization, condition (financial or otherwise), prospects, share or debt ownership, results of operations, cash flows, Aurelian mineral tights, articles,
by-laws, licenses, permits, rights, or privileges, whether contractual or otherwise, or liabilities (including any contingent liabilities that may arise through outstanding, pending or
threatened litigation or otherwise), of Aurelian or any of its subsidiaries which, when considered either individually or in the aggregate, has resulted in or would reasonably be expected to result in
an Aurelian Material Adverse Effect; (B)&nbsp;the occurrence, or failure to occur, of any event or state of facts which occurrence or failure would or would be likely to (x)&nbsp;cause any of the
representations of Aurelian contained in the Support Agreement to be untrue or inaccurate in any material respect; or (y)&nbsp;result in the failure in any material respect of Aurelian to comply
with or satisfy any covenant, condition or agreement (without giving effect to, applying or taking into consideration qualifications already contained in such covenant, condition or agreement) to be
complied with or satisfied prior to the Effective&nbsp;Date. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Covenants Regarding Non-Solicitation  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Support Agreement contains certain "non-solicitation" provisions pursuant to which Aurelian has agreed that it will not, directly or indirectly,
take any action of any kind which might, directly or indirectly, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=51,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=382216,FOLIO='42',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_43"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>interfere
with the successful acquisition of Aurelian Shares pursuant to the Offer or the Contemplated Transaction, including any action&nbsp;to:<BR></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>make, solicit, assist, initiate, encourage or otherwise facilitate any inquiries, proposals or offers from any other
person (including any of its officers or employees) relating to any liquidation, dissolution, recapitalization, merger, amalgamation, arrangement, acquisition or purchase of all or a material portion
of the assets of, or any material equity interest (including Aurelian Shares) in, Aurelian on a consolidated basis or other similar transaction or business combination (any&nbsp;such proposal or
offer being referred to as an "</FONT><FONT SIZE=2><B>Acquisition Proposal</B></FONT><FONT SIZE=2>"); <BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>engage in any discussions or negotiations regarding, or provide any
information with respect to, or otherwise
co-operate in any way with, or assist or participate in, facilitate or encourage, any effort or attempt by any other person to make or complete any Acquisition Proposal, provided that, for
greater certainty, Aurelian may advise any person making an
unsolicited Acquisition Proposal that such Acquisition Proposal does not constitute a Superior Proposal (as&nbsp;described below) when Aurelian's board of directors has so&nbsp;determined;
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>withdraw, modify or qualify, or propose publicly to withdraw, modify or qualify, in any manner adverse to Kinross, the
approval or recommendation of Aurelian's board of directors or any committee thereof of the Support Agreement or the&nbsp;Offer; <BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>approve, recommend, or remain neutral with
respect to, or propose publicly to approve, recommend, or remain neutral with
respect to, any Acquisition Proposal (it&nbsp;being understood that publicly taking no position or a neutral position with respect to an Acquisition Proposal until 15&nbsp;calendar days following
the public announcement of such Acquisition Proposal shall not be considered a violation of this provision;&nbsp;or <BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>accept or enter into, or publicly propose to accept or enter
into, any letter of intent, agreement in principle,
agreement, arrangement or undertaking related to any Acquisition Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Support Agreement provides that, notwithstanding the foregoing restrictions, nothing shall prevent the board of directors of Aurelian from, and the board of directors of Aurelian
shall be permitted to engage in discussions or negotiations with, or respond to enquiries from any person that has made a </FONT><FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> unsolicited
written Acquisition Proposal that the board of directors of Aurelian has determined constitutes or would reasonably be expected to result in a Superior Proposal, or provide information pursuant to the
Support Agreement to, any person in response to an Acquisition Proposal by any such person provided that the requirements of the Support Agreement are&nbsp;met. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
shall immediately cease and cause to be terminated any existing discussions or negotiations with any person (other than Kinross) with respect to any potential Acquisition
Proposal and request the return or destruction of all confidential information provided in connection with such Acquisition Proposal. Aurelian agrees not to release any third party from any
confidentiality, non-solicitation or standstill agreement to which such third party is a party, or modify or waive the terms thereof (except that the automatic release of the standstill
provisions of any such agreement as a result of the entering into or announcement of the Support Agreement or the Offer shall not be in violation of this&nbsp;provision). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the date of the Support Agreement, Aurelian shall immediately provide notice to Kinross of any </FONT><FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> Acquisition
Proposal or any proposal, inquiry or offer that could lead to an Acquisition Proposal or any amendments to the foregoing or any request for non-public information relating to Aurelian or
any of its subsidiaries in connection with such an Acquisition Proposal or for access to the properties, books or records of Aurelian or any subsidiary by any person that informs Aurelian, any member
of the board of directors of Aurelian or any subsidiary that it is considering making, or has made,
an Acquisition Proposal. Such notice to Kinross shall be made, from time to time, first immediately orally and then promptly in writing and shall indicate the identity of the person making such
proposal, inquiry or contact, all material terms thereof and such other details of the proposal, inquiry or contact known to Aurelian and shall include copies of any such proposal, inquiry, offer or
request or any amendment to any of the foregoing. Aurelian shall keep Kinross informed of the status including any change to the material terms of any such Acquisition Proposal, offer, inquiry or
request and will respond promptly to all inquiries by Kinross with respect thereto. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=52,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=528876,FOLIO='43',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_44"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the board of directors of Aurelian receives a request for material non-public information from a person who proposes to Aurelian a </FONT> <FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> written Acquisition Proposal and the board of directors
of Aurelian determines, that such Acquisition Proposal constitutes or would
reasonably be expected to result in a Superior Proposal, and in the opinion of the board of directors of Aurelian, acting in good faith on advice from their outside legal advisors, the failure to
provide such party with access to information of Aurelian would be inconsistent with the fiduciary duties of the board of directors of Aurelian, then, and only in such case, Aurelian may provide such
person with access to information regarding Aurelian, subject to the execution of a confidentiality and standstill agreement which is customary in such situations and which, in any event and taken as
a whole, is no less favourable to Aurelian than the Confidentiality Agreement, including for greater certainty a standstill covenant on substantially the same terms as the standstill covenant
contained in section&nbsp;7 of the Confidentiality Agreement, with a duration until at least October&nbsp;19, 2009 (provided that the standstill provision therein shall permit the making and
consummation of the Superior Proposal in question); provided that Aurelian sends a copy of any such confidentiality and standstill agreement to Kinross promptly upon its execution and Kinross is
provided with a list of, and, at the request of Kinross, copies of, the information provided to such person and is immediately provided with access to similar information to which such person
was&nbsp;provided. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
agrees that it will not enter into any agreement, other than a confidentiality and standstill agreement as contemplated by in the preceding paragraph, with any person providing
for or to facilitate an Acquisition Proposal nor withdraw, modify or qualify (or&nbsp;propose to withdraw, modify or qualify) in any manner adverse to Kinross the approval or recommendation of the
Offer, nor accept, approve or recommend any Acquisition Proposal, unless:<BR></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the board of directors of Aurelian determines that the Acquisition Proposal constitutes a Superior Proposal;
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian has complied with the non-solicitation restrictions in the Support Agreement;
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian has provided Kinross with a notice in writing that there is a Superior Proposal together with all documentation
related to and detailing the Superior Proposal, including a copy of any Proposed Agreement relating to such Superior Proposal, and a written notice from the board of directors of Aurelian regarding
the value in financial terms that the board of directors of Aurelian has in consultation with its financial advisors determined should be ascribed to any non-cash consideration offered
under the Superior Proposal, such documents to be so provided to Kinross not less than seven business days prior to the proposed acceptance, approval, recommendation or execution of any such proposed
agreement by&nbsp;Aurelian; <BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>seven business days shall have elapsed from the date Kinross received the notice of Aurelian's proposed determination to
accept, approve, recommend or to enter into any agreement relating to such Superior Proposal, and the date Kinross received a copy of the written proposal in respect of the Acquisition Proposal and,
if Kinross has proposed to amend the terms of the Offer in accordance with the Support Agreement, the board of directors of Aurelian (after receiving advice from its financial advisors and outside
legal counsel) shall have determined in good faith that the Acquisition Proposal is a Superior Proposal compared to the proposed amendment to the terms of the Offer by&nbsp;Kinross;
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian concurrently terminates the Support Agreement in accordance with its terms;&nbsp;and
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian has previously, or concurrently will have, paid to Kinross the Termination&nbsp;Fee. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Kinross Opportunity to Match  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Support Agreement, Aurelian has agreed that, during the seven business day period referred to above or such longer period as Aurelian may approve
for such purpose, Kinross shall have the opportunity, but not the obligation, to propose to amend the terms of the Offer and Aurelian shall co-operate with Kinross with respect thereto.
The board of directors of Aurelian will review any proposal by Kinross to amend the terms of the Offer in order to determine, in good faith in the exercise of its fiduciary duties, whether </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=53,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=529216,FOLIO='44',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_45"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Kinross'
proposal to amend the Offer would result in the Acquisition Proposal not being a Superior Proposal compared to the proposed amendment to the terms of the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors of Aurelian shall promptly reaffirm its recommendation of the Offer by press release after (x)&nbsp;any Acquisition Proposal which the board of directors of
Aurelian determines not to be a Superior Proposal is publicly announced or made; or (y)&nbsp;the board of directors of Aurelian determines that a proposed amendment to the terms of the Offer would
result in the Acquisition Proposal which has been publicly announced or made not being a Superior Proposal, and Kinross has so amended the terms of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in the Support Agreement shall prevent the board of directors of Aurelian from responding through a directors' circular or otherwise as required by applicable securities laws to
an Acquisition Proposal that it determines is not a Superior Proposal or from withdrawing, modifying or changing its recommendation as a result of Kinross having suffered a Kinross Material Adverse
Effect. Further, nothing in the Support Agreement shall prevent the board of directors of Aurelian from making any disclosure to the securityholders of Aurelian if the board of directors of Aurelian,
acting in good faith and upon the advice of its legal advisors, shall have first determined that the failure to make such disclosure would be inconsistent with the fiduciary duties of the board of
directors of Aurelian. Kinross and its counsel shall be given a reasonable opportunity to review and comment on the form and content of any such directors' circular, recognizing that whether or not
such comments are appropriate will be determined by Aurelian, acting reasonably. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Termination  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Support Agreement may be terminated by notice in writing: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at
any time prior to the Effective Date by mutual consent of Kinross and&nbsp;Aurelian;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross, if any condition to making the Offer set forth in the Support Agreement is not satisfied or waived by August&nbsp;8, 2008 (other than as a
result of Kinross' default under the Support Agreement);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross, if any condition to the Offer is not satisfied or waived by the Expiry Time (other than as a result of Kinross' default hereunder);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross at any time if:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian
is in material default of any of its non-solicitation covenants or obligations in the Support Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian
has breached any other covenant or obligation under the Support Agreement except for breaches that individually or in the aggregate, do not, and
could not reasonably be expected to, have an Aurelian Material Adverse Effect or prevent or restrict or materially delay the consummation of the Offer, or that, if the Offer were consummated, could
reasonably be expected to have a Kinross Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
representation or warranty made by Aurelian in the Support Agreement shall have been at the date of the Support Agreement untrue or incorrect or shall
have become untrue or incorrect at any time prior to the Expiry Time other than any breach or failure of such representations and warranties to be true and correct that, individually or in the
aggregate, do not constitute or could not reasonably be expected to constitute, or could not reasonably be expected to result in, an Aurelian Material Adverse Effect or prevent or restrict or
materially delay the consummation of the Offer, or that, if the Offer were consummated, could reasonably be expected to have a Kinross Material Adverse&nbsp;Effect; </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>provided
that in the case of any of (ii)&nbsp;or (iii), such right of termination shall not be available with respect to any breach or failure that is capable of being cured and such breach or
failure has been cured by the earlier of the date which is 15&nbsp;days from the date of written notice of such breach or failure and the business day prior to the Expiry&nbsp;Time; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=54,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=1002860,FOLIO='45',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_46"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Aurelian at any time if:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Kinross
has breached any covenant or obligation under the Support Agreement except for breaches that individually or in the aggregate, do not, and could not
reasonably be expected to, have a Kinross Material Adverse Effect or prevent or restrict or materially delay the consummation of the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
representation or warranty made by Kinross in the Support Agreement shall have been at the date of the Support Agreement untrue or incorrect or shall
have become untrue or incorrect at any time prior to the Expiry Time other than any breach or failure of such representations and warranties to be true and correct that, individually or in the
aggregate, do not constitute or could not reasonably be expected to constitute, or could not reasonably be expected to result in, a Kinross Material Adverse Effect or prevent or restrict or materially
delay the consummation of the&nbsp;Offer; </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>provided
that in the case of any of (i)&nbsp;or (ii), such right of termination shall not be available with respect to any breach or failure that is capable of being cured and such breach or failure
has been cured by the earlier of the date which is 15&nbsp;days from the date of written notice of such breach or failure and the business day prior to the Expiry&nbsp;Time; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Aurelian if Kinross has not taken up and paid for at least 50.1% of the outstanding Aurelian Shares (on&nbsp;a fully diluted basis) under the Offer
within 75&nbsp;days after the Offer is commenced, otherwise than as a result of the breach by Aurelian of any covenant or obligation under the Support Agreement or as a result of any representation
or warranty of Aurelian in the Support Agreement being untrue or incorrect in any material respect; provided, however, that if Kinross' take-up and payment for Aurelian Shares deposited
under the Offer is delayed by: (i)&nbsp;an injunction or order made by a court or regulatory authority of competent jurisdiction; or (ii)&nbsp;Kinross not having obtained any regulatory waiver,
consent or approval which is necessary to permit Kinross to take up and pay for Aurelian Shares deposited under the Offer (other than as a result of Kinross' default hereunder), then, provided that
such injunction or order is being contested or appealed or such regulatory waiver, consent or approval is being actively sought, as applicable, the Support Agreement shall not be terminated by
Aurelian until the earlier of (x)&nbsp;150&nbsp;days after the Offer is commenced, and (y)&nbsp;the fifth business day following the date on which such injunction or order ceases to be in effect
or such waiver, consent or approval is obtained, as&nbsp;applicable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross or Aurelian, if any court of competent jurisdiction or other governmental authority shall have issued an order, decree or ruling enjoining or
otherwise prohibiting any of the transactions contemplated in the Support Agreement (unless such order, decree or ruling has been withdrawn, reversed or otherwise made inapplicable);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross, if any litigation or other proceeding is pending or has been threatened to be instituted by any person or governmental authority, which, in the
good faith judgment of Kinross, could reasonably be expected to result in a decision, order, decree or ruling that enjoins, prohibits, grants damages in a material amount in respect of, or materially
impairs the benefits of, any of the transactions contemplated by the Support Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross if: (i)&nbsp;the board of directors of Aurelian withdraws, modifies or changes its recommendation in a manner adverse to Kinross (unless as a
result of Kinross having suffered a Kinross Material Adverse Effect); (ii)&nbsp;the board of directors of Aurelian approves or recommends or publicly proposes to approve or recommend, acceptance of
an Acquisition Proposal; (iii)&nbsp;the board of directors of Aurelian or any committee thereof does not reaffirm its recommendation in favour of the Offer to the Shareholders in a press release or
directors' circular within three calendar days of a written request by Kinross (or, in the event that the Offer shall be scheduled to expire within such three calendar day period, prior to the
scheduled expiry of the Offer) (unless as a result of Kinross having suffered a Kinross Material Adverse Effect); (iv)&nbsp;the board of directors of Aurelian or any committee thereof remains
neutral beyond the 15&nbsp;calendar day period set out in the Support Agreement in respect of an Acquisition Proposal; or (v)&nbsp;Aurelian fails to take any action required under the provisions
of the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=55,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=123929,FOLIO='46',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_47"> </A>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Support
Agreement with respect to the Shareholders Rights Plan to defer the Separation Time (as&nbsp;defined in the Shareholder Rights Plan) or to allow the timely completion of any of the
transactions contemplated by the Support Agreement between Kinross and&nbsp;Aurelian;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross, if Kinross has been notified in writing by Aurelian of a Proposed Agreement in accordance with the provisions of the Support Agreement and
(i)&nbsp;Kinross does not deliver an amended Offer within seven business days of delivery of the Proposed Agreement to Kinross, or (ii)&nbsp;Kinross delivers an amended Offer but the board of
directors of Aurelian determines, acting in good faith and in the proper discharge of its fiduciary duties, that the Acquisition Proposal provided in the proposed agreement continues to be a Superior
Proposal in comparison to the amended Offer of&nbsp;Kinross;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Aurelian, if Kinross does not commence the Offer and mail documents by August&nbsp;8, 2008 or any extension thereof pursuant to the Support
Agreement;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Aurelian, if Aurelian proposes to accept, approve or recommend, or enter into any agreement relating to, a Superior Proposal in compliance with the
relevant provisions of the Support Agreement, provided that Aurelian has previously or concurrently will have paid to Kinross the Termination Fee (defined below) pursuant to the Support Agreement and
further provided that Aurelian has not breached any of its covenants, agreements or obligations in the Support Agreement. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Termination Payment  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross shall be entitled to a cash termination payment in an amount equal to Cdn.$42,000,000 (the&nbsp;"</FONT><FONT SIZE=2><B>Termination
Fee</B></FONT><FONT SIZE=2>") upon the occurrence of any of the following events, which shall be paid by Aurelian within the time specified in respect of any
such&nbsp;events:<BR></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the Support Agreement is terminated in the circumstances set out in paragraph&nbsp;(d)(i) or paragraph&nbsp;(i) under
"Termination" above, in which case the Termination Fee shall be paid to Kinross by 5:00&nbsp;p.m. on the day on which the Support Agreement is&nbsp;terminated;
<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the Support Agreement is terminated pursuant to paragraph&nbsp;(l) under "Termination" above, in which case the
Termination Fee shall be paid to Kinross prior to or concurrently with the entering into of a Proposed Agreement;&nbsp;or <BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>prior to the termination of the Support Agreement
(i)&nbsp;an Acquisition Proposal is publicly announced or otherwise
made, (ii)&nbsp;the Offer is not completed as a result of the Minimum Tender Condition not being satisfied, and (iii)&nbsp;within 12&nbsp;months after the date of the Support Agreement, either
(A)&nbsp;at least 50.01% of the outstanding Aurelian Shares are acquired under such Acquisition Proposal or another Acquisition Proposal; or (B)&nbsp;the board of directors of Aurelian approves or
recommends an Acquisition Proposal, or Aurelian enters into a definitive agreement with respect to an Acquisition Proposal, in which case the Termination Fee shall be paid to Kinross on the earlier of
the date the Aurelian Shares are acquired and the date the Acquisition Proposal is consummated and the date the Acquisition Proposal is approved or recommended or entered into or agreed&nbsp;to. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Private Placement has not been completed for any reason prior to the time when a Termination Fee is otherwise payable, the payment obligation of Aurelian shall be
satisfied by (i)&nbsp;payment of Cdn.$24.5&nbsp;million at the time that the Termination Fee is normally payable in respect of the Termination Fee event in question, and (ii)&nbsp;payment of the
balance of Cdn.$17.5&nbsp;million payable upon the earliest of (x)&nbsp;one business day following the execution of a proposed agreement to provide for or to facilitate the Superior Proposal;
(y)&nbsp;the completion of one or more equity or debt financings involving gross proceeds in excess of Cdn.$50&nbsp;million and (z)&nbsp;twelve months from the occurrence of the Termination Fee
event in&nbsp;question. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Expenses  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party shall pay its own expenses incurred in connection with the Support Agreement, the completion of the transactions contemplated by the Support Agreement
and/or the termination of the Support Agreement, irrespective of the completion of the transactions contemplated by the Support Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=56,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=176023,FOLIO='47',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_48"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Directors' and Officers' Insurance  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross agrees that for the period from the Effective Date until six years after the Effective Date, Kinross will cause Aurelian or any successor to Aurelian
(including the successor resulting from the winding-up or liquidation or dissolution of Aurelian) to maintain Aurelian's current directors' and officers' insurance policy or an equivalent
policy subject in either case to terms and conditions no less advantageous to the directors and officers of Aurelian and its subsidiaries than those contained in the policy in effect on the date of
the Support Agreement, for all present and former directors and officers of Aurelian, and its subsidiaries, covering claims made prior to or within six years after the Effective Date. Kinross also
agrees that after the expiration of such six-year period it will use all commercially reasonable efforts to cause such directors and officers to be covered under Kinross' then existing
directors and officers insurance policy, if any. Kinross shall, and shall cause Aurelian (or&nbsp;its successor) to, indemnify each present and former director, officer and employee of Aurelian and
its subsidiaries to the fullest extent to which Kinross and Aurelian and its subsidiaries are permitted to indemnify such officers and directors under their respective charter, by-laws,
applicable laws and contracts of&nbsp;indemnity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Lock-Up Agreements  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Lock-Up Agreement sets forth, among other things, the terms and conditions upon which each Locked-Up Shareholder has agreed, among
other things, to deposit under the Offer all of the Aurelian Shares currently owned or controlled by such Locked-Up Shareholder. The following is a summary of the principal terms of the
Lock-Up Agreements. This summary is qualified in its entirety by the full text of the Lock-Up Agreements filed by Kinross (i)&nbsp;with the Canadian securities regulatory
authorities and available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2> and (ii)&nbsp;with the SEC and available
at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Lock-Up Agreements, each of the Locked-Up Shareholders has agreed, among other things, to deposit under the Offer all of the Aurelian Shares currently
owned or
controlled by such Locked-Up Shareholder, being an aggregate of 2,737,000&nbsp;Aurelian Shares representing, in aggregate, approximately 1.82% of the outstanding Aurelian Shares
(calculated on a fully-diluted basis). The Locked-Up Shareholders have agreed not to withdraw such Aurelian Shares from the Offer except and unless the Lock-Up Agreements are
terminated in accordance with their&nbsp;terms. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Locked-Up Shareholder has covenanted and agreed that it will: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>immediately
cease and terminate existing discussions, if any, with any person with respect to any potential Acquisition Proposal and it will not, directly
or indirectly, make, solicit, assist, initiate, encourage or otherwise facilitate any inquiries, proposals or offers from any person, other than Kinross or its affiliates, relating to any Acquisition
Proposal or participate in, any discussions or negotiations regarding any information with respect to any Acquisition Proposal;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>not
sell, transfer or encumber in any way any of the Locked-Up Shareholder's Aurelian Shares or restrict the Locked-Up Shareholder's
right to vote any of its Aurelian Shares, other than pursuant to the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>not
prior to the public announcement by Kinross of the terms of the Offer, directly or indirectly, disclose to any person, the existence or the terms and
conditions of the Lock-Up Agreement, the Support Agreement or the possibility of the Offer being&nbsp;made;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>take
such steps as are required to ensure that the applicable Locked-Up Shareholder has beneficial ownership, with good and marketable title, to
the Locked-Up Shareholder's Aurelian Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>not
do indirectly that which it may not do directly in respect of the restrictions on its rights with respect to the Locked-Up Shareholder's
Aurelian Shares pursuant to the applicable Lock-Up Agreement by the sale of any direct or indirect holding company or the granting of a proxy on the shares of any direct or indirect
holding company and which would have, indirectly, any effect prohibited by the Lock-Up Agreement;&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=57,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=524496,FOLIO='48',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dc41705_1_49"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>vote
all the applicable Locked-Up Shareholder's Aurelian Shares against any proposed action:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
respect of any amalgamation, merger, sale of Aurelian's or its affiliates' or associates' assets, take-over bid, plan of arrangement,
reorganization, recapitalization, shareholder rights plan, liquidation or winding-up of, reverse take-over or other business combination or similar transaction involving
Aurelian or any of its subsidiaries,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>which
would reasonably be regarded as being directed towards or likely to prevent or delay the take up and payment of Aurelian Shares deposited under the
Offer or the successful completion of the Offer or an alternative transaction,&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>which
would reasonably be expected to result in an Aurelian Material Adverse&nbsp;Effect. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lock-Up Agreement can be terminated by notice in writing: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at
any time by mutual consent of Kinross and the applicable Locked-Up Shareholder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
the applicable Locked-Up Shareholder if Kinross has not mailed the Offer by the offer deadline in accordance with the Support Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross if any condition for Kinross' benefit set out in the Support Agreement is not satisfied or&nbsp;waived;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross if any of the Locked-Up Shareholders has not complied in any material respect with all of its covenants contained under the
applicable Lock-Up Agreement (following written notice to the applicable Locked-Up Shareholder of such non-compliance and provided such default is not rectified by
the earlier of the date that is 15&nbsp;days from the date of such notice and the business day prior to the Expiry Date) or if any representation or warranty of any Locked-Up Shareholder
under any Lock-Up Agreement is untrue or incorrect in any material respect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
the applicable Locked-Up Shareholder if Kinross has not complied in any material respect with its covenants contained in such
Lock-Up Agreement or if any representation or warranty of Kinross in such Lock-Up Agreements is untrue or incorrect in any respect, and, in each case, such
non-compliance or inaccuracy is reasonably likely to prevent, restrict or materially delay consummation of the Offer and is not curable or, if curable, is not cured by the earlier of the
date which is 15&nbsp;days from the date of written notice of such breach and the business day prior to the Expiry&nbsp;Date;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
the applicable Locked-Up Shareholder if any condition of the Offer shall not be satisfied or waived at the Expiry Time and Kinross does not
elect to waive such condition or extend the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
the applicable Locked-Up Shareholder if Kinross has not (for&nbsp;some reason other than as a result of a breach by the
Locked-Up Shareholder of any covenant or obligation under the Lock-Up Agreement or as a result of any representation or warranty of the Locked-Up Shareholder being
untrue or incorrect in any material respect, when required by applicable law or the Support Agreement) taken up and paid for the Locked-Up Shareholder's Aurelian Shares;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
Kinross or the applicable Locked-Up Shareholder in the event the Support Agreement is terminated in accordance with its&nbsp;terms. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
has agreed not to, without the prior consent of the Locked-Up Shareholders, modify or waive the Minimum Tender Condition in order to acquire less than 50.1% of the
Aurelian Shares outstanding (calculated on a fully-diluted basis), decrease the Offered Consideration (except in certain prescribed circumstances), change the form of the Offered Consideration (other
than to increase the total consideration per Aurelian Share and/or add additional consideration or consideration alternatives), impose
additional conditions to the Offer, decrease the number of Aurelian Shares in respect of which the Offer is being made, or otherwise modify the Offer in a manner which is adverse to the Shareholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Subscription Agreement  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Subscription Agreement sets forth the terms and conditions of the Private Placement. The following is a summary of the principal terms of the Subscription
Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=58,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=668956,FOLIO='49',FILE='DISK125:[08ZCL5.08ZCL41705]DC41705A.;23',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_de41705_1_50"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Purchase and Sale  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Subscription Agreement, Kinross has agreed to purchase 15&nbsp;million Aurelian Shares (the&nbsp;"</FONT><FONT SIZE=2><B>Purchased
Shares</B></FONT><FONT SIZE=2>") on a private placement basis at a price of Cdn.$4.75 per Aurelian Share, for total subscription proceeds of Cdn.$71.25&nbsp;million. Aurelian will use the proceeds
for general corporate purposes, including to assist with the development of the FDN&nbsp;Deposit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Representations and Warranties  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Subscription Agreement contains customary representations and warranties of Kinross relating to, among other things, corporate status, corporate authorization
and enforceability, and Kinross' status as an "accredited investor" under National Instrument&nbsp;45-106. All of Aurelian's representations and warranties from the Support Agreement are
incorporated by reference in the Subscription Agreement. Aurelian has also provided a number of additional customary representations and warranties relating to the issuance of the Purchased Shares,
compliance with securities laws and that no brokerage fee is payable in connection with the Private Placement. The representations and warranties of both parties will survive the closing of the
Private Placement for the longer of the period that is (a)&nbsp;three months from the closing date and (b)&nbsp;the period from the closing date to the Effective&nbsp;Date. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Covenants  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian has agreed to conduct its business in the ordinary course prior to the closing date. Aurelian has also agreed, for a period of 12&nbsp;months from the
closing date, to make all securities filings required under applicable securities laws, to take all required actions to satisfy the conditional listing requirements of the TSX with respect to the
listing of the Purchased Shares and to maintain its status as a reporting issuer and the listing of the Aurelian Shares on the&nbsp;TSX. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
has agreed that it will tender all of the Purchased Shares to a "Superior Proposal" as defined in the Support Agreement or vote in favour of a Superior Proposal, if applicable,
if (a)&nbsp;Kinross does not exercise its right to match under the Support Agreement and (b)&nbsp;the Support Agreement has been terminated. Kinross further agrees that it will not purchase any
additional Aurelian Shares, except under the Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Conditions  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of Kinross and Aurelian to complete the Private Placement are subject to a number of customary conditions, including the truth and accuracy of the
other party's representations and warranties, the performance by the other party of its obligations under the Subscription Agreement and TSX conditional approval of the issuance and listing of the
Purchased Shares. In addition, Kinross' obligation to complete the Private Placement is subject to there having been no Aurelian Material Adverse Effect since the date of the Subscription Agreement.
The closing is expected to occur on the date that the TSX provides conditional approval of the issuance and listing of the Purchased Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Rationale for the Proposed Acquisition  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross believes that Aurelian represents a strategic "tuck-in" acquisition for Kinross adding to its portfolio of world-class assets under
development. The FDN Deposit is a large, high quality asset gold exploration and development property. In October&nbsp;2007, Aurelian released an inferred resource estimate for the FDN Deposit of
58.9&nbsp;million tonnes grading 7.23&nbsp;grams per tonne of gold and 11.8&nbsp;grams per tonne of silver, resulting in 13.7&nbsp;million ounces of contained gold and 22.4&nbsp;million
ounces of contained silver. The FDN Deposit is the most significant discovery within the Condor Project, part of more than 95,000&nbsp;hectares of exploration concessions that Aurelian holds in
Ecuador. The Condor Project properties are also highly prospective, with a number of promising exploration targets identified. For further information, please refer to Aurelian's news release dated
October&nbsp;4, 2007 and the report entitled "A Mineral Resource Estimate for the Fruta del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe Province, Ecuador" prepared by Micon
International Limited dated November&nbsp;15, 2007, both of which are available at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=59,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=597455,FOLIO='50',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_de41705_1_51"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed acquisition of Aurelian is complementary to Kinross' Latin American presence, including existing regional infrastructure in Chile and Brazil. Kinross' financial strength
will provide access to capital to develop the FDN Deposit and other development and exploration projects going&nbsp;forward. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Shareholders, the Offer represented a substantial premium to the pre-announcement trading price of Aurelian Shares. Based on the closing price of the Kinross Shares on
the TSX on July&nbsp;23, 2008, the Offer represented a premium of approximately 65% over the closing price of the Aurelian Shares on the TSX on the same date (attributing a value of Cdn.$0.75 per
Aurelian Share to the Warrant Consideration). Based on the volume-weighted average price of the Kinross Shares on the TSX for the 20&nbsp;trading days ended July&nbsp;23, 2008, the Offer
represented a premium of approximately 63% over the volume-weighted average price of the Aurelian Shares on the TSX for the same period (attributing a value of Cdn.$0.92 per Aurelian Share to the
Warrant Consideration). The Offer also provides Shareholders significantly enhanced liquidity in the form of Kinross Shares. Kinross' combined daily average trading value on the TSX and NYSE is
approximately $211.4&nbsp;million over the last 12&nbsp;months as compared to approximately $6.9&nbsp;million for Aurelian Shares. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed acquisition of Aurelian will diversify Shareholders' risk associated with Aurelian's reliance on the FDN Deposit and allow Shareholders' continued participation in the
future development of the FDN Deposit through the ownership of Kinross Shares. Eligible Shareholders will have the ability to receive Kinross Shares on a tax deferred&nbsp;basis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
anticipated benefits are based on various assumptions and are subject to various risks. See "Statements Regarding Forward-Looking Information" and Section&nbsp;7 of the Circular,
"Risk Factors Related to the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Offer and Kinross' Plans for Aurelian  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Purpose of the Offer  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Offer is to enable Kinross to acquire all of the Aurelian Shares. If the conditions of the Offer are satisfied or waived and Kinross takes up
and pays for the Aurelian Shares validly deposited under the Offer, Kinross intends to acquire any Aurelian Shares not deposited under the Offer through a
Compulsory Acquisition, if available, or to propose a Subsequent Acquisition Transaction, in each case for consideration per Aurelian Share equal in value to and in the same form as the consideration
paid by Kinross per Aurelian Share under the Offer. For these purposes, in calculating the value of the consideration offered in any Subsequent Acquisition Transaction, each Kinross Share and each
Kinross Warrant shall be deemed to be at least equal in value to each Kinross Share and Kinross Warrant offered under the Offer. The exact timing and details of any such transaction will depend upon a
number of factors, including the number of Aurelian Shares acquired by the Offeror pursuant to the Offer. Although Kinross intends to propose either a Compulsory Acquisition or a Subsequent
Acquisition Transaction generally on the terms described herein, it is possible that, as a result of delays in Kinross' ability to effect such a transaction, information subsequently obtained by
Kinross, changes in general economic or market conditions or in the business of Aurelian, or other currently unforeseen circumstances, such a transaction may not be proposed, may be delayed or
abandoned or may be proposed on different terms. Accordingly, Kinross reserves the right not to propose a Compulsory Acquisition or Subsequent Acquisition Transaction, or to propose a Subsequent
Acquisition Transaction on terms other than as described herein. See Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Plans for Kinross and Aurelian Following the Completion of the Offer  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Offer is accepted and Kinross acquires all of the outstanding Aurelian Shares, Kinross intends to conduct a review of Aurelian and its assets, operations,
management and personnel, to determine the changes necessary to integrate the operations and management of Aurelian into the operations and management of Kinross as soon as possible after the Offer is
completed. If permitted by applicable law, subsequent to completion of the Offer or any Compulsory Acquisition or Subsequent Acquisition Transaction, if necessary, Kinross intends to apply to delist
the Aurelian Shares from the TSX and the Frankfurt Stock&nbsp;Exchange. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=60,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=899162,FOLIO='51',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_de41705_1_52"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Treatment of Aurelian Options  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is made only for Aurelian Shares and is not made for any Aurelian Options or other rights to acquire Aurelian Shares (other than the SRP Rights). Any
holder of such Aurelian Options or other rights to acquire Aurelian Shares who wishes to accept the Offer should, to the extent permitted by their terms and applicable law, fully exercise or exchange
their Aurelian Options or other rights in order to obtain certificates representing Aurelian Shares that may be deposited in accordance with the terms of the Offer. Any such exercise or exchange must
be made sufficiently in advance of the Expiry Date to ensure such holders that they will have certificates representing Aurelian Shares available for deposit prior to the Expiry Date or in sufficient
time to fully comply with the procedures referred to in Section&nbsp;5 of this Offer to Purchase, "Manner of Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the Effective Date, provided that Kinross has taken-up and paid for at least 50.1% of the outstanding Aurelian Shares (on&nbsp;a fully-diluted basis) and received
all applicable regulatory approvals, if any holder of Aurelian Options does not exercise such options and deposit the resulting Aurelian Shares under the Offer prior to the Expiry Time, each such
Aurelian Option shall be exchanged for a fully vested option (each, a "</FONT><FONT SIZE=2><B>Replacement Option</B></FONT><FONT SIZE=2>") to purchase from Kinross the number of Kinross Shares
(rounded down to the nearest whole share) equal to (i)&nbsp;the Option Exchange Ratio; multiplied by (ii)&nbsp;the number of Aurelian Shares subject to such Aurelian Option immediately prior to
the Effective Date. Such Replacement Option shall provide for an exercise price per Kinross Share (rounded up to the nearest whole cent) equal to (i)&nbsp;the exercise price per Kinross Share
otherwise purchasable pursuant to such Replacement Option; divided by (ii)&nbsp;the Option Exchange Ratio. The term to expiry, conditions to and manner of exercising will be the same as the Aurelian
Option for which it was exchanged, and shall be governed by the terms of the Aurelian Option Plan except for the provisions in the Aurelian Option Plan that related to the early termination of an
Aurelian Option as a result of the cessation of the optionee's position as an director, officer or employee of Aurelian (or&nbsp;any successor) shall be amended to provide that an officer or
employee whose employment is terminated (other than for cause or by reason of death) or a director who ceases to be a director (other than by reason of death) may exercise his or her Replacement
Option during the period ending on the expiry of the exercise period under the original Aurelian Option, and any certificate or option agreement previously evidencing the Aurelian Option shall
thereafter evidence and be deemed to evidence such Replacement Option. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not Deposited". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The tax consequences to holders of Aurelian Options of exercising or not exercising their Aurelian Options are not described in this Circular. Holders of Aurelian
Options should consult their tax advisors for advice with respect to potential income tax consequences to them in connection with the decision to exercise or not exercise their Aurelian
Options.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors Related to the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders should carefully consider the following risk factors related to the Offer. In addition to the risks set out in the documents incorporated by
reference in the Offer and Circular, the proposed combination of Kinross with Aurelian upon the successful completion of the Offer (including any Compulsory Acquisition or Subsequent Acquisition
Transaction) is subject to certain risks, including the&nbsp;following: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Risks Specific to Operating in Ecuador  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror may be negatively affected by political uncertainty and economic instability in Ecuador. In recent years, Ecuador has undergone numerous changes at
the presidential and congressional levels. In November&nbsp;2006, Rafael Correa won the Ecuador presidential run-off election and assumed office on January&nbsp;15, 2007. In
April&nbsp;2007, President Correa obtained popular approval in a national referendum to dissolve Congress and create a Constituent Assembly with powers to overhaul the country's constitution adopted
in 1998. The President's party won a majority of the seats in the Constituent Assembly. The Constituent Assembly has approved a new constitution, which is expected to occur on September&nbsp;28,
2008. If the new constitution is approved, it is expected that congressional and presidential elections would follow soon thereafter. If the new constitution is not approved, it is not clear what
governmental body would assume legislative authority in the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=61,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=1048004,FOLIO='52',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_de41705_1_53"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>country
given that the Congress was previously dissolved, and that the future status of the Constituent Assembly is&nbsp;unclear. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;18, 2008, the Constituent Assembly adopted a Mining Mandate which, among other things (1)&nbsp;implemented an immediate 180-day suspension of activity on
mining concessions pending the introduction by the government of comprehensive amendments to the country's mining law and regulations; (2)&nbsp;limited companies to the ownership of no more than
three mining concessions; (3)&nbsp;called for the creation of a state-owned mining company; and (4)&nbsp;cancelled concessions previously granted within natural protected areas. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;27, 2008, the Ministry of Mines and Petroleum announced that it had completed work on a new mining law and had forwarded its draft proposals to President Correa for his
review. The government has not published the proposed legislation submitted to President Correa, nor has it indicated specifically when or how the legislation will be enacted. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the Offeror believes that the current political and investment climate is evolving in a positive direction and will continue to stabilize in a manner conducive to large scale
mining in the country, there is no certainty that this will prove to be the case. As a result, the Offeror may be adversely affected by unforeseen governmental initiatives, including (but&nbsp;not
limited to) amendments or changes to the country's legal, regulatory or constitutional framework, possible increased participation by the government in the mining sector and renegotiation of existing
agreements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Risk of Contingent Liabilities  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian has been named as defendant in a number of actions filed on behalf of certain former holders of warrants which expired in June&nbsp;2005 claiming
aggregate damages of approximately Cdn.$110&nbsp;million. If one or
more of these claims is successful, Aurelian could, among other things, be required to pay significant monetary damages. The requirement to pay such damages following the completion of the Offer could
have a material adverse effect on the combined company and its&nbsp;business. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>The integration of Kinross and Aurelian may not occur as planned  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer has been made with the expectation that its successful completion will result in increased gold production and enhanced growth opportunities for the
combined company. These anticipated benefits will depend in part on whether Kinross and Aurelian's operations can be integrated in an efficient and effective manner. Most operational and strategic
decisions and certain staffing decisions with respect to the combined company have not yet been made. These decisions and the integration of the two companies will present challenges to management,
including the integration of systems and personnel of the two companies, and special risks, including possible unanticipated liabilities, unanticipated costs, and the loss of key employees. The
performance of Aurelian's operations after completion of the Offer could be adversely affected if the combined company cannot retain selected key employees to assist in the integration and operation
of Aurelian and&nbsp;Kinross. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Shareholders will receive Kinross Shares and Kinross Warrants based on an exchange ratio that will not reflect market price fluctuations. Consequently,
the Kinross Shares and the Kinross Warrants issued under the Offer may have a market value lower than expected  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror is offering to purchase Aurelian Shares on the basis of 0.317 of a Kinross Share and 0.1429 of a Kinross Warrant for each Aurelian Share. Because the
exchange ratio will not be adjusted to reflect any changes in the market value of Kinross Shares, the market values of the Kinross Shares, the Kinross Warrants and the Aurelian Shares at the time of a
take-up of Aurelian Shares under the Offer may vary significantly from the values at the date of this Offer and Circular or the date that Shareholders tender their Aurelian Shares. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=62,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=916915,FOLIO='53',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_de41705_1_54"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>The acquisition of Aurelian might not be successfully completed without the possibility of Shareholders exercising dissent and appraisal rights in
connection with a Compulsory Acquisition or Subsequent Acquisition Transaction  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order for Kinross to acquire all of the issued and outstanding Aurelian Shares, it is likely to be necessary, following the completion of the Offer, for
Kinross or an affiliate of Kinross to effect a Compulsory Acquisition or a Subsequent Acquisition Transaction. A Compulsory Acquisition or Subsequent Acquisition Transaction may result in Shareholders
having the right to dissent and demand payment of the fair value of
their Aurelian Shares. If the statutory procedures governing dissent rights are available and are complied with, this right could lead to a judicial determination of the fair value required to be paid
to such dissenting Shareholders for their Aurelian Shares. There is no assurance that a Compulsory Acquisition or Subsequent Acquisition Transaction can be completed without Shareholders exercising
dissent rights in respect of a substantial number of Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Following the completion of the Offer and prior to the completion of any Compulsory Acquisition or Subsequent Acquisition Transaction, the trading
liquidity for Aurelian Shares not deposited under the Offer will be reduced, which might affect the price of the Aurelian Shares and the ability of a Shareholder to dispose of their
Aurelian&nbsp;Shares  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Offer is successful, the liquidity and market value of the remaining Aurelian Shares held by the public could be adversely affected by the fact that they
will be held by a smaller number of holders. Depending upon the number of Aurelian Shares acquired pursuant to the Offer, following the completion of the Offer the Aurelian Shares may no longer meet
the TSX requirements for continued listing. Additionally, to the extent permitted under applicable law and stock exchange regulations, Kinross intends to seek to cause the delisting of the Aurelian
Shares on the&nbsp;TSX. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the TSX were to delist the Aurelian Shares, the market for the Aurelian Shares could be adversely affected. Although it is possible that the Aurelian Shares could be traded on other
securities exchanges or in the over-the-counter market, and the price quotations would be reported by such exchanges or by other sources, there can be no assurance that any
such trading or quotations will occur. In addition, the extent of the public market for the Aurelian Shares and the availability of such quotations would depend upon the number of holders and/or the
aggregate market value of the Aurelian Shares remaining at such time and the interest in maintaining a market in the Aurelian Shares on the part of securities firms. If Aurelian Shares are delisted
and Aurelian ceases to be a "public corporation" for the purposes of the Tax&nbsp;Act, Aurelian Shares would cease to be qualified investments for trusts governed by registered retirement savings
plans, registered education savings plans, registered retirement income funds and deferred profit sharing plans. Delisting can also have adverse tax consequences to non-resident holders of
Aurelian Shares, as described in Section&nbsp;16 of this Circular, "Certain Canadian Federal Income Tax Considerations". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>After the consummation of the Offer, Aurelian could be a majority-owned subsidiary of Kinross and Kinross' interest could differ from that of the
remaining minority Shareholders  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the consummation of the Offer (which may result in Kinross holding less than 100% of the issued and outstanding Aurelian Shares), Kinross will have the
power to elect the directors of Aurelian, appoint new management, approve certain actions requiring the approval of Shareholders, including adopting certain amendments to Aurelian's constating
documents and approving mergers or sales of Aurelian's assets. In particular, after the consummation of the Offer, Kinross intends to integrate Aurelian and Kinross, by merger or other transaction
whereby the operations of Aurelian and Kinross are combined. Kinross' interests with respect to Aurelian may differ from, and conflict with, those of any remaining minority Shareholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Aurelian Shares Not Deposited  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the Offeror's intention that, if it takes up and pays for Aurelian Shares deposited under the Offer, it will enter into one or more transactions to enable
Kinross or an affiliate of Kinross to acquire all Aurelian Shares not acquired pursuant to the Offer. There is no assurance that any such transaction will be&nbsp;completed. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=63,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=981157,FOLIO='54',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_de41705_1_55"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Compulsory Acquisition  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, within 120&nbsp;days after the date of the Offer, the Offer is accepted by Shareholders holding not less than 90% of the issued and outstanding Aurelian
Shares (calculated on a fully-diluted basis), other than any Aurelian Shares held at the date of the Offer by or on behalf of Kinross or an affiliate or associate of Kinross (as&nbsp;defined in the
CBCA), and Kinross acquires such Deposited Shares, then Kinross intends to acquire the Aurelian Shares not deposited under the Offer on the same terms as the Aurelian Shares acquired under the Offer
pursuant to either the provisions of section&nbsp;206 of the CBCA (a&nbsp;"</FONT><FONT SIZE=2><B>Compulsory Acquisition</B></FONT><FONT SIZE=2>") or pursuant to a Subsequent Acquisition
Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
exercise its statutory right of Compulsory Acquisition, Kinross must give notice (the&nbsp;"</FONT><FONT SIZE=2><B>Offeror's Notice</B></FONT><FONT SIZE=2>") to each holder of
Aurelian Shares who did not accept the Offer (and&nbsp;each person who subsequently acquires any such Aurelian Shares) (in&nbsp;each case, a "</FONT><FONT SIZE=2><B>Dissenting
Offeree</B></FONT><FONT SIZE=2>") and the Director under the CBCA of such proposed acquisition on or before the earlier of 60&nbsp;days following the termination of the Offer and 180&nbsp;days
following the date of the Offer. Within 20&nbsp;days after having given the Offeror's Notice, Kinross must pay or transfer to Aurelian the consideration Kinross would have had to pay or transfer to
the Dissenting Offerees if they had elected to accept the Offer, to be held in trust for the Dissenting Offerees. Within 20&nbsp;days after receipt of the Offeror's Notice, each Dissenting Offeree
must send the certificates evidencing the Aurelian Shares held by such Dissenting Offeree to Aurelian and must elect either to transfer such Aurelian Shares to Kinross on the terms on which Kinross
acquired Aurelian Shares under the Offer or to demand payment of the fair value of the Aurelian Shares by so notifying Kinross. If the Dissenting Offeree fails to notify Kinross within the applicable
time period, the Dissenting Offeree will be deemed to have elected to transfer its Aurelian Shares to Kinross on the same terms (including the value of the Offer consideration) on which Kinross
acquired the Aurelian Shares under the Offer. If a Dissenting Offeree has elected to demand payment of the fair value of its Aurelian Shares, Kinross may apply to a court having jurisdiction to hear
the application to fix the fair value of the Aurelian Shares of that Dissenting Offeree. If Kinross fails to apply to such court within 20&nbsp;days after it made the payment or transferred the
consideration to Aurelian, the Dissenting Offeree may then apply to the court within a further period of 20&nbsp;days to have the court fix the fair value. If no such application is made by the
Dissenting Offeree or Kinross within such periods, the Dissenting Offeree will be deemed to have elected to transfer its Aurelian Shares to Kinross on the same terms on which Kinross acquired Aurelian
Shares from the Shareholders who accepted the Offer. Any judicial determination of the fair value of the Aurelian Shares could be more or less than the amount of the Offer consideration per Aurelian
Share paid pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The foregoing is only a summary of the statutory right of Compulsory Acquisition that may become available to Kinross. The summary is not intended to be complete
nor is it a substitute for the more detailed information contained in the provisions of section&nbsp;206 of the CBCA. Shareholders should refer to section&nbsp;206 of the CBCA for the full text of
the relevant statutory provisions, and those who wish to be better informed about these provisions should consult their legal advisors. The provisions of section&nbsp;206 of the CBCA are complex and
require strict adherence to notice and timing provisions, failing which such rights may be lost or altered. Shareholders who wish to be better informed about the provisions of section&nbsp;206 of
the CBCA should consult their legal&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Compelled Acquisition  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under section&nbsp;206.1 of the CBCA, if a Shareholder who did not accept the Offer does not receive the Offeror's Notice pursuant to section&nbsp;206 of the
CBCA, the Shareholder may, within 90&nbsp;days after the date of the termination of the Offer, or if the Shareholder did not receive the Offer, within 90&nbsp;days of the later of the date of
termination of the Offer and the date on which the Shareholder learns of the Offer, require the Offeror to acquire the Shareholder's Aurelian Shares on the terms of the Offer
(a&nbsp;"</FONT><FONT SIZE=2><B>Compelled Acquisition</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The foregoing is only a summary of the statutory right of Compelled Acquisition that may be available to a Shareholder. The summary is not intended to be
complete, nor is it meant to be a substitute for the more detailed information contained in the provisions of section&nbsp;206.1 of the CBCA. The provisions of section&nbsp;206.1 of the CBCA are
complex and require strict adherence to notice and timing provisions, failing which such rights may be lost or altered. Shareholders who wish to be better informed about the provisions of
section&nbsp;206.1 of the CBCA should consult their legal&nbsp;advisors.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=64,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=965038,FOLIO='55',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_de41705_1_56"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Subsequent Acquisition Transaction  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Kinross takes up and pays for Aurelian Shares validly deposited under the Offer and the statutory right of Compulsory Acquisition described above is not
available for any reason or Kinross determines not to exercise such right, Kinross intends to take such action as is necessary, including causing a special meeting of Shareholders to be called to
consider an amalgamation, statutory arrangement, amendment to articles, consolidation, capital reorganization or other transaction involving Aurelian and Kinross, or an affiliate of Kinross, for the
purpose of enabling Kinross or an affiliate of Kinross to acquire all Aurelian Shares not acquired pursuant to the Offer (a&nbsp;"</FONT><FONT SIZE=2><B>Subsequent Acquisition
Transaction</B></FONT><FONT SIZE=2>"). Under such a Subsequent Acquisition Transaction, Aurelian may continue as a separate subsidiary of Kinross following the completion of any such transaction. The
timing and details of any such transaction will depend on a number of factors, including the number of Aurelian Shares acquired pursuant to the Offer. If Kinross takes up and pays for
66<SUP>2</SUP>/<SMALL>3</SMALL>% of the Aurelian Shares outstanding, on a fully-diluted basis, under the Offer, Kinross will own sufficient
Aurelian Shares to effect a Subsequent Acquisition Transaction. Kinross reserves the right, in its sole discretion, not to complete a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MI&nbsp;61-101&nbsp;may
deem a Subsequent Acquisition Transaction to be a "business combination" if such Subsequent Acquisition Transaction would result in the interest
of a holder of Aurelian Shares being terminated without the consent of the holder, irrespective of the nature of the consideration provided in substitution therefor. The Offeror expects that any
Subsequent Acquisition Transaction relating to Aurelian Shares will be a "business combination" under MI&nbsp;61-101. In certain circumstances, the provisions of
MI&nbsp;61-101&nbsp;may also deem certain types of Subsequent Acquisition Transactions to be "related party transactions". However, if the Subsequent Acquisition Transaction is a
"business combination" carried out in accordance with MI&nbsp;61-101 or an exemption therefrom, the "related party transaction" provisions therein do not apply to such transaction.
Following completion of the Offer, the Offeror would be a "related party" of Aurelian for the purposes of MI&nbsp;61-101. The Offeror intends to carry out any such Subsequent Acquisition
Transaction in accordance with MI&nbsp;61-101, or any successor provisions, or exemptions therefrom, such that the "related party transaction" provisions of
MI&nbsp;61-101&nbsp;will not apply to such Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MI&nbsp;61-101&nbsp;provides
that, unless exempted, a corporation proposing to carry out a business combination is required to prepare a valuation of the affected
securities (and&nbsp;any non-cash consideration being offered therefor) and provide to the holders of the affected securities a summary of such valuation. The Offeror currently intends
to rely on available exemptions (or, if such exemptions are not available, to seek waivers pursuant to MI&nbsp;61-101&nbsp;exempting Aurelian and the Offeror or one or more of its
affiliates, as appropriate) from the valuation requirements of MI&nbsp;61-101. An exemption is available under MI&nbsp;61-101&nbsp;for certain business combinations
completed within 120&nbsp;days after the Expiry Date provided that the consideration under such transaction is at least equal in value to and is in the same form as the consideration that tendering
securityholders were entitled to receive in the take-over bid and provided that certain disclosure is provided in the Circular (and&nbsp;which disclosure has been provided herein). The
Offeror expects that these exemptions will be&nbsp;available. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending
on the nature and terms of the Subsequent Acquisition Transaction and Aurelian's constating documents, may require the approval of 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes cast by
holders of the outstanding Aurelian Shares at a meeting dully called and held for the purpose of approving the Subsequent Acquisition Transaction. MI&nbsp;61-101&nbsp;would also
require that, in addition to any other required security holder approval, in order to complete a business combination, the approval of a simple majority of the votes cast by "minority" shareholders of
each class of affected securities must be obtained unless an exemption is available or discretionary relief is granted by applicable securities regulatory authorities. If, however, following the
Offer, the Offeror is the registered holder of 90% or more of the Aurelian Shares at the time the Subsequent Acquisition Transaction is initiated, the requirement for minority approval would not apply
to the transaction if an enforceable appraisal right or substantially equivalent right is made available to minority Shareholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
relation to the Offer and any business combination, the "minority" Shareholders will be, unless an exemption is available or discretionary relief is granted by applicable securities
regulatory authorities, all Shareholders other than the Offeror, any interested party (within the meaning of MI&nbsp;61-101), a "related party" of an "interested party", unless the
related party meets that description solely in its capacity as a director or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=65,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=879936,FOLIO='56',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_de41705_1_57"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>senior
officer of one or more persons that are neither "interested parties" nor "issuer insiders" (in&nbsp;each case within the meaning of MI&nbsp;61-101) of the issuer, and any "joint
actor" (within the meaning of MI&nbsp;61-101) with any of the foregoing persons. MI&nbsp;61-101&nbsp;also provides that the Offeror may treat Aurelian Shares acquired
under the Offer (including those deposited under the terms of the Lock-Up Agreements) as "minority" shares and vote them, or to consider them voted, in favour of such business combination
if, among other things (a)&nbsp;the business combination is completed not later than 120&nbsp;days after the Expiry Date; (b)&nbsp;the consideration per security in the business combination is
at least equal in value to and in the same form as the consideration paid under the Offer; (c)&nbsp;certain disclosure is provided in the Circular (and&nbsp;which disclosure is provided herein);
and (d)&nbsp;the Shareholder who tendered such Aurelian Shares to the Offer was not (i)&nbsp;a "joint actor" (within the meaning of MI&nbsp;61-101) with the Offeror or Second Wave in
respect of the Offer, (ii)&nbsp;a direct or indirect party to any "connected transaction" (within the meaning of MI&nbsp;61-101) to the Offer, or (iii)&nbsp;entitled to receive,
directly or indirectly, in connection with the Offer, a "collateral benefit" (within the meaning of MI&nbsp;61-101) or consideration per Aurelian Share that is not identical in amount
and form to the entitlement of the general body of holders in Canada of Aurelian Shares. The Offeror currently intends (x)&nbsp;that the consideration offered per Aurelian Share under any Subsequent
Acquisition Transaction proposed by it would be equal in value to and in the same form as the consideration paid to Shareholders under the Offer (provided that, in calculating the value of the
consideration offered in any Subsequent Acquisition Transaction, each Kinross Share and Kinross Warrant shall be deemed to be at least equal in value to each Kinross Share and Kinross Warrant offered
under the Offer); (y)&nbsp;that such Subsequent Acquisition Transaction will be completed no later than 120&nbsp;days after the Expiry Date; and (z)&nbsp;to cause any Aurelian Shares acquired
under the Offer to be voted in favour of any such transaction and, where permitted by MI&nbsp;61-101, to be counted as part of any minority approval required in connection with any such
transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such Subsequent Acquisition Transaction may also result in Shareholders having the right to dissent in respect thereof and demand payment of the fair value of their Aurelian Shares.
The exercise of such right of dissent, if certain procedures are complied with by the holder, could lead to a judicial determination of fair value required to be paid to such dissenting Aurelian
Shareholder for its Aurelian Shares. The fair value so determined could be more or less than the amount paid per Aurelian Share pursuant to such transaction or pursuant to the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Kinross does not effect a Compulsory Acquisition, or proposes a Subsequent Acquisition Transaction but cannot promptly obtain any required approval or exemption, or cannot otherwise
complete a Subsequent Acquisition Transaction, Kinross will evaluate its other alternatives. Such alternatives could include, to the extent permitted by applicable laws, purchasing additional Aurelian
Shares in the open market, in privately negotiated transactions, in another take-over bid or exchange offer or otherwise, or from Aurelian, or taking no further action to acquire
additional Aurelian Shares. Any additional purchases of Aurelian Shares could be at a price greater than, equal to or less than the value of the Offered Consideration to be paid for Aurelian Shares
under the Offer and could be for cash and/or securities or other consideration. Alternatively, Kinross may sell or otherwise dispose of any or all Aurelian Shares acquired pursuant to the Offer or
otherwise. Such transactions may be effected on terms and at prices then
determined by Kinross, which may vary from the terms and the value of the Offered Consideration paid for Aurelian Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax consequences to a Shareholder of a Subsequent Acquisition Transaction may differ significantly from the tax consequences to such Shareholder of accepting the Offer. See
Section&nbsp;16 of this Circular, "Certain Canadian Federal Income Tax Considerations". Shareholders should consult their legal advisors for a determination of their legal rights with respect to a
Subsequent Acquisition Transaction if and when&nbsp;proposed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of and Trading in Securities of Aurelian and Benefits from the&nbsp;Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No securities of Aurelian, including Aurelian Shares, are currently owned beneficially, directly or indirectly, nor is control or direction currently exercised
over any securities of Aurelian, by Kinross or its directors or senior officers or, to the knowledge of such directors and senior officers after reasonable inquiry, by (a)&nbsp;any associate of a
director or senior officer of Kinross, (b)&nbsp;any person holding more than 10% of any class of Kinross' equity securities, or (c)&nbsp;any person acting jointly or in concert with Kinross. On
July&nbsp;23, 2008, Kinross entered into the Subscription Agreement with Aurelian and agreed to purchase 15&nbsp;million Aurelian Shares on a private placement basis at a price of $4.75 per
Aurelian&nbsp;Share. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=66,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=929714,FOLIO='57',FILE='DISK125:[08ZCL5.08ZCL41705]DE41705A.;19',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dg41705_1_58"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the 12-month period preceding the date of the Offer, no securities of Aurelian have been traded by: (a)&nbsp;the Offeror, (b)&nbsp;any director or senior officer
of the Offeror, or (c)&nbsp;to the knowledge of the directors and senior officers of the Offeror, after reasonable inquiry, by (i)&nbsp;any associate of the directors or senior officers of the
Offeror, (ii)&nbsp;any person or company holding more than 10% of any class of equity securities of the Offeror, or (iii)&nbsp;any person or company acting jointly or in concert with the Offeror,
except for the following trades: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="209" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="83" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39" style="font-family:times;"></TD>
<TD WIDTH="3" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:19pt;"><FONT SIZE=1><B>Party

<!-- COMMAND=ADD_SCROPPEDRULE,19pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Purchase or Sale </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price per Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Tom Seltzer, associate of Catherine&nbsp;McLeod-Seltzer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>April&nbsp;4, 2008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Short sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Cdn.$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Tom Seltzer, associate of Catherine&nbsp;McLeod-Seltzer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>April&nbsp;21, 2008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Covered short sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Cdn.$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.37</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Tom Seltzer, associate of Catherine&nbsp;McLeod-Seltzer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>April&nbsp;29, 2008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Short sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Cdn.$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Tom Seltzer, associate of Catherine&nbsp;McLeod-Seltzer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>April&nbsp;29, 2008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Covered short sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Cdn.$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person named under this Section&nbsp;9 will receive any direct or indirect benefit from the consummation of the Offer or from accepting or refusing to accept the Offer, other than
the consideration available to any Shareholder who participates in the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;Commitments to Acquire Securities of Aurelian  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except pursuant to the Offer and the Private Placement (including as described in Section&nbsp;4 of this Circular, "Background to the Offer", under the headings
"Support Agreement", "Lock-Up Agreements" and "Subscription Agreement"), none of the Offeror or any director or senior officer of the Offeror, or to the knowledge of the directors and
senior officers of the Offeror after reasonable inquiry, (a)&nbsp;any associate of a director or senior officer of the Offeror, (b)&nbsp;any person holding more than 10% of any class of the
Offeror's equity securities or, (c)&nbsp;any person acting jointly or in concert with the Offeror, has entered into any arrangement, agreement, commitment or understanding to acquire any equity
securities of&nbsp;Aurelian. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;Arrangements, Agreements, Commitments or Understandings  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than as described in Section&nbsp;4 of this Circular, "Background to the Offer", under the headings "Support Agreement", "Lock-Up Agreements",
"Subscription Agreement" and "Purpose of the Offer and Kinross' Plans for Aurelian", there are no arrangements, agreements, commitments or understandings made or proposed to be made between the
Offeror and any of the directors or senior officers of Aurelian and no payments or other benefits are proposed to be made or given by the Offeror to such directors or senior officers as compensation
for loss of office or as compensation for remaining in or retiring from office if the Offer is successful. There are no contracts, arrangements or understandings, formal or informal, between Kinross
and any securityholder of Aurelian with respect to the Offer or between Kinross and any person or company with respect to any securities of Aurelian in relation to the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;Acceptance of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Support Agreement, Aurelian represented to the Offeror that each member of Aurelian's board of directors has agreed to support the Offer. Kinross has no
knowledge regarding whether any Shareholders will accept the Offer, other than the Locked-Up Shareholders, who have agreed to accept the Offer pursuant to the Lock-Up
Agreements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;Material Changes and Other Information  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed elsewhere in this Circular, the Offeror is not aware of any information which indicates that any material change has occurred in the affairs
of Aurelian since April&nbsp;21, 2008, the date of the last material change report filed by Aurelian, and the Offeror does not have any knowledge of any other matter that has not previously been
generally disclosed and which could reasonably be expected to affect the decision of Shareholders to accept or reject the&nbsp;Offer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=67,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=558830,FOLIO='58',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_59"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>14.&nbsp;&nbsp;&nbsp;Effect of the Offer on the Market for and Listing of Aurelian Shares  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase of Aurelian Shares by the Offeror pursuant to the Offer will reduce the number of Aurelian Shares that might otherwise trade publicly and will reduce
the number of holders of Aurelian Shares and, depending on the number of Aurelian Shares acquired by the Offeror, could adversely affect the liquidity and market value of the remaining Aurelian Shares
held by the&nbsp;public. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rules and regulations of the TSX establish certain criteria which, if not met, could, upon successful completion of the Offer, lead to the delisting of the Aurelian Shares from the
TSX. Among such criteria is the number of Shareholders, the number of Aurelian Shares publicly held and the aggregate market value of the Aurelian Shares publicly held. Depending on the number of
Aurelian Shares purchased under the Offer, it is possible that the Aurelian Shares would fail to meet the criteria for continued listing on the TSX. If this were to happen, the Aurelian Shares could
be delisted and this could, in turn, adversely affect the market or result in a lack of an established market for such Aurelian Shares. If permitted by applicable law, subsequent to completion of the
Offer or any Compulsory Acquisition or Subsequent Acquisition Transaction, if necessary, the Offeror intends to apply to delist the Aurelian Shares from the TSX. If the Aurelian Shares are delisted
from the TSX, the extent of the public market for the Aurelian Shares and the availability of price or other quotations would depend upon the number of Shareholders, the number of Aurelian Shares
publicly held and the aggregate market value of the Aurelian Shares remaining at such time, the interest in maintaining a market in Aurelian Shares on the part of securities firms, whether Aurelian
remains subject to public reporting requirements in Canada and other&nbsp;factors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the purchase of the Aurelian Shares under the Offer, Aurelian may cease to be subject to the public reporting and proxy solicitation requirements of the CBCA and the securities
laws of Canada or may request to cease to be a reporting issuer or its equivalent under the securities laws of&nbsp;Canada. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>15.&nbsp;&nbsp;&nbsp;Regulatory Matters  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror's obligation to take up and pay for Aurelian Shares tendered under the Offer is conditional upon all regulatory approvals having been obtained on
terms satisfactory to the Offeror, acting reasonably. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
does not currently intend to take up and pay for Aurelian Shares pursuant to the Offer unless Kinross has obtained, on terms acceptable to it, all approvals, consents and
clearances required or deemed appropriate by Kinross in respect of the purchase of the Aurelian Shares under any applicable competition,
merger control, antitrust or other similar law or regulation in jurisdictions material to the operations of Kinross or&nbsp;Aurelian. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Securities Regulatory Matters  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The distribution of the Kinross Shares and Kinross Warrants under the Offer is being made pursuant to statutory exemptions from the prospectus and dealer
registration requirements under applicable Canadian securities laws. While the resale of Kinross Shares and Kinross Warrants issued under the Offer is subject to restrictions under the securities laws
of certain Canadian provinces and territories, Shareholders in such provinces and territories generally will be able to rely on statutory exemptions from such restrictions. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Registration Statement on Form&nbsp;F-8 has been filed with the SEC registering the Kinross Shares and Kinross Warrants in connection with their offer and sale to
Shareholders of Aurelian pursuant to the Offer as required by the U.S.&nbsp;Securities Act. The resale of Kinross Shares and Kinross Warrants by persons that are not affiliates (as&nbsp;defined in
Rule&nbsp;144 under the U.S.&nbsp;Securities Act) of Kinross will not be required to be registered in the United&nbsp;States. However, Kinross Shares and Kinross Warrants acquired by affiliates
(as&nbsp;defined in Rule&nbsp;144 under the U.S.&nbsp;Securities Act) of Kinross may be resold only in a transaction registered under the U.S.&nbsp;Securities Act, or in accordance with the
requirements of Rule&nbsp;144 or&nbsp;another exemption from the registration requirements of the U.S.&nbsp;Securities Act, or in an offshore transaction not subject to those requirements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement on Form&nbsp;F-8 does not register any of the Kinross Shares that are issuable upon exercise of the Kinross Warrants. Holders of Kinross Warrants
in the United&nbsp;States, or who are U.S.&nbsp;Persons, will not be permitted to exercise Kinross Warrants, although they may sell their Kinross Warrants, subject to the restrictions applicable
to affiliates referred to above, to other persons who are permitted to exercise&nbsp;them. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=68,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=336016,FOLIO='59',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_60"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
document does not constitute a registration statement covering resales of securities by persons who are otherwise restricted from selling their shares under the
U.S.&nbsp;Securities&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is being made in compliance with applicable Canadian and U.S.&nbsp;rules governing take-over bids and tender offers, respectively, or applicable exemptions
therefrom. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>16.&nbsp;&nbsp;&nbsp;Certain Canadian Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>General  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP, Canadian counsel to Kinross, the following is a general summary, as of the date hereof, of the
principal Canadian federal income tax considerations generally applicable to a beneficial owner of Aurelian Shares who disposes of Aurelian Shares pursuant to the Offer (or&nbsp;otherwise disposes
of Aurelian Shares pursuant to certain transactions described in Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not Deposited") and who, for purposes of the Tax&nbsp;Act and at
all relevant times (i)&nbsp;holds the Aurelian Shares, and will hold any Kinross Shares and Kinross Warrants received pursuant to the Offer, as capital property and (ii)&nbsp;deals at arm's length
with and is not affiliated with Kinross or Aurelian. Persons meeting such requirements are referred to as a "</FONT><FONT SIZE=2><B>Holder</B></FONT><FONT SIZE=2>" or
"</FONT><FONT SIZE=2><B>Holders</B></FONT><FONT SIZE=2>" herein, and this summary only addresses such Holders. Aurelian Shares will generally constitute capital property to a Holder unless the Holder
holds such shares in the course of carrying on a business or as part of an adventure in the nature of trade. This summary is not applicable to persons holding options or other rights to acquire
Aurelian Shares or persons who acquired Aurelian Shares on the exercise of employee stock options, and all such persons should consult their own tax advisors in this regard. In addition, this summary
is not applicable to a Shareholder that is a "financial institution" (as&nbsp;defined in the Tax&nbsp;Act for purposes of the mark-to-market rules), a "specified financial
institution" as defined in the Tax&nbsp;Act, a shareholder an interest in which is a "tax shelter investment" for purposes of the Tax&nbsp;Act, or a shareholder to whom the "functional currency"
(as&nbsp;defined in the Tax&nbsp;Act) reporting rules&nbsp;apply. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based on the current provisions of the Tax&nbsp;Act, all specific proposed amendments to the Tax&nbsp;Act publicly announced by or on behalf of the Minister of
Finance (Canada) before the date hereof ("</FONT><FONT SIZE=2><B>Proposed Amendments</B></FONT><FONT SIZE=2>") and counsel's understanding of the current administrative policies and assessing
practices of the Canada Revenue Agency ("</FONT><FONT SIZE=2><B>CRA</B></FONT><FONT SIZE=2>") published in writing prior to the date hereof and assumes that the Proposed Amendments will be enacted in
the form proposed. No assurances can be given that the Proposed Amendments will be enacted in the form proposed, or at all. This summary does not otherwise take into account or anticipate changes in
law, whether by judicial, governmental or legislative decision or action, or changes in the administrative policy or assessing practices of the CRA, nor does it take into account provincial,
territorial or foreign tax legislation or considerations, which may differ significantly from the Canadian federal income tax considerations discussed herein. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary is of a general nature only and is not exhaustive of all possible Canadian federal income tax considerations applicable to Shareholders in all
circumstances. This summary is not intended to be, nor should it be construed to be, legal or tax advice to any particular shareholder. Accordingly, all Shareholders should consult their own
independent tax advisors having regard to their own particular circumstances.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Holders Resident in Canada  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This part of the summary is generally applicable to Holders who, for purposes of the application of the Tax&nbsp;Act are, or are deemed to be, resident in
Canada (a "</FONT><FONT SIZE=2><B>Resident Holder</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Resident Holders</B></FONT><FONT SIZE=2>"). Certain Resident Holders whose Aurelian Shares might
not otherwise qualify as capital property may, in certain circumstances, make an irrevocable election in accordance with subsection&nbsp;39(4) of the Tax&nbsp;Act the effect of which may be to
deem their Aurelian Shares and every "Canadian security" (as&nbsp;defined in the Tax&nbsp;Act) owned by such Resident Holder in the taxation year in which the election is made and in all
subsequent taxation years to be capital property. Resident Holders whose Aurelian Shares might not otherwise be considered to be capital property should consult their own tax advisor concerning
this&nbsp;election. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=69,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=819467,FOLIO='60',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_61"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Resident Holders Who Accept the Offer  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><U>Exchange
of Aurelian Shares for Kinross Shares, Kinross Warrants and Cash (if&nbsp;any)</U> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(a)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Disposition Where No Election is Made under Section&nbsp;85 of the Tax&nbsp;Act</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the availability of the joint election referred to below, a Resident Holder will be considered to have disposed of the Resident Holder's Aurelian Shares for proceeds of
disposition equal to the sum of (a)&nbsp;the fair market value as at the time of the exchange of the Kinross Shares acquired by such Resident Holder on the exchange, (b)&nbsp;the fair market value
as at the time of the exchange of the Kinross Warrants acquired by such Resident Holder on the exchange, and (c)&nbsp;any cash received by such Resident Holder in lieu of a fractional Kinross Share.
As a result, the Resident Holder will in general realize a capital gain (or&nbsp;capital loss) to the extent that such proceeds of disposition, net of any reasonable costs of disposition, exceed
(or&nbsp;are less than) the adjusted cost base to the Resident Holder of the Aurelian Shares immediately before the disposition. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost to a Resident Holder of any Kinross Shares and Kinross Warrants acquired on the exchange will be equal to the fair market value of those shares and warrants, respectively, as at
the time of acquisition, and in determining their adjusted cost base, the cost of such Kinross Shares and Kinross Warrants will be averaged with the adjusted cost base to that Resident Holder of any
other Kinross Shares and Kinross Warrants held by the Resident Holder at that time as capital property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
general tax treatment of capital gains and losses is discussed below under the heading "Taxation of Capital Gains and Capital Losses".  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(b)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Disposition Where an Election is Made under Subsection&nbsp;85(1) or&nbsp;85(2) of the Tax&nbsp;Act</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following applies to a Resident Holder who is an Eligible Holder. An Eligible Holder who receives Kinross Shares and Kinross Warrants pursuant to the Offer may obtain a full or
partial tax deferral in respect of the disposition of Aurelian Shares by filing with the CRA (and, where applicable, with a provincial tax authority) an election
(the&nbsp;"</FONT><FONT SIZE=2><B>Tax Election</B></FONT><FONT SIZE=2>") under subsection&nbsp;85(1) of the Tax&nbsp;Act or, in the case of a partnership, under subsection&nbsp;85(2) of the
Tax&nbsp;Act (and&nbsp;the corresponding provisions of any applicable provincial tax legislation) made jointly by the Eligible Holder and Kinross. Kinross agrees to make a Tax Election pursuant to
subsection&nbsp;85(1) or&nbsp;85(2) of the Tax&nbsp;Act (and&nbsp;any similar provision of any provincial tax legislation) with an Eligible Holder at the amount determined by such Eligible
Holder, subject to the limitations set out in subsection&nbsp;85(1) and&nbsp;85(2) of the Tax&nbsp;Act (or&nbsp;any applicable provincial tax legislation). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Eligible Holder may select an "Elected Amount" so as to not realize a capital gain for the purposes of the Tax&nbsp;Act on the exchange. The "Elected Amount" means the amount
selected by an Eligible Holder, subject to the limitations described below in the election made pursuant to section&nbsp;85 of the Tax&nbsp;Act, to be treated as the proceeds of disposition of the
Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, the Elected Amount must comply with the following rules: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Elected Amount may not exceed the fair market value of the Aurelian Shares at the time of the&nbsp;exchange;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Elected Amount may not be less than the sum of (i)&nbsp;the fair market value of the Kinross Warrants acquired by the Eligible Holder on the exchange,
determined at the time of the exchange, and (ii)&nbsp;the amount of cash received by the Eligible Holder on the exchange;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Elected Amount may not be less than the lesser of (i)&nbsp;the adjusted cost base to the Eligible Holder of the Aurelian Shares exchanged, determined
at the time of the exchange, and (ii)&nbsp;the fair market value of the Aurelian Shares at that&nbsp;time. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Elected Amount which does not comply with these limitations will automatically be adjusted under the Tax&nbsp;Act so that it is in&nbsp;compliance. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
a valid Tax Election is filed: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian
Shares that are the subject of the Tax Election will be deemed to be disposed of for proceeds of disposition equal to the Elected Amount. Subject
to the limitations set out in subsection&nbsp;85(1) or&nbsp;85(2) of the Tax&nbsp;Act regarding the Elected Amount, if the Elected Amount is equal to the aggregate </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=70,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=252112,FOLIO='61',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_62"> </A>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>of
the adjusted cost base of such Aurelian Shares immediately before the disposition and any reasonable costs of disposition, no capital gain or capital loss will be realized by the Eligible Holder.
Subject to such limitations, to the extent that the Elected Amount in respect of such Aurelian Shares exceeds (or&nbsp;is less than) the aggregate of the adjusted cost base and any reasonable costs
of disposition, such holder will realize a capital gain (or&nbsp;a capital loss). See "Taxation of Capital Gains and Capital Losses"&nbsp;below.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
aggregate cost to the Eligible Holder of Kinross Shares received will be equal to the amount, if any, by which the Elected Amount exceeds the aggregate
of (x)&nbsp;the fair market value of the Kinross Warrants determined at the time of the exchange and (y)&nbsp;the amount of cash received from Kinross as a result of the disposition, and the
adjusted cost base of such shares will be determined by averaging the cost of such Kinross Shares with the adjusted cost base of any other Kinross Shares held by the Eligible Holder at that time as
capital property.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
aggregate cost to an Eligible Holder of Kinross Warrants acquired on the exchange will be equal to the aggregate fair market value of those warrants
at the time of acquisition, and in determining the adjusted cost base of such warrants the cost of such Kinross Warrants will be averaged with the adjusted cost base to that Eligible Holder of any
other Kinross Warrants held by the Eligible Holder as capital property. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
tax instruction letter providing certain instructions on how to complete the section&nbsp;85 election forms may be obtained from the Depositary by checking the appropriate box on the
Letter of Transmittal and submitting the Letter of Transmittal in accordance with the procedures set out in Section&nbsp;5 of the Offer to Purchase, "Manner of&nbsp;Acceptance". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>An Eligible Holder interested in making an election should indicate that intention in the Letter of Transmittal in the space provided therein, and a tax
instruction letter, explaining the election process, will be sent to the Eligible Holder at or about the time that the Eligible Holder is sent the Offered Consideration to which the Eligible Holder is
entitled. A Tax Election will be valid only if it meets all other applicable requirements under the Tax&nbsp;Act, and meeting these requirements will be the sole responsibility of the Eligible
Holder.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to make an election, an Eligible Holder must provide the necessary information in accordance with the procedures set out in the tax instruction letter on or before
90&nbsp;days after the Expiry Time. The information will include the number of Aurelian Shares transferred, the consideration received and the applicable Elected Amount for the purposes of
such&nbsp;election. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
will make an election under subsection&nbsp;85(1) or&nbsp;85(2) of the Tax&nbsp;Act (and&nbsp;the corresponding provisions of any applicable provincial tax legislation)
only with an Eligible Holder and at the amount selected by the Eligible Holder subject to the limitations set out in the Tax&nbsp;Act (and&nbsp;any applicable provincial tax legislation). Kinross
will not be responsible for the proper completion or filing of any election, and the Eligible Holder will be solely responsible for the payment of any late filing penalty. Kinross agrees only to
execute any election form containing information provided by the Eligible Holder which complies with the provisions of the Tax&nbsp;Act (and&nbsp;any applicable provincial tax law). </FONT> <FONT SIZE=2><B>With the exception of execution of the
election by Kinross, compliance with the requirements for a valid election will be the sole responsibility of the Eligible Holder making
the election.</B></FONT><FONT SIZE=2> Accordingly, neither Kinross nor the Depositary will be responsible or liable for taxes, interest, penalties, damages or expenses resulting from the failure by
anyone to provide information necessary for the election in accordance with the procedures set out in the tax instruction letter, to properly complete any election or to properly file it within the
time prescribed and in the form prescribed under the Tax&nbsp;Act (or&nbsp;the corresponding provisions of any applicable provincial tax legislation). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for the CRA (and&nbsp;where applicable the provincial revenue authorities) to accept a tax election without a late filing penalty being paid by an Eligible Holder, the
election must be received by such revenue authorities on or before the day that is the earliest of the days on or before which either Kinross or the Eligible Holder is required to file an income tax
return for the taxation year in which the disposition occurs. Kinross' 2008 taxation year is scheduled to end December&nbsp;31, 2008, although Kinross' taxation year could end earlier as a result of
an event such as an amalgamation, and its tax return is required to be filed within six months from the end of the taxation year. Eligible Holders are urged to consult their own advisors as soon as
possible respecting the deadlines applicable to their own particular circumstances. </FONT><FONT SIZE=2><B>However, regardless of such deadlines,  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=71,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=266410,FOLIO='62',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_63"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> information necessary for an Eligible Holder to make an election must be received in accordance with the procedures set out in the tax instruction letter no later than 90&nbsp;days after the Expiry
Time.</B></FONT><FONT SIZE=2> To avoid late filing penalties, certain Eligible Holders may be required to provide the information necessary to make an election before 90&nbsp;days from the
Expiry&nbsp;Time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any Eligible Holder that does not ensure that information necessary to make an election has been received in accordance with the procedures set out in the tax
instruction letter on or before 90&nbsp;days after the Expiry Time will not be able to benefit from the tax deferral provisions of the Tax&nbsp;Act (or&nbsp;the corresponding provisions of any
applicable provincial tax legislation). Accordingly, all Eligible Holders who wish to enter into an election with Kinross should give their immediate attention to this matter. The instructions for
requesting a tax instruction letter are set out in the Letter of Transmittal. Eligible Holders are referred to Information Circular 76-19R3 and Interpretation Bulletin
IT-291R3&nbsp;issued by the CRA for further information respecting the election. Eligible Holders wishing to make the election should consult their own tax advisors. An Eligible Holder
who does not make a valid election under section&nbsp;85 of the Tax&nbsp;Act may realize a taxable capital gain. The comments herein with respect to such elections are provided for general
assistance only. The law in this area is complex and contains numerous technical requirements.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Taxation of Capital Gains and Capital Losses  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, a Resident Holder will be required to include in computing its income for a taxation year one half of the amount of any capital gain
(a&nbsp;"</FONT><FONT SIZE=2><B>taxable capital gain</B></FONT><FONT SIZE=2>") realized in the year. Subject to and in accordance with the provisions of the Tax&nbsp;Act, a Resident Holder is
required to deduct one half of the amount of any capital loss realized in a taxation year from taxable capital gains realized in the year by such Resident Holder. Allowable capital losses in excess of
taxable capital gains may be carried back and deducted in any of the three preceding years or carried forward and deducted in any following year against taxable capital gains realized in such year to
the extent and under the circumstances described in the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, a capital loss otherwise arising on the disposition of a share by a Resident Holder that is a corporation may be reduced by dividends previously received or deemed to have
been received thereon. Similar rules may apply where a Aurelian Share is owned by a trust or a partnership of which a corporation, trust or partnership is a beneficiary. Resident Holders to whom these
rules may be relevant should consult their own tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Holder that is throughout the year a "Canadian-controlled private corporation" (as&nbsp;defined in the Tax&nbsp;Act) may be liable to pay, in addition to tax otherwise
payable under the Tax&nbsp;Act, a refundable tax on certain investment income including taxable capital&nbsp;gains. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
gains realized by individuals and certain trusts may give rise to alternative minimum&nbsp;tax. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><U>Shares
Not Deposited by Resident Holders</U> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(a)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Compulsory Acquisition of Aurelian Shares</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described under Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition", Kinross may, in
certain circumstances, acquire Aurelian Shares not deposited under the Offer pursuant to statutory rights of purchase under the CBCA. The tax consequences to a Resident Holder of a disposition of
Aurelian Shares in such circumstances will generally be similar to those described above under "Resident Holders Who Accept the Offer". Interest paid or credited to a Resident Holder (if&nbsp;any)
in connection with the exercise of dissent rights under a Compulsory Acquisition must be included in the income of such holder for the purposes of the Tax&nbsp;Act. Resident Holders whose Aurelian
Shares may be so acquired should consult their own tax&nbsp;advisors.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(b)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Compelled Acquisition of Aurelian Shares</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Section&nbsp;8 of this Circular&nbsp;&#151;&nbsp;"Acquisition of Aurelian Shares Not Deposited&nbsp;&#151;&nbsp;Compelled
Acquisition", a Resident Holder may in certain circumstances have the right to require Kinross to purchase the Resident Holder's Aurelian Shares. The tax consequence to a Resident Holder of a
disposition of Aurelian Shares pursuant to a Compelled Acquisition will be the same as described under "Resident Holders Who Accept the&nbsp;Offer". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=72,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=942931,FOLIO='63',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_64"> </A>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(c)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Subsequent Acquisition Transaction</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not Deposited", if Kinross does not acquire all of the Aurelian Shares pursuant to the Offer or by
means of a Compulsory Acquisition, Kinross may propose other means of acquiring the remaining issued and outstanding Aurelian Shares. The tax treatment of a Subsequent Acquisition Transaction to a
Resident Holder will depend upon the exact manner in which the Subsequent Acquisition Transaction is carried out. Kinross may propose to carry out a Subsequent Acquisition Transaction by means of an
amalgamation, statutory arrangement, consolidation, capital reorganization or other transaction. Depending upon the exact manner in which the transaction is carried out, the tax consequences may
include a capital gain or capital loss, a deemed dividend or both a deemed dividend and a capital gain or capital loss. Resident Holders should consult their own tax advisors for advice with respect
to the income tax consequences of having their Aurelian Shares acquired pursuant to a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the application of subsection&nbsp;55(2) of the Tax&nbsp;Act, a Resident Holder will be required to include in computing its income for a taxation year any dividends
deemed to be received on the Aurelian Shares or any shares of a taxable Canadian corporation issued as consideration for the Aurelian Shares. In the case of a Resident Holder that is an individual
(other than certain trusts), such dividends will be subject to the gross-up and dividend tax credit rules applicable to taxable dividends received from taxable Canadian corporations,
including the enhanced gross-up and dividend tax credit applicable to any dividends designated as "eligible dividends" in accordance with the provisions of the Tax&nbsp;Act. Any such
dividends deemed to be received by a Resident Holder that is a corporation will generally be deductible in computing the corporation's taxable&nbsp;income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection&nbsp;55(2)
of the Tax&nbsp;Act provides that where a Resident Holder that is a corporation would otherwise be deemed to receive a dividend, in certain circumstances the
deemed dividend may be deemed not to be received as a dividend and instead may be treated as proceeds of disposition of the Aurelian Shares or any shares of a taxable Canadian corporation issued as
consideration for the Aurelian Shares for purposes of computing the Resident Holder's capital gain or capital loss. Resident Holders that are corporations should consult their own tax advisors in
this&nbsp;regard. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Holder that is a "private corporation" or any other corporation controlled, whether because of a beneficial interest in one or more trusts or otherwise, by or for the benefit
of an individual (other than a trust) or a related group of individuals (other than trusts), will generally be liable to pay a refundable tax of 33<SUP>1</SUP>/<SMALL>3</SMALL>% under Part&nbsp;IV of the
Tax&nbsp;Act on dividends received (or&nbsp;deemed to be received) on the Aurelian Shares or any shares of a taxable Canadian corporation issuable as consideration for the Aurelian Shares to the
extent such dividends are deductible in computing taxable income for the&nbsp;year. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Subsequent Acquisition Transaction is carried out by means of an amalgamation, under the current administrative practice of the CRA, Resident Holders who exercise a right of
dissent in respect of such an amalgamation should be considered to have disposed of their Aurelian Shares for proceeds of disposition equal to the amount paid by the amalgamated corporation to the
dissenting Resident Holder for such Aurelian Shares, other than any interest awarded by the court. Because of uncertainties under the relevant corporate legislation as to whether such amounts paid to
a dissenting Resident Holder would be treated
entirely as proceeds of disposition, or in part as the payment of a deemed dividend, dissenting Resident Holders should consult with their tax advisors in this regard. A dissenting Resident Holder
will be required to include in computing its income any interest awarded by a&nbsp;court. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resident
Holders should consult their own tax advisors for advice with respect to all income tax consequences to them of having their Aurelian Shares acquired pursuant to a Subsequent
Acquisition Transaction.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(d)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Potential Delisting</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
following completion of the Offer the Aurelian Shares cease to be listed on any designated stock exchange (which includes the TSX and the Frankfurt Stock Exchange) and Aurelian ceases
to be a "public corporation" for purposes of the Tax&nbsp;Act, Resident Holders that are trusts governed by registered retirement savings plans, registered retirement income funds, registered
education savings plans, deferred profit sharing plans and registered disability savings plans are cautioned that the Aurelian Shares will cease to be qualified </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=73,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=639275,FOLIO='64',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_65"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>investments
for such trusts. Such Holders should consult with their own tax advisors in this regard. Aurelian Shares may cease to be listed on the TSX and the Frankfurt Stock Exchange following the
completion of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><U>Holding
and Disposing of Kinross Shares and Kinross Warrants</U> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a Resident Holder who is an individual (other than certain trusts), dividends received or deemed to be received on Kinross Shares will be
included in computing the Resident Holder's income, and will be subject to the normal gross-up and dividend tax credit rules applicable to dividends paid by taxable Canadian corporations
under the Tax&nbsp;Act, including the enhanced gross-up and dividend tax credit applicable to any dividend designated as an "eligible dividend" in accordance with the provisions of the
Tax&nbsp;Act. There may be limitations on the ability of Kinross to designate dividends as "eligible dividends". A Resident Holder that is a "private corporation" (as&nbsp;defined in the
Tax&nbsp;Act) or any other corporation controlled, whether because of a beneficial interest in one or more trusts or otherwise, by or for the benefit of an individual (other than a trust) or a
related group of individuals (other than trusts), will generally be liable to pay a refundable tax of 33<SUP>1</SUP>/<SMALL>3</SMALL>% under Part&nbsp;IV of the Tax&nbsp;Act on dividends received
(or&nbsp;deemed to be received) on the Kinross Shares to the extent such dividends are deductible in computing taxable income for the&nbsp;year. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
a Resident Holder who disposes of or is deemed to dispose of a Kinross Share in a taxation year will be subject to the rules described above under "Taxation of Capital Gains
and Capital Losses". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Holder will not be subject to tax under the Tax&nbsp;Act on the exercise of the Kinross Warrants. The cost for tax purposes of a Kinross Share acquired on the exercise of
the Kinross Warrants will be the aggregate of the adjusted cost base of the Kinross Warrants and the subscription price for the Kinross Share. The cost to a Resident Holder of a Kinross Share acquired
upon the exercise of a Kinross Warrant must be averaged with the adjusted cost base (determined immediately before the exercise of the Kinross Warrant) of all other Kinross Shares held by the Resident
Holder as capital property at the time of the exercise of the Kinross Warrant. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the actual or deemed disposition of Kinross Warrants, other than on the exercise thereof, Resident Holders of Kinross Warrants will realize a capital gain (or&nbsp;capital loss)
equal to the amount by which the proceeds of disposition, net of any reasonable costs of disposition, exceed (or&nbsp;are exceeded by) the adjusted cost base of the Kinross Warrants disposed of.
Upon the expiry of unexercised Kinross Warrants the holders thereof will realize a capital loss in the amount of the adjusted cost base of the Kinross Warrants that expired. The treatment of capital
gains and losses is described above under "Taxation of Capital Gains and Capital Losses". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided
that they are listed on a designated stock exchange, which includes the TSX and the NYSE, or that Kinross continues to qualify as a "public corporation" for the purposes of the
Tax&nbsp;Act, Kinross Shares and Kinross Warrants will be qualified investments under the Tax&nbsp;Act for trusts governed by registered retirement savings plans, registered retirement income
funds, deferred profit sharing plans and registered education savings&nbsp;plans. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Holders Not Resident in Canada  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the comments set out under the heading "General" above, this portion of the summary is generally applicable to Holders who, at all relevant times
for purposes of the application of the Tax&nbsp;Act, have not been and are not resident in Canada or deemed to be resident in Canada and do not use or hold, and are not deemed to use or hold their
Aurelian Shares in carrying on a business in Canada. Holders meeting all such requirements are hereinafter referred to as a "Non-Resident Holder" or "Non-Resident Holders", and
this part of the summary only addresses such Non-Resident Holders. Special rules, which are not discussed in this summary, may apply to holders that are insurers carrying on an insurance
business in Canada and&nbsp;elsewhere. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><U>Non-Resident
Holders Who Accept the Offer</U> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Non-Resident Holder will not be subject to tax under the Tax&nbsp;Act in respect of any capital gain realized on a disposition of Aurelian
Shares pursuant to the Offer unless such shares are or are deemed to be "taxable Canadian property" as defined in the Tax&nbsp;Act and the Non-Resident Holder is not entitled to relief
under an applicable tax&nbsp;treaty. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=74,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=582159,FOLIO='65',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_66"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
Aurelian Shares will not be taxable Canadian property to a Non-Resident Holder at a particular time provided that (a)&nbsp;such shares are listed on a
"designated stock exchange" (as&nbsp;defined in the Tax&nbsp;Act) (which includes the TSX and the NYSE) at that time and (b)&nbsp;at any time during the 60&nbsp;month period ending at that
time, the Non-Resident Holder, persons not dealing at arm's length with such Non-Resident Holder, or the Non-Resident Holder together with all such persons, have
not owned 25% or more of the issued shares of any class or series of the capital stock of Aurelian. Notwithstanding the foregoing, in certain circumstances set out in the Tax&nbsp;Act, Aurelian
Shares could be deemed to be taxable Canadian property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Resident
Holders who hold Aurelian Shares as taxable Canadian property should consult with their own tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><U>Shares
Not Deposited by Non-Resident Holders</U> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(a)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Compulsory or Compelled Acquisition of Aurelian Shares</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Non-Resident Holder will not be subject to income tax under the Tax&nbsp;Act on a disposition of Aurelian Shares pursuant to Kinross' statutory rights of purchase
described in Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition" or on an exercise of the
Non-Resident Holder's statutory rights in respect thereof or pursuant to the Non-Resident Holder's right to require Kinross to purchase such Non-Resident Holder's
Aurelian Shares as described in Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not Deposited&nbsp;&#151;&nbsp;Compelled Acquisition", unless the Aurelian
Shares are "taxable Canadian property" to the Non-Resident Holder as described above (and&nbsp;subject to the discussion below under "Potential Delisting") and the
Non-Resident Holder is not entitled to relief under an applicable income tax convention between Canada and the country in which the Non-Resident Holder is&nbsp;resident. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(b)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Subsequent Acquisition Transactions</I></FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Section&nbsp;8 of this Circular, "Acquisition of Aurelian Shares Not Deposited", if Kinross does not acquire all of the Aurelian Shares under the Offer or by means of a
Compulsory Acquisition, Kinross may propose other means of acquiring the remaining issued and outstanding Aurelian Shares. The tax consequences of a Subsequent Acquisition Transaction to a
Non-Resident Holder will depend upon the exact manner in which the Subsequent Acquisition Transaction is carried out. A Non-Resident Holder may realize a capital gain or a
capital loss and/or be deemed to receive a dividend (see&nbsp;also the discussion above). In general, the Non-Resident Holder would not be subject to taxation under the Tax&nbsp;Act in
respect of any capital gain that is realized unless the Non-Resident Holder's Aurelian Shares are taxable Canadian property, as described above (and&nbsp;subject to the discussion below
under "Potential Delisting"), and the Non-Resident Holder is not entitled to any relief under an applicable tax treaty. Dividends paid or deemed to be paid to a Non-Resident
Holder would be subject to Canadian withholding tax at a rate of 25% subject to any reduction in the rate of withholding to which the Non-Resident Holder is entitled under the provisions
of an applicable income tax treaty. Where the Non-Resident Holder is a U.S.&nbsp;resident entitled to benefits under </FONT><FONT SIZE=2><I>Canada-U.S.&nbsp;Income Tax
Convention</I></FONT><FONT SIZE=2> (1980) and is the beneficial owner of the dividends, the rate of Canadian withholding tax is generally reduced to 15%. Non-Resident Holders should
consult their own tax advisors for advice with respect to the potential income tax consequences to them of having their Aurelian Shares acquired pursuant to a Subsequent Acquisition Transaction. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(c)</I></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Potential Delisting</I></FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described under Section&nbsp;14 of this Circular, "Effect of the Offer on the Market for and Listing of Aurelian Shares", Aurelian Shares may cease to be listed on the TSX and the
Frankfurt Stock Exchange following the completion of the Offer. Non-Resident Holders are cautioned that if the Aurelian Shares are not listed on a designated stock exchange at the time
they are disposed of (i)&nbsp;the Aurelian Shares will be taxable Canadian property to the Non-Resident Holder; and (ii)&nbsp;the Non-Resident Holder may be subject to
income tax under the Tax&nbsp;Act in respect of any capital gain realized on such disposition, subject to any relief under an applicable income tax convention between Canada and the country in which
the Non-Resident Holder is resident. If such shares are not listed on a "recognized stock exchange" (as&nbsp;defined in the Tax&nbsp;Act) at the time they are disposed of, the
notification and withholding provisions of section&nbsp;116 of the Tax&nbsp;Act will apply to the Non-Resident Holder, in which case Kinross will be entitled, pursuant to the
Tax&nbsp;Act, to deduct or withhold an </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=75,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=646389,FOLIO='66',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_67"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>amount
from any payment made to the Non-Resident Holder and to remit such amount to the Receiver General on behalf of the Non-Resident Holder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Resident
Holders should consult their own tax advisors with respect to the potential income tax consequences to them of not disposing of their Shares pursuant to
the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><U>Holding
and Disposing of Kinross Shares and Kinross Warrants</U> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
paid or deemed to be paid to a Non-Resident Holder on Kinross Shares will be subject to non-resident withholding tax at the
rate of 25% unless the rate is reduced under the provisions of an applicable tax treaty. Where the Non-Resident Holder is a U.S.&nbsp;resident entitled to benefits under the </FONT> <FONT SIZE=2><I>Canada-U.S.&nbsp;Income Tax
Convention</I></FONT><FONT SIZE=2> (1980) and is the beneficial owner of the dividends, the rate of Canadian withholding tax
applicable to dividends is generally reduced to&nbsp;15%. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Non-Resident Holder will generally not be liable to Canadian income tax on a disposition or deemed disposition of Kinross Shares or Kinross Warrants unless the
Non-Resident Holder's Kinross Shares or Kinross Warrants, as the case may be, are, or are deemed to be, taxable Canadian property to the Non-Resident Holder at the time of
disposition and the Non-Resident Holder is not entitled to relief under an applicable tax treaty. A Non-Resident Holder will not be subject to tax under the Tax&nbsp;Act on
the exercise of a Kinross Warrant. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>17.&nbsp;&nbsp;&nbsp;Depositary  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged Computershare Investor Services&nbsp;Inc. to act as Depositary for the receipt of Aurelian Shares and related Letters of Transmittal
deposited under the Offer and for the payment for Aurelian Shares purchased by Kinross pursuant to the Offer. The Depositary will also receive Notices of Guaranteed Delivery at its offices in Toronto,
Ontario specified in the Notice of Guaranteed Delivery. The Depositary will also be responsible for giving notices, if required, and for making payment for all Aurelian Shares purchased by the Offeror
under the Offer. The Depositary will also facilitate book-entry transfers of Aurelian Shares. The Depositary will receive reasonable and customary compensation from Kinross for its
services relating to the&nbsp;Offer and will be reimbursed for certain out-of-pocket expenses. Kinross has also agreed to indemnify the Depositary against certain liabilities
and expenses in connection with the Offer, including certain liabilities under the securities laws of&nbsp;Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>18.&nbsp;&nbsp;&nbsp;Dealer Managers and Soliciting Dealer Group  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged the services of Scotia Capital&nbsp;Inc., N M Rothschild&nbsp;&amp; Sons Canada Securities Limited and CIBC&nbsp;World Markets&nbsp;Inc.
as Dealer Managers in Canada and Scotia Capital (USA)&nbsp;Inc., Rothschild&nbsp;Inc. and CIBC&nbsp;World Markets Corp. as Dealer Managers in the United&nbsp;States to solicit acceptances of
the Offer. The Dealer Managers will be reimbursed by Kinross for their reasonable out-of-pocket expenses. In addition, the Dealer Managers will be indemnified against certain
liabilities, including liabilities under securities laws, in connection with the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Dealer Managers will form&nbsp;a Soliciting Dealer Group comprised of members of the Investment Dealers Association of Canada and members of the TSX, the TSX Venture Exchange and
the National Association of Securities Dealers to solicit acceptances of the Offer. Each member of the Soliciting Dealer Group, including each of the Dealer Managers, is referred to herein as a
"</FONT><FONT SIZE=2><B>Soliciting Dealer</B></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
has agreed to pay members of the Soliciting Dealer Group whose name appears in the appropriate space of a properly completed and executed Letter of Transmittal a solicitation fee
of Cdn.$0.05 per Aurelian Share taken up and paid for by Kinross under the Offer, subject to a minimum fee of Cdn.$85.00 and a maximum fee of Cdn.$1,500.00 being payable in respect of any one
beneficial owner of Aurelian Shares provided that the Cdn.$85.00 minimum will only be payable in respect of deposits of 1,000 or more Aurelian Shares. No solicitation fee will be paid if the Offer is
withdrawn or terminated and no Aurelian Shares are taken up thereunder or in respect of any Aurelian Shares withdrawn prior to take up of the Aurelian Shares unless thereafter such Aurelian Shares are
properly deposited under the Offer and taken up and paid for. Kinross will not be required to pay a fee to more than one Soliciting Dealer in respect of any one beneficial owner of Aurelian Shares or
in respect of Aurelian Shares deposited by directors or officers of&nbsp;Aurelian. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=76,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=939863,FOLIO='67',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<A NAME="page_dg41705_1_68"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth above, the Offeror will not pay any fees or commissions to any broker, dealer or other person for soliciting tenders of the Aurelian Shares pursuant to the Offer,
provided that the Offeror may make other arrangements with soliciting dealers and/or information agents outside of Canada. No fee or commission will be payable by Shareholders who transmit their
Aurelian Shares directly to the Depositary or who make use of the facilities of a Soliciting Dealer to accept the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>19.&nbsp;&nbsp;&nbsp;Information Agent  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has retained Kingsdale Shareholder Services&nbsp;Inc. to act as Information Agent in connection with the Offer. The Information Agent will receive
reasonable and customary compensation from Kinross for services in connection with the Offer, will be reimbursed for certain out-of-pocket expenses and will be indemnified
against certain liabilities, including liabilities under securities laws and expenses incurred in connection therewith. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>20.&nbsp;&nbsp;&nbsp;Offerees' Statutory Rights  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities legislation of the provinces and territories of Canada provides securityholders of Aurelian with, in addition to any other rights they may have at law,
one or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or a notice that is required to be delivered to such
securityholders. However, such rights must be exercised within prescribed time limits. Securityholders should refer to the applicable provisions of the securities legislation of their province or
territory for particulars of those rights or consult with a&nbsp;lawyer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>21.&nbsp;&nbsp;&nbsp;U.S.&nbsp;Exchange Act Requirements  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross is subject to the reporting requirements of the U.S.&nbsp;Exchange Act and in accordance therewith files reports and other information with the SEC.
Under a multijurisdictional disclosure system adopted by United&nbsp;States and Canadian securities regulators, some reports and other information may be prepared in accordance with the disclosure
requirements of Canadian securities laws, which requirements are different from those of the United&nbsp;States. Kinross is exempt from the rules under the U.S.&nbsp;Exchange Act prescribing the
furnishing and content of proxy statements, and its officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in
Section&nbsp;16 of the U.S Exchange Act. Reports and other information filed or furnished, as applicable, by Kinross may be inspected and copied at the public reference facilities maintained by the
SEC at Room&nbsp;1580, 100&nbsp;F Street, NE, Washington,&nbsp;D.C. 20549. Copies of such material can also be obtained at prescribed rates from the Public Reference Section of the SEC at
100&nbsp;F Street, NE, Washington,&nbsp;D.C. 20549. Prospective investors may call the SEC at 1-800-SEC-0330&nbsp;for further information regarding the public
reference facilities or visit the SEC's website at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registration statement filed with the SEC concerning the Offer, including exhibits, and Kinross' reports and other information filed under the U.S.&nbsp;Exchange Act are available
to the public free of charge at the SEC's website at&nbsp;</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>22.&nbsp;&nbsp;&nbsp;Legal Matters  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters relating to the Offer and to the Kinross Shares and Kinross Warrants to be distributed pursuant to the Offer will be reviewed by Osler,
Hoskin&nbsp;&amp; Harcourt&nbsp;LLP. As at the date hereof, the partners and associates of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP as a group, beneficially own, directly or indirectly, less than 1%
of any class of Kinross' issued and outstanding securities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>23.&nbsp;&nbsp;&nbsp;Registration Statement Filed with the SEC  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has filed a Registration Statement on Form&nbsp;F-8 under the U.S.&nbsp;Securities Act to register the Kinross Shares and the Kinross
Warrants in connection with their offer and sale pursuant to the Offer. That Registration Statement does not register any of the Kinross Shares that are issuable upon exercise of the Kinross Warrants.
The Offer and Circular do not contain all of the information set forth in the Registration Statement. Reference is made to the Registration Statement and the exhibits thereto for further information. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>24.&nbsp;&nbsp;&nbsp;Directors' Approval  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contents of the Offer and Circular have been approved and the sending thereof to the Shareholders has been authorized by the board of directors
of&nbsp;Kinross. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=77,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=738664,FOLIO='68',FILE='DISK125:[08ZCL5.08ZCL41705]DG41705A.;15',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_di41705_1_69"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di41705_experts"> </A>
<A NAME="toc_di41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audited consolidated financial statements of Kinross as at December&nbsp;31, 2007 and 2006 and for each of the years in the
three-year period ended December&nbsp;31, 2007, incorporated by reference in this Offer and Circular, have been audited by KPMG&nbsp;LLP, independent registered chartered accountants,
as set forth in their report thereon, included therein and incorporated herein by reference. Such audited consolidated financial statements are incorporated herein by reference in reliance upon and
upon the authority of such said firm as experts in accounting and&nbsp;auditing. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di41705_documents_filed_as_par__di402224"> </A>
<A NAME="toc_di41705_2"> </A>
<BR></FONT><FONT SIZE=2><B>  DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed with the SEC as part of the Registration Statement on
Form&nbsp;F-8: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
documents incorporated by reference under the heading, "Kinross&nbsp;&#151;&nbsp;Documents Incorporated by&nbsp;Reference";
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>consent
of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>consent
of KPMG&nbsp;LLP;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>powers
of attorney authorizing certain signatories to execute the Form&nbsp;F-8;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>press
release dated July&nbsp;24, 2008 relating to the intention of Kinross to make the Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Support
Agreement dated July&nbsp;23, 2008 by and between Kinross and Aurelian;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>form
of Lock-Up Agreement by and between Kinross and Patrick Anderson, George Bee, Colin Benner, Jon Douglas, William Fisher, Andre Gaumond,
Joseph Hamilton, Keith McKay, Thomas Obradovich, Jonathan Rubenstein and Tim&nbsp;Warman;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>form
of Warrant Agreement to be dated the Effective Date by and between Kinross and Computershare Trust Company of&nbsp;Canada;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>consent
of Robert Henderson; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>consent
of Larry Smith. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=78,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=643743,FOLIO='69',FILE='DISK125:[08ZCL5.08ZCL41705]DI41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ea41705_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea41705_consent_of_osler,_hoskin___harcourt_llp"> </A>
<A NAME="toc_ea41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF OSLER, HOSKIN&nbsp;&amp; HARCOURT&nbsp;LLP    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>To:
The Directors of Kinross&nbsp;Gold Corporation </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the references to our name contained under the heading "Legal Matters" and to our opinion contained under "Certain Canadian Federal Income Tax Considerations" in the
take-over bid circular accompanying the offer to purchase dated July&nbsp;28, 2008 made by Kinross&nbsp;Gold Corporation to purchase all of the issued and outstanding common shares of
Aurelian Resources&nbsp;Inc. </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="251" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="220" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
Toronto, Ontario<BR>
July&nbsp;28, 2008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
(Signed) </FONT><FONT SIZE=2>OSLER, HOSKIN&nbsp;&amp; HARCOURT&nbsp;LLP</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=79,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=773656,FOLIO='C-1',FILE='DISK125:[08ZCL5.08ZCL41705]EA41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:22' -->
<A NAME="page_ea41705_1_2"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea41705_auditors__consent"> </A>
<A NAME="toc_ea41705_2"> </A>
<BR></FONT><FONT SIZE=2><B>  AUDITORS' CONSENT    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have read the take-over bid circular accompanying the offer to purchase (the&nbsp;"Take-Over Bid
Circular") dated July&nbsp;28, 2008 made by Kinross to purchase all of the issued and outstanding common shares of Aurelian to be sent to the shareholders of Aurelian. We have complied with Canadian
generally accepted standards for an auditor's involvement with offering documents. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the use, through incorporation by reference, in the above-mentioned Take-Over Bid Circular of our report to the shareholders of Kinross on the consolidated
balance sheets of Kinross as at December&nbsp;31, 2007 and 2006 and the consolidated statements of operations, cash flows, common shareholders' equity and comprehensive income (loss) for each of the
years in the three-year period ended December&nbsp;31, 2007. Our report is dated March&nbsp;27,&nbsp;2008. </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="237" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="233" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
Toronto, Ontario<BR>
July&nbsp;28, 2008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
(Signed) KPMG&nbsp;LLP<BR>
Chartered Accountants, Licensed Public Accountants</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=80,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=405612,FOLIO='C-2',FILE='DISK125:[08ZCL5.08ZCL41705]EA41705A.;10',USER='RRICKEN',CD='28-JUL-2008;13:22' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_jc41705_1_3"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc41705_certificate"> </A>
<A NAME="toc_jc41705_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated
or that is necessary to make a statement not misleading in the light of the circumstances in which it was&nbsp;made. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Dated:
July&nbsp;28, 2008 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="235" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
(Signed) </FONT><FONT SIZE=2>TYE W. BURT</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
(Signed) </FONT><FONT SIZE=2>THOMAS M. BOEHLERT</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Executive Vice President and Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
On behalf of the board of directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
(Signed) </FONT><FONT SIZE=2>JOHN E. OLIVER</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
(Signed) </FONT><FONT SIZE=2>JOHN A. BROUGH</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=81,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=453430,FOLIO='C-3',FILE='DISK125:[08ZCL5.08ZCL41705]JC41705A.;8',USER='RRICKEN',CD='28-JUL-2008;13:22' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>
The Depositary for the Offer is: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="235" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>By Mail:</I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I> By Registered Mail, by Hand or by Courier:</I></B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
P.O.&nbsp;Box&nbsp;7021, 31&nbsp;Adelaide Street E<BR>
Toronto, Ontario<BR>
M5C&nbsp;3H2<BR>
Attention: Corporate Actions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
9th&nbsp;Floor, 100&nbsp;University Avenue<BR>
Toronto, Ontario<BR>
M5J&nbsp;2Y1<BR>
Attention: Corporate Actions</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>
North American Toll Free Number: 1-800-564-6253<BR>
Local/Overseas: 1-514-982-7555<BR>
E-Mail: corporateactions@computershare.com<BR>
Website: www.computershare.com </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;<BR><BR><BR><BR>
The Dealer Managers for the Offer are: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="235" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>In Canada</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> In the United&nbsp;States</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Scotia Capital&nbsp;Inc.<BR>
N M Rothschild&nbsp;&amp; Sons Canada Securities Limited<BR>
CIBC&nbsp;World Markets&nbsp;Inc.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Scotia Capital (USA)&nbsp;Inc.<BR>
Rothschild&nbsp;Inc.<BR>
CIBC&nbsp;World Markets Corp.</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;<BR><BR><BR><BR>
The Information Agent for the Offer is: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g638723.jpg" ALT="LOGO" WIDTH="324" HEIGHT="54">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950, P.W. Box&nbsp;361<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>North American Toll Free Number: 1-800-775-4067<BR>
Facsimile: 416-867-2271<BR>
Toll Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><BR><BR><BR><BR> </FONT> <FONT SIZE=2><B>Any questions and requests for assistance may be directed by Shareholders to the Depositary or the Information Agent at their respective telephone numbers and locations set out
above. Shareholders may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the&nbsp;Offer.</B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=82,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=1027844,FOLIO='blank',FILE='DISK125:[08ZCL5.08ZCL41705]KA41705A.;8',USER='RRICKEN',CD='28-JUL-2008;13:22' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>The instructions accompanying this Letter of Acceptance and Transmittal should be read carefully before this Letter of Acceptance and Transmittal is completed. Your broker or
other financial advisor can assist you in completing this Letter of Acceptance and Transmittal.</I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>LETTER OF ACCEPTANCE AND TRANSMITTAL  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>FOR DEPOSIT OF COMMON SHARES OF  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>AURELIAN RESOURCES&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Pursuant to the Offer dated July&nbsp;28, 2008 made by  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>KINROSS GOLD CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" >


  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THE OFFER WILL BE OPEN FOR ACCEPTANCE UNTIL 6:00&nbsp;P.M., TORONTO TIME, <BR>
ON SEPTEMBER 3, 2008, UNLESS THE OFFER IS EXTENDED OR WITHDRAWN.

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" >


  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Letter of Acceptance and Transmittal (the&nbsp;"</FONT><FONT SIZE=2><B>Letter of Acceptance and Transmittal</B></FONT><FONT SIZE=2>"), or a manually
signed facsimile thereof, properly completed and duly executed, together with all other required documents, must accompany the certificate or certificates representing common shares
(the&nbsp;"</FONT><FONT SIZE=2><B>Aurelian Shares</B></FONT><FONT SIZE=2>") in the capital of Aurelian Resources&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Aurelian</B></FONT><FONT SIZE=2>")
deposited pursuant to offer (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") set forth in the Offer to Purchase dated July&nbsp;28, 2008
(the&nbsp;"</FONT><FONT SIZE=2><B>Offer to Purchase</B></FONT><FONT SIZE=2>") made by Kinross Gold Corporation ("</FONT><FONT SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>") to holders of
Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms and conditions of the Offer are incorporated by reference in this Letter of Acceptance and Transmittal. Capitalized terms used but not defined in this Letter of
Acceptance and Transmittal which are defined in the Offer and accompanying Circular dated July&nbsp;28, 2008 (together, the "</FONT><FONT SIZE=2><B>Offer and
Circular</B></FONT><FONT SIZE=2>") shall have the meanings given to them in the Offer and&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may accept the Offer by following the procedures for a book-entry transfer established by CDS Clearing and Depository Services&nbsp;Inc.
("</FONT><FONT SIZE=2><B>CDS</B></FONT><FONT SIZE=2>"), provided that a Book-Entry Confirmation through CDSX is received by the Depositary (as&nbsp;defined below) at its office in
Toronto, Ontario prior to the Expiry Time. The Depositary has established an account at CDS for the purpose of the Offer. Any financial institution that is a participant in CDS may cause CDS to
make a book-entry transfer of a Shareholder's Aurelian Shares into the Depositary's account in accordance with CDS procedures for such transfer. Delivery of Aurelian Shares to the
Depositary by means of a book-entry transfer will constitute a valid tender under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders,
through their respective CDS participants, who use CDSX to accept the Offer through a book-entry transfer of their holdings into the Depositary's account
with CDS shall be deemed to have completed and submitted a Letter of Acceptance and Transmittal and to be bound by the terms thereof and therefore such instructions received by the Depositary
are considered a valid tender in accordance with the terms of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Shareholder wishes to deposit Aurelian Shares pursuant to the Offer and the certificate(s) representing the Aurelian Shares is (are) not immediately available or the
Shareholder is not able to deliver the certificate(s) and all other required documents to the Depositary at or prior to the Expiry Time, those Aurelian Shares may nevertheless be deposited under
the Offer pursuant to the procedure for guaranteed delivery provided that all of the conditions set forth in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery", are met. See Instruction&nbsp;2, "Procedures for Guaranteed Delivery". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare
Investor Services&nbsp;Inc. (the&nbsp;"</FONT><FONT SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>") or your broker or other financial advisor can assist you in
completing this Letter of Acceptance and Transmittal (see&nbsp;back page of this document for addresses and telephone numbers). Persons whose Aurelian Shares are registered in the name of a
broker, dealer, bank, trust company or other nominee should immediately contact such registered holder for assistance if they wish to accept the&nbsp;Offer. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=83,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=727840,FOLIO='blank',FILE='DISK130:[08ZCL6.08ZCL41706]DE41706A.;8',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_de41706_1_2"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of this Letter of Acceptance and Transmittal and accompanying share certificates to the address of the Depositary other than as set forth below does not constitute a valid
delivery to the Depositary. You must sign this Letter of Acceptance and Transmittal in the appropriate space provided below and, if you are a U.S.&nbsp;Person (as&nbsp;defined in
Instruction&nbsp;10, "Important Tax Information for U.S.&nbsp;Shareholders"), you must also complete the Substitute Form&nbsp;W-9 set forth on page&nbsp;10
(see&nbsp;Instruction&nbsp;10, "Important Tax Information for U.S.&nbsp;Shareholders"). </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="43" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="428" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>TO:</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>
AND TO:</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>
COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned delivers to you the enclosed certificate(s) for Aurelian Shares and, subject only to the provisions of the Offer regarding withdrawal, irrevocably accepts the Offer
for such Aurelian Shares
upon the terms and conditions contained in the Offer. The following are the details of the enclosed certificate(s): </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="217" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="73" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>BOX 1</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Certificate Number(s)<BR>
(if&nbsp;available)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Name and Address of Registered Shareholder<BR>
of Aurelian Shares<BR>
(please print)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Aurelian Shares<BR>
Represented by<BR>
Certificate</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Aurelian Shares<BR>
Deposited*</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>TOTAL&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000"></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>(Please print or type. If space is insufficient, please attach a list to this Letter of Acceptance and Transmittal<BR>
in above&nbsp;form.)  </I></B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Unless
otherwise indicated, the total number of Aurelian Shares evidenced by all certificates delivered will be deemed to have been deposited. See
Instruction&nbsp;6 herein, "Partial Deposits". </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledges receipt of the Offer and Circular and acknowledges entering into a binding agreement between the undersigned
and Kinross in accordance with the terms and conditions of the Offer. The undersigned represents and warrants that (a)&nbsp;the undersigned has full power and authority to deposit, sell,
assign and transfer the Aurelian Shares covered by this Letter of Acceptance and Transmittal (the&nbsp;"</FONT><FONT SIZE=2><B>Deposited Shares</B></FONT><FONT SIZE=2>") and any Distributions
(as&nbsp;defined below) being deposited under the Offer, (c)&nbsp;the Deposited Shares and Distributions have not been sold, assigned or transferred, nor has any agreement been entered into
to sell, assign or transfer any of the Deposited Shares and Distributions, to any other Person, (d)&nbsp;the deposit of the Deposited Shares and Distributions complies with applicable laws,
and (e)&nbsp;when the Deposited Shares and Distributions are taken up and paid for by Kinross, Kinross will acquire good title thereof, free and clear of all liens, restrictions, charges,
encumbrances, claims and rights of others in accordance with the terms and conditions set forth in the Offer and in this Letter of Acceptance and Transmittal. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN CONSIDERATION OF THE OFFER AND FOR VALUE RECEIVED,</B></FONT><FONT SIZE=2> upon the terms and subject to the conditions set forth in the Offer and in
this Letter of Acceptance and Transmittal, subject only to the withdrawal rights set out in the Offer, the undersigned irrevocably accepts the Offer for and in respect of the Deposited Shares
and delivers to Kinross the enclosed Aurelian Share certificate(s) representing the Deposited Shares and, on and subject to the terms and conditions of the Offer, deposits, sells, assigns and
transfers to Kinross all right, title and interest of the undersigned in and to the Deposited Shares, and in and to all rights and benefits arising from such Deposited Shares, including, any and
all dividends, distributions, payments, securities, property or other interests which may be declared, paid, accrued, issued, distributed, made or transferred on or in respect of the Deposited
Shares or any of them on and after the date of the Offer (other than any dividend, distribution or payment in respect of which a reduction in the price of the Offer is made pursuant to
Section&nbsp;7 of the Offer to Purchase, "Charges in Capitalization of Aurelian; Liens"), including any dividends, distributions or payments on such dividends, distributions, payments,
securities, property or other interests (collectively, "</FONT><FONT SIZE=2><B>Distributions</B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=84,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=171487,FOLIO='2',FILE='DISK130:[08ZCL6.08ZCL41706]DE41706A.;8',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_de41706_1_3"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
on or after the date of the Offer, Aurelian should divide, combine, reclassify, consolidate, convert or otherwise change any of the Aurelian Shares or its capitalization, or
should disclose that it has taken or intends to take any such action, then Kinross may, in its sole discretion and without prejudice to its rights under Section&nbsp;2 of the Offer to
Purchase, "Conditions of the Offer", make such adjustments as it deems appropriate to reflect such division, combination, reclassification, consolidation, conversion or other change in the
offered consideration or other terms of the Offer (including the type of securities offered to be purchased and the consideration payable therefor). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelian
Shares acquired pursuant to the Offer shall be transferred by such Shareholder and acquired by Kinross free and clear of all liens, charges, encumbrances, claims and
equities and together with all rights and benefits arising therefrom, including the right to any and all dividends, distributions, payments, securities, rights, assets or other interests which
may be declared, paid, issued, distributed, made or transferred on or after the date of the Offer on or in respect of the Aurelian Shares, whether or not separated from the Aurelian Shares, but
subject to any Aurelian Shares being validly withdrawn by or on behalf of a depositing Shareholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
on or after the date of the Offer, Aurelian should declare or pay any dividend or declare, make or pay any other distribution or payment on or declare, allot, reserve or issue
any securities, rights or other interests with respect to any Aurelian Shares, which is or are payable or distributable to Shareholders of record on a date prior to the transfer into the name of
Kinross or its nominees or transferees on the securities register maintained by or on behalf of Aurelian in respect of Aurelian Shares, then the whole of any such dividend, distribution,
payment, right or other interest will be promptly remitted and transferred by the depositing Shareholder to the Depositary for the account of Kinross accompanied by appropriate documentation of
transfer. Pending such remittance, Kinross will be entitled to any such dividend, distribution, payment, right or other interest and may deduct from the purchase price payable by Kinross
pursuant to the Offer the amount or value thereof, as determined by Kinross in its sole discretion. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
whose Aurelian Share certificate(s) is (are) not immediately available or who cannot cause their Aurelian Share certificate(s) and all other required documents to be
delivered to the Depositary at or before the Expiry Time must deliver their Aurelian Shares according to the guaranteed delivery procedures set forth in Section&nbsp;5 of the Offer to
Purchase, "Manner of Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned irrevocably approves, constitutes and appoints, effective on and after the date that Kinross takes up and pays for the Deposited Shares taken up and paid for under
the Offer (which shares upon being taken up and paid for are, together with any Distributions thereon, hereinafter referred to as the "</FONT><FONT SIZE=2><B>Purchased
Securities</B></FONT><FONT SIZE=2>"), certain officers of Kinross and any other person designated by Kinross in writing (each an "</FONT><FONT SIZE=2><B>Appointee</B></FONT><FONT SIZE=2>") as
the true and lawful agents, attorneys and attorneys-in-fact and proxies, with full power of substitution (such power of attorney being deemed to be an irrevocable power
coupled with an interest), of the depositing Shareholder with respect to the Purchased Securities. This Letter of Acceptance and Transmittal or the making of a book-entry transfer
authorizes an Appointee, in the name and on behalf of the undersigned (a)&nbsp;to register or record the transfer and/or cancellation of such Purchased Securities (to&nbsp;the extent
consisting of securities) on the appropriate register maintained by or on behalf of Aurelian; (b)&nbsp;for so long as any Purchased Securities are registered or recorded in the name of the
undersigned (whether or not they are now so registered or recorded), to exercise any and all rights of the undersigned including the right to vote, to execute and deliver any and all instruments
of proxy, authorizations or consents in form and on terms satisfactory to the Offeror in respect of any or all Purchased Securities, to revoke any such instrument, authorization or consent, and
to designate in such instrument, authorization or consent any person or persons as the proxy of the undersigned in respect of the Purchased Securities for all purposes including in connection
with any meeting or meetings (whether annual, special or otherwise or any adjournment thereof, including any meeting to consider a Subsequent Acquisition Transaction) of holders of relevant
securities of Aurelian; (c)&nbsp;to execute, endorse and negotiate, for and in the name of and on behalf of such Shareholder, any and all cheques or other instruments representing any
Distribution payable to or to the order of, or endorsed in favour of, such Shareholder; and (d)&nbsp;to exercise any other rights of a holder of Purchased Securities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned revokes any and all other authority, whether as agent, attorney-in-fact, attorney, proxy or otherwise, previously conferred or agreed to be
conferred by the Shareholder at any time with respect to the Deposited Shares or any Distributions. The undersigned agrees that no subsequent authority, whether as agent, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=85,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=762260,FOLIO='3',FILE='DISK130:[08ZCL6.08ZCL41706]DE41706A.;8',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_de41706_1_4"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>attorney-in-fact,
attorney, proxy or otherwise will be granted with respect to the Deposited Shares or any Distributions by or on behalf of the undersigned unless the
Deposited Shares are not taken up and paid for under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned agrees not to vote any of the Purchased Securities at any meeting (whether annual, special or otherwise or any adjournment thereof, including any meeting to
consider a Subsequent Acquisition Transaction) of holders of relevant securities of Aurelian and not to exercise any of the other rights or privileges attached to the Purchased Securities, and
agrees to execute and deliver to Kinross any and all instruments of proxy, authorizations or consents in respect of any or all of the Purchased Securities, and agrees to appoint in any such
instruments of proxy, authorizations or consents, the Person or Persons specified by Kinross as the proxy of the holder of the Purchased Securities. </FONT><FONT SIZE=2><B>Upon such
appointment, all prior proxies and other authorizations (including all appointments of any agent, attorney-in-fact or attorney) or consents given by the holder of such
Purchased Securities with respect thereto will be revoked and no subsequent proxies or other authorizations or consents may be given by such Person with respect thereto.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned covenants to execute, upon request of Kinross, any additional documents, transfers and other assurances as may be necessary or desirable to complete the sale,
assignment and transfer of the Purchased Securities to Kinross. Each authority herein conferred or agreed to be conferred and may be exercised during any subsequent legal incapacity of the
undersigned and shall, to the extent permitted by law, survive the death or incapacity, bankruptcy or insolvency of the undersigned and all obligations of the undersigned herein shall be binding
upon the heirs, executors, administrators, attorneys, personal representatives, successors and assigns of the undersigned. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned instructs Kinross and the Depositary, upon Kinross taking up the Deposited Shares, to mail the cheques, payable in Canadian funds, and certificate(s), as
applicable, representing the Kinross Shares and Kinross Warrants, by first class mail, postage prepaid, or to hold such cheques or cheques and share certificate(s) representing the Kinross
Shares and Kinross Warrants for pick-up, in accordance with the instructions given above. Should any Deposited Shares not be purchased, the certificate(s) for Deposited Shares and
other relevant documents shall be returned in accordance with the instructions in the preceding sentence. The undersigned acknowledges that Kinross has no obligation pursuant to the instructions
given below to transfer any Deposited Shares from the name of the registered holder thereof if Kinross does not purchase any of the Deposited Shares. Cheques and share certificates mailed in
accordance with this paragraph will be deemed to have been delivered at the time of&nbsp;mailing. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned understands and acknowledges that under no circumstances will interest accrue or be paid by Kinross or by the Depositary to Persons depositing the Aurelian Shares
on the purchase price of the Aurelian Shares purchased by Kinross, regardless of any delay in making such&nbsp;payment. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary will act as the agent of Persons who have deposited Aurelian Shares in acceptance of the Offer for the purposes of receiving certificates for Kinross Shares and
Kinross Warrants and cash payment in lieu of fractional Kinross Shares, if any, from Kinross and transmitting such certificates and such cash payment, if any, to such Persons, and receipt
thereof by the Depositary shall be deemed to constitute receipt thereof by Persons depositing Aurelian Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned acknowledges that the Offer is not being made to, nor will deposits be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the laws of such jurisdiction. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
reason of the use by the undersigned of an English language form of Letter of Acceptance and Transmittal, the undersigned, Kinross and the Depositary shall be deemed to have
required that any contract evidenced by the Offer as accepted through this Letter of Acceptance and Transmittal, as well as all documents related thereto, be drawn exclusively in the English
language. </FONT><FONT SIZE=2><I>En raison de 1'utilisation d'une lettre d'envoi en langue anglaise par le soussign&eacute;, le soussign&eacute; et les destinataires sont
pr&eacute;sum&eacute;s avoir requis que tout contrat attest&eacute; par l'offre et son acceptation au moyen de la pr&eacute;sente lettre d'envoi, de
m&ecirc;me que tous les documents qui s'y rapportent, soient r&eacute;dig&eacute;s exclusivement en langue anglaise.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=86,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=845971,FOLIO='4',FILE='DISK130:[08ZCL6.08ZCL41706]DE41706A.;8',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dg41706_1_5"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="469" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> BOX 2</B></FONT><FONT SIZE=2><BR>
(See&nbsp;Instructions&nbsp;3 and&nbsp;4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
ISSUE KINROSS SHARES, KINROSS WARRANTS AND CHEQUE (IF&nbsp;ANY)<BR>
IN THE NAME OF:<BR>
(please print or type)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000"></FONT> <FONT SIZE=1>Name</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Street Address and Number</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
City and Province or State</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Country and Postal Code</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Telephone&nbsp;&#151;&nbsp;Business Hours</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Tax Identification,<BR>
Social Insurance or Social Security No.<BR>
(See&nbsp;Substitute Form&nbsp;W-9 included herein)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> BOX 3</B></FONT><FONT SIZE=2><BR>
(See&nbsp;Instructions&nbsp;3 and&nbsp;4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
SEND KINROSS SHARES, KINROSS<BR>
WARRANTS AND CHEQUE (IF&nbsp;ANY)<BR>
(UNLESS BOX 4&nbsp;IS CHECKED) TO:<BR>
(please print or type)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000"></FONT> <FONT SIZE=1>Name</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Street Address and Number</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
City and Province or State</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Country and Postal Code</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>
<BR>
<BR></FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="19" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="451" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>BOX 4</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
HOLD KINROSS SHARES, KINROSS WARRANTS AND CHEQUE (IF&nbsp;ANY) FOR PICK-UP AGAINST COUNTER RECEIPT AT THE OFFICE OF THE DEPOSITARY WHERE THIS LETTER OF ACCEPTANCE AND TRANSMITTAL IS DEPOSITED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="229" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="229" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>BOX 5<BR>
INVESTMENT DEALER OR BROKER SOLICITING ACCEPTANCE OF THE OFFER</B></FONT><FONT SIZE=2><BR>
(See&nbsp;Instruction&nbsp;11)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>(Firm)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>(Telephone Number)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>(Address)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>(Facsimile Number)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>(Registered Representative)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>(Registered Representative Identification Number)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>  <FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;CHECK HERE IF LIST OF BENEFICIAL HOLDERS IS ATTACHED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;CHECK HERE IF DISKETTE TO FOLLOW</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=87,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=310322,FOLIO='5',FILE='DISK130:[08ZCL6.08ZCL41706]DG41706A.;14',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_dg41706_1_6"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg41706_shareholder_signature"> </A>
<A NAME="toc_dg41706_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SHAREHOLDER SIGNATURE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Signature
guaranteed by (if&nbsp;required under Instruction&nbsp;4): </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="31" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="201" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Dated:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT>
<FONT SIZE=2>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="235" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Authorized Signature of Guarantor</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Signature of holder of Aurelian Shares or Authorized<BR>
Representative&nbsp;&#151;&nbsp;See Instructions&nbsp;3 and&nbsp;5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Name of Guarantor (please print or type)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Name of holder of Aurelian Shares (please print or type)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Address of Guarantor (please print or type)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Name of Authorized Representative, if applicable</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Daytime telephone number and facsimile of holder of<BR>
Aurelian Shares or daytime telephone number and<BR>
facsimile Authorized Representative</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Tax Identification, Social Insurance or Social Security<BR>
Number of holder of Aurelian Shares</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="19" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="451" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>BOX 6<BR>
TAX DEFERRAL ELECTION FOR CANADIAN SHAREHOLDERS</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Check this box if the beneficial owner of the Deposited Shares represented by the certificate(s) listed in Box&nbsp;1 (i)&nbsp;is an "Eligible Holder" (defined below), and (ii)&nbsp;would like to make the joint tax election with Kinross described in
Section&nbsp;16 of the Circular, "Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Holders Resident in Canada&nbsp;&#151;&nbsp;Resident Holders who Accept the Offer&nbsp;&#151;&nbsp;Exchange of Aurelian Shares for Kinross Shares,
Kinross Warrants and Cash (if&nbsp;any)&nbsp;&#151;&nbsp;Disposition Where an Election is Made Under Subsection&nbsp;85(1) or&nbsp;85(2) of the Tax&nbsp;Act", in respect of such Kinross Shares that are received as partial consideration for such
Deposited Shares. Eligible Holders who check this box and submit this Letter of Acceptance and Transmittal will receive a tax instruction letter providing instructions on how to complete the forms that must be completed and sent by the Eligible
Holder in accordance with the procedures set out in the tax instruction letter no later than 90&nbsp;days after the Expiry Time.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>The joint tax election can only be made by a beneficial owner of Aurelian Shares who is an Eligible Holder, and who receives Kinross Shares as partial consideration for such deposited Aurelian Shares. No
joint tax election will be made with any other Persons. With the exception of execution of the election by Kinross, compliance with the requirements for a valid election will be the sole responsibility of the Eligible Holder making the
election.</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
An "</FONT><FONT SIZE=2><B>Eligible Holder</B></FONT><FONT SIZE=2>" means a beneficial owner of Aurelian Shares that is a resident of Canada for the purposes of the Tax&nbsp;Act (other than a Person who is exempt from tax under Part&nbsp;I of the
Tax&nbsp;Act) or a partnership any member of which is a resident of Canada (other than a partnership all of the members of which who are residents of Canada are exempt from tax under Part&nbsp;I of the Tax&nbsp;Act).</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Eligible Holders should consult their own advisors as to whether they should make this tax election and (if&nbsp;so) the procedure for doing so. </FONT><FONT SIZE=2><B>It is the Eligible Holder's responsibility to take the steps required to make a
valid tax election.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Eligible Holders who check the box above and who would like to make a similar election for Qu&eacute;bec income tax purposes must also check this box to receive a tax instruction letter relating to such Qu&eacute;bec tax election from the
Depositary.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=88,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=255803,FOLIO='6',FILE='DISK130:[08ZCL6.08ZCL41706]DG41706A.;14',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_dg41706_1_7"> </A>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="19" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="451" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>BOX 7<BR>
DEPOSIT PURSUANT TO NOTICE OF GUARANTEED DELIVERY</B></FONT><FONT SIZE=2><BR>
(See&nbsp;Instruction&nbsp;2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
CHECK HERE IF COMPANY SHARES ARE BEING DEPOSITED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE TORONTO, ONTARIO OFFICE OF THE DEPOSITARY AND COMPLETE THE FOLLOWING:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(Please print or type)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
 Name of Registered Holder:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Date of Execution of Guaranteed Delivery:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Window Ticket Number (if any):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Name of Institution which Guaranteed Delivery:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="19" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="451" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>BOX 8<BR>
STATUS AS U.S.&nbsp;SHAREHOLDER</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>TO BE COMPLETED BY <U>ALL HOLDERS</U> BY SELECTING ONE BOX BELOW</B></FONT><FONT SIZE=2><BR>
(See&nbsp;Instruction&nbsp;10)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Indicate whether or not you are a U.S.&nbsp;Shareholder or are acting on behalf of a U.S.&nbsp;Shareholder.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The person signing this Letter of Acceptance and Transmittal represents that he/she/it is not a U.S.&nbsp;Shareholder and is not acting on behalf of a U.S.&nbsp;Shareholder.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The person signing this Letter of Acceptance and Transmittal is a U.S.&nbsp;Shareholder or is acting on behalf of a U.S.&nbsp;Shareholder.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
A "</FONT><FONT SIZE=2><B>U.S.&nbsp;Shareholder</B></FONT><FONT SIZE=2>" is any holder of Aurelian Shares that is either (a)&nbsp;providing an address in Box&nbsp;2 that is located within the United&nbsp;States or any territory or possession thereof
or (b)&nbsp;that is a U.S.&nbsp;Person for United&nbsp;States federal income tax purposes.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>If you are a U.S.&nbsp;Shareholder or acting on behalf of a U.S.&nbsp;Shareholder, then in order to avoid U.S.&nbsp;backup withholding, you must generally complete the Substitute Form&nbsp;W-9 included
below or otherwise provide certification that you are exempt from backup withholding, as provided in Instruction&nbsp;10, "Important Tax Information For U.S.&nbsp;Shareholders".</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>If you are a U.S.&nbsp;Shareholder, you must also complete<BR>
the accompanying Substitute Form&nbsp;W-9  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=89,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=482332,FOLIO='7',FILE='DISK130:[08ZCL6.08ZCL41706]DG41706A.;14',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_di41706_1_8"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di41706_substitute_form_w-9"> </A>
<A NAME="toc_di41706_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUBSTITUTE FORM W-9    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>TO BE COMPLETED BY U.S.&nbsp;SHAREHOLDERS ONLY</B></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="145" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<TD WIDTH="145" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<TD WIDTH="145" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>PAYER'S NAME: Computershare Investor Services&nbsp;Inc.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>SUBSTITUTE</B></FONT><BR>
<FONT SIZE=2><B>Form&nbsp;</B></FONT><FONT SIZE=5><B>W-9</B></FONT><BR>
<FONT SIZE=2><B><BR>
<BR>
Department of<BR>
the Treasury<BR>
Internal Revenue Service</B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>Payor's Request for<BR>
Taxpayer Identification<BR>
Number ("TIN")</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> Part&nbsp;I&nbsp;&#151;&nbsp;Taxpayer Identification Number&nbsp;&#151;&nbsp;For all accounts, enter your taxpayer identification number on the appropriate line at right. Certify by signing and dating below. For further
instructions, see </FONT><FONT SIZE=1><I>Guidelines for Certification of Taxpayer Identification Number on Substitute Form&nbsp;W-9</I></FONT><FONT SIZE=1>.<BR>
<BR>
<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name<BR>
<BR>
<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Business Name<BR>
<BR>
Please check appropriate box<BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;Individual/Sole Proprietor<BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;Corporation<BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;Partnership&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;Other<BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;Limited Liability Company. Enter the tax classification (D&nbsp;= disregarded entity, C&nbsp;= corporation, P&nbsp;= partnership):
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<BR>
<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Address<BR>
<BR>
<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
City, State, Zip Code</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Social Security Number<BR>
<BR>
OR


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Employer Identification Number<BR>
<BR>
(If&nbsp;awaiting TIN,<BR>
write "Applied For")<BR>
<BR>
<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Part&nbsp;II&nbsp;&#151;&nbsp;For Payees exempt from backup withholding, see the enclosed </FONT><FONT SIZE=1><I>Guidelines for Certification of Taxpayer Identification Number on Substitute Form&nbsp;W-9</I></FONT><FONT SIZE=1>, check the Exempt box
below, and complete the Substitute Form&nbsp;W-9.<BR>
<BR>
Exempt&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000"></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="226" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<TD WIDTH="226" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Part&nbsp;III&nbsp;&#151;&nbsp;Certification&nbsp;&#151;&nbsp;Under penalties of perjury, I certify that:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(1)&nbsp;&nbsp;&nbsp;The number shown on this form is my correct Taxpayer Identification Number (or&nbsp;I am waiting for a number to be issued to me); and</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(2)&nbsp;&nbsp;&nbsp;I am not subject to backup withholding because: (a)&nbsp;I am exempt from backup withholding, or (b)&nbsp;I have not been notified by the Internal Revenue Service (IRS) that I am subject to
backup withholding as a result of a failure to report all interest or dividends, or (c)&nbsp;the IRS has notified me that I am no longer subject to backup withholding; and</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(3)&nbsp;&nbsp;&nbsp;I am a U.S.&nbsp;Person (including a U.S.&nbsp;resident alien).</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1><B>Certification Instructions</B></FONT><FONT SIZE=1>&nbsp;&#151;&nbsp;You must cross out item&nbsp;(2) above if you have been notified by the IRS that you are subject to backup withholding because of
underreporting interest or dividends on your tax return. However, if after being notified by the IRS that you were subject to backup withholding you received another notification from the IRS that you are no longer subject to backup withholding, do
not cross out item&nbsp;(2). (Also see instructions in the enclosed Guidelines).</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Signature</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Date</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000"></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU<BR>
WROTE "APPLIED FOR" IN PART I OF THIS SUBSTITUTE FORM W-9  </B></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="226" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<TD WIDTH="226" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><B>CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1><B>I certify under penalties of perjury that a taxpayer identification number has not been issued to me, and either (a)&nbsp;I have mailed or delivered an application to receive a taxpayer identification
number to the appropriate Internal Revenue Service Center or Social Security Administration Office or (b)&nbsp;I intend to mail or deliver an application in the near future. I understand that, notwithstanding the information I provided in
Part&nbsp;III of the Substitute Form&nbsp;W-9 (and&nbsp;the fact that I have completed this Certificate of Awaiting Taxpayer Identification Number), all payments made to me before I provide a properly certified taxpayer identification number will be
subject to the applicable percentage of backup withholding tax.</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Signature</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Date</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000"></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Note: Failure to complete and return this Substitute Form&nbsp;W-9 may subject you to applicable Federal
income tax withholding on any payments made to you. Please review the enclosed </B></FONT><FONT SIZE=2><B><I>Guidelines for Certification of Taxpayer Identification Number on Substitute Form
W-9</I></B></FONT><FONT SIZE=2><B> for additional details.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=90,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=383987,FOLIO='8',FILE='DISK130:[08ZCL6.08ZCL41706]DI41706A.;11',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dk41706_1_9"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="dk41706_instructions"> </A>
<A NAME="toc_dk41706_1"> </A>
<BR>    </I></FONT><FONT SIZE=2><B>  INSTRUCTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Letter of Acceptance and Transmittal  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>This
Letter of Acceptance and Transmittal, or a manually signed facsimile thereof, properly completed and duly executed, in either case with the
signature(s) guaranteed if required in Instruction&nbsp;4 below, and&nbsp;all other documents required by the terms of the Offer and this Letter of Acceptance and Transmittal, together with the
accompanying certificate or certificates representing the Deposited Shares, must be received by the Depositary at the offices specified on the back cover page before the Expiry Time, being
6.00&nbsp;p.m., Toronto time, on September&nbsp;3, 2008, unless the Offer is extended or withdrawn or unless the procedures for guaranteed delivery set out in Instruction&nbsp;2 below
are&nbsp;used.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
method of delivery of certificates representing Aurelian Shares, this Letter of Acceptance and Transmittal and all other required documents is at the
option and risk of the Person depositing the same, and delivery will be deemed effective only when such documents are actually received. Kinross recommends that all such documents be delivered by hand
to the Depositary and that a receipt be obtained or, if mailed, that registered mail, with return receipt requested, be used and that proper insurance be&nbsp;obtained.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders
who wish to accept the Offer and whose Aurelian Shares are registered in the name of a nominee should contact their broker, investment dealer,
bank, trust company or other nominee for assistance in depositing their Aurelian Shares. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedures for Guaranteed Delivery  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Shareholder wishes to deposit Aurelian Shares pursuant to the Offer and either (i)&nbsp;the certificate(s) representing the Aurelian Shares
is (are) not immediately available or (ii)&nbsp;the Shareholder is not able to deliver the certificate(s) and all other required documents to the Depositary at or prior to the Expiry Time, those
Aurelian Shares may nevertheless be deposited under the Offer provided that all of the following conditions are&nbsp;met: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
deposit is made only at the principal office of the Depositary in Toronto, Ontario by or through an Eligible Institution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
Notice of Guaranteed Delivery (printed on green paper) in the form accompanying the Offer and Circular (or&nbsp;a manually signed facsimile thereof),
properly completed and duly executed, including a guarantee to deliver by an Eligible Institution in the form set out in the Notice of Guaranteed Delivery, is received by the Depositary at its
principal office in Toronto, Ontario as set out in the Notice of Guaranteed Delivery at or prior to the Expiry Time;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
certificate(s) representing deposited Aurelian Shares in proper form for transfer, together with this properly completed and duly executed Letter of
Acceptance and Transmittal (or&nbsp;a manually signed facsimile thereof), relating to such Aurelian Shares, with any required signature guarantees and all other documents required by this Letter of
Acceptance and Transmittal, are received by the Depositary at its principal office in Toronto, Ontario as set out in the Notice of Guaranteed Delivery at or prior to 5:00&nbsp;p.m. (Toronto time) on
the third trading day on the TSX after the Expiry Date&nbsp;occurs. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notice of Guaranteed Delivery may be delivered by hand, by courier, by mail or transmitted by facsimile to the Depositary at its office in Toronto as set out in the Notice of
Guaranteed Delivery and must include a
guarantee by an Eligible Institution in the form set out in the Notice of Guaranteed Delivery. </FONT><FONT SIZE=2><B>Delivery of the Notice of Guaranteed Delivery and this Letter of Acceptance and
Transmittal and accompanying share certificate(s) to any office other than such office of the Depositary does not constitute delivery for purposes of satisfying a guaranteed
delivery.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
"</FONT><FONT SIZE=2><B>Eligible Institution</B></FONT><FONT SIZE=2>" means a Canadian Schedule&nbsp;I chartered bank, a major trust company in Canada, a member of the Securities
Transfer Agent Medallion Program (STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a member of the New&nbsp;York Stock Exchange,&nbsp;Inc. Medallion Signature Program (MSP).
Members of these programs are usually members of a recognized stock exchange in Canada or the United&nbsp;States, members of the Investment Dealers Association of Canada, members of the National
Association of Securities Dealers,&nbsp;Inc. or banks or trust companies in the United&nbsp;States. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=91,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=549163,FOLIO='9',FILE='DISK130:[08ZCL6.08ZCL41706]DK41706A.;6',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_dk41706_1_10"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No signature guarantee is required on this Letter of Acceptance and Transmittal&nbsp;if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>this
Letter of Acceptance and Transmittal is signed by the registered holder of Aurelian Shares exactly as the name of the registered holder appears on the
Aurelian Share certificate deposited herewith, and the certificates for Kinross Shares and Kinross Warrants issuable and the cash payable, if any, in each case under the Offer, are to be delivered
directly to such registered holder,&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Aurelian
Shares are deposited for the account of an Eligible Institution. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other cases, all signatures on this Letter of Acceptance and Transmittal must be guaranteed by an Eligible Institution. If a certificate representing Aurelian Shares is registered
in the name of a Person other than the signatory of this Letter of Transmittal or if the certificates for Kinross Shares and Kinross Warrants issuable and the cash payable, if any, are to be delivered
to a Person other than the registered holder, the certificate must be endorsed or accompanied by an appropriate power of attorney, in either case, signed exactly as the name of the registered holder
appears on the certificate with the signature on the certificate or power of attorney guaranteed by an Eligible Institution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee of Signatures  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Letter of Transmittal is signed by a Person other than the registered holder(s) of the Deposited Shares or if Deposited Shares not
purchased are to be returned to a Person other than such registered holder(s) or sent to an address other than the address of the registered holder(s) as shown on the registers of Aurelian or if
payment is to be issued in the name of a Person other than the registered holder(s) of the Deposited Shares, such signature must be guaranteed by an Eligible Institution (except that no guarantee is
required if the signature is that of an Eligible Institution). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiduciaries, Representatives and Authorizations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Letter of Acceptance and Transmittal is executed by a Person acting as an executor, administrator, trustee or guardian, or on behalf of
a corporation, partnership or association or is executed by any other Person acting in a representative capacity, this Letter of Acceptance and Transmittal must be accompanied by satisfactory evidence
of the authority to act. Either Kinross or the Depositary, in their sole discretion, may require additional evidence of such Person's authority or additional documentation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial Deposits  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than the total number of Aurelian Shares evidenced by any certificate submitted is to be deposited, fill in the number of Aurelian Shares
to be deposited in the appropriate space on this Letter of Acceptance and Transmittal. In such case, new certificate(s) for the number of Aurelian Shares not deposited will be sent to the registered
holder unless otherwise provided as soon as practicable after the Expiry Time. The total number of Aurelian Shares evidenced by all certificates delivered will be deemed to have been deposited unless
otherwise indicated. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer and agreement resulting from the acceptance of the Offer will be construed in accordance with and governed by the laws of the Province
of Ontario and the federal laws of Canada applicable therein. Each party to any agreement resulting from the acceptance of the Offer unconditionally and irrevocably attorns to the exclusive
jurisdiction of the courts of the Province of&nbsp;Ontario. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
the space on this Letter of Acceptance and Transmittal is insufficient to list all certificates for Deposited Shares, additional certificate numbers and
number of Deposited Shares may be included on a separate signed list affixed to this Letter of Acceptance and Transmittal.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
Deposited Shares are registered in different forms (e.g.,&nbsp;"</FONT><FONT SIZE=2><B>John Doe</B></FONT><FONT SIZE=2>" and
"</FONT><FONT SIZE=2><B>J. Doe</B></FONT><FONT SIZE=2>"), a separate Letter of Acceptance and Transmittal should be signed for each different registration. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=92,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=998625,FOLIO='10',FILE='DISK130:[08ZCL6.08ZCL41706]DK41706A.;6',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_dk41706_1_11"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>No
alternative, conditional or contingent deposits will be accepted. All depositing holders of Aurelian Shares by execution of this Letter of Acceptance and
Transmittal or a facsimile hereof waive any right to receive any notice of the acceptance of Deposited Shares for payment, except as required by applicable&nbsp;law.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Before
completing this Letter of Acceptance and Transmittal, you are urged to read the accompanying Offer and&nbsp;Circular.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>All
questions as to the validity, form, eligibility (including timely receipt) and acceptance of any Aurelian Shares deposited pursuant to the Offer will be
determined by Kinross in its sole discretion. Depositing Shareholders agree that such determination shall be final and binding. Kinross reserves the absolute right to reject any and all deposits which
it determines not to be in proper form or which may be unlawful to accept under the laws of any jurisdiction. Kinross reserves the absolute right to waive any defects or irregularities in the deposit
of any Aurelian Shares. No deposit of Aurelian Shares will be deemed to be properly made until all defects and irregularities have been cured or waived. There shall be no duty or obligation on Kinross
or the Depositary or any other Person to give notice of any defects or irregularities in any deposit and no liability shall be incurred by any of them for failure to give any such notice. Kinross'
interpretation of the terms and conditions of the Offer, the Offer and Circular, this Letter of Acceptance and Transmittal and the Notice of Guaranteed Delivery will be final and binding. Kinross
reserves the right to permit the Offer to be accepted in a manner other than that set out&nbsp;herein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Under
no circumstance will any amount be paid by Kinross or the Depositary by reason of any delay in exchanging any Aurelian Shares or in making payments in
lieu of fractional Kinross Shares to any Person on account of Aurelian Shares accepted for exchange pursuant to the&nbsp;Offer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Additional
copies of the Offer and Circular, this Letter of Acceptance and Transmittal and the Notice of Guaranteed Delivery may be obtained from the
Depositary at its office at the address listed&nbsp;below. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lost Certificates  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a share certificate has been lost or destroyed, mutilated or mislaid, this Letter of Acceptance and Transmittal should be completed as fully as
possible and forwarded, together with a letter describing the loss, to the Depositary. The Depositary will forward such letter to Aurelian's registrar and transfer agent so that the transfer agent may
provide replacement instructions. If a certificate has been lost, destroyed, mutilated or mislaid, please ensure that you provide your telephone number so that the Depositary or Aurelian's transfer
agent may contact&nbsp;you. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;Important Tax Information for U.S.&nbsp;Shareholders  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>To ensure compliance with Internal Revenue Service Circular 230, you are hereby notified that any discussion of tax
matters set forth in this Letter of Acceptance and Transmittal was written in connection with the promotion or marketing of the transactions or matters addressed herein and was not intended or written
to be used, and cannot be used by any Person, for the purpose of avoiding tax-related penalties under federal, state, or local tax law. You should seek advice based on your particular
circumstances from an independent tax&nbsp;advisor.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
prevent backup withholding on any payment of cash made to a U.S.&nbsp;Shareholder (or&nbsp;Person acting on behalf of a U.S.&nbsp;Shareholder) in lieu of fractional Kinross
Shares, you are required, if you are a U.S.&nbsp;Person (as&nbsp;defined below), (i)&nbsp;to notify the Depositary of your current U.S.&nbsp;taxpayer identification number, or TIN,
(or&nbsp;the TIN of the Person on whose behalf you are acting) by completing the Substitute Form&nbsp;W-9 as described more fully below, or (ii)&nbsp;to otherwise establish a basis
for exemption from backup withholding. If you are a U.S.&nbsp;Shareholder that is not a U.S.&nbsp;Person but provides a mailing address in the United&nbsp;States, you may be required to furnish
an IRS Form&nbsp;W-8 to&nbsp;avoid backup withholding. You should speak to your tax advisor to obtain this&nbsp;form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
backup withholding applies, the Depositary is required to withhold 28% of the amount of any payments of cash made in lieu of fractional Kinross Shares pursuant to the Offer. Backup
withholding is not an additional tax. Amounts withheld are creditable against the U.S.&nbsp;Shareholder's regular United&nbsp;States federal income tax
liability, and any amount overwithheld generally will be refundable to the U.S.&nbsp;Shareholder if the U.S.&nbsp;Shareholder properly files&nbsp;a United&nbsp;States federal income
tax&nbsp;return. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=93,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=719835,FOLIO='11',FILE='DISK130:[08ZCL6.08ZCL41706]DK41706A.;6',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_dk41706_1_12"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
U.S.&nbsp;Shareholders are exempt from backup withholding. If you are an exempt U.S.&nbsp;Shareholder, you should furnish your TIN, check the "Exempt" box in Part&nbsp;II
of the Substitute Form&nbsp;W-9, and sign, date and return the Substitute Form&nbsp;W-9 to&nbsp;the&nbsp;Depositary. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Each U.S.&nbsp;Shareholder is urged to consult his or her own tax advisor to determine whether such U.S.&nbsp;Shareholder is required to furnish Substitute
Form&nbsp;W-9, is exempt from backup withholding and information reporting, or is required to furnish an IRS Form&nbsp;W-8.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are a U.S.&nbsp;Person ("</FONT><FONT SIZE=2><B>US Person</B></FONT><FONT SIZE=2>"), if you are, for U.S.&nbsp;federal income tax purposes, (1)&nbsp;an individual citizen or a
resident of the United&nbsp;States (including a U.S.&nbsp;resident alien), (2)&nbsp;a partnership, corporation, company, or association created or organized in the United&nbsp;States or under
the laws of the United&nbsp;States, or any state thereof (including the District of Columbia), (3)&nbsp;an estate whose income is subject to U.S.&nbsp;federal income tax regardless of its
source, or (4)&nbsp;a trust if a U.S.&nbsp;court can exercise primary supervision over the trust's administration and one or more U.S.&nbsp;Persons are authorized to control all substantial
decisions of the trust or certain other electing trusts. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
tendering U.S.&nbsp;Person that is not exempt from backup withholding is required to provide the Depositary with a correct TIN and with certain other information on Substitute
Form&nbsp;W-9, which is attached above, and to certify that the TIN provided is correct (or&nbsp;that such U.S.&nbsp;Person is awaiting a TIN) and that the U.S.&nbsp;Person is not
subject to backup withholding. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
TIN is generally the U.S.&nbsp;Person's U.S.&nbsp;Social Security number or the U.S.&nbsp;federal employer identification number. The U.S.&nbsp;Person is required to furnish
the TIN of the registered holder of the Aurelian Shares. The enclosed "Guidelines for Certification of Taxpayer Identification Number on Substitute Form&nbsp;W-9" explain the proper
certification to use if the Aurelian Shares are registered in more than one name or are not registered in the name of the actual owner. The U.S.&nbsp;Shareholder may write "Applied For" on the
Substitute Form&nbsp;W-9 if the tendering U.S.&nbsp;Person has not been issued a TIN and has applied for a TIN or intends to apply for a TIN in the near future. If the
U.S.&nbsp;Shareholder writes "Applied For" on the TIN line of the Substitute Form&nbsp;W-9 and&nbsp;the Depositary is not provided with a TIN by the time of payment, the Depositary
will backup withhold a portion of such payments. Certain U.S.&nbsp;Persons are not subject to these backup withholding and reporting requirements. </FONT><FONT SIZE=2><B>See the enclosed
"Guidelines for Certification of Taxpayer Identification Number on Substitute Form&nbsp;W-9" for additional instructions</B></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to provide the required information on the Substitute Form&nbsp;W-9 may subject the tendering U.S.&nbsp;Person to a penalty imposed by the Internal Revenue
Service and backup withholding at the rate
of 28% on any payment of cash made in lieu of a fractional Kinross Share pursuant to the Offer. More serious penalties may be imposed for providing false information which, if wilfully done, may
result in fines and/or imprisonment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
that are not U.S.&nbsp;Persons but provide a mailing address in the United&nbsp;States may be required to file an IRS Form&nbsp;W-8BEN or&nbsp;other
appropriate IRS Form&nbsp;W-8. You should speak to your tax advisor to obtain this form. A failure to properly complete and furnish the appropriate IRS Form&nbsp;W-8 may
result in backup withholding. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;Solicitation  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identify the information agent, investment dealer or broker, if any, who solicited acceptance of the Offer by completing the appropriate box on
this Letter of Acceptance and Transmittal. If this deposit represents more than one beneficial holder, all beneficial holder information must be provided on a list that must accompany the deposit or
on a diskette that must be forward to the place of&nbsp;deposit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;Assistance  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE DEPOSITARY (SEE&nbsp;BACK COVER PAGE FOR ITS ADDRESS AND TELEPHONE NUMBER) OR YOUR INVESTMENT DEALER, STOCKBROKER, TRUST COMPANY MANAGER,
BANK MANAGER, LAWYER OR OTHER PROFESSIONAL ADVISOR WILL BE ABLE TO ASSIST YOU IN COMPLETING THIS LETTER OF ACCEPTANCE AND TRANSMITTAL. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS LETTER OF ACCEPTANCE AND TRANSMITTAL OR A MANUALLY SIGNED FACSIMILE (TOGETHER WITH CERTIFICATES FOR DEPOSITED SHARES AND ALL OTHER REQUIRED DOCUMENTS) OR THE
NOTICE OF GUARANTEED DELIVERY OR A MANUALLY SIGNED FACSIMILE THEREOF MUST BE RECEIVED BY THE DEPOSITARY AT OR PRIOR TO THE EXPIRY&nbsp;TIME.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=94,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=127456,FOLIO='12',FILE='DISK130:[08ZCL6.08ZCL41706]DK41706A.;6',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dm41706_1_13"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I> <A NAME="dm41706_guidelines_for_certification_o__gui03413"> </A>
<A NAME="toc_dm41706_1"> </A>
<BR>    </I></B></FONT><FONT SIZE=2><B>  GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>  NUMBER ON SUBSTITUTE FORM W-9    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Guidelines for Determining the Proper Identification Number to Give the Payer</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Social Security numbers
("</FONT><FONT SIZE=2><B>SSNs</B></FONT><FONT SIZE=2>") have nine digits separated by two hyphens: i.e.,&nbsp;000-00-0000. Employer identification numbers
("</FONT><FONT SIZE=2><B>EINs</B></FONT><FONT SIZE=2>") have nine digits separated by only one hyphen: i.e.,&nbsp;00-0000000. All "section" references are to the Internal Revenue Code of
1986, as amended. "</FONT><FONT SIZE=2><B>IRS</B></FONT><FONT SIZE=2>" is the Internal Revenue Service. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Specific Instructions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Name.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you are an individual, you must generally enter the name shown on your income tax return. However, if you
have changed your last name, for instance, due to marriage without informing the Social Security Administration of the name change, enter your first name, the last name shown on your social security
card, and your new last&nbsp;name. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the account is in joint names, list first and then circle the name of the Person or entity whose number you enter in Part&nbsp;I of the&nbsp;form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Sole proprietor.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Enter your </FONT><FONT SIZE=2><B>individual</B></FONT><FONT SIZE=2> name as shown on your income tax return on the "Name" line. You may enter your
business, trade, or "doing business as (DBA)" name on the "Business name"&nbsp;line. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Limited liability company (LLC).</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Check the "Limited Liability Company" box only and enter the appropriate code for the tax classification ("D" for disregarded
entity, "C" for corporation, "P" for partnership) in the space provided. If you are a single-member&nbsp;LLC (including a foreign&nbsp;LLC with a domestic owner) that is disregarded as an entity
separate from its owner under Treasury Regulations section&nbsp;301.7701-3, enter the owner's name on the "Name" line. Enter the&nbsp;LLC's name on the "Business name" line. For
an&nbsp;LLC classified as a partnership or a corporation, enter the&nbsp;LLC's name on the "Name" line and any business, trade, or DBA name on the "Business name"&nbsp;line. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Caution: </B></FONT><FONT SIZE=2><I>A disregarded domestic entity that has a foreign owner must use the appropriate Form&nbsp;W-8</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Other entities.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Enter your business name as shown on required Federal tax documents on the "Name" line. This name should match the name shown on the charter or
other legal document creating the entity. You may enter any business, trade, or DBA name on the "Business name"&nbsp;line. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Note.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You are requested to check the appropriate box for your status (individual/sole proprietor, corporation,&nbsp;etc.) </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Exempt From Backup Withholding  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If you are exempt, enter your name as described above and check the appropriate box for your status, then check the "Exempt" box in Part&nbsp;II, sign and&nbsp;date
the&nbsp;form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Generally,
individuals (including sole proprietors) are not exempt from backup withholding. Corporations are exempt from backup withholding for certain payments, such as interest and&nbsp;dividends. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Note.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you are exempt from backup withholding, you should still complete this form to avoid possible erroneous backup withholding. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Exempt payees.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Backup withholding is not required on any payments made to the following payees: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>An
organization exempt from tax under section&nbsp;501(a), any IRA, or&nbsp;a custodial account under section&nbsp;403(b)(7) if the account satisfies
the requirements of section&nbsp;401(f)(2),
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
United&nbsp;States or any of its agencies or instrumentalities,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
state, the District of Columbia, a possession of the United&nbsp;States, or any of their political subdivisions or instrumentalities,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
foreign government or any of its political subdivisions, agencies, or instrumentalities,&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>An
international organization or any of its agencies or instrumentalities. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Other
payees that may be exempt from backup withholding include: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
corporation,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
foreign central bank of issue,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
dealer in securities or commodities required to register in the United&nbsp;States, the District of Columbia, or a possession of the
United&nbsp;States,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
futures commission merchant registered with the Commodity Futures Trading Commission,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
real estate investment trust,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>An
entity registered at all times during the tax year under the Investment Company Act of&nbsp;1940,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
common trust fund operated by a bank under section&nbsp;584(a), and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
financial institution. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=95,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=44799,FOLIO='13',FILE='DISK130:[08ZCL6.08ZCL41706]DM41706A.;13',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_dm41706_1_14"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Part&nbsp;I&nbsp;&#151;&nbsp;Taxpayer Identification Number (TIN)  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Enter your TIN on the appropriate line.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If you are a </FONT><FONT SIZE=2><B>resident alien</B></FONT><FONT SIZE=2> and you do not have and are not eligible to get an SSN, your TIN is your IRS individual taxpayer
identification number (ITIN). Enter it on the Social Security number line. If you do not have an ITIN, see </FONT><FONT SIZE=2><B>How to get a TIN&nbsp;below</B></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
you are a </FONT><FONT SIZE=2><B>sole proprietor</B></FONT><FONT SIZE=2> and you have an EIN, you may enter either your SSN or EIN. However, the IRS prefers that you use your&nbsp;SSN. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
you are an </FONT><FONT SIZE=2><B>LLC</B></FONT><FONT SIZE=2> that is </FONT><FONT SIZE=2><B>disregarded as an entity</B></FONT><FONT SIZE=2> separate from its owner
(see&nbsp;</FONT><FONT SIZE=2><B><I>Limited liability company (LLC)</I></B></FONT><FONT SIZE=2> above), enter your SSN (or&nbsp;EIN, if you have one). If the owner of a disregarded&nbsp;LLC is
classified as a corporation or a partnership, enter the owner's&nbsp;EIN. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Note:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;See the chart on the next page for further clarification of name and TIN combinations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> How to get a TIN.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you do not have a TIN, apply for one immediately. To apply for an SSN, get</FONT><FONT SIZE=2><B> Form&nbsp;SS-5</B></FONT><FONT SIZE=2>, Application for a Social
Security Card, from your local Social Security Administration office or get this form on-line at www.ssa.gov.
You may also get this form by calling 1-800-772-1213. Get</FONT><FONT SIZE=2><B> Form&nbsp;W-7</B></FONT><FONT SIZE=2>, Application for IRS Individual
Taxpayer Identification Number, to apply for an ITIN or</FONT><FONT SIZE=2><B> Form&nbsp;SS-4</B></FONT><FONT SIZE=2>, Application for Employer Identification Number, to apply for an EIN.
You can apply for an EIN online by accessing the IRS website at www.irs.gov/businesses/ and clicking on Employer ID Numbers under Related Topics. You may get Forms&nbsp;W-7
and&nbsp;SS-4 from the IRS by calling 1-800-TAXFORM (1-800-829-3676) or from the IRS's Internet Web Site
at&nbsp;</FONT><FONT SIZE=2><B>www.irs.gov.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If you do not have a TIN, write "Applied For" in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain
payments made with respect to readily tradable instruments, generally you will have 60&nbsp;days to get a TIN and give it to the requester before you are subject to backup withholding on payments.
The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the&nbsp;requester. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note: </B></FONT><FONT SIZE=2><I>Writing "Applied For" means that you have already applied for a TIN or that you intend to apply for one&nbsp;soon.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Caution:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>A disregarded domestic entity that has a foreign owner must use the appropriate Form&nbsp;W-8</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Part&nbsp;III&nbsp;&#151;&nbsp;Certification  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>To establish to the withholding agent that you are a U.S.&nbsp;person, or resident alien, sign Form&nbsp;W-9. You may be requested to sign by the withholding
agent even if items&nbsp;1 and&nbsp;4 below indicate otherwise. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>For
a joint account, only the Person whose TIN is shown in Part&nbsp;I should sign (when required).  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during
1983.</B></FONT><FONT SIZE=2> You must give your correct TIN, but you do not have to sign the certification.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during
1983.</B></FONT><FONT SIZE=2> You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester,
you must cross out item&nbsp;2 in the certification before signing the&nbsp;form.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Real estate transactions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You must sign the certification. You may cross out item&nbsp;2 of the
certification.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Other payments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You must give your correct TIN, but you do not have to sign the certification
unless you have been notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of the requester's trade or business for rents, royalties, goods
(other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments to certain fishing boat crew members and
fishermen, and gross proceeds paid to attorneys (including payments to corporations). </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Privacy Act Notice  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Section&nbsp;6109 of the Internal Revenue Code requires you to give your correct TIN to Persons who must file information returns with the IRS to report interest, dividends,
and certain other income paid to you, mortgage interest you paid, the acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA, or Archer MSA or HSA.
The IRS uses the numbers for identification purposes and to help verify the accuracy of your tax return. The IRS may also provide this information to the Department of Justice for civil and criminal
litigation, and to cities, states, and the District of Columbia to carry out their tax laws. The IRS may also disclose this information to other
countries under a tax treaty, or to Federal and state agencies to enforce Federal non tax criminal laws and to combat terrorism. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>You
must provide your TIN whether or not you are required to file&nbsp;a tax return. Payers must generally withhold 28% of taxable interest, dividend, and certain other payments to a payee who does
not give a TIN to a payer. Certain penalties may also&nbsp;apply. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=96,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=687345,FOLIO='14',FILE='DISK130:[08ZCL6.08ZCL41706]DM41706A.;13',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<A NAME="page_dm41706_1_15"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What Name and Number To Give the Requestor  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="13" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="295" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="148" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=1><B>For this type of account:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>
Give name and<BR>
SSN or EIN of:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1><B>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Individual</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The individual</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Two or more individuals (joint account)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The actual owner of the account or, if combined funds, the first individual on the account<SUP>(1)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Custodian account of a minor (Uniform Gift to Minors Act)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The minor<SUP>(2)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
4.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
a. The usual revocable savings trust (grantor is also trustee)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The grantor-trustee<SUP>(1)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
b. So-called trust account that is not a legal or valid trust under state law</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The actual owner<SUP>(1)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
5.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Sole proprietorship or disregarded entity owned by an individual</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The owner<SUP>(3)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
6.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Disregarded entity not owned by an individual</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The owner<SUP>(3)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
7.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
A valid trust, estate, or pension trust</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Legal entity<SUP>(4)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
8.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Corporate or&nbsp;LLC electing corporate status on Form&nbsp;8832</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
9.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Association, club, religious, charitable, educational, or other tax-exempt organization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The organization</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
10.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Partnership or multi-member&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
11.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
A broker or registered nominee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The broker or nominee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
12.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
The public entity</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>List
first and circle the name of the Person whose number you furnish. If only one Person on a joint account has an SSN, that person's number must
be&nbsp;furnished.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Circle
the minor's name and furnish the minor's SSN.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>You
must show your individual name, but you may also enter your business or "DBA" name on the second name line. You may use either your SSN or EIN
(if&nbsp;you have one). If you are a sole proprietor, the IRS encourages you to use your&nbsp;SSN.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>List
first and circle the name of the legal trust, estate or pension trust. (Do&nbsp;not furnish the TIN of the personal representative or trustee unless
the legal entity itself is not designated in the account&nbsp;title.) </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="23" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="448" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Note:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>If no name is circled when more than one name is listed, the number will be considered to be that of the first name&nbsp;listed.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Penalties  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Penalty for Failure to Furnish Taxpayer Identification Number.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you fail to furnish your
taxpayer identification number to a payer, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to wilful&nbsp;neglect.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Civil Penalty for False Information With Respect to Withholding.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you make a false statement
with no reasonable basis which results in no imposition of backup withholding, you are subject to a penalty of&nbsp;$500.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Criminal Penalty for Falsifying Information.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Falsifying certificates or affirmations may subject
you to criminal penalties including fines and/or imprisonment. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=97,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=1473,FOLIO='15',FILE='DISK130:[08ZCL6.08ZCL41706]DM41706A.;13',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>The Depositary for the Offer is:</I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.</B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="235" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>By Mail:</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> By Registered Mail, by Hand or by Courier:</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.<BR>
P.O.&nbsp;Box&nbsp;7021<BR>
31&nbsp;Adelaide St.&nbsp;East<BR>
Toronto, Ontario M5C&nbsp;3H2<BR>
Attention: Corporate Actions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.<BR>
100&nbsp;University Avenue<BR>
9<SUP>th</SUP>&nbsp;Floor<BR>
Toronto, Ontario M5J&nbsp;2Y1<BR>
Attention: Corporate Actions</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>For
Information: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="167" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1&nbsp;(800)&nbsp;564-6253 (North America)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1&nbsp;(514)&nbsp;982-7555 (Overseas)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>E-mail:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>corporateactions@computershare.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Any questions and requests for assistance or additional copies of the Offer and Circular, as varied from time to time, this Letter of Acceptance and Transmittal and the Notice
of Guaranteed Delivery may be directed by Shareholders to the Depositary at the telephone numbers and addresses set out above. You may also contact your broker, investment dealer, bank, trust company
or other nominee for assistance concerning the Offer.</B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=98,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=768514,FOLIO='blank',FILE='DISK130:[08ZCL6.08ZCL41706]KA41706A.;3',USER='RRICKEN',CD='28-JUL-2008;13:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Your broker or other financial advisor can assist you in completing this Notice of Guaranteed Delivery.</I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B><I>THIS IS NOT A LETTER OF TRANSMITTAL  </I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>NOTICE OF GUARANTEED DELIVERY  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>FOR DEPOSIT OF COMMON SHARES OF  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>AURELIAN RESOURCES&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Pursuant to the Offer dated July&nbsp;28, 2008 made by  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>KINROSS GOLD CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" >


  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THE OFFER WILL BE OPEN FOR ACCEPTANCE UNTIL 6:00&nbsp;P.M., TORONTO TIME, <BR>
ON SEPTEMBER 3, 2008 UNLESS THE OFFER IS EXTENDED OR WITHDRAWN.

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="CENTER" >


  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Notice of Guaranteed Delivery must be used to accept the offer (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") set forth in the
Offer to Purchase dated July&nbsp;28, 2008 (the&nbsp;"</FONT><FONT SIZE=2><B>Offer to Purchase</B></FONT><FONT SIZE=2>") made by Kinross Gold Corporation
("</FONT><FONT SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>") to holders ("</FONT><FONT SIZE=2><B>Shareholders</B></FONT><FONT SIZE=2>") of common shares
(the&nbsp;"</FONT><FONT SIZE=2><B>Aurelian Shares</B></FONT><FONT SIZE=2>") in the capital of Aurelian Resources&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Aurelian</B></FONT><FONT SIZE=2>") if
certificates representing Aurelian Shares are not immediately available or the Shareholder is not able to deliver the certificates and all other required documents to Computershare Investor
Services&nbsp;Inc. (the&nbsp;"</FONT><FONT SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>") at or prior to the Expiry Time. This Notice of Guaranteed Delivery may be delivered by hand, by
courier, by mail or transmitted by facsimile to the Depositary at its principal office in Toronto, Ontario at the address or facsimile number, as applicable, set out&nbsp;below. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms and conditions of the Offer are incorporated by reference in this Notice of Guaranteed Delivery. Capitalized terms used but not defined in this Notice of Guaranteed
Delivery which are defined in the Offer to Purchase and accompanying Circular dated July&nbsp;28, 2008 (together, the "</FONT><FONT SIZE=2><B>Offer and Circular</B></FONT><FONT SIZE=2>")
shall have the meanings given to them in the Offer and&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
set forth in Section&nbsp;5 of the Offer to Purchase, "Manner of Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery", if a Shareholder wishes
to accept the Offer and either (i)&nbsp;the certificates representing such Shareholder's Aurelian Shares are not immediately available or (ii)&nbsp;such Shareholder cannot deliver the
certificates and Letter of Transmittal to the Depositary by the Expiry Time, those Aurelian Shares may nevertheless be deposited under the Offer, provided that all of the following conditions
are&nbsp;met: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>such
deposit is made only at the principal office of the Depositary in Toronto, Ontario by or through an Eligible Institution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>this
Notice of Guaranteed Delivery (or&nbsp;a manually signed facsimile hereof), properly completed and duly executed, including a guarantee to
deliver by an Eligible Institution in the form specified below, is received by the Depositary at its principal office in Toronto, Ontario as set out below, at or prior to the Expiry
Time;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
certificate(s) representing deposited Aurelian Shares in proper form for transfer, together with a properly completed and duly executed Letter of
Transmittal in the form accompanying the Offer and Circular (or&nbsp;a manually signed facsimile thereof), relating to such Aurelian Shares, with signature guaranteed if so required in
accordance with the Letter of Transmittal, and all other documents required by the Letter of Transmittal, are received by the Depositary by 5:00&nbsp;p.m. (Toronto time) on the third trading
day on the TSX after the Expiry&nbsp;Date. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
"</FONT><FONT SIZE=2><B>Eligible Institution</B></FONT><FONT SIZE=2>" means a Canadian Schedule&nbsp;I chartered bank, a major trust company in Canada, a member of the
Securities Transfer Agent Medallion Program (STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a member of the New&nbsp;York Stock Exchange,&nbsp;Inc. Medallion Signature
Program (MSP). Members of these programs are usually members of a recognized stock exchange in Canada and the United&nbsp;States, members of the Investment Dealers Association of Canada,
members of the National Association of Securities Dealers or bank and trust companies in the United&nbsp;States. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=99,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=81784,FOLIO='blank',FILE='DISK131:[08ZCL7.08ZCL41707]DE41707A.;13',USER='RRICKEN',CD='28-JUL-2008;13:25' -->
<A NAME="page_de41707_1_2"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned understands and acknowledges that under no circumstances will interest accrue or be paid by Kinross or the Depositary to Persons depositing Aurelian Shares on the
purchase price of Aurelian Shares purchased by Kinross, regardless of any delay in making such payment, and that the consideration for Aurelian Shares tendered pursuant to the guaranteed
delivery procedures will be the same as that for Aurelian Shares delivered to the Depositary before the Expiry Time, even if Aurelian Shares to be delivered pursuant to the guaranteed delivery
procedures are not so delivered to the Depositary, and therefore payment by the Depositary on account of such Aurelian Shares is not made, until after the take up and payment for Aurelian Shares
under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
authority herein conferred or agreed to be conferred is irrevocable and may be exercised during any subsequent legal incapacity of the undersigned and shall, to the extent
permitted by law, survive the death or incapacity, bankruptcy or insolvency of the undersigned and all obligations of the undersigned herein shall be binding upon the heirs, personal
representatives, successors and assigns of the undersigned. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="42" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="429" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>TO:</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>
AND TO:</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>
COMPUTERSHARE INVESTOR SERVICES&nbsp;INC., AS DEPOSITARY</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>DO NOT SEND CERTIFICATES FOR COMPANY SHARES WITH THIS NOTICE OF GUARANTEED DELIVERY. CERTIFICATES FOR COMPANY SHARES
MUST BE SENT WITH YOUR LETTER OF TRANSMITTAL.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO ANY OFFICE OTHER THAN THE TORONTO OFFICE OF THE DEPOSITARY AS SET FORTH BELOW OR TRANSMISSION OF THIS
NOTICE OF GUARANTEED DELIVERY VIA FACSIMILE TO A NUMBER OTHER THAN THE NUMBER SET FORTH BELOW DOES NOT CONSTITUTE DELIVERY FOR PURPOSES OF SATISFYING A GUARANTEED
DELIVERY.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO GUARANTEE SIGNATURES ON THE LETTER OF TRANSMITTAL. IF A SIGNATURE ON THE LETTER OF TRANSMITTAL IS
REQUIRED TO BE GUARANTEED BY AN ELIGIBLE INSTITUTION, SUCH SIGNATURE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE SIGNATURE BOX IN THE LETTER OF TRANSMITTAL.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby deposits with Kinross, upon the terms and subject to the conditions set forth in the Offer and in the related Letter of Transmittal, receipt of which is
hereby acknowledged, Aurelian Shares listed below pursuant to the guaranteed delivery procedure set forth in Section&nbsp;5 of the Offer to Purchase, "Manner of
Acceptance&nbsp;&#151;&nbsp;Procedure for Guaranteed Delivery". </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="217" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="73" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><B> Certificate Number(s)<BR>
(if&nbsp;available)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B><BR>
Name and Address of Registered Shareholder<BR>
(please print)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B><BR>
Number of<BR>
Aurelian Shares<BR>
Represented by<BR>
Certificate</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B><BR>
Number of<BR>
Aurelian Shares<BR>
Deposited</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>TOTAL&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000"></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>(Please print or type. If space is insufficient, please attach a list to this Notice of Guaranteed Delivery<BR>
in the above form.)  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="217" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="30" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="212" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Area Code and Telephone Numbers (daytime):</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
Dated:</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(Signature of Shareholder)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(Please Print Name of Shareholder)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=100,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=350400,FOLIO='2',FILE='DISK131:[08ZCL7.08ZCL41707]DE41707A.;13',USER='RRICKEN',CD='28-JUL-2008;13:25' -->
<A NAME="page_de41707_1_3"> </A>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="229" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="229" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>GUARANTEE OF DELIVERY</B></FONT><BR>
<FONT SIZE=2><B>(Not&nbsp;to be used for signature guarantee)</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
The undersigned, an Eligible Institution, guarantees delivery to the Depositary at its address in Toronto set forth herein of the certificate(s) representing Aurelian Shares deposited hereby, in proper form for transfer together with a properly
completed and duly signed Letter of Transmittal (or&nbsp;a manually signed facsimile thereof), relating to such Aurelian Shares, with signatures guaranteed if so required in accordance with the Letter of Transmittal, and all other documents required
by such Letter of Transmittal, are received at the Toronto, Ontario, office of the Depositary by 5:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the Expiry Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name of Firm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Authorized Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Address of Firm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name (please print)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Title</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Zip Code/Postal Code</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Date</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Area Code and Telephone Number</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=101,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=791029,FOLIO='3',FILE='DISK131:[08ZCL7.08ZCL41707]DE41707A.;13',USER='RRICKEN',CD='28-JUL-2008;13:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>The Depositary for the Offer is:</I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.</B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="235" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="235" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>By Mail:</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> By Hand or by Courier:</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.<BR>
P.O. Box&nbsp;7021<BR>
31&nbsp;Adelaide Street East<BR>
Toronto, Ontario M5C&nbsp;3H2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
COMPUTERSHARE INVESTOR SERVICES&nbsp;INC.<BR>
100&nbsp;University Avenue<BR>
9<SUP>th</SUP>&nbsp;Floor<BR>
Toronto, Ontario M5J&nbsp;2Y1</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>By Facsimile Transmission:  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Fax: (905)&nbsp;771-4082 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>For
Information: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="167" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1&nbsp;(800)&nbsp;564-6253 (North America)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1&nbsp;(514)&nbsp;982-7555 (Overseas)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>E-mail:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>corporateactions@computershare.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Any questions and requests for assistance or additional copies of the Offer and Circular, as varied from time to time, the Letter of Transmittal and this Notice of Guaranteed
Delivery may be directed by Shareholders to the Depositary at the addresses set out above. You may also contact your broker, investment dealer, bank, trust company or other nominee for assistance
concerning the&nbsp;Offer.</B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=102,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=203756,FOLIO='blank',FILE='DISK131:[08ZCL7.08ZCL41707]KA41707A.;7',USER='RRICKEN',CD='28-JUL-2008;13:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_da41703_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da41703_part_ii"> </A>
<A NAME="toc_da41703_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Indemnification of Directors and Officers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;136 of the Business Corporations Act (Ontario) (the&nbsp;"Act") provides that a corporation may indemnify a director
or officer of the corporation, a former director or officer of the corporation or a person who acts or acted at the corporation's request as a director or officer or an individual acting in a similar
capacity, of another entity, (collectively, the "Indemnified Party"), against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred
by the Indemnified Party in respect of any civil, criminal, administrative, investigative or other proceeding (collectively, the "Action") in which the individual is involved because of that
association with the corporation or other entity,&nbsp;if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>he
or she acted honestly and in good faith with a view to the best interests of the corporation;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he or she had reasonable grounds for believing that
his or her conduct was&nbsp;lawful. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;136
of the Act also provides that a corporation may, with the approval of the court, indemnify an Indemnified Party in respect of an action by or on behalf of the
corporation or other entity to obtain a judgment in its favor (a&nbsp;"Derivative Action"), to which the individual is made a party because of the individual's association with the corporation or
other entity, against all costs, charges and expenses reasonably incurred by the individual in connection with such Derivative Action if the individual fulfills the conditions set forth in
clauses&nbsp;(a) and&nbsp;(b) of the paragraph above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Indemnified Party is substantially successful on the merits in his or her defense of an Action or Derivative Action and fulfills the conditions set forth previously, the
Indemnified Party is entitled to indemnification from the corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defense of such Action
or Derivative Action to which the individual has been made party because of the individual's association with the corporation or other entity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bylaws of the Registrant provide that an Indemnified Party shall at all times be indemnified by the Registrant in every circumstance where the Act so permits or requires. The Bylaws
further provide that, subject to limitations in the Act regarding indemnities in respect of Derivative Actions, every person who at any time is or has been a director or officer, or in a similar
capacity, of the Registrant or properly incurs or has properly incurred any liability on behalf of the Registrant or who at any time acts or has acted at the Registrant's request (in&nbsp;respect of
the Registrant or any other entity), and his or her heirs and legal representatives, shall at all times be indemnified by the Registrant against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a fine or judgment, reasonably incurred by him or her in respect of or in connection with any civil, criminal or administrative action, proceeding or investigation
(apprehended, threatened, pending, under way or contemplated) to which he or she is or may be made a party or in which he or she is or may become otherwise involved by reason of being or having been
such a director or officer or by reason of so incurring or having so incurred such liability or by reason of so acting or having so acted (or&nbsp;by reason of anything alleged to have been done,
omitted or acquiesced in by him or her in any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=103,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=433863,FOLIO='II-1',FILE='DISK134:[08ZCL3.08ZCL41703]DA41703A.;15',USER='IMORTON',CD='28-JUL-2008;15:27' -->
<A NAME="page_da41703_1_2"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>such
capacity or otherwise in respect of any of the foregoing), and has exhausted all appeals therefrom,&nbsp;if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>he
or she acted honestly and in good faith with a view to the best interest of the Registrant (or, if applicable, in the best interest of the other entity
for which the individual acted as a director, officer or in a similar capacity at the Registrant's request);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he or she had reasonable grounds for believing his
or her conduct was&nbsp;lawful. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bylaws further provide that the above described indemnification provisions shall not affect any other right to indemnification to which any person may be or become entitled by
contract or otherwise, and no settlement or plea of guilty in any action or proceeding shall alone constitute evidence that a person did not meet a condition set out in clause&nbsp;(a) or&nbsp;(b)
above or any corresponding condition in the Act. The Bylaws also provide that the persons described above shall not be liable for any damage, loss, cost or liability sustained or incurred by the
Registrant, except where so required by the Act, if such person acted honestly and in good faith with a view to the best interest of the Registrant (or&nbsp;of the entity for which the individual
acted as a director, officer or in a similar capacity at the Registrant's request). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant has a policy of insurance for its directors and officers and those of its subsidiaries. The limit of liability applicable to all insured directors and officers under the
current policies, which will expire on February&nbsp;15, 2009, is Cdn$100&nbsp;million in the aggregate, inclusive of defense costs. Under the policies, the Registrant has reimbursement coverage
to the extent that it has indemnified the directors and officers in excess of a deductible of Cdn$5&nbsp;million for each loss for securities claims and Cdn$1&nbsp;million for each loss for
non-securities claims. The total premium charged to the Registrant in respect of coverage for 2008 is Cdn$1,359,500, for 2007 was Cdn$1,140,133 and for 2006 was Cdn$1,068,940, no part of
which is or was payable by the directors or officers of the&nbsp;Registrant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933, as amended (the&nbsp;"Securities Act"), may be permitted to directors, officers or persons
controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S.&nbsp;Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is therefore unenforceable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da41703_exhibit_index"> </A>
<A NAME="toc_da41703_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT INDEX    <BR>    </B></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="417" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:41pt;"><FONT SIZE=1><B>Description

<!-- COMMAND=ADD_SCROPPEDRULE,41pt -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Press release dated July&nbsp;24, 2008 relating to Kinross Gold Corporation's ("Kinross") intention to make an offer for all outstanding common shares of Aurelian Resources&nbsp;Inc. ("Aurelian") (incorporated by
reference to Kinross's filing pursuant to Rule&nbsp;425 (Commission File No.&nbsp;132-02648))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Support Agreement dated July&nbsp;23, 2008 by and between Kinross and Aurelian</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Subscription Agreement dated July&nbsp;23, 2008 by and between Kinross and Aurelian</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Form of Lock-Up Agreement by and between Kinross and Patrick Anderson, George Bee, Colin Benner, Jon Douglas, William Fisher, Andre Gaumond, Joseph Hamilton, Keith McKay, Thomas Obradovich, Jonathan Rubenstein and Tim Warman</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=104,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=363240,FOLIO='II-2',FILE='DISK134:[08ZCL3.08ZCL41703]DA41703A.;15',USER='IMORTON',CD='28-JUL-2008;15:27' -->
<A NAME="page_da41703_1_3"> </A>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="417" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:41pt;"><FONT SIZE=1><B>Description

<!-- COMMAND=ADD_SCROPPEDRULE,41pt -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Warrant Agreement by and between Kinross and Computershare Trust Company of Canada</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Annual information form of Kinross for the year ended December&nbsp;31, 2007 dated March&nbsp;27, 2008 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross's report on Form&nbsp;40-F (Commission File No.&nbsp;0-10321) filed by Kinross on
March&nbsp;31, 2008)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Audited consolidated financial statements of Kinross, including the notes thereon, and together with the auditor's report, as at December&nbsp;31, 2007 and 2006 and for each of the years in the three year period ended December&nbsp;31, 2007
(incorporated by reference to Exhibit&nbsp;99.3 to&nbsp;Kinross's report on Form&nbsp;40-F (Commission File No.&nbsp;0-10321) filed by Kinross on March&nbsp;31, 2008)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Management's discussion and analysis of financial condition and results of operations of Kinross for the year ended December&nbsp;31, 2007 (incorporated by reference to Exhibit&nbsp;99.2 to&nbsp;Kinross's report on Form&nbsp;40-F (Commission File
No.&nbsp;0-10321) filed by Kinross on March&nbsp;31, 2008)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Management information circular dated March&nbsp;26, 2008 for Kinross's 2008 annual and special meeting of shareholders held on May&nbsp;7, 2008 (incorporated by reference to Exhibit&nbsp;99.2 to&nbsp;Kinross's report on Form&nbsp;6-K (Commission
File No.&nbsp;001-13382) filed by Kinross on April&nbsp;8, 2008)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Unaudited consolidated interim financial statements of Kinross, including the notes thereon, for the three months ended March&nbsp;31, 2008 and 2007 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross's report on Form&nbsp;6-K (Commission
File No.&nbsp;001-13382) filed by Kinross on May&nbsp;14, 2008)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Management's discussion and analysis of financial condition and results of operations of Kinross for the three months ended March&nbsp;31, 2008 and 2007 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross's report on Form&nbsp;6-K
(Commission File No.&nbsp;001-13382) filed by Kinross on May&nbsp;14, 2008)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Material change report of Kinross filed January&nbsp;28, 2008 concerning the private placement of $460&nbsp;million of 1.75% senior unsecured convertible notes due March&nbsp;15, 2028 with a conversion price of $28.48 (incorporated by reference to
Exhibit&nbsp;99.1 to&nbsp;Kinross's report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on January&nbsp;28, 2008)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Consent of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Consent of KPMG&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Consent of Robert Henderson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Consent of Larry Smith</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Powers of attorney (included on signature page)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=105,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=976898,FOLIO='II-3',FILE='DISK134:[08ZCL3.08ZCL41703]DA41703A.;15',USER='IMORTON',CD='28-JUL-2008;15:27' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_dc41703_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc41703_part_iii"> </A>
<A NAME="toc_dc41703_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART III    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> UNDERTAKING AND CONSENT TO SERVICE OF PROCESS  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission
staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form&nbsp;F-8 or&nbsp;to transactions in
said securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant further undertakes to disclose in the United&nbsp;States, on the same basis as it is required to make such disclosure pursuant to any applicable Canadian federal and/or
provincial or territorial law, regulation or policy, information regarding purchases of the Registrant's securities or of the subject issuer's securities during the exchange offer. Such information
shall be set forth in amendments to this Form&nbsp;F-8. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Consent to Service of Process  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the filing of this Form&nbsp;F-8, the Registrant will file with the Commission a written irrevocable
consent and power of attorney on Form&nbsp;F-X. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
change to the name or address of the agent for service of the Registrant shall be communicated promptly to the Commission by amendment to Form&nbsp;F-X referencing the
file number of the relevant registration statement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=106,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=753290,FOLIO='1',FILE='DISK134:[08ZCL3.08ZCL41703]DC41703A.;4',USER='PANDERS',CD='26-JUL-2008;12:50' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_jc41703_1_2"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc41703_signatures"> </A>
<A NAME="toc_jc41703_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form&nbsp;F-8 and&nbsp;has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Toronto, Province of Ontario, Canada, on July&nbsp;28,&nbsp;2008. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="186" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>TYE W. BURT</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: Tye W. Burt<BR>
Title: President and Chief Executive Officer<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc41703_powers_of_attorney"> </A>
<A NAME="toc_jc41703_2"> </A>
<BR></FONT><FONT SIZE=2><B>  POWERS OF ATTORNEY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and appoints each of Tye W. Burt and Thomas M. Boehlert his or her true
and lawful attorney-in-fact and agent, each acting alone, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and
all capacities (unless revoked in writing) to sign the registration statement on Form&nbsp;F-8 to&nbsp;which this power of attorney is attached for purposes of registering the
securities of Kinross Gold Corporation, and any and all amendments thereto (including post-effective amendments thereto), and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the U.S.&nbsp;Securities and Exchange Commission, granting to such attorney-in-fact and agent, each acting alone, full power and
authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as full to all intents and purposes as he lawfully do or cause to be done by
virtue&nbsp;hereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=107,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=383784,FOLIO='2',FILE='DISK134:[08ZCL3.08ZCL41703]JC41703A.;14',USER='PANDERS',CD='26-JUL-2008;13:03' -->
<A NAME="page_jc41703_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated, on the
28th day of July,&nbsp;2008. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="223" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="223" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>TYE W. BURT</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Tye W. Burt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and Chief Executive Officer and<BR>
Director (Principal Executive Officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>THOMAS M. BOEHLERT</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Thomas M. Boehlert</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Executive Vice-President and Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOHN A. BROUGH</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
John A. Brough</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOHN K. CARRINGTON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
John K. Carrington</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>RICHARD S. HALLISEY</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Richard S. Hallisey</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOHN M.H. HUXLEY</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
John M.H. Huxley</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOHN A. KEYES</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
John A. Keyes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>CATHERINE MCLEOD-SELTZER</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Catherine McLeod-Seltzer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>GEORGE F. MICHALS</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
George F. Michals</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>TERENCE C.W. REID</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Terence C.W. Reid</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOHN E. OLIVER</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
John E. Oliver</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=108,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=882452,FOLIO='3',FILE='DISK134:[08ZCL3.08ZCL41703]JC41703A.;14',USER='PANDERS',CD='26-JUL-2008;13:03' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_je41703_1_4"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="je41703_authorized_representative"> </A>
<A NAME="toc_je41703_1"> </A>
<BR></FONT><FONT SIZE=2><B>  AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act of 1933, as amended, the undersigned has signed this
Registration Statement, solely in the capacity of the duly authorized representative of Kinross Gold Corporation, on July&nbsp;28,&nbsp;2008. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="186" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>Parr Waddoups Brown Gee&nbsp;&amp; Loveless</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>KEITH POPE</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: Keith Pope<BR>
Title: Vice-President<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=109,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1",CHK=832263,FOLIO='4',FILE='DISK134:[08ZCL3.08ZCL41703]JE41703A.;8',USER='RMCIVOR',CD='28-JUL-2008;15:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc41703_1">PART I</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf41705_1">NOTICE TO SHAREHOLDERS IN THE UNITED STATES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf41705_2">CAUTIONARY NOTE TO SHAREHOLDERS IN THE UNITED STATES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf41705_3">NOTICE TO HOLDERS OF AURELIAN OPTIONS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf41705_4">STATEMENTS REGARDING FORWARD-LOOKING INFORMATION</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf41705_5">INFORMATION CONCERNING AURELIAN</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf41705_6">REPORTING CURRENCIES AND ACCOUNTING PRINCIPLES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bf41705_7">CURRENCY EXCHANGE RATE INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bg41705_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca41705_1">QUESTIONS AND ANSWERS ABOUT THE OFFER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc41705_1">GLOSSARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ce41705_1">SUMMARY OF THE OFFER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cg41705_1">OFFER TO PURCHASE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_di41705_1">EXPERTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_di41705_2">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ea41705_1">CONSENT OF OSLER, HOSKIN &amp; HARCOURT LLP</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ea41705_2">AUDITORS' CONSENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc41705_1">CERTIFICATE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dg41706_1">SHAREHOLDER SIGNATURE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_di41706_1">SUBSTITUTE FORM W-9</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dk41706_1">INSTRUCTIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dm41706_1">GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da41703_1">PART II</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da41703_2">EXHIBIT INDEX</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc41703_1">PART III</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc41703_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc41703_2">POWERS OF ATTORNEY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_je41703_1">AUTHORIZED REPRESENTATIVE</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>a2186998zex-2_1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="be41702_exhibit_2.1"> </A>
<A NAME="toc_be41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;2.1    <BR>    </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="be41702_execution_version"> </A>
<A NAME="toc_be41702_2"> </A></FONT> <FONT SIZE=2><B>  EXECUTION VERSION    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B> KINROSS GOLD CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B>&nbsp;&#151;&nbsp;and&nbsp;&#151;&nbsp;</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B> AURELIAN RESOURCES&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT>
<FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B> SUPPORT AGREEMENT  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT>
<FONT SIZE=2><B> July&nbsp;23, 2008  </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=323721,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]BE41702A.;12',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bg41702_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg41702_table_of_contents"> </A>
<A NAME="toc_bg41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="45" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="363" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> INTERPRETATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Definitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Interpretation Not Affected By Headings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Number and Gender</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> business day</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Date for Any Action</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Time References</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Currency</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Accounting Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Meaning of Including</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> No Strict Construction</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Time of the Essence</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Schedules</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> THE OFFER</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Actions by Kinross</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Preparation of Filings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Shareholder Communications</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Company Approval of the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Outstanding Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Company Directors</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Shareholder Rights Plan</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Subsequent Acquisition Transaction</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Alternative Transaction Structure</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> REPRESENTATIONS AND WARRANTIES OF KINROSS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Organization and Qualification</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Authority Relative to this Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> No Conflict; Required Filings and Consent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Capitalization and Listing</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Kinross Public Documents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Financial Statements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Absence of Certain Changes or Events</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Sufficient Funds</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Compliance with Laws</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Litigation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Stock Exchange Compliance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Certain Securities Law Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=277471,FOLIO='i',FILE='DISK106:[08ZCL2.08ZCL41702]BG41702A.;12',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bg41702_1_2"> </A>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="45" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="363" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Survival of Representations and Warranties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> REPRESENTATIONS AND WARRANTIES OF THE COMPANY</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Organization and Qualification</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Authority Relative to this Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> No Conflict; Required Filings and Consent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Compliance with Laws</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Company Authorizations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Capitalization and Listing</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Shareholder and Similar Agreements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> U.S.&nbsp;Securities Law Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Company Public Documents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Financial Statements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Undisclosed Liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Interest in Mineral Rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Mineral Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Operational Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Employment Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Absence of Certain Changes or Events</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Litigation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.19</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Books and Records</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Insurance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Non-Arm's Length Transactions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Benefit Plans</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Environmental</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Restrictions on Business Activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Material Contracts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.27</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Relationships with Customers, Suppliers, Distributors and Sales Representatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Brokers</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Reporting Issuer Status</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Stock Exchange Compliance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> No Expropriation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Survival of Representations and Warranties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> COVENANTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Conduct of Business by the Company</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Extension of the Offer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=3,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=676755,FOLIO='ii',FILE='DISK106:[08ZCL2.08ZCL41702]BG41702A.;12',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bg41702_1_3"> </A>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="45" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="363" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Acquisition of Additional Common Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> TERMINATION, AMENDMENT AND WAIVER</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 6.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Termination</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 6.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Amendment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 6.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Waiver</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> NON-SOLICITATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Non-Solicitation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Termination Fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Nature of Fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> GENERAL PROVISIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Further Assurances</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Notification of Certain Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Access to Information</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Confidentiality</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Officers' and Directors' Insurance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Notices</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Severability</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>46</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Entire Agreement, Assignment and Governing Law</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Pre-Acquisition Reorganization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Attornment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Third Party Beneficiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> No Personal Liability</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Counterparts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=6 style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> SCHEDULE A CONDITIONS OF THE OFFER<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=4,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=468493,FOLIO='iii',FILE='DISK106:[08ZCL2.08ZCL41702]BG41702A.;12',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bi41702_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi41702_support_agreement"> </A>
<A NAME="toc_bi41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  <U>SUPPORT AGREEMENT</U>  <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>THIS SUPPORT AGREEMENT</B></FONT><FONT SIZE=2> is made July&nbsp;23, 2008 (the&nbsp;"</FONT><FONT SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>") </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B> BETWEEN:  </B></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT><FONT SIZE=2>, a corporation existing<BR>
under the Laws of the Province of&nbsp;Ontario, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
("</FONT><FONT SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>"), </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
&nbsp;&#150;&nbsp;and&nbsp;&#150;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B>AURELIAN RESOURCES&nbsp;INC.,</B></FONT><FONT SIZE=2> a corporation existing under<BR>
the Laws of Canada, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR>
(the&nbsp;"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>") </FONT></P>

</UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B> RECITALS:  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
wishes to make an offer (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") by way of take-over bid to the shareholders
of the Company to purchase all of the outstanding Common&nbsp;Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Board of Directors, having received financial and legal advice, has determined that it would be in the best interests of the Company and its shareholders
to take all reasonable action to support and facilitate the Offer and enter into this Agreement, in each case, subject to the terms and conditions set out in this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Contemporaneously
with entering into this Agreement, Kinross has entered into lock-up agreements (each, a
"</FONT><FONT SIZE=2><B>Lock-Up Agreement</B></FONT><FONT SIZE=2>") with each of the Locked-Up Shareholders pursuant to which, among other things, such Locked-Up
Shareholders have agreed to tender to the Offer all of the Common Shares held by them, all on the terms and subject to the conditions set forth in the Lock-Up Agreements. </FONT></DD></DL>
</UL>
<BR>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THEREFORE</B></FONT><FONT SIZE=2>, in consideration of the covenants and agreements herein contained and other good and valuable consideration (the&nbsp;receipt
and sufficiency of which are hereby acknowledged), the Parties hereto covenant and agree as&nbsp;follows: </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi41702_article_1_interpretation"> </A>
<A NAME="toc_bi41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 1    <BR>    <BR>    INTERPRETATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;Definitions  </B></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>In
this Agreement, unless the context otherwise requires: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>1933 Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>United&nbsp;States Securities Act of 1933</I></FONT><FONT SIZE=2>, as amended and the rules and
regulations of the SEC&nbsp;thereunder; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Acquisition Proposal</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;7.1(a)(i); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Advertisement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.1(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>affiliate</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the CBCA; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the preamble to this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Appropriate Regulatory Approvals</B></FONT><FONT SIZE=2>" means those sanctions, rulings, consents, orders, exemptions, permits and other approvals (including the lapse,
without objection, of a prescribed time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses following the giving of notice without an objection </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=438896,FOLIO='1',FILE='DISK106:[08ZCL2.08ZCL41702]BI41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bi41702_1_2"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>being
made) of Governmental Entities required in connection with the commencement of the Offer or the consummation of the&nbsp;Offer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>associate</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the CBCA; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Board of Directors</B></FONT><FONT SIZE=2>" means the board of directors of the Company; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>business day</B></FONT><FONT SIZE=2>" means any day of the week, other than a Saturday, a Sunday or a statutory or civic holiday observed in Toronto, Ontario; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian GAAP</B></FONT><FONT SIZE=2>" means Canadian generally accepted accounting principles as defined by the Accounting Standards Board of the Canadian Institute of
Chartered Accountants in the Handbook of the Canadian Institute of Chartered Accountants applied on a consistent basis; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Resident</B></FONT><FONT SIZE=2>" means a beneficial holder of Common Shares that is (i)&nbsp;a resident of Canada for the purposes of the Tax&nbsp;Act and not
exempt from tax under Part&nbsp;I of the Tax&nbsp;Act, or (ii)&nbsp;a partnership, any member of which is a resident of Canada for the purposes of the Tax&nbsp;Act (other than a partnership,
all members of which that are residents of Canada are exempt from tax under Part&nbsp;I of the Tax&nbsp;Act); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CBCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2>, as amended; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>" means the common shares of the Company (including Common Shares issuable upon the exercise of outstanding Options); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Authorization</B></FONT><FONT SIZE=2>" means any authorization, order, permit, approval, grant, licence, registration, consent, right, notification, condition,
franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction, decision, decree, bylaw, rule or regulation, whether or not having the force of Law, and includes any
Environmental Permit; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Balance Sheet</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;4.12; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Benefit Plans</B></FONT><FONT SIZE=2>" means any pension or retirement income plans or other employee compensation or benefit plans, agreements, policies, programs,
arrangements or practices, whether written or oral, which are maintained by or binding upon the Company or any of its Subsidiaries; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Disclosure Statement</B></FONT><FONT SIZE=2>" means the disclosure statement of the Company delivered to Kinross in confidence contemporaneously with the execution and
delivery of this&nbsp;Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Material Adverse Effect</B></FONT><FONT SIZE=2>" means any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to be, material
and adverse to: (x)&nbsp;the assets, liabilities (including any contingent liabilities that may arise through outstanding, pending or threatened litigation or otherwise), business, operations,
financial condition or prospects of the Company and its Subsidiaries taken as a whole; or (y)&nbsp;the continued ownership, development or operation of the FDN Deposit, in either case, other than
changes, effects, events, occurrences or states of facts solely relating to or solely resulting from (a)&nbsp;any change, effect, event, occurrence or state of facts relating to global economic,
business, regulatory or political conditions or securities, credit, financial or currency markets in general, (b)&nbsp;changes affecting the global mining industry generally, (c)&nbsp;any acts of
terrorism, sabotage, military action or war (whether or not declared) or any escalation or worsening thereof, (d)&nbsp;any change in the market price of gold, (e)&nbsp;any change in Canadian GAAP,
(f)&nbsp;the implementation of the Mining Mandate (except to the extent the implementation of the Mining Mandate (not&nbsp;including for such purpose the associated documentation provided by the
Company to Kinross prior to the date of this Agreement) results in any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to be, material and adverse, or the
Mining Mandate has been amended, replaced or otherwise changed in a material and adverse </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=138733,FOLIO='2',FILE='DISK106:[08ZCL2.08ZCL41702]BI41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bi41702_1_3"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>manner,
to the continued ownership, development or operation of the FDN Deposit), or (g)&nbsp;any change in the market price or trading volume of the common shares of the Company related to this
Agreement and the Offer or the announcement thereof, or primarily resulting from a change, effect, event, occurrence or state of facts excluded from this definition of the Company Material Adverse
Effect under clauses&nbsp;(a), (b), (c), (d), (e)&nbsp;or&nbsp;(f) hereof; provided, however, that such change, effect, event, occurrence or state of facts referred to in clause&nbsp;(a), (b),
(c), (d), (e)&nbsp;or&nbsp;(f) above does not primarily relate only to (or&nbsp;have the effect of primarily relating only to) the Company and its Subsidiaries, taken as a whole, or
disproportionately adversely affect the Company and its Subsidiaries, taken as a whole, compared to other companies of similar size operating in the industry in which the Company and its Subsidiaries
operate and references in this Agreement to dollar amounts are not intended to be, and shall not be deemed to be, illustrative or interpretive for purposes of determining whether a "Company Material
Adverse Effect" has&nbsp;occurred; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Mineral Rights</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;4.13(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Public Documents</B></FONT><FONT SIZE=2>" means all forms, reports, schedules, statements and other documents filed by the Company since January&nbsp;1, 2007, with
all applicable securities regulatory authorities, the TSX and all other applicable self-regulatory organizations; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the preamble; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Compulsory Acquisition</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2.8; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Confidentiality Agreement</B></FONT><FONT SIZE=2>" means the confidentiality agreement dated effective October&nbsp;19, 2007 between Kinross and the&nbsp;Company; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Directors' Circular</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.4(b); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>" means the date on which Kinross first pays for Common Shares deposited to the&nbsp;Offer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Encumbrances</B></FONT><FONT SIZE=2>" means pledges, liens, charges, security interests, leases, title retention agreements, mortgages, restrictions, developments or similar
agreements, easements, rights-of-way, title defects, options or adverse claims or encumbrances of any kind or character whatsoever; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Environmental Laws</B></FONT><FONT SIZE=2>" means all applicable Laws, including applicable common laws, relating to the protection of human health and safety or the
environment, or relating to hazardous or toxic substances or wastes, pollutants or contaminants; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Environmental Permits</B></FONT><FONT SIZE=2>" means Company Authorizations prescribed by Environmental&nbsp;Laws; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exchange Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>U.S.&nbsp;Securities Exchange Act of 1934</I></FONT><FONT SIZE=2>, as amended and the rules and
regulations of the SEC&nbsp;thereunder; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiry Date</B></FONT><FONT SIZE=2>" means the 36th&nbsp;day after the date that the Offer is commenced within the meaning of the Securities Act, or any subsequent date set
out in any notice of Kinross extending the period during which Common Shares may be deposited under the Offer; provided that, if such day is not a business day, then the Expiry Date shall be the next
business&nbsp;day; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiry Time</B></FONT><FONT SIZE=2>" means 6:00&nbsp;p.m. on the Expiry Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>FDN Deposit</B></FONT><FONT SIZE=2>" means intermediate-sulphidation, epithermal gold-silver deposit located within the 3,087&nbsp;hectare La Zarza concession
(ministry code 2121) of the Cordillera del Condor project in the Centinela del Condor canton of Zamora-Chinchipe Province of Ecuador, together with (a)&nbsp;all privileges, rights, easements and
appurtenances both at law and equity belonging to or for the benefit of such deposit, including means of access between such </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=7,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=899110,FOLIO='3',FILE='DISK106:[08ZCL2.08ZCL41702]BI41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bi41702_1_4"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>deposit
and a public way and (b)&nbsp;all rights associated with the ownership, development or operation of such deposit, including mineral interests and rights (including any claims, concessions,
exploration licences, exploitation licences, prospecting permits, mining leases and mining&nbsp;rights); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>fully-diluted basis</B></FONT><FONT SIZE=2>" means, with respect to the number of outstanding Common Shares at any time, the number of Common Shares that would be outstanding
if all rights to acquire Common Shares, other than SRP Rights, were exercised, including for greater certainty, all Common Shares issuable upon the exercise of Options, whether vested
or&nbsp;unvested; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Governmental Entity</B></FONT><FONT SIZE=2>" means: (a)&nbsp;any Canadian, Ecuadorian, foreign, multinational, federal, provincial, state, regional, municipal, local or
other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign; (b)&nbsp;any subdivision, agent,
commission, board, or authority of any of the foregoing; (c)&nbsp;any self-regulatory authority; (d)&nbsp;the TSX; (e)&nbsp;the NYSE; (f)&nbsp;the Frankfurt Stock Exchange; or
(g)&nbsp;any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the&nbsp;foregoing; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Initial Expiry Date</B></FONT><FONT SIZE=2>" means the Expiry Date in effect, prior to any extension, immediately prior to the initial Take-Up&nbsp;Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Material Adverse Effect</B></FONT><FONT SIZE=2>" means any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to be, material
and adverse to the assets, liabilities (including any contingent liabilities that may arise through outstanding, pending or threatened litigation or otherwise), business, operations or financial
condition or prospects of Kinross and its Subsidiaries taken as a whole, other than changes, effects, events, occurrences or states of facts solely relating to or solely resulting from (a)&nbsp;any
change, effect, event, occurrence or state of facts relating to global economic, business, regulatory or political conditions or securities, credit, financial or currency markets in general,
(b)&nbsp;changes affecting the global mining industry generally, (c)&nbsp;any acts of terrorism, sabotage, military action or war (whether or not declared) or any escalation or worsening thereof,
(d)&nbsp;any change in the market price of gold, (e)&nbsp;any change in Canadian GAAP, or (f)&nbsp;any change in the market price or
trading volume of the common shares of Kinross related to this Agreement and the Offer or the announcement thereof, or primarily resulting from a change, effect, event, occurrence or state of facts
excluded from this definition of Kinross Material Adverse Effect under clauses&nbsp;(a), (b), (c), (d)&nbsp;or&nbsp;(e) hereof; provided, however, that such change, effect, event, occurrence or
state of facts referred to in clause&nbsp;(a), (b), (c), (d)&nbsp;or&nbsp;(e) above does not primarily relate only to (or&nbsp;have the effect of primarily relating only to) Kinross and its
Subsidiaries, taken as a whole, or disproportionately adversely affect Kinross and its Subsidiaries, taken as a whole, compared to other companies of similar size operating in the industry in which
Kinross and its Subsidiaries operate and references in this Agreement to dollar amounts are not intended to be, and shall not be deemed to be, illustrative or interpretive for purposes of determining
whether a "Kinross Material Adverse Effect" has&nbsp;occurred; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Public Documents</B></FONT><FONT SIZE=2>" means all forms, reports, schedules, statements and other documents filed by Kinross since January&nbsp;1, 2007, with all
applicable securities regulatory authorities, the TSX, the NYSE and all applicable self-regulatory organizations; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Share Reference Price</B></FONT><FONT SIZE=2>" mans the volume weighted average trading price on the TSX of the Kinross Shares over the five business days ending one
business day before the Initial Expiry&nbsp;Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Shares</B></FONT><FONT SIZE=2>" means the common shares in the capital of Kinross; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=8,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=32851,FOLIO='4',FILE='DISK106:[08ZCL2.08ZCL41702]BI41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bi41702_1_5"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Warrant</B></FONT><FONT SIZE=2>" means a common share purchase warrant in the capital of Kinross entitling the holder thereof to acquire, upon due exercise and payment
of the exercise price of $32.00, one Kinross Share (subject to adjustment) on or prior to the date that is five years following the Effective&nbsp;Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>knowledge</B></FONT><FONT SIZE=2>" of a Party means to the best of the knowledge, information and belief of such Party and its Subsidiaries after reviewing all relevant
records and making due inquiries regarding the relevant matter of all relevant senior officers and directors of such Party and its Subsidiaries; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Laws</B></FONT><FONT SIZE=2>" means all laws (including common law), by-laws, statutes, rules, regulations, principles of law, orders, ordinances, judgments,
decrees or other requirements and the terms and conditions of any grant of approval, permission, authority or licence of or from any Governmental Entity, which, for greater certainty, shall include
the laws of Ecuador, and the term "</FONT><FONT SIZE=2><B>applicable</B></FONT><FONT SIZE=2>" with respect to such Laws and in a context that refers to one or more Parties, means such Laws as are
applicable to such Party or its business, undertaking, property or securities and emanate from a Person having jurisdiction over the Party or Parties or its or their business, undertaking, property
or&nbsp;securities; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Lock-Up Agreement</B></FONT><FONT SIZE=2>" has the meaning set out in the recital B to this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Locked-Up Shareholders</B></FONT><FONT SIZE=2>" means directors and senior management of the Company, being Patrick Anderson, George Bee, Colin Benner, Jon
Douglas, William Fisher, Andre Gaumond, Joseph Hamilton, Keith McKay, Thomas Obradovich, Jonathan Rubenstein and Tim&nbsp;Warman; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Material Contract</B></FONT><FONT SIZE=2>" means a contract, licence, lease, agreement, obligation, undertaking, arrangement, document, commitment, entitlement or engagement
to which the Company or one of its Subsidiaries is a party or by which such a Person is bound or under which such a Person has, or will have, any liability or contingent liability (in&nbsp;each
case, whether written or oral, express or implied): (a)&nbsp;involving payments to or by such Person in excess of $200,000 annually or $500,000 in aggregate over the term of the contract;
(b)&nbsp;involving rights or obligations that may reasonably extend beyond three years and which does not terminate or cannot be terminated without penalty on less than three months' notice (except
in the case of employment contracts of an indefinite term); (c)&nbsp;which is outside the ordinary course of business; (d)&nbsp;which contain covenants that: (i)&nbsp;in any way purport to
restrict the business activity of the Company or any of its affiliates; or (ii)&nbsp;limit the freedom of the Company or any of its affiliates to engage in any line of business or to compete with
any Person; (e)&nbsp;which, if terminated without the consent of the Person, in the case of the Company, would result in a Company Material Adverse Effect; (f)&nbsp;is with a Governmental Entity;
and (g)&nbsp;is a contract pursuant to which the Company or one of its Subsidiaries provides any indemnification to any other&nbsp;Person; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>material</B></FONT><FONT SIZE=2>" means, with respect to Kinross or the Company (as&nbsp;the case may be), a fact, liability, transaction or circumstance concerning the
business, assets, liabilities, operations or financial condition of Kinross or the Company (as&nbsp;the case may be) and their respective Subsidiaries, taken as a whole, that would be reasonably
likely to have a significant effect on the value of the shares of Kinross or the Company (as&nbsp;the case may be) or that would prevent or materially delay completion of the Offer in accordance
with this&nbsp;Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Minimum Tender Condition</B></FONT><FONT SIZE=2>" means that there shall have been validly deposited under the Offer and not withdrawn at the Expiry Time that number of Common
Shares which, together with any Common Shares directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the Common Shares outstanding (on&nbsp;a fully diluted basis) at
the Expiry&nbsp;Time; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=9,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=312734,FOLIO='5',FILE='DISK106:[08ZCL2.08ZCL41702]BI41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bk41702_1_6"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Mining Mandate</B></FONT><FONT SIZE=2>" means the new Mining Mandate adopted by Ecuador's Constituent Assembly on April&nbsp;18, 2008 and any associated documentation
relating to the foregoing provided by the Company to Kinross prior to the date of this&nbsp;Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>" means the New&nbsp;York Stock Exchange; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>OBCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (Ontario), as amended; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in recital A to this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer Deadline</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.1(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer Documents</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.1(h); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offered Consideration</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.1(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offering Circular</B></FONT><FONT SIZE=2>" means the offer to purchase and accompanying take-over bid circular to be provided to the Shareholders in respect of
the&nbsp;Offer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Option Exchange Ratio</B></FONT><FONT SIZE=2>" means (i)&nbsp;0.317, plus (ii)&nbsp;the portion of a Kinross Share that, immediately prior to the exchange of options
contemplated in Section&nbsp;2.5(b), has a fair market value equal to 0.1429 of a Kinross Warrant. For purposes of (ii)&nbsp;above, the fair market value of a Kinross Warrant will be determined by
Kinross and the Company, acting reasonably, using "Black-Scholes" or a similar analysis; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Options</B></FONT><FONT SIZE=2>" means options to purchase Common Shares granted under the Company's Stock Option&nbsp;Plan; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Parties</B></FONT><FONT SIZE=2>" means the Company and Kinross; and "</FONT><FONT SIZE=2><B>Party</B></FONT><FONT SIZE=2>" means either one of them; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" includes an individual, partnership, association, body corporate, joint venture, business organization, trustee, executor, administrator, legal
representative, government (including any Governmental Entity) or any other entity, whether or not having legal&nbsp;status; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Pre-Acquisition Reorganization</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;8.10; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Private Placement</B></FONT><FONT SIZE=2>" means the subscription by Kinross of 15&nbsp;million Common Shares on a private placement basis at a price of $4.75 per
Common&nbsp;Share; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Proposed Agreement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;7.1(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Replacement Option</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.5(b); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEC</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities and Exchange Commission; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Securities Act (Ontario), R.S.O.&nbsp;1990</I></FONT><FONT SIZE=2>, c. S-5 and the
rules, regulations and published policies made thereunder, as now in effect and as they may be amended from time to time prior to the Effective&nbsp;Date; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Laws</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.1(h); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shareholder Rights Plan</B></FONT><FONT SIZE=2>" means the shareholder rights plan agreement between the Company and Equity Transfer Services&nbsp;Inc. dated May&nbsp;23,
2006, as ratified by the Shareholders on June&nbsp;21,&nbsp;2006; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shareholders</B></FONT><FONT SIZE=2>" means the holders of Common Shares; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Special Committee</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Subsection&nbsp;2.4(a)(i); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SRP Right</B></FONT><FONT SIZE=2>" means a right issued pursuant to the Shareholder Rights Plan; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=533307,FOLIO='6',FILE='DISK106:[08ZCL2.08ZCL41702]BK41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bk41702_1_7"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Stock Option Plan</B></FONT><FONT SIZE=2>" means the stock option plan of the Company dated May&nbsp;24, 2007, as ratified by the Shareholders on
June&nbsp;20,&nbsp;2007; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Subsequent Acquisition Transaction</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2.8; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Subsidiary</B></FONT><FONT SIZE=2>" means, with respect to a specified body corporate, any body corporate of which more than 50% of the outstanding shares ordinarily entitled
to elect a majority of the board of directors thereof (whether or not shares of any other class or classes shall or might be entitled to vote upon the happening of any event or contingency) are at the
time owned directly or indirectly by such specified body corporate and shall include any body corporate, partnership, joint venture or other entity over which such specified body corporate exercises
direction or control or which is in a like relation to a&nbsp;Subsidiary; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Superior Proposal</B></FONT><FONT SIZE=2>" means an unsolicited bona&nbsp;fide Acquisition Proposal made by a third party to the Company in writing after the date hereof:
(i)&nbsp;to purchase or otherwise acquire, directly or indirectly, by means of a merger, take-over bid, amalgamation, plan of arrangement, business combination, consolidation,
recapitalization, liquidation, winding-up or similar transaction, all of the Common Shares; (ii)&nbsp;that is reasonably capable of being completed without undue delay, taking into
account all legal, financial, regulatory and other aspects of such proposal and the party making such proposal; (iii)&nbsp;is not subject to any financing condition and in respect of which any
required financing to complete such Acquisition Proposal has been demonstrated to the satisfaction of the Board of Directors, acting in good faith (after receipt of advice from its financial advisors
and outside legal counsel), will be obtained, (iv)&nbsp;which is not subject to a due diligence and/or access condition which would allow access to the books, records, personnel or properties of the
Company or
any Subsidiary or their respective representatives beyond 5:00&nbsp;p.m. on the third day after which access is afforded to the third party making the Acquisition Proposal (provided, however, that
the foregoing shall not restrict the ability of such third party to continue to review information provided to it by the Company during such three day period); (v)&nbsp;that did not result from a
breach of Section&nbsp;7.1 by the Company or its representatives; and (vi)&nbsp;in respect of which the Board of Directors determines in good faith (after receipt of advice from its outside legal
counsel with respect to (x)&nbsp;below and financial advisors with respect to (y)&nbsp;below) that (x)&nbsp;failure to recommend such Acquisition Proposal to Shareholders would be inconsistent
with its fiduciary duties and (y)&nbsp;which would, taking into account all of the terms and conditions of such Acquisition Proposal, if consummated in accordance with its terms (but&nbsp;not
assuming away any risk of non-completion), result in a transaction more favourable to Shareholders from a financial point of view than the Offer (including any adjustment to the terms and
conditions of the Offer proposed by Kinross pursuant to Subsection&nbsp;7.1(f)); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Take-Up Date</B></FONT><FONT SIZE=2>" means a date upon which Kinross takes up or acquires Common Shares under the&nbsp;Offer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax&nbsp;Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada), as amended; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax Returns</B></FONT><FONT SIZE=2>" includes all returns, reports, declarations, elections, notices, filings, forms, statements and other documents (whether in tangible,
electronic or other form) and including any amendments, schedules, attachments, supplements, appendices and exhibits thereto, made, prepared, filed or required by a Governmental Entity to be made,
prepared or filed by law in respect of&nbsp;Taxes; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Taxes</B></FONT><FONT SIZE=2>" means any taxes, duties, fees, premiums, assessments, imposts, levies and other charges of any kind whatsoever imposed by any Governmental
Entity, including all interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental Entity in respect thereof, and including those levied on, or measured by, or
referred to as, </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=11,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=618414,FOLIO='7',FILE='DISK106:[08ZCL2.08ZCL41702]BK41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bk41702_1_8"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>income,
gross receipts, profits, windfall, royalty, capital, transfer, land transfer, sales, goods and services, harmonized sales, use, value-added, excise, stamp, withholding, business, franchising,
property, development, occupancy, employer health, payroll, employment, health, social services, education and social security taxes, all surtaxes, all customs duties and import and export taxes,
countervail and anti-dumping, all licence, franchise and registration fees and all employment insurance, health insurance and Canada, Qu&eacute;bec and other government pension
plan premiums or contributions; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Termination Fee</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;7.2(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Termination Fee Event</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;7.2(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Third Party Beneficiaries</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;8.12; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Transition Date</B></FONT><FONT SIZE=2>" means the earlier of (a)&nbsp;the termination of this Agreement, and (b)&nbsp;the appointment or election to the Board of
Directors of Persons designated by Kinross who represent a majority of the directors of the&nbsp;Company; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>TSX</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Holder</B></FONT><FONT SIZE=2>" means any Person whose address appears on the records of the Company, any voting trustee, any depositary, any share transfer agent
or any person acting in a similar capacity on behalf of the Company as being located in the United&nbsp;States. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;Interpretation Not Affected By Headings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
division of this Agreement into Articles, Sections, Subsections and Paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or
interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, Subsection, Paragraph or Schedule by number or letter or both refer to the
Article, Section, Subsection, Paragraph or Schedule, respectively, bearing that designation in this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.3&nbsp;&nbsp;&nbsp;Number and Gender  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
this Agreement, unless the contrary intention appears, words importing the singular include the plural and vice versa, and words importing gender include all&nbsp;genders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>1.4&nbsp;&nbsp;&nbsp;business day  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Where
the words "</FONT><FONT SIZE=2><B>business days</B></FONT><FONT SIZE=2>" are used in this Agreement, it means clear and full business days have occurred since or prior to or between the event
or events being referenced, as&nbsp;appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.5&nbsp;&nbsp;&nbsp;Date for Any Action  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the date on which any action is required to be taken hereunder by a Party is not a business day, such action shall be required to be taken on the next succeeding day which is a business&nbsp;day. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>1.6&nbsp;&nbsp;&nbsp;Time References  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
this Agreement, unless otherwise stated, any references to time are to local time, Toronto, Ontario. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.7&nbsp;&nbsp;&nbsp;Currency  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unless
otherwise stated, all references in this Agreement to sums of money are expressed in lawful money of&nbsp;Canada. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=646971,FOLIO='8',FILE='DISK106:[08ZCL2.08ZCL41702]BK41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bk41702_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>1.8&nbsp;&nbsp;&nbsp;Accounting Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unless
otherwise stated, all accounting terms used in this Agreement shall have the meanings attributable thereto under Canadian GAAP, and all determinations of an accounting nature required to be
made shall be made in a manner consistent with Canadian GAAP and past&nbsp;practice. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>1.9&nbsp;&nbsp;&nbsp;Meaning of Including  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Where
the word "</FONT><FONT SIZE=2><B>including</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>includes</B></FONT><FONT SIZE=2>" is used in this Agreement, it means "including
(or&nbsp;includes) without limitation". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.10&nbsp;No Strict Construction  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
language used in this Agreement is the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any&nbsp;Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.11&nbsp;Time of the Essence  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Time
shall be of the essence of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.12&nbsp;Schedules  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
following Schedule is annexed to this Agreement and is incorporated by reference into this Agreement and forms part&nbsp;hereof: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;A
- - Conditions of the Offer </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bk41702_article_2_the_offer"> </A>
<A NAME="toc_bk41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 2    <BR>    <BR>    THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;Actions by Kinross  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the terms and conditions of this Agreement, Kinross agrees to make the Offer either by way of advertisement
(the&nbsp;"</FONT><FONT SIZE=2><B>Advertisement</B></FONT><FONT SIZE=2>") in a national newspaper or by way of mailing the Offer Documents as soon as possible after the date hereof and, in any
event, on or before August&nbsp;8, 2008 (the&nbsp;"</FONT><FONT SIZE=2><B>Offer Deadline</B></FONT><FONT SIZE=2>"), with mailing of the Offer Documents to take place to registered Shareholders in
Canada, the United&nbsp;States and such other jurisdictions as Kinross may determine, for consideration consisting of 0.317 of a Kinross Share and 0.1429 of a Kinross Warrant for each Common Share
(the&nbsp;"</FONT><FONT SIZE=2><B>Offered Consideration</B></FONT><FONT SIZE=2>"), in accordance in all material respects with all applicable Securities Laws. The Offered Consideration is based on
150,135,164&nbsp;Common Shares outstanding, on a fully-diluted basis and that the Company will not declare or pay any dividends or other distributions on the Common Shares. The Offered Consideration
will be adjusted accordingly (i.e.,&nbsp;a reduction in the value per Common Share) if the number of outstanding Common Shares, on a fully-diluted basis, is greater than this amount at the effective
date in any material respect, unless Kinross has consented to such increase in the number of Common Shares in writing. The Offered Consideration will also be adjusted downward to reflect the
declaration or payment of any dividend or distribution by the Company on or after the date of this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the event that the Company provides a notice to Kinross regarding an Acquisition Proposal prior to the Offer Deadline (as&nbsp;required pursuant to
Section&nbsp;7.1(c)), the Offer Deadline will be extended until the date that is seven business days following the earlier of either (i)&nbsp;written notification from the Company to Kinross that
the Board of Directors has determined that the Acquisition Proposal is not a Superior Proposal, or (ii)&nbsp;the date on which the Company and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=13,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=298698,FOLIO='9',FILE='DISK106:[08ZCL2.08ZCL41702]BK41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bk41702_1_10"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Kinross
enter into an amended agreement pursuant to Subsection&nbsp;7.1(e) which results in the Acquisition Proposal in question not being a Superior Proposal.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the event that the conditions to the Offer have been satisfied or waived by Kinross, Kinross shall take up and pay for the Common Shares deposited under
the Offer as soon as possible, and in any event not later than three business days after Kinross becomes obligated by the terms of the Offer to take up the Common Shares deposited under the Offer.
Fractional Kinross Shares and fractional Kinross Warrants shall not be issued in connection with the Offer. Where on any Take-Up Date: (i)&nbsp;the aggregate number of Kinross Shares to
be issued to any Shareholder in exchange for such Shareholder's Common Shares would result in a fraction of a Kinross Share being issuable, the number of Kinross Shares to be received by such
Shareholder will be rounded down to the nearest whole Kinross Share and in lieu of a fractional Kinross Share, the Shareholder will receive a cash payment in Canadian dollars (rounded down to the
nearest cent) determined on the basis of an amount equal to the Kinross Share Reference Price multiplied by the fractional share amount; and (ii)&nbsp;the aggregate number of Kinross Warrants to be
issued to any Shareholder in exchange for such Shareholder's Common Shares would result in a fraction of a Kinross Warrant being issuable, the number of Kinross Warrants to be received by such
Shareholder will be rounded to the nearest whole Kinross Warrant.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
beneficial owner of Common Shares who is a Canadian Resident shall be entitled to make an income tax election pursuant to subsection&nbsp;85(1) of
the Tax&nbsp;Act or, if the beneficial owner is a partnership, subsection&nbsp;85(2) of the Tax&nbsp;Act (and&nbsp;in each case, where applicable, the corresponding provisions of any
applicable provincial income tax legislation) with respect to the transfer of its Common Shares to Kinross. In order to make an election, the beneficial owner of Common Shares must provide the
necessary information on or before 90&nbsp;days after the Expiry Time in accordance with the procedures set out in a tax instruction letter to be sent to beneficial owners that indicate an interest
in making and filing an election by checking the appropriate box on the Letter of Transmittal. The information will include the number of Common Shares transferred, the consideration received and the
applicable elected amount for purposes of such election. Kinross will make an election under subsection&nbsp;85(1) or&nbsp;85(2) of the Tax&nbsp;Act (and&nbsp;the corresponding provisions of
any applicable provincial tax legislation) only with a Canadian Resident, and at the amount selected by the Canadian Resident subject to the limitations in the Tax&nbsp;Act (and&nbsp;any
applicable provincial legislation). Kinross will not be responsible for the proper completion or filing of any election form and the Canadian Resident will be solely responsible for the payment of any
late filing penalty. Kinross agrees only to execute any election form containing information provided by the Canadian Resident which complies with the provisions of the Tax&nbsp;Act (and&nbsp;any
corresponding provincial legislation). With the exception of execution of the election by Kinross, compliance with the requirements for a valid election will be the sole responsibility of the Canadian
Resident making the election. Accordingly, Kinross will not be responsible for any Taxes, interest, penalties, damages or expenses resulting from the failure by a beneficial owner of Common Shares to
properly complete or file the election form(s) in the form and manner and within the time prescribed by the Tax&nbsp;Act (or&nbsp;any applicable provincial income tax legislation). In its sole
discretion, Kinross may choose to sign and return an election form received by Kinross more than 90&nbsp;days following the Effective Date, but Kinross will have no obligation to do so. References
in this Section to the Tax&nbsp;Act are to the Tax&nbsp;Act as of the date hereof and any modifications thereof which are consistent with the general principle thereof.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
shall use commercially reasonable efforts to have the Kinross Warrants issued pursuant to the Offer listed for trading on the TSX as of the
Effective Date. Kinross shall keep reserved for issuance upon exercise of the Kinross Warrants that number of Kinross </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=14,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=526918,FOLIO='10',FILE='DISK106:[08ZCL2.08ZCL41702]BK41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bk41702_1_11"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Shares
required by the provisions of the Kinross Warrants relating to their exercise. Upon issuance in accordance with such provisions, each such Kinross Share will be validly issued and outstanding
as a fully paid and non-assessable share in the capital of&nbsp;Kinross.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Kinross Shares to be issued pursuant to the Offer will be at the time of issue listed for trading on the NYSE and the&nbsp;TSX.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Offer shall not be subject to any conditions, other than the conditions set out in Schedule&nbsp;A.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
shall prepare the Offering Circular and the related letter(s) of transmittal and notice(s) of guaranteed delivery (collectively, the
"</FONT><FONT SIZE=2><B>Offer Documents</B></FONT><FONT SIZE=2>") with respect to the Offer in English and, if necessary, French in compliance with the Securities Act and all other applicable
provincial securities laws, rules and regulations and published policies thereunder in Canada (collectively, the "</FONT><FONT SIZE=2><B>Securities Laws</B></FONT><FONT SIZE=2>"). Prior to printing
the Offer Documents, Kinross shall provide the Company and its counsel with an opportunity to review and comment on the Offer Documents, the Company recognizing that whether or not such comments shall
be reflected in the Offer Documents will be determined by Kinross in its sole discretion, acting reasonably. Kinross shall provide the Company with a final copy of the Offer Documents to be mailed to
registered Shareholders (in&nbsp;Canada and in such other jurisdictions as permitted or required by applicable Laws) prior to the mailing to registered Shareholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Offer shall expire at the Expiry Time, subject to extension as contemplated in Section&nbsp;5.2. If the conditions set out in Schedule&nbsp;A have
been satisfied or waived by Kinross at or prior to the Expiry Time, Kinross shall within three business days accept for payment and pay for all of the Common Shares validly tendered (and&nbsp;not
withdrawn) pursuant to the Offer. The terms of the Offer shall comply with the terms of this Agreement. In making the Offer, Kinross shall comply with the provisions of applicable&nbsp;Laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
may, in its sole discretion, modify or waive any term or condition of the Offer, provided that Kinross will not, without the prior written consent
of the Company: (i)&nbsp;modify or waive the Minimum Tender Condition to permit it to acquire less than 50.1% of the Common Shares outstanding (calculated on a fully-diluted basis);
(ii)&nbsp;decrease the Offered Consideration (except for a proportionate reduction in circumstances where, following the date hereof, the Company has declared, set aside or paid any dividend or
distribution (whether in cash, shares, property or otherwise) with respect to the Common Shares); (iii)&nbsp;change the form of the Offered Consideration (other than to increase the total
consideration per Common Share and/or add additional consideration or consideration alternatives); (iv)&nbsp;impose additional conditions to the Offer; (v)&nbsp;decrease the number of Common
Shares in respect of which the Offer is being made; or (vi)&nbsp;otherwise modify the Offer (or&nbsp;any terms or conditions thereof) in a manner that is adverse to the Company or the
Shareholders. If Kinross waives the Minimum Tender Condition on a date that is less than 10&nbsp;days prior to the Expiry Date, it shall extend the Offer for at least such period of time as is
necessary to ensure that the Offer remains open for ten days from the date or such&nbsp;waiver.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the event that the Offer is commenced by way of the Advertisement, Kinross agrees that it shall mail the Offer to the registered Shareholders as soon as
reasonably practicable thereafter, and in any event by no later than the date that is two business days following receipt of the shareholder list referred to in Subsection&nbsp;2.4(c). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=15,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=434139,FOLIO='11',FILE='DISK106:[08ZCL2.08ZCL41702]BK41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bm41702_1_12"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
obligation of Kinross to make the Offer by either placing the Advertisement or by mailing the Offering Circular to Shareholders is conditional on the
prior satisfaction of the following conditions, all of which conditions are included for the sole benefit of Kinross and any or all of which may be waived by Kinross in whole or in part in its sole
discretion without prejudice to any other rights it may have under this Agreement or otherwise and which shall be deemed to have been waived by the commencement of
the&nbsp;Offer:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
obligations of Kinross hereunder shall not have been terminated pursuant to Section&nbsp;6.1;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
circumstance, fact, change, event or occurrence (other than one caused by Kinross) shall have occurred that would render it impossible for one or more
of the conditions set out on Schedule&nbsp;A to&nbsp;be&nbsp;satisfied;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
cease trade order, injunction or other prohibition at Law shall exist against Kinross making the Offer or taking up or paying for Common Shares
deposited under the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
shall have received all waivers, rulings or orders necessary for the making of the Offer or necessary to mail to Shareholders the Offering Circular
from all Governmental Entities;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall have complied in all material respects with its obligations under this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
representations and warranties of the Company (A)&nbsp;that are qualified by a reference to a Company Material Adverse Effect or materiality shall be
true and correct in all respects at the time of the making of the Offer, and (B)&nbsp;that are not qualified by a reference to a Company Material Adverse Effect or materiality shall be true and
correct in all material respects at the time of the making of the Offer;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
Company Material Adverse Effect shall have occurred or arisen (or&nbsp;shall have been generally disclosed to, or discovered by, Kinross if not
previously disclosed in writing to Kinross prior to the date of this Agreement);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Board of Directors shall have unanimously recommended that Shareholders accept the&nbsp;Offer. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.2&nbsp;&nbsp;&nbsp;Preparation of Filings  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the terms and conditions of this Agreement, Kinross and the Company shall co-operate and use their reasonable best efforts in good
faith to take, or cause to be taken, all reasonable actions, including the preparation of any applications for orders, registrations, consents, filings, circulars and approvals and the preparation of
any required documents, in each case as reasonably necessary to discharge their respective obligations under this Agreement and the Offer, and to complete any transactions contemplated by this
Agreement, including their obligations under applicable Securities Laws. Without limiting the generality of the foregoing, the Company shall provide Kinross with any information pertaining to the
Company, its Subsidiaries and any of their predecessors that is necessary for the completion of the Offering Circular by Kinross, and shall provide Kinross with such other assistance in the
preparation of the Offering Circular as may be reasonably requested by&nbsp;Kinross.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
of the Company and Kinross shall promptly notify the other if at any time before the Effective Date it becomes aware that the Offering Circular, the
Directors' Circular, an application for an order, any registration, consent, circular or approval, registration statement or any other filing under corporations or Securities Laws or any other
applicable Laws </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=16,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=924784,FOLIO='12',FILE='DISK106:[08ZCL2.08ZCL41702]BM41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bm41702_1_13"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>contains
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in the light of the
circumstances in which they are made, or that otherwise requires an amendment or supplement to the Offering Circular, the Directors' Circular, such application, registration, consent, circular,
approval, registration statement or filing, and the parties shall cooperate in the preparation of any amendment or supplement to the Offering Circular, the Directors' Circular, application,
registration, consent, circular, approval, registration statement or filing, as&nbsp;required.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Nothing
in this Section&nbsp;2.2 shall oblige any Party to disclose to another Party any written communications or information which that Party, acting
reasonably, considers to be confidential and sensitive in nature, provided that arrangements will be made among the Parties and their counsel as necessary for any such confidential written
communications or information to be exchanged on a "counsel only"&nbsp;basis. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.3&nbsp;&nbsp;&nbsp;Shareholder Communications  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company and Kinross agree to cooperate in the preparation of presentations to investors, if any, regarding the Offer prior to the making of such presentations and to promptly consult with each
other in issuing any press releases (including for greater certainty, any press release announcing the execution of this Agreement and/or the Lock-Up Agreements and/or providing details of
the Offer) or otherwise making public statements with respect to this Agreement or the Offer and in making any filing with any Governmental Entity with respect thereto, except in respect of an
Acquisition Proposal. Each Party shall use all commercially reasonable efforts to enable the other Party to review and comment on all such press releases, except in respect of Acquisition Proposals,
prior to the release thereof and shall enable the other Party to review and comment on such filings, except in respect of Acquisition Proposals, prior to the filing thereof; provided, however, that
the foregoing shall be subject to each Party's overriding obligation to make disclosure in accordance with applicable Laws, and if such disclosure is required and the other Party has not reviewed or
commented on the disclosure, the Party making such disclosure shall use all commercially reasonable efforts to give prior
oral or written notice to the other Party, and if such prior notice is not possible, to give such notice immediately following the making of such disclosure or&nbsp;filing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.4&nbsp;&nbsp;&nbsp;Company Approval of the Offer  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company represents and warrants to and in favour of Kinross, and acknowledges that Kinross is relying upon such representations and warranties in
entering into this Agreement, that, as of the date of this&nbsp;Agreement:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Board of Directors has received an oral opinion from each of the financial advisors, being BMO&nbsp;Nesbitt Burns and Dundee Securities Corporation,
to the special committee of the Board of Directors (the&nbsp;"</FONT><FONT SIZE=2><B>Special Committee</B></FONT><FONT SIZE=2>"), to the effect that, as of the date of such opinions, the Offered
Consideration to be received under the Offer is fair, from a financial point of view, to the Shareholders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Board of Directors, upon consultation with its financial and legal advisors and on receipt of a recommendation of the Special Committee, has
unanimously determined that the Offer is fair and is in the best interests of the Company and the Shareholders, and accordingly, has unanimously approved the entering into of this Agreement and the
making of a recommendation that Shareholders accept the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
member of the Board of Directors has agreed to support the Offer and has agreed that the press release to be issued by Kinross announcing the Offer
may so state and that </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=17,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=48922,FOLIO='13',FILE='DISK106:[08ZCL2.08ZCL41702]BM41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bm41702_1_14"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>references
to such support may be made in the Circular and other documents relating to the Offer;&nbsp;and  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Board of Directors has by resolution deferred separation of the SRP Rights with respect to the transactions contemplated by this Agreement between the
Company and Kinross until a time to be determined by the Board of Directors (to&nbsp;be no earlier than immediately after the Expiry Time), and has irrevocably waived or suspended the operation of
or otherwise rendered the Shareholder Rights Plan inoperative against the Offer and the acquisition of Common Shares pursuant thereto with effect as of thirty minutes prior to the scheduled expiry
time (on&nbsp;the first scheduled expiry date of the Offer upon which Kinross elects to take up Common Shares deposited pursuant to the&nbsp;Offer).
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company shall prepare and make available for distribution within six business days of the date hereof, in English and, if necessary, French and in
compliance with Securities Laws, sufficient copies of a directors' circular relating to the Offer (the&nbsp;"</FONT><FONT SIZE=2><B>Directors' Circular</B></FONT><FONT SIZE=2>"). Provided the Board
of Directors has not changed or withdrawn its recommendation set out in Subsection&nbsp;2.4(a)(ii), the Directors' Circular shall reflect the determinations and recommendations set forth in
Subsection&nbsp;2.4(a)(ii), and the Company shall take all reasonable action to support the Offer on the terms of this Agreement. Prior to printing the Directors' Circular, the Company shall provide
Kinross and its counsel with an opportunity to review and comment on it, Kinross recognizing that whether or not such comments shall be reflected in the Directors' Circular will be determined by the
Company, in its sole discretion, acting reasonably.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company shall provide Kinross, as soon as practicable and in any event within three business days following the execution and delivery of this
Agreement, with a list (in&nbsp;both written and electronic form) of the registered Shareholders, together with their addresses and respective holdings of Common Shares. The Company shall
concurrently provide Kinross with a list of the names, addresses and holdings of all Persons having rights issued by the Company to acquire Common Shares (including holders of Options). The Company
shall from time to time request that its registrar and transfer agent promptly furnish Kinross with such additional information, including updated or additional lists of Shareholders, a list of
participants in book-based nominee registered shareholders such as CDS&nbsp;&amp;&nbsp;Co. and CEDE&nbsp;&amp;&nbsp;Co., mailing labels and lists of securities positions and other
assistance as Kinross may reasonably request in order to be able to communicate the Offer to the Shareholders and to such other Persons as are entitled to receive the Offer under
applicable&nbsp;Laws. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.5&nbsp;&nbsp;&nbsp;Outstanding Stock Options  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the receipt of all necessary approvals, the Board of Directors will make such amendments to the Stock Option Plan and take all such other steps
as may be necessary or desirable to allow all Persons holding Options pursuant to the Stock Option Plan, who may do so under applicable Laws to exercise their Options on an accelerated vesting basis
solely for the purpose of tendering under the Offer all Common Shares issued in connection with such exercise, conditional upon Kinross agreeing to take up and pay for such Common&nbsp;Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Following
the Effective Date, provided that Kinross has taken-up and paid for at least 50.1% of the outstanding Common Shares (on&nbsp;a fully
diluted basis) and received all Appropriate Regulatory Approvals and subject to compliance with the 1933 Act, to the extent applicable, each Option, which is outstanding and has not been duly
exercised prior to the Effective Date, shall be exchanged for a fully vested option (each, a "</FONT><FONT SIZE=2><B>Replacement Option</B></FONT><FONT SIZE=2>") to purchase from Kinross the number
of Kinross Shares (rounded down to the nearest whole share) equal to: </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=18,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=989586,FOLIO='14',FILE='DISK106:[08ZCL2.08ZCL41702]BM41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bm41702_1_15"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>(i)&nbsp;the
Option Exchange Ratio multiplied by (ii)&nbsp;the number of Common Shares subject to such Option immediately prior to the Effective Date. Such Replacement Option shall provide for an
exercise price per Kinross Share (rounded up to the nearest whole cent) equal to: (i)&nbsp;the exercise price per Common Share otherwise purchasable pursuant to such Option; divided by
(ii)&nbsp;the Option Exchange Ratio. It is agreed that all terms and conditions of a Replacement Option, including the term to expiry, conditions to and manner of exercising, will be the same as the
Option for which it was exchanged, and shall be governed by the terms of the Stock Option Plan, except for the provisions in the Stock Option Plan that related to the early termination of an Option as
a result of the cessation of the optionee's position as an director, officer or employee of the Company (or&nbsp;any successor) shall be amended to provide that an officer or employee whose
employment is terminated (other than for cause or by reason of death) or a director who ceases to be a director (other than by reason of death) may exercise his or her Replacement Option during the
period ending on the expiry of the exercise period under the original Option, and any certificate or option agreement previously evidencing the Option shall thereafter evidence and be deemed to
evidence such Replacement Option and such Replacement Options shall be designed to meet the requirements under subsection&nbsp;7(1.4) of the Tax&nbsp;Act. Prior to the Effective Date, Kinross
shall take all corporate action necessary to reserve for issuance a sufficient number of Kinross Shares for delivery upon the exercise of the Replacement Options that will be issued in accordance with
this Section&nbsp;2.5(b). </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.6&nbsp;&nbsp;&nbsp;Company Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Following
the Effective Date, provided that Kinross has taken-up and paid for at least 50.1% of the outstanding Common Shares (on&nbsp;a fully diluted basis), and from time to time
thereafter, Kinross shall be entitled to designate such number (rounded up the nearest whole number) of directors of the Board of Directors, and any committees thereof, as is proportionate to the
percentage of the outstanding Common Shares owned by Kinross and, subject to obtaining a release in favour of each resigning member of the Board of Directors who is being replaced by a Kinross'
designee and confirmation that insurance coverage is maintained as contemplated in Section&nbsp;8.5, the Company shall not frustrate Kinross attempts to do so, and covenants to cooperate with
Kinross, subject to applicable Laws, to obtain the resignation of any then incumbent directors effective on the date specified by Kinross and facilitate Kinross' designees to be elected or appointed
to the Board of Directors without the necessity of calling a meeting of Shareholders (including, at the request of Kinross, by using all commercially reasonable efforts to secure the resignations of
the incumbent directors to enable Kinross' designees to be elected or appointed to the Board of&nbsp;Directors). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.7&nbsp;&nbsp;&nbsp;Shareholder Rights Plan  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Without
limiting Subsection&nbsp;2.4(a), the Company and the Board of Directors shall take all further action necessary:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
order to ensure that the Separation Time (as&nbsp;defined in the Shareholder Rights Plan) does not occur in connection with this Agreement or any of
the transactions contemplated by this Agreement between Kinross and the&nbsp;Company;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>otherwise
to give effect to the waiver, if required, of the application of the Shareholder Rights Plan to such transactions and to ensure that the
Shareholder Rights Plan does not interfere with or impede the success of any of such transactions;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
order to ensure that upon the take-up of Common Shares pursuant to the Offer, all SRP Rights cease to be exercisable and are immediately
redeemed at the "Redemption </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=19,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=769668,FOLIO='15',FILE='DISK106:[08ZCL2.08ZCL41702]BM41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bm41702_1_16"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Price"
as provided under the Shareholder Rights Plan without further formality and to ensure that upon such redemption all SRP Rights become null and&nbsp;void.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company covenants that: (i)&nbsp;it will not waive the application of the Shareholder Rights Plan to any Acquisition Proposal unless it is a Superior
Proposal and the seven business day period referred to in Subsection&nbsp;7.1(e)(iv) has elapsed; and (ii)&nbsp;it will not amend the Shareholder Rights Plan nor authorize, approve or adopt any
other shareholder rights plan or enter into any agreement providing therefore. Notwithstanding the foregoing, the Company shall be entitled to defer the Separation Time in connection with an
Acquisition Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.8&nbsp;&nbsp;&nbsp;Subsequent Acquisition Transaction  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If,
within 120&nbsp;days after the date of the Offer, the Offer has been accepted by holders of not less than 90% of the outstanding Common Shares (on&nbsp;a fully diluted basis), other than
Common Shares held at the date of the Offer by or on behalf of Kinross or an affiliate or associate of Kinross, Kinross shall, to the extent possible, acquire the remainder of the Common Shares from
those Shareholders who have not accepted the Offer pursuant to Section&nbsp;206 of the CBCA and otherwise in accordance with applicable Laws (a"</FONT><FONT SIZE=2><B>Compulsory
Acquisition</B></FONT><FONT SIZE=2>"). If such statutory right of acquisition is not available, Kinross shall pursue other lawful means of acquiring the remaining Common Shares not tendered to the
Offer. Upon Kinross taking up and paying for more than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Common Shares (on&nbsp;a fully diluted basis) under the Offer, the Company will assist Kinross in
connection with any compulsory acquisition, proposed amalgamation, statutory arrangement, capital reorganization or other transaction of the Company and Kinross or an affiliate of Kinross to acquire
the remaining Common Shares (a&nbsp;"</FONT><FONT SIZE=2><B>Subsequent Acquisition Transaction</B></FONT><FONT SIZE=2>") provided that the consideration per Common Share offered in connection with
the Subsequent Acquisition Transaction is at least equivalent in value to the consideration per Common Share offered by Kinross under the Offer and further provided that for this purpose, in
calculating the value of the consideration offered in any Subsequent Acquisition Transaction, each Kinross Share and each Kinross Warrant shall be deemed to be at least equivalent in value to each
Kinross Share and Kinross Warrant, respectively, offered under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.9&nbsp;&nbsp;&nbsp;Alternative Transaction Structure  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At
the request of Kinross, the Company shall use commercially reasonable efforts to assist Kinross to successfully implement and complete any alternative transaction structure that would result in
Kinross acquiring, directly or indirectly, all of the Common Shares (including, for greater certainty, an Acquisition Proposal) so long as such an alternative transaction: (a)&nbsp;would not
prejudice the Shareholders; (b)&nbsp;would provide Shareholders with consideration not less than the Offered Consideration per Common Share receivable under this Agreement and would provide for the
acquisition of all the outstanding Common Shares; (c)&nbsp;would not result in a delay or time to completion materially longer than the Offer; and (d)&nbsp;is otherwise on terms and conditions no
more onerous in any material respect than the Offer and this Agreement. In the event that the transaction structure is so modified, the relevant provisions of this Agreement shall be modified as
necessary in order that they shall apply with full force and effect, </FONT><FONT SIZE=2><I>mutatis mutandis</I></FONT><FONT SIZE=2>, but with the adjustments necessary to reflect the revised
transaction structure, and the parties hereto shall execute and deliver an agreement in writing giving effect to and evidencing such amendments as may be reasonably required as a result of such
modifications and adjustments. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=20,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=676401,FOLIO='16',FILE='DISK106:[08ZCL2.08ZCL41702]BM41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bo41702_1_17"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bo41702_article_3_representations_and_warranties_of_kinross"> </A>
<A NAME="toc_bo41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 3<BR>  <BR>    REPRESENTATIONS AND WARRANTIES OF KINROSS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Kinross
hereby represents and warrants to the Company as set forth below, and acknowledges that the Company is relying upon these representations and warranties in connection with the entering into of
this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.1&nbsp;&nbsp;&nbsp;Organization and Qualification  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
is a company validly existing under the OBCA and has full corporate power and authority to own its assets and conduct its business as now owned and conducted. Kinross is duly qualified to
carry on business and is in good standing in each jurisdiction in which the character of its properties or the nature of its activities makes such qualification necessary, except where the failure to
be so qualified will not, individually or in the aggregate, have a Kinross Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.2&nbsp;&nbsp;&nbsp;Authority Relative to this Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder, including the issuance of Kinross Shares and Kinross Warrants in
consideration for the Common Shares. The execution and delivery of this Agreement by Kinross and the consummation of the Offer have been duly authorized by the board of directors of Kinross
(or&nbsp;any authorized committee thereof) and no other corporate proceedings on the part of Kinross are necessary to authorize this Agreement. This Agreement has been duly executed and delivered by
Kinross and constitutes a valid and binding obligation of Kinross, enforceable by the Company against Kinross in accordance with its terms, except as the enforcement thereof may be limited by
bankruptcy, insolvency and other applicable Laws affecting the enforcement of creditors' rights generally and subject to the qualification that equitable remedies may be granted only in the discretion
of a court of competent jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.3&nbsp;&nbsp;&nbsp;No Conflict; Required Filings and Consent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
execution and delivery by Kinross of this Agreement and the performance by it of its obligations hereunder and the completion of the Offer will not (a)&nbsp;violate, conflict with or result in a
breach of any provision of (i)&nbsp;the constating documents of Kinross or those of any of its Subsidiaries, (ii)&nbsp;any agreement, contract, indenture, deed of trust, mortgage, bond,
instrument, licence or permit to which Kinross or any of its Subsidiaries is a party or by which Kinross or any of its Subsidiaries is bound, or (iii)&nbsp;any Law to which Kinross or any of its
Subsidiaries is subject or by which Kinross or any of its Subsidiaries is bound, (b)&nbsp;give rise to any right of termination, or the acceleration of any indebtedness, under any such agreement,
contract, indenture, deed of trust, mortgage, bond, instrument, licence or permit, or (c)&nbsp;give rise to any rights of first refusal, trigger any change in control or influence provisions or any
restriction or limitation under any such agreement, contract, indenture, deed of trust, mortgage, bond, instrument, licence or permit, or result in the imposition of any encumbrance, charge or lien
upon any of Kinross' assets or the assets of any of its Subsidiaries, except as would not, individually or in the aggregate, have or reasonably be expected to have a Kinross Material Adverse Effect.
In addition, other than in connection with or in compliance with Appropriate Regulatory Approvals, applicable Laws and policies, no other authorization, consent or approval of, or filing with, any
Governmental Entity or any court or other authority is necessary on the part of Kinross for the consummation of the transactions contemplated by this Agreement, except for such authorizations,
consents, approvals and filings as to which the failure to obtain or make would not, individually or in the aggregate, prevent or materially delay consummation of the transactions contemplated by
this&nbsp;Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=21,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=668410,FOLIO='17',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>3.4&nbsp;&nbsp;&nbsp;Capitalization and Listing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
authorized share capital of Kinross includes an unlimited number of common shares. The Kinross Shares to be issued in connection with the Offer will be duly authorized and when issued under the
Offer, all such Kinross Shares will be: (a)&nbsp;validly issued as fully paid and non-assessable; and (b)&nbsp;listed for trading on TSX and the NYSE. The Kinross Warrants to be issued
in connection with the Offer will be duly authorized and when issued under the Offer, all such Kinross Warrants will be validly issued and listed for trading on the&nbsp;TSX. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.5&nbsp;&nbsp;&nbsp;Kinross Public Documents  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
has filed with all applicable Governmental Entities true and complete copies of the Kinross Public Documents that Kinross is required to file therewith. The Kinross Public Documents at the
time filed: (a)&nbsp;did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading; and (b)&nbsp;complied in all material respects with the requirements of applicable Securities Laws. Kinross has not filed any
confidential material change report with the Ontario Securities Commission or any other securities authority or regulator or any stock exchange or other self-regulatory authority which at
the date hereof remains confidential. Kinross is a reporting issuer in good standing in each of the jurisdictions in Canada that recognizes that&nbsp;status. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.6&nbsp;&nbsp;&nbsp;Financial Statements  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
audited consolidated financial statements for Kinross as at and for the 12&nbsp;months ended on December&nbsp;31, 2007, including the notes thereto
and the report by Kinross' auditors thereon, and, the unaudited consolidated financial statements for Kinross as at and for the three months ended on March&nbsp;31, 2008, including the notes
thereto, have been, and all financial statements of Kinross which are publicly disseminated by Kinross in respect of any subsequent periods prior to the Effective Date will be, prepared in accordance
with Canadian GAAP applied on a basis consistent with prior periods and present fairly, in all material respects, the consolidated financial position of Kinross as of the respective dates thereof and
its results of operations and cash flows for the respective periods covered thereby (except as may be indicated expressly in the notes&nbsp;thereto).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
management of Kinross has established and maintained a system of disclosure controls and procedures designed to provide reasonable assurance that
information required to be disclosed by Kinross in its annual filings, interim filings or other reports filed or submitted by it under Securities Laws is recorded, processed, summarized and reported
within the time periods specified in the Securities&nbsp;Laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Neither
Kinross nor any of its Subsidiaries nor, to Kinross' knowledge, any director, officer, employee, auditor, accountant or representative of Kinross or
any of its Subsidiaries has received or otherwise had or obtained knowledge of any complaint, allegation, assertion, or claim, whether written or oral, regarding the accounting or auditing practices,
procedures, methodologies or methods of Kinross or any of its Subsidiaries or their respective internal accounting controls, including any complaint, allegation, assertion or claim that Kinross or any
of its Subsidiaries has engaged in questionable accounting or auditing practices, which has not been resolved to the satisfaction of the audit committee of the Kinross board of directors except or
which, individually or in the aggregate, would not have a Kinross Material Adverse&nbsp;Effect. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=22,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=1019347,FOLIO='18',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_19"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.7&nbsp;&nbsp;&nbsp;Absence of Certain Changes or Events  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed or reflected in the Kinross Public Documents publicly available on SEDAR, since December&nbsp;31, 2007 there has not been any event, circumstance or occurrence which has had or
is reasonably likely to give rise to a Kinross Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.8&nbsp;&nbsp;&nbsp;Sufficient Funds  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
has, and will at the Expiry Date have, sufficient funds or adequate arrangements (as&nbsp;such term is understood for purposes of Section&nbsp;97.3 of the Securities Act) for financing in
place to satisfy the Offered Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.9&nbsp;&nbsp;&nbsp;Compliance with Laws  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
operations of Kinross and its Subsidiaries have been and are now conducted in compliance with all Laws of each jurisdiction, the Laws of which have been
and are now applicable to the operations of Kinross or of any of its Subsidiary except for non-compliance which does not have a Kinross Material Adverse Effect, and none of Kinross or any
of its Subsidiaries has received any notice of any alleged violation of any such&nbsp;Laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>None
of Kinross or any of its Subsidiaries is in conflict with, or in default (including cross defaults) under or in violation of: (a)&nbsp;its articles
or by-laws or equivalent organizational documents; or (b)&nbsp;any agreement or understanding to which it or by which any of its properties or assets is bound or affected, except for
failures which, individually or in the aggregate, would not have a Kinross Material Adverse&nbsp;Effect. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.10&nbsp;Litigation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in the Kinross Public Documents, there is no claim, action, proceeding or investigation pending or, to the knowledge of Kinross, threatened against or relating to Kinross or any
of its Subsidiaries, the business of Kinross or any of its Subsidiaries or affecting any of their properties, assets, before or by any Governmental Entity which, if adversely determined, would have,
or reasonably could be expected to have, a Kinross Material Adverse Effect or prevent or materially delay the consummation of the transactions contemplated by this Agreement, nor to Kinross' knowledge
are there any events or circumstances which could reasonably be expected to give rise to any such claim, action, proceeding or investigation (provided that the representation in this
Section&nbsp;3.10 shall not apply to claims, actions, proceedings, or investigations which may arise after the date of this Agreement which do not have a reasonable prospect of succeeding or, if
successful, would not give rise to, nor reasonably be expected to give rise to, a Kinross Material Adverse Effect). Neither Kinross nor any of its Subsidiaries is subject to any outstanding order,
writ, injunction or decree which has had or is reasonably likely to have a Kinross Material Adverse Effect or which would prevent or materially delay consummation of the transactions contemplated by
this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.11&nbsp;Stock Exchange Compliance  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
is in compliance in all material respects with the applicable listing and corporate governance rules and regulations of the TSX and the&nbsp;NYSE. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.12&nbsp;Certain Securities Law Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Kinross Shares and Kinross Warrants to be issued in connection with the transactions contemplated herein, including the Kinross Shares to be issued upon the exercise of the Replacement Options and
the Kinross Warrants, will not be subject to any statutory hold or restricted period under the securities legislation of any province or territory of Canada and, subject to restrictions contained
therein in respect of "control distributions", will be freely tradable within Canada by the holders </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=23,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=362744,FOLIO='19',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2>thereof.
The Kinross Shares and the Kinross Warrants and to be issued in connection with the transaction to Shareholders will be registered under the 1933 Act and will not bear any 1933 Act
restrictive legend. The Eagle Shares to be issued upon the exercise of the Eagle Warrants will not be registered under the 1933 Act and may not be exercised by holders of Eagle Warrants in the
United&nbsp;States or by U.S.&nbsp;persons within the meaning of Regulation&nbsp;S under the 1933&nbsp;Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.13&nbsp;Survival of Representations and Warranties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
representations and warranties of Kinross contained in this Agreement shall not survive the completion of the Offer and shall expire and be terminated on the earlier of the Effective Date and the
date on which this Agreement is terminated in accordance with its&nbsp;terms. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bo41702_article_4_representati__bo402246"> </A>
<A NAME="toc_bo41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 4<BR>  <BR>    REPRESENTATIONS AND WARRANTIES OF THE COMPANY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company hereby represents and warrants to Kinross as set forth below, and acknowledges that Kinross is relying upon these representations and warranties in connection with the entering into of
this Agreement and the making of the&nbsp;Offer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>4.1&nbsp;&nbsp;&nbsp;Organization and Qualification  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company is duly incorporated and validly existing under the CBCA and has full corporate power and authority to own its assets and conduct its business as now owned and conducted. The Company is
duly qualified to carry on business and is in good standing in each jurisdiction in which the character of its properties or the nature of its activities makes such qualification necessary, except
where the failure to be so qualified will not, individually or in the aggregate, have a Company Material Adverse Effect. True and complete copies of the articles and by-laws of the Company
have been delivered or made available to Kinross, and the Company has not taken any action to amend or supersede such&nbsp;documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.2&nbsp;&nbsp;&nbsp;Authority Relative to this Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement by the Company and the
consummation by the Company of the transactions contemplated by this Agreement (other than any Subsequent Acquisition Transaction) have been duly authorized by the Board of Directors and no other
corporate proceedings on the part of the Company are necessary to authorize this Agreement. This Agreement has been duly executed and delivered by the Company and constitutes a valid and binding
obligation of the Company, enforceable by Kinross against the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency and other applicable Laws
affecting the enforcement of creditors' rights generally and subject to the qualification that equitable remedies may be granted only in the discretion of a court of competent jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.3&nbsp;&nbsp;&nbsp;No Conflict; Required Filings and Consent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
execution and delivery by the Company of this Agreement and the performance by it of its obligations hereunder and the completion of the Offer will not violate, conflict with or result in a breach
of any provision of the constating documents of the Company or those of any of its Subsidiaries, and except as would not, individually or in the aggregate, have or reasonably be expected to have a
Company Material Adverse Effect, will not: (a)&nbsp;violate, conflict with or result in a breach of: (i)&nbsp;any agreement, contract, indenture, deed of trust, mortgage, bond, instrument, Company
Authorization, licence or permit to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; or (ii)&nbsp;any Law to which the Company or
any of its Subsidiaries is </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=24,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=841568,FOLIO='20',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2>subject
or by which the Company or any of its Subsidiaries is bound; (b)&nbsp;give rise to any right of termination, or the acceleration of any indebtedness, under any such agreement, contract,
indenture, Company Authorization, deed of trust, mortgage, bond, instrument, licence or permit; or (c)&nbsp;give rise to any rights of first refusal, trigger any change in control or influence
provisions or any restriction or limitation under any such agreement, contract, indenture, Company Authorization, deed of trust, mortgage, bond, instrument, licence or permit, or result in the
imposition of any encumbrance, charge or lien upon any of the Company's assets or the assets of any of its Subsidiaries. No authorization, consent or approval of, or filing with, any Governmental
Entity or any court or other authority is necessary for the consummation by the Company of its obligations under this Agreement or for the completion of the Offer not to cause or result in any loss of
any rights or assets or any interest therein held by the Company or any of its Subsidiaries, except for those which are expressly contemplated by the Offer and this Agreement or which would not,
individually or in the aggregate, have a Company Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.4&nbsp;&nbsp;&nbsp;Subsidiaries  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company does not have Subsidiaries or any interests in any Person, other than those listed on Schedule&nbsp;4.4 to&nbsp;the Company Disclosure Statement. Each Subsidiary of the Company is duly
organized and is validly existing under the Laws of its jurisdiction of incorporation or organization, has full corporate power and authority to own its assets and conduct its business as now owned
and conducted by it and is duly qualified to carry on business in each jurisdiction in which the character of its properties or the nature of its activities makes such qualification necessary, except
where the failure to be so qualified would not have a Company Material Adverse Effect. The Company beneficially owns, directly or indirectly, all of the issued and outstanding securities of each of
its Subsidiaries. All of the outstanding shares in the capital of each of the Subsidiaries that is a corporation are: (a)&nbsp;validly issued, fully-paid and non-assessable
and all such shares are owned free and clear of all pledges, security interests, liens, claims or encumbrances of any kind or nature whatsoever; and (b)&nbsp;are free of any other restrictions
including any restriction on the right to vote, sell or otherwise dispose of shares. The Company does not hold any equity interest, or right to acquire an equity interest, in any Person, other than
its interests in the Subsidiaries listed on Schedule&nbsp;4.4 to&nbsp;the Company Disclosure Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.5&nbsp;&nbsp;&nbsp;Compliance with Laws  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.5 to&nbsp;the Company Disclosure Statement, the operations of the Company and its Subsidiaries have been and are
now conducted in compliance with all Laws of each jurisdiction, the Laws of which have been and are now applicable to the operations of the Company or of any of its Subsidiary except for
non-compliance which does not have a Company Material Adverse Effect, and none of the Company or any of its Subsidiaries has received any notice of any alleged violation of any
such&nbsp;Laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>None
of the Company or any of its Subsidiaries is in conflict with, or in default (including cross defaults) under or in violation of: (a)&nbsp;its
articles or by-laws or equivalent organizational documents; or (b)&nbsp;any agreement or understanding to which it or by which any of its properties or assets is bound or affected,
except for failures which, individually or in the aggregate, would not have a Company Material Adverse&nbsp;Effect. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2><B>4.6&nbsp;&nbsp;&nbsp;Company Authorizations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as required by or as a result of the implementation of the Mining Mandate or any law contemplated thereby and as disclosed in Schedule&nbsp;4.6 of the Company Disclosure
Statement: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company and its Subsidiaries have obtained all Company Authorizations necessary for the ownership, operation, development, maintenance, or use of any of
the assets of the Company or its Subsidiaries or otherwise in connection with the current status of the business or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=25,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=298998,FOLIO='21',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_22"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>operations
of the Company or its Subsidiaries and such Company Authorizations are in full force and&nbsp;effect;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company and its Subsidiaries have fully complied with and are in compliance with all Company Authorizations, except, in each case, for such
non-compliance which, individually or in the aggregate, would not have a Company Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
is no action, investigation or proceeding pending or, to the knowledge of the Company, threatened regarding any of the Company Authorizations;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>none
of the Company or any of its Subsidiaries has received any notice, whether written or oral, of revocation or non-renewal of any such
Company Authorizations, or of any intention of any Person to revoke or refuse to renew any of such Company Authorizations, except in each case, for revocations or non-renewals which,
individually or in the aggregate, would not have a Company Material Adverse Effect and, to the knowledge of the Company, all such Company Authorizations shall continue to be effective in order for the
Company and its Subsidiaries to continue to conduct their respective businesses as they are currently being conducted;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
Person other than the Company or a Subsidiary thereof owns or has any proprietary, financial or other interest (direct or indirect) in any of the Company
Authorizations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.7&nbsp;&nbsp;&nbsp;Capitalization and Listing  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
authorized share capital of the Company consists of an unlimited number of Common Shares. As at the date of this Agreement there are:
(i)&nbsp;137,189,160 Common Shares validly issued and outstanding as fully paid and non-assessable shares of the Company; and (ii)&nbsp;outstanding Options to purchase Common Shares
issued under the Stock Option Plan providing for the issuance of 12,946,004&nbsp;Common Shares upon the exercise thereof. The terms of the Options granted pursuant to the Stock Option Plan
(including exercise price) are disclosed in Schedule&nbsp;4.7 to&nbsp;the Company Disclosure Statement. Except for the SRP Rights and as disclosed in Schedule&nbsp;4.7 to&nbsp;the Company
Disclosure Statement, there are no options, warrants, conversion privileges, calls or other rights, shareholder rights plans, agreements, arrangements, commitments, or obligations of the Company or
any of its Subsidiaries to issue or sell any shares of the Company or of any of its Subsidiaries or securities or obligations of any kind convertible into, exchangeable for or otherwise carrying the
right or obligation to acquire any shares of the Company or any of its Subsidiaries, nor are there outstanding any stock appreciation rights, phantom equity or similar rights, agreements, arrangements
or commitments of the Company or any of its Subsidiaries based upon the book value, income or any other attribute of the Company or any of its Subsidiaries. No Shareholder is entitled to any
pre-emptive or other similar right granted by the Company or any of its Subsidiaries. The Common Shares are listed on the TSX, the Frankfurt Stock Exchange, the Berlin Stock Exchange and
the Stuttgart Stock Exchange and are not listed or quoted on any market other than the TSX, the Frankfurt Stock Exchange, the Berlin Stock Exchange and the Stuttgart Stock&nbsp;Exchange.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;4.7
to&nbsp;the Company Disclosure Statement sets forth, as of the date hereof, the holders of all outstanding Options and the number,
exercise prices and expiration dates of each grant to such holders. All Common Shares that may be issued pursuant to the exercise of outstanding Options will, when issued in accordance with the terms
of the Options, as the case may be, be duly authorized, validly issued, fully paid and non-assessable and are not and will not be subject to or issued in violation of, any
pre-emptive rights.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>There
are no outstanding contractual obligations of the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Common Shares or
any shares of any of its Subsidiaries. No Subsidiary of the Company owns any Common&nbsp;Shares. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=26,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=85233,FOLIO='22',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_23"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
true and correct copy of the Shareholder Rights Plan has been provided to Kinross prior to the date&nbsp;hereof. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.8&nbsp;&nbsp;&nbsp;Shareholder and Similar Agreements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company is not party to any shareholder, pooling, voting trust or other agreement relating to the issued and outstanding shares in the capital of the Company or any of its Subsidiaries which are
not directly or indirectly wholly owned by the&nbsp;Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.9&nbsp;&nbsp;&nbsp;U.S.&nbsp;Securities Law Matters  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is a "foreign private issuer" as defined in Rule&nbsp;3b-4&nbsp;under the Exchange&nbsp;Act.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>There
is no class of securities of the Company which is registered pursuant to Section&nbsp;12 of the Exchange Act, nor is the Company subject to any
reporting obligation pursuant to section&nbsp;15(d) of the Exchange Act. The Company is not, and has never been, subject to any requirement to register any class of its equity securities pursuant to
Section&nbsp;12(g) of the Exchange&nbsp;Act.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is not an investment company registered or required to be registered under the </FONT><FONT SIZE=2><I>U.S.&nbsp;Investment Company Act of
1940</I></FONT><FONT SIZE=2>, as&nbsp;amended.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>U.S.&nbsp;Holders
do not hold more than 25% of the common shares in the capital of the Company. As of the end of the Company's last quarter or, if such
quarter terminated or will terminate within 60&nbsp;days of the date of commencement of the Offer, as of the end of the Company's preceding quarter, U.S.&nbsp;Holders did not hold more than 25% of
the common shares in the capital of the Company that were then outstanding.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
common shares in the capital of the Company have not been traded on any national securities exchange in the United&nbsp;States during the past
12&nbsp;calendar months, and will not be so traded prior to the commencement of the Offer. The most recent annual information form of the Company does not indicate that U.S.&nbsp;Holders hold 25%
or more of the outstanding common shares in the capital of the&nbsp;Company. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.10&nbsp;Company Public Documents  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company has filed with all applicable Governmental Entities true and complete copies of the Company Public Documents that the Company is required to file therewith. Except as disclosed in
Schedule&nbsp;4.10 of the Company Disclosure Statement, the Company Public Documents at the time filed: (a)&nbsp;did not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (b)&nbsp;complied in all material
respects with the requirements of applicable Securities Laws. The Company has not filed any confidential material change report with the Ontario Securities Commission or any other securities authority
or regulator or any stock exchange or other self-regulatory authority which at the date hereof remains confidential. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.11&nbsp;Financial Statements  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.11 to&nbsp;the Company Disclosure Statement, the audited consolidated financial statements for the Company as at
and for each of the fiscal years ended on December&nbsp;31, 2007, December&nbsp;31, 2006, and December&nbsp;31, 2005 including the notes thereto and the report by the Company's auditors thereon
and the unaudited consolidated financial statements for the Company as at and for the three months ended on March&nbsp;31, 2008 (including in each case the notes thereto) have been, and all
financial statements of the Company which are publicly disseminated by the Company in respect of any subsequent </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=27,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=580935,FOLIO='23',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_24"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>periods
prior to the Effective Date will be, prepared in accordance with Canadian GAAP applied on a basis consistent with prior periods and all applicable Laws and present fairly, in all material
respects, the assets, liabilities (whether accrued, absolute, contingent or otherwise), consolidated financial position and results of operations of the Company and its Subsidiaries as of the
respective dates thereof and its results of operations and cash flows for the respective periods covered thereby (except as may be indicated expressly in the notes thereto). Such financial statements
reflect appropriate and adequate reserves in accordance with Canadian GAAP in respect of contingent liabilities of the Company, if any, of the Company and its Subsidiaries on a consolidated basis.
There are no outstanding loans made by the Company or any of its Subsidiaries to any executive officer or director of the&nbsp;Company.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
management of the Company has established and maintained a system of disclosure controls and procedures designed to provide reasonable assurance that
information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by it under the Securities Laws is recorded, processed, summarized and
reported within the time periods specified in the Securities Laws. Such disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed
by the Company in its annual filings, interim filings or other reports filed or submitted under the Securities Laws is accumulated and communicated to the Company's management, including its chief
executive officers and chief financial officers (or&nbsp;persons performing similar functions), as appropriate to allow timely decisions regarding required disclosure.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
the Company's knowledge, there is currently no effect, event, occurrence or state of facts that would, or would reasonably be expected to prevent the
chief executive officer and/or the chief financial officer from properly providing the certifications required under Multilateral Instrument&nbsp;52-109 "Certification of Disclosure in
Issuers' Annual and Interim Filings" under Form&nbsp;52-109F1 "Certification of Annual Filings" with respect to the Company's annual filings for its fiscal year ended December&nbsp;31,
2008, without taking into account any transactions contemplated by this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.11 to&nbsp;the Company Disclosure Statement, since January&nbsp;1, 2007, neither the Company nor any of its
Subsidiaries nor, to the Company's knowledge, any director, officer, employee, auditor, accountant or representative of the Company or any of its Subsidiaries has received or otherwise had or obtained
knowledge of any complaint, allegation, assertion, or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods of the Company or any of its
Subsidiaries or their respective internal accounting controls, including any complaint, allegation, assertion or claim that the Company or any of its Subsidiaries has engaged in questionable
accounting or auditing practices, which has not been resolved to the satisfaction of the audit committee of the Board of&nbsp;Directors. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.12&nbsp;Undisclosed Liabilities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in writing to Kinross' solicitors, neither the Company nor any of its Subsidiaries has any liabilities or obligations of any nature, whether or not accrued, contingent or
otherwise, except for: (a)&nbsp;liabilities and obligations that are specifically disclosed on the audited consolidated balance sheet of the Company as of December&nbsp;31, 2007
(the&nbsp;"</FONT><FONT SIZE=2><B>Company Balance Sheet</B></FONT><FONT SIZE=2>") or in the notes thereto; or (b)&nbsp;liabilities and obligations incurred in the ordinary course of business
consistent with past practice since December&nbsp;31, 2007, that are not and would not, individually or in the aggregate with all other liabilities and obligations of the Company and its
Subsidiaries (other than those disclosed on the Company Balance Sheet), reasonably be expected to have a Company Material Adverse Effect, or have </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=28,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=989618,FOLIO='24',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2>a
Company Material Adverse Effect, or, as a consequence of the consummation of the Offer, have a Company Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.13&nbsp;Interest in Mineral Rights  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>None
of the Company or its Subsidiaries own any real property.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
of the Company's and its Subsidiaries' mineral interests and rights (including any claims, concessions, exploration licences, exploitation licences,
prospecting permits, mining leases and mining rights) (collectively, the "</FONT><FONT SIZE=2><B>Company Mineral Rights</B></FONT><FONT SIZE=2>") are set out in Schedule&nbsp;4.13 of the Company
Disclosure Statement. Other than the Company Mineral Rights set out in Schedule&nbsp;4.13 of the Company Disclosure Statement, neither the Company nor its Subsidiaries, owns or has any interest in
any mineral interests and&nbsp;rights.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.13 of the Company Disclosure Statement or as disclosed in the Mining&nbsp;Mandate:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company or a Subsidiary of the Company is the sole legal and beneficial owner of all right, title and interest in and to the Company Mineral Rights,
free and clear of any Encumbrances;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
of the Company Mineral Rights have been properly located and recorded in compliance with applicable Law and are comprised of valid and subsisting
mineral&nbsp;claims;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company Mineral Rights are in good standing under applicable Law and, to the knowledge of the Company, all work required to be performed and filed in
respect thereof has been performed and filed, all Taxes, rentals, fees, expenditures and other payments in respect thereof have been paid or incurred and all filings in respect thereof have
been&nbsp;made;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
is no adverse claim, or challenge, in progress or, to the knowledge of the Company, pending or threatened against, or to, the title to or ownership
of any of the Company Mineral&nbsp;Rights;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company or a Subsidiary of the Company has the exclusive right to deal with all of the Company Mineral&nbsp;Rights;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
person other than the Company and its Subsidiaries has any interest in any of the Company Mineral Rights or the production or profits therefrom or any
royalty in respect thereof or any right to acquire any such&nbsp;interest;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
are no back-in rights, earn-in rights, rights of first refusal or similar provisions or rights which would affect the
Company's or a Subsidiary of the Company's interest in any of the Company Mineral&nbsp;Rights;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
are no material restrictions on the ability of the Company and its Subsidiaries to use, transfer or exploit any of the Company Mineral Rights,
except pursuant to the applicable Law or the terms of the Company Mineral&nbsp;Rights;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>neither
the Company nor any of its Subsidiaries has received any notice, whether written or oral, from any Governmental Entity of any revocation or
intention to revoke any interest of the Company or a Subsidiary of the Company in any of the Company Mineral Rights;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company and its Subsidiaries have all surface rights, including fee simple estates, leases, easements, rights of way and permits or licences from
landowners or Governmental Entities permitting the use of land by the Company and its Subsidiaries, and mineral interests that are required to exploit the development potential of the </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=29,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=275847,FOLIO='25',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_26"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Company
Mineral Rights as contemplated in the Company Public Documents filed (and&nbsp;available on SEDAR) on or before the date hereof and no third party or group holds any such rights that would
be required by the Company to develop any of the Company Mineral&nbsp;Rights.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>None
of the Company or any of its Subsidiaries has abandoned any mines. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.14&nbsp;Mineral Resources  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
estimate of inferred mineral resources for various mineral properties in which the Company or its Subsidiaries hold an interest, as set forth in the Company Public Documents, were prepared in all
material respects in accordance with sound mining, engineering, geoscience and other applicable industry standards and practices, and in all material respects in accordance with all applicable Laws,
including the requirements of National Instrument&nbsp;43-101 "Standards of Disclosure for Mineral Projects". There has been no material reduction in the aggregate amount of estimated
mineral resources of the Company and its Subsidiaries, taken as a whole, from the amounts set forth in the Company Public Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.15&nbsp;Operational Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as would not, individually or in the aggregate, be reasonably expected to result in a Company Material Adverse&nbsp;Effect: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
rentals, royalties, overriding royalty interests, production payments, net profits, interest burdens, payments and obligations due and payable, or
performable, as the case may be, on or prior to the date hereof under, with respect to, or on account of, any direct or indirect assets of the Company and its Subsidiaries have been: (i)&nbsp;duly
paid; (ii)&nbsp;duly performed; or (iii)&nbsp;provided for prior for the date hereof;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
costs, expenses, and liabilities payable on or prior to the date hereof under the terms of any contracts and agreements to which the Company or any of
its Subsidiaries is directly or indirectly bound have been properly and timely paid, except for such expenses that are being currently paid prior to delinquency in the ordinary course
of&nbsp;business. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2><B>4.16&nbsp;Employment Matters  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.16 of the Company Disclosure Statement, neither the Company nor any of its Subsidiaries has entered into any
written agreement providing for severance or termination payments to any director, officer or employee in connection with the termination of their position or their employment as a direct result of a
change in control of the Company and to the knowledge of the Company, no oral agreement or understanding has been entered into in respect of maters covered by this Subsection&nbsp;4.16(a).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Neither
the Company nor any of its Subsidiaries (i)&nbsp;is a party to any collective bargaining agreement, or (ii)&nbsp;is subject to any application
for certification or, to the knowledge of the Company, threatened union-organizing campaigns for employees not covered under a collective bargaining agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.16 of the Company Disclosure Statement, neither the Company nor any of its Subsidiaries is subject to any claim for
wrongful dismissal, constructive dismissal or any other tort claim, actual or, to the knowledge of the Company, threatened, or any litigation actual, or to the knowledge of the Company, threatened,
relating to employment or termination of employment of employees or independent contractors, except for such claims or litigation which individually or in the aggregate would not reasonably be
expected to have a Company Material Adverse Effect. To the knowledge of the Company, no labour </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=30,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=321626,FOLIO='26',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bo41702_1_27"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>strike,
lock-out, slowdown or work stoppage is pending or threatened against or directly affecting the&nbsp;Company.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company and its Subsidiaries have operated in accordance with all applicable Laws with respect to employment and labour, including employment and labour
standards, occupational health and safety, employment equity, pay equity, workers' compensation, human rights, labour relations and privacy and there are no current, or to the knowledge of the
Company, pending or threatened proceedings before any board or tribunal with respect to any of the areas listed herein, except where the failure to so operate would not have a Company Material
Adverse&nbsp;Effect. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2><B>4.17&nbsp;Absence of Certain Changes or Events  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.17 of the Company Disclosure Statement, since December&nbsp;31,&nbsp;2007: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company and its Subsidiaries have conducted their respective businesses only in the ordinary course of business and consistent with
past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
liability or obligation of any nature (whether absolute, accrued, contingent or otherwise) which has had or is reasonably likely to have a Company
Material Adverse Effect has been&nbsp;incurred;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any event, circumstance or occurrence which has had or is reasonably likely to give rise to a Company Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any change in the accounting practices used by the Company and its Subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
for ordinary course adjustments to employees, there has not been any material increase in the salary, bonus, or other remuneration payable to any
employees of any of the Company or its Subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any redemption, repurchase or other acquisition of Common Shares by the Company, or any declaration, setting aside or payment of any
dividend or other distribution (whether in cash, shares or property) with respect to the Common&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary
course of business consistent with past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any entering into, or an amendment of, any Material Contract other than in the ordinary course of business consistent with
past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any satisfaction or settlement or any claims or liabilities that were not reflected in the Company's audited financial statements, other
than the settlement of liabilities incurred in the ordinary course of business with affiliates consistent with past practice;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
for ordinary course adjustments, there has not been any material increase in the salary, bonus, or other remuneration payable to any officers or
senior or executive officers of the Company or its Subsidiaries. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=31,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=976315,FOLIO='27',FILE='DISK106:[08ZCL2.08ZCL41702]BO41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bq41702_1_28"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><B>4.18&nbsp;Litigation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in the Company Public Documents or in Section&nbsp;4.18 of the Company Disclosure Statement, there is no claim, action, proceeding or investigation pending or, to the knowledge
of the Company, threatened against or relating to the Company or any of its Subsidiaries, the business of the Company or any of its Subsidiaries or affecting any of their properties, assets, before or
by any Governmental Entity which, if adversely determined, would have, or reasonably could be expected to have, a Company Material Adverse Effect or prevent or materially delay the consummation of the
transactions contemplated by this Agreement, nor to the Company's knowledge are there any events or circumstances which could reasonably be expected to give rise to any such claim, action, proceeding
or investigation (provided that the representation in this Section&nbsp;4.18 shall not apply to claims, actions, proceedings, or investigations which may arise after the date of this Agreement which
do not have a reasonable prospect of succeeding or, if successful, would not give rise to, nor reasonably be expected to give rise to, a Company Material Adverse Effect). Neither the Company nor any
of its Subsidiaries is subject to any outstanding order, writ, injunction or decree which has had or is reasonably likely to have a Company Material Adverse Effect or which would prevent or materially
delay consummation of the transactions contemplated by this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.19&nbsp;Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in writing to Kinross' solicitors: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
of the Company and the Subsidiaries has duly and in a timely manner made or prepared all Tax Returns required to be made or prepared by it, and duly
and in a timely manner filed all Tax Returns required to be filed by it with the appropriate Governmental Entity, such Tax Returns were complete and correct in all material respects and the Company
and each of its Subsidiaries has paid all Taxes, including instalments on account of Taxes for the current year required by Applicable Law, which are due and payable by it whether or not assessed by
the appropriate Governmental Entity and the Company has provided adequate accruals in accordance with Canadian GAAP in the most recently published financial statements of the Company for any Taxes for
the period covered by such financial statements that have not been paid whether or not shown as being due on any Tax Returns. Since such publication date, no material liability in respect of Taxes not
reflected in such statements or otherwise provided for has been assessed, proposed to be assessed, incurred or accrued, other than in the ordinary course of&nbsp;business;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
of the Company and the Subsidiaries has duly and timely withheld all Taxes and other amounts required by Law to be withheld by it (including Taxes and
other amounts required to be withheld by it in respect of any amount paid or credited or deemed to be paid or credited by it to or for the benefit of any Person) and has duly and timely remitted to
the appropriate Governmental Entity such Taxes or other amounts required by Law to be remitted by&nbsp;it;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
of the Company and its Subsidiaries has duly and timely collected all amounts on account of any sales or transfer Taxes, including goods and services,
harmonized sales and provincial and territorial taxes, required by Law to be collected by it and has duly and timely remitted to the appropriate Governmental Entity such amounts required by Law to be
remitted by&nbsp;it;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
are no actions, suits, proceedings, investigations or claims threatened against the Company or any of its Subsidiaries in respect of Taxes, or any
matters under discussion with any Governmental Entity relating to Taxes asserted by any such authority which are reasonably likely to have a Company Material Adverse Effect, individually or in
the&nbsp;aggregate; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=32,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=633950,FOLIO='28',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_29"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>none
of the Company or any of its Subsidiaries has requested, offered to enter into or entered into any agreement or other arrangement, or executed any
waiver, providing for any extension of time within which (i)&nbsp;to file any Tax Return covering any Taxes for which the Company or any of its Subsidiaries is or may be liable, (ii)&nbsp;to file
any elections, designations or similar filings relating to Taxes for which the Company or any of its Subsidiaries is or may be liable, (iii)&nbsp;the Company or any of its Subsidiaries is required
to pay or remit any Taxes or amounts on account of Taxes, or (iv)&nbsp;any Governmental Entity may assess or collect Taxes for which the Company or any of its Subsidiaries is or may
be&nbsp;liable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
are no proceedings, investigations, audits or claims in progress or, to the knowledge of the Company, pending or threatened against the Company or any
of its Subsidiaries in respect of any Taxes and there are no matters under discussion, audit or appeal with any Governmental Entity relating to&nbsp;Taxes;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>since
January&nbsp;1, 2001, none of the Company or any of its Subsidiaries has acquired property from a non-arm's length Person, within the
meaning of the Tax&nbsp;Act: (i)&nbsp;for consideration the value of which is less than the fair market value of the property; or (ii)&nbsp;as a contribution of capital for which no shares were
issued by the acquirer of the&nbsp;property;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company has made available to Kinross copies of (i)&nbsp;all Tax Returns relating to the Taxes of any of the Company and its Subsidiaries that to the
knowledge of the Company have been filed in the last three years, and (ii)&nbsp;all written communications to or from any Governmental Entity relating to the Taxes of any of the Company and its
Subsidiaries that to the knowledge of the Company has been received or sent in the last three&nbsp;years;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>for
the purposes of the Tax&nbsp;Act:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company is resident in Canada; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Subsidiaries of the Company are not resident in Canada; and
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
are no Encumbrances for Taxes upon any properties or assets of the Company or any of its Subsidiaries (other than Encumbrances relating to Taxes not
yet due and payable and for which adequate reserves have been recorded on the most recent consolidated balance sheet included in the Company's audited consolidated financial statements). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.20&nbsp;Books and Records  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
corporate records and minute books of the Company and its Subsidiaries have been maintained in accordance with all applicable Laws, and the minute books of the Company and its Subsidiaries are
complete and accurate in all material respects. The corporate minute books for the Company and its Subsidiaries contain minutes of all meetings and resolutions of the directors and securityholders
held. The financial books and records and accounts of the Company and its Subsidiaries in all material respects: (a)&nbsp;have been maintained in accordance with good business practices and in
accordance with Canadian GAAP and with the accounting principles generally accepted in accepted in the country of domicile of each such entity, on a basis consistent with prior years; (b)&nbsp;are
stated in reasonable detail and, in the case of its Subsidiaries, during the period of time when owned by the Company, accurately and fairly reflect the transactions and dispositions of assets of the
Company and its Subsidiaries; and (c)&nbsp;in the case of the Subsidiaries, during the period of time when owned by the Company, accurately and fairly reflect the basis for the Company's
consolidated financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.21&nbsp;Insurance  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
the extent requested, true and correct copies of all policies of insurance in force as of the date hereof naming the Company or any of its Subsidiaries
as an insured have been made </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=33,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=941499,FOLIO='29',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_30"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>available
to Kinross. All premiums payable prior to the date hereof under such policies of insurance have been paid and neither the Company nor any of its Subsidiaries has failed to make a claim
thereunder on a timely&nbsp;basis.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
of such policies and other forms of insurance is in full force and effect on the date hereof and shall (or&nbsp;comparable replacement or
substitutions therefore shall) be kept in full force and effect by the Company through the Effective Date. No written (or&nbsp;to the knowledge of the Company other) notice of cancellation or
termination has been received by the Company or any Subsidiary with respect to any such&nbsp;policy. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.22&nbsp;Non-Arm's Length Transactions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.22 of the Company Disclosure Statement, there are no current contracts, commitments, agreements, arrangements or other transactions (including relating to
indebtedness by the Company or any of its Subsidiaries) between the Company or any of its Subsidiaries on the one hand, and any (a)&nbsp;officer or director of the Company or any of its
Subsidiaries, (b)&nbsp;any holder of record or, to the Company's knowledge, beneficial owner of five percent or more of the voting securities of the Company, or (c)&nbsp;any affiliate or associate
of any officer, director or beneficial owner, on the other&nbsp;hand. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.23&nbsp;Benefit Plans  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.23 in of the Company Disclosure Statement, there are not currently, and there have not previously been any, Company
Benefit&nbsp;Plans.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company and its Subsidiaries have no liability for life, health, medical or other welfare benefits to former employees or beneficiaries or dependents
thereof, and there has been no communication to employees by the Company or any of its Subsidiaries which could reasonably be interpreted to promise or guarantee such employees retiree health or life
insurance or other retiree death benefits on a permanent basis, except in each case as would not have a Company Material Adverse&nbsp;Effect.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
Company Benefit Plan is a "registered pension plan" as such term is defined in the Tax&nbsp;Act. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.24&nbsp;Environmental  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
for any matters that, individually or in the aggregate, would not have or would not reasonably be expected to have a Company Material Adverse Effect or as disclosed in Schedule&nbsp;4.24 of
the Company Disclosure Statement: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
facilities and operations of the Company and its Subsidiaries have been conducted, and are now, in material compliance with all Environmental Laws to
the extent such Environmental Laws currently exist;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company and its Subsidiaries are in possession of, and in compliance with, all material Environmental Permits that are required to own, lease and
operate the Mineral Rights and to conduct its business as it is now being conducted;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
environmental, reclamation or closure obligation, demand, notice or work order presently exists with respect to any portion of any currently or formerly
owned, leased, used or otherwise controlled property, interests and rights or relating to the operations and business of the Company and its Subsidiaries and, to the knowledge of the Company, there is
no basis for any such obligations, demands, notices or work orders to arise in the future as a result of any activity in respect of such property, interests, rights, operations and&nbsp;business; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=34,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=743998,FOLIO='30',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_31"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>neither
the Company nor any of its Subsidiaries is subject to any proceeding, application, order or directive which relates to environmental, health or
safety matters, and which may require any material work, repairs, construction or expenditures;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
the knowledge of the Company and except as contemplated by the Mining Mandate, there are no material changes in the status, terms or conditions of any
Environmental Permits held by the Company or any of its Subsidiaries or any renewal, modification, revocation, reassurance, alteration, transfer or amendment of any such environmental approvals,
consents, waivers, permits, orders and exemptions, or any review by, or approval of, any Governmental Entity of such environmental approvals, consents, waivers, permits, orders and exemptions that are
required in connection with the execution or delivery of this Agreement, the consummation of the transactions contemplated herein or the continuation of the business of the Company or any of its
Subsidiaries following the Effective Date;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company and its Subsidiaries have made available to Kinross all material audits, assessments and investigation reports with respect to environmental
matters in its&nbsp;possession. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.25&nbsp;Restrictions on Business Activities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as contemplated by the Mining Mandate, there is no agreement, judgement, injunction, order or decree binding upon the Company or any Subsidiary that has or could reasonably be expected to have
the effect of prohibiting, restricting or materially impairing any business practice of the Company or any Subsidiary, any acquisition of property by the Company or any Subsidiary or the conduct of
business by the Company or any Subsidiary as currently conducted (including following the transaction contemplated by this Agreement) other than such agreements, judgements, injunctions, orders or
decrees which would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.26&nbsp;Material Contracts  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;4.26
of the Company Disclosure Statement sets forth all Material Contracts. The Company and its Subsidiaries has performed in all material respects all respective obligations required
to be performed by them to date under the Material Contracts. Neither the Company nor any of its Subsidiaries is in breach or default under any Material Contract to which it is a party or bound, nor
does the Company have knowledge of any condition that with the passage of time or the giving of notice or both would result in such a breach or default, except in each case where any such breaches or
defaults would not, individually or in the aggregate, reasonably be expected to result in, or result in, a Company Material Adverse Effect. Neither the Company nor any Subsidiary of the Company knows
of, or has received written notice of, any breach or default under (nor, to the knowledge of the Company, does there exist any condition which with the passage of time or the giving of notice or both
would result in such a breach or default under) any such Material Contract by any other party thereto except where any such violation or default would not, individually or in the aggregate, reasonably
be expected to result in, or result in, a Company Material Adverse Effect. Prior to the date hereof, the Company has made available to Kinross true and complete copies of all of the Material
Contracts. Except as may result from the Mining Mandate, all Material Contracts are legal, valid, binding and in full force and effect and are enforceable by the Company (or&nbsp;a Subsidiary
thereof, as the case may be) in accordance with their respective terms (subject to bankruptcy, insolvency and other applicable Laws affecting creditors' rights generally, and to general principles of
equity) and, except as disclosed in Schedule&nbsp;4.26 of the Company Disclosure Statement, are the product of fair and arms' length negotiations between the parties thereto. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=35,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=943345,FOLIO='31',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>4.27&nbsp;Relationships with Customers, Suppliers, Distributors and Sales Representatives  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company has not received any written (or&nbsp;to the knowledge of the Company other) notice that any customer, supplier, distributor or sales representative intends to cancel, terminate or
otherwise modify or not renew a material relationship with the Company or any Subsidiary, and, to the knowledge of the Company, no such action has been threatened, which, in either case, individually
or in the aggregate, would reasonably be expected to have a Company Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.28&nbsp;Brokers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.28 of the Company Disclosure Statement, none of the Company, any of its Subsidiaries, or any of their respective officers, directors or employees has employed
any broker or finder or incurred any liability for any brokerage fees, commissions or finder's fees in connection with the transactions contemplated by this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.29&nbsp;Reporting Issuer Status  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As
of the date the Company is a reporting issuer in good standing in British Columbia, Alberta, Ontario and&nbsp;Quebec. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>4.30&nbsp;Stock Exchange Compliance  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company is in compliance in all material respects with the applicable listing and corporate governance rules and regulations of the&nbsp;TSX. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.31&nbsp;No Expropriation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Except
as disclosed in Schedule&nbsp;4.31 of the Company Disclosure Statement, no property or asset of the Company or its Subsidiaries (including any Company Mineral Rights) has been taken or
expropriated by any Governmental Entity nor has any notice or proceeding in respect thereof been given or commenced nor, to the knowledge of the Company, is there any intent or proposal to give any
such notice or to commence any such proceeding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.32&nbsp;Survival of Representations and Warranties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
representations and warranties of the Company contained in this Agreement shall not survive the completion of the Offer and shall expire and be terminated on the earlier of the Effective Date and
the date on which this Agreement is terminated in accordance with its&nbsp;terms. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bq41702_article_5_covenants"> </A>
<A NAME="toc_bq41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 5<BR>  <BR>    COVENANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.1&nbsp;&nbsp;&nbsp;Conduct of Business by the Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company covenants and agrees that prior to the Transition Date unless Kinross shall otherwise agree in writing or as otherwise expressly contemplated or permitted by
this&nbsp;Agreement: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall, and shall cause each of its Subsidiaries to, conduct its and their respective businesses only in, not take any action except, and
maintain their respective facilities, in the ordinary course of business consistent with past practice and to use commercially reasonable efforts to preserve intact its and their present business
organization and goodwill, to preserve intact the Company Mineral Rights, to keep available the services of its officers and employees as a group and to maintain satisfactory relationships with
suppliers, distributors, employees and others having business relationships with&nbsp;them; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=36,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=707505,FOLIO='32',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_33"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>without
limiting the generality of Subsection&nbsp;5.1(a), the Company shall not, directly or indirectly, and shall cause each of its Subsidiaries
not&nbsp;to:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>issue,
sell, award, pledge, dispose of, encumber or agree to issue, sell, award, pledge, dispose of or encumber any Common Shares, or any Options (including
pursuant to the Stock Option Plan), calls, conversion privileges or rights of any kind to acquire any Common Shares or other securities or any shares of its Subsidiaries (other than pursuant to the
exercise of existing Options);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
as set forth in Section&nbsp;5.1(b)(ii) of the Company Disclosure Statement, sell, pledge, lease, dispose of, encumber or agree to sell, pledge,
dispose of or encumber any assets of the Company or any of its Subsidiaries or any interest in any asset of the Company or any of its Subsidiaries that has a value greater than&nbsp;$200,000;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>amend
or propose to amend the articles, by-laws or other constating documents of the Company or any of its Subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>split,
combine or reclassify any outstanding Common Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>redeem,
purchase or offer to purchase any Common Shares or other securities of the company or any shares or other securities of its Subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>declare,
set aside or pay any dividend or other distribution (whether in cash, securities or property or any combination thereof) in respect of any Common
Shares except for dividends paid in the ordinary course of business consistent with past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reorganize,
amalgamate or merge the Company or any of its Subsidiaries with any other&nbsp;Person;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reduce
the stated capital of the shares of the Company or of any of its Subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>acquire
or agree to acquire (by&nbsp;merger, amalgamation, acquisition of shares or assets or otherwise) any Person, or make any investment either by
purchase of shares or securities, contributions of capital (other than to wholly-owned Subsidiaries), property transfer or purchase of any property or assets of any other Person, that has a value
greater than&nbsp;$200,000;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
as set forth in Section&nbsp;5.1(b)(x) of the Company Disclosure Statement, enter into, directly or indirectly, an investment in or acquisition of,
whether individually or with any other Person, any asset or an interest in any asset that has a value greater than $200,000, provided however that the Company may make such investments in
short-term government grade instruments consistent with past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
as set forth in Section&nbsp;5.1(b)(xi) of the Company Disclosure Statement, incur or commit to incur any indebtedness for borrowed money or any
other material liability or obligation or issue any debt securities, except for the borrowing of working capital in the ordinary course of business and consistent with past practice, or guarantee,
endorse or otherwise as an accommodation become responsible for, the obligations of any other Person or make any loans or advances, except in the ordinary course of business consistent with
past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>adopt
a plan of liquidation or resolutions providing for the liquidation or dissolution of the Company or any of its Subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xiii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>pay,
discharge, settle or satisfy any claims, liabilities or obligations other than the payment, discharge or satisfaction, in the ordinary course of
business consistent with past </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=37,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=117144,FOLIO='33',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_34"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>practice,
of liabilities reflected or reserved against in the Company's financial statements or incurred in the ordinary course of business consistent with past&nbsp;practice; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xiv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>authorize,
recommend or propose any release or relinquishment of any contractual right, except in the ordinary course of business consistent with
past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>waive,
release, grant, transfer, exercise, modify or amend in any material respect, other than in the ordinary course of the business consistent with past
practice, (i)&nbsp;any existing contractual rights in respect of any Company Mineral Rights, (ii)&nbsp;any material Company Authorization, lease, concession, contract or other document, or
(iii)&nbsp;any other material legal rights or&nbsp;claims;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xvi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
as set forth in Section&nbsp;5.1(b)(xvi) of the Company Disclosure Statement, waive, release, grant or transfer any rights of value or modify or
change in any material respect any existing licence, lease, contract or other document, other than in the ordinary course of business consistent with past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xvii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
as set forth in Section&nbsp;5.1(b)(xvii) of the Company Disclosure Statement, increase the benefits payable or to become payable to its
directors or officers (whether from the Company or any of its Subsidiaries), enter into or modify any employment, severance, or similar agreements or arrangements with, or grant any bonuses, salary
increases, severance or termination pay to, any officer of the Company or member of the Board of Directors other than pursuant to agreements already entered into as disclosed in the Company Public
Documents publicly available on SEDAR;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xviii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
as set forth in Section&nbsp;5.1(b)(xviii) of the Company Disclosure Statement, in the case of employees who are not officers of the Company or
members of the Board of Directors, take any action other than in the ordinary course of business and consistent with past practice with respect to the grant of any bonuses, salary increases, severance
or termination pay or with respect to any increase of benefits payable in effect on the date&nbsp;hereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xix)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>make
any payment (or&nbsp;agree to make any payment) between the Company and any of its Subsidiaries as a reimbursment or payment for any fee or expense
incurred or expected to be incurred by the Company, or accrue any amount in respect of such a reimbursement or payment, to the extent that such reimbursement or payment may result in adverse tax
consequences to the Company or any of the Subsidiaries;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>subject
to Section&nbsp;2.5, the Company shall not, and shall cause each of its Subsidiaries not to, establish, adopt, enter into, amend or waive any
performance or vesting criteria or accelerate vesting, exercisability or funding under any bonus, profit sharing, thrift, incentive, compensation, stock option, restricted stock, pension, retirement,
deferred compensation, savings, welfare, employment, termination, severance or other employee benefit plan, agreement, trust, fund, policy or arrangement for the benefit or welfare of any directors,
officers, current or former employees of the Company or its Subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall use all reasonable commercial efforts to cause its current insurance (or&nbsp;re-insurance) policies not to be cancelled or
terminated or any of the coverage thereunder to lapse, unless simultaneously with such termination, cancellation or lapse, replacement policies underwritten by insurance and re-insurance
companies of nationally recognized standing providing coverage equal to or greater than the coverage under the cancelled, terminated or lapsed policies for substantially similar premiums are in full
force and&nbsp;effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall use its best efforts to maintain and preserve all of its rights under each of its material Company Mineral Rights and under each of its
material Company Authorizations; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>

<!-- ZEQ.=7,SEQ=38,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=579000,FOLIO='34',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_35"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
take any action, or permit any of its Subsidiaries to take any action, which would render, or which reasonably may be expected to render, any
representation or warranty made by it in this Agreement untrue in any material respect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>provide
Kinross with prompt written notice of: (A)&nbsp;any change (or&nbsp;any condition, event, circumstance or development involving a prospective
change) in the business, assets, operations, capitalization, condition (financial or otherwise), prospects, share or debt ownership, results of operations, cash flows, Company Mineral Rights,
articles, by-laws, licenses, permits (including Company Authorizations), rights, or privileges, whether contractual or otherwise, or liabilities (including any contingent liabilities that
may arise through outstanding, pending or threatened litigation or otherwise), of the Company or any of its Subsidiaries which, when considered either individually or in the aggregate, has resulted in
or would reasonably be expected to result in a Company Material Adverse Effect; (B)&nbsp;the occurrence, or failure to occur, of any event or state of facts which occurrence or failure would or
would be likely to (x)&nbsp;cause any of the representations of the Company contained herein to be untrue or inaccurate (without giving effect to, applying or taking into consideration any
materiality or Material Averse Effect qualification already contained within such representation or warranty) in any material respect; or (y)&nbsp;result in the failure in any material respect of
the Company to comply with or satisfy any covenant, condition or agreement (without giving effect to, applying or taking into consideration qualification already contained in such covenant, condition
or agreement) to be complied with or satisfied prior to the Effective&nbsp;Time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
enter into or renew any agreement, contract, lease, licence or other binding obligation of the Company or its Subsidiaries (A)&nbsp;containing
(1)&nbsp;any limitation or restriction on the ability of the Company or its Subsidiaries or, following completion of the transactions contemplated hereby, the ability of Kinross or its Subsidiaries,
to engage in any type of activity or business, (2)&nbsp;any limitation or restriction on the manner in which, or the localities in which, all or any portion of the business of the Company or its
Subsidiaries or, following consummation of the transactions contemplated hereby, all or any portion of the business of the Company or its Subsidiaries, is or would be conducted, or (3)&nbsp;any
limit or restriction on the ability of the Company or its Subsidiaries or, following completion of the transactions contemplated hereby, the ability of the Company or its Subsidiaries, to solicit
customers or employees, or (b)&nbsp;that would reasonably be expected to materially delay or prevent the consummation of the transactions contemplated by this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
in the ordinary course of business consistent with past practice, not enter into or renew any agreement, contract, lease, licence or other binding
obligation of the Company or its Subsidiaries that involves or would reasonably be expected to involve payments in excess of $200,000 annually or $500,000 in the aggregate over the term of the
contract and that is not terminable within 30&nbsp;days of the Effective Date without payment by Kinross or its Subsidiaries;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company will not incur any capital expenditure or enter into any agreement obligating the Company or its Subsidiaries to provide for future capital
expenditures in excess of the retrenchment forecast reviewed by the Board of Directors June&nbsp;24, 2008, a copy of which has been provided to&nbsp;Kinross; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=39,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=422591,FOLIO='35',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bq41702_1_36"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company and each of its Subsidiaries shall:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>duly
and timely file all Tax Returns required to be filed by it on or after the date hereof and all such Tax Returns will be true, complete and correct in
all&nbsp;respects;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>timely
withhold, collect, remit and pay all Taxes which are to be withheld, collected, remitted or paid by it to the extent due and&nbsp;payable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
make or rescind any material express or deemed election relating to&nbsp;Taxes;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
make a request for a Tax ruling or enter into any agreement with any taxing authorities or consent to any extension or waiver of any limitation period
with respect to&nbsp;Taxes;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
settle or compromise any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating to Taxes;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
amend any Tax Return or change any of its methods of reporting income, deductions or accounting for income Tax purposes from those employed in the
preparation of its income Tax Return for the tax year ended December&nbsp;31, 2008, except as may required by applicable Laws;&nbsp;and
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall not initiate any material discussions, negotiations or filings with any Governmental Entity regarding any matter (including with respect
to the Offer or the transactions contemplated by this Agreement or regarding the status of the Mineral Rights) without the prior consent of Kinross, and further agrees to provide Kinross with
immediate notice of any material communication (whether oral or written) from a Governmental Entity, including a copy of any written communication;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall not authorize or propose, or enter into or modify any contract, agreement, commitment or arrangement, to do any of the matters prohibited
by the other Subsections of this Section&nbsp;5.1. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>5.2&nbsp;&nbsp;&nbsp;Extension of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Parties agree that if prior to the Expiry Date Kinross becomes aware that any condition set out in Schedule&nbsp;A is unlikely to be satisfied or performed prior to the Expiry Date, it may,
prior to the expiry of the Offer, in accordance with applicable Laws, extend the period during which Common Shares may be deposited under the Offer for one or multiple periods. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.3&nbsp;&nbsp;&nbsp;Acquisition of Additional Common Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
agrees that from the date hereof until the Take-Up Date, it will not purchase any Common Shares except under the Offer or pursuant to the Private Placement. Kinross agrees that it
will tender all of the Common Shares acquired by way of Private Placement to a Superior Proposal or vote in favour of a Superior Proposal, if applicable, if (a)&nbsp;Kinross does not exercise its
right to match in Section&nbsp;7.1 and&nbsp;(b) this Agreement has been terminated pursuant to Section&nbsp;6.1(l). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=40,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=137938,FOLIO='36',FILE='DISK106:[08ZCL2.08ZCL41702]BQ41702A.;5',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bs41702_1_37"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bs41702_article_6_termination,_amendment_and_waiver"> </A>
<A NAME="toc_bs41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 6<BR>  <BR>    TERMINATION, AMENDMENT AND WAIVER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.1&nbsp;&nbsp;&nbsp;Termination  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement may be terminated by notice in writing: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
any time prior to the Effective Date by mutual consent of Kinross and the&nbsp;Company;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross, if any condition to making the Offer set forth in Subsection&nbsp;2.1(l) is not satisfied or waived by the Offer Deadline (other than as a
result of Kinross' default hereunder);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross, if any condition of the Offer set forth in Schedule&nbsp;A is not satisfied or waived by the Expiry Time (other than as a result of Kinross'
default hereunder);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross at any time if:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company is in material default of any covenant or obligation in Article&nbsp;7;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company has breached any other covenant or obligation under this Agreement except for breaches that individually or in the aggregate, do not, and could
not reasonably be expected to, have a Company Material Adverse Effect or prevent or restrict or materially delay the consummation of the Offer, or that, if the Offer were consummated, could reasonably
be expected to have a Kinross Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
representation or warranty made by the Company in this Agreement shall have been at the date hereof untrue or incorrect or shall have become untrue or
incorrect at any time prior to the Expiry Time other than any breach or failure of such representations and warranties to be true and correct that, individually or in the aggregate, do not constitute
or could not reasonably be expected to constitute, or could not reasonably be expected to result in, a Company Material Adverse Effect or prevent or restrict or materially delay the consummation of
the Offer, or that, if the Offer were consummated, could reasonably be expected to have a Kinross Material Adverse&nbsp;Effect; </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>provided
that in the case of any of (ii)&nbsp;or (iii), such right of termination shall not be available with respect to any breach or failure that is capable of being cured and such breach or
failure has been cured by the earlier of the date which is 15&nbsp;days from the date of written notice of such breach or failure and the business day prior to the Expiry&nbsp;Date; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
the Company at any time if:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
has breached any covenant or obligation under this Agreement except for breaches that individually or in the aggregate, do not, and could not
reasonably be expected to, have a Kinross Material Adverse Effect or prevent or restrict or materially delay the consummation of the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
representation or warranty made by Kinross in this Agreement shall have been at the date hereof untrue or incorrect or shall have become untrue or
incorrect at any time prior to the Expiry Date other than any breach or failure of such representations and warranties to be true and correct that, individually or in the aggregate, do not constitute
or could not reasonably be expected to constitute, or could not reasonably be expected to result in, a Kinross Material Adverse Effect or prevent or restrict or materially delay the consummation of
the&nbsp;Offer; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=41,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=645360,FOLIO='37',FILE='DISK106:[08ZCL2.08ZCL41702]BS41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bs41702_1_38"> </A>
<UL>
<UL>
</UL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>provided
that in the case of any of (i)&nbsp;or (ii), such right of termination shall not be available with respect to any breach or failure that is capable of being cured and such breach or failure
has been cured by the earlier of the date which is 15&nbsp;days from the date of written notice of such breach or failure and the business day prior to the Expiry&nbsp;Date; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
the Company if Kinross has not taken up and paid for at least 50.1% of the outstanding Common Shares (on&nbsp;a fully diluted basis) under the Offer
within 75&nbsp;days after the Offer is commenced, otherwise than as a result of the breach by the Company of any covenant or obligation under this Agreement or as a result of any representation or
warranty of the Company in this Agreement being untrue or incorrect in any material respect; provided, however, that if Kinross' take-up and payment for Common Shares deposited under the
Offer is delayed by: (i)&nbsp;an injunction or order made by a court or regulatory authority of competent jurisdiction; or (ii)&nbsp;Kinross not having obtained any regulatory waiver, consent or
approval which is necessary to permit Kinross to take up and pay for Common Shares deposited under the Offer (other than as a result of Kinross' default hereunder), then, provided that such injunction
or order is being contested or appealed or such regulatory waiver, consent or approval is being actively sought, as applicable, this Agreement shall not be terminated by the Company pursuant to this
Subsection&nbsp;6.1(f) until the earlier of (x)&nbsp;150&nbsp;days after the Offer is commenced, and (y)&nbsp;the fifth business day following the date on which such injunction or order ceases
to be in effect or such waiver, consent or approval is obtained, as&nbsp;applicable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross or the Company, if any court of competent jurisdiction or other governmental authority shall have issued an order, decree or ruling enjoining or
otherwise prohibiting any of the transactions contemplated herein (unless such order, decree or ruling has been withdrawn, reversed or otherwise made inapplicable);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross, if any litigation or other proceeding is pending or has been threatened to be instituted by any Person or Governmental Entity, which, in the
good faith judgment of Kinross, could reasonably be expected to result in a decision, order, decree or ruling that enjoins, prohibits, grants damages in a material amount in respect of, or materially
impairs the benefits of, any of the transactions contemplated by this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross if: (i)&nbsp;the Board of Directors withdraws, modifies or changes its recommendation in a manner adverse to Kinross (unless as a result of
Kinross having suffered a Kinross Material Adverse Effect); (ii)&nbsp;the Board of Directors approves or recommends or publicly proposes to approve or recommend, acceptance of an Acquisition
Proposal; (iii)&nbsp;the Board of Directors or any committee thereof does not reaffirm its recommendation in favour of the Offer to the Shareholders in a press release or Directors' Circular within
three calendar days of a written request by Kinross (or, in the event that the Offer shall be scheduled to expire within such three calendar day period, prior to the scheduled expiry of the Offer)
(unless as a result of Kinross having suffered a Kinross Material Adverse Effect); (iv)&nbsp;the Board of Directors or any committee thereof remains neutral beyond the 15&nbsp;calendar day period
set out in Subsection&nbsp;7.1(a)(iv) hereof in respect of an Acquisition Proposal; or (v)&nbsp;the Company fails to take any action required under Section&nbsp;2.7 with respect to the
Shareholders Rights Plan to defer the Separation Time (as&nbsp;defined in the Shareholder Rights Plan) or to allow the timely completion of any of the transactions contemplated by this Agreement
between Kinross and the&nbsp;Company;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross, if Kinross has been notified in writing by the Company of a Proposed Agreement in accordance with Subsection&nbsp;7.1(e) and&nbsp;(i)
Kinross does not deliver an amended Offer within seven business days of delivery of the Proposed Agreement to Kinross, or (ii)&nbsp;Kinross delivers an amended Offer but the Board of Directors
determines, acting in good faith and in the proper discharge of its fiduciary duties, that the Acquisition Proposal provided in the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=42,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=956548,FOLIO='38',FILE='DISK106:[08ZCL2.08ZCL41702]BS41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bs41702_1_39"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Proposed
Agreement continues to be a Superior Proposal in comparison to the amended Offer of&nbsp;Kinross;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
the Company, if Kinross does not commence the Offer and mail the Offer Documents by the Offer Deadline or any extension thereof pursuant to
Subsections&nbsp;2.1(a) and&nbsp;2.1(b);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
the Company, if the Company proposes to accept, approve or recommend, or enter into any agreement relating to, a Superior Proposal in compliance with the
provisions of Section&nbsp;7.1, provided that the Company has previously or concurrently will have paid to Kinross the Termination Fee pursuant to Section&nbsp;7.2 and&nbsp;further provided that
the Company has not breached any of its covenants, agreements or obligations in this&nbsp;Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>6.2&nbsp;&nbsp;&nbsp;Amendment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement may not be amended except by written instrument signed by each of the Parties&nbsp;hereto. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>6.3&nbsp;&nbsp;&nbsp;Waiver  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At
any time prior to the Effective Date, either Kinross or the Company may (a)&nbsp;extend the time for the performance of any of the obligations or other acts of the other Party, or
(b)&nbsp;waive compliance with any of the agreements of the other Party or with any conditions to its own obligations, in each case only to the extent such obligations, agreements or conditions are
intended for its&nbsp;benefit. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bs41702_article_7_non-solicitation"> </A>
<A NAME="toc_bs41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 7<BR>  <BR>    NON-SOLICITATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.1&nbsp;&nbsp;&nbsp;Non-Solicitation  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
and after the date of this Agreement, except as otherwise provided in this Agreement, the Company and its Subsidiaries shall not, directly or indirectly,
through any officer, director, employee, advisor, representative, agent or&nbsp;otherwise:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>make,
solicit, assist, initiate, encourage or otherwise facilitate any inquiries, proposals or offers from any other Person (including any of its officers
or employees) relating to any liquidation, dissolution, recapitalization, merger, amalgamation, arrangement, acquisition or purchase of all or a material portion of the assets of, or any material
equity interest (including Common Shares) in, the Company on a consolidated basis or other similar transaction or business combination (any&nbsp;of such foregoing inquiries or proposals being
referred to herein as an "</FONT><FONT SIZE=2><B>Acquisition Proposal</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>engage
in any discussions or negotiations regarding, or provide any information with respect to, or otherwise co-operate in any way with, or
assist or participate in, facilitate or encourage, any effort or attempt by any other Person to make or complete any Acquisition Proposal, provided that, for greater certainty, the Company may advise
any Person making an unsolicited Acquisition Proposal that such Acquisition Proposal does not constitute a Superior Proposal when the Board of Directors has so&nbsp;determined;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>withdraw,
modify or qualify, or propose publicly to withdraw, modify or qualify, in any manner adverse to Kinross, the approval or recommendation of the
Board of Directors or any committee thereof of this Agreement or the&nbsp;Offer; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=43,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=830750,FOLIO='39',FILE='DISK106:[08ZCL2.08ZCL41702]BS41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bs41702_1_40"> </A>
<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>approve,
recommend or remain neutral with respect to, or propose publicly to approve, recommend or remain neutral with respect to, any Acquisition Proposal
(it&nbsp;being understood that publicly taking no position or a neutral position with respect to an Acquisition Proposal until 15&nbsp;calendar days following the public announcement of such
Acquisition Proposal shall not be considered a violation of this Subsection&nbsp;7.1(a)(iv));&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>accept
or&nbsp;enter into, or publicly propose to accept or enter into, any letter of intent, agreement in principle, agreement, arrangement or
undertaking related to any Acquisition Proposal, </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>provided,
however, that nothing contained in this Subsection&nbsp;7.1(a) or&nbsp;any other provision of this Agreement shall prevent the Board of Directors from, and the Board of Directors shall
be permitted to engage in discussions or negotiations with, or respond to enquiries from any Person that has made a </FONT><FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> unsolicited written
Acquisition Proposal that the Board of Directors has determined constitutes or would reasonably be expected to result in a Superior Proposal, or provide information pursuant to
Subsection&nbsp;7.1(d) to&nbsp;any Person where the requirements of that Section are&nbsp;met;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company shall immediately cease and cause to be terminated any existing discussions or negotiations with any Person (other than Kinross) with respect to
any potential Acquisition Proposal and request the return or destruction of all confidential information provided in connection therewith. The Company agrees not to release any third party from any
confidentiality, non-solicitation or standstill agreement to which such third party is a party, or modify or waive the terms thereof (except that Kinross acknowledges that the automatic
release of the standstill provisions of any such agreement as a result of the entering into or announcement of this Agreement or the Offer shall not be in violation of this Section&nbsp;7.1(b).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>From
and after the date of this Agreement, the Company shall immediately provide notice to Kinross of any </FONT> <FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> Acquisition Proposal or any proposal, inquiry or offer that could lead to an
Acquisition Proposal or any amendments to the foregoing or
any request for non-public information relating to the Company or any of its Subsidiaries in connection with such an Acquisition Proposal or for access to the properties, books or records
of the Company or any Subsidiary by any Person that informs the Company, any member of the Board of Directors or such Subsidiary that it is considering making, or has made, an Acquisition Proposal.
Such notice to Kinross shall be made, from time to time, first immediately orally and then promptly in writing and shall indicate the identity of the Person making such proposal, inquiry or contact,
all material terms thereof and such other details of the proposal, inquiry or contact known to the Company, and shall include copies of any such proposal, inquiry, offer or request or any amendment to
any of the foregoing. The Company shall keep Kinross promptly and fully informed of the status, including any change to the material terms, of any such Acquisition Proposal, offer, inquiry or request
and will respond promptly to all inquiries by Kinross with respect thereto.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Board of Directors receives a request for material non-public information from a Person who proposes to the Company a </FONT> <FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> written Acquisition Proposal and (x)&nbsp;the Board of Directors
determines that such Acquisition Proposal constitutes or would
reasonably be expected to result in a Superior Proposal; and (y)&nbsp;in the opinion of the Board of Directors, acting in good faith and on advice from their outside legal advisors, the failure to
provide such party with access to information regarding the Company and its Subsidiaries would be inconsistent with the fiduciary duties of the Board of Directors, then, and only in such case, the
Company may provide such Person with access to information regarding the Company and its Subsidiaries, subject to the execution of a confidentiality and standstill agreement which is customary in such
situations and which, in any event and taken as a whole, is no less </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=44,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=306285,FOLIO='40',FILE='DISK106:[08ZCL2.08ZCL41702]BS41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bs41702_1_41"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>favourable
to the Company than the Confidentiality Agreement, including for greater certainty a standstill covenant on substantially the same terms as the standstill covenant contained in
Section&nbsp;7 of the Confidentiality Agreement, with a duration until at least October&nbsp;19, 2009 (provided that the standstill provision therein shall permit the making and consummation of
the Superior Proposal in question); provided that the company sends a copy of any such confidentiality and standstill agreement to Kinross promptly upon its execution and Kinross is provided with a
list of, and, at the request of Kinross, copies of, the information provided to such Person and immediately provided with access to similar information to which such Person was&nbsp;provided. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company agrees that it will not enter into any agreement (a&nbsp;"</FONT><FONT SIZE=2><B>Proposed Agreement</B></FONT><FONT SIZE=2>"), other than a
confidentiality and standstill agreement as contemplated by Subsection&nbsp;7.1(d), with any Person providing for or to facilitate any Acquisition Proposal nor withdraw, modify or qualify
(or&nbsp;propose to withdraw, modify or qualify) in any manner adverse to Kinross the approval or recommendation of the Offer, nor accept, approve or recommend any Acquisition Proposal,
unless:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Board of Directors determines that the Acquisition Proposal constitutes a Superior Proposal;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company has complied with Subsections&nbsp;7.1(a) through&nbsp;7.1(d) inclusive;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company has provided Kinross with a notice in writing that there is a Superior Proposal together with all documentation related to and detailing the
Superior Proposal, including a copy of any Proposed Agreement relating to such Superior Proposal, and a written notice from the Board of Directors regarding the value in financial terms that the Board
of Directors has in consultation with its financial advisors determined should be ascribed to any non-cash consideration offered under the Superior Proposal, such documents to be so
provided to Kinross not less than seven business days prior to the proposed acceptance, approval, recommendation or execution of the Proposed Agreement by the&nbsp;Company;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>seven
business days shall have elapsed from the date Kinross received the notice and documentation referred to in Subsection&nbsp;7.1(e)(iii) from the
Company and, if Kinross has proposed to amend the terms of the Offer in accordance with Subsection&nbsp;7.1(h), the Board of Directors shall have determined, in good faith, after consultation with
its financial advisors and outside legal counsel, that the Acquisition Proposal is a Superior Proposal compared to the proposed amendment to the terms of the Offer by&nbsp;Kinross;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company concurrently terminates this Agreement pursuant to Section&nbsp;6.1(l);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company has previously, or concurrently will have, paid to Kinross the Termination&nbsp;Fee.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company acknowledges and agrees that, during the seven business day periods referred to in Subsections&nbsp;7.1(e)(iii) and&nbsp;7.1(e)(iv) or such
longer period as the Company may approve for such purpose, Kinross shall have the opportunity, but not the obligation, to propose to amend the terms of this Agreement and the Offer and the Company
shall co-operate with Kinross with respect thereto, including negotiating in good faith with Kinross to enable Kinross to make such adjustments to the terms and conditions of this
Agreement and the Offer as Kinross deems appropriate and as would enable Kinross to proceed with the Offer and any related transactions on such adjusted terms. The Board of Directors will review any
proposal by Kinross to amend the terms of the Offer in order to determine, in good faith in the exercise of its fiduciary duties and consistent with Subsection&nbsp;7.1(a), whether Kinross' </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=45,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=1000590,FOLIO='41',FILE='DISK106:[08ZCL2.08ZCL41702]BS41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bs41702_1_42"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>proposal
to amend the Offer would result in the Acquisition Proposal not being a Superior Proposal compared to the proposed amendment to the terms of the&nbsp;Offer.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Board of Directors shall promptly reaffirm its recommendation of the Offer by press release after: (x)&nbsp;any Acquisition Proposal which the Board
of Directors determines not to be a Superior Proposal is publicly announced or made; or (y)&nbsp;the Board of Directors determines that a proposed amendment to the terms of the Offer would result in
the Acquisition Proposal which has been publicly announced or made not being a Superior Proposal, and Kinross has so amended the terms of the Offer. Kinross and its counsel shall be given a reasonable
opportunity to review and comment on the form and content of any such press release, recognizing that whether or not such comments are appropriate will be determined by the Company, acting reasonably.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Nothing
in this Agreement shall prevent the Board of Directors from responding through a directors' circular or otherwise as required by applicable
Securities Laws to an Acquisition Proposal that it determines is not a Superior Proposal or from withdrawing, modifying or changing its recommendation as a result of Kinross having suffered a Kinross
Material Adverse Effect. Further, nothing in this Agreement shall prevent the Board of Directors from making any disclosure to the securityholders of the Company if the Board of Directors, acting in
good faith and upon the advice of its legal advisors, shall have first determined that the failure to make such disclosure would be inconsistent with the fiduciary duties of the Board of Directors.
Kinross and its counsel shall be given a reasonable opportunity to review and comment on the form and content of any such directors' circular, recognizing that whether or not such comments are
appropriate will be determined by the Company, acting reasonably.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company acknowledges and agrees that each successive modification of any Acquisition Proposal shall constitute a new Acquisition Proposal for the
purposes of this Section&nbsp;7.1.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company shall ensure that the officers, directors and employees of the Company and its Subsidiaries and any investment bankers or other advisors or
representatives retained by the Company and/or its Subsidiaries in connection with the transactions contemplated by this Agreement are aware of the provisions of this Section, and the Company shall be
responsible for any breach of this Section&nbsp;7.1 by such officers, directors, employees, investment bankers, advisors or representatives. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>7.2&nbsp;&nbsp;&nbsp;Termination Fee  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
shall be entitled to a cash termination payment (the&nbsp;"</FONT><FONT SIZE=2><B>Termination Fee</B></FONT><FONT SIZE=2>") in an amount equal to
$42,000,000, upon the occurrence of any of the following events (each, a "</FONT><FONT SIZE=2><B>Termination Fee Event</B></FONT><FONT SIZE=2>"), which shall be paid by the Company within the time
specified in respect of any such&nbsp;event:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>this
Agreement is terminated pursuant to Subsection&nbsp;6.1(d)(i) or&nbsp;6.1(i), in which case the Termination Fee shall be paid to Kinross by
5:00&nbsp;p.m. on the day on which this Agreement is so&nbsp;terminated;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>this
Agreement is terminated pursuant to Subsection&nbsp;6.1(l), in which case the Termination Fee shall be paid to Kinross in accordance with
Subsection&nbsp;7.1(e);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>prior
to&nbsp;the termination of this Agreement (i)&nbsp;an Acquisition Proposal is publicly announced or otherwise made, (ii)&nbsp;the Offer is not
completed as a result of the Minimum Tender Condition not being satisfied, and (iii)&nbsp;within twelve months after the date of this Agreement, either (A)&nbsp;at least 50.01% of the outstanding
Common Shares are acquired </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=46,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=292584,FOLIO='42',FILE='DISK106:[08ZCL2.08ZCL41702]BS41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bs41702_1_43"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>under
such Acquisition Proposal or another Acquisition Proposal; or (B)&nbsp;the Board of Directors approves or recommends an Acquisition Proposal, or the Company enters into a definitive agreement
with respect to an Acquisition Proposal, in which case the Termination Fee shall be paid to Kinross on the earlier of the date the Common Shares are acquired and the date the Acquisition Proposal is
consummated and the date the Acquisition Proposal is approved or recommended or entered into or agreed&nbsp;to.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the event that the Private Placement has not been completed for any reason prior to the time when a Termination Fee is otherwise payable, the payment
obligation of the Company shall be satisfied by (i)&nbsp;payment of $24.5&nbsp;million at the time that the Termination Fee is normally payable in respect of the Termination Fee Event in question,
and (ii)&nbsp;payment of the balance of $17.5&nbsp;million payable upon the earliest of (x)&nbsp;one business day following the execution of a Proposed Agreement; (y)&nbsp;the completion of
one or more equity or debt financings involving gross proceeds in excess of $50&nbsp;million and (z)&nbsp;twelve months from the occurrence of the Termination Fee Event in&nbsp;question.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Termination Fee shall be paid by the Company to Kinross or its assignee by wire transfer in immediately available funds to an account specified
by&nbsp;Kinross.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Upon
written notice to the Company, Kinross may assign its right to receive the Termination Fee to any affiliate of&nbsp;Kinross.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For
greater certainty, the Company shall not be obligated to make more than one payment under this Section&nbsp;7.2 if one or more of the Termination Fee
Events specified therein occurs. The obligations of the Company under this Section&nbsp;7.2 shall survive the termination of this Agreement, regardless of the circumstances thereof. For greater
certainty, the Parties agree that the compensation or damages to be received pursuant to Section&nbsp;7.2 is the sole remedy in compensation or damages of Kinross with respect to the event or events
giving rise to the termination of this Agreement; provided, however, that nothing contained in this Section&nbsp;7.2, and no payment of an amount under Section&nbsp;7.2, shall relieve or have the
effect of relieving any Party in any way from liability for damages incurred or suffered by a Party as a result of an intentional or wilful breach of this Agreement, including the intentional or
wilful making of a misrepresentation in this Agreement (including the Schedules hereto and the Company Disclosure Statement). Nothing herein shall preclude a Party from seeking injunctive relief to
restrain any breach or threatened breach of the covenants or agreements set forth in this Agreement or otherwise to obtain specific performance of any such covenants or agreements, without the
necessity of posting bond or security in connection therewith. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>7.3&nbsp;&nbsp;&nbsp;Nature of Fee  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company acknowledges that the amount set out in Section&nbsp;7.2 in respect of the Termination Fee represents liquidated damages which are a genuine pre-estimate of the damages,
including opportunity costs, which Kinross will suffer or incur as a result of the event giving rise to such damages and resultant termination of this Agreement, and is not a penalty. The Company
irrevocably waives any right it may have to raise as a defence that any such liquidated damages are excessive or&nbsp;punitive. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=47,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=316978,FOLIO='43',FILE='DISK106:[08ZCL2.08ZCL41702]BS41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bu41702_1_44"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bu41702_article_8_general_provisions"> </A>
<A NAME="toc_bu41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 8<BR>  <BR>    GENERAL PROVISIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.1&nbsp;&nbsp;&nbsp;Further Assurances  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject
to the conditions herein provided and to the fiduciary duties of the Board of Directors and the board of directors of Kinross, each Party agrees to use all commercial reasonable efforts to
take, or cause to be taken, all action and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective as promptly as is practicable the transactions
contemplated by the Offer and this Agreement, including: (a)&nbsp;the execution and delivery of such documents as the other Party may reasonably request or require and in the case of the Company;
and (b)&nbsp;obtaining such information, documents including financial statements and reports of auditors, or consents required in connection with the preparation of the Offering Circular and the
Directors' Circular, and using reasonable commercial efforts to obtain all necessary waivers, consents and approvals, including the Appropriate Regulatory Approvals and those contemplated by
Sections&nbsp;3.3 and&nbsp;4.3 and to effect all necessary registrations and filings, including filings under applicable Laws and submissions of information requested by Governmental Entities.
Each Party shall cooperate in all reasonable respects with the other Party in taking such&nbsp;actions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.2&nbsp;&nbsp;&nbsp;Notification of Certain Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
Party shall give prompt notice to the other of: (a)&nbsp;the occurrence or failure to occur of any event, which occurrence or failure would cause or may cause any representation or warranty on
its part contained in this Agreement to be untrue or inaccurate in any material respect at any time from the date of this Agreement to the earlier of the Effective Date and the termination of this
Agreement; and (b)&nbsp;any failure of such Party, or any officer, director, employee or agent thereof, to comply with or satisfy any covenant, condition or agreement to be complied with or
satisfied by it&nbsp;hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.3&nbsp;&nbsp;&nbsp;Access to Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject
to the Confidentiality Agreement and applicable Laws, upon reasonable notice, the Company agrees to provide Kinross and its representatives with access during normal business hours from the
date hereof and until the earlier of the Effective Date and the termination of this Agreement, to all books, records, information and files in its possession and control and access to its personnel on
an as requested basis as well as access to its properties to the extent such information has been requested prior to the date of this Agreement and has not been provided (or&nbsp;relates to such
information), or is otherwise relevant to the Agreement and is reasonably necessary for the purposes of securing all necessary regulatory approvals (including the Appropriate Regulatory Approvals),
integrating the businesses of the Parties and their Subsidiaries, the preparation and settlement of definitive documents, for the structuring of any Pre-Acquisition Reorganization and/or
the advancement of the Offer. In addition, the Company covenants and agrees to provide Kinross with copies of all Tax Returns and related assessments for the Company and its Subsidiaries to the extent
it has not previously done so prior to the date of this Agreement. Any investigation by Kinross hereto and its representatives shall not mitigate, diminish or affect the representations and warranties
of the Company contained in this Agreement or any document or certificate given pursuant hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.4&nbsp;&nbsp;&nbsp;Confidentiality  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject
to Sections&nbsp;8.9, the provisions of the Confidentiality Agreement shall continue to apply notwithstanding the execution of this Agreement by the Parties or the announcement commencing
the&nbsp;Offer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=48,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=832279,FOLIO='44',FILE='DISK106:[08ZCL2.08ZCL41702]BU41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bu41702_1_45"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>8.5&nbsp;&nbsp;&nbsp;Officers' and Directors' Insurance  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
agrees that for the period from the Effective Date until six years after the Effective Date, Kinross will cause the Company or any successor to the
Company (including the successor resulting from the winding-up or liquidation or dissolution of the Company) to maintain the Company's current directors' and officers' insurance policy or
an equivalent policy subject in either case to terms and conditions no less advantageous to the directors and officers of the Company and its Subsidiaries than those contained in the policy in effect
on the date hereof, for all present and former directors and officers of the Company, and its Subsidiaries, covering claims made prior to or within six years after the Effective Date. Kinross also
agrees that after the expiration of such six-year period it will use all commercially reasonable efforts to cause such directors and officers to be covered under Kinross' then existing
directors and officers insurance policy, if&nbsp;any.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>From
and after the Effective Date, Kinross shall, and shall cause the Company (or&nbsp;its successor) to, indemnify and hold harmless, to the fullest
extent permitted under applicable Law (and&nbsp;to also advance expenses as incurred to the fullest extent permitted under applicable Law), each present and former director, officer and employee of
the Company and its Subsidiaries (each, an "</FONT><FONT SIZE=2><B>Indemnified Person</B></FONT><FONT SIZE=2>") against any costs or expenses (including reasonable legal fees), judgments, fines,
losses, claims, damages or liabilities incurred in connection with any claim, inquiry, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out
of or related to such Indemnified Person's service as a director, officer or employee of the Company and/or any of its Subsidiaries or services performed by such Persons at the request of the Company
and/or any of its Subsidiaries at or prior to or following the Effective Date, whether asserted or claimed prior to, at or after the Effective Date, including the approval of this Agreement, the
completion of the Offer or any of the other transactions contemplated by this Agreement or arising out of or related to this Agreement and the transactions contemplated hereby. Neither Kinross nor the
Company shall settle, compromise or consent to the entry of any judgment in any claim, action, suit, proceeding or investigation or threatened claim, action, suit, proceeding or investigation
involving or naming an Indemnified Person or arising out of or related to an Indemnified Person's service as a director, officer or employee of the Company and/or any of its Subsidiaries or services
performed by such Persons at the request of the Company and/or any of its Subsidiaries at or prior to or following the Effective Date without the prior written consent of that Indemnified Person (such
consent not to be unreasonably withheld) unless such settlement, compromise or consent includes an unconditional release of such Indemnified Person from all liability arising out of such claim,
action, suit, proceeding or investigation. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.6&nbsp;&nbsp;&nbsp;Expenses  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
Party shall pay its own expenses incurred in connection with this Agreement, the completion of the transactions contemplated hereby and/or the termination of this Agreement, irrespective of the
completion of the transactions contemplated hereby. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>8.7&nbsp;&nbsp;&nbsp;Notices  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
notices, requests, demands and other communications hereunder shall be deemed to have been duly given and made if in writing and if served by personal delivery upon the Party for whom it is
intended or delivered, or if sent by facsimile transmission, upon confirmation that such transmission has been properly effected, to the Person at the address set forth below, or such other address as
may be designated in writing hereafter, in the same manner, by such Person. The date of receipt of any such notice or other communication if delivered personally shall be deemed to be the date of
delivery </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=49,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=405999,FOLIO='45',FILE='DISK106:[08ZCL2.08ZCL41702]BU41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bu41702_1_46"> </A>

<P style="font-family:times;"><FONT SIZE=2>thereof,
or if sent by facsimile transmission the date of such transmission if sent on a business day, failing which it shall be deemed to have been received on the next business&nbsp;day. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>If
to Kinross: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
Gold Corporation<BR>
52<SUP>nd</SUP>&nbsp;Floor<BR>
Scotia Plaza<BR>
40&nbsp;King Street<BR>
West Toronto, ON M5H&nbsp;3Y2 </FONT></P>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="349" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;363-6622</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Legal Officer and Executive Vice President, Strategic Development</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>With
a copy to (which shall not constitute notice to Kinross): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Osler,
Hoskin&nbsp;&amp; Harcourt&nbsp;LLP<BR>
1&nbsp;First Canadian Place<BR>
Suite&nbsp;6600<BR>
Toronto, ON M5X&nbsp;1B8 </FONT></P>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="307" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;862-6666</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Clay Horner and Douglas Bryce</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P style="font-family:times;"><FONT SIZE=2>Aurelian
Resources&nbsp;Inc.<BR>
350 Bay Street<BR>
Suite 1100<BR>
Toronto, ON M5H&nbsp;2S6 </FONT></P>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="349" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;868-1807</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>With
a copy to (which shall not constitute notice to the Company): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Stikeman
Elliott&nbsp;LLP<BR>
5300&nbsp;Commerce Court West<BR>
199&nbsp;Bay Street<BR>
Toronto, ON M5L&nbsp;1B9 </FONT></P>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="307" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>416-947-0866</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>William J. Braithwaite and Amanda Linett</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>Any
Party may at any time change its address for service from time to time by giving notice to the other Parties in accordance with this Section&nbsp;8.7. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.8&nbsp;&nbsp;&nbsp;Severability  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest
extent permitted by applicable Law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=50,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=1021977,FOLIO='46',FILE='DISK106:[08ZCL2.08ZCL41702]BU41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bu41702_1_47"> </A>


<P style="font-family:times;"><FONT SIZE=2><B>8.9&nbsp;&nbsp;&nbsp;Entire Agreement, Assignment and Governing Law  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
Agreement and the Confidentiality Agreement constitute the entire agreement and supersede all other prior agreements and undertakings, both written and
oral, between the Parties with respect to the subject matter hereof. Other than as set forth in such agreements, no representation or warranty has been given by any Party to the other. In the event of
conflict between this Agreement and the Confidentiality Agreement, this Agreement shall&nbsp;prevail.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
Agreement: (i)&nbsp;is not intended to confer upon any other Person any rights or remedies hereunder, except as contemplated under
Section&nbsp;8.12; (ii)&nbsp;shall not be assigned by operation of law or otherwise, and (iii)&nbsp;shall be governed in all respects, including validity, interpretation and effect, exclusively
by the Laws of the Province of Ontario and the Laws of Canada applicable therein, without giving effect to the principles of conflict of laws&nbsp;thereof. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.10&nbsp;Pre-Acquisition Reorganization  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company agrees that, upon request by Kinross, the Company shall use its reasonable commercial efforts to: (a)&nbsp;effect such reorganizations of the Company's business, operations and assets or
such other transactions as Kinross may request, acting reasonably (each a "</FONT><FONT SIZE=2><B>Pre-Acquisition Reorganization</B></FONT><FONT SIZE=2>"); and
(b)&nbsp;co-operate with Kinross and its advisors in order to determine the nature of the Pre-Acquisition Reorganizations that might be undertaken and the manner in which
they might most effectively be undertaken; provided that the Pre-Acquisition Reorganizations are not, in the Company's opinion acting reasonably and in good faith, prejudicial to the
Company, its Subsidiaries or the Shareholders in any material respect and (i)&nbsp;do not in the Company's opinion, acting reasonably and in good faith result or are likely to result in any breach
by the Company or any of its Subsidiaries of (A)&nbsp;any existing contract or commitment of the Company or any Subsidiary; or (B)&nbsp;any Law; (ii)&nbsp;in the Company's opinion, acting in
good faith would not reasonably be expected to impede or delay Kinross' ability to take up and pay for the Common Shares tendered to the Offer or (iii)&nbsp;in the Company's opinion, acting
reasonably and in good faith, would not be reasonably expected to involve additional liability and taxes or unacceptable administrative burden on any of the Company, its Subsidiaries or its
Shareholders. Kinross shall provide written notice to the Company of any proposed Pre-Acquisition Reorganization at least 15&nbsp;business days prior to the Expiry Time. Upon receipt of
such notice, Kinross and the Company shall work co-operatively and use commercially reasonable efforts to prepare prior to the Expiry Time all documentation necessary and do all such other
acts and things as are necessary to give effect to such Pre-Acquisition Reorganization. Kinross agrees to waive any breach of a representation, warranty or covenant by the Company where
such breach is a result of an action taken by the Company in good faith pursuant to a request by Kinross in accordance with this Section&nbsp;8.10. The completion of any such
Pre-Acquisition Reorganization shall be subject to the satisfaction or waiver by Kinross of the conditions to the Offer set forth in Schedule&nbsp;A and&nbsp;shall be effected prior to
any take-up by Kinross of Common Shares tendered to the Offer. If Kinross does not take up and pay for the Common Shares tendered to the Offer, Kinross shall indemnify the Company for any
and all losses, costs, Taxes and expenses, including reasonable legal
fees and disbursements, incurred in connection with any proposed or actual Pre-Acquisition Reorganization (including in respect of any reversal, modification or termination of a
Pre-Acquisition Reorganization). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.11&nbsp;Attornment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Parties hereby irrevocably and unconditionally consent to and submit to the courts of the Province of Ontario for any actions, suits or proceedings arising out of or relating to this Agreement or
the matters contemplated hereby (and&nbsp;agree not to commence any action, suit or proceeding relating thereto except in such courts) and further agree that service of any process, summons, notice
or document by registered mail to the addresses of the Parties set forth in this Agreement shall be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=51,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=789965,FOLIO='47',FILE='DISK106:[08ZCL2.08ZCL41702]BU41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bu41702_1_48"> </A>

<P style="font-family:times;"><FONT SIZE=2>effective
service of process for any action, suit or proceeding brought against any Party in such court. The Parties hereby irrevocably and unconditionally waive any objection to the laying of venue
of any action, suit or proceeding arising out of this Agreement or the matters contemplated hereby in the courts of the Province of Ontario and hereby further irrevocably and unconditionally waive and
agree not to plead or claim in any such court that any such action, suit or proceeding so brought has been brought in an inconvenient forum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>8.12&nbsp;Third Party Beneficiaries  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
provisions of Sections&nbsp;8.5 and&nbsp;8.13 are: (a)&nbsp;intended for the benefit of the persons specified therein, as and to the extent applicable in accordance with their terms, and
shall be enforceable by each of such Persons and his or her heirs, executors, administrators and other legal representatives (collectively, the "</FONT><FONT SIZE=2><B>Third Party
Beneficiaries</B></FONT><FONT SIZE=2>") and the Company shall hold the rights and benefits of Sections&nbsp;8.5 and&nbsp;8.13 in trust for and on behalf of the Third Party Beneficiaries and the
Company hereby accepts such trust and agrees to hold the benefit of and enforce performance of such covenants on behalf of the Third Party Beneficiaries; and (b)&nbsp;are in addition to, and not in
substitution for, any other rights that the Third Party Beneficiaries may have by contract or&nbsp;otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.13&nbsp;No Personal Liability  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
director or officer of the Company shall have any personal liability whatsoever to Kinross under this Agreement or any other document delivered in
connection with this Agreement or the Offer by or on behalf of the Company, other than in the case of wilful misconduct or fraud on the part of such director or&nbsp;officer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
director or officer of Kinross shall have any personal liability whatsoever to the Company under this Agreement or any other document delivered in
connection with this Agreement or the Offer by or on behalf of Kinross, other than in the case of wilful misconduct or fraud on the part of such director or&nbsp;officer. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.14&nbsp;Counterparts  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement may be delivered by facsimile and executed in counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the
same instrument, and it shall not be necessary in making proof of this Agreement to produce more than one counterpart. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=52,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=263070,FOLIO='48',FILE='DISK106:[08ZCL2.08ZCL41702]BU41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bu41702_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2> the Parties have executed this Agreement on the date first written&nbsp;above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="186" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>TYE W. BURT</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: Tye W. Burt<BR>
Title: President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>AURELIAN RESOURCES&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>PATRICK ANDERSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: Patrick Anderson<BR>
Title: Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>WILLIAM FISHER</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: William Fisher<BR>
Title: Chairman<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=53,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=970758,FOLIO='49',FILE='DISK106:[08ZCL2.08ZCL41702]BU41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bw41702_1_50"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bw41702_schedule_a_conditions_of_the_offer"> </A>
<A NAME="toc_bw41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULE A<BR>  <BR>    CONDITIONS OF THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Notwithstanding
any other provision of the Agreement to which this Schedule is attached, Kinross shall have the right to withdraw the Offer and shall not be required to take up, purchase or pay for,
and shall have the right to extend the period of time during which the Offer is open and postpone taking up and paying for, any Common Shares deposited under the Offer unless all of the following
conditions are satisfied or waived by Kinross at or prior to the Expiry&nbsp;Time: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Minimum Tender Condition;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
government or regulatory approvals (including the Appropriate Regulatory Approvals), waiting or suspensory periods, waivers, permits, consents, reviews,
orders, rulings, decisions, and exemptions required by Law, policy or practice (other than as referred to in paragraph&nbsp;(c) below) (including, those of any provincial securities authorities,
stock exchanges or other securities regulatory authorities) in connection with the Offer, any Compulsory Acquisition or any Subsequent Acquisition Transaction, shall have been obtained, received or
concluded or, in the case of waiting or suspensory periods, expired or been terminated, each on terms satisfactory to Kinross, in its sole discretion, acting reasonably;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
act, action, suit or proceeding shall have been taken before or by any Governmental Entity (including, by any individual, company, firm, group or other
entity) in Canada or elsewhere, whether or not having the force of Law, and no Law shall have been proposed, amended, enacted, promulgated or applied, in either&nbsp;case:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
cease trade, enjoin, prohibit or impose material limitations, damages or conditions on the purchase by or the sale to Kinross of the Common Shares or the
right of Kinross to own or exercise full rights of ownership of the Common Shares;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>which
would reasonably be expected to have a Company Material Adverse Effect or, if the Offer were consummated, a Kinross Material Adverse
Effect;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>which
would materially and adversely affect the ability of Kinross to proceed with the Offer (or&nbsp;any Compulsory Acquisition or any Subsequent
Acquisition Transaction) and/or take up and pay for any Common Shares deposited under the Offer;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>seeking
to obtain from Kinross or any its Subsidiaries or the Company or any of its Subsidiaries any material damages directly or indirectly in connection
with the Offer (or&nbsp;any Compulsory Acquisition or any Subsequent Acquisition Transaction);&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>seeking
to prohibit or limit the ownership or operation by Kinross of any material portion of the business or assets of the Company or its Subsidiaries or
to compel Kinross or its Subsidiaries to dispose of or hold separate any material portion of the business or assets of the Company or any of its Subsidiaries as a result of the Offer (or&nbsp;any
Compulsory Acquisition or any Subsequent Acquisition Transaction);
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
shall not exist any prohibition at Law against Kinross making the Offer or taking up and paying for any Common Shares deposited under the Offer or
completing any Compulsory Acquisition or any Subsequent Acquisition Transaction;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
necessary orders, authorizations or consents which are required under all applicable Securities Laws and the rules and policies of the TSX and NYSE for
the offering, issuance and listing of the Kinross Shares and the Kinross Warrants under the Offer shall have been&nbsp;obtained; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=54,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=391811,FOLIO='50',FILE='DISK106:[08ZCL2.08ZCL41702]BW41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_bw41702_1_51"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
Company Material Adverse Effect shall have occurred or arisen (or&nbsp;shall have been generally disclosed to, or discovered by, Kinross if not
previously disclosed in writing to Kinross prior to the date of this Agreement);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
shall not have become aware of any untrue statement of a material fact, or an omission to state a material fact that is required to be stated or
that is necessary to make a statement not misleading in light of the circumstances in which it was made and at the date it was made (after giving effect to all subsequent filings in relation to all
matters covered in earlier filings), in any Company Public Document filed by or on behalf of the Company with any securities commission or similar securities regulatory authority in any of the
provinces or territories of Canada or elsewhere, that constitutes a Company Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Board of Directors shall not have withdrawn any recommendation made by it that Shareholders accept the Offer or issued a recommendation in a manner that
has substantially the same&nbsp;effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
the Expiry Time:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
representations and warranties of the Company in this Agreement: (A)&nbsp;that are qualified by a reference to Company Material Adverse Effect or
materiality shall be true and correct in all respects, and (B)&nbsp;that are not qualified by a reference to a Company Material Adverse Effect or materiality shall be true and correct in all
material respects;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall have observed and performed its covenants in the Agreement in all material respects to the extent that such covenants were to have been
observed or performed by the Company at or prior to the Expiry Time (without giving effect to, applying or taking into consideration any materiality qualification already contained in such covenant
or&nbsp;obligation), </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>except
for untrue or incorrect representations or warrants or breaches which, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect or materially
and adversely affect the ability of Kinross to consummate the Offer or, if the Offer is consummated, reasonably be expected to have a Kinross Material Adverse Effect; and Kinross shall have received,
not more than seven hours before the Expiry Time, a certificate of the Company, signed by two senior officers (without personal liability), satisfactory to Kinross, acting reasonably, certifying the
foregoing after due&nbsp;inquiry;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Board of Directors shall have (i)&nbsp;deferred the separation time of the SRP Rights under the Shareholder Rights Plan and (ii)&nbsp;irrevocably
waived or suspended the operation of the Shareholder Rights Plan or otherwise rendered the Shareholder Rights Plan inoperative against the Offer, any Compulsory Acquisition and any Subsequent
Acquisition Transaction;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Agreement shall not have been terminated in accordance with its terms. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>The
foregoing conditions are for the exclusive benefit of Kinross and may be asserted by Kinross regardless of the circumstances giving rise to any such condition. Kinross may, in Kinross' sole
discretion, waive any of the foregoing conditions, in whole or in part, at any time and from time to time, both before and after the Expiry Time, without prejudice to any other rights which Kinross
may have, provided that Kinross may not waive the Minimum Tender Condition to acquire less than 50.1% of the Common Shares outstanding (calculated on a fully-diluted basis) without the prior written
consent of the Company. If Kinross waives the Minimum Tender Condition on a date that is less than 10&nbsp;days prior to the Expiry Date, it shall extend the Offer for at least such period of time
as is necessary to ensure that the Offer remains open for ten days from the date or such waiver. The failure by Kinross at any time to exercise any of the foregoing rights will not be deemed to be a
waiver of any such right and each such right shall be deemed to be an ongoing right which may be asserted at any time and from time to&nbsp;time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=55,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2",CHK=511550,FOLIO='51',FILE='DISK106:[08ZCL2.08ZCL41702]BW41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_be41702_1">Exhibit 2.1</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_be41702_2">EXECUTION VERSION</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bg41702_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi41702_1">SUPPORT AGREEMENT</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi41702_2">ARTICLE 1 INTERPRETATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bk41702_1">ARTICLE 2 THE OFFER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bo41702_1">ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF KINROSS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bo41702_2">ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE COMPANY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bq41702_1">ARTICLE 5 COVENANTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bs41702_1">ARTICLE 6 TERMINATION, AMENDMENT AND WAIVER</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bs41702_2">ARTICLE 7 NON-SOLICITATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bu41702_1">ARTICLE 8 GENERAL PROVISIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bw41702_1">SCHEDULE A CONDITIONS OF THE OFFER</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>a2186998zex-2_2.htm
<DESCRIPTION>EXHIBIT 2.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="by41702_exhibit_2.2"> </A>
<A NAME="toc_by41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;2.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="by41702_subscription_agreement"> </A>
<A NAME="toc_by41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SUBSCRIPTION AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS AGREEMENT</B></FONT><FONT SIZE=2> is made July&nbsp;23, 2008 </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> BETWEEN:  </B></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT><FONT SIZE=2>, a corporation existing<BR>
under the Laws of the Province of&nbsp;Ontario, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR>
("</FONT><FONT SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>"), </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
&nbsp;&#150;&nbsp;and&nbsp;&#150;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT>
<FONT SIZE=2><B>AURELIAN RESOURCES&nbsp;INC.,</B></FONT><FONT SIZE=2> a corporation existing under<BR>
the Laws of Canada, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
(the&nbsp;"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>") </FONT></P>

</UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2> the Company wishes to issue and sell common shares in its capital ("</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>") to Kinross
and Kinross wishes to purchase Common Shares on the terms, and subject to the conditions, set out in this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>THEREFORE</B></FONT><FONT SIZE=2>, the Parties agree as follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="by41702_article_1_definitions_and_interpretation"> </A>
<A NAME="toc_by41702_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 1    <BR>    <BR>    DEFINITIONS AND INTERPRETATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;Definitions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Whenever
used in this Agreement, the following words and terms have the meanings set out&nbsp;below: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>" means this Subscription Agreement, including all schedules, and all amendments or restatements, as permitted, and references to
"</FONT><FONT SIZE=2><B>Article</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Section</B></FONT><FONT SIZE=2>" mean the specified Article or Section of this&nbsp;Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>business day</B></FONT><FONT SIZE=2>" means any day of the week, other than a Saturday, a Sunday or a statutory or civic holiday observed in Toronto, Ontario; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Claims</B></FONT><FONT SIZE=2>" includes claims, demands, complaints, grievances, actions, applications, suits, causes of action, Orders, charges, indictments, prosecutions,
informations or other similar processes, assessments or reassessments, judgments, debts, liabilities, penalties, fines, expenses, costs, damages or losses, contingent or otherwise, whether liquidated
or unliquidated, matured or unmatured, disputed or undisputed, contractual, legal or equitable, including loss of value, professional fees, including fees and disbursements of legal counsel on a full
indemnity basis, and all costs incurred in investigating or pursuing any of the foregoing or any proceeding relating to any of the&nbsp;foregoing; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing</B></FONT><FONT SIZE=2>" means the completion of the sale to and purchase by Kinross of the Purchased Shares under this&nbsp;Agreement; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Date</B></FONT><FONT SIZE=2>" means the date that the conditions set forth in Sections&nbsp;4.5 and&nbsp;5.3 have been satisfied or waived or such other date as
the Parties may agree in writing as the date upon which the Closing shall take&nbsp;place; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Time</B></FONT><FONT SIZE=2>" means 5:00&nbsp;p.m. (Toronto time), on the Closing Date or such other time on such date as the Parties may agree in writing as the
time at which the Closing shall take&nbsp;place; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>" has the meaning given in the recital to this Agreement; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company</B></FONT><FONT SIZE=2>" has the meaning given in the preamble to this Agreement; </FONT></P>

</UL>
</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=880638,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]BY41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_by41702_1_2"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Disclosure Statement</B></FONT><FONT SIZE=2>" means the disclosure statement of the Company delivered to Kinross in confidence contemporaneously with the execution and
delivery of the Support Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company Material Adverse Effect</B></FONT><FONT SIZE=2>" means any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to be, material
and adverse to: (x)&nbsp;the assets, liabilities (including any contingent liabilities that may arise through outstanding, pending or threatened litigation or otherwise), business, operations,
financial condition or prospects of the Company and its Subsidiaries taken as a whole; or (y)&nbsp;the continued ownership, development or operation of the FDN Deposit, in either case, other than
changes, effects, events, occurrences or states of facts solely relating to or solely resulting from (a)&nbsp;any change, effect, event, occurrence or state of facts relating to global economic,
business, regulatory or political conditions or securities, credit, financial or currency markets in general, (b)&nbsp;changes affecting the global mining industry generally, (c)&nbsp;any acts of
terrorism, sabotage, military action or war (whether or not declared) or any escalation or worsening thereof, (d)&nbsp;any change in the market price of gold, (e)&nbsp;any change in Canadian GAAP,
(f)&nbsp;the implementation of the Mining Mandate (except to the extent the implementation of the Mining Mandate, not including for such purpose the associated documentation provided by the Company
to Kinross prior to the date of this Agreement, results in any change, effect, event, occurrence or state of facts that is, or would reasonably be expected to be, material and adverse, or the Mining
Mandate has been amended, replaced or otherwise changed in a material and adverse manner, to the continued ownership, development or operation of the FDN Deposit), or (g)&nbsp;any change in the
market price or trading volume of the common shares of the Company related to this Agreement and the Offer or the announcement thereof, or primarily resulting from a change, effect, event, occurrence
or state of facts excluded from this definition of the Company Material Adverse Effect under clauses&nbsp;(a), (b), (c), (d), (e)&nbsp;or&nbsp;(f) hereof; provided, however, that such change,
effect, event, occurrence or state of facts referred to in clause&nbsp;(a), (b), (c), (d), (e)&nbsp;or&nbsp;(f) above does not primarily relate only to (or&nbsp;have the effect of primarily
relating only to) the Company and its Subsidiaries, taken as a whole, or disproportionately adversely affect the Company and its Subsidiaries, taken as a whole, compared to other companies of similar
size operating in the industry in which the Company and its Subsidiaries operate and references in this Agreement to dollar amounts are not intended to be, and shall not be deemed to be, illustrative
or interpretive for purposes of determining whether a "Company Material Adverse Effect" has&nbsp;occurred; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Confidentiality Agreement</B></FONT><FONT SIZE=2>" means the confidentiality agreement dated effective October&nbsp;19, 2007 between Kinross and the&nbsp;Company; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>" means the date on which Kinross first pays for Common Shares deposited to the&nbsp;Offer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>FDN Deposit</B></FONT><FONT SIZE=2>" means intermediate-sulphidation, epithermal gold-silver deposit located within the 3,087&nbsp;hectare La Zarza concession
(ministry code 2121) of the Cordillera del Condor project in the Centinela del Condor canton of Zamora-Chinchipe Province of Ecuador, together with (a)&nbsp;all
privileges, rights, easements and appurtenances both at law and equity belonging to or for the benefit of such deposit, including means of access between such deposit and a public way and
(b)&nbsp;all rights associated with the ownership, development or operation of such deposit, including mineral interests and rights (including any claims, concessions, exploration licences,
exploitation licences, prospecting permits, mining leases and mining&nbsp;rights); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Governmental Entity</B></FONT><FONT SIZE=2>" means: (a)&nbsp;any Canadian, Ecuadorian, foreign, multinational, federal, provincial, state, regional, municipal, local or
other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=492548,FOLIO='2',FILE='DISK106:[08ZCL2.08ZCL41702]BY41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_by41702_1_3"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>domestic
or foreign; (b)&nbsp;any subdivision, agent, commission, board, or authority of any of the foregoing; (c)&nbsp;any self-regulatory authority; (d)&nbsp;the TSX;
(e)&nbsp;the NYSE; (f)&nbsp;the Frankfurt Stock Exchange; or (g)&nbsp;any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account
of any of the&nbsp;foregoing; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>" has the meaning given in the preamble to this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Laws</B></FONT><FONT SIZE=2>" means all laws (including common law), by-laws, statutes, rules, regulations, principles of law, orders, ordinances, judgments,
decrees or other requirements and the terms and conditions of any grant of approval, permission, authority or licence of or from any Governmental Entity, which, for greater certainty, shall include
the laws of Ecuador, and the term "</FONT><FONT SIZE=2><B>applicable</B></FONT><FONT SIZE=2>" with respect to such Laws and in a context that refers to one or more Parties, means such Laws as are
applicable to such Party or its business, undertaking, property or securities and emanate from a Person having jurisdiction over the Party or Parties or its or their business, undertaking, property
or&nbsp;securities; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>material</B></FONT><FONT SIZE=2>" means, with respect to Kinross or the Company (as&nbsp;the case may be), a fact, liability, transaction or circumstance concerning the
business, assets, liabilities, operations or financial condition of Kinross or the Company (as&nbsp;the case may be) and their respective Subsidiaries, taken as a whole, that would be reasonably
likely to have a significant effect on the value of the shares of Kinross or the Company (as&nbsp;the case may be) or that would prevent or materially delay completion of the Offer in accordance
with this&nbsp;Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Mining Mandate</B></FONT><FONT SIZE=2>" means the new Mining Mandate adopted by Ecuador's Constituent Assembly on April&nbsp;18, 2008 and any associated documentation
relating to the foregoing provided by the Company to Kinross prior to the date of this&nbsp;Agreement; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer</B></FONT><FONT SIZE=2>" means the offer by Kinross to the shareholders of the Company to purchase all of the outstanding Common Shares by way of take-over
bid on the terms and subject to the conditions set out in the Support Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Orders</B></FONT><FONT SIZE=2>" means orders, injunctions, judgments, administrative complaints, decrees, rulings, awards, assessments, directions, instructions, penalties or
sanctions issued, filed or imposed by any Governmental Entity or&nbsp;arbitrator; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Parties</B></FONT><FONT SIZE=2>" means Kinross and the Company; and "</FONT><FONT SIZE=2><B>Party</B></FONT><FONT SIZE=2>" means any one of them; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" includes an individual, partnership, association, body corporate, joint venture, business organization, trustee, executor, administrator, legal
representative, government (including any Governmental Entity) or any other entity, whether or not having legal&nbsp;status; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Purchase Price</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;2.1; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Purchased Shares</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;2.1; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Regulator</B></FONT><FONT SIZE=2>" means (i)&nbsp;any governmental or public entity department, court, commission, board, bureau, agency or instrumentality, (ii)&nbsp;any
quasi-governmental, self regulatory or private body exercising any regulatory authority and (iii)&nbsp;any stock&nbsp;exchange; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario)</FONT><FONT SIZE=2><I>,
R.S.O.&nbsp;1990</I></FONT><FONT SIZE=2>, c. S-5 and the rules, regulations and published policies made thereunder, as now in effect and as they may be amended from time to time prior to
the Effective&nbsp;Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Laws</B></FONT><FONT SIZE=2>" means the Securities Act and all other applicable provincial securities laws, rules and regulations and published policies thereunder
in&nbsp;Canada; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Subsidiary</B></FONT><FONT SIZE=2>" means, with respect to a specified body corporate, any body corporate of which more than 50% of the outstanding shares ordinarily entitled
to elect a majority of the board of directors thereof (whether or not shares of any other class or classes shall or might be </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=455742,FOLIO='3',FILE='DISK106:[08ZCL2.08ZCL41702]BY41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_by41702_1_4"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>entitled
to vote upon the happening of any event or contingency) are at the time owned directly or indirectly by such specified body corporate and shall include any body corporate, partnership, joint
venture or other entity over which such specified body corporate exercises direction or control or which is in a like relation to a&nbsp;Subsidiary; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Support Agreement</B></FONT><FONT SIZE=2>" means the support agreement dated July&nbsp;23, 2008 between Kinross and the Company, as the same may be amended or restated from
time to&nbsp;time; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>TSX</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Person</B></FONT><FONT SIZE=2>" has the meaning given in Regulation&nbsp;S promulgated under the U.S.&nbsp;Securities Act, which definition includes an
individual resident in the United&nbsp;States, an estate or trust of which any executor or administrator or trustee, respectively, is a U.S.&nbsp;Person and any partnership or company organized or
incorporated under the Laws of the United&nbsp;States;&nbsp;and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Securities Act</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities Act of 1933, as&nbsp;amended. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;Certain Rules of Interpretation  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>In
this Agreement: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Consent</B></FONT><FONT SIZE=2>&#151;Whenever a provision of this Agreement requires an approval or consent and the approval
or consent is not delivered within the applicable time limit, then, unless otherwise specified, the Party whose consent or approval is required shall be conclusively deemed to have withheld its
approval or&nbsp;consent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Currency</B></FONT><FONT SIZE=2>&#151;Unless otherwise specified, all references to money amounts are to the lawful currency
of&nbsp;Canada.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Governing Law</B></FONT><FONT SIZE=2>&#151;This Agreement is a contract made under and shall be governed by and construed in
accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable in the Province of Ontario. The Parties irrevocably attorn and submit to the non-exclusive
jurisdiction of the courts of the Province of Ontario with respect to any matter arising under or related to this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Headings</B></FONT><FONT SIZE=2>&#151;Headings of Articles and Sections are inserted for convenience of reference only and do
not affect the construction or interpretation of this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Including</B></FONT><FONT SIZE=2>&#151;Where the word "</FONT><FONT SIZE=2><B>including</B></FONT><FONT SIZE=2>" or
"</FONT><FONT SIZE=2><B>includes</B></FONT><FONT SIZE=2>" is used in this Agreement, it means "including (or&nbsp;includes) without limitation".
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>No Strict Construction</B></FONT><FONT SIZE=2>&#151;The language used in this Agreement is the language chosen by the Parties
to express their mutual intent, and no rule of strict construction shall be applied against any&nbsp;Party.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Number and Gender</B></FONT><FONT SIZE=2>&#151;Unless the context otherwise requires, words importing the singular include
the plural and vice versa and words importing gender include all&nbsp;genders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Severability</B></FONT><FONT SIZE=2>&#151;If, in any jurisdiction, any provision of this Agreement or its application to any
Party or circumstance is restricted, prohibited or unenforceable, the provision shall, as to that jurisdiction, be ineffective only to the extent of the restriction, prohibition or unenforceability
without invalidating the remaining provisions of this Agreement and without affecting the validity or enforceability of such provision in any other jurisdiction, or without affecting its application
to other Parties or circumstances.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Statutory References</B></FONT><FONT SIZE=2>&#151;A reference to a statute includes all regulations and rules made pursuant
to the statute and, unless otherwise specified, the provisions of any statute, regulation or rule which amends, supplements or supersedes any such statute, regulation or&nbsp;rule. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=4,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=684757,FOLIO='4',FILE='DISK106:[08ZCL2.08ZCL41702]BY41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_by41702_1_5"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Time</B></FONT><FONT SIZE=2>&#151;Time is of the essence in the performance of the Parties' respective obligations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Time Periods</B></FONT><FONT SIZE=2>&#151;Unless otherwise specified, time periods within or following which any payment is
to be made or act is to be done, shall be calculated by excluding the day on which the period commences and including the day on which the period ends and by extending the period to the next business
day following if the last day of the period is not a business&nbsp;day. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>1.3&nbsp;&nbsp;&nbsp;Entire Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement, the Support Agreement and the Confidentiality Agreement constitute the entire agreement between the Parties and set out all the covenants, promises, warranties, representations,
conditions and agreements between the Parties in connection with the subject matter of this Agreement and supersede all prior agreements, understandings, negotiations and discussions, whether oral or
written, pre-contractual or otherwise. There are no covenants, promises, warranties, representations, conditions, understandings or other agreements, whether oral or written,
pre-contractual or otherwise, express, implied or collateral between the Parties in connection with the subject matter of this Agreement except as specifically set forth in this Agreement
and the Support Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="by41702_article_2_purchase_and_sale"> </A>
<A NAME="toc_by41702_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 2    <BR>    <BR>    PURCHASE AND SALE    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;Purchase of Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Pursuant
to the terms, and subject to the provisions, of this Agreement, at the Closing Time, Kinross shall purchase from the Company, and the Company shall issue and sell to Kinross
15,000,000&nbsp;Common Shares (the&nbsp;"</FONT><FONT SIZE=2><B>Purchased Shares</B></FONT><FONT SIZE=2>") at a price of $4.75 per Common Share, for an aggregate of $71,250,000
(the&nbsp;"</FONT><FONT SIZE=2><B>Purchase Price</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.2&nbsp;&nbsp;&nbsp;Place of Closing  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
Closing shall take place at the Closing Time at the offices of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP located at 1&nbsp;First Canadian Place, 63<SUP>rd</SUP>&nbsp;Floor, Toronto,
Ontario, M5X&nbsp;1B8, or at such other place as may be agreed upon by the Company and&nbsp;Kinross. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.3&nbsp;&nbsp;&nbsp;Tender  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Any
tender of documents under this Agreement shall be made upon the Parties or their respective counsel. Any tender of money under this Agreement shall be made by wire transfer or certified cheque of
immediately available funds to the Party entitled to receive payment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.4&nbsp;&nbsp;&nbsp;Satisfaction of Purchase Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
shall satisfy the Purchase Price at the Closing Time by a cash payment to the Company of an amount equal to the Purchase&nbsp;Price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.5&nbsp;&nbsp;&nbsp;Use of Proceeds  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
Company will use the proceeds received by it under this Agreement for general corporate purposes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=5,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=668777,FOLIO='5',FILE='DISK106:[08ZCL2.08ZCL41702]BY41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_ca41702_1_6"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca41702_article_3_reprsentatio__ca402233"> </A>
<A NAME="toc_ca41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 3    <BR>    <BR>    REPRSENTATIONS, WARRANTIES AND ACKNOWLEDGMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.1&nbsp;&nbsp;&nbsp;Representations and Warranties of Kinross  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
hereby represents and warrants to the Company as set forth below, and acknowledges that the Company is relying upon these representations and warranties in connection with the entering into of
this&nbsp;Agreement.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
is a corporation validly existing under the Laws of the Province of&nbsp;Ontario.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder. The execution and delivery of
this Agreement by Kinross, and the performance of its obligations hereunder, have been duly authorized by the board of directors of Kinross (or&nbsp;any authorized committee thereof) and no other
corporate proceedings on the part of Kinross are necessary to authorize this Agreement. This Agreement has been duly executed and delivered by Kinross and constitutes a legal, valid and binding
obligation of Kinross, enforceable by the Company against Kinross in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency and other applicable Laws
affecting the enforcement of creditors' rights generally and subject to the qualification that equitable remedies may be granted only in the discretion of a court of competent jurisdiction.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
is: (i)&nbsp;resident in the Province of Ontario; (ii)&nbsp;an "accredited investor" as such term is defined in National
Instrument&nbsp;45-106, "Prospectus and&nbsp;Registration Exemptions"; and (iii)&nbsp;is purchasing Common Shares as principal for its own&nbsp;account.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>KINROSS
HAS KNOWLEDGE IN FINANCIAL AND BUSINESS AFFAIRS, IS CAPABLE OF EVALUATING THE MERITS AND RISKS OF AN INVESTMENT IN THE PURCHASED SHARES, AND IS ABLE
TO BEAR THE ECONOMIC RISK OF SUCH INVESTMENT EVEN IF THE ENTIRE INVESTMENT IS&nbsp;LOST.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
distribution of the Purchased Shares pursuant to this Agreement has not been made through, or as a result of, and is not being accompanied by,
(i)&nbsp;a general solicitation, (ii)&nbsp;any advertisement including articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or
television, or (iii)&nbsp;any seminar or meeting whose attendees have been invited by general solicitation or general advertising.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
is not a U.S.&nbsp;Person and is not acquiring the Purchased Shares for the account of or benefit of a U.S.&nbsp;Person or a Person in the
United&nbsp;States.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
Person has made any oral or written representations to Kinross: (i)&nbsp;that any person will resell or repurchase; or (ii)&nbsp;as to the future
value or price of the Purchased Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
execution and delivery of and performance by Kinross of this Agreement do not and will not (or&nbsp;would not with the giving of notice, the lapse of
time or the happening of any other event of condition) result in a breach or violation of or a conflict with, or allow any other person to exercise any rights under any of the terms or provisions of
Kinross' constating documents or by-laws, or any other contract, agreement, instrument, undertaking or covenant to which Kinross is a party or by which it is&nbsp;bound.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
has obtained such legal and tax advice as it considers appropriate in connection with the offer, sale and issuance of the Purchased Shares and the
execution, delivery and performance by it of this Agreement and the transactions contemplated by this Agreement. Kinross is not relying on the Company, its affiliates or counsel or any of them in
this&nbsp;regard. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>

<!-- ZEQ.=1,SEQ=6,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=24633,FOLIO='6',FILE='DISK106:[08ZCL2.08ZCL41702]CA41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_ca41702_1_7"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.2&nbsp;&nbsp;&nbsp;Acknowledgements of Kinross  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
acknowledges to the Company that: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AN
INVESTMENT IN THE PURCHASED SHARES IS NOT WITHOUT RISK AND KINROSS MAY LOSE ITS ENTIRE INVESTMENT;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
offer, sale and issuance of the Purchased Shares is exempt from the prospectus and registration requirements of the Securities Laws and, as a result:
(i)&nbsp;Kinross may not receive information that would otherwise be required under Securities Laws or be contained in a prospectus prepared in accordance with the Securities Laws,
(ii)&nbsp;Kinross is restricted from using most of the protections, rights and remedies available under the Securities Laws, including statutory rights of rescission or damages, and (iii)&nbsp;the
Company is relieved from certain obligations that would otherwise apply under the Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Purchased Shares subscribed for hereunder have not been and will not be registered under the U.S.&nbsp;Securities Act, or any state securities Laws
and the Purchased Securities subscribed for hereunder may not be offered or sold in the United&nbsp;States or to a U.S.&nbsp;Person except in compliance with the requirements of an exemption from
registration under the U.S.&nbsp;Securities Act and any applicable state securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company is required to file&nbsp;a report of trade with all applicable Regulators containing personal information about Kinross. The Company may also
be required pursuant to the Securities Laws to file this Agreement on SEDAR. By completing this Agreement, Kinross authorizes the indirect collection of the information described by all applicable
Regulators and consents to the disclosure of such information to the public through (i)&nbsp;the filing of a report of trade with all applicable Regulators and (ii)&nbsp;the filing of this
Agreement on&nbsp;SEDAR;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
certificates representing the Purchased Shares, as applicable, (and&nbsp;any replacement certificate issued prior to the expiration of the applicable
hold periods) will bear the following legend in accordance with applicable Securities&nbsp;Laws; </FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2008." </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Purchased Shares cannot be traded through the facilities of the TSX since the certificates representing the Purchased Shares are not freely transferable
and consequently are not "good delivery" in settlement of transactions on the&nbsp;TSX;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
certificates representing the Purchased Shares (and&nbsp;any replacement certificate issued prior to the expiration of the applicable hold periods)
will bear a legend substantially in the form of the following legend as required by the&nbsp;TSX: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE ("TSX"); HOWEVER, THE SAID SECURITIES CAN NOT BE TRADED THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT
FREELY
TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT 'GOOD DELIVERY' IN SETTLEMENT OF TRANSACTIONS ON THE TSX.";&nbsp;and  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
is at arm's length, within the meaning of the policies of the TSX, with the&nbsp;Company. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.3&nbsp;&nbsp;&nbsp;Representations and Warranties of the Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
representations and warranties of the Company set out in the Support Agreement, as qualified by the Company Disclosure Letter, shall be incorporated by reference and made in favour of Kinross
(with each reference to "this Agreement" in such representations and warranties being a reference to this </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=7,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=968686,FOLIO='7',FILE='DISK106:[08ZCL2.08ZCL41702]CA41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_ca41702_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2>Agreement
for the purposes of this Agreement), and the Company acknowledges that Kinross is relying upon these representations and warranties in connection with the entering into of this Agreement. In
addition, the Company hereby represents and warrants to Kinross as set forth below, and acknowledges that Kinross is relying upon these representations and warranties in connection with the entering
into of this&nbsp;Agreement.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Purchased Shares&#151;</B></FONT><FONT SIZE=2>At the Closing, the Purchased Shares will be issued and outstanding as fully
paid and non-assessable shares in the capital of the&nbsp;Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Securities&#151;</B></FONT><FONT SIZE=2>Assuming the accuracy of the representations and warranties of Kinross in
Section&nbsp;3.1(c), the offering, sale, issuance and delivery of the Purchased Shares to Kinross under this Agreement are exempt from prospectus and registration requirements under the Securities
Laws. The issuance of the Purchased Shares have been made in compliance with applicable corporate Laws and the Securities&nbsp;Laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>No Broker&#151;</B></FONT><FONT SIZE=2>The Company has carried on all negotiations relating to this Agreement and the
transactions contemplated in this Agreement directly and without intervention on its behalf of any other party in such manner as to give rise to any valid claim for a brokerage commission, finder's
fee or other like payment against Kinross, the Company or any of its Subsidiaries. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.4&nbsp;&nbsp;&nbsp;Non-Waiver  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
investigations made by or on behalf of Kinross at any time shall have the effect of waiving, diminishing the scope or otherwise affecting any
representation or warranty made by the Company in or pursuant to this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
waiver of any condition or other provisions, in whole or in part, shall constitute a waiver of any other condition or provision (whether or not similar)
nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.5&nbsp;&nbsp;&nbsp;Nature and Survival  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>With
the exception of Sections&nbsp;6.2, 6.3 and&nbsp;6.4, which will survive Closing and have full force and effect for a period of 12&nbsp;months from the Closing Date, all representations,
warranties and covenants contained in this Agreement on the part of each of the Parties shall survive Closing and have full force and effect for the longer of: (a)&nbsp;the period that is three
months from the Closing Date; or (b)&nbsp;the period from the Closing Date to the Effective&nbsp;Date. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca41702_article_4_conditions_precedent_of_kinross"> </A>
<A NAME="toc_ca41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 4    <BR>    <BR>    CONDITIONS PRECEDENT OF KINROSS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
obligation of Kinross to complete the purchase of the Purchased Shares under this Agreement shall be subject to the satisfaction of, or compliance with, at or before the Closing Time, each of the
following conditions precedent (each of which is acknowledged to be inserted for the exclusive benefit of Kinross and may be waived by it in whole or in&nbsp;part). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.1&nbsp;&nbsp;&nbsp;Truth and Accuracy of Representations of Company at the Closing Time  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At
and as of the Closing Time, all of the representations and warranties of the Company made in or pursuant to this Agreement: (a)&nbsp;that are qualified by a reference to Company Material Adverse
Effect or materiality shall be true and correct in all respects; and (b)&nbsp;that are not qualified by a reference to Company Material Adverse Effect or materiality shall be true and correct in all
material respects and Kinross shall have received a certificate of the Company, signed by two senior officers (without personal liability), satisfactory to Kinross acting reasonably, certifying the
foregoing after due&nbsp;inquiry. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=8,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=421149,FOLIO='8',FILE='DISK106:[08ZCL2.08ZCL41702]CA41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_ca41702_1_9"> </A>


<P style="font-family:times;"><FONT SIZE=2><B>4.2&nbsp;&nbsp;&nbsp;Performance of Obligations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Company shall have observed and performed its obligations in the Agreement in all material respects to the extent that such obligations were to have been observed or performed by the Company at or
prior to the Closing Time (without giving effect to, applying or taking into consideration any materiality qualification already contained in such obligation) and Kinross shall have received a
certificate of the Company, signed by two senior officers (without personal liability), satisfactory to Kinross acting reasonably, certifying the foregoing after due&nbsp;inquiry. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>4.3&nbsp;&nbsp;&nbsp;Receipt of Closing Documentation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
documentation relating to the due authorization and completion of the sale and purchase of the Purchased Shares under this Agreement and all actions and proceedings taken on or prior to the
Closing in connection with the performance by the Company of its obligations under this Agreement, shall be satisfactory to Kinross, acting reasonably, and Kinross shall have received copies of all
such documentation or other evidence as it may reasonably request in order to establish the consummation of the transactions contemplated by this Agreement and the taking of all corporate proceedings
in connection with such transactions in compliance with these conditions, in form (as&nbsp;to certification and otherwise) and substance satisfactory to&nbsp;Kinross. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.4&nbsp;&nbsp;&nbsp;Opinion of Counsel for Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
shall have received an opinion dated the Closing Date from counsel for the Company, Cassels Brock&nbsp;&amp; Blackwell&nbsp;LLP, with respect to the matters set out in Schedule&nbsp;"A"
attached hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.5&nbsp;&nbsp;&nbsp;TSX Approval  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
TSX shall have conditionally approved the issue of the Purchased Shares and the conditional listing of the Purchased Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.6&nbsp;&nbsp;&nbsp;No Proceedings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>There
shall be no Order issued delaying, restricting or preventing, and no pending or threatened Claim, or judicial or administrative proceeding, or investigation against any Party by any Person, for
the purpose of enjoining, delaying, restricting or preventing, the consummation of the transactions contemplated by this Agreement or otherwise claiming that this Agreement or the consummation of such
transactions is improper or would give rise to proceedings under any&nbsp;Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.7&nbsp;&nbsp;&nbsp;No Material Adverse Effect  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>There
shall have been no Company Material Adverse Effect since the date of this&nbsp;Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>4.8&nbsp;&nbsp;&nbsp;Actions to Satisfy Closing Conditions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
any of the foregoing conditions in this Article&nbsp;4 has not been fulfilled by Closing, Kinross may terminate this Agreement by notice in writing to the Company, in which event Kinross is
released from all obligations under this Agreement, and unless Kinross can show that the condition relied upon could reasonably have been performed by the Company, the Company is also released from
all obligations under this Agreement. However, Kinross may waive compliance with any condition in whole or in part if it sees fit to do so, without prejudice to its rights of termination in the event
of non-fulfilment of any other condition, in whole or in part, or to its rights to recover damages for the breach of any representation, warranty, covenant or condition contained in
this&nbsp;Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=9,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=594377,FOLIO='9',FILE='DISK106:[08ZCL2.08ZCL41702]CA41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_ca41702_1_10"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca41702_article_5_conditions_precedent_of_the_company"> </A>
<A NAME="toc_ca41702_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 5    <BR>    <BR>    CONDITIONS PRECEDENT OF THE COMPANY    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
obligations of the Company to complete the sale of the Purchased Shares under this Agreement shall be subject to the satisfaction of or compliance with, at or before the Closing Time, each of the
following conditions precedent (each of which is acknowledged to be inserted for the exclusive benefit of the Company and may be waived by it in whole or in&nbsp;part). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.1&nbsp;&nbsp;&nbsp;Truth and Accuracy of Representations of Kinross at the Closing Time  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At
and as of the Closing Time, all of the representations and warranties of Kinross made in or pursuant to this Agreement shall be true and correct in all material respects and the Company shall have
received a certificate of Kinross, signed by two senior officers (without personal liability), satisfactory to Company acting reasonably, certifying the foregoing after due&nbsp;inquiry. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.2&nbsp;&nbsp;&nbsp;Performance of Obligations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
shall have observed and performed its obligations in the Agreement in all material respects to the extent that such obligations were to have been observed or performed by Kinross at or prior
to the Closing Time (without giving effect to, applying or taking into consideration any materiality qualification already contained in such obligation) and the Company shall have received a
certificate of Kinross, signed by two senior officers (without personal liability), satisfactory to the Company acting reasonably, certifying the foregoing after due&nbsp;inquiry. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.3&nbsp;&nbsp;&nbsp;TSX Approval  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
TSX shall have conditionally approved the issue of the Purchased Shares and the conditional listing of the Purchased Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>5.4&nbsp;&nbsp;&nbsp;No Proceedings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>There
shall be no Order issued delaying, restricting or preventing, and no pending or threatened Claim, or judicial or administrative proceeding, or investigation against any Party by any Person, for
the purpose of enjoining, delaying, restricting or preventing, the consummation of the transactions contemplated by this Agreement or otherwise claiming that this Agreement or the consummation of such
transactions is improper or would give rise to proceedings under any&nbsp;Laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>5.5&nbsp;&nbsp;&nbsp;Receipt of Documentation and Purchase Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
documentation relating to the due authorization and completion of the sale and purchase of the Purchased Shares under this Agreement and all actions and proceedings taken on or prior to the
Closing in connection with the performance by Kinross of its obligations under this Agreement, shall be satisfactory to the Company, acting reasonably, and the Company shall have received not later
than the Closing Time, (i)&nbsp;a wire transfer or such other method of payment acceptable to the Company, representing the aggregate Purchase Price payable for the Purchased Shares subscribed for
by Kinross; and (ii)&nbsp;copies of all such documentation or other evidence as it may reasonably request in order to establish the consummation of the transactions contemplated by this Agreement
and the taking of all corporate proceedings in connection with such transactions in compliance with these conditions, in form (as&nbsp;to certification and otherwise) and substance satisfactory to
the&nbsp;Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.6&nbsp;&nbsp;&nbsp;Actions to Satisfy Closing Conditions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
any of the foregoing conditions in this Article&nbsp;5 has not been fulfilled by Closing, the Company may terminate this Agreement by notice in writing to Kinross, in which event the Company is
released from </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=10,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=784065,FOLIO='10',FILE='DISK106:[08ZCL2.08ZCL41702]CA41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_ca41702_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2>all
obligations under this Agreement, and unless the Company can show that the condition relied upon could reasonably have been performed by Kinross, Kinross is also released from all obligations
under this Agreement. However, the Company may waive compliance with any condition in whole or in part if it sees fit to do so, without prejudice to its rights of termination in the event of
non-fulfilment of any other condition in whole or in part or to its rights to recover damages for the breach of any representation, warranty, covenant or condition contained in
this&nbsp;Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca41702_article_6_covenants"> </A>
<A NAME="toc_ca41702_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 6    <BR>    <BR>    COVENANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.1&nbsp;&nbsp;&nbsp;Conduct of Business Prior to Closing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>During
the period from the date of this Agreement to the Closing Time, the Company shall conduct its business in the ordinary course, consistent with past practice and not, without the prior written
consent of Kinross, enter into any transaction which, if effected before the date of this Agreement, would constitute a breach of the representations, warranties or agreements of the Company contained
in this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.2&nbsp;&nbsp;&nbsp;Securities Filings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Forthwith
after the Closing, the Company shall file such forms and documents as may be required under the Securities&nbsp;Laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>6.3&nbsp;&nbsp;&nbsp;Company Post-Closing Covenants  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company shall take all required actions to satisfy the conditional listing requirements of the TSX with respect to the listing of the Purchased Shares
promptly after the Closing, and in any event within the time period prescribed by the TSX to satisfy such requirements.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For
a period of at least 12&nbsp;months after the Closing Date (provided that Kinross continues to hold any of the Purchased Shares during such period),
the Company hereby covenants and agrees with Kinross as&nbsp;follows:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall maintain its status as a "reporting issuer" and not be in material default of any requirement of the Securities Laws;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company shall use its reasonable commercial efforts to maintain the listing on the TSX of the Common&nbsp;Shares. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>6.4&nbsp;&nbsp;&nbsp;Kinross Post-Closing Covenants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
agrees that it will tender all of the Purchased Shares to a Superior Proposal (as&nbsp;defined in the Support Agreement) or vote in favour of a Superior Proposal, if applicable, if
(a)&nbsp;Kinross does not exercise its right to match in Section&nbsp;7.1 of the Support Agreement and (b)&nbsp;the Support Agreement has been terminated pursuant to Section&nbsp;6.1(l)
therein. Kinross further agrees that it will not purchase any additional Common Shares of the Company, except under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.5&nbsp;&nbsp;&nbsp;Actions to Satisfy Closing Conditions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
of the Parties shall take all such actions as are within its power to control, and use reasonable commercial efforts to cause other actions to be taken which are not within its power to control,
so as to ensure compliance with each of the conditions and covenants set forth in Article&nbsp;4, Article&nbsp;5 and Article&nbsp;6 which are for the benefit of any other Party, provided that
the Company shall not be required to dispose of or make any change to its business, the business of the Company or any of its Subsidiaries, or expend any material amounts or incur any other obligation
in order to comply with this Section&nbsp;6.5. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=11,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=946447,FOLIO='11',FILE='DISK106:[08ZCL2.08ZCL41702]CA41702A.;7',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_cc41702_1_12"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc41702_article_7_general"> </A>
<A NAME="toc_cc41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 7<BR>  <BR>    GENERAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.1&nbsp;&nbsp;&nbsp;Waiver  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
Company hereby waives the application of the standstill covenant contained in Section&nbsp;7 of the Confidentiality Agreement to permit the purchase of the Purchased Shares by Kinross pursuant
to this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.2&nbsp;&nbsp;&nbsp;Expenses  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
Party shall pay its own expenses incurred in connection with this Agreement, the completion of the transactions contemplated hereby and/or the termination of this Agreement, irrespective of the
completion of the transactions contemplated hereby. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>7.3&nbsp;&nbsp;&nbsp;Notices  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
notices, requests, demands and other communications hereunder shall be deemed to have been duly given and made if in writing and if served by personal delivery upon the Party for whom it is
intended or delivered, or if sent by facsimile transmission, upon confirmation that such transmission has been properly effected, to the Person at the address set forth below, or such other address as
may be designated in writing hereafter, in the same manner, by such Person. The date of receipt of any such notice or other communication if delivered personally shall be deemed to be the date of
delivery thereof, or if sent by facsimile transmission the date of such transmission if sent on a business day, failing which it shall be deemed to have been received on the next business&nbsp;day. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>If
to Kinross: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
Gold Corporation<BR>
52<SUP>nd</SUP>&nbsp;Floor<BR>
Scotia Plaza<BR>
40&nbsp;King Street West<BR>
Toronto, ON M5H&nbsp;3Y2 </FONT></P>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="349" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;363-6622</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Legal Officer and Executive Vice President, Strategic Development</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>with
a copy to (which shall not constitute notice to Kinross): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Osler,
Hoskin&nbsp;&amp; Harcourt&nbsp;LLP<BR>
1&nbsp;First Canadian Place<BR>
Suite&nbsp;6600<BR>
Toronto, ON M5X&nbsp;1B8 </FONT></P>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="307" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;862-6666</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Clay Horner and Douglas Bryce</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P style="font-family:times;"><FONT SIZE=2>If
to the Company: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Aurelian
Resources&nbsp;Inc.<BR>
350 Bay Street<BR>
Suite 1100<BR>
Toronto, ON M5H&nbsp;2S6 </FONT></P>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="349" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;868-1807</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=12,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=98187,FOLIO='12',FILE='DISK106:[08ZCL2.08ZCL41702]CC41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_cc41702_1_13"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>with
a copy to (which shall not constitute notice to the Company): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Cassels
Brock&nbsp;&amp; Blackwell&nbsp;LLP<BR>
2100&nbsp;Scotia Plaza<BR>
40&nbsp;King Street West<BR>
Toronto, ON M5H&nbsp;3C2 </FONT></P>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="73" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="55" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="307" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>416-644-9337</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Jay Goldman</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>Any
Party may at any time change its address for service from time to time by giving notice to the other Parties in accordance with this Section&nbsp;7.3. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.4&nbsp;&nbsp;&nbsp;Assignment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross
shall be entitled, upon giving notice to the Company at any time prior to the Closing Date, to assign all of its rights and obligations under this Agreement to any Subsidiary of Kinross. In
such case, such assignee shall have and may exercise all the rights, and shall assume all of the obligations, of Kinross under this Agreement, except that such assignment shall not release Kinross
from liability for its obligations under this Agreement. Except for such permitted assignment, no party may assign this Agreement or any rights or obligations under this Agreement without the prior
written consent of the other&nbsp;Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.5&nbsp;&nbsp;&nbsp;Enurement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement enures to the benefit of and is binding upon the Parties and their respective successors and permitted assigns. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>7.6&nbsp;&nbsp;&nbsp;Amendment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>No
amendment, supplement, modification or waiver or termination of this Agreement and, unless otherwise specified, no consent or approval by any Party, is binding unless executed in writing by the
Party to be bound&nbsp;thereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.7&nbsp;&nbsp;&nbsp;Further Assurances  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Parties shall, with reasonable diligence, do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each
Party shall provide such further documents or instruments required by any other Party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions,
whether before or after the&nbsp;Closing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.8&nbsp;&nbsp;&nbsp;Execution and Delivery  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement may be executed by the Parties in counterparts and may be executed and delivered by facsimile (or&nbsp;other electronic means) and all such counterparts together constitute one and
the same&nbsp;agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[The remainder of this page is intentionally left blank.]</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=13,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=377060,FOLIO='13',FILE='DISK106:[08ZCL2.08ZCL41702]CC41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_cc41702_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>IN WITNESS OF WHICH</B></FONT><FONT SIZE=2> the Parties have duly executed this Agreement. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="186" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>TYE W. BURT</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: Tye W. Burt<BR>
Title: President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>AURELIAN RESOURCES&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>PATRICK ANDERSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: Patrick Anderson<BR>
Title: Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>WILLIAM FISHER</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: William Fisher<BR>
Title: Chairman<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Subscription Agreement  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=14,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=953145,FOLIO='14',FILE='DISK106:[08ZCL2.08ZCL41702]CC41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_ce41702_1_15"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce41702_schedule_a"> </A>
<A NAME="toc_ce41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULE A    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is a corporation existing under the laws of Canada. There are no restrictions on the corporate power and capacity of the Company to own and lease
property and assets and to carry on&nbsp;business.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>There
are no restrictions on the corporate power and capacity of the Company to enter into the Agreement or to carry out its obligations thereunder,
including the issuance of the Purchased Shares. The execution and delivery of the Agreement and the performance by the Company of its obligations under the Agreement have been duly authorized by all
necessary corporate action on the part of the&nbsp;Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
authorized capital of the Company consists of an unlimited number of common shares and an unlimited number of preferred shares, issuable
in&nbsp;series.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is a reporting issuer in the Province of Ontario and is not included in the list of defaulting reporting issuers maintained by the Ontario
Securities Commission.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agreement has been duly executed and delivered by the Company and is enforceable against the Company in accordance with its&nbsp;terms.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Purchased Shares have been duly authorized and validly issued and are fully-paid and non-assessable.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
listing of the Purchased Shares on the TSX has been approved by the TSX, subject only to the Company fulfilling the requirements specified in the letter
from the TSX to the Company dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2008 regarding the listing of the Purchased Shares on or
before&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
execution and delivery of the Agreement by the Company and the performance of its obligations thereunder, including the issuance, sale and delivery of
the Purchased Shares and do not or will not violate, contravene or breach any provision of: (a)&nbsp;the articles or by-laws of the Company; and (b)&nbsp;the laws of the Province of
Ontario and the federal laws of Canada applicable in the Province of&nbsp;Ontario.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Equity
Transfer Services&nbsp;Inc., at its office in the City of Toronto, Ontario, has been duly appointed as the transfer agent and registrar of the
Common&nbsp;Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
offering, issuance, sale and delivery of the Purchased Shares by the Company to Kinross in accordance with the Agreement are exempt from the prospectus
requirements of applicable Securities Laws and no prospectus is required nor are other documents required to be filed, proceedings taken or approvals, permits, consents or authorizations of regulatory
authorities obtained under applicable Securities Laws to permit the offering, issuance, sale and delivery of the Purchased Shares by the Company to Kinross, however the Company is required to
file&nbsp;a report with the OSC on Form&nbsp;45-106F1&nbsp;prepared and executed in accordance with NI&nbsp;45-106&nbsp;within 10&nbsp;days from the date of this
letter, accompanied by any applicable prescribed&nbsp;fees.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>11.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
prospectus is required nor are other documents required to be filed, proceedings taken, or approvals, permits, consents or authorizations of regulatory
authorities obtained under applicable Securities Laws to permit a holder of Purchased Shares to trade those securities, either through registrants or dealers registered under applicable laws who
comply with those applicable laws or in circumstances in which there is an exemption from the registration requirements of the applicable Securities Laws,
provided&nbsp;that:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Company is, and has been, a reporting issuer in a jurisdiction of Canada for the four months immediately preceding the&nbsp;trade;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
the time of the trade, at least four months have elapsed from the date of this&nbsp;letter; </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=15,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=29320,FOLIO='15',FILE='DISK106:[08ZCL2.08ZCL41702]CE41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<A NAME="page_ce41702_1_16"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
certificates representing the Purchased Shares carried a legend in the form prescribed by National Instrument&nbsp;45-102 </FONT> <FONT SIZE=2><I>Resale of Securities</I></FONT><FONT SIZE=2> ("</FONT><FONT SIZE=2><B>NI&nbsp;45-102</B></FONT><FONT
SIZE=2>") stating that, unless permitted under securities
legislation, the holder shall not trade that security before the date which is four months and one day from the date of this&nbsp;letter;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
trade is not a control distribution within the meaning of NI&nbsp;45-102;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
unusual effort is made to prepare the market or to create a demand for the securities that are the subject of the&nbsp;trade;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
extraordinary commission or consideration is paid to a person or company in respect of the trade;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if
the holder is an insider or officer of the Company, the holder has no reasonable grounds to believe that the Company is in default of securities
legislation. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=16,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3",CHK=420280,FOLIO='16',FILE='DISK106:[08ZCL2.08ZCL41702]CE41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:42' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_by41702_1">Exhibit 2.2</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_by41702_2">SUBSCRIPTION AGREEMENT</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_by41702_3">ARTICLE 1 DEFINITIONS AND INTERPRETATION</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_by41702_4">ARTICLE 2 PURCHASE AND SALE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca41702_1">ARTICLE 3 REPRSENTATIONS, WARRANTIES AND ACKNOWLEDGMENTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca41702_2">ARTICLE 4 CONDITIONS PRECEDENT OF KINROSS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca41702_3">ARTICLE 5 CONDITIONS PRECEDENT OF THE COMPANY</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca41702_4">ARTICLE 6 COVENANTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc41702_1">ARTICLE 7 GENERAL</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ce41702_1">SCHEDULE A</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>4
<FILENAME>a2186998zex-2_3.htm
<DESCRIPTION>EXHIBIT 2.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="cg41702_exhibit_2.3"> </A>
<A NAME="toc_cg41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;2.3    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> <U>STRICTLY CONFIDENTIAL</U>  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR>
To: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
(the&nbsp;"</FONT><FONT SIZE=2><B>Seller</B></FONT><FONT SIZE=2>") </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
Dear Sirs/Mesdames: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="16" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="430" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Re:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>Proposed Transaction between Aurelian Resources&nbsp;Inc. and Kinross Gold Corporation</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>As you are aware, Kinross Gold Corporation ("</FONT><FONT SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>") proposes to make an offer for all of the issued and outstanding common
shares (the&nbsp;"</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>") in the capital of Aurelian Resources&nbsp;Inc.
(the&nbsp;"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>") including any Common Shares that may become issued and outstanding after the date of the Offer upon the exercise of any existing
options or other rights to purchase Common Shares. This
letter agreement (the&nbsp;"</FONT><FONT SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>") sets out the terms and conditions pursuant to which the Seller agrees to support the Offer and to deposit, or
cause to be deposited, under the Offer the "</FONT><FONT SIZE=2><B>Seller's Shares</B></FONT><FONT SIZE=2>" (as&nbsp;defined below), and sets out the obligations and commitments of the Seller in
connection therewith. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Concurrently
with the execution of this Agreement, Kinross has entered into a support agreement with the Company (the&nbsp;"</FONT><FONT SIZE=2><B>Support Agreement</B></FONT><FONT SIZE=2>")
pursuant to which the Company has agreed to support the Offer. The term "</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>" and capitalized terms defined in the Support Agreement that appear
herein without definition have the meanings ascribed to them in the Support Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Offer for Securities of the Company</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Kinross
agrees to make the Offer on the terms, and subject to the conditions set out in the Support Agreement. The obligation of Kinross to take-up and pay for the Common Shares under the
Offer shall not be subject to any conditions except for those conditions set out in Schedule&nbsp;A of the Support Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deposit</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Subject
to Section&nbsp;3, the Seller hereby agrees to deposit or cause to be deposited under the Offer in accordance with its terms, as soon as practicable and in any event no later than ten days
after the mailing of the Offering Circular, all of the Seller's Shares, together with a duly completed and executed letter of transmittal, under the Offer, and thereafter except as may be permitted
under this Agreement not withdraw or permit the Seller's Shares to be withdrawn from the Offer. In the event that the Seller subsequently obtains any additional Common Shares, such Common Shares and
SRP Rights associated with such Common Shares shall likewise be immediately deposited under the Offer in accordance with its&nbsp;terms. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Withdrawal</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>The
Seller hereby agrees that neither it nor any Person on its behalf will withdraw or take any action to withdraw any of the Seller's Shares deposited under the Offer notwithstanding any statutory
rights or other rights under the terms of the Offer or otherwise which it might have, unless this Agreement is terminated in accordance with its terms prior to the take up and payment of the Seller's
Shares under the&nbsp;Offer. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Making the Offer</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>The
conditions to the making of the Offer are set out in Section&nbsp;2.1(l) of the Support Agreement. By commencing the Offer, Kinross shall be deemed to have waived such conditions insofar as they
are conditions of making the Offer. It is understood and agreed that the conditions are for the </FONT></P>

</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=776425,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]CG41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_cg41702_1_2"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>sole
benefit of Kinross and Kinross may, in its sole discretion, modify or waive any term or condition of making the&nbsp;Offer. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants of the Seller</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>The
Seller agrees that during the period commencing on the date hereof and continuing until the earlier of the termination of the Offer and termination of this Agreement and except as otherwise
contemplated herein or permitted hereunder: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>It
will immediately cease and cause to be terminated existing discussions, if any, with any Person (other than Kinross) with respect to any potential
Acquisition Proposal and it will not, directly or indirectly, make, solicit, assist, initiate, encourage or otherwise facilitate any inquiries, proposals or offers from any Person (including any of
its officers or employees), other than Kinross or its affiliates, relating to any Acquisition Proposal or participate in, in any discussions or negotiations regarding, or furnish to any Person other
than Kinross or its affiliates, any information with respect to or otherwise cooperate in any way with, or assist or participate in, facilitate or encourage any effort or attempt by any Person (other
than Kinross or its affiliates), to do or seek to do any of the&nbsp;foregoing.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>It
will not sell, transfer or encumber in any way any Seller's Shares or relinquish or restrict the Seller's right to vote any Seller's Shares, other than
pursuant to the&nbsp;Offer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>It
will not prior to the public announcement by Kinross of the terms of the Offer, directly or indirectly, disclose to any Person, the existence or the
terms and conditions of this Agreement, the Support Agreement or the possibility of the Offer being made or any terms or conditions or other information concerning any possible offers for the Common
Shares. These provisions shall not apply to any disclosure which is required by Law or which is made by the Seller, if applicable, to its directors, officers, employees and professional advisors in
connection with the preparation of this Agreement provided that, if applicable, any such directors, officers, employees and professional advisors agree to be bound by the restrictions contained in
this Section&nbsp;5(c).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>It
shall take all such steps as are required to ensure that at the time at which the Seller tenders the Seller's Shares to the Offer, the Seller's Shares
will be owned beneficially by the Seller with a good and marketable title thereto, free and clear of any and all mortgages, liens, charges, restrictions, security interests, adverse claims, pledges,
encumbrances and demands of any nature or kind whatsoever and will not be subject to any shareholders' agreements, voting trust or other similar agreements or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming a shareholders' agreement, voting trust or other agreement affecting the Seller's Shares or the ability of any holder thereof to exercise
all ownership rights&nbsp;thereto.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>It
will not do indirectly that which it may not do directly in respect of the restrictions on its rights with respect to the Seller's Shares pursuant to
this Agreement by the sale of any direct or indirect holding company or the granting of a proxy on the shares of any direct or indirect holding company and which would have, indirectly, any effect
prohibited by this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross,
the Company or the Seller may file or make publicly available copies of this Agreement with the securities regulatory authorities in Canada and as
required by applicable Securities&nbsp;Laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>It
will vote (or&nbsp;cause to be voted) all the Seller's Shares at any Shareholders' meeting or any adjournment thereof, and in any action with or by
written consent of holders of Common Shares against any proposed action (A)&nbsp;in respect of any amalgamation, merger, sale of the Company's or its affiliates' or associates' assets,
take-over bid, plan of arrangement, reorganization, recapitalization, shareholder rights plan, liquidation or winding-up of, reverse </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=149912,FOLIO='2',FILE='DISK106:[08ZCL2.08ZCL41702]CG41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_cg41702_1_3"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>take-over
or other business combination or similar transaction involving the Company or any of its Subsidiaries, (B)&nbsp;which would reasonably be regarded as being directed towards or
likely to prevent or delay the take up and payment of Common Shares deposited under the Offer or the successful completion of the Offer or an Alternative Transaction, or (C)&nbsp;which would
reasonably be expected to result in a Company Material Adverse&nbsp;Effect. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Seller</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>The
Seller by its acceptance hereof represents and warrants as follows and acknowledges that Kinross is relying upon such representations and warranties in connection with entering into
this&nbsp;Agreement: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Seller is the beneficial and/or registered holder of, or controls all of, the Common Shares and/or Options set forth on Schedule&nbsp;A
to&nbsp;this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For
the purposes of this Agreement, the Common Shares referred to in clause&nbsp;(a) above and any Common Shares subsequently obtained, directly or
indirectly, by the Seller, including through the exercise of Options, and any SRP Rights associated with the foregoing are collectively, the "</FONT><FONT SIZE=2><B>Seller's
Shares</B></FONT><FONT SIZE=2>". The only securities of the Company held of record or beneficially owned by the Seller on the date hereof (other than SRP Rights associated with the Common Shares) are
those listed in Schedule&nbsp;A to&nbsp;this Agreement. The Seller has the sole dispositive power, and the sole power to agree to the matters set forth herein with respect to the Seller's Shares,
and will continue to have the sole power to dispose of the Seller's Shares, free and clear of all Encumbrances, at the time of the Seller's Shares are deposited under the Offer. None of the Seller's
Shares are or will be subject to any shareholders' agreements, voting trust or other similar agreements or any right or privilege (whether by law, pre-emptive or contractual) capable of
becoming a shareholders' agreement, voting trust or other agreement affecting the Seller's Shares or the ability of any holder thereof to exercise all ownership rights&nbsp;thereto;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
Person has any agreement or option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
or option for the purchase, acquisition or transfer from the Seller of any of the Seller's Shares owned by the Seller or any interest therein or right thereto, except Kinross pursuant to the terms of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>There
is no claim, action, lawsuit, arbitration, mediation or other proceeding pending or, to the best of the knowledge, information and belief of the
Seller, threatened against the Seller, which relates to this Agreement or otherwise materially impairs the ability of the Seller to consummate the transactions contemplated hereby;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>None
of the execution and delivery by the Seller of this Agreement or the completion of the transactions contemplated hereby or compliance by the Seller
with the Seller's obligations hereunder will result in a breach of (i)&nbsp;if the Seller is not an individual, the constating documents of the Seller, (ii)&nbsp;any other agreement or instrument
to which the Seller is a party or by which the Seller or any of the Seller's property or assets are bound, (iii)&nbsp;any judgement, decree, order or award of any court, governmental body or
arbitrator, or (iv)&nbsp;any applicable&nbsp;Law;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Seller is not an individual, it is validly subsisting and has all necessary power and authority to execute and deliver the Agreement resulting from
its acceptance hereof and to perform its obligations hereunder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
Agreement has been duly executed and delivered by or on behalf of the Seller and constitutes a valid and binding obligation of the Seller enforceable
against the Seller in accordance with its terms, except as may be limited by bankruptcy, insolvency and other Laws affecting the enforcement of creditors' rights generally and subject to the
qualification that equitable remedies may be granted only in the discretion of a court of competent jurisdiction;&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=999110,FOLIO='3',FILE='DISK106:[08ZCL2.08ZCL41702]CG41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ci41702_1_4"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
for the securities set out in Section&nbsp;6(a), and any SRP Rights associated therewith, it has no agreement or option, or right or privilege
(whether by Law, pre-emptive or contractual) capable of becoming an agreement or option, for the purchase or acquisition by the Seller or transfer to the Seller of additional securities of
the&nbsp;Company. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of Kinross</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Kinross
represents and warrants as follows and acknowledges that the Seller is relying upon such representations and warranties in connection with this&nbsp;Agreement: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
is a company validly existing under the OBCA and has full corporate power and authority to own its assets and conduct its business as now owned
and&nbsp;conducted;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder, including the issuance of
Kinross Shares and Kinross Warrants in consideration for the Common Shares. The execution and delivery of this Agreement by Kinross and the consummation of the Offer have been duly authorized by the
board of directors of Kinross (or&nbsp;any authorized committee thereof) and no other corporate proceedings on the part of Kinross are necessary to authorize this Agreement. This Agreement has been
duly executed and delivered by Kinross and constitutes a valid and binding obligation of Kinross, enforceable by the Company against Kinross in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency and other Laws affecting the enforcement of creditors' rights generally and subject to the qualification that equitable remedies may be granted only in
the discretion of a court of competent jurisdiction;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
execution and delivery by Kinross of this Agreement and the performance by it of its obligations hereunder and the completion of the Offer will not
violate, conflict with or result in a breach of any provision of (i)&nbsp;the constating documents of Kinross or those of any of its Subsidiaries, (ii)&nbsp;any agreement, contract, indenture,
deed of trust, mortgage, bond, instrument, licence or permit to which Kinross or any of its Subsidiaries is a party or by which Kinross or any of its Subsidiaries is bound, or (iii)&nbsp;any Law to
which Kinross or any of its Subsidiaries is subject or by which Kinross or any of its Subsidiaries is bound. Other than in connection with or in compliance with Appropriate Regulatory Approvals,
applicable Laws and policies, no other authorization, consent or approval of, or filing with, any public body, court or authority is necessary on the part of Kinross for the consummation of the
transactions contemplated by this Agreement, except for such authorizations, consents, approvals and filings as to which the failure to obtain or make would not, individually or in the aggregate,
prevent or materially delay consummation of the transactions contemplated by this Agreement;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
has, and will at the Expiry Date have, sufficient funds or adequate arrangements (as&nbsp;such term is understood for purposes of
Section&nbsp;97.3 of the Securities Act) for financing in place to satisfy the Offered Consideration.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Kinross Shares to be issued in connection with the Offer will be validly issued as fully paid and non-assessable and listed for trading on
TSX and the NYSE. The Kinross Warrants to be issued in connection with the Offer will be validly issued and listed for trading on&nbsp;TSX. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants of Kinross</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Kinross
hereby covenants and agrees that it will not, without the prior written consent of the Seller: (a)&nbsp;modify or waive the Minimum Tender Condition in order to acquire less than 50.1% of
the Common Shares outstanding (calculated on a fully-diluted basis)); (b)&nbsp;decrease the Offered </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=1032759,FOLIO='4',FILE='DISK106:[08ZCL2.08ZCL41702]CI41702A.;13',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ci41702_1_5"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Consideration
(except in circumstances where, following the date hereof, the Company has declared, set aside or paid any dividend or distribution (whether in cash, stock, property or otherwise) with
respect to the Common Shares); (c)&nbsp;change the form of the Offered Consideration (other than to increase the total consideration per Common Share and/or add additional consideration or
consideration alternatives); (d)&nbsp;impose additional conditions to the Offer; (e)&nbsp;decrease the number of Common Shares in respect of which the Offer is being made; or (f)&nbsp;otherwise
modify the Offer (or&nbsp;any terms or conditions thereof) in a manner that is adverse to the Shareholders. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Nature of Transaction</U>  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
Kinross determines it is necessary or desirable to proceed with another form of transaction (an&nbsp;"</FONT><FONT SIZE=2><B>Alternative
Transaction</B></FONT><FONT SIZE=2>") whereby Kinross would acquire following completion of such Alternative Transaction all or substantially all of the Common Shares outstanding or all or
substantially all of the assets of the Company and its Subsidiaries on economic terms which, in relation to the Seller, are at least equivalent to or better than those contemplated by the Offer, the
Seller shall support the completion of such Alternative Transaction.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
any Alternative Transaction involves a meeting or meetings of the Shareholders, the Seller shall vote in favour of any matters necessary or ancillary to
the completion of the Alternative Transaction.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the event of any proposed Alternative Transaction, the references in this Agreement to the Offer shall be deemed to be changed to
"</FONT><FONT SIZE=2><B>Alternative Transaction</B></FONT><FONT SIZE=2>" and all provisions of this Agreement shall be and shall be deemed to have been made in the context of the Alternative
Transaction.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Seller covenants that it will not exercise any rights of dissent provided under the CBCA or otherwise in connection with any Alternative Transaction. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;<U>Termination Date; Extensions of Time</U>  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement may be terminated by notice in writing: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
any time by mutual consent of Kinross and the Seller;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
the Seller if Kinross does not commence the Offer and mail the Offer Documents by the Offer Deadline in accordance with the Support Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross if any condition for Kinross' benefit set out in the Support Agreement is not satisfied or&nbsp;waived;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross if the Seller is in default of any material covenant or obligation hereunder or if any representation or warranty of the Seller under this
Agreement shall have been at the date hereof untrue or incorrect in any material respect; provided that, in the case of a default of any material covenant or obligation hereunder, such default is not
curable or, if curable, not cured by the earlier of the date which is 15&nbsp;days from the date of written notice of such default and the business day prior to the Expiry&nbsp;Date;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
the Seller if any representation or warranty of Kinross under this Agreement shall have been at the date hereof untrue or incorrect in any material
respect or if Kinross is in default of any covenant or obligation hereunder in any material respect or under Section&nbsp;1, Section&nbsp;4 or Section&nbsp;8 in any respect, and, in each case,
such inaccuracy or non-compliance is reasonably likely to prevent, restrict or materially delay consummation of the Offer and is not curable or, if curable, not cured by the earlier of the
date which is 15&nbsp;days from the date of written notice of such breach and the business day prior to the Expiry&nbsp;Date; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=346436,FOLIO='5',FILE='DISK106:[08ZCL2.08ZCL41702]CI41702A.;13',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ci41702_1_6"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross if any condition of the Offer shall not be satisfied or waived at the Expiry Time and Kinross does not elect to waive such condition or extend
the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
the Seller if the Seller's Shares have not been taken up and paid for by Kinross, otherwise than as a result of the breach by the Seller of any covenant
or obligation under this Agreement or as a result of any representation or warranty of the Seller in this Agreement being untrue or incorrect in any material respect, when required by applicable Law
or the Support Agreement;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Kinross or the Seller in the event the Support Agreement is terminated in accordance with its&nbsp;terms. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Upon
termination of this Agreement, the Seller shall be entitled to withdraw any of its Seller's Shares deposited under the Offer and neither party shall have any further rights or obligations
hereunder provided, however, that any such termination shall not prejudice the rights of a party as a result of any breach by any other party of its obligations hereunder. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;<U>General</U>  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kinross
acknowledges and agrees that the Seller is bound hereunder solely in its capacity as a Shareholder and that the provisions hereof shall not be
deemed or interpreted to bind the Seller in his capacity as a director, officer or employee of the Company. For the avoidance of doubt, nothing in this Agreement shall limit any person from fulfilling
his fiduciary duties as a director or officer of the&nbsp;Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agreement contemplated by acceptance of this letter shall become effective in respect of the Seller upon execution and delivery thereof by
the&nbsp;Seller.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered in person or transmitted by
telecopy or similar means of recorded electronic communication addressed as&nbsp;follows:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if
to the Seller: </FONT></DD></DL>
</DD></DL>
</UL>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="109" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="61" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="157" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Fax No:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>with
a copy to (which shall not constitute notice to the Seller): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Stikeman
Elliott&nbsp;LLP<BR>
5300&nbsp;Commerce Court West<BR>
199&nbsp;Bay Street<BR>
Toronto, ON M5L&nbsp;1B9 </FONT></P>
</UL>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="109" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="61" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="157" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;947-0866</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>William J. Braithwaite and Amanda Linett</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=6,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=342697,FOLIO='6',FILE='DISK106:[08ZCL2.08ZCL41702]CI41702A.;13',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ci41702_1_7"> </A>
<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if
to Kinross: </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Kinross
Gold Corporation<BR>
52<SUP>nd</SUP>&nbsp;Floor<BR>
Scotia Plaza<BR>
40&nbsp;King Street West<BR>
Toronto, ON M5H&nbsp;3Y2 </FONT></P>
</UL>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="109" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="61" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="157" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;363-6622</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Legal Officer and Executive Vice President, Strategic Development</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
with a copy to (which shall not constitute notice to Kinross):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP<BR>
1&nbsp;First Canadian Place<BR>
Suite&nbsp;6600<BR>
Toronto, ON M5X&nbsp;1B8</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
(416)&nbsp;862-6666</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Clay Horner and Douglas Bryce</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Any
such notice or other communication shall be deemed to have been given and received on the day on which it was delivered or transmitted (or, if such day is not a business day, on the next following
business day) provided that it is delivered or transmitted during normal business hours, failing which it shall be deemed to have been given and received on the next business&nbsp;day. <BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Any
party may at any time change its address for service from time to time by giving notice to the other parties in accordance with this Section&nbsp;11(c).  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
Agreement sets forth the entire agreement and understanding of the parties hereto in respect of the transactions contemplated hereby. There are no
warranties, representations, terms, conditions or collateral agreements, expressed, implied or statutory, between the parties hereto other than as expressly set forth in this Agreement. This Agreement
and the rights hereunder are not transferable or assignable by any party without the prior written consent of the other parties&nbsp;hereto.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
representations and warranties set forth in this Agreement shall not survive the purchase of the Seller's Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
any provision of this Agreement is determined to be void or unenforceable, in whole or in part, it shall be severable from all other provisions hereof
and shall be deemed not to affect or impair the validity of any other provision hereof and each such provision is deemed to be separate and&nbsp;distinct.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
Agreement and the rights and obligations of the parties hereto shall be governed in all respects, including validity, interpretation and effect,
exclusively by the Laws of the Province of Ontario and the Laws of Canada applicable therein, without giving effect to the principles of conflict of laws thereof and each of the Seller and Kinross
irrevocably submits to the jurisdiction of the courts of the Province of&nbsp;Ontario. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=7,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=19263,FOLIO='7',FILE='DISK106:[08ZCL2.08ZCL41702]CI41702A.;13',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ci41702_1_8"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Seller recognizes and acknowledges that this Agreement is an integral part of the transactions contemplated in the Offer, that Kinross would not
contemplate causing the Offer to be made unless this Agreement was executed and that a breach by the Seller of any covenants or other commitments contained in this Agreement will cause the Kinross to
sustain injury for which it would not have an adequate remedy at law for money damages. Therefore, the Seller agrees that in the event of any such breach, Kinross shall be entitled, without the
requirement of posting a bond or other security, to equitable relief, including injunctive relief and specific performance. Such remedies will not be exclusive remedies for any breach of this
Agreement but will be in addition to any other remedy to which Kinross may be entitled, at law or in&nbsp;equity.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Time
shall be of the essence of this Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
language used in this Agreement is the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be
applied against any&nbsp;party.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
Agreement may be delivered by facsimile and executed in counterparts, each of which shall be deemed to be an original and all of which taken together
shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce more than one counterpart.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
party hereto shall pay the fees, costs and expenses of their respective financial, legal, auditing and other professional and other advisors incurred
in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and
howsoever incurred and shall indemnify each of the other parties from and against any and all claims against any of them for "finder's" or "agency" fees relating to the transactions contemplated
hereby. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>[The remainder of this page has been intentionally left blank.]</I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=8,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=627202,FOLIO='8',FILE='DISK106:[08ZCL2.08ZCL41702]CI41702A.;13',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ci41702_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2>If
the foregoing accurately reflects the terms and conditions of our agreement, kindly indicate acceptance hereof by signing, dating and returning to Kinross the enclosed duplicate original of this
Agreement by&nbsp;facsimile. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="186" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>TYE W. BURT</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name: Tye W. Burt<BR>
Title: President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>Irrevocably
accepted and agreed to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>If
other than an individual:</U> </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="186" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name of Seller</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2><U>If
an individual:</U> </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="223" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="223" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>In the presence of:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Witness</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Name</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=9,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=1009048,FOLIO='9',FILE='DISK106:[08ZCL2.08ZCL41702]CI41702A.;13',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_ck41702_1_10"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck41702_schedule_a_securities"> </A>
<A NAME="toc_ck41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULE A<BR>  <BR>    SECURITIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Number
of Common Shares: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Number
of Options:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4",CHK=648065,FOLIO='10',FILE='DISK106:[08ZCL2.08ZCL41702]CK41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cg41702_1">Exhibit 2.3</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ck41702_1">SCHEDULE A SECURITIES</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="4" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.4
<SEQUENCE>5
<FILENAME>a2186998zex-2_4.htm
<DESCRIPTION>EXHIBIT 2.4
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ee41702_exhibit_2.4"> </A>
<A NAME="toc_ee41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;2.4    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B> KINROSS GOLD CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><B> and  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT>
<FONT SIZE=2><B> COMPUTERSHARE TRUST COMPANY OF CANADA  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT>
<FONT SIZE=2><B> WARRANT AGREEMENT  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
Providing for the creation and issue of<BR>
Common Share Purchase Warrants </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR></FONT> <FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=4796,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]EE41702A.;4',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_eg41702_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eg41702_table_of_contents"> </A>
<A NAME="toc_eg41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="50" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="358" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> INTERPRETATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Definitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Certain Rules of Interpretation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Meaning of Outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 1.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Beneficiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> THE WARRANTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Creation and Authorization of Warrants</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Terms of Warrants</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Form of Warrant Certificates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Signing of Warrant Certificates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Certification by Agent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Warrants to Rank Pari&nbsp;Passu</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Reliance by Agent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Issue in Substitution for Lost Certificates. Etc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Purchase of Warrants for Cancellation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Cancellation of Surrendered Warrants</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 2.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Warrantholder not a Shareholder</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> REGISTRATION. TRANSFER. EXCHANGE AND OWNERSHIP OF WARRANTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Registration and Transfer of Warrants</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Exchange of Warrant Certificates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Reasonable Charges for Transfer or Exchange</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Ownership of Warrants</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Assumption by Transferee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> EXERCISE OF WARRANTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Exercise</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Effect of Exercise</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> No Fractional Common Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Recording</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Securities Restrictions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> ADJUSTMENTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Adjustment of Exercise Price</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Rules Regarding Calculation of Adjustment of Exercise Price</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Certificate as to Adjustment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Notice of Special Matters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 5.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Protection of Agent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=816755,FOLIO='i',FILE='DISK106:[08ZCL2.08ZCL41702]EG41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eg41702_1_2"> </A>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="50" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="358" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> COVENANTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 6.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> General Covenants</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 6.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Agent's Remuneration and Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 6.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Performance of Covenants by Agent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> ENFORCEMENT</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Warrantholders May Not Sue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Suits by Warrantholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Agent May Institute All Proceedings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Immunity of Shareholders, Etc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 7.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Limitation of Liability</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> MEETINGS OF WARRANTHOLDERS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Right to Convene Meetings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Notice</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Chairman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Quorum</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Power to Adjourn</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Show of Hands</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Poll</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Voting</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Regulations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> The Corporation and Agent may be Represented</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Powers Exercisable by Extraordinary Resolution</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Meaning of "Extraordinary Resolution"</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Powers Cumulative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Minutes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Instruments in Writing</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Binding Effect of Resolutions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 8.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Holdings by the Corporation and Subsidiaries Disregarded</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> SUPPLEMENTAL AGREEMENTS AND SUCCESSOR CORPORATIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 9.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Provision for Supplemental Agreements for Certain Purposes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 9.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Successor Corporations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> CONCERNING THE AGENT</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Appointment of Agent and Acceptance of Trusts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Trust Agreement Legislation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Agent's Authority to Carry on Business</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Rights and Duties of Agent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Evidence. Experts and Advisers</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=3,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=362934,FOLIO='ii',FILE='DISK106:[08ZCL2.08ZCL41702]EG41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eg41702_1_3"> </A>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="50" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="358" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.6</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Documents, Money, Etc. held by Agent</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.7</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Action by Agent to Protect Interests</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.8</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Agent not Required to Give Security</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.9</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Protection of Agent</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.10</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Replacement of Agent</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.11</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Conflict of Interest</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.12</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Anti-Money Laundering</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 10.13</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Privacy</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> ARTICLE 11</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> GENERAL</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.1</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Notice to the Corporation and Agent</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.2</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Notice to Warrantholders</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.3</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Satisfaction and Discharge of Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.4</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Sole Benefit of Parties and Warrantholders</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.5</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Discretion of Board of Directors</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.6</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Counterparts and Formal Date</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.7</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Language</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.8</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Assignment</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.9</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Enurement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> 11.10</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p align=left style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Further Assurances</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> SCHEDULE A FORM OF WARRANT CERTIFICATE<BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>36</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> APPENDIX 1&nbsp;NOTICE OF EXERCISE<BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2> APPENDIX 2&nbsp;FORM OF TRANSFER<BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>41</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=4,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=593439,FOLIO='iii',FILE='DISK106:[08ZCL2.08ZCL41702]EG41702A.;14',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_ei41702_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ei41702_warrant_agreement"> </A>
<A NAME="toc_ei41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  <U>WARRANT AGREEMENT</U>  <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B>THIS AGREEMENT</B></FONT><FONT SIZE=2> is made&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B> BETWEEN  </B></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT><FONT SIZE=2>, a corporation existing under the laws of the Province of Ontario
(the&nbsp;"</FONT><FONT SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>") </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>-and-
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></FONT><FONT SIZE=2>, a trust company licensed to carry on<BR>
business in all Provinces in Canada (the&nbsp;"</FONT><FONT SIZE=2><B>Agent</B></FONT><FONT SIZE=2>"). </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B> RECITALS:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation deems it necessary to enter into this Agreement to provide for the issue of the Warrants in the manner set forth&nbsp;herein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation is duly authorized to create and issue the Warrants as herein provided and complete the transactions contemplated herein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
things necessary have been done and performed to make the Warrant Certificates, when certified by the Agent and issued and delivered as herein provided,
legal, valid and binding on the Corporation with the benefits of and subject to the terms of this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>D.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent has agreed to enter into this Agreement and to hold all rights, interests and benefits contained herein for and on behalf of those Persons who from
time to time become holders of Warrants issued pursuant to this&nbsp;Agreement. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>NOW THEREFORE</B></FONT><FONT SIZE=2> the Parties agree as follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ei41702_article_1_interpretation"> </A>
<A NAME="toc_ei41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 1    <BR>    <BR>    INTERPRETATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;Definitions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
this Agreement, unless something in the subject matter or context is inconsistent therewith: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Affiliate</B></FONT><FONT SIZE=2>" of any Person means, at the time such determination is being made, any other Person Controlling, Controlled by or under common Control with
such first Person, in each case, whether directly or&nbsp;indirectly. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>" means this Warrant Agreement, including all schedules and all amendments or restatements as permitted, and references to
"</FONT><FONT SIZE=2><B>Article</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>Section</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Schedule</B></FONT><FONT SIZE=2>" mean the specified
Article, Section or Schedule of this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>business day</B></FONT><FONT SIZE=2>" means any day of the week, other than a Saturday, a Sunday or a statutory or civic holiday observed in Toronto, Ontario. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Capital Reorganization</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;5.1(e). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Certificate of the Corporation</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>Order of the Corporation</B></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><B>Request of the
Corporation</B></FONT><FONT SIZE=2>" mean, respectively, a written certificate, order or request signed in the name of the Corporation by two authorized signatories of the Corporation as specified in
the by-laws of the Corporation or other individuals to whom such signing authority is delegated by the board of directors of the Corporation from time to time, and may consist of one or
more instruments so executed and delivered to the&nbsp;Agent. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=162258,FOLIO='1',FILE='DISK106:[08ZCL2.08ZCL41702]EI41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ei41702_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>" means the common shares in the capital of the Corporation; provided that in the event of any adjustment pursuant to Article&nbsp;5,
Common Shares will thereafter mean the shares or other securities or property resulting from such adjustment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Share Reorganization</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;5.1(b). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Control</B></FONT><FONT SIZE=2>" and&nbsp;any derivation thereof, means the possession, directly or indirectly, of the power to direct or significantly influence the
management, policies, business or affairs of a Person whether through the ownership of voting securities or&nbsp;otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Counsel</B></FONT><FONT SIZE=2>" means: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the case of Counsel to the Corporation, any barrister, solicitor or other lawyer or firm of barristers, solicitors or other lawyers retained or employed
by the Corporation;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the case of Counsel to the Agent, any lawyer or firm of lawyers retained or employed by the Agent (who&nbsp;may, except as otherwise expressly provided
in this Agreement, also be Counsel to the Corporation). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>" has the meaning given in the preamble to this Agreement, and includes any successor corporation to or of such party that has complied with
the provisions of Section&nbsp;9.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Corporation's auditors</B></FONT><FONT SIZE=2>" means KPMG&nbsp;LLP, or such other firm of chartered accountants duly appointed as auditors of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Current Market Price</B></FONT><FONT SIZE=2>" means, in respect of the Common Shares on any particular date, except as otherwise provided, the VWAP of the Common Shares for
the 20&nbsp;most recent Trading Days immediately preceding such date on the TSX (or&nbsp;if not listed on the TSX, the stock exchange on which the greatest aggregate volume of trading in the
security occurred during such 20&nbsp;Trading Day period or, if the Common Shares are not listed on any stock exchange, then on the over-the-counter market as selected by the
board of directors of the Corporation for such&nbsp;purpose). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Dividends Paid in the Ordinary Course</B></FONT><FONT SIZE=2>" means dividends or other distributions paid to holders of Common Shares in any fiscal year of the Corporation,
whether regular, special or extraordinary, and whether in (i)&nbsp;cash, (ii)&nbsp;shares of the Corporation, or (iii)&nbsp;rights, options or warrants to purchase any shares, property or other
assets of the Corporation (but&nbsp;excluding rights, options or warrants referred to
in Section&nbsp;5.1(c) or&nbsp;5.1(d)) at a purpose or exercise price of at least 100% of the Fair Market Value of the shares or property or assets purchasable as of the date of distribution of
such rights, options or warrants, or (iv)&nbsp;property or other assets of the Corporation or any of its subsidiaries; provided that, the amount or value of such dividends or other distributions
(any&nbsp;such shares, rights, options or warrants or property or other assets so distributed to be valued at the Fair Market Value of such shares, rights, options or warrants or property or other
assets, as the case may be, as determined by the board of directors of the Corporation) in the aggregate does not in such fiscal year exceed the greatest&nbsp;of: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>200%
of the aggregate amount or value of dividends and other distributions paid by the Corporation on the Common Shares in the 12-month period
ending immediately prior to the first day of such fiscal year;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>100%
of the consolidated net earnings from continuing operations of the Corporation, before any extraordinary items or charges but after dividends payable
on all shares ranking prior to or on a parity with the Common Shares with respect to the payment of dividends, for the 12-month period ending immediately prior to the first day of such
fiscal year (such consolidated net earnings from continuing operations to be computed in accordance with Canadian generally accepted accounting principles). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=537485,FOLIO='2',FILE='DISK106:[08ZCL2.08ZCL41702]EI41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ei41702_1_3"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exercise Date</B></FONT><FONT SIZE=2>" means, with respect to any Warrant exercised by the holder thereof, the day on which the Warrant is exercised in accordance with the
provisions of Section&nbsp;4.1. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exercise Price</B></FONT><FONT SIZE=2>" means $32.00 per Common Share, as such price may be adjusted under Article&nbsp;5. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiry Time</B></FONT><FONT SIZE=2>" means 5:00&nbsp;p.m. (Toronto time) on&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2013. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Extraordinary Resolution</B></FONT><FONT SIZE=2>" has the meaning given in Sections&nbsp;8.12 and&nbsp;8.15. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Fair Market Value</B></FONT><FONT SIZE=2>", as at any date, means: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>with
respect to a security listed and posted on a stock exchange, the VWAP of such security for the 20&nbsp;most recent Trading Days immediately preceding
such date on which there has occurred at least one trade of at least one board lot of Common Shares prior to such date on the stock exchange on which the greatest aggregate volume of trading in the
security occurred during such 20&nbsp;Trading Day&nbsp;period;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>with
respect to a security not listed and posted on a stock exchange but traded in an over-the-counter market, the VWAP of such
security on such over-the-counter market (as&nbsp;selected by the board of directors of the Corporation for such purpose) for the 20&nbsp;most recent Trading Days
immediately preceding such date on which there has occurred at least one trade of at least one board lot of the security prior to such date;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>for
any other security or property, the fair market value thereof at such date as determined by an Independent Member of the Investment Industry Regulatory
Organization of Canada selected from time to time by the board of directors of the Corporation for such&nbsp;purpose. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Governmental Authority</B></FONT><FONT SIZE=2>" means governments, regulatory authorities, governmental departments, agencies, commissions, bureaus, officials, ministers,
Crown corporations, courts, bodies, boards, tribunals, or dispute settlement panels or other law, rule or regulation-making organizations or&nbsp;entities: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>having
or purporting to have jurisdiction on behalf of any nation, province, territory, state, or other geographic or political subdivision of any of
them;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>exercising,
or entitled or purporting to exercise any administrative, executive, judicial, legislative, policy, regulatory or taxing authority
or&nbsp;power. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Laws</B></FONT><FONT SIZE=2>" means applicable laws (including common law and civil law), statutes, by-laws, rules, regulations, Orders, ordinances, protocols,
codes, guidelines, treaties, policies, notices, directions, decrees, judgments, awards or requirements, in each case of any Governmental Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Orders</B></FONT><FONT SIZE=2>" means orders, injunctions, judgments, administrative complaints, decrees, rulings, awards, directions, instructions, penalties or sanctions
issued, filed or imposed by any Governmental Authority or&nbsp;arbitrator. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Parties</B></FONT><FONT SIZE=2>" means the Corporation and the Agent; and "</FONT><FONT SIZE=2><B>Party</B></FONT><FONT SIZE=2>" means any one of&nbsp;them. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" means any individual, sole proprietorship, partnership, firm, entity, unincorporated association, unincorporated syndicate, unincorporated
organization, trust, body corporate, Governmental Authority, and where the context requires any of the foregoing when they are acting as trustee, executor, administrator or other legal representative. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Privacy Laws</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;10.13. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Qualifying Jurisdictions</B></FONT><FONT SIZE=2>" means each of the provinces of Canada. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Recognized Stock Exchange</B></FONT><FONT SIZE=2>" means the TSX or, if the Common Shares are not listed on the TSX, any other stock exchange in Canada on which the Common
Shares are then&nbsp;listed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Rights Offering</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;5.1(c). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=7,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=889275,FOLIO='3',FILE='DISK106:[08ZCL2.08ZCL41702]EI41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ei41702_1_4"> </A>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Rights Offering Price</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;5.1(f). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Rights Period</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;5.1(c). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Special Distribution</B></FONT><FONT SIZE=2>" has the meaning given in Section&nbsp;5.1(d). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Trading Day</B></FONT><FONT SIZE=2>" means, with respect to any Recognized Stock Exchange or any other market for securities, any day on which such exchange or market is open
for trading or&nbsp;quotation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agent</B></FONT><FONT SIZE=2>" has the meaning given in the preamble to this Agreement, and includes any successor or permitted assign in the trusts created&nbsp;hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>TSX</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>United&nbsp;States</B></FONT><FONT SIZE=2>" means the United&nbsp;States of America, its territories and possessions, and areas under its jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Person</B></FONT><FONT SIZE=2>" has the meaning ascribed to that term in Regulation&nbsp;S under the U.S.&nbsp;Securities&nbsp;Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Securities Act</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>VWAP</B></FONT><FONT SIZE=2>" means, in respect of a security, the volume weighted average trading price of such security for a specified period on a stock exchange or
over-the counter market where the security has the highest trading volume, calculated including only trades made on such exchange during normal trading hours and excluding internal trades
and special stock exchange markers to the extent identifiable through the stock exchange's reports issued in the ordinary course. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Warrant Certificate</B></FONT><FONT SIZE=2>" means a certificate evidencing one or more Warrants, substantially in the form set out in Schedule&nbsp;A. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Warrantholders</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>holders</B></FONT><FONT SIZE=2>" means the Persons entered in a register of holders described in
Section&nbsp;3.1 as holders of&nbsp;Warrants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Warrantholders' Request</B></FONT><FONT SIZE=2>" means an instrument, signed in one or more counterparts by Warrantholders who hold in the aggregate not less than 10% of the
total number of Warrants
outstanding for the time being, requesting the Agent to take some action or proceeding specified therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Warrants</B></FONT><FONT SIZE=2>" means the warrants in the capital of the Corporation created and authorized for issue pursuant to Section&nbsp;2.1 hereof, each such
Warrant entitling the holder thereof to acquire one Common Share at the Exercise Price at any time prior to the Expiry&nbsp;Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;Certain Rules of Interpretation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
this Agreement: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Consent</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Whenever a provision of this Agreement requires an approval
or consent and the approval or consent is not delivered within the applicable time limit, then, unless otherwise specified, the Party whose consent or approval is required shall be conclusively deemed
to have withheld its approval or&nbsp;consent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Currency</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Unless otherwise specified, all references to money amounts
are to the lawful currency of&nbsp;Canada.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Governing Law</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;This Agreement is a contract made under and shall be
governed by and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable in the Province of Ontario. The parties irrevocably attorn and submit to the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=8,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=441022,FOLIO='4',FILE='DISK106:[08ZCL2.08ZCL41702]EI41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ei41702_1_5"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>non-exclusive
jurisdiction of the courts of the Province of Ontario with respect to any matter arising under or related to this&nbsp;Agreement.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Headings</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Headings of Articles and Sections are inserted for
convenience of reference only and do not affect the construction or interpretation of this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Including</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Where the word "including" or "includes" is used in this
Agreement, it means "including (or&nbsp;includes) without limitation".
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>No Strict Construction</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;The language used in this Agreement is the
language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any&nbsp;Party.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Number and Gender</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Unless the context otherwise requires, words
importing the singular include the plural and vice versa and words importing gender include all&nbsp;genders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Severability</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;If, in any jurisdiction, any provision of this
Agreement or its application to any Party or circumstance is restricted, prohibited or unenforceable, the provision shall, as to that jurisdiction, be ineffective only to the extent of the
restriction, prohibition or unenforceability without invalidating the remaining provisions of this Agreement and without affecting the validity or enforceability of such provision in any other
jurisdiction, or without affecting its application to other Parties or circumstances.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Statutory References</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;A reference to a statute includes all
regulations and rules made pursuant to the statute and, unless otherwise specified, the provisions of any statute, regulation or rule which amends, supplements or supersedes any such statute,
regulation or&nbsp;rule.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Time</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Time is of the essence in the performance of the Parties'
respective obligations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Time Periods</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Unless otherwise specified, time periods within or
following which any payment is to be made or act is to be done, shall be calculated by excluding the day on which the period commences and including the day on which the period ends and by extending
the period to the next business day following if the last day of the period is not a business&nbsp;day.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Conflicts</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;In the event there is any conflict between this Agreement
and any Warrant Certificate, the provisions of this Agreement shall govern and&nbsp;prevail. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>1.3&nbsp;&nbsp;&nbsp;Meaning of Outstanding  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
Warrant certified and delivered by the Agent under this Agreement will be deemed to be outstanding until it is cancelled or delivered to the Agent for cancellation, as the case may be, or until
the Warrants have been exercised pursuant to the terms of this Agreement, provided that, when a new Warrant Certificate has been issued in substitution for a Warrant Certificate which has been lost,
stolen, mutilated or destroyed, only one of such Warrant Certificates will be counted for the purposes of determining the number of Warrants outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.4&nbsp;&nbsp;&nbsp;Beneficiaries  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement is entered into by the Agent for the benefit of all such Persons who are issued Warrants and each of them will, upon such issuance, be entered in the register as Warrantholders. The
Agent hereby declares that it holds all rights, interest and benefits to be derived therefrom for and on behalf of all such Persons in accordance with the terms and restrictions contained herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=9,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=362580,FOLIO='5',FILE='DISK106:[08ZCL2.08ZCL41702]EI41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_ek41702_1_6"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek41702_article_2_the_warrants"> </A>
<A NAME="toc_ek41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 2    <BR>    <BR>    THE WARRANTS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;Creation and Authorization of Warrants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Up
to 21,454,315&nbsp;Warrants, each whole Warrant entitling the holder thereof to be issued one Common Share (subject to adjustment as provided in this Agreement) on the terms and subject to the
conditions as provided in this Agreement, are hereby created and authorized to be issued under this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.2&nbsp;&nbsp;&nbsp;Terms of Warrants  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to Section&nbsp;2.2(b), each Warrant issued hereunder will entitle the holder thereof, upon the exercise thereof and payment of the Exercise Price
in accordance with the provisions of Article&nbsp;4, to be issued one Common&nbsp;Share.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Exercise Price and the number of Common Shares issuable on exercise of a Warrant pursuant to Section&nbsp;2.2(a) shall be adjusted upon the occurrence
of the events and in the manner specified in Article&nbsp;5. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.3&nbsp;&nbsp;&nbsp;Form of Warrant Certificates  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Warrant Certificates (including the signature of the Agent endorsed there on) will be substantially in the form set out in Schedule&nbsp;A, subject
to&nbsp;the provisions of this Agreement, with such additions, variations and changes as may be required or permitted by the terms of this Agreement or by the TSX, will be dated as of the date
hereof (regardless of the actual dates of their issue), will bear such legends and distinguishing letters and numbers as the Corporation, with the approval of the Agent, may prescribe and will be
issuable in any whole number denomination.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Regardless
of any adjustments pursuant to Article&nbsp;5 of this Agreement, Warrant Certificates representing Warrants will continue to be in the form set
forth in Schedule&nbsp;A to&nbsp;this Agreement and will continue to express the number of Common Shares that may be acquired upon the exercise of the Warrants evidenced thereby prior to any such
adjustments but will, nonetheless, entitle the holder to acquire the number of Common Shares resulting from all adjustments made pursuant to Article&nbsp;5.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Warrant Certificates may be engraved, lithographed or printed (the&nbsp;expression "printed" including for purposes hereof both original typewritten
material as well as mimeographed, mechanically, photographically, photostatically or electronically reproduced, typewritten or other written material), or partly in one form and partly in another, as
the Corporation, with the approval of the Agent, may&nbsp;determine. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2><B>2.4&nbsp;&nbsp;&nbsp;Signing of Warrant Certificates  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Warrant Certificates will be signed by any authorized signatory of the Corporation specified in the by-laws of the Corporation or by any
other individual to whom such signing authority is delegated by the board of directors of the Corporation from time to&nbsp;time.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
signatures of any of the officers or individuals referred to in Section&nbsp;2.4(a) may be manual signatures, engraved, lithographed or printed in
facsimile and Warrant Certificates bearing such facsimile signatures will be binding on the Corporation as if they had been manually signed by such officers or&nbsp;individuals.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Notwithstanding
that any Person whose manual or facsimile signature appears on a Warrant Certificate as one of the officers or individuals referred to in
Section&nbsp;2.4(a) no longer holds </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=358725,FOLIO='6',FILE='DISK106:[08ZCL2.08ZCL41702]EK41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ek41702_1_7"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>the
same or any other office with the Corporation at the date of issuance of any Warrant Certificate or at the date of certification or delivery thereof, such Warrant Certificate will, subject to
Section&nbsp;2.5, be valid and binding on the Corporation. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.5&nbsp;&nbsp;&nbsp;Certification by Agent  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
Warrant Certificate signed in accordance with Section&nbsp;2.4 will be issued or, if issued, will be valid or entitle the holder to the benefits hereof
until it has been certified by manual signature by or on behalf of the Agent substantially in the form of the certificate set out in Schedule&nbsp;A or&nbsp;in such other form approved by the
Agent. The certification by the Agent on a Warrant Certificate will be conclusive evidence as against the Corporation that such Warrant Certificate has been duly issued hereunder and that the holder
thereof is entitled to the benefits hereof.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
certification by the Agent on any Warrant Certificate issued hereunder will not be construed as a representation or warranty by the Agent as to the
validity of this Agreement (except in respect of its due authorization, execution and delivery by the Agent) or such Warrant Certificate (except the due certification thereof) or as to performance by
the Corporation of its obligations hereunder, and the Agent will in no respect be liable or answerable for the use made of any Warrant Certificate or of the consideration therefore, except as
otherwise specified herein. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.6&nbsp;&nbsp;&nbsp;Warrants to Rank </B></FONT><FONT SIZE=2><B><I>Pari&nbsp;Passu  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
Warrants will rank </FONT><FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2>, whatever may be the actual dates of issue of the Warrant Certificates by which they are&nbsp;evidenced. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.7&nbsp;&nbsp;&nbsp;Reliance by Agent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent will have no obligation to ensure or verify compliance with any applicable Laws on the issue, exercise or transfer of any Warrants or any Common Shares issued pursuant to the exercise of
Warrants. The Agent will be entitled to process all proffered transfers and exercises of Warrants upon the presumption that such transfers or exercises are permissible pursuant to all applicable Laws
and the terms of this Agreement and the related Warrant Certificates, provided that such transfers and exercises of Warrants may only be processed by the Agent upon Order of the Corporation to the
Agent, including instructions as to legending, which Order may be based, in the Corporation's discretion, upon certificates, opinions and other documentation of the holders of such Warrants that such
transfer or exercise is in accordance with applicable Laws. The Agent may assume for the purposes of this Agreement that the address on the register of Warrantholders of any Warrantholder is the
Warrantholder's actual address and is also determinative of the Warrantholder's residency and that the address of any transferee to whom any Warrants or Common Shares issued pursuant to the exercise
of Warrants are to be registered, as shown on the transfer document, is the transferee's actual address and is also determinative of the transferee's residency. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.8&nbsp;&nbsp;&nbsp;Issue in Substitution for Lost Certificates. Etc.  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to applicable Law and 2.8(b), will issue, and
thereupon the Agent will certify and deliver, a new Warrant Certificate of like tenor and denomination as the one mutilated, lost, destroyed or stolen in exchange for and in place of and on surrender
and cancellation of such mutilated Warrant Certificate or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate and the substituted Warrant Certificate will be in a
form approved </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=11,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=635935,FOLIO='7',FILE='DISK106:[08ZCL2.08ZCL41702]EK41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ek41702_1_8"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>by
the Agent and will entitle the holder to the benefits hereof and rank </FONT><FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2> in accordance with its terms with all other Warrants issued
hereunder.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
applicant for the issue of a new Warrant Certificate pursuant to this Section&nbsp;2.8 will bear the reasonable cost of the issue thereof and in case
of loss, destruction or theft will, as a condition precedent to the issue&nbsp;thereof:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>furnish
to the Corporation and to the Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate to be replaced as is
satisfactory to the Corporation and to the Agent in their discretion, acting reasonably;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if
so required by the Corporation or the Agent, furnish an indemnity and surety bond in amount and form satisfactory to the Corporation and to the Agent in
their respective discretion, acting reasonably;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>pay
the reasonable charges of the Corporation and the Agent in connection therewith. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.9&nbsp;&nbsp;&nbsp;Purchase of Warrants for Cancellation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation may, at any time and from time to time, purchase Warrants by invitation for tender, by private contract, on any stock exchange, in the open market or otherwise (including a purchase
through an investment dealer or firm holding membership on a stock exchange) on such terms as the Corporation may determine. All Warrants purchased pursuant to the provisions of this
Section&nbsp;2.9 will forthwith be delivered to and cancelled by the Agent and will not be reissued. If required by the Corporation, the Agent will furnish the Corporation with a certificate as to
such cancellation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.10&nbsp;Cancellation of Surrendered Warrants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
Warrant Certificates surrendered to the Agent pursuant to Sections&nbsp;2.8, 3.1, 3.2, or 4.1&nbsp;will be cancelled by the Agent and, if requested by the Corporation in writing, the Agent
will furnish to the Corporation a cancellation certificate identifying each Warrant Certificate so cancelled, the number of Warrants evidenced thereby and the number of Common Shares, if any, issued
pursuant to such&nbsp;Warrants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.11&nbsp;Warrantholder not a Shareholder  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Nothing
in this Agreement or in the holding of a Warrant evidenced by a Warrant Certificate, or otherwise, is intended or will be construed as conferring on any Warrantholder any right or interest
whatsoever as a shareholder of the Corporation, including to any right to vote at, to receive notice of, or to attend any meeting of shareholders or any other proceeding of the Corporation or any
right to receive any dividend or other distribution to which the shareholders of the Corporation may be&nbsp;entitled. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek41702_article_3_registration._transf__art02627"> </A>
<A NAME="toc_ek41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 3    <BR>    <BR>    REGISTRATION. TRANSFER. EXCHANGE AND OWNERSHIP OF WARRANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.1&nbsp;&nbsp;&nbsp;Registration and Transfer of Warrants  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation hereby appoints the Agent as registrar and transfer agent of the&nbsp;Warrants.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent will cause to be kept:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
and at the principal corporate trust office in Toronto, Ontario of the Agent, a register of holders in which will be entered in alphabetical order the
names and addresses of the holders of Warrants and particulars of the Warrants held by them;&nbsp;and </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=43444,FOLIO='8',FILE='DISK106:[08ZCL2.08ZCL41702]EK41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ek41702_1_9"> </A>
<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
and at the principal corporate trust office in Toronto, Ontario of the Agent, a register of transfers in which all transfers of Warrants and the date
and other particulars of each transfer will be&nbsp;entered.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
transfer of any Warrant will be valid unless duly entered on the appropriate register of transfers referred to in Section&nbsp;3.1(b), or on any branch
registers maintained pursuant to Section&nbsp;3.1(h), upon surrender to the Agent of the Warrant Certificate evidencing such Warrant, duly endorsed by, or accompanied by a written instrument of
transfer substantially in the form of Appendix&nbsp;2 to&nbsp;the Warrant Certificate or otherwise in form satisfactory to the Agent executed by the registered holder or, in the case of an
individual, his/her executors, administrators or other legal representatives or an attorney duly appointed by an instrument in writing in form and execution satisfactory to the Agent, and, subject to
compliance with Section&nbsp;2.7 and&nbsp;such other reasonable requirements as the Agent may prescribe, such transfer will be duly noted on one of such registers of transfers by the Agent within
three business days of the satisfaction of all such requirements.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
transferee of any Warrant will, after surrender to the Agent of the Warrant Certificate evidencing such Warrant as required by Section&nbsp;3.1(c)
and&nbsp;upon compliance with all other conditions in respect thereof required by this Agreement or by applicable Law, be entitled to be entered on the register of holders referred to in
Section&nbsp;3.1(b), or on any branch registers of holders maintained pursuant to Section&nbsp;3.1(h), as the owner of such Warrant free from all equities or rights of set-off or
counterclaim between the Corporation and the transferor or any previous holder of such Warrant, except in respect of equities of which the Corporation is required to take notice by statute or by order
of a court of competent jurisdiction.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation will be entitled, and may direct the Agent by Order of the Corporation, to refuse to recognize any transfer, or enter the name of any
transferee, of any Warrant on the registers referred to in Section&nbsp;3.1(b), or on any branch registers maintained pursuant to Section&nbsp;3.1(h), if such transfer would require the
Corporation to qualify the Warrants or the Common Shares issuable on exercise of the Warrants for distribution in any jurisdiction other than the Qualifying Jurisdictions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Neither
the Corporation nor the Agent will be bound to take notice of or see to the execution of any trust, whether express, implied or constructive, in
respect of any Warrant, and may transfer any Warrant on the written direction of the Person registered as the holder thereof and delivered in accordance with Section&nbsp;3.1(c), whether named as
trustee or otherwise, as though that Person were the beneficial owner&nbsp;thereof.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent will from time to time upon Request of the Corporation or when requested so to do in writing by any Warrantholder (upon payment of the Agent's
reasonable charges), furnish the Corporation or such Warrantholder with a list of the names and addresses of holders of Warrants entered on such registers and showing the number of Warrants held by
each such&nbsp;holder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent, with the approval of the Corporation, may at any time and from time to time change the place at which the registers referred to in
Section&nbsp;3.1(b) are kept, cause branch registers of holders or transfers to be kept at other places and close such branch registers or change the place at which such branch registers are kept.
Notice of any such change or closure will be given by the Agent to the Corporation and the holders of&nbsp;Warrants.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent will retain until the sixth anniversary of the Expiry Time all instruments of transfer of Warrants that are tendered for registration including
the details shown there on of the Persons by or through whom they were lodged, all cancelled Warrants and other related documents, in accordance with the Agent's standard practice for
off-site storage. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=13,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=630831,FOLIO='9',FILE='DISK106:[08ZCL2.08ZCL41702]EK41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ek41702_1_10"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.2&nbsp;&nbsp;&nbsp;Exchange of Warrant Certificates  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>One
or more Warrant Certificates may, on compliance by the holder with the reasonable requirements of the Agent, be exchanged for one or more Warrant
Certificates of different denomination evidencing in the aggregate the same number of Warrants as the Warrant Certificate or Warrant Certificates being exchanged.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Warrant
Certificates may be exchanged only at the principal corporate trust office in Toronto, Ontario of the Agent or at any other place designated by the
Corporation with the approval of the&nbsp;Agent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
Warrant Certificate tendered for exchange will be surrendered to the Agent or its agent and&nbsp;cancelled.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation will sign and the Agent will countersign all Warrant Certificates necessary to carry out exchanges pursuant to this Section&nbsp;3.2
and&nbsp;the Agent will certify such Warrant Certificates. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.3&nbsp;&nbsp;&nbsp;Reasonable Charges for Transfer or Exchange  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>A
presenter of a Warrant Certificate pursuant to this Agreement will be charged the reasonable costs of the Agent for the transfer of any Warrant or the exchange of any Warrant Certificate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>3.4&nbsp;&nbsp;&nbsp;Ownership of Warrants  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation and the Agent may deem and treat the Person in whose name any Warrant is registered as the absolute owner of such Warrant for all purposes,
and such Person will for all purposes of this Agreement be and be deemed to be the absolute owner thereof, and the Corporation and the Agent will not be affected by any notice or knowledge to the
contrary except as required by statute or by order of a court of competent jurisdiction.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
registered holder of any Warrant will be entitled to the rights evidenced thereby free from all equities and rights of set-off or
counterclaim between the Corporation and the original or any intermediate holder thereof and all Persons may act accordingly, and the delivery to any such registered holder of the Common Shares issued
on exercise of such Warrant will be a good discharge to the Corporation and the Agent therefore and, unless the Corporation or the Agent are required by statute or by an order of a court of competent
jurisdiction, neither the Corporation nor the Agent will be bound to inquire into the title of any such registered holder. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2><B>3.5&nbsp;&nbsp;&nbsp;Assumption by Transferee  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Upon
becoming a Warrantholder in accordance with the provisions of this Agreement, the transferee thereof will be deemed to have acknowledged and agreed to be bound by this Agreement. Upon the
registration by the Agent of such transferee as the holder of a Warrant, the transferor thereof will cease to have any further rights under this Agreement with respect to such Warrant or any Common
Shares to be issued on&nbsp;exercise. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=14,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=131705,FOLIO='10',FILE='DISK106:[08ZCL2.08ZCL41702]EK41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_em41702_1_11"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em41702_article_4_exercise_of_warrants"> </A>
<A NAME="toc_em41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 4    <BR>    <BR>    EXERCISE OF WARRANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.1&nbsp;&nbsp;&nbsp;Exercise  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the limitations set forth in Section&nbsp;4.1(b) and Section&nbsp;4.5, Warrantholders may at any time and from time to time on or after the
date hereof and prior to the Expiry Time exercise the Warrants, in whole or in part, by surrendering to the Agent at its principal corporate trust office in Toronto, Ontario or to any other Person or
at any other place designated by the Corporation with the approval of the Agent, during normal business hours on a business day at such&nbsp;place:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
certified cheque, bank draft or money order payable in Canadian funds at par (without deduction for bank service charges or otherwise) to the Corporation,
in the amount of the Exercise Price in respect of each Common Share to be&nbsp;issued;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Warrant Certificate evidencing such Warrants; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
duly completed and executed notice of exercise substantially in the form set out in Appendix&nbsp;1 to&nbsp;such Warrant Certificate.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
certified cheque, money order or bank draft, Warrant Certificate or notice of exercise referred to in Section&nbsp;4.1(a) will be deemed to have been
surrendered only on personal delivery thereof to, or, if sent by mail or other means of transmission, on actual receipt thereof by, the Agent or one of the other Persons at the office or one of the
other places specified in Section&nbsp;4.1(a).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
notice of exercise referred to in Section&nbsp;4.1(a) must be signed by the Warrantholder, or such Warrantholder's executors, administrators or other
legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Agent, acting reasonably, and, if any Common Shares thereby issuable
are to be issued to a Person or Persons other than the Warrantholder such issuance must be in accordance with applicable Laws (as&nbsp;determined by the Corporation) and must specify the name and
the address of each such Person and the number of Common Shares to be issued to each such Person if more than one is so&nbsp;specified.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
holder of any Warrant Certificate who wishes to exercise the Warrants evidenced by such Warrant Certificate may exercise less than all of such Warrants
and in the case of any such partial exercise will be entitled to receive, without charge therefore, a Warrant Certificate, in form, signed and certified in accordance with the provisions of
Article&nbsp;2 evidencing the number of Warrants held by the Warrantholder which remain unexercised. Such Warrant Certificate will be delivered by the Agent to the holder concurrently with the
certificates representing the Common Shares issued on partial exercise of such holder's Warrants. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.2&nbsp;&nbsp;&nbsp;Effect of Exercise  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Upon
the exercise of any Warrant in accordance with Section&nbsp;4.1, the Common Shares thereby issuable will be deemed to have been issued, and the
Person to whom such Common Shares are to be issued will be deemed to have become the holder of record thereof on the Exercise Date, unless the transfer registers for the Common Shares are closed on
that date, in which case such Common Shares will be deemed to have been issued and such Person will be deemed to have become the holder of record thereof on the date on which such transfer registers
are reopened, but such Common Shares will be issued on the basis of the number of Common Shares to which such Person was entitled on the Exercise&nbsp;Date. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=15,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=204100,FOLIO='11',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_12"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
soon as practicable and in any event not later than the fifth business day on which the transfer registers for the Common Shares have been open after
such exercise, the Corporation will cause the Agent to mail to the Person in whose name the Common Shares thereby issued have been issued, at its address, or, if so specified, cause to be delivered to
such Person at the place where the Warrant Certificate evidencing such Warrant was surrendered, a certificate representing the Common Shares so&nbsp;issued.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
any Common Shares issuable pursuant to any Warrant are to be issued to a Person other than the Warrantholder, the Warrantholder must pay to the
Corporation or to the Agent on its behalf an amount equal to all eligible transfer taxes or other government charges, and the Corporation will not be required to issue or deliver any certificates
representing any such Common Shares unless or until such amount has been so paid or the Warrantholder has established to the satisfaction of the Corporation that such taxes and charges have been paid
or that no such taxes or charges are&nbsp;owing. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>4.3&nbsp;&nbsp;&nbsp;No Fractional Common Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation will not be required to issue fractional Common Shares upon the exercise of Warrants. To the extent that a holder of Warrants would otherwise have been entitled to receive, on the
exercise of Warrants, a fraction of a Common Share, the Corporation will, in lieu of delivering the fractional Common Share, satisfy the right to receive such fractional interest by payment to the
Warrantholder of an amount in cash (computed in the case of a fraction of a cent, to the next lower cent) equal to the value of the right to acquire such fractional interest on the basis of the
Current Market Price of the Common Shares on the date of&nbsp;exercise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.4&nbsp;&nbsp;&nbsp;Recording  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent will record particulars of each Warrant exercised, which shall include the name and address of each Person to whom Common Shares are thereby issued, the number of Common Shares so issued and
the Exercise Date in respect thereof. Within five business days after each Exercise Date the Agent will provide such particulars in writing to the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>4.5&nbsp;&nbsp;&nbsp;Securities Restrictions  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
Common Shares will be issued on exercise of any Warrant, if in the opinion of Counsel to the Corporation (delivered to the Agent prior to issue), the
issuance of such Common Shares would constitute a violation of the securities Laws of any applicable jurisdiction or require the Corporation to qualify the Common Shares issuable upon exercise of the
Warrants for distribution in, or make any notice or other filing in, any jurisdiction other than the Qualifying Jurisdictions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Notwithstanding
anything in this Agreement to the contrary, the Warrants may not be exercised in the United&nbsp;States or by or on behalf of a
U.S.&nbsp;Person. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em41702_article_5_adjustments"> </A>
<A NAME="toc_em41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 5    <BR>    <BR>    ADJUSTMENTS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>5.1&nbsp;&nbsp;&nbsp;Adjustment of Exercise Price  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Exercise Price in effect at any date will be subject to adjustment from time to time in the events and in the manner provided in this Article&nbsp;5. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=16,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=210457,FOLIO='12',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_13"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
and whenever at any time after the date hereof and prior to the Expiry Time, the Corporation:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>issues
Common Shares or securities convertible into or exchangeable for Common Shares to the holders of all or substantially all of the outstanding Common
Shares as a stock dividend or similar distribution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>makes
a distribution on its outstanding Common Shares to the holders of all or substantially all of the outstanding Common Shares payable in Common Shares
or securities convertible into or exchangeable for Common Shares (other than an issue of Common Shares to holders of Common Shares pursuant to a right granted to such holders to receive such Common
Shares in lieu of Dividends Paid in the Ordinary Course);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>subdivides
its outstanding Common Shares into a greater number of Common Shares;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reduces,
combines or consolidates its outstanding Common Shares into a smaller number of Common&nbsp;Shares, </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>(any&nbsp;of
such events in Sections&nbsp;5.1(b)(i), (ii), (iii)&nbsp;and&nbsp;(iv) being called a "</FONT><FONT SIZE=2><B>Common Share Reorganization</B></FONT><FONT SIZE=2>"), then the
Exercise Price then in effect will be adjusted effective immediately on the effective date or record date for the happening of a Common Share Reorganization, as the case may be, at which the holders
of Common Shares are determined for the purpose of the Common Share Reorganization, so that it will equal the price determined by multiplying the Exercise Price in effect immediately prior to such
effective date or record date, as the case may be, by a fraction, the numerator of which will be the total number of Common Shares outstanding on such effective date or record date, as the case may
be, before giving effect to such Common Share Reorganization and the denominator of which will be the total number of Common Shares outstanding immediately after giving effect to such Common Share
Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had all such
securities been exchanged for or converted into Common Shares on such effective date or record&nbsp;date).  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
and whenever at any time after the date hereof and prior to the Expiry Time, the Corporation fixes a record date for the issue of rights, options or
warrants to the holders of all or substantially all of the outstanding Common Shares under which such holders are entitled, during a period expiring not more than 45&nbsp;days after the record date
for such issue (the&nbsp;"</FONT><FONT SIZE=2><B>Rights Period</B></FONT><FONT SIZE=2>"), to subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares
at a price per share to the holder (or&nbsp;at an exchange price or conversion price per share during the Rights Period to the holder in the case of securities exchangeable for or convertible into
Common Shares) which is less than 95% of the Current Market Price for the Common Shares on such record date (any&nbsp;of such events being called a "</FONT><FONT SIZE=2><B>Rights
Offering</B></FONT><FONT SIZE=2>"), then the Exercise Price will be adjusted effective immediately after the end of the Rights Period so that it will equal the price determined by multiplying the
Exercise Price in effect immediately prior to the end of the Rights Period by a&nbsp;fraction:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
numerator of which will be the aggregate of
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
total number of Common Shares outstanding as of the record date for the commencement of the Rights Offering,&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
number determined by dividing (A)&nbsp;either (x)&nbsp;the product of the number of Common Shares issued or subscribed for during the Rights Period
upon the exercise of the rights, warrants or options under the Rights Offering and the price at which </FONT></DD></DL>
</DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=17,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=277300,FOLIO='13',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_14"> </A>
<UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>such
Common Shares are offered for such issue or subscription, or, as the case may be, (y)&nbsp;the product of the exchange price or conversion price of such securities exchangeable for or
convertible into Common Shares and the number of Common Shares for or into which the securities so offered pursuant to the Rights Offering could have been exchanged or converted during the Rights
Period (whether or not they were then exchangeable or convertible), by (B)&nbsp;the Current Market Price of the Common Shares as of the record date for the commencement of the Rights
Offering,&nbsp;and  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
denominator of which will be the number of Common Shares outstanding, or the number of Common Shares which would be outstanding if all the exchangeable
or convertible securities were exchanged for or converted into Common Shares during the Rights Period (whether or not they were then exchangeable or convertible), after giving effect to the Rights
Offering and including the number of Common Shares actually issued or subscribed for during the Rights Period upon exercise of the rights, warrants or options under the Rights Offering. </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>To
the extent that any such rights, options or warrants are not so exercised on or before the expiry thereof, the Exercise Price will be readjusted to the Exercise Price which would then be in effect
based on the number of Common Shares (or&nbsp;the securities convertible into or exchangeable for Common Shares) actually delivered on the exercise of such rights, options or&nbsp;warrants. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
and whenever at any time after the date hereof and prior to the Expiry Time, the Corporation fixes a record date for the issue or the distribution to the
holders of all or substantially all of the outstanding Common Shares of (A)&nbsp;securities of the Corporation, including rights, options or warrants to acquire securities of the Corporation or any
of its property or assets and including cash and evidences of indebtedness; or (B)&nbsp;any property or other assets, including cash and evidences of indebtedness, and if such issuance or
distribution does not constitute a Dividend Paid in the Ordinary Course, a Common Share Reorganization, a Rights Offering (any&nbsp;of such non-excluded events being called a
"</FONT><FONT SIZE=2><B>Special Distribution</B></FONT><FONT SIZE=2>"), then the Exercise Price will be adjusted effective immediately after such record date so that it will equal the price
determined by multiplying the Exercise Price in effect on such record date by a&nbsp;fraction:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
numerator of which will be:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
product of the number of Common Shares outstanding on such record date and the Current Market Price of the Common Shares on such record
date,&nbsp;less
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Fair Market Value, as determined in good faith by action by the board of directors of the Corporation (whose determination, subject to the consent of a
Recognized Stock Exchange, if required, will be conclusive), to the holders of Common Shares of such securities or property or other assets so issued or distributed in the Special
Distribution;&nbsp;and
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
denominator of which will be the product of the number of Common Shares outstanding on such record date and the Current Market Price of the Common
Shares on such record&nbsp;date. </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>To
the extent that any Special Distribution is not so made, the Exercise Price will be readjusted effective immediately to the Exercise Price which would then be in effect based upon such securities
or property or other assets as actually distributed. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=18,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=57658,FOLIO='14',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_15"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
and whenever at any time after the date hereof and prior to the Expiry Time, there is a reclassification of the Common Shares at any time outstanding or
change of the Common Shares into other shares or into other securities or other capital reorganization (other than a Common Share Reorganization), or a consolidation, arrangement, amalgamation or
merger of the Corporation with or into any other corporation or other entity (other than an amalgamation with one or more of its wholly-owned subsidiaries, or a transfer of the undertaking or assets
of the Corporation as an entirety or substantially as an entirety to another corporation or other entity in which the holders of Common Shares are entitled to receive shares, other securities or other
property (any&nbsp;of such events being called a "</FONT><FONT SIZE=2><B>Capital Reorganization</B></FONT><FONT SIZE=2>"), any Warrantholder who exercises the right to acquire Common Shares
pursuant to Warrants then held after the effective date of such Capital Reorganization will be entitled to receive, and will accept for the same aggregate consideration in lieu of the number of Common
Shares to which such Holder was previously entitled upon such conversion, the aggregate number of shares, other securities or other property that such holder would have been entitled to receive as a
result of such Capital Reorganization if, on the effective date thereof, the holder had been the registered holder of the number of Common Shares to which such holder was previously entitled upon
exercise of its Warrants. The Corporation will take all steps necessary to ensure that, on a Capital Reorganization, the Warrantholders will receive the aggregate number of shares, other securities or
other property to which they are entitled as a result of the Capital Reorganization. Appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the
provisions set forth in this Article&nbsp;5 with respect to the rights and interests thereafter of Warrantholders to the end that the provisions set forth in this Article&nbsp;5 will thereafter
correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the exercise of any Warrant. Prior to or
concurrent with effecting a Capital Reorganization, the Corporation (or&nbsp;a successor corporation as contemplated in Section&nbsp;9.2) will enter into an agreement supplemental hereto approved
by action of the board of directors of the Corporation and by the Agent, which will set forth an appropriate adjustment to give effect to this Section&nbsp;5.1(e) in which event such adjustment will
for all purposes be conclusively deemed to be an appropriate adjustment, subject to the prior written consent of a Recognized Stock Exchange, if&nbsp;required.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the purchase price provided for in any rights, options or warrants (the&nbsp;"</FONT><FONT SIZE=2><B>Rights Offering Price</B></FONT><FONT SIZE=2>")
referred to in Sections&nbsp;5.1(c) or&nbsp;5.1(d) is decreased, the Exercise Price will forthwith be changed so as to decrease the Exercise Price to the Exercise Price that would have been
obtained if the adjustment to the Exercise Price made under Section&nbsp;5.1(c) or&nbsp;5.1(d), as the case may be, with respect to such rights, options or warrants had been made on the basis of
the Rights Offering Price as so decreased, provided that the terms of this Section&nbsp;5.1(f) will not apply to any decrease in the Rights Offering Price resulting from terms in any such rights,
options or warrants designed to prevent dilution except to the extent that the resulting decrease in the Exercise Price under this Section&nbsp;5.1(f) would be greater than the decrease, if any, in
the Exercise Price to be made under the terms of this Section&nbsp;5.1 by virtue of the occurrence of the event giving rise to such decrease in the Rights Offering&nbsp;Price.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
and whenever at any time after the date hereof and prior to the Expiry Time, any of the events set out in Sections&nbsp;5.1(b), 5.1(c), or 5.1(d) occur
and the occurrence of such event results in an adjustment of the Exercise Price pursuant to the provisions of this Article&nbsp;5, then the number of Common Shares purchasable pursuant to the
Warrants upon exercise thereof will be adjusted contemporaneously with the adjustment of the Exercise Price by multiplying the number of Common Shares then otherwise purchasable on the exercise
thereof by a fraction, the numerator of which will be the then applicable Exercise Price in effect </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=19,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=894144,FOLIO='15',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_16"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>immediately
prior to the adjustment and the denominator of which will be the Exercise Price resulting from such adjustment.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
any case in which this Section&nbsp;5.1 requires that an adjustment will become effective immediately after a record date for an event referred to
herein, the Corporation may defer, until the occurrence of such event, issuing to the holder of any Warrant exercised after such record date and before the occurrence of such event the additional
Common Shares issuable upon such exercise by reason of the adjustment required by such event, provided, however, that the Corporation will deliver to such holder evidence of such holder's right to
receive such additional Common Shares upon the occurrence of such event and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of
Common Shares on and after the date of conversion or such later date on which such holder would, but for the provisions of this Section&nbsp;5.1(h), have become the holder of record of such
additional Common&nbsp;Shares. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>5.2&nbsp;&nbsp;&nbsp;Rules Regarding Calculation of Adjustment of Exercise Price  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For
the purposes of Section&nbsp;5.1:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
adjustments provided for in Section&nbsp;5.1 are cumulative and will be computed to the nearest one-tenth of one cent and will be made
successively whenever an event referred to therein occurs, subject to the following provisions of this Section&nbsp;5.2;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
adjustment in the Exercise Price will be required unless the cumulative effect of such adjustment would result in a change of at least 1% in the
prevailing Exercise Price and no adjustment in the number of Common Shares purchasable upon exercise of a Warrant will be required unless the cumulative effect of such adjustment would result in a
change of at least one-hundredth of a Common Share; provided, however, that any adjustments which, except for the provisions of this Section&nbsp;5.2(a)(ii) would otherwise have been
required to be made, will be carried forward and taken into account in any subsequent adjustment;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
adjustment in the Exercise Price will be required upon the issuance from time to time of Common Shares pursuant to any security-based compensation plan
of the Corporation (including stock option plans, restricted share units plans, deferred share unit plans and share purchase plans or any dividend reinvestment plan of the Corporation, as such plans
may be replaced, supplemented or further amended from time to&nbsp;time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
adjustment in the Exercise Price will be made in respect of any of the events referred to in Sections&nbsp;5.1(b)(i) and&nbsp;5.1(b)(ii),
Section&nbsp;5.1(c) or Section&nbsp;5.1(d), if Warrantholders are entitled to participate in such event on the same terms, </FONT><FONT SIZE=2><I>mutatis mutandis</I></FONT><FONT SIZE=2>, as if
they had exercised their Warrants prior to or on the effective date or record date of such event. Any such participation will be subject to any required prior consent of a Recognized
Stock&nbsp;Exchange;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if
at any time a dispute arises with respect to adjustments provided for in Section&nbsp;5.1, such dispute will be conclusively determined, subject to the
consent of a Recognized Stock Exchange, if required, by the Corporation's auditors, or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be
selected by action of the board of directors of the Corporation and any such determination will be binding upon the Corporation, the Agent, the Warrantholders and shareholders of the Corporation, and
such auditors or accountants will be given access to all necessary records of the Corporation. If any such determination is made, the Corporation will deliver a Certificate of the Corporation to the
Agent describing such </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=20,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=385350,FOLIO='16',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_17"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>determination,
and the Agent will be entitled to act and rely upon such Certificate of the Corporation;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if
the Corporation sets a record date to determine the holders of Common Shares for the purpose of entitling them to receive any dividend or distribution
or sets a record date to take any other action and thereafter and before the distribution to such shareholders of any such dividend or distribution or the taking of any other action, legally abandons
its plan to pay or deliver such dividend or distribution or take such other action, then no adjustment in the Exercise Price will be made;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the absence of a resolution of the board of directors of the Corporation fixing a record date for a Special Distribution or Rights Offering, the
Corporation will be deemed to have fixed as the record date therefore the date on which the Special Distribution or Rights Offering is&nbsp;effected. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>5.3&nbsp;&nbsp;&nbsp;Certificate as to Adjustment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation will from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section&nbsp;5.1, deliver a Certificate of the
Corporation to the Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based, and the Agent will be entitled to act and rely upon such Certificate of the Corporation. Such Certificate of the Corporation and the
amount of the adjustment specified therein will be conclusive and binding on all parties in interest. Until such Certificate of the Corporation is received by the Agent, the Agent may act and be
protected in acting on the presumption that no adjustment has been made or is required. Except in respect of any subdivision, reduction, combination or consolidation of the Common Shares contemplated
by Section&nbsp;5.1(b)(i), the Corporation will forthwith give notice to the Warrantholders specifying the event requiring such adjustment or readjustment and the amount thereof, including the
resulting Exercise Price; provided that if the Corporation has given notice under Section&nbsp;5.4 covering all the relevant facts in respect of such event, no such notice need be given under this
Section&nbsp;5.3. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.4&nbsp;&nbsp;&nbsp;Notice of Special Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation covenants that, so long as any Warrants remain outstanding, it will give notice to the Agent and to the Warrantholders of its intention to fix a record date for any event referred to
in Sections&nbsp;5.1(b), 5.1(c), 5.1(d) or&nbsp;5.1(e) (other than the subdivision, reduction, combination or
consolidation of Common Shares contemplated by Sections&nbsp;5.1(b)(iii) and&nbsp;5.1(b)(iv) or a cash dividend (other than a Dividend Paid in the Ordinary Course) which may give rise to an
adjustment in the Exercise Price, or other adjustment and such notice will specify the particulars of such event and the record date and the effective date for such event; provided that the
Corporation will only be required to specify in such notice such particulars of such event as will have been fixed and determined on the date on which such notice is given. Such notice will be given
not less than 14&nbsp;days prior to the applicable record date in the case of an event referred to in Sections&nbsp;5.1(b), 5.1(c) or&nbsp;5.1(d) and 30&nbsp;days prior to the applicable
record date in the case of an event referred to in Section&nbsp;5.1(e). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>5.5&nbsp;&nbsp;&nbsp;Protection of Agent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent will not at any time be under any duty or responsibility to any Warrantholder to determine whether any facts exist which may require any adjustment in the Exercise Price, or with respect to
the nature or extent of any such adjustment when made, or with respect to the method employed in making the same; and will not be accountable with respect to the validity or value (or&nbsp;the kind
or amount) of any Common Shares or of any shares or other securities or other property which may at </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=21,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=758438,FOLIO='17',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2>any
time be issued or delivered upon the exercise of any Warrant; and the Agent, subject only to its gross negligence, or wilful misconduct, will not be responsible for any failure of the Corporation
to issue, transfer or deliver Common Shares or share certificates upon the surrender of any Warrant for the purpose of exercise, or to comply with any of the covenants contained in this
Article&nbsp;5. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em41702_article_6_covenants"> </A>
<A NAME="toc_em41702_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 6    <BR>    <BR>    COVENANTS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>6.1&nbsp;&nbsp;&nbsp;General Covenants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation represents, warrants and covenants with the Agent that so long as any Warrant remains outstanding and may be&nbsp;exercised: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is duly authorized to create and issue the Warrants and that the Warrant Certificates, when issued and countersigned as herein provided,
will be valid and enforceable against the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>subject
to the provisions of Section&nbsp;9.2, the Corporation will at all times maintain its corporate existence, carry on and conduct its business in a
proper and business-like manner and keep or cause to be kept proper books of account in accordance with generally accepted accounting practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation will reserve for the purpose and keep available sufficient unissued Common Shares to enable it to satisfy its obligations on the exercise of
the&nbsp;Warrants;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation will cause the Common Shares from time to time issued pursuant to the exercise of the Warrants, and the certificates representing such
Common Shares, to be duly issued and delivered in accordance with the Warrants and the terms of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
Common Shares that are issued or created on exercise of the Warrants will be fully paid and non-assessable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation will cause the Agent to keep open on business days the registers of holders and registers of transfers referred to in Section&nbsp;3.1
and, subject to Section&nbsp;4.5, will not take any action or omit to take any action that would have the effect of preventing the Warrantholders from exercising any of the Warrants or receiving any
of the Common Shares upon such&nbsp;exercise;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>generally,
the Corporation will well and truly perform and carry out all acts and things to be done by it as provided in this Agreement and, subject to
Section&nbsp;4.5, will not take any action that might reasonably be expected to deprive the Warrantholders of their rights to acquire Common Shares upon the exercise of the&nbsp;Warrants;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>subject
to Section&nbsp;4.5, the Corporation will make all requisite filings in connection with the exercise of the Warrants and issue of the
Common&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation will maintain its status as a reporting issuer (or&nbsp;the equivalent) not in default in each of the Qualifying Jurisdictions providing
for such a regime and will use its best efforts to maintain the listing of the Common Shares and the Warrants on a Recognized Stock Exchange. For greater certainty, using best efforts to maintain the
listing of the Common Shares and Warrants shall not preclude the directors from approving or recommending a transaction which may result in the acquisition of all or substantially all the Common
Shares which transaction may result in the de-listing of the Common Shares or Warrants;&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=22,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=138112,FOLIO='18',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_19"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation will, as soon as practicable after it becomes aware of the same, give notice to the Trustee and the Warrantholders of any material breach or
default by the Corporation of its obligations under this&nbsp;Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>6.2&nbsp;&nbsp;&nbsp;Agent's Remuneration and Expenses  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation will pay to the Agent from time to time reasonable remuneration for its services hereunder and will, on the Agent's request, pay to or reimburse the Agent for all reasonable documented
expenses, disbursements and advances made or incurred by the Agent in the administration or execution of the trusts hereof (including reasonable documented compensation and disbursements of its
Counsel and other advisers and assistants not regularly in its employ), both before
any default hereunder and thereafter until all duties of the Agent hereunder have been finally and fully performed, except any such expense, disbursement or advance that arises out of or results from
the gross negligence or wilful misconduct of the Agent. This Section&nbsp;6.2 will survive the termination of this Agreement and the removal or resignation of the&nbsp;Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.3&nbsp;&nbsp;&nbsp;Performance of Covenants by Agent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the Agent is made aware of the failure of the Corporation to perform any of its obligations under this Agreement, the Agent may notify the Warrantholders of such failure or may itself perform any
of such obligations capable of being performed by it, but will not be bound to do so or to notify the Warrantholders that it is so doing. All sums expended or advanced by the Agent in so doing will be
repayable as provided in Section&nbsp;6.2. No such performance, expenditure or advance by the Agent will relieve the Corporation of any default or of its continuing obligations hereunder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em41702_article_7_enforcement"> </A>
<A NAME="toc_em41702_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 7    <BR>    <BR>    ENFORCEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.1&nbsp;&nbsp;&nbsp;Warrantholders May Not Sue  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to Section&nbsp;7.1(b), no Warrantholder will have any right to institute any action or proceeding against the Corporation in relation to its
rights under this Agreement, unless:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
holder has previously given to the Agent written notice of the nature of such action or&nbsp;proceeding;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
holders of at least 10% of the Warrants have made a written request to the Agent and have afforded to it reasonable opportunities either itself to
proceed to exercise the powers hereinbefore granted or to institute an action, suit or proceeding in its own name for such&nbsp;purpose;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
Warrantholders have provided to the Agent, when so requested by the Agent, sufficient funds and security and indemnity satisfactory to it against the
costs, expenses and liabilities to be incurred therein or thereby;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Agent has failed to act within a reasonable time after such notification, request and provision of indemnity; and such notification, request and
provision of indemnity are hereby declared in every such case, at the option of the Agent, to be conditions precedent to any such proceeding or for any other remedy hereunder by or on behalf of the
holder of any&nbsp;Warrants.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Notwithstanding
Section&nbsp;7.1(a), a Warrantholder is not required to comply with Section&nbsp;7.1(a)(ii) and Section&nbsp;7.1(a)(iii) will not be
applicable, if the Agent, notwithstanding compliance by the Warrantholders with Section&nbsp;7.1(a)(i) and Section&nbsp;7.1(a)(ii), has advised the Warrantholder in writing that it will not take
any of the actions requested even if the Agent </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=23,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=771931,FOLIO='19',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_em41702_1_20"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>were
to be provided with sufficient funds and security and indemnity satisfactory to it as contemplated by Section&nbsp;7.1(a)(iii). </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>7.2&nbsp;&nbsp;&nbsp;Suits by Warrantholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject
to Sections&nbsp;7.1 and&nbsp;8.11, any of the rights conferred upon a Warrantholder by the terms of the Warrants held by it and/or this Agreement may be enforced by such Warrantholder by
appropriate legal proceedings but without prejudice to the right that is hereby conferred upon the Agent to proceed in its own name to enforce each and all of the provisions herein contained for the
benefit of the holders of the Warrants from time to time outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.3&nbsp;&nbsp;&nbsp;Agent May Institute All Proceedings  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent will also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may be advised will be
necessary or advisable to preserve and protect its interests and the interests of the Warrantholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
such suit or proceeding instituted by the Agent may be brought in the name of the Agent as trustee of an express trust, and any recovery of judgment
will be for the rateable benefit of the holders of the Warrants subject to the provisions of this Agreement. In any proceeding brought by the Agent (and&nbsp;also any proceeding in which a
declaratory judgment of a court may be sought as to the interpretation or construction of any provision of this Agreement, to which the Agent will be a party) the Agent will be held to represent all
the holders of the Warrants, and it will not be necessary to make any holders of the Warrants parties to any such proceeding. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>7.4&nbsp;&nbsp;&nbsp;Immunity of Shareholders, Etc.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject
to the rights available at law or in express provisions of any contract or other instrument the Agent and, by the acceptance of the Warrant Certificates and as part of the consideration for
the issue of the Warrants, the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any Person in its capacity as an
incorporator or any past, present or future shareholder or other securityho1der, director, officer, employee or agent of the Corporation for the creation and issue of the Common Shares pursuant to any
Warrant or on any covenant, agreement, representation or warranty by the Corporation herein or in the Warrant Certificates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.5&nbsp;&nbsp;&nbsp;Limitation of Liability  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
obligations hereunder are not personally binding upon, nor will resort hereunder be had to, the board of directors of the Corporation or shareholders of the Corporation or any of the past, present
or future directors or shareholders of the Corporation or any of the past, present or future officers, employees or agents of the Corporation, but only the property of the Corporation or any successor
corporation will be bound in respect&nbsp;hereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=24,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=936096,FOLIO='20',FILE='DISK106:[08ZCL2.08ZCL41702]EM41702A.;8',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_eo41702_1_21"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eo41702_article_8_meetings_of_warrantholders"> </A>
<A NAME="toc_eo41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 8    <BR>    <BR>    MEETINGS OF WARRANTHOLDERS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>8.1&nbsp;&nbsp;&nbsp;Right to Convene Meetings  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent may, at any time and from time to time convene, a meeting of the Warrantholders and will do so on receipt of a written Request of the Corporation
or a Warrantholders' Request and on being funded and indemnified to its reasonable satisfaction by the Corporation or by one or more of the Warrantholders signing such Warrantholders' Request against
the costs that it may incur in connection with calling and holding the&nbsp;meeting.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Agent fails, within five business days after receipt of such written Request of the Corporation or Warrantholders' Request and indemnity, to give
notice convening a meeting, the Corporation or any of such Warrantholders, as the case may be, may convene such&nbsp;meeting.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Every
such meeting will be held in Toronto, Ontario or such other place as is approved or determined by the Agent and the Corporation. However, if the
meeting is convened by the Corporation or a Warrantholder as a result of the Agent's failure or refusal to convene such meeting, the meeting must be held in&nbsp;Toronto. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.2&nbsp;&nbsp;&nbsp;Notice  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
least 21&nbsp;days' notice of any meeting must be given to the Warrantholders, to the Agent (unless the meeting has been called by it) and to the
Corporation (unless the meeting has been called by&nbsp;it).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
notice to be delivered in accordance with Section&nbsp;11.2 must state the time when and the place where the meeting is to be held and describe (with
sufficient detail to permit a Warrantholder to make a reasoned decision with respect to the matters for consideration) the general nature of the business to be transacted thereat, but it will not be
necessary for the notice to set out the terms of any resolution to be proposed or any of the provisions of this Article&nbsp;8. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.3&nbsp;&nbsp;&nbsp;Chairman  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Some
individual (who&nbsp;need not be a Warrantholder) designated in writing by the Agent will be chairman of the meeting or, if no individual is so designated or the individual so designated is not
present within 15&nbsp;minutes after the time fixed for the holding of the meeting, the Warrantholders present in person or by proxy may choose any individual present to be&nbsp;chairman. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>8.4&nbsp;&nbsp;&nbsp;Quorum  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the provisions of Section&nbsp;8.12, at any meeting of Warrant holders a quorum will consist of one or more Warrantholders present in person or
by proxy at the commencement of business holding in the aggregate not less than 5% of the total number of Warrants then outstanding.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>if
a quorum of Warrantholders is not present within 30&nbsp;minutes after the time fixed for holding a meeting, the meeting, if convened by Warrantholders
or on a Warrantholders' Request, will be dissolved, but, subject to Section&nbsp;8.12, in any other case will be adjourned to the seventh calendar day following the meeting, at the same time of day
and place and no notice of the adjournment need be&nbsp;given. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=25,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=234188,FOLIO='21',FILE='DISK106:[08ZCL2.08ZCL41702]EO41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eo41702_1_22"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
the adjourned meeting the Warrantholders present in person or by proxy will form&nbsp;a quorum and may transact any business for which the meeting was
originally convened notwithstanding the number of Warrants that they&nbsp;hold. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.5&nbsp;&nbsp;&nbsp;Power to Adjourn  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
chairman of a meeting at which a quorum of the Warrantholders is present may, with the consent of the meeting, adjourn the meeting, and no notice of such adjournment need be given except as the
meeting prescribes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.6&nbsp;&nbsp;&nbsp;Show of Hands  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Every
question submitted to a meeting, other than an Extraordinary Resolution, will be decided in the first place by a majority of the votes given on a show of hands and, unless a poll is duly
demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority will be
conclusive evidence of the&nbsp;fact. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.7&nbsp;&nbsp;&nbsp;Poll  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
every Extraordinary Resolution, and on every other question submitted to a meeting on which a poll is directed by the chairman or requested by one or
more Warrantholders acting in person or by proxy, a poll will be taken in such manner as the chairman directs.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Questions
other than those required to be determined by Extraordinary Resolution will be decided by a majority of the votes cast on the&nbsp;poll. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.8&nbsp;&nbsp;&nbsp;Voting  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
a show of hands each Person present and entitled to vote, whether as a Warrantholder or as proxy for one or more absent Warrantholders, or both, will
have one vote, and on a poll each Warrantholder present in person or represented by a proxy duly appointed by instrument in writing will be entitled to one vote in respect of each Warrant held by
such&nbsp;holder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
proxy need not be a Warrantholder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.9&nbsp;&nbsp;&nbsp;Regulations  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent, or the Corporation with the approval of the Agent, may from time to time make or vary such regulations as it
thinks&nbsp;fit:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>for
the issue of voting certificates by any bank, trust company or other depository satisfactory to the Agent stating that the Warrants specified therein
have been deposited with it by a named Person and will remain on deposit until a specified date, which voting certificates will entitle the Persons named therein to be present and vote at any meeting
of Warrantholders and at any adjournment thereof held before that date or to appoint a proxy or proxies to represent them and vote for them at any such meeting and at any adjournment thereof held
before that date in the same manner and with the same effect as though the Persons so named in such voting certificates were the actual holders of the Warrants specified therein;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>for
the form of instrument appointing a proxy, the manner in which it must be executed, and verification of the authority of a Person who executes it on
behalf of a Warrantholder; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=26,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=918134,FOLIO='22',FILE='DISK106:[08ZCL2.08ZCL41702]EO41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eo41702_1_23"> </A>
<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>governing
the places at which and the times by which voting certificates or instruments appointing proxies must be&nbsp;deposited;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>for
the deposit of voting certificates or instruments appointing proxies at some approved place other than the place at which the meeting is to be held and
enabling particulars of such voting certificates or instruments appointing proxies to be sent by mail, facsimile or other means of prepaid, transmitted, recorded communication before the meeting to
the Corporation or to the Agent at the place where the meeting is to be held and for voting pursuant to instruments appointing proxies so deposited as though the instruments themselves were produced
at the meeting;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>generally
for the calling of meetings of Warrantholders and the conduct of business thereof.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
regulations so made will be binding and effective and the votes given in accordance therewith will be valid and will be&nbsp;counted.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
as such regulations provide, the only Persons who will be recognized at a meeting as the holders of any Warrants, or as entitled to vote or, subject
to Section&nbsp;8.10, be present at the meeting in respect thereof, will be the registered holders of such Warrants or their duly appointed proxies. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.10&nbsp;The Corporation and Agent may be Represented  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation and the Agent by their respective employees, officers or directors, and the Counsel of the Corporation and the Agent may attend any meeting of Warrantholders, but will have no vote
as&nbsp;such. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.11&nbsp;Powers Exercisable by Extraordinary Resolution  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
addition to all other powers conferred on them by the other provisions of this Agreement, by the Warrants or by applicable Law, the Warrantholders at a meeting will have the power, exercisable from
time to time by Extraordinary Resolution: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>subject
to the agreement of the Corporation, to assent to or sanction any amendment, modification, abrogation, alteration, compromise or arrangement of any
right of the Warrantholders or of the Agent in its capacity as warrant trustee hereunder, subject to the Agent's approval, on behalf of the Warrantholders against the Corporation, whether such right
arises under this Agreement or otherwise and to authorize the Agent to concur in and execute any agreement supplemental hereto in connection therewith;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
amend, alter or repeal any Extraordinary Resolution previously passed;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
direct or authorize the Agent to enforce any obligation of the Corporation under this Agreement or to enforce any right of the Warrantholders in any
manner specified in the Extraordinary Resolution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
refrain from enforcing any obligation or right referred to in Section&nbsp;8.11(c);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
waive and direct the Agent to waive any default by the Corporation in complying with any provision of this Agreement, either unconditionally or on any
condition specified in the Extraordinary Resolution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
appoint a committee with power and authority to exercise, and to direct the Agent to exercise, on behalf of the Warrantholders, such of the powers of the
Warrantholders as are exercisable by Extraordinary Resolution; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=27,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=357536,FOLIO='23',FILE='DISK106:[08ZCL2.08ZCL41702]EO41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eo41702_1_24"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
restrain any Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement of any obligation of the
Corporation under this Agreement or to enforce any right of the Warrantholders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
direct any Warrantholder who, as such, has brought any suit, action or proceeding, to stay or discontinue or otherwise deal therewith on payment of the
costs, charges and expenses reasonably and properly incurred by such Warrantholder in connection therewith;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>from
time to time and at any time to remove the Agent and appoint a successor;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
assent to any compromise or arrangement with any creditor or any class of creditors, whether secured or otherwise, and with holders of any shares or
other securities of the Corporation. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.12&nbsp;Meaning of "Extraordinary Resolution"  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
expression "</FONT><FONT SIZE=2><B>Extraordinary Resolution</B></FONT><FONT SIZE=2>" when used in this Agreement means, subject to the provisions of
this Section&nbsp;8.12 and&nbsp;of Sections&nbsp;8.15 and&nbsp;8.16, a resolution passed at a meeting of Warrantholders duly convened for that purpose and held in accordance with the
provisions of this Article&nbsp;8 by the affirmative votes of Warrantholders who hold in the aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the aggregate number of Warrants then outstanding
represented at the meeting and voted on the poll on the&nbsp;resolution.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If,
at a meeting called for the purpose of passing an Extraordinary Resolution, the quorum required by Section&nbsp;8.12(a) is not present within
30&nbsp;minutes after the time appointed for the meeting, the meeting, if convened by Warrantholders or on a Warrantholders' Request, will be dissolved, but in any other case will stand adjourned to
such day, being not less than seven calendar days or more than 30&nbsp;calendar days later, and to such place and time, as is appointed by the&nbsp;chairman.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Not
less than seven calendar days' notice must be given to the Warrantholders of the time and place of such adjourned meeting.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
notice must state that at the adjourned meeting the Warrantholders present in Person or by proxy will form&nbsp;a quorum but it will not be necessary
to set forth the purposes for which the meeting was originally called or any other particulars.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
the adjourned meeting, the Warrantholders present in person or by proxy will form&nbsp;a quorum and may transact any business for which the meeting was
originally convened, and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in Section&nbsp;8.12(a) will be an Extraordinary Resolution within the meaning
of this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Votes
on an Extraordinary Resolution must always be given on a poll and no demand for a poll on an Extraordinary Resolution will be&nbsp;necessary. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.13&nbsp;Powers Cumulative  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Anyone
or more of the powers, and any combination of the powers, in this Agreement stated to be exercisable by the Warrantholders by Extraordinary Resolution or otherwise, may be exercised from time
to time, and the exercise of anyone or more of such powers or any combination of such powers from time to time will not prevent the Warrantholders from exercising such powers or combination of powers
thereafter from time to&nbsp;time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=28,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=212378,FOLIO='24',FILE='DISK106:[08ZCL2.08ZCL41702]EO41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eo41702_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>8.14&nbsp;Minutes  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Minutes
of all resolutions passed and proceedings taken at every meeting of the Warrantholders will be made and duly entered in books from time to time
provided for such purpose by the Corporation, and any such minutes, if signed by the chairman of the meeting at which such resolutions were passed or such proceedings were taken, will be prima facie
evidence of the matters therein stated, and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes have been so made, entered and signed will be deemed to
have been duly convened and held, and all resolutions passed and proceedings taken thereat to have been duly passed and&nbsp;taken.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation will be provided with, in a timely manner and at its own expense, copies of any and all resolutions passed at any meeting of the
Warrantholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.15&nbsp;Instruments in Writing  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
action that may be taken and any power that may be exercised by Warrantholders at a meeting held as provided in this Article&nbsp;8 by way of an
Extraordinary Resolution may also be taken and&nbsp;exercised:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Warrantholders who hold in the aggregate not less than 50% of the aggregate number of Warrants then outstanding with respect to resolutions that are not
Extraordinary Resolutions;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
Warrantholders who hold in the aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the aggregate number of Warrants then outstanding with respect to
Extraordinary Resolutions, by their signing, each in person or by attorney duly appointed in writing, an instrument in writing in one or more counterparts. </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Extraordinary Resolution</B></FONT><FONT SIZE=2>" when used in this Agreement includes a resolution embodied in an instrument so&nbsp;signed.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation will be provided with, in a timely manner and at its own expense, copies of any and all instruments in writing signed by the Warrantholders
pursuant to this Section&nbsp;8.15. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>8.16&nbsp;Binding Effect of Resolutions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Every
resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article&nbsp;8 at a meeting of Warrantholders will be binding on all Warrantholders, whether
present at or absent from the meeting and whether voting for or against the resolution or abstaining, and every instrument in writing signed by Warrantholders in accordance with Section&nbsp;8.15
will be binding on all Warrantholders, whether signatories thereto or not, and every Warrantholder and the Agent (subject to the provisions for its indemnity herein contained) will be bound to give
effect accordingly to every such resolution and instrument in&nbsp;writing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.17&nbsp;Holdings by the Corporation and Subsidiaries Disregarded  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
determining whether Warrantholders holding the required total number of Warrants are present in person or by proxy for the purpose of constituting a quorum, or have voted or consented to a
resolution, Extraordinary Resolution, consent, waiver, Warrantholders' Request or other action under this Agreement, a Warrant held by the Corporation or by any Affiliate of the Corporation will be
deemed not to be outstanding. Upon a request in writing by the Agent, the Corporation will provide a certificate of the Corporation detailing the registration and denomination of any Warrants held by
the Corporation or by any Affiliate of the Corporation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=29,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=775182,FOLIO='25',FILE='DISK106:[08ZCL2.08ZCL41702]EO41702A.;6',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_eq41702_1_26"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eq41702_article_9_supplemental__eq402491"> </A>
<A NAME="toc_eq41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 9    <BR>    <BR>    SUPPLEMENTAL AGREEMENTS AND SUCCESSOR CORPORATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>9.1&nbsp;&nbsp;&nbsp;Provision for Supplemental Agreements for Certain Purposes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>From
time to time the Corporation (when authorized by the board of directors of the Corporation) and the Agent may without the consent of the Warrantholders, subject to the provisions hereof, and will
when so directed hereby, execute and deliver by their proper officers agreements or instruments supplemental hereto, which thereafter will form part hereof, for any or all of the following
purposes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>setting
forth any adjustments resulting from the application of the provisions of Article&nbsp;5;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>adding
hereto such additional covenants and enforcement provisions for the benefit of Warrantholders as in the opinion of Counsel are necessary
or&nbsp;advisable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>giving
effect to any Extraordinary Resolution passed as provided in Article&nbsp;8;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>making
such provisions not inconsistent with this Agreement as are necessary or desirable with respect to matters or questions arising hereunder, and are
not, in the opinion of the Agent relying on the opinion of Counsel, materially adverse to the rights or interests of the Warrantholders as a&nbsp;group;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>adding
to, deleting or altering the provisions hereof in respect of the transfer of Warrants or the exchange of Warrant Certificates, and making any
modification in the form of the Warrant Certificates provided that any such action in the opinion of Counsel acceptable to the Agent does not materially adversely affect the rights of the
Warrantholder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>modifying
or amending any provision of this Agreement or relieving the Corporation from any obligation, condition or restriction herein contained, except
that no such modification or relief will be or become operative or effective if in the opinion of the Agent, relying on the opinion of Counsel, it would impair any of the rights or interests of the
Warrantholders or of the Agent, and the Agent may in its uncontrolled discretion decline to enter into any such supplemental agreement which in its opinion will not afford adequate protection to the
Agent when it becomes operative;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>for
any other purpose not inconsistent with the terms of this Agreement, including the correction or rectification of any ambiguity, defective or
inconsistent provision, error or omission herein, if in the opinion of the Agent relying on the opinion of Counsel, the rights of the Agent and of the Warrantholders, as a group, are not materially
prejudiced thereby. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>9.2&nbsp;&nbsp;&nbsp;Successor Corporations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
the case of the reorganization, reconstruction, consolidation, amalgamation, arrangement or merger of the Corporation or transfer, sale or lease of the undertaking or assets of the Corporation as
an entirety, or substantially as an entirety, to another corporation, the successor corporation resulting from such reorganization, reconstruction, consolidation, amalgamation, arrangement, merger or
transfer, sale or lease (if&nbsp;not the Corporation) will be bound by the provisions hereof and for the due and punctual performance and observance of each and every covenant and obligation
contained in this Agreement to be performed by the Corporation and will, as a condition precedent to any such transaction, agree to succeed to and be substituted for the Corporation by supplemental
agreement in form satisfactory to the Agent and executed and delivered to the Agent with the same effect as closely as may be possible as if it had been named&nbsp;herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=30,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=30051,FOLIO='26',FILE='DISK106:[08ZCL2.08ZCL41702]EQ41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eq41702_1_27"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eq41702_article_10_concerning_the_agent"> </A>
<A NAME="toc_eq41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 10    <BR>    <BR>    CONCERNING THE AGENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>10.1&nbsp;Appointment of Agent and Acceptance of Trusts  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation hereby appoints the Agent as trustee for the Warrantholders, to hold all rights, interests and benefits contained herein for and on behalf
of those Persons who from time to time become holders of Warrants issued pursuant to this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent hereby accepts the trusts in this Agreement declared and provided for and agrees to perform them on the terms and conditions herein
set&nbsp;forth. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.2&nbsp;Trust Agreement Legislation  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
and to the extent that any provision of this Agreement limits, qualifies or conflicts with a mandatory requirement of applicable Law, the mandatory
requirement will&nbsp;prevail.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation and the Agent each will at all times in relation to this Agreement and any action to be taken hereunder observe and comply with and be
entitled to the benefits of applicable&nbsp;Law. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.3&nbsp;Agent's Authority to Carry on Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent represents and warrants to the Corporation that at the date hereof it is authorized to carry on the business of a trust company in Toronto, Ontario. If, notwithstanding the provisions of
this Section&nbsp;10.3, it ceases to be authorized to carry on such business, the validity and enforceability of this Agreement and the Warrants issued hereunder will not be affected in any manner
whatsoever by reason only of such event provided that the Agent, within 30&nbsp;days after ceasing to be authorized to carry on such business, either becomes so authorized or resigns in the manner
and with the effects specified in Section&nbsp;10.10. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>10.4&nbsp;Rights and Duties of Agent  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the exercise of the rights and duties prescribed or conferred by the terms of this Agreement, the Agent will act honestly and in good faith with a view
to the best interests of the Warrantholders, and will exercise that degree of care, diligence and skill that a reasonably prudent warrant trustee would exercise in comparable circumstances. Subject to
the foregoing, the Agent will not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it will have been required so
to do under the terms hereof; nor will the Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice will distinctly specify the
default desired to be brought to the attention of the Agent and in the absence of any such notice the Agent may for all purposes of this Agreement conclusively assume that no default has been made in
the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained therein. Any such notice will in no way limit any discretion herein given to the
Agent to determine whether or not the Agent will take action with respect to any&nbsp;default.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
provision of this Agreement will be construed to relieve the Agent from liability for its own wilful misconduct or gross negligence.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
obligation of the Agent to commence or continue any act, action or proceeding for the purpose of enforcing any right of the Agent or the Warrantholders
hereunder is on the condition that, when required by notice to the Warrantholders by the Agent, the Agent is furnished by one or more Warrantholders with sufficient funds to commence or continue such
act, action or proceeding and indemnity reasonably satisfactory to the Agent to protect and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=31,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=306628,FOLIO='27',FILE='DISK106:[08ZCL2.08ZCL41702]EQ41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eq41702_1_28"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>hold
it harmless against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason&nbsp;thereof.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
provision of this Agreement will require the Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers hereunder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders at whose instance
it is acting to deposit with the Agent the Warrant Certificates held by them, for which certificates the Agent will issue&nbsp;receipts. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2><B>10.5&nbsp;Evidence. Experts and Advisers  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
addition to the reports, certificates, opinions and other evidence required by this Agreement, the Corporation will furnish to the Agent such additional
evidence of compliance with any provision hereof, and in such form, as is prescribed by applicable Law or as the Agent reasonably requires by written notice to the Corporation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the exercise of any right or duty hereunder the Agent, if it is acting in good faith, may act and rely, as to the truth of any statement or the accuracy
of any opinion expressed therein, on any statutory declaration, opinion, report, certificate or other evidence furnished to the Agent pursuant to a provision of this Agreement or of applicable Law or
pursuant to a request of the&nbsp;Agent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Whenever
applicable Law requires that evidence referred to in Section&nbsp;10.5(a) be in the form of a statutory declaration, the Agent may accept such
statutory declaration in lieu of a Certificate of the Corporation required by any provision of this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
such statutory declaration may be made by any director or officer of the Corporation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent may act and rely and will be protected in acting and relying upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, letter or other paper or document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or&nbsp;parties.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Proof
of the execution of any document or instrument in writing, including a Warrantholders' Request, by a Warrantholder may be made by the certificate of a
notary public, or other officer with similar powers, that the Person signing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution, or in any
other manner that the Agent considers adequate.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent may employ or retain such Counsel, accountants, engineers, appraisers, or other experts or advisers as it reasonably requires for the purpose of
determining and discharging its duties hereunder and may pay reasonable remuneration for all services so performed by any of them, without taxation of costs of any Counsel, and will not be responsible
for any misconduct or negligence on the part of any of them who has been selected with due care by the Agent. Any remuneration so paid by the Agent will be repaid to the Agent in accordance with
Section&nbsp;6.2.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent may act and rely and will be protected in acting and relying in good faith on the opinion or advice of or information obtained from any Counsel,
accountant or other expert or advisor, whether retained or employed by the Corporation or by the Agent, in relation to any matter arising in the administration of the trusts&nbsp;hereof. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=32,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=219363,FOLIO='28',FILE='DISK106:[08ZCL2.08ZCL41702]EQ41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eq41702_1_29"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.6&nbsp;Documents, Money, Etc. held by Agent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent may retain any cash balance held in connection with this Agreement and may, but need not, hold the same in its deposit department or the deposit department of one of its Affiliates, but the
Agent and its Affiliates shall not be liable to account for any profit to the Corporation or any other person or entity other than at a rate of interest on such balance, if any, established from time
to time by the Agent or its&nbsp;Affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>10.7&nbsp;Action by Agent to Protect Interests  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent will have power to institute and to maintain such actions and proceedings as it considers necessary or expedient to protect or enforce its interests and the interests of the Warrantholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>10.8&nbsp;Agent not Required to Give Security  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent will not be required to give any bond or security in respect of the performance of the agency created hereby, the execution of the trusts and powers of this Agreement or otherwise in respect
of this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>10.9&nbsp;Protection of Agent  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>By
way of supplement to the provisions of any applicable Law for the time being relating to trustees or agents, it is expressly declared and
agreed&nbsp;that:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Agent will not be liable for or by reason of, or required to substantiate, any statement of fact or recital in this Agreement or in the Warrant
Certificates (except the representation contained in Section&nbsp;10.11 or&nbsp;in the certificate of the Agent on the Warrant Certificates), but all such statements or recitals are and will be
deemed to be made by the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>nothing
herein contained will impose on the Agent any obligation to see to, or to require evidence of, the registration or filing (or&nbsp;renewal
thereof) of this Agreement or any instrument ancillary or supplemental hereto;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Agent will not be bound to give notice to any Person of the execution hereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Agent will not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach by the Corporation of any
obligation herein contained or of any act of any director, officer, employee or agent of the Corporation;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Agent will not be liable or accountable for any loss or damage whatsoever to any Person caused by the performance or failure by it to perform its
responsibilities under this Agreement save only to the extent that such loss or damage is attributable to the, gross negligence or wilful misconduct of the&nbsp;Agent.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation agrees to indemnify the Agent and its directors, officers, employees and agents and save them harmless from all liabilities, losses, claims,
demands, suits, damages, costs and actions which may be brought against or suffered by them arising out of or connected with the performance by the Agent of its duties hereunder except to the extent
that such liabilities, suits, damages, costs and actions are attributable to the wilful misconduct or gross negligence of the Agent. In the absence of wilful misconduct or gross negligence on its
part, the Agent shall not be liable for any action taken, suffered, or omitted by it or for any error of judgement made by it in the performance of its duties under this Agreement. In no event will
the Agent be liable for special, indirect, consequential or punitive loss or damages of any kind whatsoever (including but not limited to lost profits), even if the Agent has been advised of the
possibility of such damages. Any liability of the Agent will be limited in the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=33,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=393531,FOLIO='29',FILE='DISK106:[08ZCL2.08ZCL41702]EQ41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eq41702_1_30"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>aggregate
to an amount equal to 12&nbsp;times the monthly fee paid by the Corporation. In the event any question or dispute arises with respect to the Agent's duties hereunder, the Agent shall not
be required to act or be held liable or responsible for its failure or refusal to act until the question or dispute has been (i)&nbsp;judicially settled (and, if appropriate the Agent may
file&nbsp;a suit in interpleader or for a declatory judgement for such purpose) by final judgement by a court of competent jurisdiction that is binding on all parties in the matter and is no longer
subject to review or appeal, or (ii)&nbsp;settled by written document in form and substance satisfactory to the Agent and executed by the Agent. In addition, the Agent may require for such purpose,
but shall not be obligated to require, the execution of such written settlement by parties that may have an interest in the settlement. This provision will survive the resignation or termination of
the Agent or the termination of this&nbsp;Agreement. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.10&nbsp;&nbsp;Replacement of Agent  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent may resign its trust hereunder and be discharged from all further duties and liabilities hereunder, except as provided in this
Section&nbsp;10.10, by giving to the Corporation and the Warrantholders not less than 30&nbsp;business days notice in writing or, if a new Agent has been appointed, such shorter notice as the
Corporation accepts as&nbsp;sufficient.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Warrantholders by Extraordinary Resolution may at any time remove the Agent and appoint a new&nbsp;Agent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Agent so resigns or is so removed or is dissolved, becomes bankrupt, goes into liquidation or otherwise becomes incapable of acting hereunder, the
Corporation will forthwith appoint a new Agent unless a new Agent has already been appointed by the Warrantholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Failing
such appointment by the Corporation, the retiring Agent or any Warrantholder may apply to the Ontario Superior Court of Justice, on such notice as
the Court directs, for the appointment of a new Agent, at the expense of the Corporation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
new Agent so appointed by the Corporation or by the Court will be subject to removal as aforesaid by the Warrantholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
new Agent appointed under any provision of this Section&nbsp;10.10 must be a corporation authorized to carry on the business of a trust company in
Ontario and, if required by the applicable Law of any other province, in such other&nbsp;province.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
any such appointment, the new Agent will be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as
Agent without any further assurance, conveyance, act or deed, but there will be immediately executed, at the expense of the Corporation, all such conveyances or other instruments as, in the opinion of
Counsel, are necessary or advisable for the purpose of assuring such powers, rights, duties and responsibilities to the new Agent, provided that, on any resignation or termination of the Agent and
appointment of a successor Agent, the successor Agent will have executed an appropriate instrument accepting such appointment and, at the Request of the Corporation, the predecessor Agent, upon
payment of its outstanding remuneration and expenses, will execute and deliver to the successor Agent an appropriate instrument transferring to such successor Agent all rights and powers of the Agent
hereunder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
the appointment of a new Agent, the Corporation will promptly give notice thereof to the Warrantholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
corporation into or with which the Agent is merged or consolidated or amalgamated, or a corporation succeeding to the trust business of the Agent, will be
the successor to the Agent hereunder without any further act on its part or on the part of any party hereto if such corporation would be eligible for appointment as a new Agent under
Section&nbsp;10.10(f). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=34,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=138882,FOLIO='30',FILE='DISK106:[08ZCL2.08ZCL41702]EQ41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_eq41702_1_31"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
Warrant Certificate certified but not delivered by a predecessor Agent may be delivered by the new or successor Agent in the name of the successor Agent. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.11&nbsp;&nbsp;Conflict of Interest  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent represents to the Corporation that at the time of the execution and delivery hereof, to the best of its knowledge, no material conflict of
interest exists between its role as a fiduciary hereunder and its role in any other capacity and if a material conflict of interest arises hereafter it will, within 30&nbsp;business days after
ascertaining that it has such material conflict of interest, either eliminate the conflict of interest or resign its trust hereunder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
any such material conflict of interest exists or hereafter will exist, the validity and enforceability of this Agreement and of the Warrants will not be
affected in any manner whatsoever by reason&nbsp;thereof.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally may contract and enter into
financial transactions with the Corporation without being liable to account for any profit made&nbsp;thereby. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.12&nbsp;&nbsp;Anti-Money Laundering  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Agent, in its sole judgment, determines
that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further,
should the Agent, in its sole judgment, determine at any time that its acting under this Agreement has resulted in its being in non-compliance with any applicable anti-money
laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10&nbsp;days' written notice to all parties, or such shorter period of time
as agreed to by the parties, notwithstanding the provisions of Section&nbsp;10.10, provided (i)&nbsp;that the Agent's written notice shall describe the circumstances of such
non-compliance; and (ii)&nbsp;that if such circumstances are rectified to the Agent's satisfaction within such 10&nbsp;day period, then such resignation shall not be&nbsp;effective. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>10.13&nbsp;&nbsp;Privacy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
parties acknowledge that federal and/or provincial legislation that addresses the protection of individuals' personal information (collectively, "</FONT><FONT SIZE=2><B>Privacy
Laws</B></FONT><FONT SIZE=2>") may apply to obligations and activities under this Agreement. Despite any other provision of this Agreement, no party shall take or direct any action that would
contravene, or cause the other to contravene, applicable Privacy Laws. The Corporation shall, prior to transferring or causing to be transferred personal information to the Agent, obtain and retain
required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined that such consents either have previously been given upon
which the parties can rely or are not required under the Privacy Laws. The Agent shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy Laws. Specifically,
the Agent agrees: (a)&nbsp;to have a designated chief privacy officer; (b)&nbsp;to maintain policies and procedures to protect personal information and to receive and respond to any privacy
complaint or inquiry; (c)&nbsp;to use personal information solely for the purposes of providing its services under or ancillary to this Agreement and not to use it for any other purpose except with
the consent of or direction from the Corporation or the individual involved; (d)&nbsp;not to sell or otherwise improperly disclose personal information to any third party; and (e)&nbsp;to employ
administrative, physical and technological safeguards to reasonably secure and protect personal information against loss, theft, or unauthorized access, use or modification. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=35,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=36955,FOLIO='31',FILE='DISK106:[08ZCL2.08ZCL41702]EQ41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_es41702_1_32"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="es41702_article_11_general"> </A>
<A NAME="toc_es41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE 11    <BR>    <BR>    GENERAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.1&nbsp;Notice to the Corporation and Agent  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unless
herein otherwise expressly provided, a notice to be given hereunder to the Corporation or the Agent will be validly given if delivered or if sent by
first class mail, postage prepaid, or if sent by facsimile transmission (receipt of such transmission is confirmed in&nbsp;writing):
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
to the Corporation: </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Kinross
Gold Corporation<BR>
52<SUP>nd</SUP>&nbsp;Floor<BR>
Scotia Plaza<BR>
40&nbsp;King Street West<BR>
Toronto, ON M5H&nbsp;3Y2 </FONT></P>
</UL>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="49" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="61" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="265" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Legal Officer and Corporate Secretary</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;363-6622</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
to the Agent: </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Computershare
Trust Company of Canada<BR>
100&nbsp;University Avenue<BR>
9<SUP>th</SUP>&nbsp;Floor, North Tower<BR>
Toronto, ON M5J&nbsp;2Y1 </FONT></P>
</UL>
</UL>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="49" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="61" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="265" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Manager, Corporate Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(416)&nbsp;981-9777</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>and
any such notice delivered or sent in accordance with the foregoing will be deemed to have been received on the date of delivery or, if mailed, on the fifth business day following the day of the
mailing of the notice or, if given by facsimile transmission, on the day of transmittal thereof if given during the normal business hours of the recipient and on the business day during which such
normal business hours next occur if not given during such hours on any&nbsp;day.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation or the Agent, as the case may be, may from time to time notify the other in the manner provided in Section&nbsp;11.1(a) of a change of
address which, from the effective date of such notice and until changed by like notice, will be the address of the Corporation or the Agent, as the case may be, for all purposes of
this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If,
by reason of a strike, lockout or other work stoppage, actual or threatened, involving Canadian postal employees, a notice to be given to the Agent or
to the Corporation hereunder could reasonably be considered unlikely to reach or likely to be delayed in reaching its destination, the notice will be valid and effective only if it is delivered or
sent by facsimile transmission as provided in Section&nbsp;11.1(a). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>11.2&nbsp;Notice to&nbsp;Warrantholders  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unless
herein otherwise expressly provided, a notice to be given hereunder to Warrantholders will be deemed to be validly given if the notice is sent by
ordinary surface or air mail, postage prepaid, addressed to the Warrantholders or delivered (or&nbsp;so mailed to certain Warrantholders and so delivered to the other Warrantholders) at their
respective addresses appearing on any of the registers of holders described in Section&nbsp;3.1; or, at the option of the party giving notice, such notice may be given by such other method designed
to give reasonable general notice </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=36,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=305546,FOLIO='32',FILE='DISK106:[08ZCL2.08ZCL41702]ES41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_es41702_1_33"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>thereof,
which may include public dissemination of the notice by way of press release and the publication twice in the Report on Business section in the national edition of The Globe and Mail
newspaper or filing of the notice or a press release with respect thereto on the Canadian System for Electronic Document Analysis and&nbsp;Retrieval.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
notice so given by mail or so delivered will be deemed to have been given on the fifth business day after it has been mailed or on the day which it has
been delivered, as the case may be, and a notice so given by publication or filing will be deemed to have been given on the day on which it has been published or filed as required. In determining
under any provision hereof the date when notice of a meeting or other event must be given, the date of giving notice will be included and the date of the meeting or other event will be excluded.
Accidental error or omission in giving notice or accidental failure to mail notice to any Warrantholder will not invalidate any action or proceeding founded thereon. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>11.3&nbsp;Satisfaction and Discharge of Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On
the earlier of: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
date by which there has been delivered to the Agent for exercise or surrender for cancellation all Warrant Certificates theretofore certified
hereunder;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Expiry Time, </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>and
if all certificates representing Common Shares required to be issued in compliance with the provisions hereof have been issued and delivered hereunder or to the Agent in accordance with such
provisions, this Agreement will cease to be of further effect and, on demand of and at the cost and expense of the Corporation and on delivery to the Agent of a certificate of the Corporation stating
that all conditions precedent to the satisfaction and discharge of this Agreement have been complied with and on payment to the Agent of the fees and other remuneration payable to the Agent, the Agent
will execute proper instruments acknowledging satisfaction of and discharging this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.4&nbsp;Sole Benefit of Parties and Warrantholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Nothing
in this Agreement or the Warrant Certificates, expressed or implied, will give or be construed to give to any Person other than the parties hereto and the Warrantholders, as the case may be,
any legal or equitable right, remedy or claim under this Agreement or the Warrant Certificates, or under any covenant or provision herein or therein contained, all such covenants and provisions being
for the sole benefit of the parties hereto and the Warrantholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.5&nbsp;Discretion of Board of Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Any
matter provided herein to be determined by the board of directors of the Corporation will be determined by such board in its sole discretion, acting reasonably, and a determination so made will
be&nbsp;conclusive. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.6&nbsp;Counterparts and Formal Date  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement may be executed in several counterparts, each of which when so executed will be deemed to be an original and such counterparts together will constitute one and the same instrument and
notwithstanding the date of their execution will be deemed to be dated as of the date of this&nbsp;Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=37,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=964621,FOLIO='33',FILE='DISK106:[08ZCL2.08ZCL41702]ES41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_es41702_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>11.7&nbsp;Language  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Parties confirm that it is their wish that this Agreement, as well as any other documents relating to this Agreement, including notices, schedules and authorizations have been and shall be drawn
up in the English language only. </FONT><FONT SIZE=2><I>Les signataires confirment leur volont&eacute; que la pr&eacute;sente convention, de m&ecirc;me que tous les documents
s'y rattachant, y compris tout avis, annexe et autorisation, soient r&eacute;dig&eacute;s en anglais seulement</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>11.8&nbsp;Assignment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subject
to Section&nbsp;9.2 hereof, neither this Agreement nor any right, interest or obligation hereunder may be assigned by either Party without the prior written consent of the other Party and
any purported assignment of this Agreement which does not comply with this Section&nbsp;11.8 will be considered null and&nbsp;void. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.9&nbsp;Enurement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Agreement enures to the benefit of and is binding upon the Parties and their respective successors (including any successor by reason of amalgamation of any Party) and permitted assigns. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>11.10&nbsp;&nbsp;Further Assurances  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Parties shall, with reasonable diligence, do all things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each Party
shall provide such further documents or instruments required by any other Party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its&nbsp;provisions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=38,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=1024562,FOLIO='34',FILE='DISK106:[08ZCL2.08ZCL41702]ES41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_es41702_1_35"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2> the Parties have duly executed this Agreement. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="15" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="191" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=39,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=681080,FOLIO='35',FILE='DISK106:[08ZCL2.08ZCL41702]ES41702A.;16',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_eu41702_1_36"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eu41702_schedule_a_form_of_warrant_certificate"> </A>
<A NAME="toc_eu41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULE A    <BR>    <BR>    FORM OF WARRANT CERTIFICATE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The Common Shares issuable upon exercise hereof have not been and will not be registered under the  </B></FONT><FONT SIZE=2><B><I>United&nbsp;States Securities
Act</I></B></FONT><FONT SIZE=2><B> of 1933, as amended (the&nbsp;"U.S.&nbsp;Securities Act"), and the Warrants may not be exercised in the
United&nbsp;States or by or on behalf of a U.S.&nbsp;Person (as&nbsp;defined in Regulation&nbsp;S under the U.S.&nbsp;Securities&nbsp;Act).</B></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="223" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="223" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Certificate
No.:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>No. of
Warrants:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Warrants<BR>
Exercisable to Acquire<BR>
Common Shares<BR>
of<BR></FONT> <FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(Existing
under the </FONT><FONT SIZE=2><I>Business Corporations Act </I></FONT><FONT SIZE=2>(Ontario) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>THIS
IS TO CERTIFY THAT, for value received,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the&nbsp;"</FONT><FONT SIZE=2><B>holder</B></FONT><FONT SIZE=2>") is the registered holder
of the number
of Warrants ("</FONT><FONT SIZE=2><B>Warrants</B></FONT><FONT SIZE=2>") in the capital of </FONT><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT><FONT SIZE=2>
(the&nbsp;"</FONT><FONT SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>") specified above and for each Warrant held is thereby entitled, to be issued fully paid and non-assessable Common
Shares in the capital of the Corporation ("</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>") on the basis of one Common Share for each such Warrant, subject to the limitation referred to
below, by surrendering to Computershare Trust Company of Canada (the&nbsp;"</FONT><FONT SIZE=2><B>Agent</B></FONT><FONT SIZE=2>") at its principal transfer office in Toronto, Ontario during the
exercise period hereinafter referred to, a certified cheque, bank draft or money order made payable at par to the Corporation in the amount of the Exercise Price as hereinafter determined in respect
of each Common Share to be issued, this Warrant Certificate and a Notice of Exercise substantially in the form set out in Appendix&nbsp;1 hereof duly completed and executed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Capitalized
terms which are not otherwise defined herein have the same meaning as in the Warrant Agreement (which agreement, together with all instruments supplemental or ancillary thereto, is herein
referred to as the "</FONT><FONT SIZE=2><B>Warrant Agreement</B></FONT><FONT SIZE=2>") dated as of&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 between the Corporation and the Agent,
as&nbsp;trustee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Surrender
of this Warrant Certificate will be deemed to have been effected only on personal delivery thereof to, or, if sent by mail or other means of transmission, on actual receipt thereof by, the
Agent at the office specified above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of the Warrant Agreement. </FONT><FONT SIZE=2><B>Reference is made to the Warrant Agreement for
particulars of the rights of the holders of the Warrants and of the Corporation and of the Agent in respect thereof and of the terms and conditions upon which the Warrants are issued and held and may
be exercised, all to the same effect as if the provisions of the Warrant Agreement were herein set forth, to all of which the holder, by acceptance hereof, assents. To the extent of any inconsistency
between the terms of the Warrant Agreement and the terms of this Warrant Certificate, the terms of the Warrant Agreement will prevail.</B></FONT><FONT SIZE=2> The Corporation will furnish to the
holder, on request and upon payment of a reasonable charge for photocopying and postage, a copy of the Warrant Agreement or a holder may obtain a copy thereof from www.sedar.ca. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>The Warrants evidenced by this Warrant Certificate may be exercised by the holder on or after&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 until 5.00&nbsp;p.m. (Toronto
time) on the&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;("Expiry Time").</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=40,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=632545,FOLIO='36',FILE='DISK106:[08ZCL2.08ZCL41702]EU41702A.;21',USER='FALVARE',CD='28-JUL-2008;15:29' -->
<A NAME="page_eu41702_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2>On
and after the date of any exercise of the Warrants evidenced by this Warrant Certificate, the holder will have no rights hereunder except to receive certificates representing the Common Shares
thereby issued to the holder upon delivery of a certified cheque, bank draft or money order payable to the Corporation in the amount of the Exercise Price in respect of each Common Share to be issued,
this Warrant Certificate and duly completed Notice of Exercise as set out in Appendix&nbsp;I hereof to the Agent at its principal corporate trust office in Toronto, Ontario. After the Expiry Time,
all rights under any unexercised Warrant evidenced hereby will wholly cease and terminate and this Warrant Certificate will be&nbsp;void. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
Corporation will not be obligated to issue any fraction of a Common Share on the exercise of any Warrant. To the extent that a holder of Warrants would otherwise have been entitled to receive, on
the exercise of Warrants, a fraction of a Common Share, the Corporation will, in lieu of delivering the fractional Common Share, satisfy the right to receive such fractional interest by payment to the
Warrantholder of an amount in cash equal (computed in the case of a fraction of a cent, to the next lower cent) to the value of the right to acquire such fractional interest on the basis of the
Current Market Price of the Common Shares on the date of&nbsp;exercise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Warrant Agreement provides for adjustments to the number of Common Shares issuable and the Exercise Price upon the occurrence of certain events set forth&nbsp;therein. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>No
Common Share will be issued pursuant to any Warrant if the issuance of such security would constitute a violation of the securities laws of any applicable jurisdiction or require the Corporation to
qualify or register such Common Shares, or make any notice or other filing, in any jurisdiction other than the Qualifying Jurisdictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Warrant Agreement contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions and
instruments in writing signed by holders of a specified majority of all outstanding Warrants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On
presentation at the principal corporate trust office of the Agent in Toronto, Ontario, subject to the provisions of the Warrant Agreement and on compliance with the reasonable requirements of the
Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates of different denominations evidencing in the aggregate the same number of Warrants as the Warrant
Certificate or Warrant Certificates being exchanged, and such holder will pay the reasonable cost&nbsp;thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Warrants evidenced by this Warrant Certificate may only be transferred, upon compliance with the conditions prescribed in the Warrant Agreement, on the register of transfers to be kept at the
principal corporate trust office of the Agent in Toronto, Ontario by the holder or, in the case of an individual, his/her executors, administrators or other legal representatives or an attorney duly
appointed by an instrument in writing in form and execution satisfactory to the Agent, and, upon compliance with such requirements and such other reasonable requirements as the Agent may prescribe,
such transfer will be duly noted on such register of transfers by the Agent. Notwithstanding the foregoing, the Corporation will be entitled, and may direct the Agent, to refuse to record any transfer
of any Warrant on such register if such transfer would constitute a violation of the securities laws of any jurisdiction or require the Corporation to qualify the Common Shares for distribution in any
jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
holding of this Warrant Certificate will not constitute the holder a shareholder of the Corporation or entitle the holder to any right or interest in respect thereof except as otherwise provided
in the Warrant Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
Warrant Certificate will not be valid for any purpose until it has been certified by or on behalf of the Agent for the time being under the Warrant Agreement. Time will be of the
essence&nbsp;hereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=41,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=552474,FOLIO='37',FILE='DISK106:[08ZCL2.08ZCL41702]EU41702A.;21',USER='FALVARE',CD='28-JUL-2008;15:29' -->
<A NAME="page_eu41702_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2>The
Warrants may not be exercised in the United&nbsp;States or by or on behalf of a U.S.&nbsp;person (as&nbsp;defined in Regulation&nbsp;S under the U.S.&nbsp;Securities&nbsp;Act). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>IN
WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its officers duly authorized in that behalf as of&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2008. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="15" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="191" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Name:<BR>
Title:</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>This
Warrant Certificate is one of the Warrant Certificates referred to in the Warrant Agreement within mentioned. </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="15" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="191" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT
SIZE=2>Dated:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>COMPUTERSHARE TRUST COMPANY OF<BR>
CANADA</B></FONT><FONT SIZE=2>, as&nbsp;Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">
Authorized Signing Officer<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=42,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=172515,FOLIO='38',FILE='DISK106:[08ZCL2.08ZCL41702]EU41702A.;21',USER='FALVARE',CD='28-JUL-2008;15:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_ew41702_1_39"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ew41702_appendix_1_notice_of_exercise"> </A>
<A NAME="toc_ew41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  APPENDIX 1    <BR>    <BR>    NOTICE OF EXERCISE    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="46" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="412" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>To:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> KINROSS GOLD CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
And To:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> COMPUTERSHARE TRUST COMPANY OF CANADA</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>The
undersigned holder exercises <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Warrants evidenced by this Warrant Certificate for the purchase of Common Shares in the capital of
Kinross Gold
Corporation (or&nbsp;such other securities or property to which such exercise entitles the holder in lieu thereof or in addition thereto under the provisions of the Warrant Agreement mentioned in
this Warrant Certificate) on the terms specified in this Warrant Certificate and Warrant Agreement and in connection therewith encloses a certified cheque, bank draft or money order payable to the
Corporation in an amount equal to the Exercise Price in respect of each Common Share to be&nbsp;issued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
undersigned hereby irrevocably directs that such Common Shares be issued, registered and delivered as&nbsp;follows: </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="145" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="145" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="145" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Name(s) in Full </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Address(es) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number(s) of Common Shares </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>(Please
print the full name in which certificates for Common Shares are to be issued. If any securities are to be issued to a Person or Persons other than the holder, the holder must pay to the Agent
all exigible transfer taxes or other government charges and sign the Form of&nbsp;Transfer.) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>The undersigned certifies that the Warrants are not being exercised in the United&nbsp;States, its territories or possessions (the&nbsp;"United&nbsp;States"), that the
undersigned is not a U.S.&nbsp;Person (as&nbsp;defined in Regulation&nbsp;S under the United&nbsp;States Securities Act of 1933, as amended (the&nbsp;"U.S.&nbsp;Securities Act") and that
the Warrants are not being exercised by or on behalf of a U.S.&nbsp;Person.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>DATED
this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
 </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="219" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="219" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Signature of Registered Holder</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Signature of Guaranteed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name of Registered Holder</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=43,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=782531,FOLIO='39',FILE='DISK106:[08ZCL2.08ZCL41702]EW41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<A NAME="page_ew41702_1_40"> </A>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="37" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="421" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Note:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The name of the Registered Holder of this Notice of Exercise must be the same as the name appearing on the face page of this Warrant Certificate.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
If the Notice of Exercise is signed by an agent, executor, administrator, curator, guardian, attorney, officer of a corporation or any Person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of
authority to sign satisfactory to the Agent and the Corporation.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Please check if the Common Share certificates are to be delivered at the office where this Warrant Certificate is surrendered, failing which such certificates will be mailed.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
Certificates will be delivered or mailed as soon as practicable after the due surrender of this Warrant Certificate.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=44,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=939046,FOLIO='40',FILE='DISK106:[08ZCL2.08ZCL41702]EW41702A.;19',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_ey41702_1_41"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ey41702_appendix_2_form_of_transfer"> </A>
<A NAME="toc_ey41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  APPENDIX 2    <BR>    <BR>    FORM OF TRANSFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>FOR VALUE RECEIVED</B></FONT><FONT SIZE=2> the undersigned hereby sells, assigns and transfers to </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="39" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="217" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
Address:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>(such
Person, the "</FONT><FONT SIZE=2><B>Transferee</B></FONT><FONT SIZE=2>")
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Warrants in the capital of
Kinross Gold Corporation
(the&nbsp;"</FONT><FONT SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>") represented by this Warrant Certificate and does hereby appoint
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as its attorney
with full power of a substitution to transfer the Warrants on the appropriate register of the&nbsp;Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>DATED
this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="219" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="10" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="219" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Signature of Transferor</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name of Transferor</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>Signature of Transferor must be<BR>
guaranteed by a Canadian chartered bank<BR>
or by a Medallion signature guarantee<BR>
from a member of a recognized signature<BR>
Medallion program</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="43" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="404" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>NOTE:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The signature of the transferor must be the signature of the registered holder appearing on the face of this Warrant Certificate.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
If this Form of Transfer is signed by an agent, executor, administrator, curator, guardian, attorney, officer of a corporation or any Person acting in a fiduciary or representative capacity, the Certificate must be accompanied by evidence of
authority to sign satisfactory to the Agent and the Corporation.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=45,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5",CHK=640596,FOLIO='41',FILE='DISK106:[08ZCL2.08ZCL41702]EY41702A.;9',USER='PANDERS',CD='27-JUL-2008;12:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ee41702_1">Exhibit 2.4</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_eg41702_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ei41702_1">WARRANT AGREEMENT</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ei41702_2">ARTICLE 1 INTERPRETATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ek41702_1">ARTICLE 2 THE WARRANTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ek41702_2">ARTICLE 3 REGISTRATION. TRANSFER. EXCHANGE AND OWNERSHIP OF WARRANTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_em41702_1">ARTICLE 4 EXERCISE OF WARRANTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_em41702_2">ARTICLE 5 ADJUSTMENTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_em41702_3">ARTICLE 6 COVENANTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_em41702_4">ARTICLE 7 ENFORCEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_eo41702_1">ARTICLE 8 MEETINGS OF WARRANTHOLDERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_eq41702_1">ARTICLE 9 SUPPLEMENTAL AGREEMENTS AND SUCCESSOR CORPORATIONS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_eq41702_2">ARTICLE 10 CONCERNING THE AGENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_es41702_1">ARTICLE 11 GENERAL</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_eu41702_1">SCHEDULE A FORM OF WARRANT CERTIFICATE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ew41702_1">APPENDIX 1 NOTICE OF EXERCISE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ey41702_1">APPENDIX 2 FORM OF TRANSFER</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="5" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>6
<FILENAME>a2186998zex-4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_6">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="da41702_exhibit_4.1"> </A>
<A NAME="toc_da41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;4.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da41702_consent_of_osler,_hoskin___harcourt_llp"> </A>
<A NAME="toc_da41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF OSLER, HOSKIN&nbsp;&amp; HARCOURT LLP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>July
28, 2008 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the references to our name contained in the heading "Legal Matters" and to our opinion contained under "Certain Canadian Federal Income Tax Considerations" in the
take-over bid circular included in the Registration Statement on Form&nbsp;F-8 dated the date hereof relating to the registration of common shares and warrants to acquire
common shares of Kinross Gold Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sincerely,
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR><BR><BR>
/s/ OSLER, HOSKIN &amp; HARCOURT LLP<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="6",CHK=240049,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]DA41702A.;17',USER='CMACGOW',CD='28-JUL-2008;16:02' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_6">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da41702_1">Exhibit 4.1</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da41702_2">CONSENT OF OSLER, HOSKIN &amp; HARCOURT LLP</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="6" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>7
<FILENAME>a2186998zex-4_2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_7">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="dc41702_exhibit_4.2"> </A>
<A NAME="toc_dc41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;4.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc41702_consent_of_kpmg_llp"> </A>
<A NAME="toc_dc41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF KPMG&nbsp;LLP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>July
28, 2008 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the incorporation by reference in the Registration Statement on Form&nbsp;F-8 dated the date hereof relating to the registration of common shares and
warrants to acquire common shares of Kinross Gold Corporation of our report to the shareholders of Kinross Gold Corporation on the consolidated balance sheets of Kinross Gold Corporation as at
December&nbsp;31, 2007 and December&nbsp;31, 2006 and the consolidated statements of operations, cash flows, common shareholders' equity and comprehensive income (loss) for each of the years in
the three-year period ended December&nbsp;31, 2007. Our report is dated March&nbsp;27,&nbsp;2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sincerely,
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR><BR><BR>
/s/ KPMG LLP<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
KPMG&nbsp;LLP<BR>
Chartered Accountants, Licensed Public Accountants </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="7",CHK=217668,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]DC41702A.;8',USER='FALVARE',CD='28-JUL-2008;15:55' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_7">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc41702_1">Exhibit 4.2</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc41702_2">CONSENT OF KPMG LLP</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="7" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>8
<FILENAME>a2186998zex-4_3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_8">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="de41702_exhibit_4.3"> </A>
<A NAME="toc_de41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;4.3    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de41702_consent_of_robert_henderson_to__con02566"> </A>
<A NAME="toc_de41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF ROBERT HENDERSON<BR>  TO BEING NAMED AS A QUALIFIED PERSON    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>July
28, 2008 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby consent to being named and identified as a "qualified person" in connection with the mineral reserve and mineral resource estimates (except for the Cerro Casale project) in the
Annual Information Form for the year ended December&nbsp;31, 2007 (the&nbsp;"AIF") and the annual report on Form&nbsp;40-F of Kinross Gold Corporation (the&nbsp;"Corporation"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
also hereby consent to the incorporation by reference of the information contained in the AIF and annual report on Form&nbsp;40-F into the Registration Statement on
Form&nbsp;F-8 dated the date hereof relating to the registration of common shares and warrants to acquire common shares of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sincerely,
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR><BR><BR>
/s/ ROBERT HENDERSON<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Robert Henderson </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="8",CHK=680413,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]DE41702A.;11',USER='FALVARE',CD='28-JUL-2008;16:12' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_8">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de41702_1">Exhibit 4.3</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de41702_2">CONSENT OF ROBERT HENDERSON TO BEING NAMED AS A QUALIFIED PERSON</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="8" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>9
<FILENAME>a2186998zex-4_4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#08ZCL41703_9">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="dg41702_exhibit_4.4"> </A>
<A NAME="toc_dg41702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;4.4    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg41702_consent_of_larry_smith__dg402406"> </A>
<A NAME="toc_dg41702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF LARRY SMITH<BR>  TO BEING NAMED AS A QUALIFIED PERSON    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>July&nbsp;28,
2008 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby consent to being named and identified as a "qualified person" in connection with the mineral reserve and mineral resource estimates for the Cerro Casale, Chile project listed in
the Sections </FONT><FONT SIZE=2><I>Kinross Mineral Reserves and Mineral Resources, and Cerro Casale, Chile</I></FONT><FONT SIZE=2> in the Annual Information Form for the year ended
December&nbsp;31, 2007 (the&nbsp;"AIF") and the same Sections in the annual report on Form&nbsp;40-F of Kinross Gold Corporation (the&nbsp;"Corporation"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
also hereby consent to the incorporation by reference of the information contained in the AIF and annual report on Form&nbsp;40-F into the Registration Statement on
Form&nbsp;F-8 dated the date hereof relating to the registration of common shares and warrants to acquire common shares of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sincerely,
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR><BR><BR>
/s/ LARRY SMITH<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Larry Smith, P.&nbsp;Geo </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="9",CHK=549483,FOLIO='blank',FILE='DISK106:[08ZCL2.08ZCL41702]DG41702A.;12',USER='FALVARE',CD='28-JUL-2008;16:15' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="08ZCL41703_9">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dg41702_1">Exhibit 4.4</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dg41702_2">CONSENT OF LARRY SMITH TO BEING NAMED AS A QUALIFIED PERSON</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2186998",CP="KINROSS GOLD CORPORATION",DN="9" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g451633.jpg
<DESCRIPTION>G451633.JPG
<TEXT>
begin 644 g451633.jpg
M_]C_X``02D9)1@`!`0$".`(X``#__@!!35),3%]'4D%02$E#4SI;2TE.4D]3
M4U]'3TQ$7T-/4E!/4D%424].74M)3E)/4U-?4$U3.#<Q7TQ/1T\N15!3_]L`
M0P`'!08&!@4'!@8&"`@'"0L2#`L*"@L7$!$-$AL7'!P:%QH9'2$J)!T?*"`9
M&B4R)2@L+2\P+QTC-#@T+C<J+B\N_]L`0P$("`@+"@L6#`P6+AX:'BXN+BXN
M+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN
M_\``$0@`6`$@`P$B``(1`0,1`?_$`!P``0`#`0$!`0$````````````&!P@%
M!`,"`?_$`$@0``$"!`$'"`<$"`0'``````$"`P`$!1$&!Q(7(3%!41-55F&3
ME-'2%"(V<7.QLC)T@<(5%E)BD:'!X2,S-8(T-T)$<H/P_\0`&`$!``,!````
M``````````````$"`P3_Q``E$0`"`00`!P$!`0$``````````0(#$1-1!!(4
M(3$R84$B<4+_V@`,`P$``A$#$0`_`)14,1S%.E53<]67I>720%.+=-@2;"./
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M+)9<Y-;;C2"0;7!!!UB(WC&DT:A3[]+DYF=F)MA20M3B$I0+BY`MK.T115$W
MRKR6<6E<C,(E.`\-LXFJ;TF^N9:;0UG\JTD*"3?4#?CNCWXDH>#Z%,JDU5FH
M3DT@V6VPTBR#P*B;7ZA>#FK\OZ.5VN0>$?>7]$]*3Z1RWHV=ZW)VS[=5]5XL
M_#V3JAUZE2]3E*K/H;>N,Q;*+I(-B-O&$YJ'=B,6_!5,([&(9:CR<VY*4MZ<
M>4RXI"W'TI2E5C:Z0.N^V/3@:C2M>Q$Q39Q;B&7$.$EL@*!""1MZXGF25R+=
M[$>A':Q3AZ=PY5%R4V,Y!]9EX"R74\1_4;C'%B4TU=$-6$(]]+%(*E"JJG$I
M)&:J6"38;[A43O$V"<.X>I+-3F*I4'FWU)2TAMI`*KC.OK.H6B'-)V991;5R
MM81[)/\`1WI:_3/2O1M>;R.;G[=5[ZMD6;3,F]!J5(8JS%9G4RSK1=]=E`*0
M+WOKW6,1*:CY"BWX*FA%CTS"F"*M,B3D,6OJF5:D(<E\S//5G6O[ML<K&&`Z
MCAMCTT/(FY'."2ZA)24$[,Y.Z_&\%4BW8<CM<AL(1ZZ93IVJSK<E3Y=;\PY]
ME"?F>`ZXN5/)"+#>P31*"RVO%F(>1?<3G"5DV\]=O>?G:W7'SDJ?DSFW0TJK
MUB6)-@J82D)_B$FWXQGD7X6Y60"$6=6\EDRW+^E4&H(GFRG.2TNR5*'[JAZJ
MOY16C[+K#RV7VUMNH)2I"Q8I/`B+1G&7@AQ:\GXA'MI%-G*O46*=(M\I,/*L
MD7L!Q).X`:XG-0PQ@[#:FY;$-8GIB?*0I3,BV`$@\;_V/5!S2=@HME<PBQIS
M"^$9[#-1K>'ZG.J7)MYZV'LTE)N+!0L"-^L7BN=\(R4O`:L(1.Z'@=@T7]8,
M2U$TZG%(4A*$YSC@.P]5]PL2>J/92Z5DWJLTW3Y>HU=B86<UM;^:E+AW#80#
M[[15U$3R,KB$=?%=*;HF()ZELNJ=;EUA*5K`!.H'7;WQR(NG=7*L1=N1+V>J
M'WS\@BDHNW(E[/5#[Y^01EQ'HS2E['7RK^P\[\1GZQ&>XT)E7]AYWXC/UB,]
MQ7AO0FK["$(1T&1<61!1]`K";FP=:('^U417$=%G\091ZK(2+>>XJ8.<M7V6
MT@`74=P']HE.0_\`X*L_$:^2HFK<E(S+%?9H\V9:?F'UHF9A(NMMVPM^%MEN
M)(UQQRGR5),W4>:**XKV()'!],5A?#"PN<M:=GQMS]A"?WMW[NP:[F*P)*B2
M223O,>ZLTR=H]1>I\^T6YAHZQM!&X@[P>,>&.F$4EV,I-L1H#)!['2_WISYB
M,_QH#)!['2_WISYB,N)]"]+V*+J_^JSOQW/J,2C)+[;2?PW?H,1>K_ZK._'<
M^HQ+<D`!QFT2`2)=TCJ]6-)^C_PI'V1;M5D:/B^DS,DM:7`TZMK/2/7EWDFQ
M]QZMXC/^)*#/X>J2Y&>;L=K;B?LNIW*!_P#K1(UXBG<*X]K+\N>587..!]DF
MR7$YY/X$7U&+8GI.AXYP\A06'&'`5,O)'KL+W^XC>-_\#&$6Z7^,T:4_],W1
M;64]9_4?#*-RDMDGW,CQBNL14.=P_5':?/(]9.M#B?LN)W*'5$^RC*4O`6$U
M*-U%M-S_`.I,:S=Y1:*1[)E6#;&A<&?\MI7[D]\UQGH;8T1@5I3^3R081;/<
ME74)OLN5+`^<5XGU7^EJ7DSRE2D+"D**5"Q!!L08T/.S0J.3-Z=G[$OTOE'"
M=Z\S4??G`&*PELF.*7)U#,Q+-2[%QG/J=24@;R`#<GJCIY3,0IEI=O!M,0XU
M*R:4-OK4+%S-`S4CJV&^\]6U.TVE$1O%.Y647U@.D2V%\(N5B:;'I3TN9EY2
MMJ4`9R4#AJL3UGJBB&0E3J$J-DE0!/`7C2>-DE.#*PAG4$RB@+?LBW](5WXC
ML4UY9G2JU":JE0F)^<<*WWUE2C_0=0V1Y(';".@R+.R0XD>8J`P]-.%4M,`F
M7"C_`);@UD#J4+ZN/OCHY9:"SZ.QB&7;"7<\,S-A]L$>JH]>JW\(K7"[SC&)
M*2ZVJRTS;5C_`+A%Z94`C]2*H%;!R=M6_E$VCEG_`#537Z;1[P:97>18LC$L
MV%VY4R:N3O\`^2;_`,H^>5F@3TI7GZUF*<D9PI/*`:FU6`S3PV:N/X1#*-4Y
MJCU.7J,DO-?95G"^PC>#U$7$:'P[7Z1BZE.<FE"KIS9F3>LHHON(WIX'Y&)J
M-PGSKP1"TH\IGFFU.8I[,^RR$E$[+F7<"K["H&_O]6/"FV<"=E]<3_*-@?\`
M0)_2=,"E4Q:K*0=9EU'8+[TG<?P,5_&\)*2NC-IIV9H/*%1'Z_A-INE^NXPI
M#[32=CB<TBPZ[&XC/Z@XRX4J"D.(-B#J*2/D8MO)GCE@2[%`K+P;4BR)686;
M)(W(4=UMQ_")%CO`TIB!IR<DTIEZLD7"@+)?_=5U_O?QCGA-TGR2\&LH\ZYD
M496*B]5JG,5&82E+KZLY83>U[`;_`'1XH^C[+LN\XP^VIMUM12M"A8I(V@Q\
MXZD8B+MR)>SU0^^?D$4E%VY$O9ZH??/R",>(]&:4O8Z^5?V'G?B,_6(SW&A,
MJ_L/._$9^L1GN*\-Z$U?80A`"Y`XQT&1<>1!*A3ZPNWJEUH`]>:KQB/U/$<W
MAK*55YMBZV%S!2^S>P<1J_F-H,27)J]2\-TB::JM;IC;\P\%A")M"[)";:RD
MGB8AN421;FJY4*W)5.FS4H\4+`:FD%P:@FV9>YUC=NCFBDZCOX9L^T%8L[$-
M%I6/*`Q.23R`]FE4M,VV'>A?5?:-QU^^A*C(S5.G7I*<94U,,J*5H5N/AUQ(
ML#8OF<,3BDJ2I^G/'_&8"MA_;3^]\XL?$9P3C.00[^FY.5G$I_PGW%!"T_NK
M2JUQ\MQA'FI.S[HAVFK_`*4;&@,D'L=+_>G/F(IJHX>>DYEIE-2I<REUSDT.
M,3B"GWFYND=9BX,#U.B8?PW)TZ?KU,$RA2W%I1,I4!G*)M<:CJM$U^\.PI]I
M=RD*O_JL[\=SZC$NR0>V+?W9WZ8XV)Z.96<G9QF?I\S*K?46RQ-H6HI421ZH
M-_?JB39+Y>5I-3-9J=5IDNPJ54E"532"NZB-J0;C4#MB\W>FRL5_1%\=I4C&
M-:"A8^EK/\3>/I@W%,[AF?Y5J[LHX0'Y<G4L<1P4-QCIY0J<T_6ZA6I&ITZ:
ME'E!T!N;07`2`",R]SKX;HA,6C:4+,AW4C1U2D*)CO#J%MN!:%@EA\#UV%[P
M1\T_V,07*I+O2.%L+R#Q'*,(4VL)-P5)0@7$0[!N*9W#,_RK5W91P@/RY.I8
MXC@H;C$NRLUFFUFDT.9ITTAY*E.J*0?61J3J4-QC!4Y0FE^&CDI1;_2KAMC0
MV"KZ-Y3-OG>AO6MQNN*`D95<Y,HEVW&4*7L4\XEM(]ZE$`1?F&:IA^E8;D:/
M,X@IH?;8S',V82H!2KDV/^Z+<1W22(I>2H<)XKGZ%6&9M;[S\M;,>94LD*1O
MM?81M$6ICS#,MBVCLU>D%#LZAH+96G_N&]N;[^'7<13-8I#M+4G/G)&90I12
ME4K,H=O;>0#<?C$MR<XW%")IE44M5,6K.0L"Y84=IMO2=X_'C$U(OWAY(B_^
M9$!4E3:RE0*5)-B"+$&-*8=G9?$V$F%K4%"8ES+S`WI7FYJO'\1$"QQ1<,U]
MQ56HM?I3,ZO6ZVY,)0EX\=?V5<;ZCU&(MA?$<_@NJNRZRS-R;EN799>2M)U:
ME)4+C.%_Z&(FLL>WE$Q_A]_!'*Q3IFDU*9ITV@I>864GKX$=1%C^,>*+MJZ\
M$X\EFW?TJW)5%"+(6[9M:1^RH*L%#W'W&(B_DX>:<O\`K+1/1[ZW%S&:0/=_
M>+QJJW]=F5<'^'"P#3UU+%M,92DE+;P><-MB4>L;_P`+?C%CY9ZRVS2Y:BH5
M=^96'G`#]E";VO[S],<F0K.%<"23R*3,"LUEY-E/I3FM)X"_[-]=A<GB(KBJ
MU&<JT^]/SSQ=F'C=2C_(`;@.$5Y7.?-^(F_+&Q_&9"8=ITS44!/(2[C;;FO7
M=>=;Z3_*%+J,Y2IUJ>D'ULS#9NE23_(\1U1.,G*J%-T:MT.LSS4MZ86BV7%!
M)NG.LH$ZK@VC\KR;NIF#?$M&$H#?E2_95N.;_>+NHKM2(Y7:Z++9GY?%.`7Y
MQYI*$S$FZ'4'8A:0;VZ@4W$9ZD95V>G9>28`+TPXEI%S89RC8?.+,Q-BBCT7
M"R<)X;F?2B4%MZ:3]D`FZ['>57.S4!%?8=F&97$%,F9A8;9:FFEK6?\`I2%`
MDQ2E%Q39,W=H\,PRN6F'9=P`.-K*%6X@V,6[DCQ1-SCBZ!/N*>Y-HKEG%&Y"
M1:Z"=XL;CW&/+BG!M-KM0=J^'Z_2TIF59[C3KX"0H[2"..VQ'&/IAV4H&`0_
M4ZI69:=J:FRVW+R:L^P.T>\VVFP'7$3E&<+?I,4XR(UE:EVF,9S*F@`7FFW5
M@?M%.OY7B$QTL05:8KE8FJI,@)6^JX0#J0D"P2/<`(YL;0344F9R=W<1=N1+
MV>J'WS\@BDHNW(E[/5#[Y^01GQ'HR]+V.OE7]AYWXC/UB,]QH3*O[#SOQ&?K
M$9[BO#>A-7V$(0CH,A"$(`0A"`$(0@!"$(`0A"`$(0@!"$(`0A"`$(0@!"\(
M0`A"$`(7A"`$(0@!>$(0`A"$`(NW(E[/5#[Y^01247;D2]GJA]\_((QXCT9I
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..X0A$2JSDK-DJ"7='_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g658729.jpg
<DESCRIPTION>G658729.JPG
<TEXT>
begin 644 g658729.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`I35),3%]'4D%02$E#4SI;2TE.4D]3
M4UU4645?0E525%]324<N15!3_]L`0P`'!08&!@4'!@8&"`@'"0L2#`L*"@L7
M$!$-$AL7'!P:%QH9'2$J)!T?*"`9&B4R)2@L+2\P+QTC-#@T+C<J+B\N_\``
M"P@`10#8`0$1`/_$`!P``0$``P$!`0$````````````&!`4'`0(#"/_$`#@0
M``$#!`(`!`,&!@`'`0````$"`P0`!081$B$'$S%!(E%A%!4C,D)Q%E)R@9&A
M%S,U8F.2HK'_V@`(`0$``#\`_I&E*;%-UAR[I;8:TMR[A%86H;"77DH)'ST3
M6JG9KB,!7&9DMJ95K>E2T;UU]?J*USWB=@#(!7EMK(/IP>Y__FZ#Q,P8L"1_
M$<7R"KCYI"^&_ERXZJLB28\V*S+B/MOQWD!;;K:@I*TD;!!'J*_:E*5)Y-E,
MF%<F+#C]L^]KX\GFIGS?+:BMG>G'EZ/$;]!K:M'58*<=S:Y;7>,V,%*]$L66
M&AH)Z[`<="U'OWZ_84_X=QU[7(RO+'G2=J<-V6CD?Z4`)']@*'PX@D$#)<K&
MQZ_?+M?*L7S&VA2['G+\H[!\B]1D2$G0].:`E2=^Y[_S6RPC)95]1<H%U@I@
MWNU/B/-8;7S024A25H/KP4.QOOJJJE*4I2H^\WW,X=R>C6W!?O&*E6FI0NK3
M06-;V4J&T]]>]?@;CXDRVFEQL:L-N5K\1$VYK=4#OV\MO7^^]^U8S]J\49R&
MRO*[':U<@I2(EL4]H?+DXOL?V%?E<,8N4.W2KAD7B/?5PH[:W7_(\J(GB!L]
MH3R`_8[K2X%X?1[[AMMGYI*O=QFRV_.6S)ND@(0DJ*F_A"AH\"G>]][JPA>&
MV!0FBTUB5I<!.]R(X?5_[+V?]ULX6(XK`6ER%C5HC+2KDE3,)M)!^8(36X;9
M9;2$-M(2D>@2D`5]%"2-%(U\M5ZE*4)"4I"4@:``T!7M*4J,QHEKQ`S2,ML;
M<^Q2DN<>RE3);X[]P"THC^HU9TI4G?,M"'U6G&XJKQ>5`I"6>X\97S?='2`/
M7C^8^P[W63A6-_PY;7T2)9FW.:^J5.EJ!'G.J^0).D@`)`]@*HZ4I6LOM\M.
M/P3.O$YJ)'!T%+/:C\@!V3]`#6R0I*T)6D[2H;!'N*]I2E<YR!+F;Y<K%=+_
M`(=M)0[=B/A$E\@*;C[WVC1Y*&OY1NNBI2E"0E(`2!H`#H5[2E*4I2E0V1!^
MV^(N/W5AMU;,R'*AR4-J[64)\YK2?U$<7`/ZOK5);[_:)]C9OK,YI-N<;\SS
MG5!`0!ZA6_RD$$$'T(-:=_,4S.36*VR1?'N]/(VU$ZUW]H4.*AW^CD?6BL?O
M5Y#:\AOCS#0*5&#:'%1T;&]A3H/F+!Z].(JAM5LMUHAH@VN#'AQ4;*6F&PA(
M)]3H>Y]S[UF4I2IC,LLCXZW'BL1G+A>YQ*(%N8UYCZ]>I_E0/U+/0%86-XF^
MN<UDN6N(N&0\?PD:VQ;P>^#*?8^Q7^8_0=5:4I2I+.K_`#;>S&LM@#3N2W0E
MN$VY^5I(_.\OY)0.^_4Z`W6RQ+'H>,V2/:XA4LH')Y]?;C[A[4M9]R3_`*T/
M:MW2E-TI4/<[W/ODQ^'CET9M]M@;5<+RID.(!2>VFBKX"=!7->R$:UK9ZL($
MV'<8;4V!*9E171MMYE86A8]-@CHU]RGVHL9Z2^L(::05K4?0)`V37YVZ6F?`
MC34-.M(?;2XE#R>*T@C8"A['Z5QKQEOF70YT=<*V/0V+?.85;IC+:7ES'G$*
M1P&U#C^90X\5%7KU[_&-8]?+="A!_P`-%7.>>3DJ1=KLT&_.5\:UH:!<2G:E
M'T`/7>JL_O\`\0(Z6P?#F,MD$)*(M[;*DI^@4A(_V*WV-91%OKLJ&J),M]SB
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MM9D-Z@8_9Y5WN3O"-'3LZ[4L^B4I'NHG0`]R:GL)LLQR5)R[(H:&K]<!Q0UR
MY&%&]4,`^Q]U$>JC]*M*Q;I+,"W2IPBR)7V=I3GD1T\G'-#?%(]U'V%0DOQ4
MLSKK%MQ^!<+M?9`VBW".MA;8WV72L`(2/GW5/EU]78[<T8C")-REO"-#86L(
M2MP@G:C[(2`5*([T#7+51964W2#;8-]FWJYQY+<B??(TA3<""E*N2F64H/%2
MR/AT=G1V37:1+BF680DM&4$>86>8YA&]<N/KK?6ZYGGV51Y:YEN3<S%L$$AN
MYR(ROQYCQ](4<@]K/Z]=@*`ZV=3F7VZ_7BTV:SRH#%HM5UDHM]MM""0J(GBI
M1??UTI24H5IK\H*@2=IKM=L@Q+5;8UOA-)9B16DM-('HE*1H5&LS1GURX0R?
MX5M\C\9TCX;HZD[2E!]%,I4-D[^(C6M;)O"0E)42`!V2:X?D++V:WR!E34]/
MW9!O46%9&TJ'!Y8?3Y[_`*?$"$*"=$]))ZKN/M4KD.81X$O[HM$5R\7Q2@C[
M'&.PP5>BGUC8:1]3V?8&O</QZ=;9%QO-]FM3+Y<EI+RV4E+3+:=\&6P>^*=D
M[/9))-5-*5\/.H9:6\ZH);0DJ4H^@`[)KG&(QU9O?SG=PTNU17'&;#&6WH)0
M#Q5).QLJ64GC_*/K72J4I2N=Q`O-,W>F.*#F-8^]Y<5`_+)G#\[A^8;WQ'MR
M)/>JZ)6)<KE;[7%5+N4V/#CI.B[(<#:=_+9ZW4+D/BKCL>&IG&WQ?[P\"B)$
M@)4Z''-=<E)Z`&P3WNM1C$?-6Q*GVK&66;E<5AR9=<@D>6Z]H:`$=KD6TCOB
MCEK0[[-966>&MWRJ'%<O64";,B.^<U'7$#<(^O)!0@A9!'6RLD#]ZV=KQ?*5
M0F8$V]6^S6YL:^Q8[%\D:^0=7LI]NTA)[/=4MFQNUV."]&M+)CN.@E<E2BZ\
MM9_6I:ME1WWV:D\$\+[?C2V)ESGNWNXQE+,9^0CBB.%*Y$H1L@+).RO9)^E;
MW/L?GWZUQ%6B4U%N]MEMSH3CP);+J01Q7KOB4J4#KYUII&,Y5E?&+FDRWQK,
MD@N6ZT+</VL_^1U020C_`+$COW-7[#+4=E#+#:&VD#BE"!H)'R`]JDO%2Y3K
M7@]P=MBTHGOJ9B,$C>E.NI;)`]R`HD?M4)D696+`[E8[`TXZNWV)GR$LI2-R
M9);"4#S#\*0A*RI9)!'F)T#Z5C/9F_E+13)<O,Z$X%)<M>,6]U27$[.^<MP(
M*A[$-\0==$[JIL&0)LEO3"L_A;DD*WMC:4-L,)42==E)=V3WV22:ST>(T=H+
M7<\3RNVM)5Q+DBUJ6G_+956?#\1L%F+2AC*[5S42`ER0&S_A6M5OTW>U*9+Z
M;G#+(25%P/IXZ!T3O>M;(_S7ENO%JN;TAFW7&-+<C<0\&'0ORRK>@=>A.C4I
MXK3U"RP\:C2"S-R*6BVH4D`J0TH_C+`^B-C]U"K"V08MLM\:W06DM18S26FF
MT^B4@:`K*I2E2F=VS)[M$CP<>N,>$P^5-3UN;"PRH`$MD)/Q@;UO0[K<VJWV
MS&[&Q;X:41;=!9XIY*T$(2.U*)_N23]34VP_D>6H5(A2EV&QK(,=]+8,R2G?
M:M+!2VA0[2=%1'9":^SB.$X['?ODV`TLQ&BZ[,GK7*6A*1VK;A40=;]*^,#M
MLN5(EY==XQCRYX\N'#4D),*(%$H1H?J6?C5[[('M5M2E*4I2M/E-BCY)97K3
M(D/QTN*;<0_'4$N-+0L+2I)(.B"D5[8L?MEDM<>VPV`IIDE?F.Z6XXLG:G%*
M/JLGLFML``-`=5[H?*FA6)(MT"2E:9$*,\E?Y@XTE7+]]CNM=&Q'%8KRGXV-
MVEEU>PI;<-M).SL]@?,`UN&666$<&&D-HWOBA(2/]5%WJ#-F>*6,R%,/FW0(
M,MX.AK;8>5P0$E7L>))`^G[U<4I2E*EO$9];.+.H""IN1)C1G@!O\)Q]"%__
M`"HC^]5`"4)```2.@![5SD+7XC7=M39'\%VY\*Y[_P"J2$'H:U_R4'>_YE#W
M`KH]*4I2E*4I2E*4I2E*4I2L*\6Z-=[7+MDQ),>4TII?$Z(!&M@^Q'J#[$"N
M76TW_*[Y<L0O=\2;1;1Q?,6/Y3\]&^/%U?(@`Z^+@E.]GT%=9C1V(L=J-&:0
?TPTD(;;0-)2D#0`'L*_6E*4I2E*4I2E*4I2E*4K_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g638723.jpg
<DESCRIPTION>G638723.JPG
<TEXT>
begin 644 g638723.jpg
M_]C_X``02D9)1@`!`0$`H0"A``#__@`_35),3%]'4D%02$E#4SI;2TE.4D]3
M4U]'3TQ$7T-/4E!/4D%424].74M)3D=31$%,15\T0U],3T=/+D504__;`$,`
M!P4&!@8%!P8&!@@(!PD+$@P+"@H+%Q`1#1(;%QP<&A<:&1TA*B0='R@@&1HE
M,B4H+"TO,"\=(S0X-"XW*BXO+O_;`$,!"`@("PH+%@P,%BX>&AXN+BXN+BXN
M+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+O_`
M`!$(`#0!1`,!(@`"$0$#$0'_Q``<```"`P$!`0$`````````````!P0%!@,(
M`@'_Q`!%$``!`P,"`P0&!P4%"`,````!`@,$``41!B$2$S$'05%A%"(V<8&Q
M%2,R4G21H3-SLL'"%C1"<K,7)"4U0V*#\%-DX?_$`!L!`0`#``,!````````
M```````#!`4!`@8'_\0`+Q$``0,#`P(#!P4!`````````0`"`P01(042,2)!
M47&Q$Q0R88'A\#.1H<'QT?_:``P#`0`"$0,1`#\`EWK4[\NZRWI,9MUSF*2"
MK?A2"<)'D*@_3W_T&/RJLN'_`#"5^^7\S7S"B29TMJ)#94](=5PH0GJ3_P"]
M]9+KER^@QQ1MB&+`!7UON,JY3&84*U-/2'5<*$)'Z^0'>:>.F[&Q9H@`2V9;
M@'.<0G`)\!Y"J[0VDX^FX/$X$.W%X?7/#N'W$^0_6NNM=51M-6_B]5V<\"([
M![S]Y7@D?KTJ[%$(QN=RO,5U6:N404XQZ_;_`%1==ZQ8TY'2PP`[<GAEMON0
MG[ROY#OI/.:B4ZXMUR$RM:R5*4>I)ZFJB=,DSYCTV8ZIV0\HJ6M7>?Y#RJ/5
M664R'Y+?H=.CIH['+CR4W.R:]O3+E.MP;#<<,\X(!V"N(`D>&<_I3,G*DHBN
M+B(;6^!E*7"0D^61TI-]B_M'/_!_UIIU.?85[C5RG_3"\UJ[6LJS8>"5EL[3
M+C<KC&M\>QQP](<#:>*2K`)[SZO=6LUOJ5W3,"-*0S'D*=7P%I;A0H[9RG8Y
M`[_>*1^F)K%MU'`GRB0Q'>*U\(R<`'H*NFD7;M#U05*/*:2-SU3&:ST'B3^I
M\A4+9G%MNY6K/ID#9@ZVV-HN><_),71FL+KJ:8M*;,TQ":_:R.<3@XV2!C<_
M(5H=57.79[,_<XD9J3Z..-QM:RG*.\@@'<5,M%LAVBWLP(+7+8:&`.I)[R3W
MD^-5^M_9&\_A'/E5FS@S)RL(NBDJ1L;9MQC*RNEM?W#4-Y:MK5HCM`@K<<+Y
M/`@=3CAW.X_.M)K*]3]/VWZ3C0F94=!"70MPH4G)P"-CD9Q2M[(/:Y7X1SYI
MID=I_L1<O_'_`*B:BC>XQ%Q.5?JZ:&.N9$UO2;8SW*IM+=I3%UNB(%QAHA<W
MU6G`[Q)*_NG(&,]QIC5YC8LLR189%[83S&([W*>2D;H'""%^[?'E32[--:>G
MH;LEU=_WQ`PP\H_MDC_"3]X?J/.N(9B3M>I-2TUC6F6FX'(\%+UEK:XZ9N:8
MKEJCOLNHYC3H>4DD9P01C8BM3IN=.N=J8GS8S,8R$!QMMM97A)&1DD#>EKVW
M_P![M/[IWYIIC6Z4W!TG$FN_LV("'%>X-@UW8X^T<"<!5*B&,4D3V-ZG7OSV
M7W?M0VFPLAVY2DME0]1L>LM?N2/GTK#.]J9?D<BT6"1)43ZH6OUB/\J0:7*%
M3]6:F;#[I,J<\$\1W#:?`#P2.[RKT%8;';K%#3%M\=+:<#C7CUW#XJ/>:ZM>
M^4].`K$]+34+`)1O>>U[`?GY98"7VD7N!PJN&DW(Z">KJUHS\2G%;W3%W%]L
MD:Z".6`]Q?5E7%PX41U^%63[33[2V7FTN-K&%(6,A0\"*YP8<6!&1%AQVV&$
M9X6VTX2,G)V]]2M:X')N%G330/99D>UU_$G'U6,U?VA0K%+7;XD8S)K>SGK<
M*&SX$]2?(521M::ZEQ4SXFF&G8A&RDM+/%YCULD>X5B]?VF;;-2SERFU<F4\
MMYEW'JK"CG&?$9QBF3I/M"LTN(Q$N2D6^6A(1ZPPTK`QZJN[W'%0!Y<\AQLM
MA])%#3,DAC]I?DY]!^!?>AM;3=079^V3K<U&=:9+I*%*!!"@,%)W'6M!J^[S
M;%:%W.+$:DMLD<U"W"@A)(&1@'.YJX:1&6OTII#2EK3^U2`2H>_O%9WM)]B;
MM^[3_&FI^IK#<K)!BEJ6[66:2!:_[K%M=JMP>5P,Z>0XK&>%#RE'\@FNS?:L
MZT[RY^GUM>27B%`>Y2157V+^T-P_"?UBF[=+7;[M%5%N$1N0TH=%C<>8/4'S
M%0Q^T>W=N6C6>YT\YB,5QC-RJW3>J[/J%"A`?(?2,J8='"XD>..\>8S5_7F^
M^1).D]6/,P9"DN1'`XPYG?A(R,^.QP?&G_8+BF[6:%<DIX?2&4N%/W2>H_/-
M212EUVNY"J:A0M@#98C=CN%8'IM2GF=JDJ-,D1A:(SO)<4WS$2%<*L'&1ZO3
M:MGK^]?0FFI+[:^&2\.2QX\2N_X#)^%)^QZ4>N>E+M>D!?'&(]'2/^H$[N>_
M;IY@UTF>X':SE3Z92P.C,U0.FX`\T\-,7AJ_66-<VDA!=3A;><\"P<%/YU;4
ME^QZ^>BW-ZRO+^JECF,Y.P<2-Q\4_P`-.BI8G[VW5*OI?=IRSMR/)876VLYV
MEY[+'T8Q(8?05-KYQ2K;`((QYU8Z'U%-U+">G/0F8L=#G+1PNE:E*`!/<,#<
M5B>VW^^V?]T[\TUH>QSV3<_%N?)-1M>XREM\*Y+31#3FS!O43SGQ/_%OJK=0
M3W[7:)5PCQ4R51T%Q317P92.N#@[XWJRJHU7[,7C\&[_``&IW<%940!D:#Q=
M8&/VJR)+@:C::<><(R$-OE1(]P17Z_VH3&76V'M-+CN+4!A]Y2=B?`H%8SLY
MN4&TZF:F7"0EB.&'$E:@2,D#`VIR1+WI?4T@V]AUBX+:3SN!;)(2`0,@J&,[
MBJL;WO'Q96]6T]/326$!+;<W/^+1T445;7G5YB%OFW.]OPX$=;\A;R\(0/\`
MN.Y/</,T[="Z.8TW'+[ZDO7)U.''`-D#[J?+Q/?2PC:TN5D?E1[9"MK"2ZKB
M4&"5+.3NI7%DU/C]J>H6U@O1H#R.]/+4D_GQ51C=&PW/*]960UM1&&1@!MO'
M)33U7J.%IRW*DR%!;ZAAA@'"G5?R'B:\\W>YS+Q<'KA.=YCSI^"1W)`[@*;%
MD?T9KA]9FVP-W8IRMMQU7$H>*%`[@>'=X5ROW97$6VMVQRW&71N&9!XD*\@K
MJ/CFN\K7R"[>%6T^6GHG%DP(?W)&/ISCYI/T5(GPI5OENPYK"V9#1PM"QN/_
M`,\ZCU2X7I@0X7"8G8O[1S_P?]::=3GV%>XTE>Q?VCG_`(/^M-..X.O,PW7&
M(RY#H2>!I!`*CW;D@"M&G_37C-9%ZPCR]%YMTY`9NFH85ND%0:D/%M12<$;'
M<58?\9T)J;`.'FO?RY#1_D?T(\JM[#H_5MKO<&YJLI<$=X.*0)#>2.\#UO`T
MSM8:9CZGM26U#D36QQ,.J&2@GJE6.H/?^=5V0N+;\$+8JM1B9,&DAT;A8][*
MST]>H=^MC5PA*]16RT'[3:N])\Q476_LC>?PCGRI=::T_KK2MS4]$M[4J,OU
M7FDR4A+H'0C)!!\#BMWJLW2XZ6D18-I?,R6V6BTM;8Y0/4D\6#MG&,U9#RYA
MN,K#EIXXJEIC>"TD=QCS2Q[(/:]7X1SYIID=I_L1<O\`Q_ZB:Q6AM-ZGT_J%
MN?*LJUQU-J:<X'FRI(.-P.+?<"MKVAQKM<K$NU6JVJDKD%)6X7$I2VD*![R,
MG85'&"(B"%=K9&/U!CVN!&,W'8JA[&4(<L%S;<2E2%2L*2H9!'+3L162U_I%
MW3DU-QMH7]'.+!04DYCKSD#/AGH?A[]QV86J]V)J9!NEL4RV\L.H>#J%#.`"
MD@'/<,?&MS,BQYL5V)*90ZPZDI6A8R%`UR(M\8!Y4<E<:>M>]ANT\^!"\[ZI
MU(]J&%;/2T_[Y$;<;=<'1S)&%>1VWIUN0W+AH$0FAEQZV)0@>*BV,?K2FU7H
M&\6J6X;?%>G0%$\I;2>-:1X*2-\^?0T[K$A;=DMS;B%(6B,TE25#!!"!D&N(
M6NW.W*74Y81#$:<X!)\NZ\ZZ6GHM6H[=/?REME\<S;=*3D*_($_E7I=M:'&T
MK;4%(4`4J2<@CQ%+[6'9S'NTEVX6I],26X>)QM8RVXKQVW2?S'E6?M3?:-I1
M`C,V\S82?LM9#R!_E((4/=T\JXCW1$@C"YK##J#6R1O`<!D'"WG:&V3I*X2$
M.NM/1T<UMQIPH4%`CO!Z8[J7793<)\K59;DSI3S8C.$)=>4H9RG?!-6=^ONM
M;Q:I%L.CWF42$<"UA"U'X=,?&OGLRTQ?;7J`W"X6Y<>.8ZT96M.<DI(V!SW4
M<2Z0%J11M@H9&2D;CQD%-.9#B3V%1YD9I]E75#J`H'X&ESJ;LPB/-KD6!PQW
MAOZ,XK+:O($[I_4>ZH#T37FG+U<';-%>DVYV0MQ#9(=04DY^SGB2>[;%29FH
MNT2?'5&BZ97#<6,%X-G(]W$<#]:[O<UV'-*@IX)X'!T$K;'YC^0L5HW4]RT_
M<F64NK7"6Z$/15'*=S@E([E#RZTX>TCV(NW[M/\`&FL7HWLXFMSV+C?BAI#*
MPXF,E7$I:AN.(C8#.^-\UM=?1KC<-.2+9;(*Y+\G"20M*0A(4"2<D>%=8VN$
M9!4M=-3R5D;HR,$7/;E+SL7]H;A^$_K%.E2@D$D@`;DFDIIFP:\TY-=F0;,R
MM;C?+4EYU!&,Y[E#PJ?=[7VF:@08\U+,:*K932'D-H/OP22*1.+&6L;I7P1U
M-29!*T-QW'HLAKRY-7C5DV3#^M:REEHI&>9PC&1XY.<?"GKI2WKM6G;=;W-G
M&6$A8\%'=7ZDUE-%]GC-FDHN-T>;E34;M(0/JVCX[]3Y]U;&]R9\6WN+M<!4
MR6=FVPM*0#XJ)(V'EO7:)A;=[N2H=0JHY0RF@/2WN?V2?[5;LNZZD;M,7*VX
M?U82G_$\K&?RV'YUI8?9Y>HT1$=G6$N.V!NRTA00DGJ``OQS5'I;2&HXFJH=
MTO%I6XTEXN.+#S9/&<X41Q;X)S3HKK''O)<\*2MJ_=V1P4[@0!DX.?Y_"O-V
MH+5,TCJ)+"'RIQ@H?8?">'B'4''=N"/A7H&PW-F\6B)<F-D/MA7#]T]"/@<B
ML;VH:>G7Q$`VNW+?E,E7$X%H2D(/^$Y().0#^=<NSB#JBP\RVW.TK]`=7QI<
M2\A7)5WY&<D';IT-(P8Y"+8*YJY&5=(R5SA[1O(N+G\Y5/VV_P!]L_[IWYIK
M0]CGLFY^+<^2:K>TRQ7_`%!<XHMMK4N/%;4GFJ=0GC4H@G`*LX&*K=/P.TBP
M1##@6UCT<K+A0ZIM6YZ[\0/<*XRV4NL;*3HETYD(>T.YR1XE.*JC5?LQ>/P;
MO\!I?.VWM&ODV-&O"EQ+<IP<[T=Q"`$YR?LGB-;_`%0U*7IR;#M\-4E]YE3"
M&TK2G'$,9)4>@J<.+@<+*=3MAD9U@DGL<#ZI*=FD&'<-4M1IT9J0P6'%%MQ/
M$,@#!Q3FM.E++9[F[<K;&,=UQOEJ2E9X,9!V2>G04J+)I77=DGHGV^V(2^E)
M0"MUM0P>NW%6GD2^U9YDMHMT1@G_`*C9;XOU61^E5X>EO4TW\EKZD#/+>*5H
M:18]29U%8S26FGVK3S-0+D/7)]U3KO%(4>'.P&0<=!G;QHJT"2+V6#(R-CRT
M.O;O;[I%W#_F$K]\OYFHU2+@0;A*Q_\`,OYFH]91Y7T&+X!Y+M#E2(4IF7%=
M4T^RH+0M/5)KT'HC5,?4MNXCPMSV0!(9'<>Y0_[3^G2O.U3K-=)EGN+-P@N<
M#S9[^BAWI([P:EAE+#\E1U&@;5QXPX<'^D]M=:28U)""VREJXL@\ETC90^XK
MR^7YT@9<9^')=BRFE-/M**5H4,%)KTAI>_P]16M$V*>%8]5YDG*FE^!_D>\5
M2Z^T:UJ&-Z5$"&[HT/44=@ZG[BC\CW>ZK$T0>-S>5B:;J#J5_N\_'I]EA^Q?
MVCG_`(/^M-.B0\U'8<D/N);9:25K6HX"4@9))\,4F^Q]AZ-JNYQI#2VGVHA2
MMM8P4GF)V--;42H*+!<UW1"EP!%<,E*1DEOA/%CX9KO3_`JVLD&K)'@/15C.
ML;.\[;T!$]";BM*(CKD-Q#;Q()&%$8&0"=\;5/FWV#"O=MLKR7_2KAQ\@AHE
M!X4E2LJZ`X'3KTI<-)O&CWM/QS/9U'I.9,89A%[>3&*OV90H;.)'R\*O=>1U
M2M9Z(C)E/1BX[,3S62`L#D;X)Z$C;/4=U3K*3`HVK$:`FR$V[4,:?<)$I%KN
MLF,W(DJXUAI(2H<1ZG&364TMJ";_`&CTHI=[D/0;G'E+<<ER1F4!@H<+.X9W
M.$@'.-B`:(G%M12ZOL>=<>TMNRHU#=(,)ZSJDEN*\$$+#H3ZNQQXGK^1-=M:
MW:7'U/8K&9J8<*6P\OFNR%1P\ZGA"4<Q.X."58VR<>XD6SNUP8M5MDW&2EU3
M$=!<6&FRXK`ZX2-S7[:IS%TMD2Y1N+D2F4/-\8P>%0!&1[C6.@*FCLWO+4^]
M-7AUF/+;$QL'"TA*L`J/VBGH5#KCQS5#I$SK;<>SYIN[SGH]UM#G/C/.`M#@
M90I'`D#"<9QD;GOS1$VMJX3I3<*(]+<0ZM#22M26D%:B!X)&YK%39<BZ=HDK
M3<N=+A1&K6B1%1&>+*GUJ60M?$-U<.``.G4D&NV@;I<KMH4R;JX7WT*D,IDE
M('I"$*4E+FVVX'4;'K1%IK#=HE]L\2[P>9Z+*;#C?,3PJX3XCNKC*OL&-?X-
MB=2_Z9-0XMDAH\LA`RKUNF?+S%8?3ETEV;L*B76`V')46TEQH$<0X@#@D=X'
M7X5%9$1&MM`3F[U(GB7"E*+C\GC"U%M/K)&<)))(P,#;&-J+E-C:C:EIJBYS
MI>L9VGC=V[4A%M0[$6N6N-QJ45!;@*?ME.$CA.W7;P^]73KHUV1.7)N^K7<&
M8[:O3X8+0?/$$E0!'0@YVQGJ-J+A,C:C`\*K+%;5VV,XARYSIZG7.:5RW`LI
MR!ZJ<`83MG'G5G1%47._P+?.;MZTR)$U;1>$>*PIU8;!QQ$)&PSL,]3TKM9+
MO"O<+TZ`7"SS%M?6-*;4%)44J!2H`C!!&XK)ZJM"[GJE,C3U\5:M40X23A:0
MMJ3'4M6$K1W@*2=QTR/*I&AK[-N.GKJ_(MC#-T@RI##Z(QXFGWDC)4@^9(^.
M:(MKM12DT==+C=5:;O/]JHW%)44382GUNJD+4"5(Y.,-*00=QL`-\]:M[U&G
MW'M*19T:@NL*$[9U22W%>".%8=2D%.QQ_P"]QHB8E%87M%7,LZK1J=F?,1;X
M$EM-RCMO*2AR.HX*RD=2DD$^(R#5OI-J2_`E721)E_\`$W5/LMN.J5Z.R3]6
M$@_9)3A1'BK'0"B*VM<]NY1UOMQY+"4NK:X9+):42E1!(![CC8]XJ;6'T)<)
MRM&3I+DIVY2XTJ<A"W5\2G.6ZL(!QY`#:JW1-P;N</3%Z.K9+LV6E8EPBOC3
M(=4DE2.7GZKED=0!L-^M$3*HI9:FND^9K"YZ?-Y:M26K>V[#4Y*7&XE**N-T
M%/VRDA(X2<==M\BSNDN\.:!MBXEXBO7208Z$R/6CHFGB&4I5C*"X`0%>>W4&
MB+=45D.SRXJG0[HV\FXLRX\Y2'XL]WFKC**$'@2YD\:-\@^!K7T143NIK<UJ
M)O3JVY?TBXCF(0(ZBDM@X*^+IP@[9S5[2_FD?[:K8,C/T"]_K"N?:)#CR]5Z
M*9>>?0B1,=9<2W(6V%HY*U8PDCOVR-\'&:(F)16#[,`F/'U/;XZR8\*]R&8[
M2G"KE(P@A()).,DUG=&/V*Z0;'=9]V>;U4BXN"2VV]B0ZZ5*2IE:#OR@G!QL
M`E.?&B)O4573+W9H+W(FW:#&>P#RWI"$*QXX)S11$B^U*SQ+3J-Q<+C0F4`\
MIO(X4J/7AVV'?BL1Q*^\:**S)/C*]Q1.)IV7/8(XE?>-'$K[QHHKHK5RK.Q7
M^Z6":)MMDE"]@M"AE#@\%#O^=>F[-*<G6N++=2D..MA2@GH"?#-%%7*8X(7F
M]<:-S3W79,2,F6J:F.V)*D!M3H2.(I!R`3X5TDL,RH[L:0TAUEU)0MM8R%).
MQ!'A115I8-[JMA:=L,&8)D.SP8\A.>%QMA*2G/7&!MGRKO-M%JG26I<VW19$
MAD8;==:"E-_Y2=Q\***(OVWVJV6WG?1]OC1><<N\EH(XSXG'4[U&C::T]%=:
M=C6*W-.-.%UM2(J`4+^\#C8^=%%$4A=HM2[DFYKMT54].R9):!<`QC`5UK[N
M5LMMT8$>YP(TQD*X@W(:2XD'QP1111$*MMN5;A;%08Y@!(1Z-RQR^$=!P],>
M516M/6%IR,ZW9X*'(O[!26$@L[Y]7;U=_"BBB+K=+-:;L6C<[;%EEHY;+S04
M4>.">F:DKAQ%PS!5&:,0HY?)X!P</3AX>F/*BBB+YA6^#`B^APH;$:-O]2TV
M$H&>NPVJOC:7TW%D-28U@MK+[1*FUMQ4)*#XC`V-%%$4JZ6:T7;E_2EKAS>7
MG@])82YP^[(.*Z3K;;I\5,2=!CR8R2"&7FPI`QT]4[4441=XS#,9AN/':0TR
MV.%"$#`2/`"NM%%$59<K%9;F]S[A:XDE[A"`XZT%*"020`>H&Y_.ID.)%@QD
M1849J/'0,(::0$)3[@-J**(HL6R6:)/<N$6TPF9KF>.0VPE+BL]<J`R<U]*M
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ABBB*+<=-:=N<HR[E8;;+D$`%U^*A:B!T&2,T4441?__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
